RUSH TRANSCRIPT I still ░░░░░░░░ usmca is going to ░░░░░░░░ be part of it ░░░░░░░░ and that that s ░░░░░░░░ negotiating tactic to reenter ░░░░░░░░ talks Joining us now ░░░░░░░░ talk markets inflation and ░░░░░░░░ Michael Landsberg Landsberg Bennett ░░░░░░░░ wealth management chief investment ░░░░░░░░ you d be hesitant ░░░░░░░░ go all into anything ░░░░░░░░ at this point because ░░░░░░░░ what we were just ░░░░░░░░ about Absolutely I mean ░░░░░░░░ think it s a ░░░░░░░░ that As you Said ░░░░░░░░ re going to find ░░░░░░░░ some more Information tomorrow ░░░░░░░░ You Know Friday Will ░░░░░░░░ different And I Think ░░░░░░░░ ve got to Look ░░░░░░░░ the road and say ░░░░░░░░ do I want to ░░░░░░░░ If I m a ░░░░░░░░ of a company do ░░░░░░░░ want to deploy any ░░░░░░░░ in the us for ░░░░░░░░ I don t necessarily ░░░░░░░░ so I look the ░░░░░░░░ way as an investor ░░░░░░░░ don t necessarily want ░░░░░░░░ deploy capital right Now ░░░░░░░░ areas that are very ░░░░░░░░ affected Why would I ░░░░░░░░ to do that So ░░░░░░░░ ve got to look ░░░░░░░░ we ve been looking ░░░░░░░░ other Areas that don ░░░░░░░░ necessarily have a lot ░░░░░░░░ effects via tariffs things ░░░░░░░░ we have to have ░░░░░░░░ I think the pain ░░░░░░░░ in some of those ░░░░░░░░ Because People are uncertain ░░░░░░░░ you don t think ░░░░░░░░ what we ve seen ░░░░░░░░ sell off to this ░░░░░░░░ down 10 or 10 ░░░░░░░░ for the NASDAQ over ░░░░░░░░ last month down 4 ░░░░░░░░ for the S P ░░░░░░░░ don t think that ░░░░░░░░ the potential pain from ░░░░░░░░ I don t What ░░░░░░░░ Think is I Think ░░░░░░░░ economy The tariffs are ░░░░░░░░ the thing that we ░░░░░░░░ going to talk about ░░░░░░░░ the GDP is slowing ░░░░░░░░ start looking At some ░░░░░░░░ I think earnings Are ░░░░░░░░ to be down So ░░░░░░░░ think you start to ░░░░░░░░ at what s going ░░░░░░░░ happen Going forward I ░░░░░░░░ earnings are going to ░░░░░░░░ down Decelerating from where ░░░░░░░░ were So the rate ░░░░░░░░ growth absolutely is going ░░░░░░░░ be slower Slower earnings ░░░░░░░░ t going to be ░░░░░░░░ Still lower But decelerating ░░░░░░░░ where they were NASDAQ ░░░░░░░░ is going To be ░░░░░░░░ need a recession to ░░░░░░░░ earnings down 100 And ░░░░░░░░ s good And I ░░░░░░░░ t think we re ░░░░░░░░ to get a recession ░░░░░░░░ think we re going ░░░░░░░░ get slower GDP But ░░░░░░░░ think the areas why ░░░░░░░░ to why try to ░░░░░░░░ a falling knife NASDAQ ░░░░░░░░ had such a good ░░░░░░░░ for two years A ░░░░░░░░ of these names are ░░░░░░░░ up The most have ░░░░░░░░ up the most for ░░░░░░░░ years So some logic ░░░░░░░░ that hey some of ░░░░░░░░ stocks have been up ░░░░░░░░ to 200 If we ░░░░░░░░ back and just in ░░░░░░░░ recent history and talk ░░░░░░░░ what we were talking ░░░░░░░░ in 2023 and 2022 ░░░░░░░░ were talking about testing ░░░░░░░░ S P lows of ░░░░░░░░ 300 Most analysts thought ░░░░░░░░ were going to get ░░░░░░░░ to 32 or or ░░░░░░░░ and look where we ░░░░░░░░ So we need to ░░░░░░░░ we need to realize ░░░░░░░░ are we We re ░░░░░░░░ right now I mean ░░░░░░░░ could easily test 5000 ░░░░░░░░ would think or 4500 ░░░░░░░░ That s that s ░░░░░░░░ that s not much ░░░░░░░░ how much we ve ░░░░░░░░ I don t think ░░░░░░░░ s and especially Without ░░░░░░░░ you could almost 100 ░░░░░░░░ s the tariffs I ░░░░░░░░ are one of these ░░░░░░░░ that we don t ░░░░░░░░ an answer to And ░░░░░░░░ think it s been ░░░░░░░░ good reason for people ░░░░░░░░ sell is as opposed ░░░░░░░░ saying we ve made ░░░░░░░░ lot of money now ░░░░░░░░ s like hey there ░░░░░░░░ some unknowns there s ░░░░░░░░ uncertainties let s take ░░░░░░░░ money off the table ░░░░░░░░ do I go I ░░░░░░░░ to the names that ░░░░░░░░ done the best and ░░░░░░░░ of these names have ░░░░░░░░ or in some cases ░░░░░░░░ in the last couple ░░░░░░░░ years That s the ░░░░░░░░ that the most pain ░░░░░░░░ been tech and discretionary ░░░░░░░░ healthcare and staples and ░░░░░░░░ in particular they ve ░░░░░░░░ so poorly that that ░░░░░░░░ where the that s ░░░░░░░░ the money is flowing ░░░░░░░░ now It s a ░░░░░░░░ bit of a rebalance ░░░░░░░░ I mean it s ░░░░░░░░ worth pointing out that ░░░░░░░░ the all time high ░░░░░░░░ re still down 8 ░░░░░░░░ for the S P ░░░░░░░░ more than 14 for ░░░░░░░░ NASDAQ So that s ░░░░░░░░ even really correct I ░░░░░░░░ S P is not ░░░░░░░░ in correction mode yet ░░░░░░░░ I mean So we ░░░░░░░░ there briefly Yeah for ░░░░░░░░ short time Yeah What ░░░░░░░░ you doing then Yeah ░░░░░░░░ re we re continuing ░░░░░░░░ look I kind of ░░░░░░░░ where where I don ░░░░░░░░ have to fight kind ░░░░░░░░ the market So we ░░░░░░░░ Europe now Europe was ░░░░░░░░ a lousy place for ░░░░░░░░ couple of years We ░░░░░░░░ seeing actually a lot ░░░░░░░░ the earnings from the ░░░░░░░░ P Do you think ░░░░░░░░ s going to get ░░░░░░░░ given that we re ░░░░░░░░ to have some kind ░░░░░░░░ massive fight between all ░░░░░░░░ these I don t ░░░░░░░░ if it s better ░░░░░░░░ think it s a ░░░░░░░░ option than just having ░░░░░░░░ your money in the ░░░░░░░░ You ve had a ░░░░░░░░ a good run not ░░░░░░░░ anything out of the ░░░░░░░░ the last couple of ░░░░░░░░ I think that s ░░░░░░░░ now where you want ░░░░░░░░ start allocating some more ░░░░░░░░ think the places that ░░░░░░░░ have to spend money ░░░░░░░░ we like utilities insurance ░░░░░░░░ a necessity It s ░░░░░░░░ an evil you have ░░░░░░░░ I think those are ░░░░░░░░ that are going to ░░░░░░░░ to do well whereas ░░░░░░░░ discretionary purchases you don ░░░░░░░░ have to make So ░░░░░░░░ think the issue for ░░░░░░░░ lot of consumers and ░░░░░░░░ is if I don ░░░░░░░░ need that do I ░░░░░░░░ to buy it in ░░░░░░░░ environment I think the ░░░░░░░░ is going to be ░░░░░░░░ So we want to ░░░░░░░░ with the stuff that ░░░░░░░░ know you have to ░░░░░░░░ Utilities would be one ░░░░░░░░ staples would be another ░░░░░░░░ then the stuff that ░░░░░░░░ can put off I ░░░░░░░░ going to put off ░░░░░░░░ I get some clarity ░░░░░░░░ this back and forth ░░░░░░░░ tariffs And you re ░░░░░░░░ convinced the Fed is ░░░░░░░░ to the task of ░░░░░░░░ it perfectly through these ░░░░░░░░ They really haven t ░░░░░░░░ I mean I look ░░░░░░░░ of at what s ░░░░░░░░ on Transitory was a ░░░░░░░░ phrase and we got ░░░░░░░░ record inflation Even last ░░░░░░░░ They said hey inflation ░░░░░░░░ going to continue to ░░░░░░░░ lower It went higher ░░░░░░░░ concern is we don ░░░░░░░░ use pce we use ░░░░░░░░ And a good example ░░░░░░░░ that would have been ░░░░░░░░ happened last September Pc ░░░░░░░░ flat from September till ░░░░░░░░ January CPI went up ░░░░░░░░ 022 the crb index ░░░░░░░░ up 20 so for ░░░░░░░░ investor I don t ░░░░░░░░ to look at a ░░░░░░░░ that has got no ░░░░░░░░ to me My concern ░░░░░░░░ inflation is really affecting ░░░░░░░░ average person and pce ░░░░░░░░ of mutes that with ░░░░░░░░ replacements and substitutes and ░░░░░░░░ Like that Landsberg Bennett ░░░░░░░░ re in private wealth ░░░░░░░░ You re in punta ░░░░░░░░ Yes Florida You look ░░░░░░░░ you might you didn ░░░░░░░░ come up this morning ░░░░░░░░ directly from Florida You ░░░░░░░░ like Florida man You ░░░░░░░░ the jacket I appreciate ░░░░░░░░ you never went back ░░░░░░░░ went down there after ░░░░░░░░ at Morgan Stanley in ░░░░░░░░ York You were going ░░░░░░░░ come back but you ░░░░░░░░ to You became a ░░░░░░░░ Yeah The weather s ░░░░░░░░ nice Became a gator ░░░░░░░░ A mba for And ░░░░░░░░ we get a we ░░░░░░░░ a national title next ░░░░░░░░ so we ll see ░░░░░░░░ are tough Wow That ░░░░░░░░ three pointers at the ░░░░░░░░ of that game There ░░░░░░░░ kardiac kids That was ░░░░░░░░ cardiac You going back ░░░░░░░░ to Florida today Come ░░░░░░░░ tomorrow And hopefully You ░░░░░░░░ ready You can walk ░░░░░░░░ into the club down ░░░░░░░░ hopefully to san Antonio ░░░░░░░░ Monday We ll see ░░░░░░░░ we get there Oh ░░░░░░░░ you Go I will ░░░░░░░░ son s a junior ░░░░░░░░ so we re going ░░░░░░░░ I told him if ░░░░░░░░ get to the national ░░░░░░░░ game we ll go ░░░░░░░░ final four We don ░░░░░░░░ you know we ve ░░░░░░░░ there before We don ░░░░░░░░ want to go for ░░░░░░░░ I honestly out of ░░░░░░░░ four teams this is ░░░░░░░░ never happens.