RUSH TRANSCRIPT Tannenbaum live ░░░░░░░░ London Giuliana good to ░░░░░░░░ you All right This ░░░░░░░░ we re really going ░░░░░░░░ Go back to the ░░░░░░░░ market Let s bring ░░░░░░░░ Kelly cox chief Market ░░░░░░░░ At brenthurst wealth Management ░░░░░░░░ Nancy Davis Founder and ░░░░░░░░ at Quadratic capital management ░░░░░░░░ morning ladies Great to ░░░░░░░░ you both Kelly I ░░░░░░░░ going to begin With ░░░░░░░░ this morning What do ░░░░░░░░ make of some of ░░░░░░░░ we re Seeing when ░░░░░░░░ comes to Tech shares ░░░░░░░░ apple Shares of apple ░░░░░░░░ Up about 5 5 ░░░░░░░░ re seeing Tech broadly ░░░░░░░░ higher Obviously it s ░░░░░░░░ That tariff pause Yeah ░░░░░░░░ I think this Was ░░░░░░░░ Heading into Monday You ░░░░░░░░ we saw Obviously those ░░░░░░░░ around the tariff exemptions ░░░░░░░░ were Later walked back ░░░░░░░░ President Trump I m ░░░░░░░░ sure Tech investors Quite ░░░░░░░░ what the situation is ░░░░░░░░ tech has been hit ░░░░░░░░ hard in this selloff ░░░░░░░░ this could be A ░░░░░░░░ Rally of Sorts a ░░░░░░░░ rally that I Wouldn ░░░░░░░░ necessarily believe in Wouldn ░░░░░░░░ necessarily believe in it ░░░░░░░░ coming over to you ░░░░░░░░ you surprised to see ░░░░░░░░ have so much Confidence ░░░░░░░░ tech And looking at ░░░░░░░░ shares Up just About ░░░░░░░░ 5 as well When ░░░░░░░░ re getting so much ░░░░░░░░ messaging From this administration ░░░░░░░░ president On Truth Social ░░░░░░░░ commerce Secretary on TV ░░░░░░░░ saying you know not ░░░░░░░░ fast It s not ░░░░░░░░ an Exemption that these ░░░░░░░░ are actually going to ░░░░░░░░ coming Down The Pike ░░░░░░░░ than later Do you ░░░░░░░░ there s a lot ░░░░░░░░ euphoria In The equity ░░░░░░░░ It s pretty mind ░░░░░░░░ to Think that the ░░░░░░░░ actually Had a huge ░░░░░░░░ week in equities especially ░░░░░░░░ what happened to 10 ░░░░░░░░ yields last week and ░░░░░░░░ Yields rose So the ░░░░░░░░ market was telling a ░░░░░░░░ different story than what ░░░░░░░░ going on with equities ░░░░░░░░ I think it will ░░░░░░░░ wait to see which ░░░░░░░░ is correct But you ░░░░░░░░ a tale of two ░░░░░░░░ stories based on where ░░░░░░░░ re looking Yeah You ░░░░░░░░ to your Point about ░░░░░░░░ euphoria In The market ░░░░░░░░ think Everybody s kind ░░░░░░░░ looking for a bounce ░░░░░░░░ the markets to Bounce ░░░░░░░░ The bottom I want ░░░░░░░░ read something to both ░░░░░░░░ you from Evercore that ░░░░░░░░ out over The weekend ░░░░░░░░ m reading in part ░░░░░░░░ they had to say ░░░░░░░░ said about 80 Of ░░░░░░░░ are trading at a ░░░░░░░░ to Their five Year ░░░░░░░░ Pe tends to be ░░░░░░░░ by a Rally at ░░░░░░░░ pivot D C unwilling ░░░░░░░░ Precipitate a recession Supports ░░░░░░░░ week s Bottom and ░░░░░░░░ S P 500 to ░░░░░░░░ Coming back to you ░░░░░░░░ you agree that we ░░░░░░░░ Just kind of Primed ░░░░░░░░ a bounce right now ░░░░░░░░ fact that stocks Are ░░░░░░░░ At a discount and ░░░░░░░░ there s an opportunity ░░░░░░░░ a Trump pivot And ░░░░░░░░ as Nancy may have ░░░░░░░░ it some Euphoria people ░░░░░░░░ for better days Well ░░░░░░░░ we are Primed for ░░░░░░░░ bounce Frank That s ░░░░░░░░ we saw Last week ░░░░░░░░ the markets There s ░░░░░░░░ reason why it was ░░░░░░░░ biggest week we ve ░░░░░░░░ in years yet tensions ░░░░░░░░ still so high I ░░░░░░░░ when you re ready ░░░░░░░░ get punched in the ░░░░░░░░ the punch doesn t ░░░░░░░░ so bad right But ░░░░░░░░ think we have To ░░░░░░░░ careful when we re ░░░░░░░░ about time frames here ░░░░░░░░ in a matter of ░░░░░░░░ you know we could ░░░░░░░░ a relief rally And ░░░░░░░░ are seeing A relief ░░░░░░░░ here especially in beaten ░░░░░░░░ shares But if you ░░░░░░░░ over the following Weeks ░░░░░░░░ months We still have ░░░░░░░░ Process the fact That ░░░░░░░░ could be in a ░░░░░░░░ Right now in the ░░░░░░░░ Just hasn t shown ░░░░░░░░ yet So we re ░░░░░░░░ investors to be careful ░░░░░░░░ know of course focus ░░░░░░░░ your long term plan ░░░░░░░░ have a process here ░░░░░░░░ don t believe these ░░░░░░░░ that you see The ░░░░░░░░ up and down Days ░░░░░░░░ in bear markets All ░░░░░░░░ So you re a ░░░░░░░░ skeptical of the bounces ░░░░░░░░ coming over to you ░░░░░░░░ know the important Part ░░░░░░░░ pe Sometimes is the ░░░░░░░░ part The E and ░░░░░░░░ re in Fact in ░░░░░░░░ earnings season For that ░░░░░░░░ Is for earnings Any ░░░░░░░░ about the fact that ░░░░░░░░ may be A bit ░░░░░░░░ this and That this ░░░░░░░░ p E multiples that ░░░░░░░░ are seeing at a ░░░░░░░░ They may be misleading ░░░░░░░░ any way Yeah I ░░░░░░░░ you Also have to ░░░░░░░░ at The debt side ░░░░░░░░ the equation Since we ░░░░░░░░ the us fed hike ░░░░░░░░ so aggressively and have ░░░░░░░░ those rates Up for ░░░░░░░░ very long time You ░░░░░░░░ to look At Corporate ░░░░░░░░ sheets and see how ░░░░░░░░ the debt servicing is ░░░░░░░░ to be A lot ░░░░░░░░ people are focused on ░░░░░░░░ with the us with ░░░░░░░░ treasury and the refinancing ░░░░░░░░ the fiscal side But ░░░░░░░░ also have to look ░░░░░░░░ corporate balance sheets And ░░░░░░░░ think that s super ░░░░░░░░ if you re you ░░░░░░░░ everyone who s watching ░░░░░░░░ you have stocks and ░░░░░░░░ have corporate bonds you ░░░░░░░░ have the same corporate ░░░░░░░░ right It s all ░░░░░░░░ It s just a ░░░░░░░░ part of the capital ░░░░░░░░ So I think a ░░░░░░░░ of people could use ░░░░░░░░ sell off in the ░░░░░░░░ market and the treasury ░░░░░░░░ even typical yields they ░░░░░░░░ tremendously meaning prices got ░░░░░░░░ for inflation protected bonds ░░░░░░░░ s kind of mind ░░░░░░░░ when you look at ░░░░░░░░ screens and you see ░░░░░░░░ 10 year breakeven at ░░░░░░░░ and the Fed s ░░░░░░░░ is right around that ░░░░░░░░ so owning long term ░░░░░░░░ expectations I think is ░░░░░░░░ pretty no brainer in ░░░░░░░░ environment You know Nancy ░░░░░░░░ point is This the ░░░░░░░░ right now where you ░░░░░░░░ want To hold gold ░░░░░░░░ often Talk about you ░░░░░░░░ stocks bonds and alternatives ░░░░░░░░ right now is This ░░░░░░░░ Time To hold a ░░░░░░░░ like gold or maybe ░░░░░░░░ other things that are ░░░░░░░░ to definitely be In ░░░░░░░░ and could potentially be ░░░░░░░░ inflation hedge I think ░░░░░░░░ know a lot Of ░░░░░░░░ look at gold as ░░░░░░░░ inflation trade I think ░░░░░░░░ thing I like to ░░░░░░░░ investors is even the ░░░░░░░░ market So those are ░░░░░░░░ inflation protected securities They ░░░░░░░░ t start until the ░░░░░░░░ 90s That was when ░░░░░░░░ us treasury first issued ░░░░░░░░ So people looking back ░░░░░░░░ the 70s and 80s ░░░░░░░░ might be a fine ░░░░░░░░ but the price has ░░░░░░░░ up a lot It ░░░░░░░░ a lot cheaper on ░░░░░░░░ valuation basis to just ░░░░░░░░ the rates market own ░░░░░░░░ expectations in rates It ░░░░░░░░ just a lot of ░░░░░░░░ don t look at ░░░░░░░░ because it didn t ░░░░░░░░ back then Kelly I ░░░░░░░░ To Give you the ░░░░░░░░ Word right now Do ░░░░░░░░ want an old gold ░░░░░░░░ mean Own Gold is ░░░░░░░░ Now the Time to ░░░░░░░░ increase Your exposure To ░░░░░░░░ I think Nancy you ░░░░░░░░ I think tips are ░░░░░░░░ here especially now that ░░░░░░░░ price has come down ░░░░░░░░ bit We hold tips ░░░░░░░░ our portfolios as a ░░░░░░░░ position for unexpected inflation ░░░░░░░░ I think it s ░░░░░░░░ to say that right ░░░░░░░░ one of the worries ░░░░░░░░ unexpected inflation around these ░░░░░░░░ changes in tariff policy ░░░░░░░░ assets like Gold still ░░░░░░░░ but we prefer to ░░░░░░░░ on tips All right ░░░░░░░░ got To leave it ░░░░░░░░ Kelly cox Nancy Davis ░░░░░░░░ to See you both ░░░░░░░░ you Very much Yeah ░░░░░░░░ right.