Single Best Idea with Tom Keene: Tom Porcelli & Tony Capuano
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Single best idea. Very quickly here. Tom Purcelli came by with PGM. Tom Purcelli, outstanding on labor market. That idea of a fully employed America. Here, Tom Purcelli into the jobs report on Friday on American America.

Exceptionalism. I think longer term. I think that there's, I think there's a real case to make for, you know, I hate the term, you know, U.S. exceptionalism. I just think it's overused and there has to be a better way of saying it. But I think the idea of U.S. exceptionalism over the more medium to long term, for lack of a better phrase, I

I think is real. And I think about that in the context of the pieces are in place for productivity to kill it. Again, it'll take time to get there. And I do think that some of the things that the administration is doing could actually help in that regard. The corporate tax part of that, of the tax cuts, I think that that can actually go a long way to sort of helping build the base of productivity. But again, I think you're going to go through the left tail before you go to the right.

Tom Purcelli of PGM joining us. It's about every six months, not 90 days, but every six months to a year, we get in the wonderful perspective of Tony Capuano, CEO at Marriott. And just to give you perspective here, the persistency of stock market performance over the last 10 years, how about 14.7%, I think it is, maybe 14.2% per year?

on motels and hotels. Tony Capuano on the fancy hotels. Tony Capuano on those simpler.

Certainly in the U.S., but in many markets around the world, we see this bifurcation of the consumer. And so we're trying to leverage both ends of the chain scales. We have the industry's largest luxury portfolio, including your favorite, Gritty. I'm well aware of this, yeah. And we continue to double down and accelerate our growth. And that consumer has this ravenous appetite for travel. In fact, in Q1, the luxury tier saw the strongest occupancy growth.

At the other end of the income spectrum, that lower-income household still has an appetite for travel, but at a much lower price point. And that's why over the last two years, you've seen us push into mid-scale. Tony Campiano of Marriott, a good visit with him, and of course to talk to him and David Gurra about Cornell's effort in hotel education was a good moment for us. We go into a busy week on the labor economy with the Johns Report.

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