That Brian cycle is ░░░░░░░░ managing director and bognor ░░░░░░░░ group out the bombs ░░░░░░░░ group in fact joins ░░░░░░░░ with this taken things ░░░░░░░░ Brian lumley to see ░░░░░░░░ Thank you very much ░░░░░░░░ your time before we ░░░░░░░░ to the fantastic four ░░░░░░░░ mag seven the rally ░░░░░░░░ the bags the growth ░░░░░░░░ It just don t ░░░░░░░░ you a sense in ░░░░░░░░ what do you make ░░░░░░░░ just the Kind of ░░░░░░░░ we re seeing the ░░░░░░░░ level that the indices ░░░░░░░░ can be five hundred ░░░░░░░░ NASDAQ getting record highs ░░░░░░░░ it s good to ░░░░░░░░ You know I mean ░░░░░░░░ heard of a pretty ░░░░░░░░ 20 20 two million ░░░░░░░░ rebound and 20 three ░░░░░░░░ industry that follow through ░░░░░░░░ the new year Obviously ░░░░░░░░ good thing I just ░░░░░░░░ that there are some ░░░░░░░░ that s needed at ░░░░░░░░ point in markets because ░░░░░░░░ large part of it ░░░░░░░░ being driven By like ░░░░░░░░ mentioned just a couple ░░░░░░░░ names and so we ░░░░░░░░ looking at other parts ░░░░░░░░ the market to find ░░░░░░░░ value But Isn t ░░░░░░░░ something cause and giving ░░░░░░░░ market the brett that ░░░░░░░░ It s working on ░░░░░░░░ There s more to ░░░░░░░░ mean the end of ░░░░░░░░ day We ve got ░░░░░░░░ dollar right now that ░░░░░░░░ at 17 percent above ░░░░░░░░ s historical average and ░░░░░░░░ is can be a ░░░░░░░░ for some of those ░░░░░░░░ large multi nationals including ░░░░░░░░ of the max evans ░░░░░░░░ derive a lot of ░░░░░░░░ overseas the small cap ░░░░░░░░ the Russell two thousand ░░░░░░░░ you mentioned most of ░░░░░░░░ revenues or domestic and ░░░░░░░░ it s a little ░░░░░░░░ from things like dollar ░░░░░░░░ and there is some ░░░░░░░░ moving into the rest ░░░░░░░░ the market and we ░░░░░░░░ to see that and ░░░░░░░░ I don t I ░░░░░░░░ t think that is ░░░░░░░░ ninth inning of that ░░░░░░░░ think it is You ░░░░░░░░ maybe fourth or fifth ░░░░░░░░ would take us through ░░░░░░░░ ninth inning You think ░░░░░░░░ at this point I ░░░░░░░░ it s time I ░░░░░░░░ it s It s ░░░░░░░░ pull out of some ░░░░░░░░ those technology names that ░░░░░░░░ trading and forty times ░░░░░░░░ times earnings and finding ░░░░░░░░ s way into better ░░░░░░░░ and the rest of ░░░░░░░░ market I think that ░░░░░░░░ s just more of ░░░░░░░░ matter of time at ░░░░░░░░ point as that is ░░░░░░░░ plays out and in ░░░░░░░░ as long as the ░░░░░░░░ continues to do pretty ░░░░░░░░ things which it is ░░░░░░░░ seems like with today ░░░░░░░░ pc ian numbers Inflation ░░░░░░░░ moving towards the right ░░░░░░░░ that I think there ░░░░░░░░ more room for it ░░░░░░░░ run So honestly it ░░░░░░░░ just a matter of ░░░░░░░░ Okay and you know ░░░░░░░░ have said that you ░░░░░░░░ not ordinarily be five ░░░░░░░░ at this level That ░░░░░░░░ true I mean it ░░░░░░░░ think we re at ░░░░░░░░ fifty 90 five in ░░░░░░░░ us and p If ░░░░░░░░ divide or if you ░░░░░░░░ about a 10 percent ░░░░░░░░ growth for the year ░░░░░░░░ 20 20 four which ░░░░░░░░ about what we would ░░░░░░░░ it brings you to ░░░░░░░░ hundred and forty three ░░░░░░░░ a share which is ░░░░░░░░ 20 one times earnings ░░░░░░░░ so I Just you ░░░░░░░░ historically when you look ░░░░░░░░ starting off anything above ░░░░░░░░ s axon on multiple ░░░░░░░░ returns for three five ░░░░░░░░ 10 years or very ░░░░░░░░ and average of 10 ░░░░░░░░ return starting at 20 ░░░░░░░░ is something less than ░░░░░░░░ percent So I just ░░░░░░░░ t think the odds ░░░░░░░░ in your favor and ░░░░░░░░ m fine to be ░░░░░░░░ short term but but ░░░░░░░░ term you re much ░░░░░░░░ off Looking for more ░░░░░░░░ bottom of individual stock ░░░░░░░░ and and managing actively ░░░░░░░░ possibly Annual thing that ░░░░░░░░ mag seven have run ░░░░░░░░ of themselves that they ░░░░░░░░ casa 20 five percent ░░░░░░░░ the index doing fat ░░░░░░░░ percent of the index ░░░░░░░░ it s driving a ░░░░░░░░ of a lot of ░░░░░░░░ multiple look I would ░░░░░░░░ bet against the mag ░░░░░░░░ okay they re great ░░░░░░░░ there s some of ░░░░░░░░ best businesses It ever ░░░░░░░░ in and so that ░░░░░░░░ wonderful It s just ░░░░░░░░ at this point with ░░░░░░░░ and 20 three and ░░░░░░░░ four If the paradigm ░░░░░░░░ we re going back ░░░░░░░░ a zero bound and ░░░░░░░░ rates and so technology ░░░░░░░░ the only place to ░░░░░░░░ I just don t ░░░░░░░░ to that and I ░░░░░░░░ t think that we ░░░░░░░░ I think rates will ░░░░░░░░ up sticking around a ░░░░░░░░ higher maybe somewhere around ░░░░░░░░ and in that environment ░░░░░░░░ think it s more ░░░░░░░░ earning an income stream ░░░░░░░░ the equities that you ░░░░░░░░ and dividends and having ░░░░░░░░ income stream grow for ░░░░░░░░ that it is basically ░░░░░░░░ on multiple expansion At ░░░░░░░░ point So we had ░░░░░░░░ niles and the previous ░░░░░░░░ farms that I find ░░░░░░░░ was talking about the ░░░░░░░░ four that he like ░░░░░░░░ as Microsoft Amazon nvidia ░░░░░░░░ Then as mehta I ░░░░░░░░ look at the nvidia ░░░░░░░░ look at meant I ░░░░░░░░ yesterday performance and seems ░░░░░░░░ somewhat of a meltdown ░░░░░░░░ Does that don t ░░░░░░░░ you Well we don ░░░░░░░░ own those names so ░░░░░░░░ doesn t worry me ░░░░░░░░ I think again they ░░░░░░░░ great business and that ░░░░░░░░ think along the market ░░░░░░░░ that happening in the ░░░░░░░░ That kind of price ░░░░░░░░ in general yeah I ░░░░░░░░ that some of those ░░░░░░░░ names that you mention ░░░░░░░░ in video Microsoft the ░░░░░░░░ an artificial intelligence they ░░░░░░░░ met as well There ░░░░░░░░ a component to that ░░░░░░░░ is very euphoric at ░░░░░░░░ point and I I ░░░░░░░░ do believe that it ░░░░░░░░ transformative and that these ░░░░░░░░ will deliver But I ░░░░░░░░ t believe in the ░░░░░░░░ 20 20 four that ░░░░░░░░ s and so enormous ░░░░░░░░ of revenue that s ░░░░░░░░ going to flow through ░░░░░░░░ because of that to ░░░░░░░░ of those dogs and ░░░░░░░░ have gotten caught up ░░░░░░░░ some of that You ░░░░░░░░ your yes Yes it ░░░░░░░░ concerning It is indeed ░░░░░░░░ think that this is ░░░░░░░░ time to uncaring income ░░░░░░░░ dividends I would you ░░░░░░░░ that story I mean ░░░░░░░░ speaking in the boss ░░░░░░░░ s been banks has ░░░░░░░░ consumers It s spend ░░░░░░░░ that have delivered on ░░░░░░░░ teams Yeah and instill ░░░░░░░░ still the same You ░░░░░░░░ the staples offer a ░░░░░░░░ value at this point ░░░░░░░░ lot of cash flow ░░░░░░░░ of free cash flow ░░░░░░░░ returned back to shareholders ░░░░░░░░ dividends that rise every ░░░░░░░░ You get reasonable valuations ░░░░░░░░ get defensiveness and and ░░░░░░░░ in some of the ░░░░░░░░ name s It s ░░░░░░░░ that I I I ░░░░░░░░ the all of technology ░░░░░░░░ be treated in one ░░░░░░░░ One sentence there there ░░░░░░░░ plenty of parts of ░░░░░░░░ that are providing things ░░░░░░░░ services and infrastructure for ░░░░░░░░ I that I think ░░░░░░░░ a lot of value ░░░░░░░░ so you get those ░░░░░░░░ of names in the ░░░░░░░░ tech space with dividends ░░░░░░░░ top of that that ░░░░░░░░ be quite attractive by ░░░░░░░░ credit check of indeed ░░░░░░░░ some of the names ░░░░░░░░ you like and from ░░░░░░░░ consumer space you liked ░░░░░░░░ that as a defensive ░░░░░░░░ dividend goa I do ░░░░░░░░ mean clorox is that ░░░░░░░░ and the half percent ░░░░░░░░ roughly It is something ░░░░░░░░ went through a pretty ░░░░░░░░ cyber attack in September ░░░░░░░░ last year Last time ░░░░░░░░ was on your show ░░░░░░░░ mentioned it as well ░░░░░░░░ it was coming off ░░░░░░░░ that The stock had ░░░░░░░░ roughly 20 five percent ░░░░░░░░ they deal with that ░░░░░░░░ management really came through ░░░░░░░░ did a great job ░░░░░░░░ this point You ve ░░░░░░░░ recovery from then their ░░░░░░░░ up about eight percent ░░░░░░░░ I mentioned it last ░░░░░░░░ about eight percent year ░░░░░░░░ you re capturing that ░░░░░░░░ they ve had same ░░░░░░░░ organic sales at 20 ░░░░░░░░ particularly in some of ░░░░░░░░ health and wellness products ░░░░░░░░ so look it isn ░░░░░░░░ the most exciting day ░░░░░░░░ estimation sometimes but at ░░░░░░░░ end when you ve ░░░░░░░░ valuations where we are ░░░░░░░░ is something we want ░░░░░░░░ look at Indeed Sound ░░░░░░░░ NASA we discuss on ░░░░░░░░ family affair ideas and ░░░░░░░░ back on the outside ░░░░░░░░ this bank