RUSH TRANSCRIPT That will ░░░░░░░░ it for us on ░░░░░░░░ movers Over to Scott ░░░░░░░░ and the halftime report ░░░░░░░░ welcome to the halftime ░░░░░░░░ A turbulent week for ░░░░░░░░ What it might say ░░░░░░░░ the future of the ░░░░░░░░ We ll ask the ░░░░░░░░ committee Joining me for ░░░░░░░░ hour today everybody is ░░░░░░░░ at post 9 Josh ░░░░░░░░ Shannon saccocia Jason snipe ░░░░░░░░ saperstein The NASDAQ is ░░░░░░░░ You did have a ░░░░░░░░ ppi today and that ░░░░░░░░ that CPI which has ░░░░░░░░ frayed nerves yesterday Josh ░░░░░░░░ told me yesterday afternoon ░░░░░░░░ still think that this ░░░░░░░░ a market to buy ░░░░░░░░ not to sell To ░░░░░░░░ one of the things ░░░░░░░░ was looking for is ░░░░░░░░ buyable sell off I ░░░░░░░░ it would have gotten ░░░░░░░░ I never have time ░░░░░░░░ panic The kids the ░░░░░░░░ there s just not ░░░░░░░░ I didn t buy ░░░░░░░░ yesterday The predominant trend ░░░░░░░░ an up trend it ░░░░░░░░ not my opinion That ░░░░░░░░ data sorry I think ░░░░░░░░ stays intact If it ░░░░░░░░ I ll be the ░░░░░░░░ person to tell you ░░░░░░░░ trade is lower It ░░░░░░░░ t I just don ░░░░░░░░ see it These are ░░░░░░░░ that are nominally earning ░░░░░░░░ of money because of ░░░░░░░░ rates are especially relative ░░░░░░░░ years past If you ░░░░░░░░ at the lending business ░░░░░░░░ is getting done The ░░░░░░░░ we ll see from ░░░░░░░░ banks are good to ░░░░░░░░ Black rock will report ░░░░░░░░ are easy I think ░░░░░░░░ ll do well Absent ░░░░░░░░ the trend remains higher ░░░░░░░░ you re getting a ░░░░░░░░ of fed speak The ░░░░░░░░ recent one is Collins ░░░░░░░░ noon We can bring ░░░░░░░░ the headlines now the ░░░░░░░░ expects it will be ░░░░░░░░ to begin hiking More ░░░░░░░░ is needed but that ░░░░░░░░ to be the party ░░░░░░░░ Williams a voter said ░░░░░░░░ cuts starting this year ░░░░░░░░ need to adjust in ░░░░░░░░ quote very near term ░░░░░░░░ does expect pce inflation ░░░░░░░░ be 2 25 to ░░░░░░░░ 50 this year Moving ░░░░░░░░ to 2 next year ░░░░░░░░ idea you re still ░░░░░░░░ cuts is not off ░░░░░░░░ table That s all ░░░░░░░░ matters There s the ░░░░░░░░ like open kurd in ░░░░░░░░ in 99 with Greenspan ░░░░░░░░ there s the slam ░░░░░░░░ brakes which the Fed ░░░░░░░░ to really control inflation ░░░░░░░░ that s a trickier ░░░░░░░░ So inflation has come ░░░░░░░░ but it doesn t ░░░░░░░░ a two handle It ░░░░░░░░ likely not getting there ░░░░░░░░ quickly The important point ░░░░░░░░ an investor is to ░░░░░░░░ stocks irrespective of what ░░░░░░░░ Fed is doing and ░░░░░░░░ they will tighten or ░░░░░░░░ Maybe they ll tighten ░░░░░░░░ times Tighten I m ░░░░░░░░ loosen the second hatch ░░░░░░░░ the year Maybe not ░░░░░░░░ point is to identify ░░░░░░░░ generating free cash flows ░░░░░░░░ will do well in ░░░░░░░░ environment irrespective of the ░░░░░░░░ You ve been negative ░░░░░░░░ the market for a ░░░░░░░░ time right Are you ░░░░░░░░ today No You re ░░░░░░░░ Are you more let ░░░░░░░░ ask you this Why ░░░░░░░░ t you characterize your ░░░░░░░░ level of constructiveness if ░░░░░░░░ want to put it ░░░░░░░░ way from someone decidedly ░░░░░░░░ for many many months ░░░░░░░░ back a year it ░░░░░░░░ like I think that ░░░░░░░░ a fair assessment of ░░░░░░░░ view You tell us ░░░░░░░░ where you re at ░░░░░░░░ raised cash 18 20 ░░░░░░░░ ago and bought municipal ░░░░░░░░ at 4 plus yields ░░░░░░░░ reduced our client equity ░░░░░░░░ down but we captured ░░░░░░░░ opportunity that hasn t ░░░░░░░░ back yet We were ░░░░░░░░ invested We re fully ░░░░░░░░ today and think the ░░░░░░░░ is strong Wealth in ░░░░░░░░ isms in mafg has ░░░░░░░░ It s the first ░░░░░░░░ since 1947 The economy ░░░░░░░░ doing well So we ░░░░░░░░ fully invested The question ░░░░░░░░ is are we hanging ░░░░░░░░ to every move of ░░░░░░░░ Fed to get a ░░░░░░░░ higher No It is ░░░░░░░░ We haven t had ░░░░░░░░ growth in two years ░░░░░░░░ 23 and 22 the ░░░░░░░░ P generated 220 in ░░░░░░░░ This year it has ░░░░░░░░ move higher for the ░░░░░░░░ to move higher What ░░░░░░░░ clear to me is ░░░░░░░░ many not singling you ░░░░░░░░ obviously you underestimated the ░░░░░░░░ of the economy You ░░░░░░░░ things to happen that ░░░░░░░░ t happened and now ░░░░░░░░ don t think are ░░░░░░░░ to happen Is that ░░░░░░░░ That s fair We ░░░░░░░░ t feel we were ░░░░░░░░ anything up by adding ░░░░░░░░ free municipal bonds at ░░░░░░░░ plus Of course Which ░░░░░░░░ re happy to have ░░░░░░░░ now When you say ░░░░░░░░ re fully invested what ░░░░░░░░ that breakdown look like ░░░░░░░░ part is in equities ░░░░░░░░ we had a client ░░░░░░░░ 50 equities Took the ░░░░░░░░ down to 45 Added ░░░░░░░░ to the fixed income ░░░░░░░░ Now that 45 is ░░░░░░░░ up to 50 So ░░░░░░░░ re back to par ░░░░░░░░ our asset allocations Allocations ░░░░░░░░ running from 20 to ░░░░░░░░ on the fixed income ░░░░░░░░ and 40 to 60 ░░░░░░░░ the equity side You ░░░░░░░░ one of the highest ░░░░░░░░ financial advisers in America ░░░░░░░░ presumably people who watch ░░░░░░░░ on our program they ░░░░░░░░ to know what kind ░░░░░░░░ breakdowns you have They ░░░░░░░░ asking their own financial ░░░░░░░░ these similar kinds of ░░░░░░░░ as Shannon the bulls ░░░░░░░░ feel emboldened They re ░░░░░░░░ ready to give up ░░░░░░░░ ship just yet They ░░░░░░░░ the economy will remain ░░░░░░░░ and the Fed is ░░░░░░░░ to cut We don ░░░░░░░░ need the cuts anyway ░░░░░░░░ no big whoop if ░░░░░░░░ have to wait The ░░░░░░░░ point you made is ░░░░░░░░ most important point If ░░░░░░░░ look at the bull ░░░░░░░░ for the equity market ░░░░░░░░ commodities for not just ░░░░░░░░ in the U S ░░░░░░░░ U S stocks you ░░░░░░░░ about the difference in ░░░░░░░░ U S economy versus ░░░░░░░░ of the U S ░░░░░░░░ the real thy is ░░░░░░░░ difference is that we ░░░░░░░░ been able to digest ░░░░░░░░ higher rate scenario So ░░░░░░░░ you look at what ░░░░░░░░ Fed is looking at ░░░░░░░░ we have the lever ░░░░░░░░ be able to cut ░░░░░░░░ Pce will be in ░░░░░░░░ 2s right That s ░░░░░░░░ the Fed looks like ░░░░░░░░ pci They have the ░░░░░░░░ to cut rates but ░░░░░░░░ don t need to ░░░░░░░░ they re looking at ░░░░░░░░ economic data we re ░░░░░░░░ looking at and saying ░░░░░░░░ there are pockets of ░░░░░░░░ in lower end consumers ░░░░░░░░ realty is for the ░░░░░░░░ to change their mind ░░░░░░░░ need evidence the Fed ░░░░░░░░ have to cut because ░░░░░░░░ economy is deteriorating and ░░░░░░░░ re actually seeing a ░░░░░░░░ acceleration in manufacturing We ░░░░░░░░ been in a manufacturing ░░░░░░░░ It s been an ░░░░░░░░ Jason snipe khrinski says ░░░░░░░░ s too early to ░░░░░░░░ Another says the opposite ░░░░░░░░ early to buy versus ░░░░░░░░ early to bail Do ░░░░░░░░ want to weigh in ░░░░░░░░ that I take a ░░░░░░░░ of what Shannon just ░░░░░░░░ Pmis are rebounding labor ░░░░░░░░ strong the economy is ░░░░░░░░ And to rich s ░░░░░░░░ as well earnings we ░░░░░░░░ been in the earnings ░░░░░░░░ for the last two ░░░░░░░░ Obviously earnings have strengthened ░░░░░░░░ we re expecting again ░░░░░░░░ down from 10 to ░░░░░░░░ but earnings to carry ░░░░░░░░ through the rest of ░░░░░░░░ year Margins are expanding ░░░░░░░░ well I do not ░░░░░░░░ it s early to ░░░░░░░░ or too late to ░░░░░░░░ I think this is ░░░░░░░░ opportunity for all market ░░░░░░░░ to get in and ░░░░░░░░ in I think the ░░░░░░░░ will give you more ░░░░░░░░ the rest of the ░░░░░░░░ Let s play the ░░░░░░░░ if game That s ░░░░░░░░ the bears are going ░░░░░░░░ say well what if ░░░░░░░░ proves too sticky for ░░░░░░░░ rate cuts What if ░░░░░░░░ economy buckles under higher ░░░░░░░░ longer and pushes cuts ░░░░░░░░ another 30 days from ░░░░░░░░ we thought into the ░░░░░░░░ Is the market too ░░░░░░░░ about either scenario Whether ░░░░░░░░ 1 2 times early ░░░░░░░░ the new 16 times ░░░░░░░░ A lot has to ░░░░░░░░ with a third of ░░░░░░░░ S P and large ░░░░░░░░ tech The markets have ░░░░░░░░ fueled by a I ░░░░░░░░ winds the prospect of ░░░░░░░░ inflation as well as ░░░░░░░░ cuts We start moving ░░░░░░░░ Fed cuts later or ░░░░░░░░ the table the market ░░░░░░░░ to see earnings improvement ░░░░░░░░ move higher from here ░░░░░░░░ is inspected It is ░░░░░░░░ think we have to ░░░░░░░░ the ball from the ░░░░░░░░ s playing field into ░░░░░░░░ is their value in ░░░░░░░░ environment the Fed doesn ░░░░░░░░ cut at all Where ░░░░░░░░ that value I think ░░░░░░░░ had gotten legs on ░░░░░░░░ cuts On the idea ░░░░░░░░ the economy will remain ░░░░░░░░ and the Fed is ░░░░░░░░ to cut So if ░░░░░░░░ take cuts off the ░░░░░░░░ or at least I ░░░░░░░░ them back do I ░░░░░░░░ to rethink the broadening ░░░░░░░░ itself I think a ░░░░░░░░ of sectors will continue ░░░░░░░░ do well They re ░░░░░░░░ the capital to shareholders ░░░░░░░░ think the broadening trade ░░░░░░░░ occur We re remaining ░░░░░░░░ with our overweight position ░░░░░░░░ energy call has been ░░░░░░░░ on Josh you ve ░░░░░░░░ talking about it a ░░░░░░░░ Materials utilities other areas ░░░░░░░░ You talked about it ░░░░░░░░ of the show We ░░░░░░░░ going to get some ░░░░░░░░ world view in earnings ░░░░░░░░ some of the names ░░░░░░░░ s a good question ░░░░░░░░ the reason we ve ░░░░░░░░ a broadening out in ░░░░░░░░ market is it predicated ░░░░░░░░ people sensing that the ░░░░░░░░ easing is coming closer ░░░░░░░░ closer Perhaps in some ░░░░░░░░ you could say yes ░░░░░░░░ with smaller capitalization companies ░░░░░░░░ I want to build ░░░░░░░░ something rich said because ░░░░░░░░ think it s really ░░░░░░░░ You mentioned there being ░░░░░░░░ primary tail winds the ░░░░░░░░ has enjoyed and I ░░░░░░░░ with all three of ░░░░░░░░ the Fed rate the ░░░░░░░░ of fed rate cuts ░░░░░░░░ would argue the prospect ░░░░░░░░ better than the cuts ░░░░░░░░ So that s one ░░░░░░░░ disinflation Okay it s ░░░░░░░░ as great as it ░░░░░░░░ six months ago but ░░░░░░░░ re sort of still ░░░░░░░░ the right track It ░░░░░░░░ a little bit of ░░░░░░░░ hiccup right now I ░░░░░░░░ the first one but ░░░░░░░░ agree with that also ░░░░░░░░ me add some more ░░░░░░░░ these ain t going ░░░░░░░░ Glp Well first I ░░░░░░░░ not kidding People say ░░░░░░░░ s one of the ░░░░░░░░ things in the market ░░░░░░░░ with a tive The ░░░░░░░░ 1 I digress I ░░░░░░░░ There s a bull ░░░░░░░░ on obese people 100 ░░░░░░░░ But what I would ░░░░░░░░ and not that is ░░░░░░░░ just have a shortage ░░░░░░░░ equity and the ft ░░░░░░░░ a piece and everyone ░░░░░░░░ Wall Street read it ░░░░░░░░ is undeniable that every ░░░░░░░░ due to buybacks globally ░░░░░░░░ remove 1 2 trillion ░░░░░░░░ of stocks from the ░░░░░░░░ that can be bought ░░░░░░░░ investors It s a ░░░░░░░░ and it s not ░░░░░░░░ to change it This ░░░░░░░░ it will go higher ░░░░░░░░ in the U S ░░░░░░░░ now abroad as country ░░░░░░░░ country look at the ░░░░░░░░ S model and they ░░░░░░░░ actually do you know ░░░░░░░░ you fix your economy ░░░░░░░░ your capital markets first ░░░░░░░░ is doing it Japan ░░░░░░░░ doing it Larry Fink ░░░░░░░░ his shareholder letter to ░░░░░░░░ countries around the world ░░░░░░░░ in this idea hey ░░░░░░░░ s do what America ░░░░░░░░ Let s get the ░░░░░░░░ market fixed So that ░░░░░░░░ taking place and that ░░░░░░░░ involve more and more ░░░░░░░░ which means less and ░░░░░░░░ places for money to ░░░░░░░░ You have private equity ░░░░░░░░ on what is it ░░░░░░░░ trillion in dry pouder ░░░░░░░░ There were 3 000 ░░░░░░░░ stocks when I started ░░░░░░░░ the business there were ░░░░░░░░ 000 Most were penny ░░░░░░░░ so throw that out ░░░░░░░░ Wilshire 5 000 can ░░░░░░░░ muster an index So ░░░░░░░░ is a dynamic When ░░░░░░░░ say in my day ░░░░░░░░ baseline p E ratio ░░░░░░░░ 16 it ain t ░░░░░░░░ day player It s ░░░░░░░░ day and in my ░░░░░░░░ valcations are systematically higher ░░░░░░░░ people need to invest ░░░░░░░░ you see any tail ░░░░░░░░ risks Geopolitical Oil price ░░░░░░░░ that wouldn t be ░░░░░░░░ except for you and ░░░░░░░░ To his point those ░░░░░░░░ exist Are you going ░░░░░░░░ take on less risk ░░░░░░░░ you re worried about ░░░░░░░░ politics No That s ░░░░░░░░ you own oil as ░░░░░░░░ hedge I m with ░░░░░░░░ on that There s ░░░░░░░░ going on under the ░░░░░░░░ which is Washington is ░░░░░░░░ a 2 trillion deficit ░░░░░░░░ have to issue 10 ░░░░░░░░ worth of bonds Been ░░░░░░░░ that for a year ░░░░░░░░ s hibernating animal that ░░░░░░░░ called the vigilanty of ░░░░░░░░ bond market And that ░░░░░░░░ occur this year It ░░░░░░░░ a myth The Japanese ░░░░░░░░ been looking for that ░░░░░░░░ for four decades like ░░░░░░░░ the Fed might curtail ░░░░░░░░ but if you look ░░░░░░░░ a tail risk event ░░░░░░░░ priced in that s ░░░░░░░░ We re shortening maturities ░░░░░░░░ our bond for the ░░░░░░░░ yoes as a risk ░░░░░░░░ s possible If you ░░░░░░░░ into equities what are ░░░░░░░░ historically what s your ░░░░░░░░ If you re managing ░░░░░░░░ for a high net ░░░░░░░░ cohort you may never ░░░░░░░░ more than 50 You ░░░░░░░░ trying to preserve wealth ░░░░░░░░ create necessarily more at ░░░░░░░░ time taking on excess ░░░░░░░░ correct What historically are ░░░░░░░░ Typically the clients give ░░░░░░░░ we have one directive ░░░░░░░░ return of capital is ░░░░░░░░ important than the return ░░░░░░░░ capital My point exactly ░░░░░░░░ has gotten as high ░░░░░░░░ 60 Let s call ░░░░░░░░ 50 with 30 40 ░░░░░░░░ bonds and 10 15 ░░░░░░░░ less market correlated At ░░░░░░░░ if we have 4 ░░░░░░░░ free and a target ░░░░░░░░ return what do I ░░░░░░░░ to squeeze out of ░░░░░░░░ balance now that I ░░░░░░░░ a base of 4 ░░░░░░░░ free Again return of ░░░░░░░░ your world is more ░░░░░░░░ than return on People ░░░░░░░░ different objectives based on ░░░░░░░░ level of wealth they ░░░░░░░░ managing for people You ░░░░░░░░ now where you have ░░░░░░░░ How do you assess ░░░░░░░░ proper mix The thing ░░░░░░░░ think about is that ░░░░░░░░ to prior to 2020 ░░░░░░░░ challenge was you had ░░░░░░░░ take increasing levels of ░░░░░░░░ risk You couldn t ░░░░░░░░ on that income component ░░░░░░░░ had to take on ░░░░░░░░ returns or had to ░░░░░░░░ more equity One of ░░░░░░░░ challenges there s a ░░░░░░░░ that all of these ░░░░░░░░ will go back and ░░░░░░░░ themselves to a 2005 ░░░░░░░░ when there were bond ░░░░░░░░ I think the challenge ░░░░░░░░ is that people have ░░░░░░░░ building wealth based on ░░░░░░░░ for 15 years now ░░░░░░░░ I think it s ░░░░░░░░ to be difficult to ░░░░░░░░ those investors to say ░░░░░░░░ we re going to ░░░░░░░░ your equity exposure because ░░░░░░░░ can get the yield ░░░░░░░░ the other part of ░░░░░░░░ portfolio There s inflation ░░░░░░░░ it s 2 or ░░░░░░░░ s 3 or we ░░░░░░░░ t have that We ░░░░░░░░ deflationary prior to the ░░░░░░░░ Now you have to ░░░░░░░░ out do you need ░░░░░░░░ capital to continue to ░░░░░░░░ in excess of inflation ░░░░░░░░ mix is not going ░░░░░░░░ to 2005 in my ░░░░░░░░ I think still a ░░░░░░░░ to a slightly higher ░░░░░░░░ mix because people are ░░░░░░░░ at that as a ░░░░░░░░ way to grow their ░░░░░░░░ over time and preserve ░░░░░░░░ Let s go granular ░░░░░░░░ we take our first ░░░░░░░░ In terms of places ░░░░░░░░ want to be stocks ░░░░░░░░ might want to trim ░░░░░░░░ this nvidia move you ░░░░░░░░ trimmed you join people ░░░░░░░░ have trimmed the name ░░░░░░░░ it was in a ░░░░░░░░ drawdown Which means nothing ░░░░░░░░ late and it has ░░░░░░░░ snapped up including today ░░░░░░░░ the way with nvidia ░░░░░░░░ up 2 1 3 ░░░░░░░░ Why did you trim ░░░░░░░░ now The price target ░░░░░░░░ to 1 110 at ░░░░░░░░ James today Stock up ░░░░░░░░ to 80 year to ░░░░░░░░ For us it s ░░░░░░░░ our benchmark And we ░░░░░░░░ trimmed it several times ░░░░░░░░ over the last two ░░░░░░░░ And for us here ░░░░░░░░ is not an indictment ░░░░░░░░ the stock It s ░░░░░░░░ a reaction to what ░░░░░░░░ hear from intel or ░░░░░░░░ players producing chips at ░░░░░░░░ cheaper price As boring ░░░░░░░░ it might sound it ░░░░░░░░ something we need to ░░░░░░░░ The gtc conference was ░░░░░░░░ I think even with ░░░░░░░░ they re able to ░░░░░░░░ for developers is expanding ░░░░░░░░ more But again we ░░░░░░░░ to take a limb ░░░░░░░░ off the table Amazon ░░░░░░░░ higher today Right now ░░░░░░░░ is above a new ░░░░░░░░ closing high The high ░░░░░░░░ 188 65 Josh We ░░░░░░░░ new air here for ░░░░░░░░ of Amazon This was ░░░░░░░░ large tech name I ░░░░░░░░ would be the performer ░░░░░░░░ the year So far ░░░░░░░░ m right We have ░░░░░░░░ long time to go ░░░░░░░░ the reason that I ░░░░░░░░ that way was really ░░░░░░░░ expectations had been fairly ░░░░░░░░ versus the apples and ░░░░░░░░ microsofts of the world ░░░░░░░░ s when you want ░░░░░░░░ take a second look ░░░░░░░░ stocks when the street ░░░░░░░░ not looking for huge ░░░░░░░░ and bounds They re ░░░░░░░░ involved in a I ░░░░░░░░ so There is no ░░░░░░░░ I if Amazon web ░░░░░░░░ is not delivering quite ░░░░░░░░ most of it People ░░░░░░░░ where is the money ░░░░░░░░ to be made It ░░░░░░░░ not just in semis ░░░░░░░░ semi play will get ░░░░░░░░ The platform play is ░░░░░░░░ you think the typical ░░░░░░░░ cares if they re ░░░░░░░░ a gpu from company ░░░░░░░░ versus company b No ░░░░░░░░ will care about the ░░░░░░░░ built onto their a ░░░░░░░░ Platform That s where ░░░░░░░░ has potential The stock ░░░░░░░░ 26 above its moving ░░░░░░░░ It may not be ░░░░░░░░ best possible day to ░░░░░░░░ it but I will ░░░░░░░░ long here and I ░░░░░░░░ not be afraid to ░░░░░░░░ long this stock It ░░░░░░░░ been above its 200 ░░░░░░░░ for about 233 trading ░░░░░░░░ The trend is solid ░░░░░░░░ I think there will ░░░░░░░░ opportunities on the way ░░░░░░░░ but I m long ░░░░░░░░ I m pleased with ░░░░░░░░ I m seeing Rich ░░░░░░░░ re long the name ░░░░░░░░ well as it gets ░░░░░░░░ as a top large ░░░░░░░░ pick at evercore Mahaney ░░░░░░░░ he sees Amazon as ░░░░░░░░ of the few large ░░░░░░░░ with material rerating this ░░░░░░░░ A lot has to ░░░░░░░░ with the dynamic of ░░░░░░░░ their cost structure which ░░░░░░░░ a large catalyst It ░░░░░░░░ moving their cash flow ░░░░░░░░ from 32 billion in ░░░░░░░░ to 82 billion in ░░░░░░░░ So all the reasons ░░░░░░░░ mentioned and the analysts ░░░░░░░░ the street are out ░░░░░░░░ but there s that ░░░░░░░░ in the cash flow ░░░░░░░░ do you want to ░░░░░░░░ alphabet too Tactical outperform ░░░░░░░░ view the short term ░░░░░░░░ channel checks have been ░░░░░░░░ constructive A direct quote ░░░░░░░░ the note today For ░░░░░░░░ we were talking about ░░░░░░░░ a I rollout that ░░░░░░░░ t go so well ░░░░░░░░ I will say about ░░░░░░░░ if you flow back ░░░░░░░░ the last report operational ░░░░░░░░ grew and the stock ░░░░░░░░ performed better than a ░░░░░░░░ of the other major ░░░░░░░░ we talk about all ░░░░░░░░ time A partnership at ░░░░░░░░ that could be profitable ░░░░░░░░ forward Rich Microsoft target ░░░░░░░░ 465 and that s ░░░░░░░░ Morgan Stanley Well I ░░░░░░░░ if investors are going ░░░░░░░░ find certain companies they ░░░░░░░░ to own in that ░░░░░░░░ I space and embedded ░░░░░░░░ there has to be ░░░░░░░░ It s not a ░░░░░░░░ stock but great companies ░░░░░░░░ not cheap Recurring revenues ░░░░░░░░ lot of cash flow ░░░░░░░░ ll trade the financials ░░░░░░░░ are on deck for ░░░░░░░░ starting tomorrow The etf ░░░░░░░░ tracks that space is ░░░░░░░░ its 50 day moving ░░░░░░░░ for the first time ░░░░░░░░ November We have a ░░░░░░░░ to talk about and