RUSH TRANSCRIPT A bloomberg ░░░░░░░░ flash Carol President Trump ░░░░░░░░ chaos Replacing the by ░░░░░░░░ debt mentality that dominated ░░░░░░░░ Street for decades S ░░░░░░░░ 500 has not notched ░░░░░░░░ consecutive days of gains ░░░░░░░░ its February peak and ░░░░░░░░ watchers they they do ░░░░░░░░ see signs of a ░░░░░░░░ rebound rally yet which ░░░░░░░░ make it tricky for ░░░░░░░░ of the has more ░░░░░░░░ a billion dollars in ░░░░░░░░ under management Let s ░░░░░░░░ to scottsdale for our ░░░░░░░░ guest Brian Vendig Good ░░░░░░░░ have you here S ░░░░░░░░ continues to flirt around ░░░░░░░░ territory Have your clients ░░░░░░░░ reaching out as stocks ░░░░░░░░ sold off Brian yes ░░░░░░░░ outreach from clients has ░░░░░░░░ intense The intensity has ░░░░░░░░ up over the last ░░░░░░░░ of weeks At the ░░░░░░░░ of the day from ░░░░░░░░ investor s point of ░░░░░░░░ not having the certainty ░░░░░░░░ know how the extent ░░░░░░░░ the policies are going ░░░░░░░░ various degrees and hearing ░░░░░░░░ economists are talking about ░░░░░░░░ recession concerns and couple ░░░░░░░░ with outlooks changing for ░░░░░░░░ P 500 growth this ░░░░░░░░ and revisions to U ░░░░░░░░ GDP people need guidance ░░░░░░░░ clarity to know what ░░░░░░░░ the extent of the ░░░░░░░░ And I will say ░░░░░░░░ set up was there ░░░░░░░░ some volatility going into ░░░░░░░░ year as well This ░░░░░░░░ not just necessarily policy ░░░░░░░░ There are fundamental valuation ░░░░░░░░ about different parts of ░░░░░░░░ market Look under the ░░░░░░░░ and there is a ░░░░░░░░ going on between growth ░░░░░░░░ value Matt and the ░░░░░░░░ earnings may not be ░░░░░░░░ what we expected It ░░░░░░░░ not unusual I was ░░░░░░░░ at the qs last ░░░░░░░░ and we had a ░░░░░░░░ swoon a discount of ░░░░░░░░ or 14 in July ░░░░░░░░ August on the NASDAQ ░░░░░░░░ but the concern is ░░░░░░░░ don t get the ░░░░░░░░ growth everyone was expecting ░░░░░░░░ year because you don ░░░░░░░░ have to pay as ░░░░░░░░ to make a deepseek ░░░░░░░░ model work Brian that ░░░░░░░░ fair I think when ░░░░░░░░ look at the quality ░░░░░░░░ over the last few ░░░░░░░░ the outlooks for this ░░░░░░░░ was that tech would ░░░░░░░░ between 16 and 20 ░░░░░░░░ you would get a ░░░░░░░░ push from earnings coming ░░░░░░░░ areas outside of tech ░░░░░░░░ have talked about that ░░░░░░░░ our clients and investors ░░░░░░░░ think it will be ░░░░░░░░ of the main themes ░░░░░░░░ the balance of the ░░░░░░░░ The reaction to deepseek ░░░░░░░░ think was a bit ░░░░░░░░ a knee jerk As ░░░░░░░░ normally happens cost and ░░░░░░░░ go down but it ░░░░░░░░ productivity and a wider ░░░░░░░░ For our clients we ░░░░░░░░ cautious in this environment ░░░░░░░░ we are lowering our ░░░░░░░░ of growth because of ░░░░░░░░ uncertainty around policy I ░░░░░░░░ there are opportunities in ░░░░░░░░ when you think about ░░░░░░░░ expansion and adoption through ░░░░░░░░ And maybe it is ░░░░░░░░ so much about the ░░░░░░░░ conversation that you are ░░░░░░░░ Matt where do you ░░░░░░░░ those opportunities Is it ░░░░░░░░ to make up for ░░░░░░░░ drop in the massive ░░░░░░░░ gains If you look ░░░░░░░░ the 3 trillion companies ░░░░░░░░ and nvidia if those ░░░░░░░░ their mojo can we ░░░░░░░░ it back with Microsoft ░░░░░░░░ more of a software ░░░░░░░░ Brian I think this ░░░░░░░░ and this reevaluation of ░░░░░░░░ multiples going forward it ░░░░░░░░ a case by case ░░░░░░░░ See more active management ░░░░░░░░ those choices between company ░░░░░░░░ and growth versus value ░░░░░░░░ for example recently pulling ░░░░░░░░ because it is delaying ░░░░░░░░ launch of an AI ░░░░░░░░ tool that surprised investors ░░░░░░░░ is a different story ░░░░░░░░ what we could hear ░░░░░░░░ week from nvidia regarding ░░░░░░░░ adoption and ramping up ░░░░░░░░ black well in the ░░░░░░░░ version of black well ░░░░░░░░ may be more efficient ░░░░░░░░ implement from a server ░░░░░░░░ and what the adoption ░░░░░░░░ might be in their ░░░░░░░░ going forward It is ░░░░░░░░ case by case Nvidia ░░░░░░░░ more attractive now than ░░░░░░░░ did at the beginning ░░░░░░░░ the year I think ░░░░░░░░ opportunity still exists in ░░░░░░░░ aspects of AI innovation ░░░░░░░░ You just have to ░░░░░░░░ patient It won t ░░░░░░░░ in one year On ░░░░░░░░ value side we still ░░░░░░░░ the names that can ░░░░░░░░ that camper dissipate and ░░░░░░░░ going forward health care ░░░░░░░░ I have to be ░░░░░░░░ that the economic environment ░░░░░░░░ changing in the short ░░░░░░░░ because the administration is ░░░░░░░░ to decouple United States ░░░░░░░░ some aspects of the ░░░░░░░░ economy You have to ░░░░░░░░ sensitive to small caps ░░░░░░░░ of the companies that ░░░░░░░░ get caught up in ░░░░░░░░ tariff conversations like autos ░░░░░░░░ there is a lot ░░░░░░░░ cross border exchange issues ░░░░░░░░ companies pay for it ░░░░░░░░ is the part that ░░░░░░░░ don t realize with ░░░░░░░░ of these conversations It ░░░░░░░░ not that the extra ░░░░░░░░ money will go back ░░░░░░░░ the government it is ░░░░░░░░ absorbed other companies and ░░░░░░░░ are looking to protect ░░░░░░░░ and how that will ░░░░░░░░ out to consumers We ░░░░░░░░ cautious in this environment ░░░░░░░░ we are not giving ░░░░░░░░ on the U S ░░░░░░░░ market system Carol the ░░░░░░░░ down 10 this year ░░░░░░░░ spoke earlier with our ░░░░░░░░ harrison about mobile money ░░░░░░░░ from the U S ░░░░░░░░ Europe The European markets ░░░░░░░░ outperformed easily U S ░░░░░░░░ as measured by the ░░░░░░░░ P 500 Are you ░░░░░░░░ money outside of the ░░░░░░░░ S for your clients ░░░░░░░░ or elsewhere Brian we ░░░░░░░░ an exposure to international ░░░░░░░░ most of our portfolios ░░░░░░░░ we are evaluating adding ░░░░░░░░ that It seems the ░░░░░░░░ in countries right now ░░░░░░░░ being bolstered and you ░░░░░░░░ about what is coming ░░░░░░░░ of China and Europe ░░░░░░░░ less reliant on the ░░░░░░░░ S and domestic and ░░░░░░░░ more domestically We want ░░░░░░░░ get through a few ░░░░░░░░ weeks of the tariffs ░░░░░░░░ into April but I ░░░░░░░░ there is an opportunity ░░░░░░░░ international equities could be ░░░░░░░░ good spot for your ░░░░░░░░ and it comes with ░░░░░░░░ more attractive pa Carol ░░░░░░░░ to see you again ░░░░░░░░ Vendig joining us from ░░░░░░░░ From Arizona and New ░░░░░░░░ to Canada Underway in ░░░░░░░░ the 2025 G7 summit ░░░░░░░░ foreign ministers Talk about ░░░░░░░░ agenda especially