RUSH TRANSCRIPT Performance until ░░░░░░░░ have a new piece ░░░░░░░░ data Alix those are ░░░░░░░░ of our guest yesterday ░░░░░░░░ the question has goldilocks ░░░░░░░░ beaten by the bears ░░░░░░░░ least they are saying ░░░░░░░░ is in town Are ░░░░░░░░ in a goldfish market ░░░░░░░░ idea the narrative is ░░░░░░░░ so fast that you ░░░░░░░░ really invest right now ░░░░░░░░ a short term basis ░░░░░░░░ Morgan Stanley managing director ░░░░░░░░ us 10 seconds of ░░░░░░░░ is apparently what a ░░░░░░░░ has so are we ░░░░░░░░ a goldfish market We ░░░░░░░░ in a sense that ░░░░░░░░ are getting so much ░░░░░░░░ thrown at us My ░░░░░░░░ advice to everybody is ░░░░░░░░ t be the goldfish ░░░░░░░░ s time to focus ░░░░░░░░ think about what s ░░░░░░░░ out there and read ░░░░░░░░ the lines Guy how ░░░░░░░░ is that really to ░░░░░░░░ There are a number ░░░░░░░░ long term secular trends ░░░░░░░░ even they are being ░░░░░░░░ in quickly AI is ░░░░░░░░ of those and it ░░░░░░░░ a big theme earlier ░░░░░░░░ year and that has ░░░░░░░░ faded How easy is ░░░░░░░░ to avoid being a ░░░░░░░░ It sounds like an ░░░░░░░░ trap to fall into ░░░░░░░░ is a lot of ░░░░░░░░ we have to sift ░░░░░░░░ to figure out what ░░░░░░░░ best moving forward AI ░░░░░░░░ not be a headline ░░░░░░░░ but it still part ░░░░░░░░ this story It s ░░░░░░░░ going to make an ░░░░░░░░ I m thinking about ░░░░░░░░ like the bond market ░░░░░░░░ we in a position ░░░░░░░░ we are no longer ░░░░░░░░ a bear bond market ░░░░░░░░ it time to think ░░░░░░░░ taking your 5 money ░░░░░░░░ savings and staying in ░░░░░░░░ and taking advantage of ░░░░░░░░ Alix is it I ░░░░░░░░ it is Before the ░░░░░░░░ decides their next step ░░░░░░░░ markets are going to ░░░░░░░░ before that The perception ░░░░░░░░ going to be there ░░░░░░░░ you want to get ░░░░░░░░ of the curve a ░░░░░░░░ bit By doing it ░░░░░░░░ little bit at a ░░░░░░░░ that will make a ░░░░░░░░ Guy the other way ░░░░░░░░ looking at this is ░░░░░░░░ we are all conditioned ░░░░░░░░ our long term memories ░░░░░░░░ bring up what has ░░░░░░░░ happening with bonds for ░░░░░░░░ long time We were ░░░░░░░░ a long time bull ░░░░░░░░ for bonds and that ░░░░░░░░ to have come to ░░░░░░░░ end We are also ░░░░░░░░ a world where we ░░░░░░░░ gotten used to the ░░░░░░░░ that when everything goes ░░░░░░░░ the Fed will be ░░░░░░░░ there will be aggressive ░░░░░░░░ cuts and that we ░░░░░░░░ see the markets being ░░░░░░░░ That continues to be ░░░░░░░░ long term narrative which ░░░░░░░░ lot of people are ░░░░░░░░ their performed story on ░░░░░░░░ we get a big ░░░░░░░░ in the United States ░░░░░░░░ the Fed be there ░░░░░░░░ rescue us this time ░░░░░░░░ in a way they ░░░░░░░░ been there in the ░░░░░░░░ Are we conditioned by ░░░░░░░░ long term story A ░░░░░░░░ of us are conditioned ░░░░░░░░ the long term story ░░░░░░░░ I don t think ░░░░░░░░ s the narrative that ░░░░░░░░ play out It s ░░░░░░░░ for the Fed that ░░░░░░░░ will not go along ░░░░░░░░ the norm and they ░░░░░░░░ make the decisions and ░░░░░░░░ that are going to ░░░░░░░░ best for the long ░░░░░░░░ not for the short ░░░░░░░░ so I m not ░░░░░░░░ we will see such ░░░░░░░░ decisive movements based on ░░░░░░░░ term Issues alix if ░░░░░░░░ re going to make ░░░░░░░░ judgment call on the ░░░░░░░░ term or medium term ░░░░░░░░ what landing are we ░░░░░░░░ JP Morgan described it ░░░░░░░░ the soft landing scenario ░░░░░░░░ the chances of recession ░░░░░░░░ getting smaller Do you ░░░░░░░░ to know what that ░░░░░░░░ to them at to ░░░░░░░░ what to invest in ░░░░░░░░ next five years There ░░░░░░░░ still really great companies ░░░░░░░░ there regardless of whether ░░░░░░░░ are in a recession ░░░░░░░░ not The opportunities are ░░░░░░░░ We think value will ░░░░░░░░ well going forward Value ░░░░░░░░ not do so well ░░░░░░░░ pastor but there is ░░░░░░░░ opportunity now It s ░░░░░░░░ to find where things ░░░░░░░░ being disrupted and where ░░░░░░░░ are Guy what s ░░░░░░░░ degree of certainty in ░░░░░░░░ call The value story ░░░░░░░░ going to be there ░░░░░░░░ some point but when ░░░░░░░░ it going to be ░░░░░░░░ Valuations have been a ░░░░░░░░ guide to timing the ░░░░░░░░ You have to wait ░░░░░░░░ long time for that ░░░░░░░░ to come through True ░░░░░░░░ last you the value ░░░░░░░░ was pretty strong In ░░░░░░░░ of looking at the ░░░░░░░░ line disruptors will always ░░░░░░░░ disrupted and we talked ░░░░░░░░ issues with companies You ░░░░░░░░ to stay away from ░░░░░░░░ that are struggling with ░░░░░░░░ and having issues maybe ░░░░░░░░ about filing for bankruptcy ░░░░░░░░ having a default and ░░░░░░░░ a payment We just ░░░░░░░░ a company last night ░░░░░░░░ filed for bankruptcy and ░░░░░░░░ people think there would ░░░░░░░░ a big say If ░░░░░░░░ we ve learned there ░░░░░░░░ no more big saves ░░░░░░░░ don t count on ░░░░░░░░ Alix unless you are ░░░░░░░░ of the big banks ░░░░░░░░ the themes are AI ░░░░░░░░ one of the themes ░░░░░░░░ of those themes interest ░░░░░░░░ for longer term This ░░░░░░░░ a shorter term one ░░░░░░░░ we are at the ░░░░░░░░ of the year and ░░░░░░░░ lot of people s ░░░░░░░░ have not performed as ░░░░░░░░ as they did the ░░░░░░░░ of double digit returns ░░░░░░░░ might be a great ░░░░░░░░ now to look at ░░░░░░░░ pro folio and do ░░░░░░░░ loss harvesting and peel ░░░░░░░░ some of the down ░░░░░░░░ to watch against the ░░░░░░░░ you have in your ░░░░░░░░ and minimize your tax ░░░░░░░░ That s a smart ░░░░░░░░ to do now Alix ░░░░░░░░ stuff Guy something to ░░░░░░░░ before Christmas get thousand ░░░░░░░░ Thanks for stopping by ░░░░░░░░ he definitely is a ░░░░░░░░ Thank you Guy I ░░░░░░░░ totally a goldfish Still ░░░░░░░░ Musk is looking for ░░░░░░░░ to participate in