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Speaker 1: Let's get to our guest, Nicole Web, Senior vice president,

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Speaker 1: financial advisor at Wealth Enhancement Group. Nicole, simple question, do

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Speaker 1: you expect to enhance the wealth of your clients? So

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Speaker 1: for the next couple of quarters. I should have known

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Speaker 1: that that was how you would lead into this. You know, Um,

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Speaker 1: there's a lot of headwind uh in everyone's face, especially

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Speaker 1: in the first quarter of next year. And so since

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Speaker 1: you ask the question in the first couple of quarters

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Speaker 1: of next year, UM, you know, I think there's a

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Speaker 1: lot of data there. The labor market still gives me that,

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Speaker 1: you know, chance of a recession not being that terrible,

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Speaker 1: not being that deep, not going that far. Um. But

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Speaker 1: as we continue to hear news like we did from

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Speaker 1: Goldman today, Um, you know that may very well shift

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Speaker 1: the dynamics of the market and kind of that support

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Speaker 1: you're seeing from the labor market, Well, it's it's amazing

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Speaker 1: that what the economy is getting from the navor market.

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Speaker 1: And tell me, you know, how does that play into

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Speaker 1: the whole narrative of monetary tightening and how that is

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Speaker 1: really showing any efficacy? Yeah, is yes. So so if

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Speaker 1: we think about it this way, there's you know, really

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Speaker 1: three factors that have hit the labor market hard in

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Speaker 1: terms of creating such a robust and strong labor market,

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Speaker 1: which led to this wage inflation that we're still seeing.

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Speaker 1: That's perhaps the most persistent measure, whether it's directly wage

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Speaker 1: inflation or just the services end of inflation. UM. You know,

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Speaker 1: those primary factors are you know, we changed border and

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Speaker 1: immigration policy back in sen and that's that's had a

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Speaker 1: long run way now, escalated of course by shutdowns prompted

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Speaker 1: by COVID, UM, the mass exodus of of the plus

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Speaker 1: year olds UM, you know, accelerating their retirement UM. And

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Speaker 1: then of course the death toll of COVID. So when

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Speaker 1: you put all of that together, you know, the labor

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Speaker 1: market is in a very different position. Then you stack

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Speaker 1: on top of it the access and autonomy and accessibility

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Speaker 1: of the gig labor market. You know, so the consumer

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Speaker 1: is pretty competent that they're not going to starve, and

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Speaker 1: that's a very different mindset. And I think part of

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Speaker 1: kind of this soft landing narrative is, you know, does

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Speaker 1: the FED pause for too long or get overly restrictive

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Speaker 1: and the layoffs are like a domino effect that crashes, right,

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Speaker 1: So they all start to fall, and that that comment

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Speaker 1: resonates with something I heard she La Besay, someone who

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Speaker 1: has been both prominent in the private sector and also

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Speaker 1: working with government agencies, UH, that she believes that the

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Speaker 1: FED is going too far, that it needs to pause

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Speaker 1: now and or maybe just do twenty five basis points

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Speaker 1: at the next meeting to see the impact of this,

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Speaker 1: because otherwise, when you see what's happening in in the

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Speaker 1: housing market and UH, and the potential with labor that

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Speaker 1: it could you know, they could be going too far. Yeah,

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Speaker 1: and whether it's you know, yes, absolutely, I agree with

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Speaker 1: everything you've just said. And I think that's where we

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Speaker 1: are hopeful, you know, of perhaps a sooner pause. And

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Speaker 1: I think we're hopeful that the data starts to trickle

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Speaker 1: through to the FED in their observation of that they

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Speaker 1: have to pause sooner rather than later, that this terminal

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Speaker 1: rate around five percent is about as far as they

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Speaker 1: can go, because I think inflation is going to surprise

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Speaker 1: to the downside, meaning not as supply chain really normalizes itself. Um,

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Speaker 1: what does inflation look like? And do we really want

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Speaker 1: to pull the levers to bring in demand destruction down

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Speaker 1: to an inflationary level that perhaps you don't really need

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Speaker 1: and meaning that two percent targets. So, Um, you know,

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Speaker 1: I think a lot. I think the first couple of

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Speaker 1: quarters are to be extremely volatile. On a lot hangs on,

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Speaker 1: you know, some of this evidence or data to support

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Speaker 1: if we've gone far in Africa one too far, so

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Speaker 1: we get that pass, Nicole. I mean, you know, with

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Speaker 1: the new name of your company, the Wealth Preservation Group,

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Speaker 1: we're looking at essentially staying away from companies like Tesla.

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Speaker 1: I mean, if you look at this, it may have

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Speaker 1: seen you know, how to bounce up of course in

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Speaker 1: the in the last session, but it's been on the way.

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Speaker 1: Dan is in a terrible year. But you know you're

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Speaker 1: looking at a market cap here bigger than GM, Volkswagen, Ford,

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Speaker 1: Mercedes et cetera, and BM doub all put together. You

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Speaker 1: gotta ask yourself here. You know, as Brian was wunning

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Speaker 1: out yesterday, we got, you know, still a pe of

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Speaker 1: twenty twenty eight times earnings. Right. I love Tesla. I

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Speaker 1: have loved Tesla for years. Um, you know, I don't

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Speaker 1: like where the stock price got to. I love the

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Speaker 1: conversation or U of you know, should we think about

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Speaker 1: Tesla as an automaker, or should we think about Tesla

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Speaker 1: as a tech company And where is that fair valuation point?

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Speaker 1: Because yes, growth is great, but I would argue it

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Speaker 1: should have never absolutely never been where it was. And

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Speaker 1: but I do think at a hundred dollars, I mean,

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Speaker 1: I love it, UM. But what I think where Tesla

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Speaker 1: is missing the market is, you know, they are not

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Speaker 1: taking strategic action to execute on the long term vision

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Speaker 1: that makes us believe in the long term growth. Right,

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Speaker 1: So I think we're all hopeful, you know, open the

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Speaker 1: plant in India, open a battery UM factory in India,

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Speaker 1: show us that you are taking action, break around, you know,

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Speaker 1: give us the longevity belief. And I think that's where

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Speaker 1: a lot of people are pointing blame to um Elon's

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Speaker 1: shift towards a focus on Twitter away from execution UM

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Speaker 1: you know, on Tesla's vision in long term trajectory. Let's

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Speaker 1: talk a little bit about Asia. I'm not sure what

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Speaker 1: your thoughts are on China. China has you know, made

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Speaker 1: this big move kind of chaotic in a sense right

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Speaker 1: at the time when cases a surging, it's opening up.

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Speaker 1: But nonetheless, you can look at it from a lot

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Speaker 1: of different ways. It adds to global GDP, maybe it

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Speaker 1: adds to inflation, and maybe it adds to COVID cases.

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Speaker 1: So how do you dissect that? Yeah, I think so

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Speaker 1: in this moment, you know, taking a step away from

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Speaker 1: the conversation about the reopening trade in China, but more

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Speaker 1: from a global perspective, what does China's reopening mean? And

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Speaker 1: I think for many people, why does it have such

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Speaker 1: an impact on the global equity markets as a whole,

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Speaker 1: And that for us really plays into the global consumption

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Speaker 1: of oil, and oil already being such a contentious point

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Speaker 1: through most of two and you know, as we think

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Speaker 1: about a full and robust reopening of China, we think

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Speaker 1: about a normalization because we were far from it of

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Speaker 1: the global consumption, and and that plays into kind of

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Speaker 1: again this earning story on a go forward basis, because

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Speaker 1: if we see a spike again in crude as an example,

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Speaker 1: then you know where there was margin in terms of

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Speaker 1: transportation costs coming down as one example, that affects the

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Speaker 1: bottom line and the trajectory of that earnings growth or

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Speaker 1: the lack thereof. And so that's a lot of this

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Speaker 1: initial repricing outside of course, just kind of what the

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Speaker 1: Chinese markets are doing as we think about their reopening

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Speaker 1: up quickly. Here, Nicole, if you had to pick an

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Speaker 1: asset class, and within that asset class, what would you

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Speaker 1: really be your in conviction looking into Yeah, my main

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Speaker 1: conviction looking into three is um kind of probably more broad,

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Speaker 1: and it's that, you know, everyone is saying the same thing,

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Speaker 1: that short term rates are giving equity so much in

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Speaker 1: terms of competition. But I fundamentally believed that the the

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Speaker 1: the expectation should be that the market responds once we pause,

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Speaker 1: and that the ease is coming. Alright, Nicole, out of time,

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Speaker 1: but an interesting thought to finish on. Nicole web Senior

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Speaker 1: vice president, Financial advisor, Wealth Enhancement Group,