00:00What do you make of the economy right now because we have such incredible investment in infrastructure right with trillions
00:06of dollars in capex and yet you know the lower half of consumers can't afford gas or food. Yeah. So
00:12I think what we have is an economy driven by capex and infrastructure very concentrated. We're seeing that in financial
00:20markets as well evaluations being very concentrated. And that's OK. We've gone through periods in the past where the industrial
00:26side of the economy is driving the bulk of
00:29growth. And so but the consumer is pretty much flat here. And so that's OK. That's an OK economy. We'd
00:38like for growth to be more diverse. We'd like for earnings to be more diverse and broad. But right now
00:44that's the economy that that we're in. Out of all that data that you cited. ISM services is fine. Around
00:5154. That's fine. Although prices paid is the highest that we've seen since 20. So we know this right. That
00:56keeps those stagflation fears alive.
00:59We know that incomes and you talked about the lower half of consumers incomes are real incomes are now negative
01:05again. But if you look at new orders in the ISM services that's basically retail sales. They were strong. But
01:13look at employment. It was below 50. So employment is stagnant. You've got a stagnant labor market. No hires no
01:20fires. You've got a stagnant housing market. No one can buy. No one can sell.
01:24No one can sell. And so there are broad swaths of the economy that are just stuck in the mud.
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