RUSH TRANSCRIPT English and ░░░░░░░░ domestic audience in Ukraine ░░░░░░░░ a moment ago stocks ░░░░░░░░ well off the worse ░░░░░░░░ of the day Shaking ░░░░░░░░ at least temporarily the ░░░░░░░░ about rising tensions between ░░░░░░░░ and Russia How should ░░░░░░░░ position themselves given the ░░░░░░░░ risks Joining us to ░░░░░░░░ that is Peter Anderson ░░░░░░░░ and cio at Anderson ░░░░░░░░ management and Chad the ░░░░░░░░ manager at Washington crossing ░░░░░░░░ How do you factor ░░░░░░░░ to your portfolio management ░░░░░░░░ you run a concentrated ░░░░░░░░ how do you factor ░░░░░░░░ these geopolitical tensions if ░░░░░░░░ all To do these ░░░░░░░░ In my opinion these ░░░░░░░░ are tran gent I ░░░░░░░░ I don t want ░░░░░░░░ trivialize them but in ░░░░░░░░ of how one would ░░░░░░░░ stocks there s a ░░░░░░░░ of possibilities One possibility ░░░░░░░░ is what I pursue ░░░░░░░░ to almost ignore this ░░░░░░░░ dare I say noise ░░░░░░░░ still focus on the ░░░░░░░░ that we think will ░░░░░░░░ well remember we re ░░░░░░░░ Trump 2 0 now ░░░░░░░░ lot of investors are ░░░░░░░░ to figure out if ░░░░░░░░ is a replay of ░░░░░░░░ 1 and if that ░░░░░░░░ the case we redo ░░░░░░░░ stock picking I don ░░░░░░░░ think that s a ░░░░░░░░ guarantee I m thinking ░░░░░░░░ Trump 2 0 will ░░░░░░░░ very very different from ░░░░░░░░ first regime and we ░░░░░░░░ to focus more on ░░░░░░░░ stock picking rather than ░░░░░░░░ what are Trump s ░░░░░░░░ policies and how can ░░░░░░░░ play into that That ░░░░░░░░ more risky in my ░░░░░░░░ than doing pure stock ░░░░░░░░ That while the Ukraine ░░░░░░░░ is something you can ░░░░░░░░ of set aside as ░░░░░░░░ noise I think that ░░░░░░░░ your word the Trump ░░░░░░░░ 0 and the potential ░░░░░░░░ to taxation and regulation ░░░░░░░░ immigration and all of ░░░░░░░░ could be something that ░░░░░░░░ re going to have ░░░░░░░░ and are indeed now ░░░░░░░░ into account in your ░░░░░░░░ evaluation Almost the opposite ░░░░░░░░ so many Speculative in ░░░░░░░░ of where we think ░░░░░░░░ is going to go ░░░░░░░░ If we were to ░░░░░░░░ stocks based on what ░░░░░░░░ think he s going ░░░░░░░░ do what his policies ░░░░░░░░ be I think you ░░░░░░░░ end up in several ░░░░░░░░ ends because he s ░░░░░░░░ unpredictable in terms of ░░░░░░░░ his policies will be ░░░░░░░░ we re thinking that ░░░░░░░░ will be a repeat ░░░░░░░░ in terms of other ░░░░░░░░ he s taking I ░░░░░░░░ not certain we can ░░░░░░░░ at all confident when ░░░░░░░░ s moving forward he ░░░░░░░░ replay the steps that ░░░░░░░░ did Thus when you ░░░░░░░░ looking at stocks I ░░░░░░░░ you go back to ░░░░░░░░ own playbook and virtually ░░░░░░░░ ignore what we think ░░░░░░░░ s going to do ░░░░░░░░ this term Thanks for ░░░░░░░░ clarification So many people ░░░░░░░░ now are looking at ░░░░░░░░ outsized moves since the ░░░░░░░░ maybe it s the ░░░░░░░░ space because of HHS ░░░░░░░░ it s Bitcoin which ░░░░░░░░ up 35 Do you ░░░░░░░░ that Are there entry ░░░░░░░░ this creates for you ░░░░░░░░ you chasing it What ░░░░░░░░ the strategy 1993 and ░░░░░░░░ partner and I we ░░░░░░░░ a discipline You would ░░░░░░░░ chase it You d ░░░░░░░░ to your Inaudible When ░░░░░░░░ have an election cycle ░░░░░░░░ that s a winner ░░░░░░░░ worst possible knee jerk ░░░░░░░░ is to change your ░░░░░░░░ So we would be ░░░░░░░░ of being in high ░░░░░░░░ names Yes this poses ░░░░░░░░ regarding the HHS where ░░░░░░░░ comes to health care ░░░░░░░░ we believe that the ░░░░░░░░ over the long run ░░░░░░░░ immaterial So we would ░░░░░░░░ up the quality spectrum ░░░░░░░░ re at a high ░░░░░░░░ about 25 24 times ░░░░░░░░ year 21 5 times ░░░░░░░░ year We re trading ░░░░░░░░ a market cap to ░░░░░░░░ of two times So ░░░░░░░░ just really would be ░░░░░░░░ critical about the investments ░░░░░░░░ we re making and ░░░░░░░░ doesn t mean you ░░░░░░░░ t invest in equities ░░░░░░░░ you want to be ░░░░░░░░ a higher quality The ░░░░░░░░ It s not just ░░░░░░░░ potential nominee There are ░░░░░░░░ shaking their heads about ░░░░░░░░ under performance of this ░░░░░░░░ and maybe glp 1s ░░░░░░░░ maybe it s Medicare ░░░░░░░░ Medicaid Everywhere you look ░░░░░░░░ have been land mines ░░░░░░░░ own health care We ░░░░░░░░ hmos We ve owned ░░░░░░░░ a long time United ░░░░░░░░ Care just entered the ░░░░░░░░ of elements We think ░░░░░░░░ over the longer run ░░░░░░░░ will they have long ░░░░░░░░ tailwinds We don t ░░░░░░░░ over the long run ░░░░░░░░ this poses a risk ░░░░░░░░ their business models We ░░░░░░░░ want to be mindful ░░░░░░░░ valuations given the fairly ░░░░░░░░ type of market environment ░░░░░░░░ now we believe that ░░░░░░░░ the next 18 months ░░░░░░░░ will be a broadening ░░░░░░░░ of the markets and ░░░░░░░░ particular with some of ░░░░░░░░ names Your sort of ░░░░░░░░ Trump and geopolitically agnostic ░░░░░░░░ are a number of ░░░░░░░░ security stocks It s ░░░░░░░░ that cyber security will ░░░░░░░░ almost any presidential appointment ░░░░░░░░ the sense that the ░░░░░░░░ of that industry are ░░░░░░░░ strong especially when there ░░░░░░░░ say even international conflict ░░░░░░░░ It puts more focus ░░░░░░░░ the need to protect ░░░░░░░░ our cyber networks So ░░░░░░░░ time evolve we believe ░░░░░░░░ this need is going ░░░░░░░░ increase and Tyler the ░░░░░░░░ thing I can see ░░░░░░░░ where this disrupts is ░░░░░░░░ computing which is a ░░░░░░░░ other industry that we ░░░░░░░░ t really touched upon ░░░░░░░░ s in its infancy ░░░░░░░░ quantum computing is established ░░░░░░░░ we will have to ░░░░░░░░ to a next level ░░░░░░░░ cyber protection As it ░░░░░░░░ now and we re ░░░░░░░░ about I would say ░░░░░░░░ nobel prizes away at ░░░░░░░░ from developing cyber quantum ░░░░░░░░ cyber security will really ░░░░░░░░ endurable Security It breaks ░░░░░░░░ our cyber cryptology within ░░░░░░░░ second and that s ░░░░░░░░ problem is that if ░░░░░░░░ does come into existence ░░░░░░░░ our cyber security will ░░░░░░░░ to be revamped because ░░░░░░░░ ll break all those ░░░░░░░░ codes within a very ░░░░░░░░ time Have to dance ░░░░░░░░ the music is playing ░░░░░░░░ re in the cyber ░░░░░░░░ until quantum destroys that ░░░░░░░░ don t know if ░░░░░░░░ have any exposure to ░░░░░░░░ or other we talked ░░░░░░░░ health care Wharp what ░░░░░░░░ the parts of the ░░░░░░░░ you re excited about ░░░░░░░░ scene of opportunity Look ░░░░░░░░ further as Google or ░░░░░░░░ when it comes to ░░░░░░░░ their business models with ░░░░░░░░ artificial intelligence and cloud ░░░░░░░░ We think that overall ░░░░░░░░ that capital investment is ░░░░░░░░ to be incredible but ░░░░░░░░ s also going to ░░░░░░░░ future long term growth ░░░░░░░░ both of those companies ░░░░░░░░ think that those are ░░░░░░░░ that you have to ░░░░░░░░ in your portfolio over ░░░░░░░░ next three to five ░░░░░░░░ They will be volatile ░░░░░░░░ but we believe in ░░░░░░░░ companies Much Peter and ░░░░░░░░ we thank you.