RUSH TRANSCRIPT All right ░░░░░░░░ back Stocks are higher ░░░░░░░░ but still down sharply ░░░░░░░░ the past week as ░░░░░░░░ know Our next guest ░░░░░░░░ now as the time ░░░░░░░░ buy two of the ░░░░░░░░ that were hit hard ░░░░░░░░ the past few days ░░░░░░░░ me now at post ░░░░░░░░ treasury partners Richard Saperstein ░░░░░░░░ of the highest rated ░░░░░░░░ of the highest rated ░░░░░░░░ advisors in this country ░░░░░░░░ to barron s in ░░░░░░░░ top 100 You my ░░░░░░░░ were ranked number four ░░░░░░░░ Thank you Which means ░░░░░░░░ advice is I always ░░░░░░░░ You better be good ░░░░░░░░ are these two areas ░░░░░░░░ are the two sectors ░░░░░░░░ Look Trump s policies ░░░░░░░░ Been very Widely telegraphed ░░░░░░░░ now the market s ░░░░░░░░ to digest whether tariffs ░░░░░░░░ going to be inflationary ░░░░░░░░ recessionary stagflation Whether doge ░░░░░░░░ Cause a slowdown and ░░░░░░░░ Immigration is Going to ░░░░░░░░ an effect on Labor ░░░░░░░░ So I think it ░░░░░░░░ important To look Through ░░░░░░░░ s going on now ░░░░░░░░ this Current bout of ░░░░░░░░ to the structural changes ░░░░░░░░ are occurring as a ░░░░░░░░ of this administration That ░░░░░░░░ deregulation Flat To lower ░░░░░░░░ prices We have Declining ░░░░░░░░ We Have an Accommodative ░░░░░░░░ And we have an ░░░░░░░░ that will be more ░░░░░░░░ For m a So ░░░░░░░░ we look At that ░░░░░░░░ do Think I Do ░░░░░░░░ So what I mean ░░░░░░░░ s happened so far ░░░░░░░░ know they ve already ░░░░░░░░ they re going to ░░░░░░░░ to the Biden era ░░░░░░░░ a rules That was ░░░░░░░░ of a surprise to ░░░░░░░░ Yeah rules Are Going ░░░░░░░░ change I mean everything ░░░░░░░░ Changing daily Remember years ░░░░░░░░ We spoke about the ░░░░░░░░ of 500 basis point ░░░░░░░░ in the Fed funds ░░░░░░░░ And that was the ░░░░░░░░ risk Today the big ░░░░░░░░ Is Policies out Of ░░░░░░░░ And that s What ░░░░░░░░ have To pay attention ░░░░░░░░ But in the End ░░░░░░░░ landscape For investing Will ░░░░░░░░ More beneficial for corporate ░░░░░░░░ to grow Is the ░░░░░░░░ still really accommodative Potentially ░░░░░░░░ I mean I Don ░░░░░░░░ think you come into ░░░░░░░░ year thinking yeah they ░░░░░░░░ less than we thought ░░░░░░░░ Still accommodative now I ░░░░░░░░ t know That s ░░░░░░░░ sitting on their hands ░░░░░░░░ they don t know ░░░░░░░░ impact of tariffs any ░░░░░░░░ than you me or ░░░░░░░░ else Agreed And I ░░░░░░░░ t think we need ░░░░░░░░ Fed for stocks to ░░░░░░░░ higher I think we ░░░░░░░░ got to get Through ░░░░░░░░ period Where a lot ░░░░░░░░ this These policies are ░░░░░░░░ creating The volatility And ░░░░░░░░ Through to the sectors ░░░░░░░░ will Still do well ░░░░░░░░ teased it here at ░░░░░░░░ beginning or at least ░░░░░░░░ read it in the ░░░░░░░░ You got two sectors ░░░░░░░░ have been beaten down ░░░░░░░░ you like One is ░░░░░░░░ s one of them ░░░░░░░░ So let s talk ░░░░░░░░ utilities The demand for ░░░░░░░░ is growing 2 5 ░░░░░░░░ year It s not ░░░░░░░░ From data centers which ░░░░░░░░ 40 of that demand ░░░░░░░░ s from residential Electrification ░░░░░░░░ shoring There s a ░░░░░░░░ of power demand that ░░░░░░░░ going To occur And ░░░░░░░░ Sectors that we re ░░░░░░░░ at right now is ░░░░░░░░ utility sector specifically in ░░░░░░░░ And there s two ░░░░░░░░ vistra And nrg Okay ░░░░░░░░ Well vista s been ░░░░░░░░ in the momentum unwind ░░░░░░░░ And it s A ░░░░░░░░ Opportunity to add right ░░░░░░░░ it s a 42 ░░░░░░░░ company Roughly 5 5 ░░░░░░░░ Of operating cash flow ░░░░░░░░ free Cash flow yield ░░░░░░░░ over 7 5 On ░░░░░░░░ company So they re ░░░░░░░░ to return it to ░░░░░░░░ And it s in ░░░░░░░░ position now Where we ░░░░░░░░ going to add to ░░░░░░░░ position You are going ░░░░░░░░ add to it Absolutely ░░░░░░░░ are you going to ░░░░░░░░ That is As soon ░░░░░░░░ I feel comfortable Not ░░░░░░░░ When are you going ░░░░░░░░ do I wonder if ░░░░░░░░ missed your chance I ░░░░░░░░ these things got crushed ░░░░░░░░ bad Some of them ░░░░░░░░ rebounded a little bit ░░░░░░░░ own it in the ░░░░░░░░ since 2021 Okay So ░░░░░░░░ re Going To own ░░░░░░░░ Stock for 510 years ░░░░░░░░ I still think the ░░░░░░░░ s going to be ░░░░░░░░ volatile especially through April ░░░░░░░░ when Trump s going ░░░░░░░░ announce the Product tariffs ░░░░░░░░ are just kind of ░░░░░░░░ and Immigration related tariffs ░░░░░░░░ I think we have ░░░░░░░░ be patient here And ░░░░░░░░ I ve seen These ░░░░░░░░ for 40 years And ░░░░░░░░ Don t have to ░░░░░░░░ jump right at the ░░░░░░░░ opportunity I guess the ░░░░░░░░ thing I would ask ░░░░░░░░ vistra again is the ░░░░░░░░ that maybe after deep ░░░░░░░░ we are coming to ░░░░░░░░ with the fact that ░░░░░░░░ we re going to ░░░░░░░░ less not more of ░░░░░░░░ I mean we re ░░░░░░░░ going to need more ░░░░░░░░ we think but maybe ░░░░░░░░ costs less We re ░░░░░░░░ going to need a ░░░░░░░░ of power But if ░░░░░░░░ can do more with ░░░░░░░░ maybe you don t ░░░░░░░░ as much power as ░░░░░░░░ thought Initially that sent ░░░░░░░░ stocks literally straight up ░░░░░░░░ the moon If you ░░░░░░░░ To nadella s Last ░░░░░░░░ All right I know ░░░░░░░░ you re going to ░░░░░░░░ So agents are only ░░░░░░░░ So we re going ░░░░░░░░ need More compute more ░░░░░░░░ centers We re going ░░░░░░░░ Need more Power to ░░░░░░░░ all to power all ░░░░░░░░ data centers So I ░░░░░░░░ it only increases the ░░░░░░░░ For Inference and Compute ░░░░░░░░ And the other sector ░░░░░░░░ would buy that s ░░░░░░░░ weak is Big Tech ░░░░░░░░ Large cap tech So ░░░░░░░░ 3 billion daily users ░░░░░░░░ 4 billion daily users ░░░░░░░░ 2 million installed Corporate ░░░░░░░░ apple 2 billion Daily ░░░░░░░░ Right I mean these ░░░░░░░░ Have large moats recurring ░░░░░░░░ and they re operating ░░░░░░░░ flows Right now You ░░░░░░░░ Amazon and Google It ░░░░░░░░ back up to seven ░░░░░░░░ a half 8 right ░░░░░░░░ So I think it ░░░░░░░░ Important for every investor ░░░░░░░░ have these in their ░░░░░░░░ and not look at ░░░░░░░░ as just a trade ░░░░░░░░ are long term investments ░░░░░░░░ But I mean you ░░░░░░░░ apple is worth 31 ░░░░░░░░ forward Well Is the ░░░░░░░░ worth 22 times forward ░░░░░░░░ I mean you need ░░░░░░░░ answer that question but ░░░░░░░░ mean it Apple are ░░░░░░░░ fundamentals currently of apple ░░░░░░░░ the premium of that ░░░░░░░░ This is the biggest ░░░░░░░░ right now And we ░░░░░░░░ dissect it services you ░░░░░░░░ products But I own ░░░░░░░░ company I believe it ░░░░░░░░ going to continue to ░░░░░░░░ It s probably at ░░░░░░░░ rich multiple right now ░░░░░░░░ I think It s ░░░░░░░░ to be essential in ░░░░░░░░ s portfolio We ll ░░░░░░░░ it there Good seeing ░░░░░░░░ again Likewise Richard Saperstein ░░░░░░░░ us back here at ░░░░░░░░ nine Up next oil ░░░░░░░░ s falling for a ░░░░░░░░ day We drill down ░░░░░░░░ what is behind that ░░░░░░░░ on the bell.