RUSH TRANSCRIPT Let s ░░░░░░░░ back to these markets ░░░░░░░░ closing bell rings and ░░░░░░░░ what nine minutes from ░░░░░░░░ and the markets just ░░░░░░░░ ever so slightly higher ░░░░░░░░ s been treading water ░░░░░░░░ day that 10 year ░░░░░░░░ yield Let s look ░░░░░░░░ that right now Easing ░░░░░░░░ Derrick rose yesterday to ░░░░░░░░ s highest level since ░░░░░░░░ of 20 20 two ░░░░░░░░ slightly two point six ░░░░░░░░ points at four point ░░░░░░░░ five percent on the ░░░░░░░░ year The upward movement ░░░░░░░░ the release of the ░░░░░░░░ Reserve July meeting minutes ░░░░░░░░ suggested further interest rate ░░░░░░░░ could be ahead as ░░░░░░░░ concerns remain It s ░░░░░░░░ sticky as they say ░░░░░░░░ down on pace by ░░░░░░░░ way for it s ░░░░░░░░ week since March lower ░░░░░░░░ what two percent vs ░░░░░░░░ said it for a ░░░░░░░░ straight week of losses ░░░░░░░░ strict that hasn t ░░░░░░░░ since February downright around ░░░░░░░░ percent and the NASDAQ ░░░░░░░░ also set for a ░░░░░░░░ consecutive losing week for ░░░░░░░░ first time since December ░░░░░░░░ knives back down nearly ░░░░░░░░ and a half percent ░░░░░░░░ it s not turning ░░░░░░░░ to be a great ░░░░░░░░ for the markets Little ░░░░░░░░ this week s declines ░░░░░░░░ to the losses for ░░░░░░░░ month as you can ░░░░░░░░ and pay down for ░░░░░░░░ half percent in the ░░░░░░░░ fact down seven percent ░░░░░░░░ having said all of ░░░░░░░░ next guess says any ░░░░░░░░ term Dip in this ░░░░░░░░ is a buying opportunity ░░░░░░░░ love the optimism joining ░░░░░░░░ now m j p ░░░░░░░░ advisers president Brian van ░░░░░░░░ Brian Of concern out ░░░░░░░░ that high interest rates ░░░░░░░░ longer period of time ░░░░░░░░ know the inflation China ░░░░░░░░ name it but you ░░░░░░░░ hey jump in when ░░░░░░░░ s that buying opportunity ░░░░░░░░ The game with this ░░░░░░░░ is trying to get ░░░░░░░░ to the fundamentals You ░░░░░░░░ the short term The ░░░░░░░░ is treading water a ░░░░░░░░ bit as you said ░░░░░░░░ because we seen a ░░░░░░░░ run and investors you ░░░░░░░░ trying to figure out ░░░░░░░░ the market is a ░░░░░░░░ bit overboard in some ░░░░░░░░ and we do have ░░░░░░░░ important policy meetings coming ░░░░░░░░ at the end of ░░░░░░░░ With rates this month ░░░░░░░░ have the Jackson hole ░░░░░░░░ We are some important ░░░░░░░░ reports from so growth ░░░░░░░░ next week but really ░░░░░░░░ you take a step ░░░░░░░░ from everything as it ░░░░░░░░ down to those earnings ░░░░░░░░ and right now those ░░░░░░░░ for 20 20 four ░░░░░░░░ Looking expansionary that growth ░░░░░░░░ profits should means he ░░░░░░░░ for the suv five ░░░░░░░░ So I think when ░░░░░░░░ are doing right now ░░░░░░░░ you re thinking of ░░░░░░░░ saying if we can ░░░░░░░░ it by these fit ░░░░░░░░ increases which are coming ░░░░░░░░ an end and if ░░░░░░░░ can still maintain profitability ░░░░░░░░ expanding that profitability the ░░░░░░░░ some of these multiples ░░░░░░░░ justified in that s ░░░░░░░░ any major pullback on ░░░░░░░░ market considering this constructive ░░░░░░░░ outlook could be inoperative ░░░░░░░░ like it would recommend ░░░░░░░░ investors right yeah definitely ░░░░░░░░ to be selective because ░░░░░░░░ know that the tech ░░░░░░░░ has run a and ░░░░░░░░ they re on a ░░░░░░░░ Looking basis are above ░░░░░░░░ averages but if we ░░░░░░░░ it down into the ░░░░░░░░ I think if the ░░░░░░░░ economy is not hit ░░░░░░░░ deep recession that most ░░░░░░░░ are fearing that you ░░░░░░░░ take a look at ░░░░░░░░ serials as a sector ░░░░░░░░ consider Also the healthcare ░░░░░░░░ is shown signs to ░░░░░░░░ good defense as well ░░░░░░░░ Austin s when you ░░░░░░░░ about the innovation That ░░░░░░░░ coming from some of ░░░░░░░░ the biotech names in ░░░░░░░░ farm and aids And ░░░░░░░░ let s focus on ░░░░░░░░ cast Small caps are ░░░░░░░░ company stocks that normally ░░░░░░░░ down when you re ░░░░░░░░ see learned about a ░░░░░░░░ you re slowing economic ░░░░░░░░ but they re also ░░░░░░░░ stocks that usually bounce ░░░░░░░░ first and outperform other ░░░░░░░░ Now if you break ░░░░░░░░ down into some other ░░░░░░░░ ashley we could probably ░░░░░░░░ focus on a few ░░░░░░░░ If you want as ░░░░░░░░ yeah please you like ░░░░░░░░ health I was just ░░░░░░░░ Ask you think that ░░░░░░░░ a good defensive play ░░░░░░░░ often defensive play we ░░░░░░░░ an aging demographic here ░░░░░░░░ the u s we ░░░░░░░░ seeing that regulation is ░░░░░░░░ supportive of insurance pricing ░░░░░░░░ also the Medicare advantage ░░░░░░░░ supplement plans or continue ░░░░░░░░ grow So I think ░░░░░░░░ s an area we ░░░░░░░░ find value in a ░░░░░░░░ again That has really ░░░░░░░░ Tech names while the ░░░░░░░░ of the market is ░░░░░░░░ playing catch up and ░░░░░░░░ united healthcare might be ░░░░░░░░ of those Those names ░░░░░░░░ It s a U ░░░░░░░░ based company What do ░░░░░░░░ do Why do you ░░░░░░░░ it To be a ░░░░░░░░ bit different again trying ░░░░░░░░ find value yes Ferguson ░░░░░░░░ base in the U ░░░░░░░░ but they have a ░░░░░░░░ business here in North ░░░░░░░░ focusing on infrastructure in ░░░░░░░░ for that and other ░░░░░░░░ of plumbing areas So ░░░░░░░░ you look at that ░░░░░░░░ s a business that ░░░░░░░░ could see these recessionary ░░░░░░░░ and in produces cash ░░░░░░░░ regardless of how the ░░░░░░░░ s gone right So ░░░░░░░░ valuations and a strong ░░░░░░░░ dividend that s a ░░░░░░░░ that might make sense ░░░░░░░░ if the dollar weakens ░░░░░░░░ also helps international stocks ░░░░░░░░ tech sector the magnificent ░░░░░░░░ that I ve led ░░░░░░░░ way for so long ░░░░░░░░ then they ve had ░░░░░░░░ pull back which many ░░░░░░░░ is probably healthy because ░░░░░░░░ were pretty overstretched But ░░░░░░░░ know is this the ░░░░░░░░ that s going to ░░░░░░░░ lead again Be a ░░░░░░░░ bit of a call ░░░░░░░░ because the a innovation ░░░░░░░░ is definitely there but ░░░░░░░░ s gonna take five ░░░░░░░░ seven years the player ░░░░░░░░ you wouldn t look ░░░░░░░░ names in the space ░░░░░░░░ are you gonna be ░░░░░░░░ in when I look ░░░░░░░░ the overall tax space ░░░░░░░░ a lot of smaller ░░░░░░░░ Of their profitability or ░░░░░░░░ targets in the future ░░░░░░░░ stay with the big ░░░░░░░░ so to speak but ░░░░░░░░ ll throw one other ░░░░░░░░ just to trying to ░░░░░░░░ helpful Yeah is there ░░░░░░░░ companies out there such ░░░░░░░░ micron for example that ░░░░░░░░ in the storage area ░░░░░░░░ that space You think ░░░░░░░░ more and more data ░░░░░░░░ needs to be process ░░░░░░░░ got to have a ░░░░░░░░ to store that s ░░░░░░░░ as sexy as maybe ░░░░░░░░ semiconductor name but from ░░░░░░░░ perspective a little bit ░░░░░░░░ attractive and also having ░░░░░░░░ chance to be more ░░░░░░░░ the picks and shovels ░░░░░░░░ to speak of that ░░░░░░░░ moving forward so again ░░░░░░░░ this environment and we ░░░░░░░░ some quick moves in ░░░░░░░░ advice that I can ░░░░░░░░ to investors is to ░░░░░░░░ selective and state diversify ░░░░░░░░ don t always chase ░░░░░░░░ winners And I look ░░░░░░░░ get five five and ░░░░░░░░ half percent on a ░░░░░░░░ a short term bases ░░░░░░░░ mean that s kind ░░░░░░░░ attractive to Is it ░░░░░░░░ especially in this environment ░░░░░░░░ Right now I think ░░░░░░░░ s really very fairly ░░░░░░░░ in look at where ░░░░░░░░ and gone recently this ░░░░░░░░ more supply coming to ░░░░░░░░ The thoughts that maybe ░░░░░░░░ said might raise rates ░░░░░░░░ September with we still ░░░░░░░░ is a jump ball ░░░░░░░░ to speak Bonds right ░░░░░░░░ are really attractive You ░░░░░░░░ get some really high ░░░░░░░░ bobby bonds on short ░░░░░░░░ with yields five percent ░░░░░░░░ more as you said ░░░░░░░░ even in the municipal ░░░░░░░░ tax free bonds Around ░░░░░░░░ same so we actually ░░░░░░░░ bonds is a great ░░░░░░░░ to to bring that ░░░░░░░░ into portfolios as a ░░░░░░░░ to manage that risk ░░░░░░░░ the equity side while ░░░░░░░░ up that income and ░░░░░░░░ into you re pointing ░░░░░░░░ levels that we have ░░░░░░░░ seen in a very ░░░░░░░░ time Can t hurt ░░░░░░░░ don t think a ░░░░░░░░ of people say yeah ░░░░░░░░ s not a bad ░░░░░░░░ Because they ll be ░░░░░░░░ up the Jackson hole ░░░░░░░░ that I ve said ░░░░░░░░ times We are data ░░░░░░░░ we ve had some ░░░░░░░░ date or actually July ░░░░░░░░ sales on industrial production ░░░░░░░░ they need Economies were ░░░░░░░░ resilient and does that ░░░░░░░░ that the Fed is ░░░░░░░░ of being forced to ░░░░░░░░ to look really hard ░░░░░░░░ the next month The ░░░░░░░░ because I think to ░░░░░░░░ point there is there ░░░░░░░░ some inherent conflict We ░░░░░░░░ seen wage growth month ░░░░░░░░ month still increase what ░░░░░░░░ same point in time ░░░░░░░░ re showing a little ░░░░░░░░ of slow in the ░░░░░░░░ market and also a ░░░░░░░░ bit of a slowdown ░░░░░░░░ spending but the end ░░░░░░░░ the day The ones ░░░░░░░░ one thing that seems ░░░░░░░░ be coming out recently ░░░░░░░░ that economists for taking ░░░░░░░░ their forecasts for growth ░░░░░░░░ quarter So it s ░░░░░░░░ This continues to show ░░░░░░░░ moving for demand is ░░░░░░░░ gonna be there in ░░░░░░░░ economy that unfortunate I ░░░░░░░░ the Fed is still ░░░░░░░░ to have to act ░░░░░░░░ try to slow