RUSH TRANSCRIPT These markets ░░░░░░░░ the closing bell David ░░░░░░░░ joins us now chief ░░░░░░░░ officer at abound financial ░░░░░░░░ you heard what she ░░░░░░░░ to say how all ░░░░░░░░ analysts had sort of ░░░░░░░░ and basically she sees ░░░░░░░░ bears out there Are ░░░░░░░░ in that camp Jess ░░░░░░░░ think it is better ░░░░░░░░ focus on the immediate ░░░░░░░░ For me I am ░░░░░░░░ at what that equities ░░░░░░░░ done for the last ░░░░░░░░ years let s celebrate ░░░░░░░░ And happy new year ░░░░░░░░ to both of you ░░░░░░░░ am looking at on ░░░░░░░░ after a 20 correction ░░░░░░░░ the S P 500 ░░░░░░░░ five years we have ░░░░░░░░ a return of 67 ░░░░░░░░ you go back to ░░░░░░░░ of 2022 and you ░░░░░░░░ that forward to the ░░░░░░░░ we have today that ░░░░░░░░ the 67 return a ░░░░░░░░ percent below that On ░░░░░░░░ we have to a ░░░░░░░░ to a low decline ░░░░░░░░ the S P each ░░░░░░░░ for 14 We haven ░░░░░░░░ seen that in two ░░░░░░░░ We see the mag ░░░░░░░░ as stretched as they ░░░░░░░░ been 39 percent of ░░░░░░░░ S P 500 just ░░░░░░░░ high as they have ░░░░░░░░ from a multiple standpoint ░░░░░░░░ the multiple issues in ░░░░░░░░ S P are largely ░░░░░░░░ into those companies So ░░░░░░░░ year I am thinking ░░░░░░░░ myself it seems like ░░░░░░░░ might be an opportunity ░░░░░░░░ some softness Some consolidation ░░░░░░░░ a secular bear market ░░░░░░░░ idea that we could ░░░░░░░░ back 15 potentially in ░░░░░░░░ first six months of ░░░░░░░░ year would not surprise ░░░░░░░░ And I think you ░░░░░░░░ seeing other people with ░░░░░░░░ thoughts Look at today ░░░░░░░░ you see the NASDAQ ░░░░░░░░ small cap underperforming mid ░░░░░░░░ underperforming the dow All ░░░░░░░░ those add up to ░░░░░░░░ we have a bit ░░░░░░░░ softness in the large ░░░░░░░░ Tax companies so what ░░░░░░░░ be a catalyst for ░░░░░░░░ market We have had ░░░░░░░░ guests come on they ░░░░░░░░ most importantly it is ░░░░░░░░ the Fed does You ░░░░░░░░ about watching the intermediate ░░░░░░░░ but is it really ░░░░░░░░ Fed that you are ░░░░░░░░ to figure out where ░░░░░░░░ go from here David ░░░░░░░░ course you don t ░░░░░░░░ to fight the Fed ░░░░░░░░ will continue to lower ░░░░░░░░ rates They are working ░░░░░░░░ helping the economy over ░░░░░░░░ next 6 18 months ░░░░░░░░ hurting the economy We ░░░░░░░░ mentioning the 10 year ░░░░░░░░ it was a confusing ░░░░░░░░ 12 months ago because ░░░░░░░░ 10 year was lower ░░░░░░░░ that we would have ░░░░░░░░ recession Now 10 year ░░░░░░░░ drifting higher because people ░░░░░░░░ saying hey would know ░░░░░░░░ things look good But ░░░░░░░░ will happen with Trump ░░░░░░░░ policy This is now ░░░░░░░░ things he is talking ░░░░░░░░ doing is no How ░░░░░░░░ that impact growth I ░░░░░░░░ the policy has fallen ░░░░░░░░ a bit since Election ░░░░░░░░ and it has become ░░░░░░░░ about the recent fed ░░░░░░░░ As we get closer ░░░░░░░░ the inauguration I think ░░░░░░░░ policies and what will ░░░░░░░░ there is going to ░░░░░░░░ to focus Is it ░░░░░░░░ talk or is he ░░░░░░░░ to be tough when ░░░░░░░░ comes to tariffs That ░░░░░░░░ cause the market to ░░░░░░░░ a bit ultimately I ░░░░░░░░ de regulation business friendly ░░░░░░░░ and innovation like AI ░░░░░░░░ carry the day and ░░░░░░░░ will be interesting to ░░░░░░░░ how that opportunity centers ░░░░░░░░ value stocks Places that ░░░░░░░░ necessarily thought of as ░░░░░░░░ exciting part of AI ░░░░░░░░ can they use that ░░░░░░░░ supplying their products and ░░░░░░░░ new products and managing ░░░░░░░░ people and doing customer ░░░░░░░░ Vonnie You must have ░░░░░░░░ eye on a few ░░░░░░░░ those value plays already ░░░░░░░░ what are they David ░░░░░░░░ know what I am ░░░░░░░░ at in particular is ░░░░░░░░ value financials industrials Think ░░░░░░░░ a firm it would ░░░░░░░░ a great example this ░░░░░░░░ a technology oriented company ░░░░░░░░ is providing services They ░░░░░░░░ got great culture and ░░░░░░░░ In my situation I ░░░░░░░░ to him by a ░░░░░░░░ simulator recently Pretty expensive ░░░░░░░░ but affirm was able ░░░░░░░░ offer that to me ░░░░░░░░ four years interest free ░░░░░░░░ want because they got ░░░░░░░░ matching commission from the ░░░░░░░░ provider The product provider ░░░░░░░░ because he was able ░░░░░░░░ sell a higher dollar ░░░░░░░░ And I won because ░░░░░░░░ was able to finance ░░░░░░░░ for free for four ░░░░░░░░ When he think about ░░░░░░░░ AI they are using ░░░░░░░░ to underwrite those deals ░░░░░░░░ monitor for fraud and ░░░░░░░░ are using it with ░░░░░░░░ service to drive products ░░░░░░░░ But not we have ░░░░░░░░ be worried if that ░░░░░░░░ can t hold up ░░░░░░░░ is up almost 24 ░░░░░░░░ 2024 Kudos to you ░░░░░░░░ being able to buy ░░░░░░░░ golf simulator But I ░░░░░░░░ just wondering the consumer ░░░░░░░░ to surprise us and ░░░░░░░░ been at their spending ░░░░░░░░ it might 2025 go ░░░░░░░░ David Still half of ░░░░░░░░ consumer spending in the ░░░░░░░░ States comes from people ░░░░░░░░ make more than 141 ░░░░░░░░ a year in combined ░░░░░░░░ We are not talking ░░░░░░░░ rocket scientists or celebrities ░░░░░░░░ are talking about a ░░░░░░░░ and a firefighter Will ░░░░░░░░ continue to have jobs ░░░░░░░░ spend and be strong ░░░░░░░░ drive our economy forward ░░░░░░░░ think so Yeah the ░░░░░░░░ market is so often ░░░░░░░░ we are not in ░░░░░░░░ dangerous place And we ░░░░░░░░ a floor there with ░░░░░░░░ fed that is becoming ░░░░░░░░ and more focused on ░░░░░░░░ job market and less ░░░░░░░░ on inflation Vonnie You ░░░░░░░░ get golf simulators for ░░░░░░░░ than five thousand dollars ░░░░░░░░ the way up to ░░░░░░░░ 500 I am not ░░░░░░░░ to ask Laughter Carol ░░░░░░░░ played golf so this ░░░░░░░░ her world Vonnie If ░░░░░░░░ was at Miami dolphin ░░░░░░░░ have one right now ░░░░░░░░ it worth it given ░░░░░░░░ of golf simulators Laughter ░░░░░░░░ You know it is ░░░░░░░░ of those things where ░░░░░░░░ have it vonnie Thank ░░░░░░░░ so much for joining ░░░░░░░░ David Laut is chief ░░░░░░░░ officer at a bound ░░░░░░░░ coming up Carol Shipping ░░░░░░░░ are front and center ░░░░░░░░ tariffs