RUSH TRANSCRIPT Analogs two ░░░░░░░░ times It would be ░░░░░░░░ to talk to someone ░░░░░░░░ s lived in invented ░░░░░░░░ in prosecuted the events ░░░░░░░░ Wall Street over the ░░░░░░░░ George Ball is chairman ░░░░░░░░ sanderson Morris For me ░░░░░░░░ is A firm called ░░░░░░░░ hutton years ago and ░░░░░░░░ prudential beige but it ░░░░░░░░ much more than that ░░░░░░░░ re on that Mr ░░░░░░░░ would join us Living ░░░░░░░░ the oddities of our ░░░░░░░░ companies their profitability their ░░░░░░░░ efficiency discharge by have ░░░░░░░░ analog to another time ░░░░░░░░ what we re living ░░░░░░░░ the stock market Now ░░░░░░░░ the last century I ░░░░░░░░ you got you can ░░░░░░░░ a me beginnings of ░░░░░░░░ dot com growth and ░░░░░░░░ the bubble that that ░░░░░░░░ and and go back ░░░░░░░░ further in time when ░░░░░░░░ consumer product companies were ░░░░░░░░ up with innovations in ░░░░░░░░ like true Do we ░░░░░░░░ for granted every day ░░░░░░░░ proctor and gamble was ░░░░░░░░ 30 five times earnings ░░░░░░░░ it grow grella 20 ░░░░░░░░ prefer forever and then ░░░░░░░░ didn t sell out ░░░░░░░░ are analog flight back ░░░░░░░░ the past even back ░░░░░░░░ the crash of 19 ░░░░░░░░ nine When you an ░░░░░░░░ best russ the it ░░░░░░░░ mutual funds as the ░░░░░░░░ there were highly leveraged ░░░░░░░░ thought these were solid ░░░░░░░░ dollars for their retirement ░░░░░░░░ and the leverage took ░░░░░░░░ down so ah right ░░░░░░░░ something appears to be ░░░░░░░░ infrequently good of forever ░░░░░░░░ be true it probably ░░░░░░░░ not Are not going ░░░░░░░░ turn us into a ░░░░░░░░ lesson George was gonna ░░░░░░░░ up the phone and ░░░░░░░░ away but but George ░░░░░░░░ You literally take this ░░░░░░░░ to the lessons learned ░░░░░░░░ Samuel in seoul It ░░░░░░░░ be any number of ░░░░░░░░ of the twenties and ░░░░░░░░ all ancient in ancient ░░░░░░░░ out an Indiana the ░░░░░░░░ up a certitude of ░░░░░░░░ utilities You pull it ░░░░░░░░ to the courage arthur ░░░░░░░░ had in protecting individual ░░░░░░░░ Are we at a ░░░░░░░░ right now where we ░░░░░░░░ the same kind of ░░░░░░░░ to take away the ░░░░░░░░ of Wall Street Streeter ░░░░░░░░ very good At obvious ░░░░░░░░ by disclosure if you ░░░░░░░░ something on page one ░░░░░░░░ and seven of the ░░░░░░░░ document it s not ░░░░░░░░ be read well as ░░░░░░░░ by how many people ░░░░░░░░ arthur levitt and me ░░░░░░░░ bed probably Utah I ░░░░░░░░ read page one 80 ░░░░░░░░ of a prospectus up ░░░░░░░░ I I do worry ░░░░░░░░ is we do more ░░░░░░░░ engineering come up with ░░░░░░░░ in investments that are ░░░░░░░░ people really won t ░░░░░░░░ the detailer than nuggets ░░░░░░░░ them and then it ░░░░░░░░ very difficult and something ░░░░░░░░ will Wall Street as ░░░░░░░░ as good for investors ░░░░░░░░ things are clear and ░░░░░░░░ Georgia for the current ░░░░░░░░ team here in the ░░░░░░░░ as a tired economic ░░░░░░░░ I mean we are ░░░░░░░░ in the summer months ░░░░░░░░ is hot and seasonal ░░░░░░░░ you know are quite ░░░░░░░░ I mean I m ░░░░░░░░ in liquid conditions The ░░░░░░░░ the shoe to drop ░░░░░░░░ summer I mean what ░░░░░░░░ you looking for here ░░░░░░░░ drop this summer It ░░░░░░░░ would be very very ░░░░░░░░ about in fact would ░░░░░░░░ the shoe to drop ░░░░░░░░ your labor day We ░░░░░░░░ through the summer months ░░░░░░░░ go to the beach ░░░░░░░░ are pretty good stock ░░░░░░░░ Waft up of the ░░░░░░░░ is optimistic and that ░░░░░░░░ happening right now or ░░░░░░░░ had trader I would ░░░░░░░░ on higher prices for ░░░░░░░░ now but then we ░░░░░░░░ to the cold reality ░░░░░░░░ up is fall It ░░░░░░░░ getting cold we have ░░░░░░░░ go back to school ░░░░░░░░ are bored children their ░░░░░░░░ and I think this ░░░░░░░░ a tired economy with ░░░░░░░░ high priced markets It ░░░░░░░░ more apt to go ░░░░░░░░ in the second ad ░░░░░░░░ the fourth quarter of ░░░░░░░░ twenty four and in ░░░░░░░░ 20 twenty five than ░░░░░░░░ go up cycles happen ░░░░░░░░ there s nothing bad ░░░░░░░░ that I think we ░░░░░░░░ got a recession a ░░░░░░░░ f ahead of us ░░░░░░░░ that s not a ░░░░░░░░ is up a likelihood ░░░░░░░░ m in my estimation ░░░░░░░░ I don t disagree ░░░░░░░░ Question I do have ░░░░░░░░ you as you position ░░░░░░░░ something to kind of ░░░░░░░░ as a insecure three ░░░░░░░░ mean dsl in anticipation ░░░░░░░░ that The a by ░░░░░░░░ and try to hagee ░░░░░░░░ Do you try to ░░░░░░░░ some incoming and memory ░░░░░░░░ I mean what s ░░░░░░░░ right approach as an ░░░░░░░░ heading into that environment ░░░░░░░░ is steady as she ░░░░░░░░ at have a portfolio ░░░░░░░░ It pretty much stick ░░░░░░░░ it so I would ░░░░░░░░ sell foxes They come ░░░░░░░░ during the during the ░░░░░░░░ time to pull the ░░░░░░░░ waiting sound to what ░░░░░░░░ would call a a ░░░░░░░░ dorm or or just ░░░░░░░░ below market timing is ░░░░░░░░ is for fools of ░░░░░░░░ stock start to go ░░░░░░░░ fairly shortly later this ░░░░░░░░ you might actually sell ░░░░░░░░ still get income and ░░░░░░░░ compile a portfolio but ░░░░░░░░ that Back Yes is ░░░░░░░░ get into September Where ░░░░░░░░ Wall Street fit into ░░░░░░░░ future of passive index ░░░░░░░░ of a of a ░░░░░░░░ almost removed from the ░░░░░░░░ frenzy but the effervescence ░░░░░░░░ had deck decades ago ░░░░░░░░ various firms represented What ░░░░░░░░ the future of your ░░░░░░░░ Wall Street look like ░░░░░░░░ then the one that ░░░░░░░░ grew up in and ░░░░░░░░ s probably good everything ░░░░░░░░ Ah the retail investor ░░░░░░░░ is much more into ░░░░░░░░ funds and their broader ░░░░░░░░ much less involved in ░░░░░░░░ frenzy of individual stock ░░░░░░░░ ex yep and this ░░░░░░░░ kick up The overwhelming ░░░░░░░░ in one day a ░░░░░░░░ options and very short ░░░░░░░░ options is really driving ░░░░░░░░ market today and you ░░░░░░░░ call that investment It ░░░░░░░░ not it s Pure ░░░░░░░░ is gambling and in ░░░░░░░░ and that s not ░░░░░░░░ right I don t ░░░░░░░░ there s anything be ░░░░░░░░ about it While George ░░░░░░░░ is important as damien ░░░░░░░░ kids are try catch ░░░░░░░░ This new short term ░░░░░░░░ frenzy to George call ░░░░░░░░ that s right You ░░░░░░░░ trying to square the ░░░░░░░░ here Market timing doesn ░░░░░░░░ work but at the ░░░░░░░░ time you know you ░░░░░░░░ talking about crypto currencies ░░░░░░░░ perhaps of yeah speculative ░░░░░░░░ an investment placing your ░░░░░░░░ took about meme stock ░░░░░░░░ how do you invest ░░░░░░░░ those Have you reconcile ░░░░░░░░ investments Aim of in ░░░░░░░░ business of talking about ░░░░░░░░ and at it in ░░░░░░░░ business universe becomes I ░░░░░░░░ will separate crypto currencies ░░░░░░░░ from the others by ░░░░░░░░ that I think there ░░░░░░░░ a very real risk ░░░░░░░░ the debasement of the ░░░░░░░░ and if that s ░░░░░░░░ case then the crypto ░░░░░░░░ are probably a a ░░░░░░░░ a shelter ala and ░░░░░░░░ is a speculator the ░░░░░░░░ to them on other ░░░░░░░░ charge I A third ░░░░░░░░ here to gensler make ░░░░░░░░ right decisions on Bitcoin ░░░░░░░░ a theorem Slowly did ░░░░░░░░ in fragments and and ░░░░░░░░ it in a a ░░░░░░░░ a comprehensive basis So ░░░░░░░░ think he can be ░░░░░░░░ four toward the right ░░░░░░░░ but ultimately got here ░░░░░░░░ more of a right ░░░░░░░░ that are wrong George ░░░░░░░░ Thank you So much ░░░░░░░░ appreciate With New York ░░░░░░░░ Wall Street There are ░░░░░░░░ former chair of present present