RUSH TRANSCRIPT America s ░░░░░░░░ one lottery app today ░░░░░░░░ a look at few ░░░░░░░░ on this final trading ░░░░░░░░ of the month of ░░░░░░░░ q4 and the year ░░░░░░░░ are going to be ░░░░░░░░ tomorrow Dow is up ░░░░░░░░ NASDAQ up 82 We ░░░░░░░░ a very decent story ░░░░░░░░ you look at the ░░░░░░░░ 1 4 some losses ░░░░░░░░ the dow and S ░░░░░░░░ but for the quarter ░░░░░░░░ s give you the ░░░░░░░░ As you can see ░░░░░░░░ the board S P ░░░░░░░░ 2 and a half ░░░░░░░░ NASDAQ up more than ░░░░░░░░ for the quarter and ░░░░░░░░ across the board for ░░░░░░░░ year Take a look ░░░░░░░░ the performances of these ░░░░░░░░ The dow gaining almost ░░░░░░░░ we ll see how ░░░░░░░░ goes S P 500 ░░░░░░░░ up 23 almost 24 ░░░░░░░░ the year and then ░░░░░░░░ NASDAQ is up almost ░░░░░░░░ for the year I ░░░░░░░░ to bring in Anderson ░░░░░░░░ management chief investment officer ░░░░░░░░ Anderson Let s talk ░░░░░░░░ what your outlook is ░░░░░░░░ into 20825 The Wall ░░░░░░░░ Journal writes about stocks ░░░░░░░░ pace for the best ░░░░░░░░ years in a quarter ░░░░░░░░ a century But they ░░░░░░░░ point out that many ░░░░░░░░ don t believe that ░░░░░░░░ s going to continue ░░░░░░░░ 2025 At least not ░░░░░░░░ this heated pace with ░░░░░░░░ double digit returns Achieve ░░░░░░░░ consecutive three year 20 ░░░░░░░░ percent returns In fact ░░░░░░░░ think in the past ░░░░░░░░ years it s only ░░░░░░░░ once Cheryl When you ░░░░░░░░ at history the odds ░░░░░░░░ against us But this ░░░░░░░░ dare I say it ░░░░░░░░ be different because we ░░░░░░░░ a new administration that ░░░░░░░░ extremely capital markets friendly ░░░░░░░░ we have that going ░░░░░░░░ us However on the ░░░░░░░░ hand we have the ░░░░░░░░ of higher interest rates ░░░░░░░░ profound growth so that ░░░░░░░░ what we ll be ░░░░░░░░ at is as we ░░░░░░░░ enter the quarter next ░░░░░░░░ how is President Trump ░░░░░░░░ to handle this We ░░░░░░░░ know in our favor ░░░░░░░░ he is a great ░░░░░░░░ of the capital markets ░░░░░░░░ actually I think interprets ░░░░░░░░ returns of the capital ░░░░░░░░ as direct feedback on ░░░░░░░░ performance Cheryl that s ░░░░░░░░ interesting take Okay Greg ░░░░░░░░ jump into this what ░░░░░░░░ you what about your ░░░░░░░░ for 2025 how are ░░░░░░░░ feeling about the markets ░░░░░░░░ I mean I m ░░░░░░░░ pretty good about the ░░░░░░░░ heading into 2025 I ░░░░░░░░ the backdrop is very ░░░░░░░░ constructive The interest rate ░░░░░░░░ is a definite concern ░░░░░░░░ now and I think ░░░░░░░░ s interesting because and ░░░░░░░░ d love to get ░░░░░░░░ s take on this ░░░░░░░░ well You know we ░░░░░░░░ had the Fed lower ░░░░░░░░ by 100 basis points ░░░░░░░░ were on board with ░░░░░░░░ recalibration Yet we ve ░░░░░░░░ rates move higher on ░░░░░░░░ long end by 1100 ░░░░░░░░ basi points since the ░░░░░░░░ started easing so it ░░░░░░░░ impacting the mortgage market ░░░░░░░░ s impacting markets across ░░░░░░░░ board and I think ░░░░░░░░ question here and the ░░░░░░░░ for Peter is what ░░░░░░░░ you think about the ░░░░░░░░ outlook going forward here ░░░░░░░░ the Fed lowering rates ░░░░░░░░ at the same time ░░░░░░░░ are going higher Counterintuitive ░░░░░░░░ fact I m thankful ░░░░░░░░ that s happening because ░░░░░░░░ think we re almost ░░░░░░░░ what economists call a ░░░░░░░░ rate anyway and I ░░░░░░░░ totally surprised that the ░░░░░░░░ lowered rates at this ░░░░░░░░ meeting I think he ░░░░░░░░ t have to take ░░░░░░░░ action until a wait ░░░░░░░░ see and see how ░░░░░░░░ markets react to President ░░░░░░░░ s new policies You ░░░░░░░░ we spent so much ░░░░░░░░ focusing and fretting about ░░░░░░░░ rates and think back ░░░░░░░░ 2022 when the market ░░░░░░░░ got destroyed because the ░░░░░░░░ took that big the ░░░░░░░░ of hikes So I ░░░░░░░░ praying that those don ░░░░░░░░ happen again Even though ░░░░░░░░ me just add this ░░░░░░░░ even if he did ░░░░░░░░ rates I think there ░░░░░░░░ plenty of stocks out ░░░░░░░░ that are very resilient ░░░░░░░░ the face of rising ░░░░░░░░ but many investors don ░░░░░░░░ make that connection They ░░░░░░░░ see the rising rates ░░░░░░░░ they run for the ░░░░░░░░ because they re afraid ░░░░░░░░ the present value of ░░░░░░░░ stocks Cheryl it s ░░░░░░░░ because there s an ░░░░░░░░ ed in The Wall ░░░░░░░░ Journal this morning by ░░░░░░░░ blender will Trump respect ░░░░░░░░ Fed s independence it ░░░░░░░░ about the relationship with ░░░░░░░░ incoming president and of ░░░░░░░░ Jerome Powell and it ░░░░░░░░ the March 19th meeting ░░░░░░░░ particular if there s ░░░░░░░░ cut or not you ░░░░░░░░ would the Fed and ░░░░░░░░ Powell face the wrath ░░░░░░░░ Donald Trump because the ░░░░░░░░ are looking for these ░░░░░░░░ Is that something that ░░░░░░░░ are kind of looking ░░░░░░░░ in your crystal ball ░░░░░░░░ far as how this ░░░░░░░░ s going to work ░░░░░░░░ the two men We ░░░░░░░░ ating at everything With ░░░░░░░░ Trump there s a ░░░░░░░░ new set of things ░░░░░░░░ look at You highlighted ░░░░░░░░ of them I was ░░░░░░░░ the other day that ░░░░░░░░ could actually see President ░░░░░░░░ putting in a new ░░░░░░░░ authority that in the ░░░░░░░░ of rising inflation still ░░░░░░░░ t raise rates Just ░░░░░░░░ of what that would ░░░░░░░░ to the economists out ░░░░░░░░ trying to figure out ░░░░░░░░ calculus But I think ░░░░░░░░ is off the table ░░░░░░░░ him And I welcome ░░░░░░░░ because in the past ░░░░░░░░ ve given the Fed ░░░░░░░░ lot of credit into ░░░░░░░░ the economy et cetera ░░░░░░░░ I m a little ░░░░░░░░ cynical about that For ░░░░░░░░ what would have happened ░░░░░░░░ course we can t ░░░░░░░░ back in time but ░░░░░░░░ if the Fed actually ░░░░░░░░ nothing during the recovery ░░░░░░░░ Covid Maybe the markets ░░░░░░░░ just recover themselves supply ░░░░░░░░ demand would recover on ░░░░░░░░ own and the Fed ░░░░░░░░ t have had to ░░░░░░░░ anything but that s ░░░░░░░░ whole experiment we can ░░░░░░░░ live out can we ░░░░░░░░ Peter thank you for ░░░░░░░░ here And happy new ░░░░░░░░ sir Cheryl all right ░░░░░░░░ ve got a lot ░░░░░░░░ coming up everybody President ░░░░░░░░ Trump hearing the calls ░░░░░░░░ Capitol Hill to back ░░░░░░░░ Johnson’s speakership