RUSH TRANSCRIPT Rough last ░░░░░░░░ Marta it s great ░░░░░░░░ have you Thank you ░░░░░░░░ much Oh my pleasure ░░░░░░░░ let s bring in ░░░░░░░░ wealth management cio Michael ░░░░░░░░ Michael I want to ░░░░░░░░ follow up talk about ░░░░░░░░ as we re winding ░░░░░░░░ q4 reporting You say ░░░░░░░░ believe in earning growth ░░░░░░░░ do you think that ░░░░░░░░ continues for the rest ░░░░░░░░ 2025 or do you ░░░░░░░░ there might start to ░░░░░░░░ some kind of cracks ░░░░░░░░ the armor for q1 ░░░░░░░░ Cheryl earnings are what ░░░░░░░░ seem to go by ░░░░░░░░ lot of of noise ░░░░░░░░ tariffs and this and ░░░░░░░░ At the end of ░░░░░░░░ day stocks trade on ░░░░░░░░ earnings are going to ░░░░░░░░ and is we ve ░░░░░░░░ double digit growth in ░░░░░░░░ S P is over ░░░░░░░░ in NASDAQ and actually ░░░░░░░░ the russell 2000 showed ░░░░░░░░ to the party and ░░░░░░░░ even got earnings growth ░░░░░░░░ think the earnings growth ░░░░░░░░ is intact and I ░░░░░░░░ it should continue There ░░░░░░░░ a possibility for a ░░░░░░░░ here and there but ░░░░░░░░ this is a fundamental ░░░░░░░░ of corporate America doing ░░░░░░░░ right thing and making ░░░░░░░░ Cheryl yeah But also ░░░░░░░░ to kind of weed ░░░░░░░░ an uncertain and political ░░░░░░░░ which is what March ░░░░░░░░ and I were talking ░░░░░░░░ to be clear Do ░░░░░░░░ have any insight into ░░░░░░░░ we re supposed to ░░░░░░░░ this from an investor ░░░░░░░░ perspective I think the ░░░░░░░░ thing is we already ░░░░░░░░ four years of Trump ░░░░░░░░ saw the Fed trying ░░░░░░░░ use the statement we ░░░░░░░░ unsure about tariffs Inflation ░░░░░░░░ 2 5 for the ░░░░░░░░ years so to blame ░░░░░░░░ for the possibility of ░░░░░░░░ coming later because of ░░░░░░░░ is a way for ░░░░░░░░ to try to scapegoat ░░░░░░░░ had inflation in our ░░░░░░░░ going from 2 4 ░░░░░░░░ September to 3 5 ░░░░░░░░ year later irrespective of ░░░░░░░░ was going to be ░░░░░░░░ So I looked at ░░░░░░░░ inflation as inflation s ░░░░░░░░ to be here you ░░░░░░░░ to be investing to ░░░░░░░░ the advantage of that ░░░░░░░░ the tariffs may or ░░░░░░░░ not if be here ░░░░░░░░ realistically inflation is here ░░░░░░░░ stay Cheryl we didn ░░░░░░░░ let our viewers know ░░░░░░░░ the f if omc ░░░░░░░░ did come out a ░░░░░░░░ over six and a ░░░░░░░░ minutes ago 2 P ░░░░░░░░ eastern time I want ░░░░░░░░ kind of reiterate what ░░░░░░░░ Fed did say that ░░░░░░░░ just referenced That that ░░░░░░░░ basically that trade and ░░░░░░░░ policy change seen as ░░░░░░░░ risks on inflation And ░░░░░░░░ they re having a ░░░░░░░░ approach that s in ░░░░░░░░ to cuts You know ░░░░░░░░ got the decision the ░░░░░░░░ always give us a ░░░░░░░░ more color as to ░░░░░░░░ what the conversation was ░░░░░░░░ the walled Federal Reserve ░░░░░░░░ s talk about large ░░░░░░░░ You say that s ░░░░░░░░ mace to be I ░░░░░░░░ is that should that ░░░░░░░░ a bigger weight in ░░░░░░░░ portfolios right now as ░░░░░░░░ kind of weed through ░░░░░░░░ changes we re seeing ░░░░░░░░ I think typically for ░░░░░░░░ viewers large caps should ░░░░░░░░ your largest allocation simply ░░░░░░░░ it s predictable It ░░░░░░░░ a lot easier to ░░░░░░░░ some of those names ░░░░░░░░ also if we do ░░░░░░░░ any if hiccups internationally ░░░░░░░░ think there s a ░░░░░░░░ amount of business basically ░░░░░░░░ done by some of ░░░░░░░░ multi nationals Now with ░░░░░░░░ being said uh uh ░░░░░░░░ there is a huge ░░░░░░░░ in some of those ░░░░░░░░ of mag 7 ish ░░░░░░░░ that I think people ░░░░░░░░ look to diversify lower ░░░░░░░░ the large cap space ░░░░░░░░ just mega cap I ░░░░░░░░ it s going to ░░░░░░░░ consistent earnings and you ░░░░░░░░ the ability I think ░░░░░░░░ better management to steer ░░░░░░░░ hiccups we do have ░░░░░░░░ you re still op ░░░░░░░░ that cybersecurity train with ░░░░░░░░ alto networks Is that ░░░░░░░░ something you re recommending ░░░░░░░░ now Yeah I think ░░░░░░░░ time I was on ░░░░░░░░ a two months ago ░░░░░░░░ we loved it Crowdstrike ░░░░░░░░ rallied Palo alto is ░░░░░░░░ 10 I think in ░░░░░░░░ last 12 months I ░░░░░░░░ much like all the ░░░░░░░░ in the space because ░░░░░░░░ all fit a different ░░░░░░░░ This happens a to ░░░░░░░░ a the most afracktive ░░░░░░░░ the price standpoint it ░░░░░░░░ t had the big ░░░░░░░░ that that a crowdstrike ░░░░░░░░ has A I becomes ░░░░░░░░ and more predominant you ░░░░░░░░ going to have smarter ░░░░░░░░ trying to steal your ░░░░░░░░ at the corporate or ░░░░░░░░ level cybersecurity s a ░░░░░░░░ play for us Cheryl ░░░░░░░░ they re going the ░░░░░░░░ data centers power energy ░░░░░░░░ you also like ge ░░░░░░░░ Is that because of ░░░░░░░░ data center buildout that ░░░░░░░░ we re looking at ░░░░░░░░ s actually more of ░░░░░░░░ retirement plan It s ░░░░░░░░ a smaller cap mid ░░░░░░░░ name They re in ░░░░░░░░ retirement and skilled nursing ░░░░░░░░ business Cheryl okay yeah ░░░░░░░░ of America for us ░░░░░░░░ a big theme We ░░░░░░░░ that We think if ░░░░░░░░ live hoppinger they re ░░░░░░░░ the need these facilities ░░░░░░░░ rehab Ge ge vernova ░░░░░░░░ ve got a good ░░░░░░░░ turbine business and exposure ░░░░░░░░ nuclear And I think ░░░░░░░░ seems to get bipartisan ░░░░░░░░ And you want to ░░░░░░░░ a play there It ░░░░░░░░ a lot less risky ░░░░░░░░ the pure play nuclear ░░░░░░░░ because they ve got ░░░░░░░░ businesses to support it ░░░░░░░░ again we re going ░░░░░░░░ need all the a ░░░░░░░░ for the buildout of ░░░░░░░░ centers across the nation ░░░░░░░░ that s definitely been ░░░░░░░░ the minds of to ░░░░░░░░ Michael thank you so ░░░░░░░░