Stocks, SpaceX, and Subways

**Mark Zandi** (0:14)
Welcome to Inside Economics. I'm Mark Zandi, the Chief Economist of Moody's Analytics, and I'm joined by my two trustee co-hosts, Marisa DiNatale, Chris Treaties. Hi, guys.

**Cris deRitis** (0:22)
Hi, Mark.

**Marisa DiNatale** (0:23)
Hello.

**Cris deRitis** (0:23)
Good to see you.

**Mark Zandi** (0:24)
Good to see you as well. And we've got Matt Colyar. Hey, Matt.

**Matt Colyar** (0:27)
Hey, everybody.

**Mark Zandi** (0:28)
What does it mean when we have Matt on? Chris, what does it mean?

**Cris deRitis** (0:33)
It means you have to pronounce his last name.

**Mark Zandi** (0:35)
I got that. I got Colyar.

**Cris deRitis** (0:37)
I got that right, right?

**Matt Colyar** (0:38)
If they're your trustee co-hosts, am I untrustworthy as a guest? What am I?

**Mark Zandi** (0:44)
Well, they're co-hosts, Matt. Sure. You're a guest. I'm a trusted guest.

**Matt Colyar** (0:50)
Okay.

**Mark Zandi** (0:51)
Colleague. We have you on every...

**Marisa DiNatale** (0:55)
You're the inflation guy.

**Mark Zandi** (0:57)
Inflation guy. Every CPI report.

**Matt Colyar** (0:59)
I'll take it. That's right.

**Mark Zandi** (1:01)
Do you want to be a host, co-host? Is that what you're saying?

**Matt Colyar** (1:05)
I wouldn't turn it down, but no, I just want to be trusted. I want people to think...

**Mark Zandi** (1:08)
We have to pick up one of these other guys. Were you going to throw person?

**Marisa DiNatale** (1:12)
Yeah, are you gunning for our spot?

**Cris deRitis** (1:13)
It was more about the trustworthiness. It was more about the trustworthiness.

**Matt Colyar** (1:16)
I'll e-mail you privately, Mark.

**Mark Zandi** (1:17)
Yeah.
All right, good. And Dr. Dorides is speaking to us from his wine cellar in Brutze. Brutze, Brutze.

**Cris deRitis** (1:30)
Pretty close, good. Good stuff, good stuff.

**Mark Zandi** (1:33)
I know I have a hard time with names, as you all know. So you've been sipping Chianti. Have you gotten, have you been able to enjoy any of that Chianti yet, Chris?

**Cris deRitis** (1:45)
We're not really a Chianti region here, but it's good stuff.

**Mark Zandi** (1:49)
Why did I think you were Chianti? I don't know. Oh, what kind of wine do you drink in that cellar then? What is going on down there?

**Cris deRitis** (1:57)
Montepulciano, Montepulciano de Bruzzo.

**Mark Zandi** (1:59)
Oh, that sounds good.

**Cris deRitis** (2:01)
That's good. Yeah.

**Marisa DiNatale** (2:02)
Chris, where's the-

**Cris deRitis** (2:03)
You should stop by.

**Mark Zandi** (2:06)
Yeah.

**Marisa DiNatale** (2:07)
Where's the Olive Garden background I made for you?

**Cris deRitis** (2:09)
I'm a little dirt. I was trying to insert it and I'm having some troubles here.

**Mark Zandi** (2:15)
What was that, Marisa, what did you do?

**Marisa DiNatale** (2:18)
I made an AI-generated background for Chris' duration of his stay in Italy to use on-

**Mark Zandi** (2:23)
Oh, he's a wine seller.

**Marisa DiNatale** (2:24)
Yeah.

**Matt Colyar** (2:25)
We'll have to see.

**Mark Zandi** (2:26)
You got to work on that.

**Matt Colyar** (2:26)
I'll work on it.

**Mark Zandi** (2:29)
We're going to have to keep our conversation here short because we got a great guest, Jim Lebenthal of Cerity Partners. He's the chief market strategist.
He just wrote a book, How to Ride the Subway. It's an investing book.
We got a lot to talk about with regard to the stock market, AI, bubbles, all that kind of good stuff, valuations. We want to get to that. But before we do, a couple things. One, Marisa, last week, we had a kind of, you know, we had, it was the jobs numbers. We had Dante on, Dr. DiAntonio. And we were talking about why we saw, I think it was called Dazed and Confused. I think that was the title of the, because there's a lot of confusion as to what was behind the job, good strong job numbers we got last week. We got a lot of listener feedback on that. You want to describe what we got on that?

**Marisa DiNatale** (3:19)
I never had so many e-mails telling us that we missed the discussion of the World Cup in the gain in leisure hospitality. So there was a big outsized gain in the leisure hospitality industry.
And we were talking about why that might be. We were talking about seasonality. We were looking at other sectors that were surprising. And I must have gotten 10 e-mails saying, why didn't you guys talk about the World Cup? This is obviously hiring ahead of the World Cup. So I thought we should address that because, like I said, I've never gotten so much feedback on a single podcast episode.

**Mark Zandi** (3:59)
Did we make a mistake not mentioning the World Cup as part of the job number?