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And every time he does he's got this back drop of sun sand palm trees he's always got -- -- I think that you're in Bermuda.
Is that a tax haven did you see penny Pritzker.
-- in Bermuda by any chance.
And colleagues that it's not that save in as as what people call type things that absolutely not it's the reinsurance -- the world -- real businesses downtown.
Multibillion dollar companies that insure reinsurer risk all over the world from -- in Japan.
Tornadoes in Oklahoma and separate tracks it was in the Bahamas.
And -- and another much more -- -- all right John you're you've talked up your realistic very nicely that well done now.
Yeah one of your themes and we listen closely what you say because you're very successful investing what -- things is the shrinking.
American middle class.
Can you show me any evidence of that as it relates to company performance -- profits.
Oh absolutely you look at what's going on apparently it especially in the last six years those poverty has just.
And the rich are getting -- -- and -- Look at Family Dollar -- dollar came out was great earnings.
Ralph Lauren came out of greater earnings as well and Wal-Mart which is pretty much in the middle proving its lower middle class but -- middle class is hurting and they claim is called the payroll tax.
-- -- would cause a shift in its spending in America that's going its -- it's going back down to family dollar and unfortunately.
Wal-Mart is the one stuck and like Wal-Mart I think until -- -- retail or they will figure this out but that is exactly this shift.
In our economy up or getting more rich get -- why is it happening -- Well it's it's happening because -- we just don't have any jobs Stewart you know we have.
About lowest labor force participation rates since 1979.
And when you have that in all this doom and gloom coming out of worsened and whether it's real or imaginary not -- -- kills consumer sentiment.
And that so.
You're seeing it the consumer what -- for some of market.
Being squeezed and you're not seeing jobs and we don't have jobs offer on the horizon that we got an energy plan are some top event.
We're not gonna have that -- who have jobs -- in manufacturing they went to housing.
Housing was a bubble when that -- those -- the people that are unemployed right now that's the middle class and there unemployed.
John always interesting back to the beach young men we will see you very soon thank you very much only field thank you --
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