Danielle DeMartino Booth, always a pleasure to have you on Seeking Alpha. Thanks for joining us.

Really appreciate it. Well, it's great to be here. We need to do this more often.

We absolutely do. I agree. We should not wait as long between appearances. I agree. Speaking of waiting between appearances, a lot has been going on in the world. Talk to us about how you are thinking about things, processing things, waiting for things. What's your take on the state of the world, the state of the markets right now?

Markets have been looking for an excuse to rally.

And once that mind frame is set, then it won't matter what happens.

Good news, bad news.

Markets are momentum flow-driven beasts.

And they have done a very good job of absolutely dismissing and ignoring whatever's happening in the underlying economy.

And as investors, we should be very cognizant of what makes markets hum and what's happening

in the real economy because they're two completely separate ways, separate prisms into the

world.

So what are you looking at in the real economy?

What are the data points that you're most concentrated on and looking for?

So I think right now, one of the biggest takeaways, if you're, you know, above the sky flying at 40,000 feet is don't lose your job.

Whatever you do, do not lose your job. When you look at, you know, there was a trend with the Atlanta Fed. I don't,

I don't like the Atlanta Fed's GDP now tracker. I think it's a Mickey Mouse model. I shouldn't be

disparaging. But the Atlanta Fed's wage growth tracker, that's something I follow really closely.

And for years after the pandemic hit, if you were looking for greener pastures,

if you were a job switcher, you were getting paid up big time to go job hop. Job to job to job.

For the last three months, we've seen that dynamic flipped on its head. So if you're a job stayer,

these are two different terms the Atlanta Fed uses.

Job switcher, job stayer.

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