... All right thanks Ed ░░░░░░░░ time now is about ░░░░░░░░ min here before the ░░░░░░░░ of the Al Brian ░░░░░░░░ and Doug Christner in ░░░░░░░░ York York and we ░░░░░░░░ going to go to ░░░░░░░░ next guest Douglas Tim ░░░░░░░░ is with us Tim ░░░░░░░░ the CIO of CAP ░░░░░░░░ Advisors He joins us ░░░░░░░░ Franklin Tennessee Tim good ░░░░░░░░ you to make time ░░░░░░░░ be on the program ░░░░░░░░ me your sense of ░░░░░░░░ we saw in the ░░░░░░░░ action today with this ░░░░░░░░ of meltdown in some ░░░░░░░░ the artificial intelligence names ░░░░░░░░ think basically what we ░░░░░░░░ was just an alignment ░░░░░░░░ valuation and expectations You ░░░░░░░░ the expectations have come ░░░░░░░░ the valuations have to ░░░░░░░░ down with them and ░░░░░░░░ think we just got ░░░░░░░░ little ahead of ourselves ░░░░░░░░ magnitude of these declines ░░░░░░░░ of matches the magnitude ░░░░░░░░ the incline You know ░░░░░░░░ you ve got as ░░░░░░░░ weighting in these indexes ░░░░░░░░ you have in you ░░░░░░░░ the top 7 companies ░░░░░░░░ technology then you re ░░░░░░░░ to see volatility like ░░░░░░░░ so it it probably ░░░░░░░░ t reflect the overall ░░░░░░░░ of the market It ░░░░░░░░ now you know kind ░░░░░░░░ paying the price for ░░░░░░░░ valuations and expectations get ░░░░░░░░ little ahead of themselves ░░░░░░░░ know they ve got ░░░░░░░░ balance sheets they ve ░░░░░░░░ the growth they ve ░░░░░░░░ the muscle I m ░░░░░░░░ little curious because it ░░░░░░░░ to me that you ░░░░░░░░ in videos still going ░░░░░░░░ produce some pretty strong ░░░░░░░░ and maybe easier to ░░░░░░░░ the valuation levels than ░░░░░░░░ of the companies that ░░░░░░░░ been writing on the ░░░░░░░░ of this massive move ░░░░░░░░ AI and you know ░░░░░░░░ that I m saying ░░░░░░░░ look at some of ░░░░░░░░ independent power producers and ░░░░░░░░ the H VAC companies ░░░░░░░░ know when they ve ░░░░░░░░ forward PES of 30 ░░░░░░░░ 32 when their growth ░░░░░░░░ know sort of is ░░░░░░░░ around the 15 range ░░░░░░░░ would seem like it ░░░░░░░░ be more in question ░░░░░░░░ in video itself for ░░░░░░░░ Well you know it ░░░░░░░░ depends I mean historically ░░░░░░░░ manufacturers are cyclical and ░░░░░░░░ know they have the ░░░░░░░░ and the greatest and ░░░░░░░░ they have competition prices ░░░░░░░░ down and that s ░░░░░░░░ that cycle starts I ░░░░░░░░ but I but I ░░░░░░░░ is not a This ░░░░░░░░ not a cyclical move ░░░░░░░░ it s a secular ░░░░░░░░ Don t you think ░░░░░░░░ That s different But ░░░░░░░░ it s an anticipation ░░░░░░░░ the cyclicality I think ░░░░░░░░ s embedded in those ░░░░░░░░ You know history repeating ░░░░░░░░ um so I think ░░░░░░░░ s It s probably ░░░░░░░░ that you know the ░░░░░░░░ and expectations align you ░░░░░░░░ themselves and we just ░░░░░░░░ a pause and we ░░░░░░░░ everything catch up to ░░░░░░░░ It s kind of ░░░░░░░░ to see some of ░░░░░░░░ rotation today into defensive ░░░░░░░░ utilities on that list ░░░░░░░░ mean health care as ░░░░░░░░ energy consumer staples Is ░░░░░░░░ a theme that you ░░░░░░░░ continue to believe in ░░░░░░░░ rotation that the market ░░░░░░░░ remains pretty much healthy ░░░░░░░░ to commit new capital ░░░░░░░░ Or are you concerned ░░░░░░░░ maybe further erosion and ░░░░░░░░ and you would seek ░░░░░░░░ lock in much more ░░░░░░░░ the way of profit ░░░░░░░░ now and maybe wait ░░░░░░░░ bit on the sidelines ░░░░░░░░ I think anybody that ░░░░░░░░ you know substantial profits ░░░░░░░░ these companies where it ░░░░░░░░ a disproportionate part of ░░░░░░░░ portfolio their asset mix ░░░░░░░░ they should take profits ░░░░░░░░ realign You know their ░░░░░░░░ accounts just traditional rebalancing ░░░░░░░░ I think there s ░░░░░░░░ still plenty of opportunities ░░░░░░░░ participate in AI But ░░░░░░░░ do it You know ░░░░░░░░ the fringes we mentioned ░░░░░░░░ mentioned utilities Look at ░░░░░░░░ a company like Corning ░░░░░░░░ responded in the last ░░░░░░░░ weeks You know it ░░░░░░░░ 10 times as much ░░░░░░░░ to connect an AI ░░░░░░░░ as a regular chip ░░░░░░░░ there s a you ░░░░░░░░ there s a company ░░░░░░░░ everybody had kind of ░░░░░░░░ about and the significance ░░░░░░░░ they ll play in ░░░░░░░░ There was an announcement ░░░░░░░░ about Loman and an ░░░░░░░░ with Microsoft because Loman ░░░░░░░░ one of the purest ░░░░░░░░ players in the industry ░░░░░░░░ now and it s ░░░░░░░░ to take a whole ░░░░░░░░ more bandwidth to utilize ░░░░░░░░ and all the opportunities ░░░░░░░░ are with it So ░░░░░░░░ s there s more ░░░░░░░░ come I think it ░░░░░░░░ just a question of ░░░░░░░░ you know finding other ░░░░░░░░ that they can participate ░░░░░░░░ very Quickly do you ░░░░░░░░ about growth falling off ░░░░░░░░ in the economy Yes ░░░░░░░░ they don t think ░░░░░░░░ policy and monetary policy ░░░░░░░░ properly aligned We ve ░░░░░░░░ 7 No one mentions ░░░░░░░░ but we re spending ░░░░░░░░ to GD of GDP ░░░░░░░░ GDP That s over ░░░░░░░░ What economists say is ░░░░░░░░ state sustainable outside of ░░░░░░░░ crisis A war yeah ░░░░░░░░ that can t continue ░░░░░░░░ think is the implied ░░░░░░░░ Tim Thank you very ░░░░░░░░ for joining us Tim ░░░░░░░░ CEO at CAP wealth ░░░░░░░░ RS for coming up ░░░░░░░░ 10 min before the ░░░░░░░░ of the ...