RUSH TRANSCRIPT So a ░░░░░░░░ getting into the market ░░░░░░░░ keep you updated all ░░░░░░░░ but joining us now ░░░░░░░░ some analysis on the ░░░░░░░░ says Adam Johnson portfolio ░░░░░░░░ I d advise our ░░░░░░░░ Adam thanks so much ░░░░░░░░ joining us this morning ░░░░░░░░ was about fed chair ░░░░░░░░ Powell because he s ░░░░░░░░ deliver a key policy ░░░░░░░░ today A brookings institution ░░░░░░░░ Washington how closely the ░░░░░░░░ house remarks and watch ░░░░░░░░ be paid attention to ░░░░░░░░ his speech To what ░░░░░░░░ Powell is going to ░░░░░░░░ and I ll be ░░░░░░░░ as a portfolio manager ░░░░░░░░ m not sure that ░░░░░░░░ entirely healthy but it ░░░░░░░░ just the moment in ░░░░░░░░ where we re at ░░░░░░░░ you make the argument ░░░░░░░░ inflation and interest rates ░░░░░░░░ effectively have taken stocks ░░░░░░░░ then perhaps Inflation backing ░░░░░░░░ and the Fed Also ░░░░░░░░ off is what might ░░░░░░░░ starts back you know ░░░░░░░░ s not easy to ░░░░░░░░ to play through all ░░░░░░░░ shot but that s ░░░░░░░░ whole story right now ░░░░░░░░ comes on about 1 ░░░░░░░░ clock and as you ░░░░░░░░ said chloe what we ░░░░░░░░ looking for some sort ░░░░░░░░ indication that he s ░░░░░░░░ going to keep raising ░░░░░░░░ at a rate of ░░░░░░░░ basis points every time ░░░░░░░░ might slow maybe its ░░░░░░░░ basis points My own ░░░░░░░░ is you know it ░░░░░░░░ going to be 50 ░░░░░░░░ December 15 January and ░░░░░░░░ they re going to ░░░░░░░░ and the good news ░░░░░░░░ people like me is ░░░░░░░░ we can now run ░░░░░░░░ given a discount models ░░░░░░░░ we know where rates ░░░░░░░░ going to stop and ░░░░░░░░ can say alright fight ░░░░░░░░ they stop at 5 ░░░░░░░░ I plug 5 in ░░░░░░░░ might dividend discount model ░░░░░░░░ try to figure out ░░░░░░░░ future earnings are worth ░░░░░░░░ I can say see ░░░░░░░░ s what it is ░░░░░░░░ no longer have to ░░░░░░░░ worry about well what ░░░░░░░░ it s 6 or ░░░░░░░░ and that certainty makes ░░░░░░░░ big difference and that ░░░░░░░░ why everyone is so ░░░░░░░░ on it Elon constantly ░░░░░░░░ the headlines lately but ░░░░░░░░ a tweet this morning ░░░░░░░░ calling on the Fed ░░░░░░░░ close cut interest rates ░░░░░░░░ or risk amplifying the ░░░░░░░░ plenty of a severe ░░░░░░░░ I do agree us ░░░░░░░░ you think that the ░░░░░░░░ is paying attention to ░░░░░░░░ know his outburst here ░░░░░░░░ of course he would ░░░░░░░░ lower rates he s ░░░░░░░░ the business of selling ░░░░░░░░ most cars are bought ░░░░░░░░ borrowed money so if ░░░░░░░░ go down it easy ░░░░░░░░ him to sell cars ░░░░░░░░ You can t fault ░░░░░░░░ Musk of are basically ░░░░░░░░ his own book But ░░░░░░░░ know he does raise ░░░░░░░░ very valid concern and ░░░░░░░░ is higher rates hurt ░░░░░░░░ who needs to go ░░░░░░░░ money It s good ░░░░░░░░ pensioners and retirees who ░░░░░░░░ finally actually earn some ░░░░░░░░ on their bonds But ░░░░░░░░ the rest of us ░░░░░░░░ try to buy houses ░░░░░░░░ finance carry credit card ░░░░░░░░ not too many of ░░░░░░░░ are doing that but ░░░░░░░░ you know the cost ░░░░░░░░ s a very real ░░░░░░░░ So you can understand ░░░░░░░░ he would rates to ░░░░░░░░ down I m not ░░░░░░░░ that mister pals in ░░░░░░░░ position Actually let me ░░░░░░░░ that mister Powell is ░░░░░░░░ in a position to ░░░░░░░░ rates and I don ░░░░░░░░ think anyone actually expect ░░░░░░░░ he would do that ░░░░░░░░ time soon because we ░░░░░░░░ got inflation problem and ░░░░░░░░ inflation is coming down ░░░░░░░░ s not down yet ░░░░░░░░ a point we can ░░░░░░░░ about raising rates we ░░░░░░░░ talk about stopping The ░░░░░░░░ of rates but we ░░░░░░░░ t yet talk about ░░░░░░░░ just not there yet ░░░░░░░░ close Processing firm adp ░░░░░░░░ hiring the private sector ░░░░░░░░ by just a 127 ░░░░░░░░ in November it s ░░░░░░░░ than economists were expecting ░░░░░░░░ well below October s ░░░░░░░░ yours is this a ░░░░░░░░ that the robust jobs ░░░░░░░░ could be losing steam ░░░░░░░░ and you know you ░░░░░░░░ mentioned that the Fed ░░░░░░░░ t really in a ░░░░░░░░ to I d be ░░░░░░░░ interest rates any time ░░░░░░░░ but how likely is ░░░░░░░░ to factor into the ░░░░░░░░ s strategy Moving forward ░░░░░░░░ of Friday s jobs ░░░░░░░░ show hiring is slowing ░░░░░░░░ overall as well Yeah ░░░░░░░░ s a valid question ░░░░░░░░ what you re talking ░░░░░░░░ is trying to sort ░░░░░░░░ divine some sort of ░░░░░░░░ in trend You know ░░░░░░░░ the U S economy ░░░░░░░░ been generating about 250 ░░░░░░░░ new jobs every month ░░░░░░░░ s very powerful I ░░░░░░░░ we right now are ░░░░░░░░ full we have more ░░░░░░░░ working than ever before ░░░░░░░░ more income than ever ░░░░░░░░ and as we learn ░░░░░░░░ black Friday they re ░░░░░░░░ more than ever before ░░░░░░░░ s it pretty powerful ░░░░░░░░ for the economy But ░░░░░░░░ question is you rightly ░░░░░░░░ out is is that ░░░░░░░░ be changing Atp at ░░░░░░░░ 150 000 is what ░░░░░░░░ a 100 000 less ░░░░░░░░ expected But we see ░░░░░░░░ still created another 150 ░░░░░░░░ jobs this month so ░░░░░░░░ think what you have ░░░░░░░░ see is a serious ░░░░░░░░ of a job creation ░░░░░░░░ we know that will ░░░░░░░░ eventually happen because of ░░░░░░░░ is already at full ░░░░░░░░ you can only create ░░░░░░░░ many jobs because really ░░░░░░░░ many people to film ░░░░░░░░ you might see a ░░░░░░░░ backing off of that ░░░░░░░░ 000 per month in ░░░░░░░░ jobs too as you ░░░░░░░░ said a 150 for ░░░░░░░░ but that still grow ░░░░░░░░ it also means mister ░░░░░░░░ has sort of you ░░░░░░░░ Stay the and then ░░░░░░░░ more about inflation and ░░░░░░░░ a slowing employment market ░░░░░░░░ We don t want ░░░░░░░░ get too far ahead ░░░░░░░░ ourselves we can always ░░░░░░░░ the question is there ░░░░░░░░ sort of change but ░░░░░░░░ never want to get ░░░░░░░░ far ahead of ourselves ░░░░░░░░ expected to end November ░░░░░░░░ solid gains December historically ░░░░░░░░ strong month for the ░░░░░░░░ as well How are ░░░░░░░░ positioning your portfolio as ░░░░░░░░ head into the end ░░░░░░░░ the year here and ░░░░░░░░ do you recommend Folks ░░░░░░░░ the same We are ░░░░░░░░ in fact we had ░░░░░░░░ additional money coming the ░░░░░░░░ it yesterday and we ░░░░░░░░ we went out and ░░░░░░░░ and it s not ░░░░░░░░ we went out and ░░░░░░░░ any specific stop we ░░░░░░░░ the whole portfolio because ░░░░░░░░ so much right now ░░░░░░░░ trading down So far ░░░░░░░░ where I as a ░░░░░░░░ think that these stocks ░░░░░░░░ d be trading You ░░░░░░░░ for people who are ░░░░░░░░ there trying to figure ░░░░░░░░ what to do with ░░░░░░░░ own money You can ░░░░░░░░ go wrong Why shouldn ░░░░░░░░ say never you can ░░░░░░░░ there s always a ░░░░░░░░ with something inside still ░░░░░░░░ go up a strategy ░░░░░░░░ tends to work very ░░░░░░░░ over time is a ░░░░░░░░ cost averaging in other ░░░░░░░░ You don t really ░░░░░░░░ where the bottom is ░░░░░░░░ rather than try it ░░░░░░░░ a bottom or did ░░░░░░░░ to pick an individual ░░░░░░░░ you take x amount ░░░░░░░░ money and you put ░░░░░░░░ into the market whether ░░░░░░░░ s every 2 weeks ░░░░░░░░ every 4 weeks in ░░░░░░░░ portfolio of names you ░░░░░░░░ your portfolio manager have ░░░░░░░░ as where you want ░░░░░░░░ put your money that ░░░░░░░░ you re not worried ░░░░░░░░ trying to time anything ░░░░░░░░ re not worried about ░░░░░░░░ to get one stop ░░░░░░░░ than another you just ░░░░░░░░ that amount of money ░░░░░░░░ month he put it ░░░░░░░░ a Beyonce they may ░░░░░░░░ the 10th of every ░░░░░░░░ you put it and ░░░░░░░░ the 10th of the ░░░░░░░░ one puts more the ░░░░░░░░ the next one and ░░░░░░░░ time you average in ░░░░░░░░ that that s a ░░░░░░░░ much less stressful way ░░░░░░░░ trying to deploy capital ░░░░░░░░ you know remember well ░░░░░░░░ s been very very ░░░░░░░░ for all of us ░░░░░░░░ the equity markets over ░░░░░░░░ past 9 to 12 ░░░░░░░░ If you take the ░░░░░░░░ term view stocks tend ░░░░░░░░ rise 2 days out ░░░░░░░░ every 3 days so ░░░░░░░░ my point of view ░░░░░░░░ s not about timing ░░░░░░░░ market It s about ░░░░░░░░ in the market that ░░░░░░░░ a very fundamentally different ░░░░░░░░ from of what most ░░░░░░░░ People will tell you ░░░░░░░░ just want to try ░░░░░░░░ catch the next up ░░░░░░░░ and the good news ░░░░░░░░ that over time again ░░░░░░░░ do tend to rise ░░░░░░░░ days out of 3 ░░░░░░░░ really sought advice there ░░░░░░░░ s Adam Johnson portfolio ░░░░░░░░ at adviser investments Is ░░░░░░░░ pain ahead for the ░░░░░░░░ market for more sustainable ░░░░░░░░ will get a clear ░░░░░░░░ from one of the ░░░░░░░░ s leading Up with ░░░░░░░░ returns It s 11 ░░░░░░░░ stand we feel that ░░░░░░░░ layers of our favorite ░░░░░░░░ I come from those ░░░░░░░░ shoes that you want ░░░░░░░░ look what I ve ░░░░░░░░ it you can