RUSH TRANSCRIPT All right ░░░░░░░░ back Stocks rising for ░░░░░░░░ second day Dow and ░░░░░░░░ P both on track ░░░░░░░░ a record close Tech ░░░░░░░░ again leading the rally ░░░░░░░░ Microsoft Amazon apple all ░░░░░░░░ today My next guest ░░░░░░░░ all three Joining me ░░░░░░░░ rich saperstein ranked number ░░░░░░░░ on barons top list ░░░░░░░░ to get your thoughts ░░░░░░░░ we enter into the ░░░░░░░░ stretch this year Here ░░░░░░░░ go About to mark ░░░░░░░░ years of this bull ░░░░░░░░ Pretty crazy man Time ░░░░░░░░ How are you feeling ░░░░░░░░ it I think the ░░░░░░░░ is great Labor is ░░░░░░░░ Economic activity is strong ░░░░░░░░ is declining And you ░░░░░░░░ the real issue for ░░░░░░░░ stock market going forward ░░░░░░░░ going to be the ░░░░░░░░ multiple and the inflated ░░░░░░░░ for earnings in 25 ░░░░░░░░ say inflated You re ░░░░░░░░ they re too high ░░░░░░░░ are 21 22 It ░░░░░░░░ a 15 increase over ░░░░░░░░ year s estimate That ░░░░░░░░ right So it s ░░░░░░░░ lofty goal You doubt ░░░░░░░░ we can reach that ░░░░░░░░ m still fully invested ░░░░░░░░ as a long term ░░░░░░░░ I believe in the ░░░░░░░░ and where I m ░░░░░░░░ We should show the ░░░░░░░░ P 500 because I ░░░░░░░░ my eye on that ░░░░░░░░ we get ever close ░░░░░░░░ 5800 Did you think ░░░░░░░░ would be at 5800 ░░░░░░░░ given all that this ░░░░░░░░ has had to absorb ░░░░░░░░ the last couple of ░░░░░░░░ Forget the couple years ░░░░░░░░ six months It s ░░░░░░░░ really resilient It s ░░░░░░░░ amazing but monetary policy ░░░░░░░░ designed to slow the ░░░░░░░░ and bring down inflation ░░░░░░░░ you have fiscal policy ░░░░░░░░ is stimulating through a ░░░░░░░░ trillion deficit so you ░░░░░░░░ an offset and that ░░░░░░░░ been able to that ░░░░░░░░ enabled the stock market ░░░░░░░░ continue to push forward ░░░░░░░░ performance in the last ░░░░░░░░ right We had tech ░░░░░░░░ a back seat to ░░░░░░░░ like financials utilities other ░░░░░░░░ of the market Does ░░░░░░░░ change anything about how ░░░░░░░░ view the rest of ░░░░░░░░ year No We still ░░░░░░░░ large cap technology They ░░░░░░░░ the established owners of ░░░░░░░░ attention so they are ░░░░░░░░ dominant global players Billions ░░░░░░░░ customers and that will ░░░░░░░░ to be a key ░░░░░░░░ of the growth story ░░░░░░░░ you continue to lean ░░░░░░░░ those names Absolutely We ░░░░░░░░ discuss them individually but ░░░░░░░░ s factors impacting all ░░░░░░░░ them which is why ░░░░░░░░ like them But I ░░░░░░░░ it interesting though that ░░░░░░░░ know while you suggest ░░░░░░░░ little bit of discomfort ░░░░░░░░ the multiple these stocks ░░░░░░░░ the epicenter of the ░░░░░░░░ aren t they Yeah ░░░░░░░░ do you square that ░░░░░░░░ I m basically positioned ░░░░░░░░ the idea that these ░░░░░░░░ long term holds and ░░░░░░░░ have tremendous growth elements ░░░░░░░░ the market is going ░░░░░░░░ rotate how much they ░░░░░░░░ pricing these companies But ░░░░░░░░ m going to hold ░░░░░░░░ for the long term ░░░░░░░░ I see what they ░░░░░░░░ doing These are very ░░░░░░░░ managers in all of ░░░░░░░░ companies Yeah Do you ░░░░░░░░ Amazon lately It s ░░░░░░░░ poorly lately Concerning No ░░░░░░░░ they re coming out ░░░░░░░░ cooper the wireless broadband ░░░░░░░░ s going to compete ░░░░░░░░ Starlink So you think ░░░░░░░░ Starlink is running at ░░░░░░░░ 6 5 7 billion ░░░░░░░░ right now They re ░░░░░░░░ to compete with Starlink ░░░░░░░░ about what it does ░░░░░░░░ the prime membership and ░░░░░░░░ lock on that let ░░░░░░░░ the retail business when ░░░░░░░░ start marrying all of ░░░░░░░░ Amazon s got a ░░░░░░░░ future going forward Let ░░░░░░░░ talk about utilities I ░░░░░░░░ these other groups that ░░░░░░░░ really well last quarter ░░░░░░░░ ve liked utilities for ░░░░░░░░ while Been talking about ░░░░░░░░ power generation that s ░░░░░░░░ to be needed for ░░░░░░░░ revolution that you re ░░░░░░░░ about in AI All ░░░░░░░░ said the group was ░░░░░░░░ like 19 in the ░░░░░░░░ quarter right Yes The ░░░░░░░░ performing of the S ░░░░░░░░ Yes You think that ░░░░░░░░ So we started buying ░░░░░░░░ energy in 2021 A ░░░░░░░░ of people like that ░░░░░░░░ We were in at ░░░░░░░░ It s 125 right ░░░░░░░░ We recently added more ░░░░░░░░ it The story is ░░░░░░░░ the power generation versus ░░░░░░░░ is only a 2 ░░░░░░░░ The then you have ░░░░░░░░ being decommissioned You have ░░░░░░░░ tremendous growth in AI ░░░░░░░░ data centers They ve ░░░░░░░░ since 2021 to 5400 ░░░░░░░░ accept terse around America ░░░░░░░░ then you look at ░░░░░░░░ pjm the annual auction ░░░░░░░░ surplus power was up ░░░░░░░░ year over year All ░░░░░░░░ is a tapestry of ░░░░░░░░ demand secular for power ░░░░░░░░ I d be very ░░░░░░░░ on the independent power ░░░░░░░░ in America like vistra ░░░░░░░░ We talked about what ░░░░░░░░ like Let s talk ░░░░░░░░ what you don t ░░░░░░░░ just had a conversation ░░░░░░░░ Eric Jackson about China ░░░░░░░░ loves it assuming the ░░░░░░░░ is going to continue ░░░░░░░░ the clip in which ░░░░░░░░ market was seemingly expecting ░░░░░░░░ you avoid those stocks ░░░░░░░░ it Absolutely China versus ░░░░░░░░ U S in the ░░░░░░░░ 10 years the U ░░░░░░░░ has dwarfed the return ░░░░░░░░ 70 So think about ░░░░░░░░ like the brix in ░░░░░░░░ How is that working ░░░░░░░░ for everyone I wouldn ░░░░░░░░ be dabbling in China ░░░░░░░░ you are a trader ░░░░░░░░ can figure that out ░░░░░░░░ s you know you ░░░░░░░░ have a quibble with ░░░░░░░░ Russia China I get ░░░░░░░░ lot of people loved ░░░░░░░░ and the market s ░░░░░░░░ well So did America ░░░░░░░░ did large cap tech ░░░░░░░░ look you don t ░░░░░░░░ to leave fish to ░░░░░░░░ fish There s great ░░░░░░░░ here in America in ░░░░░░░░ markets Okay So do ░░░░░░░░ like the small fish ░░░░░░░░ I don t That ░░░░░░░░ a good debate right ░░░░░░░░ too That s right ░░░░░░░░ the economy does well ░░░░░░░░ cap stocks and small ░░░░░░░░ stocks will do well ░░░░░░░░ the small is at ░░░░░░░░ discount to large which ░░░░░░░░ very wide right now ░░░░░░░░ I d rather own ░░░░░░░░ large and not buy ░░░░░░░░ reversion of the mean ░░░░░░░░ or the fact that ░░░░░░░░ Fed s more accommodative ░░░░░░░░ cost of capitol for ░░░░░░░░ smids and their floating ░░░░░░░░ debt I d rather ░░░░░░░░ with large cap