Neil Dutta

Let me ask you guys this.

I think a lot of this is investor preference.

For example, Clorox.

I don't know anything about the business.

I don't follow the stock, but guess what?

The stock looks terrible.

Is Clorox undergoing some stress?

Is there a competitive landscape?

Yeah, I'm sure there is.

But if you look at a stock like Hyatt, which is at an all-time high today, and Delta, which is at an all-time high today, I don't care what Domino's Pizza stock is doing.

That's a completely idiosyncratic story that has nothing to do with the broader consumer.

Now, if I'm Domino's Pizza CEO and Chipotle CEO, and I'm telling the analyst that it's a consumer macro pressure story, of course you're going to say that.

But I could show you a million other examples that completely refute that story.

I really think, I completely underestimated the GLP-1 story.

And it is having a material impact on areas of the economy.

It really is.

All right.

Shifting gears a little bit.

Greg Ip wrote a story, The Record Divide Between Corporate Profits

and worker pay.