RUSH TRANSCRIPT That s ░░░░░░░░ We go from here ░░░░░░░░ joins us and she ░░░░░░░░ a senior vice president ░░░░░░░░ wealth management at Morgan ░░░░░░░░ Again it was a ░░░░░░░░ easy first six seven ░░░░░░░░ a year if you ░░░░░░░░ a long stocks little ░░░░░░░░ tougher since then would ░░░░░░░░ tell your clients Shower ░░░░░░░░ you re exactly right ░░░░░░░░ restarted the ear on ░░░░░░░░ the this exuberance where ░░░░░░░░ appearing wrists in the ░░░░░░░░ where you know it ░░░░░░░░ just absolutely neglected where ░░░░░░░░ thought that the higher ░░░░░░░░ rates are here for ░░░░░░░░ term inflation was coming ░░░░░░░░ now Expecting a soft ░░░░░░░░ scenario and they magnificent ░░░░░░░░ Of course they had ░░░░░░░░ the best performing stock ░░░░░░░░ What are carrying the ░░░░░░░░ and universe cautionary as ░░░░░░░░ economists were being kind ░░░░░░░░ saying that how sustainable ░░░░░░░░ that the investors really ░░░░░░░░ to oldest will the ░░░░░░░░ market into existence but ░░░░░░░░ we get there is ░░░░░░░░ the said at least ░░░░░░░░ a needs to see ░░░░░░░░ data may need to ░░░░░░░░ that their monetary policy ░░░░░░░░ been effective in inflation ░░░░░░░░ coming down but it ░░░░░░░░ not quite a two ░░░░░░░░ Yet still despite the ░░░░░░░░ labor market we are ░░░░░░░░ don t really are ░░░░░░░░ that we re doing ░░░░░░░░ be in this higher ░░░░░░░░ rates are environment for ░░░░░░░░ and on one side ░░░░░░░░ are positives to this ░░░░░░░░ we can enjoy higher ░░░░░░░░ on cash on 16 ░░░░░░░░ you never see a ░░░░░░░░ of opportunity in private ░░░░░░░░ but on the other ░░░░░░░░ you know what is ░░░░░░░░ lending and you know ░░░░░░░░ pressure Is you know ░░░░░░░░ received the urgency east ░░░░░░░░ means they re going ░░░░░░░░ be some challenges We ░░░░░░░░ be seen in the ░░░░░░░░ so we re advocating ░░░░░░░░ positioning to our clients ░░░░░░░░ and a fixed income ░░░░░░░░ because now as you ░░░░░░░░ earlier you can gets ░░░░░░░░ attractive yields What are ░░░░░░░░ have you tell your ░░░░░░░░ to maybe get some ░░░░░░░░ to this high rate ░░░░░░░░ Well as we know ░░░░░░░░ interest rates you know ░░░░░░░░ take forever to come ░░░░░░░░ but when they do ░░░░░░░░ down you know it ░░░░░░░░ weapons rather quickly silk ░░░░░░░░ investors that you know ░░░░░░░░ not tomorrow in maybe ░░░░░░░░ in the next six ░░░░░░░░ but eventually interest rates ░░░░░░░░ going to be coming ░░░░░░░░ So this is this ░░░░░░░░ opportunity to walk in ░░░░░░░░ raids into upgrade the ░░░░░░░░ of fixed income portfolios ░░░░░░░░ we look at everything ░░░░░░░░ treasury s to break ░░░░░░░░ income to municipals You ░░░░░░░░ it really all across ░░░░░░░░ board and are extending ░░░░░░░░ Eels and making sure ░░░░░░░░ our clients are going ░░░░░░░░ be enjoying is higher ░░░░░░░░ for ruler So the ░░░░░░░░ here for this market ░░░░░░░░ we are in fact ░░░░░░░░ the middle of earning ░░░░░░░░ here and we ve ░░░░░░░░ some modest revenue surprises ░░░░░░░░ and pretty solid earning ░░░░░░░░ but all in all ░░░░░░░░ t feel like a ░░░░░░░░ earnings season what it ░░░░░░░░ what kind of looking ░░░░░░░░ and this earnings season ░░░░░░░░ have you heard so ░░░░░░░░ The recipe five hundred ░░░░░░░░ there are a lot ░░░░░░░░ positive pockets in it ░░░░░░░░ this is the time ░░░░░░░░ we need to start ░░░░░░░░ companies that are showing ░░░░░░░░ earnings because of the ░░░░░░░░ offs and cord cutting ░░░░░░░░ and the companies that ░░░░░░░░ have positive cash flow ░░░░░░░░ advantageous strategic position shooting ░░░░░░░░ it because the quality ░░░░░░░░ a healthy balance sheet ░░░░░░░░ going to mean all ░░░░░░░░ difference in the world ░░░░░░░░ forward especially as we ░░░░░░░░ that the market volatility ░░░░░░░░ going to continue because ░░░░░░░░ interest rate higher oil ░░░░░░░░ All of this you ░░░░░░░░ are putting pressure on ░░░░░░░░ it It s very ░░░░░░░░ to stay be profitable ░░░░░░░░ this environment so things ░░░░░░░░ get worse before they ░░░░░░░░ better Care is one ░░░░░░░░ often gets bandied about ░░░░░░░░ it s been underperforming ░░░░░░░░ to date Have you ░░░░░░░░ about that at the ░░░░░░░░ care space because boy ░░░░░░░░ just seems like one ░░░░░░░░ should be a relatively ░░░░░░░░ haven To come back ░░░░░░░░ lead but think of ░░░░░░░░ core defensive sectors Industrialist ░░░░░░░░ care energy all of ░░░░░░░░ sectors that we generally ░░░░░░░░ to be defensive underperform ░░░░░░░░ first part of the ░░░░░░░░ and specifically health care ░░░░░░░░ one of our favorite ░░░░░░░░ plays because it has ░░░░░░░░ defensive in yield but ░░░░░░░░ the same time growth ░░░░░░░░ So we think that ░░░░░░░░ s uniquely positioned all ░░░░░░░░ the board through the ░░░░░░░░ for spiders and armor ░░░░░░░░ be the insurance companies ░░░░░░░░ really see a lot ░░░░░░░░ opportunity in this feast ░░░░░░░░ addition to industrials which ░░░░░░░░ the sector that is ░░░░░░░░ from the government spending ░░░░░░░░ energy absolutely so mentioned ░░░░░░░░ here I m just ░░░░░░░░ ve seen it just ░░░░░░░░ all over the place ░░░░░░░░ year in certain of ░░░░░░░░ your doorstep at almost ░░░░░░░░ percent today to just ░░░░░░░░ 80 four dollars about ░░░░░░░░ s be bouncing between ░░░░░░░░ know the high seventies ░░░░░░░░ maybe 90 dollars a ░░░░░░░░ their What What is ░░░░░░░░ thought on energy Here ░░░░░░░░ mean do we is ░░░░░░░░ s anything left in ░░░░░░░░ traded been actually a ░░░░░░░░ good trade for less ░░░░░░░░ several years The long ░░░░░░░░ you on energy high ░░░░░░░░ prices are here to ░░░░░░░░ especially considering the recent ░░░░░░░░ in or even Middle ░░░░░░░░ The would needs to ░░░░░░░░ for oil prices to ░░░░░░░░ down and stay substantially ░░░░░░░░ would be for the ░░░░░░░░ producers to work The ░░░░░░░░ in there are not ░░░░░░░░ It s unlikely that ░░░░░░░░ do it at this ░░░░░░░░ in time so we ░░░░░░░░ expect that high oil ░░░░░░░░ are here to stay ░░░░░░░░ should of course benefit ░░░░░░░░ know energy companies to ░░░░░░░░ think that there are ░░░░░░░░ lot of interesting plays ░░░░░░░░ ap did It is ░░░░░░░░ deeply in a really ░░░░░░░░ roles in the investment ░░░░░░░░ specific And just leslie ░░░░░░░░ tech we ve had ░░░░░░░░ disappointments out of some ░░░░░░░░ big check is past ░░░░░░░░ days a week Later ░░░░░░░░ on some those Big ░░░░░░░░ names Well I think ░░░░░░░░ biggest misunderstanding What we ░░░░░░░░ to talk about tech ░░░░░░░░ how are you know ░░░░░░░░ of these Big Tech ░░░░░░░░ Can I just had ░░░░░░░░ rhino would by no ░░░░░░░░ are talking about impending ░░░░░░░░ Texas here to stay ░░░░░░░░ I place in major ░░░░░░░░ There is going to ░░░░░░░░ profitability are but it ░░░░░░░░ not mean that we ░░░░░░░░ t be teaching some ░░░░░░░░ the positions that performed ░░░░░░░░ well for us if ░░░░░░░░ are not intact Yet ░░░░░░░░ is the time for ░░░░░░░░ to hundred dollar cost ░░░░░░░░ into the sector because ░░░░░░░░ place in a permanent ░░░░░░░░ In this nice more ░░░░░░░░ portfolio tech is not ░░░░░░░░ anywhere Us Katarina eddy ░░░░░░░░ s senior vice president ░░░░░░░░ the private wealth at ░░░░░░░░ group at Morgan Stanley ░░░░░░░░ of a hit,