RUSH TRANSCRIPT We will ░░░░░░░░ to the CEO of ░░░░░░░░ about what he is ░░░░░░░░ and which whiskeys are ░░░░░░░░ the best Street chief ░░░░░░░░ officer He is 2 ░░░░░░░░ in assets It is ░░░░░░░░ to have you on ░░░░░░░░ looking at your notes ░░░░░░░░ are bullish Bullish going ░░░░░░░░ 2024 Why We are ░░░░░░░░ bullish about going into ░░░░░░░░ year and even the ░░░░░░░░ 6 10 years as ░░░░░░░░ envision a new super ░░░░░░░░ led by AI tech ░░░░░░░░ think here specifically investors ░░░░░░░░ to remember what does ░░░░░░░░ new home market look ░░░░░░░░ If you go back ░░░░░░░░ look at history you ░░░░░░░░ see often new bull ░░░░░░░░ start like this one ░░░░░░░░ It starts narrow and ░░░░░░░░ it starts to broad ░░░░░░░░ like we saw last ░░░░░░░░ When he gets to ░░░░░░░░ heights often times investors ░░░░░░░░ scared and I think ░░░░░░░░ has gone up too ░░░░░░░░ Maybe I will stop ░░░░░░░░ And that would be ░░░░░░░░ mistake and our view ░░░░░░░░ think that investors have ░░░░░░░░ lot of capital outside ░░░░░░░░ market from the bear ░░░░░░░░ occurred We think January ░░░░░░░░ you remember that will ░░░░░░░░ into play as we ░░░░░░░░ to the beginning of ░░░░░░░░ year That is usually ░░░░░░░░ the market broadens out ░░░░░░░░ and goes up more ░░░░░░░░ people expect and brings ░░░░░░░░ small cap stocks which ░░░░░░░░ a challenge s we ░░░░░░░░ this trading range the ░░░░░░░░ stocks have been in ░░░░░░░░ out in January as ░░░░░░░░ flows back into the ░░░░░░░░ Ending the day down ░░░░░░░░ one third of one ░░░░░░░░ In general as of ░░░░░░░░ have had a pretty ░░░░░░░░ rally I want to ░░░░░░░░ back to your comments ░░░░░░░░ this AI led bull ░░░░░░░░ Let s start the ░░░░░░░░ Let s bring in ░░░░░░░░ hickey cofounder of the ░░░░░░░░ The fact that we ░░░░░░░░ on record watch for ░░░░░░░░ broader market for the ░░░░░░░░ P 500 assuming that ░░░░░░░░ hit that at some ░░░░░░░░ here in the coming ░░░░░░░░ how meaningful is it ░░░░░░░░ rack up a new ░░░░░░░░ time high for the ░░░░░░░░ P versus what equities ░░░░░░░░ from that point on ░░░░░░░░ you look at these ░░░░░░░░ when we go a ░░░░░░░░ time nearly two years ░░░░░░░░ a new high forward ░░░░░░░░ from the market have ░░░░░░░░ positive And post World ░░░░░░░░ II period We talk ░░░░░░░░ being at or near ░░░░░░░░ highs right now and ░░░░░░░░ we have had the ░░░░░░░░ November December in a ░░░░░░░░ long time and it ░░░░░░░░ been a strong year ░░░░░░░░ stocks but at the ░░░░░░░░ time the market has ░░░░░░░░ nowhere in the last ░░░░░░░░ years The S P ░░░░░░░░ flat and as we ░░░░░░░░ about has been more ░░░░░░░░ and stuck in a ░░░░░░░░ with 2000 being the ░░░░░░░░ We do started to ░░░░░░░░ out of that range ░░░░░░░░ The key here I ░░░░░░░░ is for the broadening ░░░░░░░░ the market area the ░░░░░░░░ of financial conditions lower ░░░░░░░░ rates Rates are so ░░░░░░░░ levels but it is ░░░░░░░░ direction that is the ░░░░░░░░ important They are going ░░░░░░░░ I think when you ░░░░░░░░ at the prior periods ░░░░░░░░ you see the loosening ░░░░░░░░ conditions and such the ░░░░░░░░ overall has done well ░░░░░░░░ as importantly small caps ░░░░░░░░ done very well as ░░░░░░░░ You might look and ░░░░░░░░ small caps have had ░░░░░░░░ monster run the last ░░░░░░░░ months But when we ░░░░░░░░ back at prior periods ░░░░░░░░ you see the Russell ░░░░░░░░ over two month period ░░░░░░░░ has generally been a ░░░░░░░░ to further above average ░░░░░░░░ James I want to ░░░░░░░░ up on something Paul ░░░░░░░░ touched on That is ░░░░░░░░ broadening of the rally ░░░░░░░░ what that means amid ░░░░░░░░ financial conditions We have ░░░░░░░░ delivering survey that was ░░░░░░░░ One of the questions ░░░░░░░░ was asked here was ░░░░░░░░ will be the top ░░░░░░░░ areas in the U ░░░░░░░░ in 2024 Among the ░░░░░░░░ sectors that were put ░░░░░░░░ to investors that took ░░░░░░░░ survey 35 the majority ░░░░░░░░ the survey said financial ░░░░░░░░ Financial stocks will be ░░░░░░░░ top performing sector Do ░░░░░░░░ see at the same ░░░░░░░░ Appreciate you bringing it ░░░░░░░░ I think that where ░░░░░░░░ best relative earnings growth ░░░░░░░░ be in 2024 is ░░░░░░░░ you want to be ░░░░░░░░ an investor I would ░░░░░░░░ the financials absolutely The ░░░░░░░░ are almost historically cheap ░░░░░░░░ are the small caps ░░░░░░░░ absolutely would be in ░░░░░░░░ I also think we ░░░░░░░░ ignore the fact that ░░░░░░░░ is the AI tech ░░░░░░░░ business cycle You have ░░░░░░░░ be in those tech ░░░░░░░░ Even if the valuations ░░░░░░░░ expensive the growth is ░░░░░░░░ to justify it We ░░░░░░░░ go with Big Tech ░░░░░░░░ financials I have to ░░░░░░░░ with consensus which I ░░░░░░░░ don t I would ░░░░░░░░ the small stocks as ░░░░░░░░ Of chatter and debate ░░░░░░░░ the recent days about ░░░░░░░░ overbought the market is ░░░░░░░░ now and about whether ░░░░░░░░ have seen it pull ░░░░░░░░ in performance for U ░░░░░░░░ stocks from 2024 into ░░░░░░░░ We know historically when ░░░░░░░░ have a Santa Claus ░░░░░░░░ at the end of ░░░░░░░░ year that can be ░░░░░░░░ good final burst for ░░░░░░░░ to finish out the ░░░░░░░░ year and begin the ░░░░░░░░ year But how important ░░░░░░░░ that rally And the ░░░░░░░░ around the rally to ░░░░░░░░ up with the following ░░░░░░░░ could look like Argument ░░░░░░░░ pulling forward returns so ░░░░░░░░ speak We are overbought ░░░░░░░░ the short term and ░░░░░░░░ has gone up in ░░░░░░░░ last two months 60 ░░░░░░░░ 40 portfolio on pace ░░░░░░░░ record two month gain ░░░░░░░░ stocks are up Small ░░░░░░░░ have surged Financials are ░░░░░░░░ have been down all ░░░░░░░░ In that respect historic ░░░░░░░░ keeping investors honest That ░░░░░░░░ not surprise me at ░░░░░░░░ When we want to ░░░░░░░░ ahead to a year ░░░░░░░░ it is we think ░░░░░░░░ it is favored by ░░░░░░░░ field goal so to ░░░░░░░░ I think you are ░░░░░░░░ off staying on the ░░░░░░░░ of equities And we ░░░░░░░░ come a long way ░░░░░░░░ And we have not ░░░░░░░░ anywhere in the last ░░░░░░░░ years.