Interesting Anecdote

One of the reasons I have been expecting a snapback in the market is because the market had gotten far ahead of the economy. Jeff Saut of Raymond James shares an interesting anecdote in his weekly missive:
Accordingly, I will leave you with this quip from our restaurant analyst, “Every casual dining company that has spoken to Wall Street has said they have seen no evidence of behavior change despite all the scary headlines of the past six weeks or so. If we have a recession, this would be the first one in my 25 years as an analyst that was not foreshadowed with weakness at full service (the most discretionary) restaurants.”

 

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