RUSH TRANSCRIPT Than the ░░░░░░░░ and p five hundred ░░░░░░░░ to date joining us ░░░░░░░░ What s next for ░░░░░░░░ small caps trying to ░░░░░░░░ reinventing the chief investment ░░░░░░░░ and m j p ░░░░░░░░ advisers Ryan great to ░░░░░░░░ you I was excited ░░░░░░░░ talk with you because ░░░░░░░░ last time you were ░░░░░░░░ heading into the new ░░░░░░░░ you told me you ░░░░░░░░ excited about small caps ░░░░░░░░ into 20 20 five ░░░░░░░░ happened Oh and happened ░░░░░░░░ think is the uncertainty ░░░░░░░░ we ve seen from ░░░░░░░░ decisions perk up over ░░░░░░░░ last couple months and ░░░░░░░░ the the change in ░░░░░░░░ on some of the ░░░░░░░░ data came out about ░░░░░░░░ days ago and it ░░░░░░░░ of persisted with investor ░░░░░░░░ that there might be ░░░░░░░░ slowdown in the economy ░░░░░░░░ and as you Both ░░░░░░░░ re talking about that ░░░░░░░░ true economic growth that ░░░░░░░░ a back I guess ░░░░░░░░ investment thesis in the ░░░░░░░░ term on on small ░░░░░░░░ stocks manager So where ░░░░░░░░ you on small cats ░░░░░░░░ and the path forward ░░░░░░░░ small caps for 20 ░░░░░░░░ five I mean from ░░░░░░░░ valuation point of view ░░░░░░░░ are still constructive or ░░░░░░░░ on small caps longer ░░░░░░░░ I think you normally ░░░░░░░░ smaller companies kind of ░░░░░░░░ on the chin in ░░░░░░░░ short term the first ░░░░░░░░ recover as you re ░░░░░░░░ of coming out of ░░░░░░░░ around economic growth The ░░░░░░░░ that we re in ░░░░░░░░ period of time of ░░░░░░░░ is process yesterday I ░░░░░░░░ 18 times in sixty ░░░░░░░░ meeting with reporters the ░░░░░░░░ about economic growth Moving ░░░░░░░░ is it s what ░░░░░░░░ weighing on the sector ░░░░░░░░ I think when you ░░░░░░░░ at overall price to ░░░░░░░░ ratios and valuations for ░░░░░░░░ caps and Big Tech ░░░░░░░░ there s still an ░░░░░░░░ here in a lot ░░░░░░░░ the earnings growth forecasts ░░░░░░░░ profitable small cap companies ░░░░░░░░ are still intact so ░░░░░░░░ definitely something to be ░░░░░░░░ about in the short ░░░░░░░░ but if you re ░░░░░░░░ longer term investor I ░░░░░░░░ think this is an ░░░░░░░░ when you think out ░░░░░░░░ to two years considering ░░░░░░░░ slow growth economy I ░░░░░░░░ to follow up on ░░░░░░░░ you re as what ░░░░░░░░ re saying about valuations ░░░░░░░░ is the value story ░░░░░░░░ small caps right now ░░░░░░░░ you re looking at ░░░░░░░░ ratios or whatever value ░░░░░░░░ and with the rally ░░░░░░░░ re seeing in Europe ░░░░░░░░ days Are we seeing ░░░░░░░░ desire among investors for ░░░░░░░░ showing Up not and ░░░░░░░░ caps in the United ░░░░░░░░ spot in value stocks ░░░░░░░░ of the United States ░░░░░░░░ question Is it gonna ░░░░░░░░ basis because of the ░░░░░░░░ because of valuations being ░░░░░░░░ in mega attack tap ░░░░░░░░ as we know the ░░░░░░░░ couple years obviously flood ░░░░░░░░ market higher and concentration ░░░░░░░░ that existed in the ░░░░░░░░ as we entered into ░░░░░░░░ 20 five That s ░░░░░░░░ you re seeing a ░░░░░░░░ in any areas where ░░░░░░░░ from a pe ratio ░░░░░░░░ 18 or less and ░░░░░░░░ when you look at ░░░░░░░░ from the U s ░░░░░░░░ of view those small ░░░░░░░░ stocks retreating treating around ░░░░░░░░ on on a p ░░░░░░░░ wow you ve Value ░░░░░░░░ and large cap space ░░░░░░░░ re around 18 and ░░░░░░░░ looking at stocks outside ░░░░░░░░ the U s you ░░░░░░░░ in that 14 15 ░░░░░░░░ and I think the ░░░░░░░░ why in the short ░░░░░░░░ especially over last 30 ░░░░░░░░ international equities have caught ░░░░░░░░ bid is because of ░░░░░░░░ potential policy decisions that ░░░░░░░░ going to decouple few ░░░░░░░░ it s states from ░░░░░░░░ global in a relationship ░░░░░░░░ of tree that these ░░░░░░░░ realize they need to ░░░░░░░░ the room If if ░░░░░░░░ U s is taking ░░░░░░░░ step back and reinvest ░░░░░░░░ and I think investors ░░░░░░░░ re seeing that as ░░░░░░░░ potential longer term growth ░░░░░░░░ for non u s ░░░░░░░░ economies versus the u ░░░░░░░░ however I think in ░░░░░░░░ environment so much is ░░░░░░░░ around and especially will ░░░░░░░░ to move around especially ░░░░░░░░ April Second when we ░░░░░░░░ what does reciprocal terrorists ░░░░░░░░ mean and think this ░░░░░░░░ the whole reason why ░░░░░░░░ should say diversified between ░░░░░░░░ that booth for value ░░░░░░░░ For the same time ░░░░░░░░ would say don t ░░░░░░░░ up on the familiar ░░░░░░░░ tech a I innovation ░░░░░░░░ just yet So if ░░░░░░░░ re not giving up ░░░░░░░░ the mega cab tech ░░░░░░░░ What does that mean ░░░░░░░░ smaller tech names And ░░░░░░░░ guess in terms of ░░░░░░░░ thesis for small cap ░░░░░░░░ Can they afford to ░░░░░░░░ the basket of small ░░░░░░░░ names or do they ░░░░░░░░ to be selective with ░░░░░░░░ areas that they might ░░░░░░░░ the most growth which ░░░░░░░░ be as tech I ░░░░░░░░ it s not not ░░░░░░░░ hedger hedge your bets ░░░░░░░░ re a little bit ░░░░░░░░ over more viewed It ░░░░░░░░ sense to have exposure ░░░░░░░░ the small cap value ░░░░░░░░ where you definitely have ░░░░░░░░ that are more profitable ░░░░░░░░ a means to kind ░░░░░░░░ muscle through this volatility ░░░░░░░░ probably gonna continue over ░░░░░░░░ next several months but ░░░░░░░░ the same point in ░░░░░░░░ on the growth side ░░░░░░░░ the innovation side I ░░░░░░░░ think that makes sense ░░░░░░░░ well because as I ░░░░░░░░ before the valuations are ░░░░░░░░ Some areas within the ░░░░░░░░ cap sector are our ░░░░░░░░ that are more kind ░░░░░░░░ software focus I I ░░░░░░░░ that are going to ░░░░░░░░ to support improving the ░░░░░░░░ of deployment of software ░░░░░░░░ of the I innovation ░░░░░░░░ at same time I ░░░░░░░░ when you think about ░░░░░░░░ supply chain that s ░░░░░░░░ and in in sourcing ░░░░░░░░ in a new way ░░░░░░░░ I think about logistics ░░░░░░░░ a means to combat ░░░░░░░░ of these policy decisions ░░░░░░░░ about the industrial space ░░░░░░░░ about still investing in ░░░░░░░░ and also other other ░░░░░░░░ areas of the small ░░░░░░░░ space that can actually ░░░░░░░░ companies save money and ░░░░░░░░ margins Are ain t ░░░░░░░░ thanks so much pressure ░░░░░░░░ you I m going ░░░░░░░░ check in America are ░░░░░░░░ to move to the ░░░░░░░░ You got your simply ░░░░░░░░ to a percent Your ░░░░░░░░ having a bacterium of ░░░░░░░░ the games have about ░░░░░░░░ tenths of a percent ░░░░░░░░ potential explanation for the ░░░░░░░░ find that we are ░░░░░░░░ new as February existing ░░░░░░░░ sales rival fort point ░░░░░░░░ percent to four point ░░░░░░░░ million That is above ░░░░░░░░ estimates actually make for ░░░░░░░░ home sales under four ░░░░░░░░ again coming in at ░░░░░░░░ point three six million ░░░░░░░░ existing home sales of ░░░░░░░░ four point two percent ░░░░░░░░ falling four point seven ░░░░░░░░ the prior month and ░░░░░░░░ median home price If ░░░░░░░░ want to hear rising ░░░░░░░░ point eight percent from ░░░░░░░░ year, winter and 90 eight