RUSH TRANSCRIPT Investment strategist ░░░░░░░░ sanctuary wealth joining us ░░░░░░░░ New York The assume ░░░░░░░░ hate view this performance ░░░░░░░░ the stock market So ░░░░░░░░ this year and 20 ░░░░░░░░ five Is it a ░░░░░░░░ pretty Well it certainly ░░░░░░░░ t feel good Does ░░░░░░░░ And in the news ░░░░░░░░ not helping investors either ░░░░░░░░ when we pull back ░░░░░░░░ really look and see ░░░░░░░░ the market is actually ░░░░░░░░ I have a number ░░░░░░░░ by signals now that ░░░░░░░░ t mean that we ░░░░░░░░ completely out of the ░░░░░░░░ Yet we made a ░░░░░░░░ around fifty five hundred ░░░░░░░░ the us and p ░░░░░░░░ it s very traditional ░░░░░░░░ test that sat still ░░░░░░░░ hundred points down from ░░░░░░░░ we are right now ░░░░░░░░ sometimes the process of ░░░░░░░░ allow is you actually ░░░░░░░░ make a new loud ░░░░░░░░ what we ve been ░░░░░░░░ to tell investors that ░░░░░░░░ have to be patient ░░░░░░░░ expect the volatility to ░░░░░░░░ but if you have ░░░░░░░░ time horizon over the ░░░░░░░░ six to 11 months ░░░░░░░░ do think this is ░░░░░░░░ very good buying opportunity ░░░░░░░░ we don t think ░░░░░░░░ tech is dead We ░░░░░░░░ see it as leadership ░░░░░░░░ again that s where ░░░░░░░░ of the volatility is ░░░░░░░░ place Okay something that ░░░░░░░░ you see that tech ░░░░░░░░ not dead Where do ░░░░░░░░ see areas for opportunity ░░░░░░░░ that sector So when ░░░░░░░░ dive into it Yet ░░░░░░░░ were big fans of ░░░░░░░░ last year We said ░░░░░░░░ needed to consolidate because ░░░░░░░░ were up so much ░░░░░░░░ was still kind of ░░░░░░░░ that camp but if ░░░░░░░░ take a very long ░░░░░░░░ view we still like ░░░░░░░░ we want to look ░░░░░░░░ fans of software with ░░░░░░░░ the text Tech has ░░░░░░░░ cycle where you have ░░░░░░░░ upgrades and then you ░░░░░░░░ a software cycle So ░░░░░░░░ still really like that ░░░░░░░░ all parts of cybersecurity ░░░░░░░░ ill communication services is ░░░░░░░░ very well That s ░░░░░░░░ You ve got mad ░░░░░░░░ there You ve got ░░░░░░░░ Google and there so ░░░░░░░░ there are a little ░░░░░░░░ in with interest rates ░░░░░░░░ down Utilities look really ░░░░░░░░ so you can kind ░░░░░░░░ build What s called ░░░░░░░░ barbell strauss Strategy of ░░░░░░░░ beta stocks and then ░░░░░░░░ in some way to ░░░░░░░░ low beta are high ░░░░░░░░ stocks to help balance ░░░░░░░░ the volatility Have you ░░░░░░░░ about the fixed income ░░░░░░░░ here a lot of ░░░░░░░░ probably pretty comfortable sitting ░░░░░░░░ a to your treasury ░░░░░░░░ close to four percent ░░░░░░░░ is that it a ░░░░░░░░ or to take some ░░░░░░░░ risk here Well certainly ░░░░░░░░ the appropriate asset allocation ░░░░░░░░ right diversification is really ░░░░░░░░ Fixed income is finally ░░░░░░░░ in a portfolio When ░░░░░░░░ look at yields And ░░░░░░░░ I use the technicals ░░░░░░░░ do this It s ░░░░░░░░ possible that we re ░░░░░░░░ a top that s ░░░░░░░░ the head and shoulders ░░░░░░░░ If that is the ░░░░░░░░ year guilds will continue ░░░░░░░░ come down so we ░░░░░░░░ not necessarily adding duration ░░░░░░░░ we continue to like ░░░░░░░░ income to help balance ░░░░░░░░ volatility within the portfolio ░░░░░░░░ for credit risk I ░░░░░░░░ think you can take ░░░░░░░░ risk because we re ░░░░░░░░ seeing anything in the ░░░░░░░░ that really says the ░░░░░░░░ is not doing what ░░░░░░░░ had durable goods Yesterday ░░░░░░░░ was a lotta good ░░░░░░░░ spots In there I ░░░░░░░░ there s a lotta ░░░░░░░░ over recession but even ░░░░░░░░ we look at the ░░░░░░░░ yield market we re ░░░░░░░░ seeing yields blow out ░░░░░░░░ would give us an ░░░░░░░░ warning sign that the ░░░░░░░░ s going to have ░░░░░░░░ dramatic slow down where ░░░░░░░░ could have some credit ░░░░░░░░ So I do think ░░░░░░░░ can take some credit ░░░░░░░░ in the portfolio Are ░░░░░░░░ looking outside of the ░░░░░░░░ States Are you seeing ░░░░░░░░ in emerging markets so ░░░░░░░░ we have been outside ░░░░░░░░ the United States the ░░░░░░░░ that we liked that ░░░░░░░░ continue to like our ░░░░░░░░ and India but the ░░░░░░░░ we just upgraded Was ░░░░░░░░ Europe is really I ░░░░░░░░ building some really good ░░░░░░░░ that s very sustainable ░░░░░░░░ really what gave us ░░░░░░░░ confidence that it is ░░░░░░░░ is that Germany is ░░░░░░░░ to spend on infrastructure ░░░░░░░░ defense and is quite ░░░░░░░░ in terms of a ░░░░░░░░ euros So we think ░░░░░░░░ European markets should also ░░░░░░░░ considered at this point ░░░░░░░░ this time marin a ░░░░░░░░ the trade that just ░░░░░░░░ the winner Every single ░░░░░░░░ seems is been gold ░░░░░░░░ up another 20 five ░░░░░░░░ here today three thousand ░░░░░░░░ two what everybody 10 ░░░░░░░░ class about gold so ░░░░░░░░ like Gold I ve ░░░░░░░░ a target on go ░░░░░░░░ of gold of four ░░░░░░░░ for quite some time ░░░░░░░░ we re getting we ░░░░░░░░ getting closer to that ░░░░░░░░ don t like chasing ░░░░░░░░ asset class That s ░░░░░░░░ starting to go parabolic ░░░░░░░░ weird The sentiment is ░░░░░░░░ extremely bowl are so ░░░░░░░░ don t think for ░░░░░░░░ buyers This is the ░░░░░░░░ entry point I do ░░░░░░░░ you can get better ░░░░░░░░ points but if I ░░░░░░░░ it I would not ░░░░░░░░ a seller of gold ░░░░░░░░ What do you think ░░░░░░░░ small and mid caps ░░░░░░░░ there any area for ░░░░░░░░ there Maybe the next ░░░░░░░░ years I don t ░░░░░░░░ any opportunities in the ░░░░░░░░ the near term I ░░░░░░░░ this is still a ░░░░░░░░ cat mega cap cycle ░░░░░░░░ think that cycle doesn ░░░░░░░░ end to the end ░░░░░░░░ the decade and when ░░░░░░░░ is a secular bull ░░░░░░░░ and secular bull markets ░░░░░░░░ come to an end ░░░░░░░░ think it ends at ░░░░░░░░ the end of the ░░░░░░░░ but the new secular ░░░░░░░░ market start and that ░░░░░░░░ probably what we re ░░░░░░░░ to start really seeing ░░░░░░░░ small cap space start ░░░░░░░░ but I don t ░░░░░░░░ anything there That s ░░░░░░░░ enticing me at this ░░░░░░░░ in about 20 seconds ░░░░░░░░ less if you re ░░░░░░░░ that you feel as ░░░░░░░░ mega caps are the ░░░░░░░░ to be What is ░░░░░░░░ response to people who ░░░░░░░░ that Valuations are too ░░░░░░░░ Well in a secular ░░░░░░░░ market valuations to expand ░░░░░░░░ guess they were high ░░░░░░░░ now they ve contracted ░░░░░░░░ interest rates are coming ░░░░░░░░ So I think with ░░░░░░░░ rates coming down the ░░░░░░░░ multiple can actually hold ░░░░░░░░ over time expand once ░░░░░░░░ can get through tariffs ░░░░░░░░ first quarter earnings Marianne ░░░░░░░░ you So much For ░░░░░░░░ us always appreciate getting ░░░░░░░░ few minutes of your ░░░░░░░░ Marion bartoli chief investment ░░░░░░░░ sanctuary wealth joining us ░░░░░░░░ New York City via ░░░░░░░░ zune thing here so ░░░░░░░░ on top of