RUSH TRANSCRIPT That s ░░░░░░░░ performance week to date ░░░░░░░░ far Brian wendig is ░░░░░░░░ of mjp wealth advisors ░░░░░░░░ us with his take ░░░░░░░░ the markets Brian lovely ░░░░░░░░ have you on the ░░░░░░░░ Thank you very much ░░░░░░░░ your time First and ░░░░░░░░ to the market s ░░░░░░░░ around tariffs coming through ░░░░░░░░ you think the market ░░░░░░░░ convinced that these tariffs ░░░░░░░░ be implemented as Trump ░░░░░░░░ threatened or could they ░░░░░░░░ another walk back from ░░░░░░░░ As we witnessed previously ░░░░░░░░ Thanks tamara I mean ░░░░░░░░ think um you know ░░░░░░░░ all started really late ░░░░░░░░ week when we started ░░░░░░░░ the change in sentiment ░░░░░░░░ investors And obviously things ░░░░░░░░ a little bit further ░░░░░░░░ with tariffs So I ░░░░░░░░ we re in this ░░░░░░░░ of time where uncertainty ░░░░░░░░ certain in um and ░░░░░░░░ a consequence not knowing ░░░░░░░░ direction or the extent ░░░░░░░░ is why I think ░░░░░░░░ see some hedging today ░░░░░░░░ us markets And as ░░░░░░░░ correctly said on the ░░░░░░░░ of a critical inflation ░░░░░░░░ um that the Fed ░░░░░░░░ at tomorrow morning at ░░░░░░░░ eastern Um so I ░░░░░░░░ still from what we ░░░░░░░░ seen and what we ░░░░░░░░ read is I would ░░░░░░░░ think that a majority ░░░░░░░░ investors are looking at ░░░░░░░░ as a tool for ░░░░░░░░ negotiation with trading partners ░░░░░░░░ really reciprocal trade tariffs ░░░░░░░░ don t take away ░░░░░░░░ economic output Because if ░░░░░░░░ re not buying a ░░░░░░░░ or a good that ░░░░░░░░ inflated in price it ░░░░░░░░ really uh net neutral ░░░░░░░░ GDP Um so until ░░░░░░░░ know more I think ░░░░░░░░ re going to be ░░░░░░░░ this in this volatile ░░░░░░░░ market But I also ░░░░░░░░ at the same point ░░░░░░░░ time when I look ░░░░░░░░ sentiment indicators being so ░░░░░░░░ I think we need ░░░░░░░░ take a step back ░░░░░░░░ look at earnings and ░░░░░░░░ of earnings to make ░░░░░░░░ right decision on where ░░░░░░░░ invest moving forward So ░░░░░░░░ don t think it ░░░░░░░░ an all for not ░░░░░░░░ I think there is ░░░░░░░░ a lot of opportunity ░░░░░░░░ I don t see ░░░░░░░░ as of this point ░░░░░░░░ time And until we ░░░░░░░░ more that that we ░░░░░░░░ going to be going ░░░░░░░░ extremes on tariffs But ░░░░░░░░ course um you have ░░░░░░░░ be sensitive to this ░░░░░░░░ cycle you have to ░░░░░░░░ And so how do ░░░░░░░░ invest that around this ░░░░░░░░ or the lack of ░░░░░░░░ or whatever You know ░░░░░░░░ in this environment of ░░░░░░░░ Yeah I mean we ░░░░░░░░ been telling our investors ░░░░░░░░ into this year don ░░░░░░░░ chase performance based on ░░░░░░░░ limited number of names ░░░░░░░░ have performed well over ░░░░░░░░ last couple of years ░░░░░░░░ I mean when we ░░░░░░░░ at the concentration of ░░░░░░░░ last year that stayed ░░░░░░░░ with the S P ░░░░░░░░ overall returns we saw ░░░░░░░░ an extremely low level ░░░░░░░░ about 29 of stocks ░░░░░░░░ able to uh stay ░░░░░░░░ with the market return ░░░░░░░░ when we look at ░░░░░░░░ the hood we still ░░░░░░░░ attractive valuations in medium ░░░░░░░░ mid cap stocks So ░░░░░░░░ at some of the ░░░░░░░░ names that are out ░░░░░░░░ in health care industrial ░░░░░░░░ financials and look at ░░░░░░░░ end of the day ░░░░░░░░ know we all talk ░░░░░░░░ nvidia every day Even ░░░░░░░░ nvidia was was a ░░░░░░░░ drag today and you ░░░░░░░░ a risk off trade ░░░░░░░░ the short terme There ░░░░░░░░ still a lot of ░░░░░░░░ news that was baked ░░░░░░░░ their earnings forecast That ░░░░░░░░ the AI innovation trends ░░░░░░░░ not over And actually ░░░░░░░░ would argue that there ░░░░░░░░ an expansionary move that ░░░░░░░░ happen moving forward over ░░░░░░░░ course of the year ░░░░░░░░ as you know everyone ░░░░░░░░ to say broadly diversified ░░░░░░░░ when you re in ░░░░░░░░ environment of uncertainty that ░░░░░░░░ why it really does ░░░░░░░░ sense to look at ░░░░░░░░ positioning and make sure ░░░░░░░░ you re not overpaying ░░░░░░░░ growth Brian you say ░░░░░░░░ biggest risk to markets ░░░░░░░░ 2025 is a policy ░░░░░░░░ error coming out of ░░░░░░░░ And also the Fed ░░░░░░░░ I mean talk to ░░░░░░░░ about this interrelationship and ░░░░░░░░ sort of pieces of ░░░░░░░░ puzzle sort of coming ░░░░░░░░ because I mean a ░░░░░░░░ error between de c ░░░░░░░░ the Fed is a ░░░░░░░░ the net pretty wide ░░░░░░░░ far as what that ░░░░░░░░ be Could you give ░░░░░░░░ some specifics Yeah absolutely ░░░░░░░░ let me just give ░░░░░░░░ context with that comment ░░░░░░░░ s because I believe ░░░░░░░░ the 2025 earnings forecast ░░░░░░░░ s out there And ░░░░░░░░ also believe that the ░░░░░░░░ economy is not yet ░░░░░░░░ threat of moving into ░░░░░░░░ recession So when you ░░░░░░░░ at the other you ░░░░░░░░ macro inputs into things ░░░░░░░░ could impact risk and ░░░░░░░░ output it has to ░░░░░░░░ these policy decisions and ░░░░░░░░ as a consequence when ░░░░░░░░ look at policy decisions ░░░░░░░░ could be supportive of ░░░░░░░░ or or the investor ░░░░░░░░ outlook on on markets ░░░░░░░░ earnings and the economy ░░░░░░░░ re talking about maintaining ░░░░░░░░ current tax regime We ░░░░░░░░ talking about deregulation that ░░░░░░░░ supporting capital formation and ░░░░░░░░ a and growth in ░░░░░░░░ private sector And also ░░░░░░░░ know it s a ░░░░░░░░ topic in the way ░░░░░░░░ it s being implemented ░░░░░░░░ lowering government spending to ░░░░░░░░ more responsible on both ░░░░░░░░ of the aisle with ░░░░░░░░ budgeting is an important ░░░░░░░░ um and I think ░░░░░░░░ helps to support credibility ░░░░░░░░ those that are holding ░░░░░░░░ treasuries and other investments ░░░░░░░░ here in the us ░░░░░░░░ but to your point ░░░░░░░░ puzzle pieces that are ░░░░░░░░ the negative are the ░░░░░░░░ risks are if we ░░░░░░░░ to extreme on tariffs ░░░░░░░░ we and we tax ░░░░░░░░ we create disruption through ░░░░░░░░ supply chains well then ░░░░░░░░ re in a different ░░░░░░░░ where you can create ░░░░░░░░ a trade war And ░░░░░░░░ s going to take ░░░░░░░░ from these these um ░░░░░░░░ outlooks as well as ░░░░░░░░ economic outlooks for the ░░░░░░░░ that I m referring ░░░░░░░░ So as of right ░░░░░░░░ we don t have ░░░░░░░░ information We don t ░░░░░░░░ that clarity that we ░░░░░░░░ moving into that into ░░░░░░░░ environment And obviously I ░░░░░░░░ optimistic and hopeful that ░░░░░░░░ don t um but ░░░░░░░░ if if we find ░░░░░░░░ balance between targeted tariffs ░░░░░░░░ tariffs that are reciprocal ░░░░░░░░ that create less disruption ░░░░░░░░ just blanket tariffs everywhere ░░░░░░░░ because from a political ░░░░░░░░ I think that s ░░░░░░░░ s what I m ░░░░░░░░ to clarify Sure To ░░░░░░░░ money question Brian because ░░░░░░░░ re completely out of ░░░░░░░░ It seems like all ░░░░░░░░ glitters is indeed gold ░░░░░░░░ so what do you ░░░░░░░░ with the yellow metal ░░░░░░░░ I mean gold has ░░░░░░░░ had a great run ░░░░░░░░ it s been really ░░░░░░░░ by the fact that ░░░░░░░░ a lot of central ░░░░░░░░ have been have been ░░░░░░░░ uh their local currencies ░░░░░░░░ of using other means ░░░░░░░░ as us treasuries But ░░░░░░░░ think we like gold ░░░░░░░░ actually moving forward as ░░░░░░░░ little bit of a ░░░░░░░░ up trade Uh in ░░░░░░░░ short turn because um ░░░░░░░░ haven t run up ░░░░░░░░ much as gold And ░░░░░░░░ when you think about ░░░░░░░░ demand that s still ░░░░░░░░ place for the um ░░░░░░░░ precious metal uh there ░░░░░░░░ be an opportunity in ░░░░░░░░ short turn and looking ░░░░░░░░ the gold mining space ░░░░░░░░ just bullion overall Super ░░░░░░░░ lovely to have you ░░░░░░░░ the show Thank you ░░░░░░░░ much for your time ░░░░░░░░ your