Back when Brian cycle ░░░░░░░░ is managing director and ░░░░░░░░ the bonds and group ░░░░░░░░ don t talk about ░░░░░░░░ and cisco because you ░░░░░░░░ talking about how their ░░░░░░░░ to be some allocation ░░░░░░░░ tech but differently from ░░░░░░░░ where the market is ░░░░░░░░ right now That s ░░░░░░░░ and ibm has been ░░░░░░░░ early adopter into the ░░░░░░░░ of artificial intelligence That ░░░░░░░░ not necessarily the reason ░░░░░░░░ own the stock but ░░░░░░░░ is something that is ░░░░░░░░ and when you re ░░░░░░░░ off at a reasonable ░░░░░░░░ call it 15 x ░░░░░░░░ he moved to something ░░░░░░░░ the 18 s on ░░░░░░░░ a multiple bases You ░░░░░░░░ still quite literally half ░░░░░░░░ what much of that ░░░░░░░░ is is trading at ░░░░░░░░ evaluation standpoint nice three ░░░░░░░░ a half percent dividend ░░░░░░░░ with it It s ░░░░░░░░ that has been out ░░░░░░░░ favor but has a ░░░░░░░░ much reoccurring business model ░░░░░░░░ services and software that ░░░░░░░░ like to see and ░░░░░░░░ their and ex and ░░░░░░░░ of the a I ░░░░░░░░ that they ve developed ░░░░░░░░ s real revenue coming ░░░░░░░░ college four hundred million ░░░░░░░░ this point already and ░░░░░░░░ to come down the ░░░░░░░░ and so we Like ░░░░░░░░ for all of those ░░░░░░░░ And fifty Similar story ░░░░░░░░ ibm is up 13 ░░░░░░░░ of the day and ░░░░░░░░ there s things are ░░░░░░░░ to fruition Cisco booed ░░░░░░░░ a little bit more ░░░░░░░░ they ve had a ░░░░░░░░ down and some of ░░░░░░░░ telecom side of business ░░░░░░░░ things that we think ░░░░░░░░ recovers but their partnerships ░░░░░░░░ nvidia with with intel ░░░░░░░░ amd took really related ░░░░░░░░ a infrastructure is something ░░░░░░░░ s very attractive to ░░░░░░░░ and again we re ░░░░░░░░ something at a reasonable ░░░░░░░░ with current cash flows ░░░░░░░░ a high level of ░░░░░░░░ cashflow returned back to ░░░░░░░░ in the form of ░░░░░░░░ in the meantime and ░░░░░░░░ believe that for 20 ░░░░░░░░ four it s going ░░░░░░░░ be a theme with ░░░░░░░░ muted overall returns in ░░░░░░░░ market I don t ░░░░░░░░ jail sense in brine ░░░░░░░░ not on the macro ░░░░░░░░ As that the cool ░░░░░░░░ you number that came ░░░░░░░░ and and family among ░░░░░░░░ peer group how people ░░░░░░░░ about what this means ░░░░░░░░ the rate and mom ░░░░░░░░ going forward and will ░░░░░░░░ to thinking because these ░░░░░░░░ as offer Oh one ░░░░░░░░ the members John Williams ░░░░░░░░ as talking about how ░░░░░░░░ rate hike is out ░░░░░░░░ the table by that ░░░░░░░░ re not in any ░░░░░░░░ to got treats As ░░░░░░░░ now though they are ░░░░░░░░ mate got so it ░░░░░░░░ read between the lines ░░░░░░░░ perhaps it all depends ░░░░░░░░ interpretation that that how ░░░░░░░░ you and your peers ░░░░░░░░ about their own ahead ░░░░░░░░ rates Well as far ░░░░░░░░ inflation core pc came ░░░░░░░░ of point four percent ░░░░░░░░ them for the month ░░░░░░░░ January or two point ░░░░░░░░ percent year over year ░░░░░░░░ s a component of ░░░░░░░░ which is shelter that ░░░░░░░░ believe will continue to ░░░░░░░░ lower significantly So we ░░░░░░░░ we re fairly confident ░░░░░░░░ will get to go ░░░░░░░░ that to the feds ░░░░░░░░ percent target be look ░░░░░░░░ interest rates in the ░░░░░░░░ probability of a March ░░░░░░░░ Cut on March twentieth ░░░░░░░░ essentially zero I think ░░░░░░░░ s had four percent ░░░░░░░░ now they cut is ░░░░░░░░ something very low but ░░░░░░░░ a June cut as ░░░░░░░░ a fifty fifty and ░░░░░░░░ you look at the ░░░░░░░░ dot plots and frankly ░░░░░░░░ re fed futures in ░░░░░░░░ bond market or priced ░░░░░░░░ You know that there ░░░░░░░░ about seventy five basis ░░░░░░░░ of rate cuts baked ░░░░░░░░ and in to us ░░░░░░░░ s perfectly fine we ░░░░░░░░ don t want to ░░░░░░░░ a zero bound on ░░░░░░░░ rates for the sake ░░░░░░░░ having zero about an ░░░░░░░░ rates Having a positive ░░░░░░░░ rate is important I ░░░░░░░░ for functionality and markets ░░░░░░░░ that s not necessarily ░░░░░░░░ we re afraid of ░░░░░░░░ whales out damage and ░░░░░░░░ analyzing the resiliency in ░░░░░░░░ jobs market and mean ░░░░░░░░ you look at the ░░░░░░░░ number on jobs and ░░░░░░░░ look at the average ░░░░░░░░ your own yeah The ░░░░░░░░ of jobs available outstripping ░░░░░░░░ total workforce which is ░░░░░░░░ of luck the unemployment ░░░░░░░░ of people and so ░░░░░░░░ you going to reconcile ░░░░░░░░ s happening with that ░░░░░░░░ how that are We ░░░░░░░░ the feds position In ░░░░░░░░ labor market is is ░░░░░░░░ tights There s there ░░░░░░░░ no question I don ░░░░░░░░ we don t personally ░░░░░░░░ to their need to ░░░░░░░░ on employment or a ░░░░░░░░ increase in unemployment for ░░░░░░░░ Fed and necessarily lower ░░░░░░░░ rates It can happen ░░░░░░░░ way but I don ░░░░░░░░ think it is necessary ░░░░░░░░ so when you look ░░░░░░░░ today initial jobless claims ░░░░░░░░ to 13 versus to ░░░░░░░░ expected Basically the number ░░░░░░░░ ve been trending at ░░░░░░░░ in I believe that ░░░░░░░░ s fairly healthy we ░░░░░░░░ people to be employed ░░░░░░░░ having a jolt number ░░░░░░░░ job openings which by ░░░░░░░░ way I ve started ░░░░░░░░ trend a little lower ░░░░░░░░ is something that is ░░░░░░░░ but at the end ░░░░░░░░ re trying to This ░░░░░░░░ a three point seven ░░░░░░░░ unemployment rate in this ░░░░░░░░ earnings are growing and ░░░░░░░░ are fair stable and ░░░░░░░░ things are not necessarily ░░░░░░░░ things Those are good ░░░░░░░░ that those are that ░░░░░░░░ a good environment to ░░░░░░░░ That s a good ░░░░░░░░ it to invest My ░░░░░░░░ concern macro standpoint is ░░░░░░░░ we have rates at ░░░░░░░░ point two five five ░░░░░░░░ five percent at a ░░░░░░░░ when the unemployment rate ░░░░░░░░ still stubbornly at three ░░░░░░░░ seven percent It s ░░░░░░░░ it s a big ░░░░░░░░ for the government I ░░░░░░░░ the government would be ░░░░░░░░ look at The unemployment ░░░░░░░░ is just So different ░░░░░░░░ boss cycles Well the ░░░░░░░░ in the government is ░░░░░░░░ as consumers we all ░░░░░░░░ out our dads We ░░░░░░░░ a refinance mortgages over ░░░░░░░░ years and three percent ░░░░░░░░ so we re a ░░░░░░░░ less affected by interest ░░░░░░░░ rising maybe than 10 ░░░░░░░░ in the past The ░░░░░░░░ on the other hand ░░░░░░░░ a whole lotta dead ░░░░░░░░ s where I live ░░░░░░░░ the year 20 four ░░░░░░░░ 20 five and there ░░░░░░░░ a massive amount of ░░░░░░░░ reassuring and so it ░░░░░░░░ it s almost the ░░░░░░░░ where where keeping rates ░░░░░░░░ of course those two ░░░░░░░░ aren t tether treasury ░░░░░░░░ and fat or not ░░░░░░░░ are two different institutions ░░░░░░░░ having interest rates day ░░░░░░░░ is not necessarily in ░░░░░░░░ government s best interest ░░░░░░░░ but at the end ░░░░░░░░ s necessary to try ░░░░░░░░ bring that inflation back ░░░░░░░░ two percent and the ░░░░░░░░ news is it We ░░░░░░░░ get there it s ░░░░░░░░ a matter of time ░░░░░░░░ believe before it does ░░░░░░░░ what s the big ░░░░░░░░ to the market right ░░░░░░░░ Brian Well generally speaking ░░░░░░░░ think there s risks ░░░░░░░░ parts of the market ░░░░░░░░ overvalued arts that I ░░░░░░░░ spoken about and so ░░░░░░░░ you re buying the ░░░░░░░░ as a whole I ░░░░░░░░ that you ll be ░░░░░░░░ not predicting some sort ░░░░░░░░ a terrible market necessarily ░░░░░░░░ s so many good ░░░░░░░░ that are going on ░░░░░░░░ the economy in in ░░░░░░░░ world Frankly but that ░░░░░░░░ not the point you ░░░░░░░░ Allen part of the ░░░░░░░░ in newport quite poorly ░░░░░░░░ was overvalued sectors I ░░░░░░░░ trading at forty fifty ░░░░░░░░ times earnings and then ░░░░░░░░ can play and some ░░░░░░░░ them more value oriented ░░░░░░░░ in the dividend space ░░░░░░░░ capture really nice cap ░░░░░░░░ that are growing and ░░░░░░░░ valuations And so if ░░░░░░░░ get overall indices that ░░░░░░░░ sideways for a year ░░░░░░░░ two as as multiple ░░░░░░░░ kind of grown into ░░░░░░░░ can still make a ░░░░░░░░ amount of money with ░░░░░░░░ of these other names ░░░░░░░░ it was very indicative ░░░░░░░░ the way in two ░░░░░░░░ That s exactly what ░░░░░░░░ saw We had 15 ░░░░░░░░ of indices trading sideways ░░░░░░░░ a w pattern In ░░░░░░░░ dividend growth sector did ░░░░░░░░ well average around eight ░░░░░░░░ Over the same time ░░░░░░░░ Lobby chatting with you ░░░░░░░░ you very much the ░░░░░░░░ the time and Thursday ░░░░░░░░ at to speak of ░░░░░░░░ and yeah I think ░░░░░░░░ the market appreciate I ░░░░░░░░ likewise. Thank you