RUSH TRANSCRIPT Recap market ░░░░░░░░ from the first quarter ░░░░░░░░ the fiscal year For ░░░░░░░░ I want to walk ░░░░░░░░ and Chris bugatti chief ░░░░░░░░ officer esta BBC Chris ░░░░░░░░ you so much for ░░░░░░░░ us today We re ░░░░░░░░ off a new mosque ░░░░░░░░ quarter fact we just ░░░░░░░░ a what was the ░░░░░░░░ quarter and a few ░░░░░░░░ What s your take ░░░░░░░░ all the volatility has ░░░░░░░░ so far this year ░░░░░░░░ t line up with ░░░░░░░░ your expectations had been ░░░░░░░░ think is a tale ░░░░░░░░ two markets and some ░░░░░░░░ we start of the ░░░░░░░░ very strongly in terms ░░░░░░░░ expectations True Trump Trump ░░░░░░░░ expected to do A ░░░░░░░░ of things would really ░░░░░░░░ the economy and help ░░░░░░░░ grow and so we ░░░░░░░░ a little bit of ░░░░░░░░ market really and too ░░░░░░░░ January once he got ░░░░░░░░ as and once that ░░░░░░░░ terror for initiative started ░░░░░░░░ all that really change ░░░░░░░░ dynamic and concerns about ░░░░░░░░ that would impact the ░░░░░░░░ The economy really came ░░░░░░░░ play and that s ░░░░░░░░ what s been the ░░░░░░░░ lately so watching them ░░░░░░░░ really struggled with the ░░░░░░░░ said as we go ░░░░░░░░ spend the challenge yeah ░░░░░░░░ it s a great ░░░░░░░░ especially because I think ░░░░░░░░ view was although we ░░░░░░░░ t know whether it ░░░░░░░░ going to be tariffs ░░░░░░░░ taxes that came for ░░░░░░░░ as I think the ░░░░░░░░ thinking was that it ░░░░░░░░ going to be taxes ░░░░░░░░ came first And instead ░░░░░░░░ s been the opposite ░░░░░░░░ magnificent seven really underperformed ░░░░░░░░ far this year What ░░░░░░░░ your view all where ░░░░░░░░ go from here do ░░░░░░░░ to continue to see ░░░░░░░░ or where they ll ░░░░░░░░ a neo kind of ░░░░░░░░ return to what work ░░░░░░░░ I think we re ░░░░░░░░ to have a challenge ░░░░░░░░ forward Broadly speaking and ░░░░░░░░ think the mag sexual ░░░░░░░░ that as well so ░░░░░░░░ expect that continued downturn ░░░░░░░░ in the overall as ░░░░░░░░ for argument s sake ░░░░░░░░ is one metric to ░░░░░░░░ at and I see ░░░░░░░░ changes going forward because ░░░░░░░░ just we still don ░░░░░░░░ know what s gonna ░░░░░░░░ I mean tomorrow is ░░░░░░░░ to be April second ░░░░░░░░ day I don t ░░░░░░░░ that solves our problems ░░░░░░░░ don t think we ░░░░░░░░ everything that can happen ░░░░░░░░ we ve known from ░░░░░░░░ change his mind set ░░░░░░░░ a dime and I ░░░░░░░░ that to happen To ░░░░░░░░ honest with you and ░░░░░░░░ the certain is really ░░░░░░░░ challenge Okay Friend of ░░░░░░░░ cause a t day ░░░░░░░░ tomorrow I think that ░░░░░░░░ I mean I know ░░░░░░░░ s being bad at ░░░░░░░░ Trump s characterizing as ░░░░░░░░ day I do feel ░░░░░░░░ today is more apropos ░░░░░░░░ my right So with ░░░░░░░░ to tear so you ░░░░░░░░ you expect them to ░░░░░░░░ less widespread a more ░░░░░░░░ than it originally introduced ░░░░░░░░ is fueling that thought ░░░░░░░░ I think Trump As ░░░░░░░░ demonstrated an aptitude to ░░░░░░░░ try to start big ░░░░░░░░ make a big proclamations ░░░░░░░░ or threats depending on ░░░░░░░░ perspective on it and ░░░░░░░░ dial them back and ░░░░░░░░ wants to get people ░░░░░░░░ the negotiating table and ░░░░░░░░ think we re to ░░░░░░░░ somebody happening some some ░░░░░░░░ the of for counterparties ░░░░░░░░ talking about what can ░░░░░░░░ do to of mitigate ░░░░░░░░ of the risk The ░░░░░░░░ being heavily imposed upon ░░░░░░░░ Trump is a negotiator ░░░░░░░░ wants to start big ░░░░░░░░ these big proclamations that ░░░░░░░░ dial it back once ░░░░░░░░ gets people to start ░░░░░░░░ where he wants them ░░░░░░░░ be Okay let me ░░░░░░░░ you about our overall ░░░░░░░░ market action Europe has ░░░░░░░░ the U s so ░░░░░░░░ this year you inspect ░░░░░░░░ performance to continue I ░░░░░░░░ I do I think ░░░░░░░░ s a lot of ░░░░░░░░ for Europe I was ░░░░░░░░ on you re coming ░░░░░░░░ the year I think ░░░░░░░░ a little lucky because ░░░░░░░░ performance in in the ░░░░░░░░ quarter didn t expect ░░░░░░░░ to happen is probably ░░░░░░░░ performance but expects them ░░░░░░░░ partially because they were ░░░░░░░░ from such a low ░░░░░░░░ And there was a ░░░░░░░░ of upside to be ░░░░░░░░ and then we ve ░░░░░░░░ some systematic changes with ░░░░░░░░ to Germany being able ░░░░░░░░ introduce more growth within ░░░░░░░░ economy which is Broadly ░░░░░░░░ out to Europe The ░░░░░░░░ implications of some of ░░░░░░░░ regulatory policies and somebody ░░░░░░░░ community proper policies with ░░░░░░░░ to interest rates are ░░░░░░░░ different from the us ░░░░░░░░ we could see more ░░░░░░░░ cuts their than I ░░░░░░░░ the us Okay more ░░░░░░░░ cuts there than you ░░░░░░░░ that the u s ░░░░░░░░ what about China What ░░░░░░░░ your expectation for in ░░░░░░░░ out the balance and ░░░░░░░░ year I think sheikha ░░░░░░░░ Jean has been very ░░░░░░░░ with regard to promoting ░░░░░░░░ s alternative places To ░░░░░░░░ invested or receive investments ░░░░░░░░ it So he s ░░░░░░░░ on this front foot ░░░░░░░░ that regard so I ░░░░░░░░ them to weather the ░░░░░░░░ fairly well I think ░░░░░░░░ the terrorists are going ░░░░░░░░ be an impact on ░░░░░░░░ implication but they can ░░░░░░░░ around those to some ░░░░░░░░ So I expect them ░░░░░░░░ systematically in really intelligently ░░░░░░░░ of map around some ░░░░░░░░ the challenges they could ░░░░░░░░ Okay you got it ░░░░░░░░ suck tax going forward ░░░░░░░░ here You ve got ░░░░░░░░ pansy They re lying ░░░░░░░░ less nicely okay so ░░░░░░░░ s start with energy ░░░░░░░░ that essentially and because ░░░░░░░░ the expectations of more ░░░░░░░░ demand correct that s ░░░░░░░░ one of the very ░░░░░░░░ parts of it Energy ░░░░░░░░ uniquely positioned also where ░░░░░░░░ re physically located I ░░░░░░░░ headquarters down in Louisiana ░░░░░░░░ have a lot of ░░░░░░░░ sun belt states and ░░░░░░░░ just started an initiative ░░░░░░░░ mehta to produce Power ░░░░░░░░ some new factories some ░░░░░░░░ facilities for mehta the ░░░░░░░░ I implications for energy ░░░░░░░░ you alluded to are ░░░░░░░░ very strong and very ░░░░░░░░ and they will require ░░░░░░░░ energy way beyond what ░░░░░░░░ re used to experiencing ░░░░░░░░ if somebody is a ░░░░░░░░ like introduce well positioned ░░░░░░░░ demographically and otherwise I ░░░░░░░░ they can benefit pansy ░░░░░░░░ s talk about That ░░░░░░░░ it s the had ░░░░░░░░ head went so far ░░░░░░░░ year so why is ░░░░░░░░ upside from here Well ░░░░░░░░ who thinks and I ░░░░░░░░ Trump has been on ░░░░░░░░ front foot with this ░░░░░░░░ regard to regulations and ░░░░░░░░ think the regulatory environment ░░░░░░░░ going to be better ░░░░░░░░ financials banks making these ░░░░░░░░ re lending environment for ░░░░░░░░ Cpu curve as well ░░░░░░░░ help them plus geographically ░░░░░░░░ moved into Texas in ░░░░░░░░ sunbelt areas as well ░░░░░░░░ I can see the ░░░░░░░░ but I know the ░░░░░░░░ is for it to ░░░░░░░░ a better environment that ░░░░░░░░ ll see more an ░░░░░░░░ but we really haven ░░░░░░░░ seen a significant amount ░░░░░░░░ because we still have ░░░░░░░░ this uncertainty correct As ░░░░░░░░ the uncertainty becomes a ░░░░░░░░ more assertive and I ░░░░░░░░ some benefits to start ░░░░░░░░ happen That question is ░░░░░░░░ timing and if I ░░░░░░░░ a crystal ball I ░░░░░░░░ tell you that could ░░░░░░░░ but I have no ░░░░░░░░ which I had a ░░░░░░░░ Let s talk about ░░░░░░░░ why is this one ░░░░░░░░ your list Miss Lee ░░░░░░░░ interesting obviously very well ░░░░░░░░ name very important for ░░░░░░░░ the U s and ░░░░░░░░ with regard to the ░░░░░░░░ in the distribution they ░░░░░░░░ uniquely positioned in the ░░░░░░░░ ask because they do ░░░░░░░░ lot of production for ░░░░░░░░ us in the us ░░░░░░░░ similar Trump was trying ░░░░░░░░ accomplish getting foreign manufacturers ░░░░░░░░ produce in the U ░░░░░░░░ four years resolution authority ░░░░░░░░ of their narrative so ░░░░░░░░ re already well positioned ░░░░░░░░ be able to benefit ░░░░░░░░ that plus consumer staples ░░░░░░░░ perform well in in ░░░░░░░░ downturn of the economy ░░░░░░░░ whether it s U ░░░░░░░░ global European downturns All ░░░░░░░░ things are herbs had ░░░░░░░░ the global economy but ░░░░░░░░ in consumer staples should ░░░░░░░░ storm is buses any ░░░░░░░░ company Okay why make ░░░░░░░░ fair point at least ░░░░░░░░ it comes Naturally a ░░░░░░░░ outperform year days so ░░░░░░░░ ll see if it ░░░░░░░░ that trend across Thank ░░░░░░░░ so much That s ░░░░░░░░ stock picks their and ░░░░░░░░ perspective on how we ░░░░░░░░ in the first quarter ░░░░░░░░ god Chief investment officer ░░░░░░░░ BBC, thanks Chris