RUSH TRANSCRIPT Lower on ░░░░░░░░ session All right kristen ░░░░░░░░ you for that turning ░░░░░░░░ to the major averages ░░░░░░░░ us now is Tim ░░░░░░░░ era chief investment officer ░░░░░░░░ cap wealth in 10 ░░░░░░░░ is your reaction to ░░░░░░░░ markets close today But ░░░░░░░░ think it was good ░░░░░░░░ was a little bit ░░░░░░░░ relief you know the ░░░░░░░░ have had to digest ░░░░░░░░ lot of action from ░░░░░░░░ federal this quarter and ░░░░░░░░ s affecting everything from ░░░░░░░░ rates to how they ░░░░░░░░ stocks So you ve ░░░░░░░░ that the ongoing conflict ░░░░░░░░ Ukraine makes the U ░░░░░░░░ market a safer bet ░░░░░░░░ investors then European market ░░░░░░░░ is this Well where ░░░░░░░░ where the stable source ░░░░░░░░ everything in the world ░░░░░░░░ ve got the best ░░░░░░░░ we ve got the ░░░░░░░░ national security We re ░░░░░░░░ sufficient in oil and ░░░░░░░░ And our supply chain ░░░░░░░░ are minimal compared to ░░░░░░░░ the rest of the ░░░░░░░░ so the U S ░░░░░░░░ going to continue to ░░░░░░░░ the safe haven Place ░░░░░░░░ invest and save going ░░░░░░░░ Does that mean that ░░░░░░░░ believe investors in European ░░░░░░░░ should sell or were ░░░░░░░░ advising Well they win ░░░░░░░░ allocate capital they re ░░░░░░░░ allocating To the United ░░░░░░░░ You know there s ░░░░░░░░ reason why there s ░░░░░░░░ real estate development projects ░░░░░░░░ the u great you ░░░░░░░░ they re here in ░░░░░░░░ United States There s ░░░░░░░░ from south Erica from ░░░░░░░░ from Asia 15 of ░░░░░░░░ commercial real estate last ░░░░░░░░ was purchased by the ░░░░░░░░ So the that that ░░░░░░░░ a trend that even ░░░░░░░░ and was very strong ░░░░░░░░ the Ukrainian crisis Thank ░░░░░░░░ said you you expect ░░░░░░░░ Fed to continue with ░░░░░░░░ plan policies it has ░░░░░░░░ what impact do you ░░░░░░░░ this will have on ░░░░░░░░ and what should investors ░░░░░░░░ Let s talk about ░░░░░░░░ mortgage market and that ░░░░░░░░ gives you the best ░░░░░░░░ as to what is ░░░░░░░░ And 2020 the average ░░░░░░░░ was too 0 7 ░░░░░░░░ at the end of ░░░░░░░░ It was 3 2 ░░░░░░░░ It just crossed over ░░░░░░░░ 7 so the Federal ░░░░░░░░ Was the largest purchaser ░░░░░░░░ so they slowed up ░░░░░░░░ They ve stopped purchases ░░░░░░░░ then this week they ░░░░░░░░ that they were going ░░░░░░░░ start selling work It ░░░░░░░░ so all of a ░░░░░░░░ the largest customer is ░░░░░░░░ of the market and ░░░░░░░░ re raising rates at ░░░░░░░░ same time so you ░░░░░░░░ going to see the ░░░░░░░░ market in the housing ░░░░░░░░ slowed dramatically that impact ░░░░░░░░ ripple through the rest ░░░░░░░░ the economy as well ░░░░░░░░ it will start to ░░░░░░░░ inflation down as supply ░░░░░░░░ open up And and ░░░░░░░░ know they Reverse you ░░░░░░░░ it s the reverse ░░░░░░░░ the pandemic there Pulling ░░░░░░░░ everything that they put ░░░░░░░░ the economy We have ░░░░░░░░ more money It s ░░░░░░░░ printed sense February of ░░░░░░░░ that existed prior to ░░░░░░░░ They ve also said ░░░░░░░░ investors with Cash on ░░░░░░░░ sidelines You consider investing ░░░░░░░░ the market to guard ░░░░░░░░ inflation Tell me more ░░░░░░░░ that Absolutely my good ░░░░░░░░ Ron Baron spoke this ░░░░░░░░ about this You know ░░░░░░░░ you look at the ░░░░░░░░ 50 years inflation as ░░░░░░░░ about 4 and historically ░░░░░░░░ best way to protect ░░░░░░░░ against inflation is well ░░░░░░░░ big companies that have ░░░░░░░░ and see this is ░░░░░░░░ Americans need where they ░░░░░░░░ pricing power and that ░░░░░░░░ for allows them to ░░░░░░░░ to increase earnings and ░░░░░░░░ And that shows up ░░░░░░░░ good long term results ░░░░░░░░ investors Now what are ░░░░░░░░ thoughts on what we ░░░░░░░░ see when 1st quarter ░░░░░░░░ start to come out ░░░░░░░░ the next few weeks ░░░░░░░░ think that there s ░░░░░░░░ lag so I d ░░░░░░░░ 1st quarter results to ░░░░░░░░ to be there will ░░░░░░░░ some inflation protection pressures ░░░░░░░░ will have an impact ░░░░░░░░ earnings because like you ░░░░░░░░ talking about earlier the ░░░░░░░░ the runway They ve ░░░░░░░░ higher costs they haven ░░░░░░░░ been able to pass ░░░░░░░░ along at that has ░░░░░░░░ impact on earnings and ░░░░░░░░ but by and large ░░░░░░░░ companies are still very ░░░░░░░░ The economy is still ░░░░░░░░ charged And I think ░░░░░░░░ re going to go ░░░░░░░░ the rest of this ░░░░░░░░ and better shape than ░░░░░░░░ people into space I ░░░░░░░░ last question for you ░░░░░░░░ is what sectors are ░░░░░░░░ keeping an eye on ░░░░░░░░ s the main one ░░░░░░░░ 20 of the United ░░░░░░░░ economy is housing We ░░░░░░░░ to keep that moving ░░░░░░░░ the How to the ░░░░░░░░ and the house can ░░░░░░░░ a lot By getting ░░░░░░░░ mae and freddie mac ░░░░░░░░ capitalized and release confirm ░░░░░░░░ so that they have ░░░░░░░░ capital to make up ░░░░░░░░ slack from the Federal ░░░░░░░░ not buying and actually ░░░░░░░░ the mortgage backed bonds ░░░░░░░░ they accumulated since February ░░░░░░░░ 2020 So anything happens ░░░░░░░░ the housing market reaches ░░░░░░░░ the point where mortgage ░░░░░░░░ are so high that ░░░░░░░░ are scared off from ░░░░░░░░ and sellers are no ░░░░░░░░ getting people walking through ░░░░░░░░ house Housing prices will ░░░░░░░░ to moderate the supply ░░░░░░░░ get better and builders ░░░░░░░░ s face it they ░░░░░░░░ been getting fat in ░░░░░░░░ lab last year year ░░░░░░░░ a half while there ░░░░░░░░ been more demand than ░░░░░░░░ has been supply so ░░░░░░░░ may not have 5 ░░░░░░░░ betting on the house ░░░░░░░░ for them it may ░░░░░░░░ down to one and ░░░░░░░░ a lot of the ░░░░░░░░ that s been in ░░░░░░░░ market in the housing ░░░░░░░░ will start to subside ░░░░░░░░ d as the supply ░░░░░░░░ up and it will ░░░░░░░░ go up because of ░░░░░░░░ affordability problem with rates ░░░░░░░░ up as much as ░░░░░░░░ have as quickly as ░░░░░░░░ have All right all ░░░░░░░░ Tim chief investment officer ░░░░░░░░ cap well Tim it ░░░░░░░░ been a pleasure having ░░░░░░░░ on I appreciate your ░░░░░░░░ and shared with us ░░░░░░░░ up intense fighting continues ░░░░░░░░ eastern Ukraine with the ░░░░░░░░ s foreign minister claiming ♪