RUSH TRANSCRIPT The bump ░░░░░░░░ let s see what ░░░░░░░░ Brigati has to say ░░░░░░░░ chief investment officer over ░░░░░░░░ swbc Chris is joining ░░░░░░░░ in studio Welcome You ░░░░░░░░ been seeing us update ░░░░░░░░ numbers Carol you re ░░░░░░░░ us update our numbers ░░░░░░░░ are pullbacks that are ░░░░░░░░ that takes some of ░░░░░░░░ air out of the ░░░░░░░░ and there are other ░░░░░░░░ that indicate the market ░░░░░░░░ in trouble What we ░░░░░░░░ seen so far in ░░░░░░░░ what is it Chris ░░░░░░░░ think it is in ░░░░░░░░ A correction is welcome ░░░░░░░░ you can see the ░░░░░░░░ and understand there is ░░░░░░░░ We kind of saw ░░░░░░░░ initially I think there ░░░░░░░░ be more pain to ░░░░░░░░ Right now we are ░░░░░░░░ between the two but ░░░░░░░░ think there will be ░░░░░░░░ deeper correction Tim how ░░░░░░░░ more Chris 5200 on ░░░░░░░░ S P Tim we ░░░░░░░░ at 5600 right now ░░░░░░░░ that is quite a ░░░░░░░░ of pain Why do ░░░░░░░░ see that as the ░░░░░░░░ Chris what is going ░░░░░░░░ with the economy is ░░░░░░░░ is introducing a lot ░░░░░░░░ uncertainty and markets do ░░░░░░░░ like uncertainty and they ░░░░░░░░ reacting as such We ░░░░░░░░ not have resolution but ░░░░░░░░ on Wednesday with the ░░░░░░░░ 2 deadline Another check ░░░░░░░░ in the box looking ░░░░░░░░ what the economy will ░░░░░░░░ and could do what ░░░░░░░░ tariff situation I expect ░░░░░░░░ pain and uncertainty The ░░░░░░░░ reason 5200 there is ░░░░░░░░ lot of support from ░░░░░░░░ historical perspective Carol is ░░░░░░░░ harm or damage that ░░░░░░░░ president can do with ░░░░░░░░ tariffs could the damage ░░░░░░░░ with us for a ░░░░░░░░ Chris it could The ░░░░░░░░ to that is the ░░░░░░░░ that some of the ░░░░░░░░ especially with the regulatory ░░░░░░░░ and what he was ░░░░░░░░ to accomplish in other ░░░░░░░░ sets out for an ░░░░░░░░ recovery If the backs ░░░░░░░░ the banks same with ░░░░░░░░ services companies The more ░░░░░░░░ some of the regulations ░░░░░░░░ the easier it is ░░░░░░░░ them to do business ░░░░░░░░ helps their recovery I ░░░░░░░░ that to come into ░░░░░░░░ Tim there are folks ░░░░░░░░ about something more fundamental ░░░░░░░░ in the economy and ░░░░░░░░ U S equity markets ░░░░░░░░ a result of policies ░░░░░░░░ this White House Are ░░░░░░░░ not one of those ░░░░░░░░ Chris fundamentally changing No ░░░░░░░░ m not in that ░░░░░░░░ I m reluctant to ░░░░░░░░ it isn t going ░░░░░░░░ get much worse We ░░░░░░░░ see things that are ░░░░░░░░ Tim Peter atwater of ░░░░░░░░ and Mary told us ░░░░░░░░ he sees the U ░░░░░░░░ could become uninvestable Chris ░░░░░░░░ is an aggressive stance ░░░░░░░░ think there is still ░░░░░░░░ opportunity in the markets ░░░░░░░░ the economy that there ░░░░░░░░ still an investable asset ░░░░░░░░ in the U S ░░░░░░░░ what could come out ░░░░░░░░ Washington Could make you ░░░░░░░░ your mind on that ░░░░░░░░ could make you change ░░░░░░░░ mind on that Chris ░░░░░░░░ we do have something ░░░░░░░░ unsustainably towards a recovery ░░░░░░░░ night worry it will ░░░░░░░░ off a then I ░░░░░░░░ it could fall off ░░░░░░░░ cliff Carol what are ░░░░░░░░ doing this market environment ░░░░░░░░ think there could be ░░░░░░░░ better buying opportunity down ░░░░░░░░ road for U S ░░░░░░░░ and you mentioned your ░░░░░░░░ point do you hold ░░░░░░░░ and wait to let ░░░░░░░░ dust settle Chris you ░░░░░░░░ always rebalance Are there ░░░░░░░░ to set some things ░░░░░░░░ in terms of your ░░░░░░░░ Looking at things that ░░░░░░░░ be interesting the core ░░░░░░░░ goods and services There ░░░░░░░░ some opportunity in that ░░░░░░░░ In looking at financial ░░░░░░░░ and energy stocks I ░░░░░░░░ there is opportunity in ░░░░░░░░ areas because of the ░░░░░░░░ that I am hopeful ░░░░░░░░ Tim did you raise ░░░░░░░░ to buy at a ░░░░░░░░ are you Asian to ░░░░░░░░ at a lower valuation ░░░░░░░░ we have plenty of ░░░░░░░░ on hand My game ░░░░░░░░ is to look at ░░░░░░░░ for rebound Being thoughtful ░░░░░░░░ how to weather the ░░░░░░░░ Putting things in cash ░░░░░░░░ short term treasuries Stay ░░░░░░░░ Stay where you can ░░░░░░░░ the money out and ░░░░░░░░ a decent return Investors ░░░░░░░░ well with very good ░░░░░░░░ term interest rates and ░░░░░░░░ it is a matter ░░░░░░░░ looking at an opportunity ░░░░░░░░ reallocate some of those ░░░░░░░░ Carol you mentioned a ░░░░░░░░ of cash on hand ░░░░░░░░ much Chris about 5 ░░░░░░░░ 10 higher compared historically ░░░░░░░░ Europe overseas have you ░░░░░░░░ committing money over there ░░░░░░░░ I thought at the ░░░░░░░░ of last year that ░░░░░░░░ would be in a ░░░░░░░░ place this year We ░░░░░░░░ some of the opportunities ░░░░░░░░ are out there and ░░░░░░░░ is going on in ░░░░░░░░ with regard to what ░░░░░░░░ are doing with reintroducing ░░░░░░░░ broadening of the economy ░░░░░░░░ am skeptical on the ░░░░░░░░ rate cut environment in ░░░░░░░░ U S But when ░░░░░░░░ talk about the EU ░░░░░░░░ is opportunity in that ░░░░░░░░ and I think they ░░░░░░░░ weathered the storm I ░░░░░░░░ they will do a ░░░░░░░░ job than some of ░░░░░░░░ other areas Carol how ░░░░░░░░ exposure overseas Chris about ░░░░░░░░ In a portfolio Carol ░░░░░░░░ you are there at ░░░░░░░░ now You re not ░░░░░░░░ to add to that ░░░░░░░░ I could see adding ░░░░░░░░ that Some of my ░░░░░░░░ calls include something like ░░░░░░░░ a good opportunity because ░░░░░░░░ are a global brand ░░░░░░░░ worried about off shoring ░░░░░░░░ on shoring because they ░░░░░░░░ here for distribution in ░░░░░░░░ U S already That ░░░░░░░░ is already taking care ░░░░░░░░ by the way they ░░░░░░░░ the company Carol Chris ░░░░░░░░ is chief investment officer ░░░░░░░░ swbc joining us here ░░░░░░░░ studio.