And you start spending your time on pricing your business from week to week, month to month not on building your business. You are focused on price, not on product. And you’re thinking about products from a promotional lens and your €“ yes, you’re just playing a completely different game. So how do you cut through the noise, we’ve cut through the noise, read the letter. It’s cutting through the noise. That’s what we’re doing. We’re not panicked. We’re not nervous. We had the best model going into the pandemic. We have the best model coming out of the pandemic. And we will have €“ and well €“ I think, we will leapfrog even farther ahead. when we get to €˜24 and €˜25. I think whenever things have €“ from an economic perspective, get a little normal in the housing market, interest rates and get inflation under control, that’s the big thing.
Like I worry most right now about inflation. But if we don’t get that under control and that changes the whole structural economic environment for so many people. That’s the most important thing. If Powell gets this under control, somebody automating President in the United States as the people that were here in the 70s completely true to that. Yes. So right now, I’m betting on Powell. I wasn’t happy that he thought was temporal, they didn’t move fast enough but I’m happy with the stance we’ve taken. Do I wish he raised interest rates to 0.5 point I do. So I think it really matters to the banking industry that went 0.25 point and 0.5 point, no. Not really, the banks that are going to go sideways to the banks that they are going to go side with.
The government is going to have to bail banks out. Do I wish Yellen would just tell everybody that we’re going to backstop everybody’s savings in banks. Just tell everybody that, and it will calm everybody down and we will having people nervously take their money out of banks. You said, where you’re sitting there and you see the news, you see the TV cut to align around your bank, your me. And I was €“ you only do my part is like we got to get in the car. We got to go downtown. I can still get in the line with the bank because people managing my money, we’re going to wire the money out of the bank on Monday. I thought, shit, they see the other banks over the weekend. Many might be too late. Like if you have to experience and stuff like that, you just know this is not normal.
So I just wish that, look, I think that there is no way the government can’t backstop people savings. And if we continue to have runs on banks and have banks lend other banks money and banks buy the whole thing is kind of a mess, I think, yelling out is just tell everybody to calm down. This is what the government will do. So no more runs on banks, how will let it take the interest rates to where we have to taken to kill inflation, then we get back to normal. Otherwise, zoom in on the 70s and do you think things are crazy now, can’t even imagine what that was like to navigate through.
Seth Sigman: Okay. Thank you for that. I just want to follow-up on one point around the margin outlook. You discussed your philosophy about, I guess, maintaining or, I guess, not maintaining the 20% margin and why that makes sense for you right now. I’m just more curious if you could help bridge us to what is actually different from 20% to your actual guidance. I get the 150 basis points of investments and the deleverage in the model, but what else would be different to drive that delta. Thank you.
