RUSH TRANSCRIPT CNBC and ░░░░░░░░ on CNBC plus Here ░░░░░░░░ the big question has ░░░░░░░░ run out of the ░░░░░░░░ bounce from the April ░░░░░░░░ Let s ask one ░░░░░░░░ this country s top ░░░░░░░░ advisors He s rich ░░░░░░░░ treasury partner cio And ░░░░░░░░ is right there live ░░░░░░░░ nine Do we still ░░░░░░░░ momentum left or are ░░░░░░░░ tired We do The ░░░░░░░░ is very favorable We ░░░░░░░░ got full employment A ░░░░░░░░ on hold tax policy ░░░░░░░░ been resolved We re ░░░░░░░░ to get the benefits ░░░░░░░░ deregulation And the overall ░░░░░░░░ is still growing So ░░░░░░░░ think the overall environment ░░░░░░░░ owning stocks is favorable ░░░░░░░░ galore That s what ░░░░░░░░ see Yeah Well primarily ░░░░░░░░ the tariffs So tariffs ░░░░░░░░ headwinds And I ve ░░░░░░░░ pretty vocal about how ░░░░░░░░ s a self inflicted ░░░░░░░░ And it will change ░░░░░░░░ turn into a tailwind ░░░░░░░░ they re turning into ░░░░░░░░ How does it turn ░░░░░░░░ a tailwind if it ░░░░░░░░ still a quote unquote ░░░░░░░░ Even if it s ░░░░░░░░ somebody s paying that ░░░░░░░░ think the economy doesn ░░░░░░░░ just disappear the economy ░░░░░░░░ things The economy has ░░░░░░░░ very resilient to many ░░░░░░░░ And it will be ░░░░░░░░ to tariffs But if ░░░░░░░░ find the right sectors ░░░░░░░░ are not as affected ░░░░░░░░ tariffs that s where ░░░░░░░░ want to be like ░░░░░░░░ large cap tech utilities ░░░░░░░░ finance So if you ░░░░░░░░ to buy consumer products ░░░░░░░░ cars or something that ░░░░░░░░ going to be tariffed ░░░░░░░░ you ve got your ░░░░░░░░ in and away of ░░░░░░░░ So I prefer to ░░░░░░░░ outside of that and ░░░░░░░░ sectors that are benefiting ░░░░░░░░ from the growth in ░░░░░░░░ economy Okay so you ░░░░░░░░ telling me I just ░░░░░░░░ to stay with what ░░░░░░░░ been working really well ░░░░░░░░ financials have been at ░░░░░░░░ all time high Mega ░░░░░░░░ has led the market ░░░░░░░░ and the electrification of ░░░░░░░░ just stay with what ░░░░░░░░ worked then you re ░░░░░░░░ a believer in the ░░░░░░░░ trade No I think ░░░░░░░░ one of the things ░░░░░░░░ learned 40 years ago ░░░░░░░░ okay one of the ░░░░░░░░ I ve learned is ░░░░░░░░ don t sell a ░░░░░░░░ or you don t ░░░░░░░░ something that keeps moving ░░░░░░░░ and you don t ░░░░░░░░ to buy a bottom ░░░░░░░░ So I don t ░░░░░░░░ where it might broaden ░░░░░░░░ but I don t ░░░░░░░░ where I should lift ░░░░░░░░ concentrations from sectors that ░░░░░░░░ tremendous opportunity now And ░░░░░░░░ are the three you ░░░░░░░░ mentioned And you think ░░░░░░░░ week when we get ░░░░░░░░ and Meta Amazon and ░░░░░░░░ are only going to ░░░░░░░░ that Yes Well look ░░░░░░░░ Google s earnings So ░░░░░░░░ cloud revenue is up ░░░░░░░░ their margins went from ░░░░░░░░ to 20 like how ░░░░░░░░ you walk away from ░░░░░░░░ like that where we ░░░░░░░░ facing one of the ░░░░░░░░ transformative technologies right now ░░░░░░░░ what I find is ░░░░░░░░ are underweight this sector ░░░░░░░░ I ll see I ░░░░░░░░ see you on the ░░░░░░░░ and I ll raise ░░░░░░░░ on the stock reaction ░░░░░░░░ the other side That ░░░░░░░░ did not correlate with ░░░░░░░░ other did it Agreed ░░░░░░░░ you re talking to ░░░░░░░░ that s owned these ░░░░░░░░ for 14 12 and ░░░░░░░░ years So one quarter ░░░░░░░░ t make my thesis ░░░░░░░░ m looking longer term ░░░░░░░░ is how wealth is ░░░░░░░░ Own these great companies ░░░░░░░░ in this transformative technology ░░░░░░░░ you re going to ░░░░░░░░ continued growth of these ░░░░░░░░ over time No care ░░░░░░░░ valuation or the top ░░░░░░░░ nature of valuation in ░░░░░░░░ market at all Yes ░░░░░░░░ market is expensive These ░░░░░░░░ are rich But I ░░░░░░░░ want to own them ░░░░░░░░ they re growing And ░░░░░░░░ you re not going ░░░░░░░░ you have a choice ░░░░░░░░ You can go buy ░░░░░░░░ stocks that haven t ░░░░░░░░ or that are beaten ░░░░░░░░ or stay with winners ░░░░░░░░ I prefer to stay ░░░░░░░░ stocks that have worked ░░░░░░░░ if I want a ░░░░░░░░ of credit Muniz You ░░░░░░░░ like muniz Yeah Muniz ░░░░░░░░ been fabulous So when ░░░░░░░░ have a when I ░░░░░░░░ a client and they ░░░░░░░░ wealthy and they want ░░░░░░░░ have safe portion of ░░░░░░░░ portfolio they re not ░░░░░░░░ to buy muni They ░░░░░░░░ not going to buy ░░░░░░░░ or treasuries because they ░░░░░░░░ fully taxed Now we ░░░░░░░░ get muniz 4 5 ░░░░░░░░ if I have a ░░░░░░░░ rate of return for ░░░░░░░░ client of 7 I ░░░░░░░░ the 70 of that ░░░░░░░░ by owning a safe ░░░░░░░░ right now So we ░░░░░░░░ own muniz We re ░░░░░░░░ reallocating When we have ░░░░░░░░ gains in the stock ░░░░░░░░ we reallocate back to ░░░░░░░░ safe side So it ░░░░░░░░ a great opportunity to ░░░░░░░░ that for wealthy investors ░░░░░░░░ wear your 40 plus ░░░░░░░░ of experience very well ░░░░░░░░ Saperstein. We’ll see