RUSH TRANSCRIPT 30 over ░░░░░░░░ past three months d ░░░░░░░░ joining us now to ░░░░░░░░ down his trades on ░░░░░░░░ names Lee Munson president ░░░░░░░░ cio at portfolio wealth ░░░░░░░░ Lee listen cisco Good ░░░░░░░░ them Chuck Robbins he ░░░░░░░░ a guest on CNBC ░░░░░░░░ morning Stocks at the ░░░░░░░░ in 25 years What ░░░░░░░░ you make of it ░░░░░░░░ I love that people ░░░░░░░░ getting their money back ░░░░░░░░ from the com crash ░░░░░░░░ in 2001 Here s ░░░░░░░░ issue You ve got ░░░░░░░░ intelligence at full mega ░░░░░░░░ levels And this company ░░░░░░░░ still looking at mid ░░░░░░░░ digit growth rate I ░░░░░░░░ t think it s ░░░░░░░░ It s still trading ░░░░░░░░ almost a 30 pe ░░░░░░░░ s got a nice ░░░░░░░░ but I think it ░░░░░░░░ a value trap If ░░░░░░░░ can t show me ░░░░░░░░ double digit growth in ░░░░░░░░ type of market on ░░░░░░░░ and all the promise ░░░░░░░░ don t know what ░░░░░░░░ re going to do ░░░░░░░░ that starts slowing down ░░░░░░░░ the middle or late ░░░░░░░░ year So I think ░░░░░░░░ s not a stock ░░░░░░░░ you go into I ░░░░░░░░ cisco along with intel ░░░░░░░░ hits Moving on Not ░░░░░░░░ me What s the ░░░░░░░░ on John deere I ░░░░░░░░ to imagine that commodity ░░░░░░░░ prices are a lot ░░░░░░░░ important to John deere ░░░░░░░░ tariffs But what do ░░░░░░░░ know No that s ░░░░░░░░ what you know I ░░░░░░░░ long this earlier this ░░░░░░░░ for full disclosure I ░░░░░░░░ some yesterday I don ░░░░░░░░ want to go into ░░░░░░░░ on it I was ░░░░░░░░ earlier this year because ░░░░░░░░ of everything they make ░░░░░░░░ those parts are inside ░░░░░░░░ us So they re ░░░░░░░░ re somewhat insulated from ░░░░░░░░ tariff threat as far ░░░░░░░░ their supply chain to ░░░░░░░░ the stuff But you ░░░░░░░░ what I care about ░░░░░░░░ customers And right now ░░░░░░░░ re the first to ░░░░░░░░ that forestry and construction ░░░░░░░░ going to get hit ░░░░░░░░ even though John deere ░░░░░░░░ t directly get hit ░░░░░░░░ this trade war they ░░░░░░░░ customers downstream are going ░░░░░░░░ get hit for the ░░░░░░░░ war So I m ░░░░░░░░ to take my big ░░░░░░░░ this year and I ░░░░░░░░ just going to sit ░░░░░░░░ out If it pops ░░░░░░░░ earnings it can do ░░░░░░░░ me I ll look ░░░░░░░░ it later Amazing D ░░░░░░░░ horton that was our ░░░░░░░░ chart 30 gains even ░░░░░░░░ mortgage rates to stay ░░░░░░░░ stuck around 7 I ░░░░░░░░ t believe I m ░░░░░░░░ and not wrong You ░░░░░░░░ I started owning this ░░░░░░░░ year thinking it was ░░░░░░░░ the peak I ve ░░░░░░░░ just eating humble pie ░░░░░░░░ year since their earnings ░░░░░░░░ was beating the market ░░░░░░░░ it s up huge ░░░░░░░░ s not that I ░░░░░░░░ in disbelief but let ░░░░░░░░ tell you for all ░░░░░░░░ people listening here s ░░░░░░░░ the homebuilders are all ░░░░░░░░ The home builders always ░░░░░░░░ popping well before everything ░░░░░░░░ so we don t ░░░░░░░░ fed cuts in September ░░░░░░░░ don t think we ░░░░░░░░ going to get it ░░░░░░░░ market has adjusted d ░░░░░░░░ Horton got all the ░░░░░░░░ They have the land ░░░░░░░░ build They have first ░░░░░░░░ home buyers that are ░░░░░░░░ demand And I think ░░░░░░░░ are seeing through We ░░░░░░░░ going to get cuts ░░░░░░░░ may Why do we ░░░░░░░░ about September I m ░░░░░░░░ I d love to ░░░░░░░░ to the position Appreciate ░░░░░░░░ candor and humility and ░░░░░░░░ Lee Munson thank you ░░░░░░░░ much.
>> Thank you.