RUSH TRANSCRIPT Tells us ░░░░░░░░ don t think history ░░░░░░░░ a pandemic but anyway ░░░░░░░░ s bring in our ░░░░░░░░ Hey guys good to ░░░░░░░░ you both Great to ░░░░░░░░ here Cheryl Cheryl greg ░░░░░░░░ do want to start ░░░░░░░░ you as we spin ░░░░░░░░ forward to January We ░░░░░░░░ had market record after ░░░░░░░░ record 55 believe it ░░░░░░░░ not on the NASDAQ ░░░░░░░░ Do we we kind ░░░░░░░░ continue on this pace ░░░░░░░░ the first of the ░░░░░░░░ or are there some ░░░░░░░░ excuse me headwinds that ░░░░░░░░ re worried about Yeah ░░░░░░░░ m worried about some ░░░░░░░░ hadwinds Look headwinds I ░░░░░░░░ it s just profit ░░░░░░░░ today you d expect ░░░░░░░░ but I do think ░░░░░░░░ s some headwinds to ░░░░░░░░ worried about One is ░░░░░░░░ s So much optimism ░░░░░░░░ the market right now ░░░░░░░░ is you ve got ░░░░░░░░ expect some tax increases ░░░░░░░░ know we didn t ░░░░░░░░ the blue wave in ░░░░░░░░ election so you not ░░░░░░░░ going to have radical ░░░░░░░░ policy but you are ░░░░░░░░ to have the tax ░░░░░░░░ I assume and I ░░░░░░░░ think the market is ░░░░░░░░ the January 5th runoff ░░░░░░░░ So there s a ░░░░░░░░ issues that could hit ░░░░░░░░ pretty hard in the ░░░░░░░░ week or two of ░░░░░░░░ Cheryl I m glad ░░░░░░░░ brought up that runoff ░░░░░░░░ in Georgia Scott we ░░░░░░░░ take that to you ░░░░░░░░ you know the markets ░░░░░░░░ really been kind of ░░░░░░░░ the idea of gridlock ░░░░░░░░ we re seeing again ░░░░░░░░ know Washington never fails ░░░░░░░░ disappoint in how much ░░░░░░░░ can fight amongst each ░░░░░░░░ Right Cheryl do you ░░░░░░░░ if for some reason ░░░░░░░░ Democrats do prevail and ░░░░░░░░ up controlling the Senate ░░░░░░░░ t that be a ░░░░░░░░ negative I absolutely think ░░░░░░░░ yes And I think ░░░░░░░░ any selloff that we ░░░░░░░░ get on that if ░░░░░░░░ scenario does play out ░░░░░░░░ a buying opportunity But ░░░░░░░░ you said Cheryl the ░░░░░░░░ does like gridlock The ░░░░░░░░ wants a split Congress ░░░░░░░░ if that doesn t ░░░░░░░░ we probably will see ░░░░░░░░ selloff Likely that we ░░░░░░░░ going to see some ░░░░░░░░ increases and you know ░░░░░░░░ s going to happen ░░░░░░░░ the fixed what s ░░░░░░░░ to happen to the ░░░░░░░░ bond market to the ░░░░░░░░ instrument market right Interest ░░░░░░░░ aren t going anywhere ░░░░░░░░ there s defendant going ░░░░░░░░ be a headwind for ░░░░░░░░ but I do believe ░░░░░░░░ if the Democrats do ░░░░░░░░ to sweep that January ░░░░░░░░ 3th runoff 5th runoff ░░░░░░░░ could see a market ░░░░░░░░ I m not saying ░░░░░░░░ 10 or 15 selloff ░░░░░░░░ think probably a 5 ░░░░░░░░ But again I would ░░░░░░░░ very optimistic to buy ░░░░░░░░ with any selloff based ░░░░░░░░ that happening Cheryl yeah ░░░░░░░░ know greg as well ░░░░░░░░ we re looking at ░░░░░░░░ back and forth in ░░░░░░░░ I want to get ░░░░░░░░ thoughts on why the ░░░░░░░░ are so sensitive to ░░░░░░░░ s happening with the ░░░░░░░░ checks whether it s ░░░░░░░░ or 2 000 because ░░░░░░░░ be clear here folks ░░░░░░░░ still going to get ░░░░░░░░ 600 Right Cheryl that ░░░░░░░░ passed But going up ░░░░░░░░ 000 why there nervousness ░░░░░░░░ that in Yeah Cheryl ░░░░░░░░ s a great question ░░░░░░░░ m nervous too because ░░░░░░░░ s not stimulus you ░░░░░░░░ It s a relief ░░░░░░░░ that s helpful to ░░░░░░░░ or that are suffering ░░░░░░░░ these stimulus packages don ░░░░░░░░ stimulate anything It ll ░░░░░░░░ a one time bonus ░░░░░░░░ it won t change ░░░░░░░░ which is what efficient ░░░░░░░░ positive tax policy should ░░░░░░░░ So you know on ░░░░░░░░ hand you know it ░░░░░░░░ be a nice short ░░░░░░░░ bump for the market ░░░░░░░░ don t want doubt ░░░░░░░░ I don t doubt ░░░░░░░░ but by no means ░░░░░░░░ went through this 20 ░░░░░░░░ ago the Bush Administration ░░░░░░░░ they had the 600 ░░░░░░░░ which is basically just ░░░░░░░░ redistribution of transfer payments ░░░░░░░░ I m afraid that ░░░░░░░░ s more of a ░░░░░░░░ than a tailwind in ░░░░░░░░ medium term It s ░░░░░░░░ a short term boost ░░░░░░░░ I m also concerned ░░░░░░░░ the political fallout If ░░░░░░░░ have the two the ░░░░░░░░ Republican senators running in ░░░░░░░░ special election are going ░░░░░░░░ be torn whether to ░░░░░░░░ it like a good ░░░░░░░░ should or they re ░░░░░░░░ to they re afraid ░░░░░░░░ go against you know ░░░░░░░░ disagree with the president ░░░░░░░░ this which could cost ░░░░░░░░ politically in a very ░░░░░░░░ election Cheryl well I ░░░░░░░░ want to add both ░░░░░░░░ Loeffler and David Perdue ░░░░░░░░ come out in support ░░░░░░░░ the higher amount And ░░░░░░░░ you think about it ░░░░░░░░ you re going into ░░░░░░░░ Day,