RUSH TRANSCRIPT Maria welcome ░░░░░░░░ time for the word ░░░░░░░░ Wall Street top investors ░░░░░░░░ your money Morgan Stanley ░░░░░░░░ director private wealth advisor ░░░░░░░░ with us Chris mcmahon ░░░░░░░░ morning good to see ░░░░░░░░ thank you so much ░░░░░░░░ joining us I want ░░░░░░░░ get your take on ░░░░░░░░ big rally stocks are ░░░░░░░░ higher now industrials of ░░░░░░░░ NASDAQ also higher by ░░░░░░░░ and the S P ░░░░░░░░ 26 Can we take ░░░░░░░░ look at the tenure ░░░░░░░░ 10 year yield is ░░░░░░░░ 4 5 Scott Bessent ░░░░░░░░ this to me that ░░░░░░░░ have been dropping on ░░░░░░░░ s watch our 4 ░░░░░░░░ the tenure European markets ░░░░░░░░ mixed after conservative led ░░░░░░░░ friedrich merge one in ░░░░░░░░ he is expected to ░░░░░░░░ the chancellor of Germany ░░░░░░░░ Trump is weighing tariffs ░░░░░░░░ certain European Union members ░░░░░░░░ counteract foreign taxes on ░░░░░░░░ S firms among other ░░░░░░░░ Treasury secretary Scott benson ░░░░░░░░ me yesterday on Sunday ░░░░░░░░ futures to talk about ░░░░░░░░ expensive the tariffs could ░░░░░░░░ And what they cover ░░░░░░░░ re going to look ░░░░░░░░ the actual tariffs nontariff ░░░░░░░░ underlying the current manipulation ░░░░░░░░ whether there are any ░░░░░░░░ factors as China does ░░░░░░░░ unfair financing of their ░░░░░░░░ aphis portion has come ░░░░░░░░ our attention with the ░░░░░░░░ that that you launches ░░░░░░░░ our tech companies we ░░░░░░░░ going to take that ░░░░░░░░ the aggregate in the ░░░░░░░░ of reciprocal tariffs if ░░░░░░░░ start matching weather that ░░░░░░░░ than any other country ░░░░░░░░ the world with reciprocal ░░░░░░░░ were destroying what they ░░░░░░░░ doing and adding in ░░░░░░░░ other factors Maria this ░░░░░░░░ not about trade only ░░░░░░░░ also about currency manipulation ░░░░░░░░ the digital fees and ░░░░░░░░ on tech companies Your ░░░░░░░░ Thank you for having ░░░░░░░░ I think this is ░░░░░░░░ issue and I appreciate ░░░░░░░░ most the due diligence ░░░░░░░░ that the administration goes ░░░░░░░░ the vet and make ░░░░░░░░ they have the facts ░░░░░░░░ they can react on ░░░░░░░░ facts and take care ░░░░░░░░ it from that standpoint ░░░░░░░░ cannot have our country ░░░░░░░░ hit with the tariffs ░░░░░░░░ not take action against ░░░░░░░░ I think it makes ░░░░░░░░ I think it s ░░░░░░░░ and we want to ░░░░░░░░ what happens next Would ░░░░░░░░ take to the sidelines ░░░░░░░░ cash until we have ░░░░░░░░ clarity We know President ░░░░░░░░ has tasked Scott Bessent ░░░░░░░░ well as howard lawton ░░░░░░░░ commerce secretary to study ░░░░░░░░ impact They re going ░░░░░░░░ give them impactreport at ░░░░░░░░ end of March we ░░░░░░░░ is April 2 Absolutely ░░░░░░░░ tariffs can be detrimental ░░░░░░░░ the market in the ░░░░░░░░ term but in the ░░░░░░░░ term not so much ░░░░░░░░ in the market come ░░░░░░░░ go For example we ░░░░░░░░ hit pretty hard there ░░░░░░░░ a lot of companies ░░░░░░░░ got hit last week ░░░░░░░░ might not necessarily deserve ░░░░░░░░ pounding those of the ░░░░░░░░ that we want to ░░░░░░░░ up when the markets ░░░░░░░░ hit in terms of ░░░░░░░░ tariffs in the long ░░░░░░░░ picture sometimes it s ░░░░░░░░ negotiating process and sometimes ░░░░░░░░ ll be actual tariffs ░░░░░░░░ the end of the ░░░░░░░░ were in it for ░░░░░░░░ long term and we ░░░░░░░░ to be thoughtful in ░░░░░░░░ portfolio that can stand ░░░░░░░░ long term Right now ░░░░░░░░ like large cap value ░░░░░░░░ cap growth though should ░░░░░░░░ pretty well in any ░░░░░░░░ of environment going forward ░░░░░░░░ President Trump has been ░░░░░░░░ to the nations as ░░░░░░░░ as companies producing in ░░░░░░░░ and there s no ░░░░░░░░ and what we see ░░░░░░░░ morning breaking news from ░░░░░░░░ they will spend the ░░░░░░░░ money they ve ever ░░░░░░░░ in terms of production ░░░░░░░░ rekindling and increasing production ░░░░░░░░ America Why are they ░░░░░░░░ that they don t ░░░░░░░░ to get tariffs Get ░░░░░░░░ memo The Trump Administration ░░░░░░░░ ordering U S federal ░░░░░░░░ to detail what they ░░░░░░░░ doing detail five accomplishments ░░░░░░░░ work last week or ░░░░░░░░ losing the job An ░░░░░░░░ posed by Elon Musk ░░░░░░░░ government waste and abuse ░░░░░░░░ comes as a recent ░░░░░░░░ is asking the question ░░░░░░░░ doge government layoffs cause ░░░░░░░░ recession I ask opposite ░░░░░░░░ Treasury secretary yesterday If ░░░░░░░░ have a bloated government ░░░░░░░░ if that gets cut ░░░░░░░░ government spending will go ░░░░░░░░ Many times in the ░░░░░░░░ 10 months I talked ░░░░░░░░ reprioritizing the company and ░░░░░░░░ company and will have ░░░░░░░░ do as a government ░░░░░░░░ comes down private sector ░░░░░░░░ not be crowded all ░░░░░░░░ jobs not all but ░░░░░░░░ or 80 or 5 ░░░░░░░░ the jobs by the ░░░░░░░░ jobs and government adjacent ░░░░░░░░ they crowded out the ░░░░░░░░ sector Maria I like ░░░░░░░░ idea of picking up ░░░░░░░░ slack by the private ░░░░░░░░ Your reaction Bloated government ░░░░░░░░ never a good thing ░░░░░░░░ Trump as you pointed ░░░░░░░░ he wants Elon Musk ░░░░░░░░ move faster which is ░░░░░░░░ to believe Elon tweeted ░░░░░░░░ if you don t ░░░░░░░░ those E mails in ░░░░░░░░ to be able to ░░░░░░░░ on with the next ░░░░░░░░ sooner and they re ░░░░░░░░ serious about this the ░░░░░░░░ I don t think ░░░░░░░░ amount of layoffs 200 ░░░░░░░░ employees in the temporary ░░░░░░░░ 24 months Where they ░░░░░░░░ transition out in over ░░░░░░░░ of the federal workers ░░░░░░░░ 55 or older and ░░░░░░░░ getting to a point ░░░░░░░░ they get to take ░░░░░░░░ retirement deals at the ░░░░░░░░ of the day will ░░░░░░░░ send the center recession ░░░░░░░░ end of the day ░░░░░░░░ numbers are not enough ░░░░░░░░ we get rid of ░░░░░░░░ 000 employees many are ░░░░░░░░ for a retirement and ░░░░░░░░ have to check the ░░░░░░░░ paychecks that are not ░░░░░░░░ to work it s ░░░░░░░░ for the blow to ░░░░░░░░ and it will be ░░░░░░░░ for the economy There ░░░░░░░░ millions of people on ░░░░░░░░ role of Social Security ░░░░░░░░ 150 years old 360 ░░░░░░░░ old What we don ░░░░░░░░ know whether those people ░░░░░░░░ received checks and benefits ░░░░░░░░ they are on the ░░░░░░░░ in the checks could ░░░░░░░░ going to the house ░░░░░░░░ the family could be ░░░░░░░░ We don t know ░░░░░░░░ certainly the fact that ░░░░░░░░ these people are on ░░░░░░░░ roles and their dad ░░░░░░░░ I checked the oldest ░░░░░░░░ in America s 114 ░░░░░░░░ old God bless her ░░░░░░░░ let s talk about ░░░░░░░░ busy week of earnings ░░░░░░░░ have a Home Depot ░░░░░░░░ tomorrow lows tjx on ░░░░░░░░ and the big kahuna ░░░░░░░░ nvidia reporting after the ░░░░░░░░ Wednesday night warner bros ░░░░░░░░ on Wednesday what are ░░░░░░░░ expectations we know nvidia ░░░░░░░░ duracell office trading that ░░░░░░░░ off a bellows but ░░░░░░░░ is a big report ░░░░░░░░ it s good to ░░░░░░░░ judgment day and some ░░░░░░░░ Absolutely I do think ░░░░░░░░ of the mag seven ░░░░░░░░ have seen a run ░░░░░░░░ even if they pull ░░░░░░░░ a little bit It ░░░░░░░░ a great time diversified ░░░░░░░░ little bit and looking ░░░░░░░░ other market opportunities to ░░░░░░░░ with their portfolio It ░░░░░░░░ knocking to be sustainable ░░░░░░░░ the long term it ░░░░░░░░ great to have a ░░░░░░░░ of it you don ░░░░░░░░ want to put all ░░░░░░░░ eggs in one basket ░░░░░░░░ are not the diversification ░░░░░░░░ integrate timely markets can ░░░░░░░░ a little bit to ░░░░░░░░ rotating into the other ░░░░░░░░ of the market that ░░░░░░░░ do well going forward ░░░░░░░░ it s also important ░░░░░░░░ have an understated of ░░░░░░░░ they re saying for ░░░░░░░░ and 2026 The guidance ░░░░░░░░ been critical what you ░░░░░░░░ for guidance Home Depot ░░░░░░░░ the housing companies and ░░░░░░░░ rates up what are ░░░░░░░░ going to tell us ░░░░░░░░ 25 Are basically going ░░░░░░░░ tell us whether or ░░░░░░░░ our economy is in ░░░░░░░░ order what we should ░░░░░░░░ for for the next ░░░░░░░░ 12 months these early ░░░░░░░░ are forward looking earnings ░░░░░░░░ term 6 12 months ░░░░░░░░ basically saying we need ░░░░░░░░ be more cautious and ░░░░░░░░ smarter and invest smarter ░░░░░░░░ the administration the choices ░░░░░░░░ the decisions are going ░░░░░░░░ have an effect as ░░░░░░░░ It s going to ░░░░░░░░ interesting but I m ░░░░░░░░ buyer for the long ░░░░░░░░ Maria great to see ░░░░░░░░ thank you so much.