RUSH TRANSCRIPT Focused on ░░░░░░░░ to school as well ░░░░░░░░ s around the corner ░░░░░░░░ thank you so much ░░░░░░░░ to you soon Malcolm ░░░░░░░░ a stock you own ░░░░░░░░ 7 5 or so ░░░░░░░░ pretty well received earnings ░░░░░░░░ this season It had ░░░░░░░░ a weak performer what ░░░░░░░░ you seeing in the ░░░░░░░░ Yeah Mike I initially ░░░░░░░░ shares of unh last ░░░░░░░░ as a trade on ░░░░░░░░ pullback where investors got ░░░░░░░░ over united cfo s ░░░░░░░░ about rising costs and ░░░░░░░░ Medicare Advantage business and ░░░░░░░░ thought those fears were ░░░░░░░░ overblown and I thought ░░░░░░░░ given their scale and ░░░░░░░░ services portfolio unh would ░░░░░░░░ out how to pass ░░░░░░░░ increased costs on to ░░░░░░░░ insurers rather than absorbing ░░░░░░░░ majority of the costs ░░░░░░░░ and based on what ░░░░░░░░ reported this morning I ░░░░░░░░ say that expectation was ░░░░░░░░ As a matter of ░░░░░░░░ they reported a 6 ░░░░░░░░ operating margin for the ░░░░░░░░ quarter which is the ░░░░░░░░ same as it was ░░░░░░░░ year ago So I ░░░░░░░░ this is definitely a ░░░░░░░░ that s turning the ░░░░░░░░ they re at least ░░░░░░░░ past those fears that ░░░░░░░░ the entire health insurer ░░░░░░░░ as a whole so ░░░░░░░░ can probably expect that ░░░░░░░░ majority if not all ░░░░░░░░ those health insurers who ░░░░░░░░ sold off in aggregate ░░░░░░░░ with unh are probably ░░░░░░░░ the mend and going ░░░░░░░░ see a backgroundrebound going ░░░░░░░░ next week Cigna is ░░░░░░░░ 4 5 on this ░░░░░░░░ you say you think ░░░░░░░░ holding unh a little ░░░░░░░░ longer Does that mean ░░░░░░░░ doesn t qualify as ░░░░░░░░ longer term holding I ░░░░░░░░ t necessarily want to ░░░░░░░░ health care long term ░░░░░░░░ think that they ll ░░░░░░░░ continue to pass along ░░░░░░░░ costs like I said ░░░░░░░░ their consumers in the ░░░░░░░░ of higher premiums but ░░░░░░░░ do think that it ░░░░░░░░ catch up with them ░░░░░░░░ I think that you ░░░░░░░░ they reported weakness in ░░░░░░░░ medical loss ratio which ░░░░░░░░ up 2 year over ░░░░░░░░ That s the number ░░░░░░░░ really matters for them ░░░░░░░░ I assume that s ░░░░░░░░ caused them to become ░░░░░░░░ little bit cautious in ░░░░░░░░ first place I think ░░░░░░░░ s going to be ░░░░░░░░ the remainder of this ░░░░░░░░ by share repurchases which ░░░░░░░░ give them some time ░░░░░░░░ get it sorted so ░░░░░░░░ though I expect it ░░░░░░░░ sell today following positive ░░░░░░░░ for q2 I ll ░░░░░░░░ up sticking with this ░░░░░░░░ a little longer and ░░░░░░░░ on to it I ░░░░░░░░ the increased guidance for ░░░░░░░░ remainder of 2023 them ░░░░░░░░ expectations by 20 cents ░░░░░░░░ I m not necessarily ░░░░░░░░ sure that I m ░░░░░░░░ on health care you ░░░░░░░░ over the next two ░░░░░░░░ plus as and this ░░░░░░░░ a name that I ░░░░░░░░ to hold on to ░░░░░░░░ the way through that ░░░░░░░░ I m not as ░░░░░░░░ in this as I ░░░░░░░░ maybe in tech Just ░░░░░░░░ quick is there anything ░░░░░░░░ particular keeping you wary ░░░░░░░░ health care as a ░░░░░░░░ Well as I continue ░░░░░░░░ read more and more ░░░░░░░░ what came out from ░░░░░░░░ Health they started talking ░░░░░░░░ places where they see ░░░░░░░░ increased costs coming that ░░░░░░░░ didn t necessarily anticipate ░░░░░░░░ the increased cost from ░░░░░░░░ having more elective surgeries ░░░░░░░░ obvious but the increased ░░░░░░░░ related to things like ░░░░░░░░ health care number of ░░░░░░░░ seeking out additional mental ░░░░░░░░ services was something they ░░░░░░░░ t see until recently ░░░░░░░░ I think that can ░░░░░░░░ negative for earnings Malcolm ░░░░░░░░ you so much Have ░░░░░░░░ great weekend As we ░░░░░░░░ into the close worth ░░░░░░░░ United Health its gain ░░░░░░░░ good for 200 upside ░░░░░░░░ in the dow because ░░░░░░░░ is a price weighted ░░░░░░░░ so without unh s ░░░░░░░░ today the dow would ░░░░░░░░ been down about 100 ░░░░░░░░ see the S P ░░░░░░░░ sitting on a slim ░░░░░░░░ of 0 2 on ░░░░░░░░ day Still up more ░░░░░░░░ 2 for the week ░░░░░░░░ on that 4 500 ░░░░░░░░ Russell 2000 and the ░░░░░░░░ both strong for the ░░░░░░░░ the Russell downside leader ░░░░░░░░ as we go out ░░░░░░░░ the