RUSH TRANSCRIPT We may ░░░░░░░░ have that dip everybody ░░░░░░░░ worried about in the ░░░░░░░░ half Rich what about ░░░░░░░░ a sector standpoint We ░░░░░░░░ take tech first obviously ░░░░░░░░ your movement in your ░░░░░░░░ you don t believe ░░░░░░░░ is going to do ░░░░░░░░ in the new year ░░░░░░░░ trimmed apple a couple ░░░░░░░░ ago and sold Amazon ░░░░░░░░ September Well we had ░░░░░░░░ lighten up on tech ░░░░░░░░ of overall thoughts on ░░░░░░░░ market But to Jim ░░░░░░░░ point you take a ░░░░░░░░ like Microsoft their free ░░░░░░░░ flow since 2019 has ░░░░░░░░ from 30 to 61 ░░░░░░░░ You ve got apple ░░░░░░░░ free cash flow going ░░░░░░░░ 60 to 110 billion ░░░░░░░░ the last three years ░░░░░░░░ all these companies are ░░░░░░░░ executing and increasing their ░░░░░░░░ cash flows That s ░░░░░░░░ very very large amounts ░░░░░░░░ capx So at some ░░░░░░░░ these companies everyone is ░░░░░░░░ to puke them out ░░░░░░░░ they re going to ░░░░░░░░ very valuable on a ░░░░░░░░ of cash flow Right ░░░░░░░░ that multiple cash flow ░░░░░░░░ averaging anywhere from 4 ░░░░░░░░ 6 So I am ░░░░░░░░ as negative on the ░░░░░░░░ sector as it might ░░░░░░░░ I just was so ░░░░░░░░ I had to trim ░░░░░░░░ out But what do ░░░░░░░░ think of Jim s ░░░░░░░░ view I ask you ░░░░░░░░ I don t know ░░░░░░░░ two people who have ░░░░░░░░ on this show together ░░░░░░░░ the same time I ░░░░░░░░ Weiss obviously has been ░░░░░░░░ negative on the market ░░░░░░░░ he s been correct ░░░░░░░░ you ve got more ░░░░░░░░ for the most part ░░░░░░░░ you ever have you ░░░░░░░░ been a batten down ░░░░░░░░ hatches guy for months ░░░░░░░░ view is decidedly negative ░░░░░░░░ what lies ahead and ░░░░░░░░ heard Jim articulate the ░░░░░░░░ he believes none of ░░░░░░░░ is going to come ░░░░░░░░ fruition we get to ░░░░░░░░ when we re going ░░░░░░░░ put money to work ░░░░░░░░ this is an environment ░░░░░░░░ the landscape is dramatically ░░░░░░░░ from the last 15 ░░░░░░░░ of a zero interest ░░░░░░░░ environment where everything went ░░░░░░░░ to going forward where ░░░░░░░░ have a higher structural ░░░░░░░░ rate which increased the ░░░░░░░░ rate of future earnings ░░░░░░░░ it s going to ░░░░░░░░ more pressure on choosing ░░░░░░░░ right stocks at the ░░░░░░░░ time there s tremendous ░░░░░░░░ for our clients where ░░░░░░░░ asset allocate in bond ░░░░░░░░ So I don t ░░░░░░░░ have to focus on ░░░░░░░░ asset class which is ░░░░░░░░ stock market we re ░░░░░░░░ comfortable now