RUSH TRANSCRIPT The David ░░░░░░░░ show Caroline Let s ░░░░░░░░ into antitrust the risk ░░░░░░░░ Big Tech A private ░░░░░░░░ in visor is with ░░░░░░░░ The stock is down ░░░░░░░░ alphabet It is the ░░░░░░░░ move since October 7 ░░░░░░░░ does not feel like ░░░░░░░░ people are pricing in ░░░░░░░░ breakup to this extent ░░░░░░░░ now Is it a ░░░░░░░░ antitrust issues Headline Certainly ░░░░░░░░ is what all of ░░░░░░░░ are talking about right ░░░░░░░░ We see this play ░░░░░░░░ every several years in ░░░░░░░░ technology space My feeling ░░░░░░░░ it is such a ░░░░░░░░ timeline and there are ░░░░░░░░ many if s we ░░░░░░░░ speculate on Looking at ░░░░░░░░ and trying to navigate ░░░░░░░░ I really don t ░░░░░░░░ there is anything we ░░░░░░░░ be thinking about doing ░░░░░░░░ as we approach our ░░░░░░░░ portfolios Ed Hold on ░░░░░░░░ stock is down 1 ░░░░░░░░ in a market that ░░░░░░░░ up We showed that ░░░░░░░░ You get to August ░░░░░░░░ next year and a ░░░░░░░░ a judge orders the ░░░░░░░░ They will counter in ░░░░░░░░ but let s say ░░░░░░░░ happens How do you ░░░░░░░░ for that Opinion Nature ░░░░░░░░ in the investment portfolio ░░░░░░░░ ok under the hood ░░░░░░░░ of any individual security ░░░░░░░░ want to make sure ░░░░░░░░ do not have too ░░░░░░░░ exposure in any individual ░░░░░░░░ where if the worst ░░░░░░░░ scenario does play out ░░░░░░░░ could have a reparable ░░░░░░░░ on your financial future ░░░░░░░░ your wealth Other than ░░░░░░░░ with our firm we ░░░░░░░░ a really holistic and ░░░░░░░░ approach While this is ░░░░░░░░ very eye catching headline ░░░░░░░░ some thing we are ░░░░░░░░ to be talking about ░░░░░░░░ the next couple of ░░░░░░░░ if not the next ░░░░░░░░ weeks it is going ░░░░░░░░ be a long process ░░░░░░░░ to do anything with ░░░░░░░░ other than making sure ░░░░░░░░ your positions are not ░░░░░░░░ or under weighted I ░░░░░░░░ t see anything else ░░░░░░░░ requires material attention right ░░░░░░░░ today Ed You use ░░░░░░░░ phrase single security but ░░░░░░░░ most of the main ░░░░░░░░ tech names have some ░░░░░░░░ of antitrust scrutiny in ░░░░░░░░ jurisdictions In aggregate how ░░░░░░░░ anxiety is it if ░░░░░░░░ think of it through ░░░░░░░░ lens The worst case ░░░░░░░░ is what you see ░░░░░░░░ some shifting leadership within ░░░░░░░░ specialized technology sector We ░░░░░░░░ this time and time ░░░░░░░░ over my last 27 ░░░░░░░░ We have seen it ░░░░░░░░ pharma energy technology Generally ░░░░░░░░ we do not see ░░░░░░░░ lot of movement materially ░░░░░░░░ the markets or sometimes ░░░░░░░░ the sectors as a ░░░░░░░░ of these antitrust headlines ░░░░░░░░ time will tell Caroline ░░░░░░░░ anxiety for the market ░░░░░░░░ many ways is what ░░░░░░░░ what possibility looks like ░░░░░░░░ now for AI You ░░░░░░░░ been writing a lot ░░░░░░░░ this Jason and we ░░░░░░░░ another good sign Tmc ░░░░░░░░ numbers come in strong ░░░░░░░░ are you getting in ░░░░░░░░ of a gut in ░░░░░░░░ of the valuation of ░░░░░░░░ micro caps Jason My ░░░░░░░░ check is that valuations ░░░░░░░░ stretched Markets do things ░░░░░░░░ don t expect all ░░░░░░░░ time but if I ░░░░░░░░ at the valuations and ░░░░░░░░ look at what in ░░░░░░░░ opinion is a best ░░░░░░░░ scenario playing out in ░░░░░░░░ of expectations on future ░░░░░░░░ it is tough to ░░░░░░░░ these levels go materially ░░░░░░░░ without breakouts That said ░░░░░░░░ have had that We ░░░░░░░░ see that moving forward ░░░░░░░░ I would take it ░░░░░░░░ again to making sure ░░░░░░░░ of what happens look ░░░░░░░░ the hood of the ░░░░░░░░ I sure you are ░░░░░░░░ overweighted in any individual ░░░░░░░░ or one particular sector ░░░░░░░░ What about the macro ░░░░░░░░ If you are thinking ░░░░░░░░ anyone sector it has ░░░░░░░░ impossible not to be ░░░░░░░░ and to be heavily ░░░░░░░░ toward technology because of ░░░░░░░░ valuations of technologies How ░░░░░░░░ you rebalance when you ░░░░░░░░ thinking about what interest ░░░░░░░░ are up to Jason ░░░░░░░░ we are rebalancing we ░░░░░░░░ to I think investors ░░░░░░░░ gotten away from that ░░░░░░░░ lot over the last ░░░░░░░░ or two and that ░░░░░░░░ part of the reason ░░░░░░░░ we have probably seen ░░░░░░░░ excessive leadership in these ░░░░░░░░ cap technology stocks but ░░░░░░░░ terms of other sectors ░░░░░░░░ might like in the ░░░░░░░░ right now I ve ░░░░░░░░ this for the last ░░░░░░░░ months I really like ░░░░░░░░ it utilities It is ░░░░░░░░ because they were so ░░░░░░░░ The valuation is delicious ░░░░░░░░ think they are still ░░░░░░░░ and there is still ░░░░░░░░ for growth I like ░░░░░░░░ care because it has ░░░░░░░░ underperformed and I think ░░░░░░░░ might be due for ░░░░░░░░ mean reversion To your ░░░░░░░░ with interest rates if ░░░░░░░░ when they continue to ░░░░░░░░ down that sets the ░░░░░░░░ for a more active ░░░░░░░░ and acquisition market It ░░░░░░░░ good for the health ░░░░░░░░ market particularly biotech Ed ░░░░░░░░ mentioned utilities Are you ░░░░░░░░ in this groundbreaking new ░░░░░░░░ called nuclear energy that ░░░░░░░░ be powering all of ░░░░░░░░ AI infrastructure investment that ░░░░░░░░ will see Jason At ░░░░░░░░ point I would say ░░░░░░░░ not in any above ░░░░░░░░ fashion We are considering ░░░░░░░░ of the data points ░░░░░░░░ there is not any ░░░░░░░░ overly over excitement for ░░░░░░░░ of a better way ░░░░░░░░ put it at this ░░░░░░░░