RUSH TRANSCRIPT Katie It ░░░░░░░░ stunning to see the ░░░░░░░░ in target They should ░░░░░░░░ more of those target ░░░░░░░░ down 19 Abigail Doolittle ░░░░░░░░ you Let us broaden ░░░░░░░░ with Mary and brought ░░░░░░░░ with marianne Going straight ░░░░░░░░ this line in these ░░░░░░░░ we are estimating the ░░░░░░░░ P 500 from 10 ░░░░░░░░ to 14 000 That ░░░░░░░░ a return from 100 ░░░░░░░░ For context we are ░░░░░░░░ below 6000 You think ░░░░░░░░ those numbers what timeframe ░░░░░░░░ you talking about Marian ░░░░░░░░ is not my forecast ░░░░░░░░ next year let us ░░░░░░░░ clear We believe we ░░░░░░░░ in a secular bull ░░░░░░░░ and that will not ░░░░░░░░ to the peak until ░░░░░░░░ or 2030 I believe ░░░░░░░░ we can get to ░░░░░░░░ 000 I remember when ░░░░░░░░ dow hit 10 000 ░░░░░░░░ do think that in ░░░░░░░░ cycle we can get ░░░░░░░░ 10 000 on the ░░░░░░░░ P 500 For next ░░░░░░░░ the forecast is very ░░░░░░░░ I am at 7200 ░░░░░░░░ 7400 So why am ░░░░░░░░ so bullish I believe ░░░░░░░░ this technology of artificial ░░░░░░░░ and blockchain will be ░░░░░░░░ not just to our ░░░░░░░░ but to global economies ░░░░░░░░ went back and there ░░░░░░░░ a lot of talk ░░░░░░░░ the mid to late ░░░░░░░░ s like 1995 until ░░░░░░░░ We found a lot ░░░░░░░░ parallels that were similar ░░░░░░░░ we also went back ░░░░░░░░ the 20 s and ░░░░░░░░ at 1925 until the ░░░░░░░░ in 1929 We found ░░░░░░░░ lot of similarities The ░░░░░░░░ of the year ahead ░░░░░░░░ was all that is ░░░░░░░░ is old We have ░░░░░░░░ technological transformations before It ░░░░░░░░ a very strong economy ░░░░░░░░ corporate profits that really ░░░░░░░░ equity prices and we ░░░░░░░░ right in that sweet ░░░░░░░░ Matt I wonder and ░░░░░░░░ always think of you ░░░░░░░░ a technical analyst I ░░░░░░░░ that is what you ░░░░░░░░ famous for But you ░░░░░░░░ economics and you are ░░░░░░░░ fundamentals How many of ░░░░░░░░ how much of this ░░░░░░░░ fundamentals Mary Ann 50 ░░░░░░░░ I spent many years ░░░░░░░░ a quant and I ░░░░░░░░ to be a strategist ░░░░░░░░ here I am I ░░░░░░░░ lending everything together But ░░░░░░░░ found is when the ░░░░░░░░ and technicals match I ░░░░░░░░ a high conviction I ░░░░░░░░ that is what we ░░░░░░░░ I believe the technicals ░░░░░░░░ to this level and ░░░░░░░░ is hard to do ░░░░░░░░ for earnings going out ░░░░░░░░ next five years The ░░░░░░░░ get you there You ░░░░░░░░ to say how will ░░░░░░░░ get there Well we ░░░░░░░░ AI and blockchain and ░░░░░░░░ have not really talked ░░░░░░░░ blockchain and the transformation ░░░░░░░░ technology could have on ░░░░░░░░ economy and markets The ░░░░░░░░ and fundamentals they are ░░░░░░░░ aligned Tech is still ░░░░░░░░ leader The return on ░░░░░░░░ for the tech sector ░░░░░░░░ 31 The earnings are ░░░░░░░░ out of the tech ░░░░░░░░ I know there are ░░░░░░░░ valuations that they are ░░░░░░░░ by earnings Katie That ░░░░░░░░ fascinating and I want ░░░░░░░░ dig into the fundamentals ░░░░░░░░ are saying it is ░░░░░░░░ that leads us there ░░░░░░░░ happens to the rest ░░░░░░░░ the market Mary Ann ░░░░░░░░ is all tied with ░░░░░░░░ I think the whole ░░░░░░░░ will generally come up ░░░░░░░░ of the things we ░░░░░░░░ optimistic on is that ░░░░░░░░ small caps can perk ░░░░░░░░ I do not think ░░░░░░░░ is sustainable leadership but ░░░░░░░░ have good seasonality They ░░░░░░░░ less expensive Over the ░░░░░░░░ months you will continue ░░░░░░░░ get a broadening out ░░░░░░░░ cap will play a ░░░░░░░░ Infrastructure is very bid ░░░░░░░░ need infrastructure build to ░░░░░░░░ AI The sectors that ░░░░░░░░ sick are consumer staples ░░░░░░░░ health care I am ░░░░░░░░ seeing anything in those ░░░░░░░░ all Eventually may be ░░░░░░░░ but as long as ░░░░░░░░ 10 year remains elevated ░░░░░░░░ will struggle for utilities ░░░░░░░░ a sector Those utility ░░░░░░░░ like constellation are doing ░░░░░░░░ well in the market ░░░░░░░░ You mentioned lock chain ░░░░░░░░ does not want to ░░░░░░░░ about it Katie I ░░░░░░░░ an open mind let ░░░░░░░░ go Matt You cannot ░░░░░░░░ that the Bitcoin trade ░░░░░░░░ bt currency and it ░░░░░░░░ me giggle when I ░░░░░░░░ currency because I no ░░░░░░░░ think of it that ░░░░░░░░ The Bitcoin rally has ░░░░░░░░ insane We were up ░░░░░░░░ 99500 and change and ░░░░░░░░ are back down a ░░░░░░░░ This is an interesting ░░░░░░░░ It just shows that ░░░░░░░░ smaller higher risk trolling ░░░░░░░░ have traded up But ░░░░░░░░ rise of Bitcoin is ░░░░░░░░ What do you see ░░░░░░░░ this hundred thousand dollar ░░░░░░░░ Mary Ann Earlier this ░░░░░░░░ we did project 100000 ░░░░░░░░ we are up there ░░░░░░░░ when we get to ░░░░░░░░ round numbers and markets ░░░░░░░░ can struggle to get ░░░░░░░░ backing We think we ░░░░░░░░ break through The first ░░░░░░░░ target once it breaks ░░░░░░░░ will be 113 and ░░░░░░░░ I am not doing ░░░░░░░░ term projections because you ░░░░░░░░ do that based on ░░░░░░░░ and demand There is ░░░░░░░░ supposed to be 21 ░░░░░░░░ Bitcoin printed We have ░░░░░░░░ million people in the ░░░░░░░░ Matt Do you own ░░░░░░░░ Mary Ann I do ░░░░░░░░ full disclosure ideal and ░░░░░░░░ are other tokens I ░░░░░░░░ own I became fascinated ░░░░░░░░ crypto after I retired ░░░░░░░░ merrill Lynch and Bank ░░░░░░░░ America I always felt ░░░░░░░░ there was something there ░░░░░░░░ am a big trekkie ░░░░░░░░ and I really believe ░░░░░░░░ we were moving to ░░░░░░░░ digital world for currency ░░░░░░░░ do not know if ░░░░░░░░ will be that currency ░░░░░░░░ I believe that it ░░░░░░░░ symbolic of we are ░░░░░░░░ to an electronic form ░░░░░░░░ having a currency Katie ░░░░░░░░ me for discloser I ░░░░░░░░ not a crypto hater ░░░░░░░░ it is useful and ░░░░░░░░ mentioned the technicals and ░░░░░░░░ have to imagine for ░░░░░░░░ technician it is a ░░░░░░░░ asset class and an ░░░░░░░░ rash or measure of ░░░░░░░░ appetite That is Mary ░░░░░░░░ I know that you ░░░░░░░░ a big crypto guy ░░░░░░░░ I have loved it ░░░░░░░░ the community around it ░░░░░░░░ the libertarian bends I ░░░░░░░░ these fun reddit based ░░░░░░░░ theory things and Bitcoin ░░░░░░░░ into it And also ░░░░░░░░ reason said I find ░░░░░░░░ interesting Because I am ░░░░░░░░ journalist unfortunately I did ░░░░░░░░ make a big investment ░░░░░░░░ it Katie The good ░░░░░░░░ is that you did ░░░░░░░░ and you get to ░░░░░░░░ at bloomberg s Getting ░░░░░░░░ boost ahead of the ░░░░░░░░ shopping season we will ░░░░░░░░ who is hot and ░░░░░░░░ is not This is ░░░░░░░░ Abigail This is bloomberg ░░░░░░░░ interest Coming up an ░░░░░░░░ with Roy Gori at ░░░░░░░░ 00 A M New ░░░░░░░░ time This is bloomberg ░░░░░░░░ It is time for ░░░░░░░░ calls some of the ░░░░░░░░ action in focus Piper ░░░░░░░░ says sunrun is no ░░░░░░░░ a buy and cuts ░░░░░░░░ recommendation to neutral They ░░░░░░░░ have to cut costs ░░░░░░░░ increase prices if the ░░░░░░░░ Administration offer altars and ░░░░░░░░ Raymond James is cutting ░░░░░░░░ health care citing potential ░░░░░░░░ There will be a ░░░░░░░░ reduction in the Affordable ░░░░░░░░ Act exchange population because ░░░░░░░░ the sun setting up ░░░░░░░░ in 2026 We have ░░░░░░░░ initiating coverage of crocs ░░░░░░░░ a buy rating and ░░░░░░░░ dollars at target stock ░░░░░░░░ It has been overly ░░░░░░░░ and he is encouraged ░░░░░░░░ talent investments Crocs taps ░░░░░░░░ former yeezy shoe designer ░░░░░░░░ this week Matt Ah ░░░░░░░░