RUSH TRANSCRIPT Nice reaction ░░░░░░░░ to call Horton markets ░░░░░░░░ appreciate a good look ░░░░░░░░ her Let s get ░░░░░░░░ insights of the newspaper ░░░░░░░░ markets and for that ░░░░░░░░ recommend Jason That s ░░░░░░░░ with us president redwood ░░░░░░░░ advisers Thank you for ░░░░░░░░ with us We had ░░░░░░░░ days of selling yesterday ░░░░░░░░ the most dramatic of ░░░░░░░░ three and today bouncing ░░░░░░░░ How do you feel ░░░░░░░░ market Market Today looking ░░░░░░░░ over the past several ░░░░░░░░ of trading I think ░░░░░░░░ actually a good wake ░░░░░░░░ call for investors There ░░░░░░░░ been a fair amount ░░░░░░░░ investor completion so your ░░░░░░░░ you master and and ░░░░░░░░ this year So almost ░░░░░░░░ if the more could ░░░░░░░░ to end of last ░░░░░░░░ could almost gotten detached ░░░░░░░░ it s own respective ░░░░░░░░ s it s own ░░░░░░░░ risks and so between ░░░░░░░░ week down where we ░░░░░░░░ last week on fraud ░░░░░░░░ between obviously that to ░░░░░░░░ room through Monday alone ░░░░░░░░ the Japanese the young ░░░░░░░░ rude Overall true trading ░░░░░░░░ a little bit I ░░░░░░░░ pleasantly surprised to see ░░░░░░░░ levels that they re ░░░░░░░░ right now has we ░░░░░░░░ just pass Eleven million ░░░░░░░░ show up every business ░░░░░░░░ usual so boring obviously ░░░░░░░░ surprised People say please ░░░░░░░░ police by then videos ░░░░░░░░ one hundred dollars or ░░░░░░░░ The NASDAQ was down ░░░░░░░░ eight percent in three ░░░░░░░░ that russell down about ░░░░░░░░ percent in three days ░░░░░░░░ where you re getting ░░░░░░░░ of the nervousness Else ░░░░░░░░ work large Guidelines to ░░░░░░░░ sure that we re ░░░░░░░░ in a position where ░░░░░░░░ have to panic and ░░░░░░░░ re not with position ░░░░░░░░ re general we were ░░░░░░░░ to take Some sort ░░░░░░░░ you know try to ░░░░░░░░ some over We speculative ░░░░░░░░ based on just one ░░░░░░░░ of moving to the ░░░░░░░░ so kind of boy ░░░░░░░░ argues Yeah now look ░░░░░░░░ mean and that s ░░░░░░░░ of a diversified well ░░░░░░░░ portfolio What we didn ░░░░░░░░ see at the end ░░░░░░░░ day you know people ░░░░░░░░ a capitulation or was ░░░░░░░░ the bottom and whatever ░░░░░░░░ you ll see the ░░░░░░░░ s story and markets ░░░░░░░░ at the bottom of ░░░░░░░░ day we didn t ░░░░░░░░ that the vic s ░░░░░░░░ job Back down so ░░░░░░░░ know was that at ░░░░░░░░ we expect more volatility ░░░░░░░░ to do things that ░░░░░░░░ don t understand that ░░░░░░░░ don t expect quite ░░░░░░░░ Dad independent from here ░░░░░░░░ out I ll have ░░░░░░░░ eyes or not I ░░░░░░░░ we get more jobs ░░░░░░░░ on Thursday for not ░░░░░░░░ sure will take a ░░░░░░░░ at that I think ░░░░░░░░ may drive from work ░░░░░░░░ movement I think the ░░░░░░░░ The worst is aren ░░░░░░░░ with the shelling How ░░░░░░░░ we re the ceiling ░░░░░░░░ on the bong is ░░░░░░░░ is yet to be ░░░░░░░░ and I think like ░░░░░░░░ re going to be ░░░░░░░░ a dependent on like ░░░░░░░░ wheel Numerous examples Some ░░░░░░░░ these sectors that you ░░░░░░░░ and think can work ░░░░░░░░ for evaluation standpoint I ░░░░░░░░ healthcare we got a ░░░░░░░░ of FDA approvals in ░░░░░░░░ first half of the ░░░░░░░░ Very solid that we ░░░░░░░░ looking at a rate ░░░░░░░░ it in September and ░░░░░░░░ maybe future rate cut ░░░░░░░░ rates come down that ░░░░░░░░ make a more attractive ░░░░░░░░ or mergers and acquisitions ░░░░░░░░ that biotech space industrials ░░░░░░░░ just you know industrials ░░░░░░░░ If you look around ░░░░░░░░ you go Your soon ░░░░░░░░ beam On build back ░░░░░░░░ money is being spent ░░░░░░░░ there s more build ░░░░░░░░ better money back that ░░░░░░░░ be tapped into down ░░░░░░░░ line So I think ░░░░░░░░ s there s continued ░░░░░░░░ to new golf rules ░░░░░░░░ the valuations are delicious ░░░░░░░░ that s the bottom ░░░░░░░░ think it is a ░░░░░░░░ long term play I ░░░░░░░░ they ve been beaten ░░░░░░░░ for to long their ░░░░░░░░ and our teacher do ░░░░░░░░ mean reversion So so ░░░░░░░░ s would be my ░░░░░░░░ equity opportunity so to ░░░░░░░░ I think it s ░░░░░░░░ is It is without ░░░░░░░░ doubt the next biggest ░░░░░░░░ right so that that ░░░░░░░░ irrefutable as investors We ░░░░░░░░ to get stuck on ░░░░░░░░ idea that because it ░░░░░░░░ going to be the ░░░░░░░░ biggest thing is gonna ░░░░░░░░ a ton of money ░░░░░░░░ we tend to not ░░░░░░░░ in my opinion enough ░░░░░░░░ Like what s the ░░░░░░░░ going to work like ░░░░░░░░ s the consolidation competition ░░░░░░░░ to look like these ░░░░░░░░ are going to play ░░░░░░░░ role in to net ░░░░░░░░ right So at this ░░░░░░░░ the a I trade ░░░░░░░░ is super speculative guess ░░░░░░░░ s a there s ░░░░░░░░ opportunity there but with ░░░░░░░░ in my opinion there ░░░░░░░░ actually a signal still ░░░░░░░░ amount of risk and ░░░░░░░░ on a risk adjusted ░░░░░░░░ Just not super excited ░░░░░░░░ tech Yes it has ░░░░░░░░ place in the portfolio ░░░░░░░░ a doubt but I ░░░░░░░░ be slightly magic about ░░░░░░░░ technique Doing what should ░░░░░░░░ do going coward You ░░░░░░░░ to to observe it ░░░░░░░░ dual mandate and to ░░░░░░░░ succumb to political pressure ░░░░░░░░ to succumb to pressure ░░░░░░░░ the markets whenever possible ░░░░░░░░ so last week If ░░░░░░░░ ask me this question ░░░░░░░░ would actually say that ░░░░░░░░ cut in September was ░░░░░░░░ coin toss the market ░░░░░░░░ kind of taken Jerome ░░░░░░░░ saying that a cut ░░░░░░░░ the table as some ░░░░░░░░ of now written law ░░░░░░░░ it s definitely going ░░░░░░░░ happen right and I ░░░░░░░░ of to pause to ░░░░░░░░ way that the market ░░░░░░░░ that I didn t ░░░░░░░░ until the end of ░░░░░░░░ week really think that ░░░░░░░░ is there s enough ░░░░░░░░ it or really to ░░░░░░░░ support a rate cut ░░░░░░░░ September Now between the ░░░░░░░░ between the jobs Number ░░░░░░░░ d be surprised If ░░░░░░░░ don t get a ░░░░░░░░ cut in September I ░░░░░░░░ TRANSCRIPT Nice reaction today ░░░░░░░░ call Horton markets correspondent ░░░░░░░░ a good look there ░░░░░░░░ Let s get some ░░░░░░░░ of the newspaper the ░░░░░░░░ and for that we ░░░░░░░░ Jason That s is ░░░░░░░░ us president redwood wealth ░░░░░░░░ Thank you for being ░░░░░░░░ us We had three ░░░░░░░░ of selling yesterday being ░░░░░░░░ most dramatic of the ░░░░░░░░ and today bouncing back ░░░░░░░░ do you feel that ░░░░░░░░ Market Today looking back ░░░░░░░░ the past several days ░░░░░░░░ trading I think was ░░░░░░░░ a good wake up ░░░░░░░░ for investors There s ░░░░░░░░ a fair amount of ░░░░░░░░ completion so your marker ░░░░░░░░ master and and into ░░░░░░░░ year So almost as ░░░░░░░░ the more could open ░░░░░░░░ end of last we ░░░░░░░░ almost gotten detached from ░░░░░░░░ s own respective It ░░░░░░░░ it s own inherent ░░░░░░░░ and so between the ░░░░░░░░ down where we saw ░░░░░░░░ week on fraud and ░░░░░░░░ obviously that to remove ░░░░░░░░ through Monday alone with ░░░░░░░░ Japanese the young carriage ░░░░░░░░ Overall true trading up ░░░░░░░░ little bit I am ░░░░░░░░ surprised to see these ░░░░░░░░ that they re at ░░░░░░░░ now has we rolling ░░░░░░░░ pass Eleven million today ░░░░░░░░ up every business as ░░░░░░░░ so boring obviously pleasantly ░░░░░░░░ People say please by ░░░░░░░░ by then videos at ░░░░░░░░ hundred dollars or whatever ░░░░░░░░ NASDAQ was down about ░░░░░░░░ percent in three days ░░░░░░░░ russell down about 10 ░░░░░░░░ in three days or ░░░░░░░░ you re getting more ░░░░░░░░ the nervousness Else from ░░░░░░░░ large Guidelines to make ░░░░░░░░ that we re not ░░░░░░░░ a position where we ░░░░░░░░ to panic and we ░░░░░░░░ not with position we ░░░░░░░░ general we were trying ░░░░░░░░ take Some sort of ░░░░░░░░ know try to take ░░░░░░░░ over We speculative position ░░░░░░░░ on just one day ░░░░░░░░ moving to the market ░░░░░░░░ kind of boy Then ░░░░░░░░ Yeah now look I ░░░░░░░░ and that s part ░░░░░░░░ a diversified well hedged ░░░░░░░░ What we didn t ░░░░░░░░ at the end the ░░░░░░░░ you know people say ░░░░░░░░ capitulation or was that ░░░░░░░░ bottom and whatever often ░░░░░░░░ ll see the vic ░░░░░░░░ story and markets and ░░░░░░░░ the bottom of the ░░░░░░░░ we didn t see ░░░░░░░░ the vic s had ░░░░░░░░ Back down so you ░░░░░░░░ was that at to ░░░░░░░░ expect more volatility Going ░░░░░░░░ do things that we ░░░░░░░░ t understand that we ░░░░░░░░ t expect quite often ░░░░░░░░ independent from here on ░░░░░░░░ I ll have my ░░░░░░░░ or not I think ░░░░░░░░ get more jobs that ░░░░░░░░ Thursday for not mistaken ░░░░░░░░ will take a look ░░░░░░░░ that I think that ░░░░░░░░ drive from work and ░░░░░░░░ I think the Dickson ░░░░░░░░ worst is aren t ░░░░░░░░ the shelling How much ░░░░░░░░ re the ceiling is ░░░░░░░░ the bong is is ░░░░░░░░ yet to be seen ░░░░░░░░ I think like we ░░░░░░░░ going to be dead ░░░░░░░░ dependent on like big ░░░░░░░░ Numerous examples Some of ░░░░░░░░ sectors that you like ░░░░░░░░ think can work Just ░░░░░░░░ evaluation standpoint I like ░░░░░░░░ we got a lot ░░░░░░░░ FDA approvals in the ░░░░░░░░ half of the year ░░░░░░░░ solid that we re ░░░░░░░░ at a rate cut ░░░░░░░░ in September and and ░░░░░░░░ future rate cut interest ░░░░░░░░ come down that can ░░░░░░░░ a more attractive markets ░░░░░░░░ mergers and acquisitions especially ░░░░░░░░ biotech space industrials I ░░░░░░░░ you know industrials you ░░░░░░░░ you look around everywhere ░░░░░░░░ go Your soon rose ░░░░░░░░ On build back better ░░░░░░░░ is being spent and ░░░░░░░░ s more build back ░░░░░░░░ money back that can ░░░░░░░░ tapped into down the ░░░░░░░░ So I think there ░░░░░░░░ there s continued opportunity ░░░░░░░░ new golf rules utilities ░░░░░░░░ valuations are delicious and ░░░░░░░░ s the bottom I ░░░░░░░░ it is a great ░░░░░░░░ term play I think ░░░░░░░░ ve been beaten up ░░░░░░░░ to long their underground ░░░░░░░░ our teacher do for ░░░░░░░░ reversion So so there ░░░░░░░░ would be my main ░░░░░░░░ opportunity so to speak ░░░░░░░░ think it s it ░░░░░░░░ It is without a ░░░░░░░░ the next biggest that ░░░░░░░░ so that that s ░░░░░░░░ as investors We tend ░░░░░░░░ get stuck on this ░░░░░░░░ that because it s ░░░░░░░░ to be the next ░░░░░░░░ thing is gonna make ░░░░░░░░ ton of money and ░░░░░░░░ tend to not think ░░░░░░░░ my opinion enough about ░░░░░░░░ what s the taxation ░░░░░░░░ to work like what ░░░░░░░░ the consolidation competition going ░░░░░░░░ look like these things ░░░░░░░░ going to play a ░░░░░░░░ in to net profits ░░░░░░░░ So at this point ░░░░░░░░ a I trade still ░░░░░░░░ super speculative guess There ░░░░░░░░ a there s enormous ░░░░░░░░ there but with that ░░░░░░░░ my opinion there s ░░░░░░░░ a signal still significant ░░░░░░░░ of risk and so ░░░░░░░░ a risk adjusted basis ░░░░░░░░ not super excited about ░░░░░░░░ Yes it has a ░░░░░░░░ in the portfolio without ░░░░░░░░ doubt but I would ░░░░░░░░ slightly magic about the ░░░░░░░░ Doing what should they ░░░░░░░░ going coward You know ░░░░░░░░ to observe it s ░░░░░░░░ mandate and to not ░░░░░░░░ to political pressure not ░░░░░░░░ succumb to pressure from ░░░░░░░░ markets whenever possible and ░░░░░░░░ last week If you ░░░░░░░░ me this question I ░░░░░░░░ actually say that rate ░░░░░░░░ in September was a ░░░░░░░░ toss the market It ░░░░░░░░ of taken Jerome Powell ░░░░░░░░ that a cut on ░░░░░░░░ table as some sort ░░░░░░░░ now written law that ░░░░░░░░ s definitely going to ░░░░░░░░ right and I kind ░░░░░░░░ to pause to the ░░░░░░░░ that the market digested ░░░░░░░░ I didn t up ░░░░░░░░ the end of last ░░░░░░░░ really think that there ░░░░░░░░ there s enough dad ░░░░░░░░ or really to definitely ░░░░░░░░ a rate cut in ░░░░░░░░ Now between the volatility ░░░░░░░░ the jobs Number I ░░░░░░░░ be surprised If we ░░░░░░░░ t get a rate ░░░░░░░░ in September, I