Pre-Pandemic vs Now

Great question.

I'd say ultimately that is where we want to get to - but I don't think we are quite there yet - especially for cruise lines, air lines and theaters. Restaurant stocks are certainly a little closer to 'back to normal' but they are also still being impacted to various degrees.

Eventually though, that is what you will want to be doing. See how they are performing relative to pre-pandemic levels. It doesn't make sense to compare to anything during the pandemic. Today, I think its ok to start looking at restaurant stocks and see how their tracking, but may be a little early on the others.

Mat