RUSH TRANSCRIPT Chief market ░░░░░░░░ at cal bay investments ░░░░░░░░ did a little googling ░░░░░░░░ They investments is in ░░░░░░░░ California just a A ░░░░░░░░ east of oakland A ░░░░░░░░ of the country Clark ░░░░░░░░ I guess just given ░░░░░░░░ your neighbors are You ░░░░░░░░ think about technology out ░░░░░░░░ How do you view ░░░░░░░░ tech sector At this ░░░░░░░░ given some of the ░░░░░░░░ uncertainties that we do ░░░░░░░░ We really liked the ░░░░░░░░ cap tech space after ░░░░░░░░ saw the pullback so ░░░░░░░░ this year we are ░░░░░░░░ looking at it as ░░░░░░░░ great opportunity We haven ░░░░░░░░ seen valuations like this ░░░░░░░░ years so we re ░░░░░░░░ telling our clients with ░░░░░░░░ dry powder that they ░░░░░░░░ are potentially after at ░░░░░░░░ that these are great ░░░░░░░░ to lie At as ░░░░░░░░ re moving forward What ░░░░░░░░ the worried parents that ░░░░░░░░ every rated for a ░░░░░░░░ because they re exposed ░░░░░░░░ terrorists because you re ░░░░░░░░ about growth etc cat ░░░░░░░░ spend so weird as ░░░░░░░░ discount actually make sense ░░░░░░░░ what we re thinking ░░░░░░░░ a lot of these ░░░░░░░░ are going to be ░░░░░░░░ back and I know ░░░░░░░░ the administration promised 90 ░░░░░░░░ deals and 90 days ░░░░░░░░ haven t seen one ░░░░░░░░ but we think right ░░░░░░░░ that a lot of ░░░░░░░░ is baked into the ░░░░░░░░ and we are going ░░░░░░░░ see this continue to ░░░░░░░░ forward I mean we ░░░░░░░░ added 20 four time ░░░░░░░░ at the end of ░░░░░░░░ year which is what ░░░░░░░░ us to do a ░░░░░░░░ Knowing that we were ░░░░░░░░ to see some of ░░░░░░░░ uncertainty moving forward and ░░░░░░░░ think we re any ░░░░░░░░ position right now to ░░░░░░░░ to move forward into ░░░░░░░░ You know we had ░░░░░░░░ of the bellwethers report ░░░░░░░░ yesterday Google What did ░░░░░░░░ take away from from ░░░░░░░░ Google earnings has a ░░░░░░░░ that maybe just text ░░░░░░░░ Adding in general digital ░░░░░░░░ general So I can ░░░░░░░░ speak to individual company ░░░░░░░░ will say that a ░░░░░░░░ of the cap x ░░░░░░░░ have stayed the same ░░░░░░░░ being said we also ░░░░░░░░ a lot of companies ░░░░░░░░ coming out and not ░░░░░░░░ guidance for 20 twenty ░░░░░░░░ yeah and I think ░░░░░░░░ there in the same ░░░░░░░░ that we are where ░░░░░░░░ re just trying to ░░░░░░░░ promise and hopefully oh ░░░░░░░░ based on the current ░░░░░░░░ I don t know ░░░░░░░░ s going to happen ░░░░░░░░ but we re all ░░░░░░░░ that we will get ░░░░░░░░ deals done over the ░░░░░░░░ 90 days One would ░░░░░░░░ you confidence in terms ░░░░░░░░ market com What would ░░░░░░░░ be an actual deal ░░░░░░░░ would just be like ░░░░░░░░ less negative headlines What ░░░░░░░░ s to indicate That ░░░░░░░░ you Sure so although ░░░░░░░░ don t like trading ░░░░░░░░ tone we have seen ░░░░░░░░ positive data come out ░░░░░░░░ week production numbers manufacturing ░░░░░░░░ new home sales which ░░░░░░░░ all been a positive ░░░░░░░░ to the contrary of ░░░░░░░░ A lot of that ░░░░░░░░ data that we ve ░░░░░░░░ seeing which has really ░░░░░░░░ driving some of the ░░░░░░░░ in the tone in ░░░░░░░░ markets like consumer sentiment ░░░░░░░░ number improve today and ░░░░░░░░ we are liking to ░░░░░░░░ that the soft data ░░░░░░░░ the heart Data are ░░░░░░░░ to move in the ░░░░░░░░ direction What are the ░░░░░░░░ conversations we re having ░░░░░░░░ your clients here Clark ░░░░░░░░ over the last two ░░░░░░░░ four months when the ░░░░░░░░ has kind of spite ░░░░░░░░ got a lot of ░░░░░░░░ now into the economic ░░░░░░░░ as it relates to ░░░░░░░░ One of the conversations ░░░░░░░░ you re having most ░░░░░░░░ with your clients So ░░░░░░░░ lot of them are ░░░░░░░░ For instance we have ░░░░░░░░ sixty year old in ░░░░░░░░ eight year old coming ░░░░░░░░ us with the same ░░░░░░░░ I my ever going ░░░░░░░░ make up these losses ░░░░░░░░ so for us It ░░░░░░░░ the best time to ░░░░░░░░ clients re evaluate the ░░░░░░░░ that they re taking ░░░░░░░░ look at tax loss ░░░░░░░░ opportunities use those pros ░░░░░░░░ and try to put ░░░░░░░░ into an opportunity whether ░░░░░░░░ be large cap tech ░░░░░░░░ financials which were also ░░░░░░░░ on I am angels ░░░░░░░░ about that bullets Thesis ░░░░░░░░ what we ve seen ░░░░░░░░ far are earnings have ░░░░░░░░ to that be strong ░░░░░░░░ everything we look at ░░░░░░░░ credit card delinquencies which ░░░░░░░░ also come out more ░░░░░░░░ than expected and so ░░░░░░░░ feel with that The ░░░░░░░░ data ever actually seen ░░░░░░░░ financials that moving forward ░░░░░░░░ s there s really ░░░░░░░░ lot of upside because ░░░░░░░░ have that possibility of ░░░░░░░░ deregulation Corporate tax cuts ░░░░░░░░ companies and we think ░░░░░░░░ that will lead to ░░░░░░░░ deal making as well ░░░░░░░░ I mean I guess ░░░░░░░░ what the administration is ░░░░░░░░ is talking about a ░░░░░░░░ better economic plans izzy ░░░░░░░░ some near term pain ░░░░░░░░ s a release do ░░░░░░░░ trade policy but again ░░░░░░░░ as you mention can ░░░░░░░░ maybe some deregulation maybe ░░░░░░░░ to corporate tax cuts ░░░░░░░░ some longer term gain ░░░░░░░░ that kind of How ░░░░░░░░ that the backbone of ░░░░░░░░ hangar framing it out ░░░░░░░░ s exactly what were ░░░░░░░░ hoping for Really We ░░░░░░░░ need to see material ░░░░░░░░ though on the tariff ░░░░░░░░ in order to have ░░░░░░░░ clear picture right now ░░░░░░░░ can t trade on ░░░░░░░░ tone and we can ░░░░░░░░ trade on leaked comments ░░░░░░░░ word investors long term ░░░░░░░░ and we need to ░░░░░░░░ for some actual hard ░░░░░░░░ to come out Out ░░░░░░░░ help support that I ░░░░░░░░ thanks so much a ░░░░░░░░ really appreciated Cluck and ░░░░░░░░ s a chief market ░░░░░░░░ at how they investments ░░░░░░░░ they get some offices ░░░░░░░░ around of the bay ░░░░░░░░ of San Francisco Santa ░░░░░░░░ As as well source ░░░░░░░░ a good good part ░░░░░░░░ the country out, there