RUSH TRANSCRIPT In San ░░░░░░░░ and all of a ░░░░░░░░ I m here with ░░░░░░░░ van dig as we ░░░░░░░░ for nvidia earnings He ░░░░░░░░ a presidency Iowa in ░░░░░░░░ wealth advisers But in ░░░░░░░░ context of how folks ░░░░░░░░ caught dealing with deep ░░░░░░░░ that s happened over ░░░░░░░░ last year Great having ░░░░░░░░ see tell me how ░░░░░░░░ start that conversation people ░░░░░░░░ Look I bought a ░░░░░░░░ fun but on any ░░░░░░░░ by huge huge positions ░░░░░░░░ simple right if if ░░░░░░░░ of some of these ░░░░░░░░ continue to go up ░░░░░░░░ in the client and ░░░░░░░░ investor feels bullish about ░░░░░░░░ trend regarding invasion movie ░░░░░░░░ them it s really ░░░░░░░░ to be educational in ░░░░░░░░ advice to make sure ░░░░░░░░ we re trying to ░░░░░░░░ ways we re we ░░░░░░░░ not add into that ░░░░░░░░ with a lot of ░░░░░░░░ passive market cap that ░░░░░░░░ what strategies out there ░░░░░░░░ if we take it ░░░░░░░░ to what s important ░░░░░░░░ when the video report ░░░░░░░░ think you need to ░░░░░░░░ about it s not ░░░░░░░░ much about the demand ░░░░░░░░ s actually about kinda ░░░░░░░░ video deliver on the ░░░░░░░░ because those analysts estimate ░░░░░░░░ year over year sales ░░░░░░░░ think we re talking ░░░░░░░░ compares of 80 percent ░░░░░░░░ in sales and some ░░░░░░░░ big numbers for next ░░░░░░░░ right So when you ░░░░░░░░ back to a point ░░░░░░░░ investors it s it ░░░░░░░░ This is why we ░░░░░░░░ diversified will for the ░░░░░░░░ about trying to say ░░░░░░░░ s on pay for ░░░░░░░░ if they re they ░░░░░░░░ might these these short ░░░░░░░░ demand supply imbalances Does ░░░░░░░░ seen before the winners ░░░░░░░░ the ones that sell ░░░░░░░░ first with then can ░░░░░░░░ the market down Going ░░░░░░░░ to your point about ░░░░░░░░ has have coverage it ░░░░░░░░ find people have incidental ░░░░░░░░ in like the ways ░░░░░░░░ exposed got different equity ░░░░░░░░ that oh now I ░░░░░░░░ got This is Or ░░░░░░░░ different bonds and I ░░░░░░░░ we re doing different ░░░░░░░░ Charts that are out ░░░░░░░░ That just shows that ░░░░░░░░ majority of investors are ░░░░░░░░ It to you s ░░░░░░░░ cap growth overweight it ░░░░░░░░ large cap forgetting about ░░░░░░░░ that exist in the ░░░░░░░░ in the small space ░░░░░░░░ also at the same ░░░░░░░░ in time and you ░░░░░░░░ about the backdrop of ░░░░░░░░ of of these policy ░░░░░░░░ that still need to ░░░░░░░░ together This noise mosaic ░░░░░░░░ different things that can ░░░░░░░░ the economy good and ░░░░░░░░ next year aren t ░░░░░░░░ about cyclicals sometimes they ░░░░░░░░ not looking at the ░░░░░░░░ of reinvestment That can ░░░░░░░░ in infrastructure in industrial ░░░░░░░░ hyped up on conversational ░░░░░░░░ about how at every ░░░░░░░░ the economy has surprise ░░░░░░░░ then why Wouldn t ░░░░░░░░ put some more and ░░░░░░░░ gonna economically sensitive a ░░░░░░░░ powerful and more right ░░░░░░░░ think it s that ░░░░░░░░ push pull between people ░░░░░░░░ in the things that ░░░░░░░░ know that they re ░░░░░░░░ with and they re ░░░░░░░░ they re Looking at ░░░░░░░░ these momentum based trends ░░░░░░░░ saying look I don ░░░░░░░░ see them breaking anytime ░░░░░░░░ so so let s ░░░░░░░░ on but but at ░░░░░░░░ end of the day ░░░░░░░░ fact that there are ░░░░░░░░ many different choices that ░░░░░░░░ re out there working ░░░░░░░░ investor major firm revise ░░░░░░░░ to help you to ░░░░░░░░ through that That s ░░░░░░░░ you want to provide ░░░░░░░░ that that structure and ░░░░░░░░ s not necessarily just ░░░░░░░░ back to always the ░░░░░░░░ that work because at ░░░░░░░░ end of the day ░░░░░░░░ the uncertainty of some ░░░░░░░░ these new policy decisions ░░░░░░░░ out it s being ░░░░░░░░ that point from a ░░░░░░░░ price perspective the say ░░░░░░░░ not be worth overpaying ░░░░░░░░ growth if you re ░░░░░░░░ earnings expansion coming from ░░░░░░░░ outside of may a ░░░░░░░░ right and I think ░░░░░░░░ s something people need ░░░░░░░░ hear because the information ░░░░░░░░ just seems to be ░░░░░░░░ very concentrated a one ░░░░░░░░ but there s a ░░░░░░░░ other innovations innovative trends ░░░░░░░░ are happening Lot of ░░░░░░░░ I see here that ░░░░░░░░ pitching small to mid ░░░░░░░░ funds as I think ░░░░░░░░ solution of that and ░░░░░░░░ there s I mean ░░░░░░░░ it s a big ░░░░░░░░ conference so you get ░░░░░░░░ kinds different approaches but ░░░░░░░░ when I hear a ░░░░░░░░ about as part of ░░░░░░░░ conversation if you re ░░░░░░░░ levert into it and ░░░░░░░░ by incident or growth ░░░░░░░░ just Up smaller cap ░░░░░░░░ how much of a ░░░░░░░░ has done Well I ░░░░░░░░ in a broadly diversified ░░░░░░░░ and thinking about the ░░░░░░░░ thesis around small caps ░░░░░░░░ is where you re ░░░░░░░░ look if you re ░░░░░░░░ board with that It ░░░░░░░░ because you believe the ░░░░░░░░ going to continue to ░░░░░░░░ rates over the course ░░░░░░░░ 13 months and new ░░░░░░░░ believe that u s ░░░░░░░░ still is chugging along ░░░░░░░░ Yes is fickle on ░░░░░░░░ for people are still ░░░░░░░░ income levels greater than ░░░░░░░░ that s a good ░░░░░░░░ and then the fact ░░░░░░░░ these companies actually are ░░░░░░░░ earnings forecasts that are ░░░░░░░░ at this at or ░░░░░░░░ better than their large ░░░░░░░░ years That s the ░░░░░░░░ off in in in ░░░░░░░░ opportunity there So I ░░░░░░░░ that is that is ░░░░░░░░ is an area for ░░░░░░░░ but one thing that ░░░░░░░░ aren t talking about ░░░░░░░░ about our bonds how ░░░░░░░░ how people aren t ░░░░░░░░ about thousands washroom network ░░░░░░░░ I love it In ░░░░░░░░ now back to for ░░░░░░░░ mid forest for the ░░░░░░░░ that s starting to ░░░░░░░░ good for income I ░░░░░░░░ we re going to ░░░░░░░░ a slightly rising yield ░░░░░░░░ and more traditional yule ░░░░░░░░ where you see a ░░░░░░░░ bit of of tech ░░░░░░░░ five and seven super ░░░░░░░░ I d I don ░░░░░░░░ think in this environment ░░░░░░░░ when you think about ░░░░░░░░ a About yet here ░░░░░░░░ think about it two ░░░░░░░░ three years from now ░░░░░░░░ re going to be ░░░░░░░░ this slowing growth environment ░░░░░░░░ s even data that ░░░░░░░░ come out recently from ░░░░░░░░ international monetary fund The ░░░░░░░░ look if policy goes ░░░░░░░░ extreme on tariffs That ░░░░░░░░ going to cook load ░░░░░░░░ GDP by half a ░░░░░░░░ growth slows flesh comes ░░░░░░░░ rates come down the ░░░░░░░░ has given investors a ░░░░░░░░ year gift or you ░░░░░░░░ not have to go ░░░░░░░░ very far In duration ░░░░░░░░ see a four or ░░░░░░░░ handle stiller extent come ░░░░░░░░ also the other pieces ░░░░░░░░ want to talk about ░░░░░░░░ s no no offense ░░░░░░░░ let s talk about ░░░░░░░░ bonds right Your take ░░░░░░░░ back to my allergy ░░░░░░░░ at the bonfire brooklyn ░░░░░░░░ one We collect that ░░░░░░░░ On how high rates ░░░░░░░░ going to go because ░░░░░░░░ that as you put ░░░░░░░░ called freebie income Everybody ░░░░░░░░ talking about the kind ░░░░░░░░ to build killed trade ░░░░░░░░ they were real juicy ░░░░░░░░ it seems like there ░░░░░░░░ also a very you ░░░░░░░░ arguing a strong utility ░░░░░░░░ just capture income Belly ░░░░░░░░ the curve basin where ░░░░░░░░ re at already So ░░░░░░░░ s your kind of ░░░░░░░░ how hard bonds can ░░░░░░░░ off Think what it ░░░░░░░░ I m also trying ░░░░░░░░ say is we seen ░░░░░░░░ knee jerk reaction of ░░░░░░░░ market trading on the ░░░░░░░░ changes in policy Hasn ░░░░░░░░ that hasn t manifested ░░░░░░░░ backdrop not growth sort ░░░░░░░░ right but there s ░░░░░░░░ positive that are out ░░░░░░░░ That can be off ░░░░░░░░ off set by some ░░░░░░░░ or maybe we re ░░░░░░░░ going to grow as ░░░░░░░░ as everyone thinks and ░░░░░░░░ at the same point ░░░░░░░░ time it comes back ░░░░░░░░ the fundamentals to say ░░░░░░░░ what s the consumer ░░░░░░░░ what s earnings doing ░░░░░░░░ s the path of ░░░░░░░░ if trajectory really hasn ░░░░░░░░ changed been take advantage ░░░░░░░░ these yields lock in ░░░░░░░░ little bit because I ░░░░░░░░ over the next two ░░░░░░░░ three years the risk ░░░░░░░░ reward is actually Then ░░░░░░░░ has been over the ░░░░░░░░ three years hit me ░░░░░░░░ the muni thought about ░░░░░░░░ five seconds real quick ░░░░░░░░ s totally different supply ░░░░░░░░ curve than treasuries and ░░░░░░░░ that have been pretty ░░░░░░░░ great financial resilience at ░░░░░░░░ level government levels and ░░░░░░░░ you can think about ░░░░░░░░ you re savings account ░░░░░░░░ s fully time While ░░░░░░░░ go out about two ░░░░░░░░ three years and getting ░░░░░░░░ to five federally tax ░░░░░░░░ in If you buy ░░░░░░░░ state issuance you also ░░░░░░░░ state income tax benefits ░░░░░░░░ on where you live ░░░░░░░░ could be a attacks ░░░░░░░░ year depending on your ░░░░░░░░ bracket of six percent ░░░░░░░░ more How risky are ░░░░░░░░ willing to go by.
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