RUSH TRANSCRIPT Target offering ░░░░░░░░ two day shopping on ░░░░░░░░ purchase The national retail ░░░░░░░░ expects shoppers to spend ░░░░░░░░ with consumer confidence at ░░░░░░░░ 18 year here Stacy ░░░░░░░░ here from optimum capitol ░░░░░░░░ for being here Thank ░░░░░░░░ Leland Put it in ░░░░░░░░ You have these two ░░░░░░░░ views here of the ░░░░░░░░ Stock market down significantly ░░░░░░░░ at the same time ░░░░░░░░ at an all time ░░░░░░░░ How does that translate ░░░░░░░░ people opening their wallets ░░░░░░░░ holiday shop something Yes ░░░░░░░░ s have simple The ░░░░░░░░ market movement precedes the ░░░░░░░░ data In 2007 we ░░░░░░░░ highs that preceded the ░░░░░░░░ in 2008 the great ░░░░░░░░ What is happening is ░░░░░░░░ Fed is tightening That ░░░░░░░░ starting to be felt ░░░░░░░░ airs of liquidity When ░░░░░░░░ Fed tightening they reduce ░░░░░░░░ money supply It s ░░░░░░░░ out of the overbought ░░░░░░░░ that we recently lost ░░░░░░░░ trillion dollars in value ░░░░░░░░ affect retail much As ░░░░░░░░ say they re positive ░░░░░░░░ indicators Next Christmas will ░░░░░░░░ rough You talk about ░░░░░░░░ fang stocks Facebook apple ░░░░░░░░ and Google There s ░░░░░░░░ than a trillion dollars ░░░░░░░░ wealth knocked off of ░░░░░░░░ stocks combined A lot ░░░░░░░░ held by consumers If ░░░░░░░░ re holding apple when ░░░░░░░░ was at 220 you ░░░░░░░░ a different feeling now ░░░░░░░░ a couple weeks ago ░░░░░░░░ have a family member ░░░░░░░░ that situation Their Christmas ░░░░░░░░ be changed Interesting to ░░░░░░░░ how much the retail ░░░░░░░░ are affected by that ░░░░░░░░ In our firm our ░░░░░░░░ didn t have a ░░░░░░░░ level of exposure to ░░░░░░░░ same stocks They were ░░░░░░░░ and overvalued for some ░░░░░░░░ So it s interesting ░░░░░░░░ see I do have ░░░░░░░░ family member that will ░░░░░░░░ spending less for Christmas ░░░░░░░░ year as a result ░░░░░░░░ that A big question ░░░░░░░░ many families are like ░░░░░░░░ in that place especially ░░░░░░░░ with a high amount ░░░░░░░░ disposable income as folks ░░░░░░░░ hold those stocks do ░░░░░░░░ retail federation numbers here ░░░░░░░░ 967 Holiday spending per ░░░░░░░░ 2018 expect 30 or ░░░░░░░░ more up 4 1 ░░░░░░░░ quickly are we going ░░░░░░░░ know in the next ░░░░░░░░ days whether that trend ░░░░░░░░ is holding therefore potentially ░░░░░░░░ stocks a little bump ░░░░░░░░ into December or how ░░░░░░░░ do we know that ░░░░░░░░ consumer confidence like your ░░░░░░░░ that owned apple just ░░░░░░░░ t Well I think ░░░░░░░░ ll have numbers reported ░░░░░░░░ real time People are ░░░░░░░░ in what is happening ░░░░░░░░ the stock market It ░░░░░░░░ depends on whether the ░░░░░░░░ continues with their projected ░░░░░░░░ like in December What ░░░░░░░░ interesting is we have ░░░░░░░░ record amount of debt ░░░░░░░░ the system The challenge ░░░░░░░░ Trump has going forward ░░░░░░░░ you lamented on Twitter ░░░░░░░░ the Fed keeps tightening ░░░░░░░░ have 9 trillion outstanding ░░░░░░░░ bonds We have all ░░░░░░░░ this pressure As the ░░░░░░░░ go up it puts ░░░░░░░░ pressure on the debt ░░░░░░░░ So I think these ░░░░░░░░ really high economic indicators ░░░░░░░░ be sustainable until we ░░░░░░░░ problems in the credit ░░░░░░░░ Leland As you point ░░░░░░░░ debt becoming key 28 ░░░░░░░░ Americans still have debt ░░░░░░░░ from last holiday season ░░░░░░░░ I appreciate you being ░░░░░░░░ us a lot to ░░░░░░░░ about the next coupling ░░░░░░░░ to watch.