Richard fidelity international one of my favorite people at Davos someone who really has a grasp of the dynamics of global Wall Street Great to speak to Lin Martin of the New York Stock Exchange The other day I think a Loretta mester at the Cleveland fed meth winds and Ann Richards is the best of global Wall Street in mathematics as well He knows the myth of Macy's in its up Omar said joins us right now analyst It Evercore ISI on a very good day for Macy's What's the difference between Macy's doing well and target doing less than well Good morning from halfway around the earth Thanks for having me guys Great question Tom I think this is really important actually A lot of people look at the numbers coming out of retail recently Amazon Walmart target and understandably get worried about a consumer recession especially with all the inflation going on But I actually think something different a little bit different is happening I think we're reverting to the mean I think you're seeing a lot of those pandemic winning categories winning franchises start to give some of those gains back And some of those categories and retailers that really struggled during the pandemic for obvious reasons such as Nordstrom and Macy's you're seeing consumers return to those stores and return to those categories such as dressing up to go out So I think we're seeing more of a spending shift in the consumer behavior Pattern shift and necessarily early signs of a recession The word moonshot is not part of what your research departments wants you to use The fact is Macy's has been a moonshot off the pandemic mat But also over the last number of years it's been a real doubt about the strategic execution of their management.