1 00:00:00,400 --> 00:00:03,840 Speaker 1: Strap on your parachute. It's time for What Goes Up 2 00:00:04,120 --> 00:00:13,560 Speaker 1: with Sarah Ponzick and Mike Reagan. Hello and welcome to 3 00:00:13,640 --> 00:00:17,880 Speaker 1: What Goes Up, a Bloomberg Weekly Markets podcast. I'm Mike Reagan, 4 00:00:18,079 --> 00:00:21,000 Speaker 1: a senior editor at Bloomberg, and I'm Katie gray Felt 5 00:00:21,040 --> 00:00:23,600 Speaker 1: filling in for Sara pod sect this week. And Katie, 6 00:00:23,880 --> 00:00:26,880 Speaker 1: as I understand, you're celebrating a big cat birthday this week. 7 00:00:27,000 --> 00:00:29,160 Speaker 1: Is that right? You know? Mike, I was hoping you'd 8 00:00:29,200 --> 00:00:30,880 Speaker 1: bring it up, but I have to correct you. It's 9 00:00:30,880 --> 00:00:34,960 Speaker 1: actually a cat anniversary. We got Katrick five years ago, 10 00:00:35,400 --> 00:00:39,879 Speaker 1: but his birthday is actually in July. Oh, it's an anniversary, okay. 11 00:00:40,000 --> 00:00:42,400 Speaker 1: But Katrick was a big scam, wasn't you. Didn't you 12 00:00:42,440 --> 00:00:44,680 Speaker 1: think you were picking up like a hairless cat and 13 00:00:45,040 --> 00:00:48,640 Speaker 1: you got this Harry cat instead. It's true, it's true. 14 00:00:48,680 --> 00:00:52,280 Speaker 1: So Katrick is a Russian Peter Bald and for listeners unfamiliar, 15 00:00:52,320 --> 00:00:55,800 Speaker 1: that's one of the hairless cat breeds. And uh, we 16 00:00:55,880 --> 00:00:58,360 Speaker 1: got him from a breeder in Western Canada and she 17 00:00:58,600 --> 00:01:00,680 Speaker 1: told her she sent us some baby pictures and he 18 00:01:01,120 --> 00:01:03,880 Speaker 1: has some funs and she was like, don't worry, he's 19 00:01:03,880 --> 00:01:06,600 Speaker 1: gonna lose seventy percent of his hair once he starts 20 00:01:06,600 --> 00:01:08,880 Speaker 1: to grow up. And uh, I mean we're five years 21 00:01:08,920 --> 00:01:12,480 Speaker 1: in and it hasn't happened. But fingers crossed, all right, 22 00:01:12,800 --> 00:01:14,920 Speaker 1: all right, good. Once you have it, you don't want 23 00:01:14,920 --> 00:01:17,240 Speaker 1: to lose it. I would not want to lose my hair, 24 00:01:17,240 --> 00:01:21,240 Speaker 1: I'll tell you that. But anyway, Uh, this week on 25 00:01:21,280 --> 00:01:25,479 Speaker 1: the show, yet, we're record highs for benchmark US equity indexes. 26 00:01:25,880 --> 00:01:29,880 Speaker 1: This despite some of the deadliest days yet of the coronavirus. 27 00:01:29,920 --> 00:01:32,440 Speaker 1: So what about that rotation we've all been hearing about, 28 00:01:32,480 --> 00:01:35,480 Speaker 1: from stay at home winners to the reopening stocks. We'll 29 00:01:35,480 --> 00:01:38,840 Speaker 1: talk to a strategist about what she's advising clients for 30 00:01:38,880 --> 00:01:41,360 Speaker 1: the rest of the year and next year, and of 31 00:01:41,400 --> 00:01:44,600 Speaker 1: course we will close out the show with our tradition. 32 00:01:44,840 --> 00:01:48,240 Speaker 1: The craziest thing I saw in markets this week, Katie, 33 00:01:48,280 --> 00:01:52,840 Speaker 1: I trust you came prepared. No offense to Sarah, but 34 00:01:52,960 --> 00:01:55,720 Speaker 1: she sets a pretty low standard. I think you can think, 35 00:01:55,800 --> 00:01:57,840 Speaker 1: I think you can out to We're pretty easily. I'm 36 00:01:57,840 --> 00:01:59,800 Speaker 1: just gonna I'm just gonna throw that out there. I'm 37 00:01:59,800 --> 00:02:03,400 Speaker 1: just kidding Sarah. But anyway, let's get to this week's guest. 38 00:02:03,440 --> 00:02:05,800 Speaker 1: We're very happy to have her on the show for 39 00:02:05,880 --> 00:02:10,239 Speaker 1: the first time. She is a senior wealth strategy associate 40 00:02:10,400 --> 00:02:15,600 Speaker 1: at UBS Private Wealth Management. Her name is Jacqueline Reman. Jacqueline, 41 00:02:15,600 --> 00:02:18,160 Speaker 1: welcome to the show. Thanks my thanks Katie, it's great 42 00:02:18,200 --> 00:02:20,720 Speaker 1: to be here. Thank you for having me so, Jacqueline, 43 00:02:20,720 --> 00:02:22,280 Speaker 1: I'm trying to picture what it's like to be a 44 00:02:22,280 --> 00:02:25,600 Speaker 1: strategist at a at a wealth management shop these days. 45 00:02:25,720 --> 00:02:29,160 Speaker 1: There must be a lot of confused clients, you know. 46 00:02:29,160 --> 00:02:31,880 Speaker 1: I picture people saying, well, what should I do by 47 00:02:31,919 --> 00:02:34,880 Speaker 1: Tesla and bitcoin? And or buy a Tesla and filled 48 00:02:34,919 --> 00:02:38,200 Speaker 1: up with bitcoin? But I'm just curious, you know, it's 49 00:02:38,280 --> 00:02:41,120 Speaker 1: such a weird market this year. We've obviously had the 50 00:02:41,120 --> 00:02:45,280 Speaker 1: recession and yet this raging bowl market. What are the clients? 51 00:02:45,320 --> 00:02:47,880 Speaker 1: What's top of mind for for your clients these days? 52 00:02:47,880 --> 00:02:50,520 Speaker 1: Are they worried about this euphorian the market? Were they 53 00:02:50,760 --> 00:02:53,280 Speaker 1: all in ready to sort of power the market higher, 54 00:02:53,320 --> 00:02:56,480 Speaker 1: ready to take risk? Yeah, and that's a great question. 55 00:02:56,600 --> 00:02:59,840 Speaker 1: I know right now, our clients are really you know, 56 00:03:00,080 --> 00:03:03,200 Speaker 1: looking at the economic data that we're seeing and seeing 57 00:03:03,200 --> 00:03:06,079 Speaker 1: what's going on with the markets, and it causes confusion because, 58 00:03:06,160 --> 00:03:08,880 Speaker 1: like you said, record number of COVID cases that we're 59 00:03:08,960 --> 00:03:14,160 Speaker 1: experiencing right now, record hospitalizations, we're hearing about high unemployment, 60 00:03:14,240 --> 00:03:16,840 Speaker 1: and it's hard to understand how that's happening, and yet 61 00:03:16,880 --> 00:03:19,520 Speaker 1: the market's hitting record has So what we talked to 62 00:03:19,560 --> 00:03:22,080 Speaker 1: our clients about is how important it is to really 63 00:03:22,160 --> 00:03:26,359 Speaker 1: decouple that economic data from what we're seeing with the markets. 64 00:03:26,720 --> 00:03:29,240 Speaker 1: We know that the markets forward looking, it's looking to 65 00:03:29,320 --> 00:03:32,760 Speaker 1: a vaccine already being out and widely distributed by the 66 00:03:32,840 --> 00:03:37,720 Speaker 1: second quarter of one and the economy really reopening in 67 00:03:37,760 --> 00:03:41,440 Speaker 1: the third quarter. So the economy is a lacking indicator, 68 00:03:41,480 --> 00:03:43,840 Speaker 1: which we know, so that data hasn't caught up to 69 00:03:43,920 --> 00:03:47,440 Speaker 1: the forward looking reality that the market is trading on. 70 00:03:47,720 --> 00:03:50,040 Speaker 1: So we're really telling clients to, you know, remember to 71 00:03:50,120 --> 00:03:53,440 Speaker 1: keep that separate and to understand that it makes sense 72 00:03:53,440 --> 00:03:56,760 Speaker 1: that they're fearful with everything that's going on with coronavirus. 73 00:03:57,280 --> 00:04:00,720 Speaker 1: That being said, you know, the market's trading positively on 74 00:04:00,800 --> 00:04:03,960 Speaker 1: the news that the vaccine will be out by the 75 00:04:04,080 --> 00:04:07,240 Speaker 1: end of the second quarter, and you know, we're we're 76 00:04:07,240 --> 00:04:09,640 Speaker 1: looking ahead to that. So Jacqueline, I want to ask, 77 00:04:09,680 --> 00:04:11,840 Speaker 1: you know, we make the point that the economic recovery 78 00:04:11,840 --> 00:04:14,760 Speaker 1: and the market recovery are separate things. But you know, 79 00:04:14,840 --> 00:04:17,400 Speaker 1: do you worry that the markets are looking ahead too much? 80 00:04:17,600 --> 00:04:20,240 Speaker 1: And I mean, for example, small caps had their best 81 00:04:20,279 --> 00:04:23,400 Speaker 1: month ever in November, value had its best month ever. 82 00:04:23,880 --> 00:04:26,800 Speaker 1: Is there a risk that we get to and all 83 00:04:26,839 --> 00:04:29,240 Speaker 1: the good news has already priced in? You know, we're 84 00:04:29,279 --> 00:04:31,599 Speaker 1: not seeing that. You know, what we're doing right now 85 00:04:31,720 --> 00:04:34,520 Speaker 1: is really looking at what got us to where we 86 00:04:34,560 --> 00:04:36,599 Speaker 1: are and knowing that what got us here and won't 87 00:04:36,600 --> 00:04:39,440 Speaker 1: get us there. So what we're looking at is making 88 00:04:39,440 --> 00:04:42,719 Speaker 1: adjustments in the portfolio for that next leg. We do 89 00:04:42,880 --> 00:04:45,120 Speaker 1: like small and mid caps. We do think that they 90 00:04:45,279 --> 00:04:48,200 Speaker 1: are cyclical and have further room to grow as the 91 00:04:48,240 --> 00:04:52,279 Speaker 1: economy reopens um. And then we're also being selective in 92 00:04:52,320 --> 00:04:58,840 Speaker 1: what sectors were overweighting within the portfolio, like consumer discretionary, healthcare, financials, 93 00:04:59,200 --> 00:05:02,800 Speaker 1: and industrial. So obviously then the big, the big elephant 94 00:05:02,800 --> 00:05:05,000 Speaker 1: in the room is tech. You know, I wonder to 95 00:05:05,120 --> 00:05:08,520 Speaker 1: be what I worry about. I tend to worry a lot, 96 00:05:08,600 --> 00:05:12,040 Speaker 1: so maybe I I overworry. Uh as you get older, 97 00:05:12,520 --> 00:05:16,000 Speaker 1: you uh, maybe you worry too much. But it's hard 98 00:05:16,040 --> 00:05:18,919 Speaker 1: to me for me to imagine this sort of rotation 99 00:05:19,200 --> 00:05:24,440 Speaker 1: into the cyclical consumer, financial, industrial type of stocks and 100 00:05:24,600 --> 00:05:29,600 Speaker 1: out of tech without kind of a nasty looking market 101 00:05:29,640 --> 00:05:32,000 Speaker 1: from the thirty thousand foot index level. You know, how 102 00:05:32,320 --> 00:05:35,440 Speaker 1: how do you rotate out of Apple and Amazon and 103 00:05:35,440 --> 00:05:37,719 Speaker 1: into you know, I don't know, airlines and that sort 104 00:05:37,720 --> 00:05:41,200 Speaker 1: of thing without sort of having a nasty day in 105 00:05:41,240 --> 00:05:43,960 Speaker 1: the market with the you know, selling off these big 106 00:05:44,000 --> 00:05:47,280 Speaker 1: mega cap names, is that a risk or is it 107 00:05:47,400 --> 00:05:49,520 Speaker 1: going to be sort of more of a mild you know, 108 00:05:49,600 --> 00:05:52,040 Speaker 1: take a little profit on tech and and and take 109 00:05:52,080 --> 00:05:54,359 Speaker 1: a flyer on some of the cyclical names that we 110 00:05:54,400 --> 00:05:58,520 Speaker 1: won't necessarily ever put at risk that these record levels 111 00:05:58,520 --> 00:06:01,359 Speaker 1: for indexes. Do you think, you know, I think the 112 00:06:01,400 --> 00:06:03,760 Speaker 1: second part of what you said, Mike is exactly it. 113 00:06:03,920 --> 00:06:07,960 Speaker 1: In our portfolios, we're not eliminating tech all together. We 114 00:06:07,960 --> 00:06:11,480 Speaker 1: we like tech within our tech space. We're adding certain 115 00:06:11,560 --> 00:06:15,040 Speaker 1: spaces that are more cyclical, like digital transformation, the five 116 00:06:15,160 --> 00:06:19,120 Speaker 1: G enabling technologies, cyber security. But that doesn't mean we're 117 00:06:19,160 --> 00:06:22,080 Speaker 1: removing those mega cap tech names. Were definitely you know, 118 00:06:22,120 --> 00:06:24,920 Speaker 1: still keeping them within the portfolio. And what we know 119 00:06:25,080 --> 00:06:28,280 Speaker 1: is we we see that historically when there's a ten 120 00:06:28,360 --> 00:06:30,520 Speaker 1: or twelve percent pull back in tech, like we saw 121 00:06:30,560 --> 00:06:33,479 Speaker 1: this fall. We know that it's usually followed by a 122 00:06:33,520 --> 00:06:37,000 Speaker 1: twenty percent or even higher rebound within the next six months. 123 00:06:37,040 --> 00:06:39,800 Speaker 1: So um, yeah, we were keeping tech in the portfolio 124 00:06:39,880 --> 00:06:42,400 Speaker 1: for sure. I want to follow up on Mike's question, 125 00:06:42,680 --> 00:06:45,479 Speaker 1: drill down a little bit more on where tech fits 126 00:06:45,520 --> 00:06:48,880 Speaker 1: into the rotation. It felt like in the really early innings, 127 00:06:48,960 --> 00:06:51,280 Speaker 1: you know, right after we got that fiser and buy 128 00:06:51,320 --> 00:06:55,080 Speaker 1: in tech news that it turned into cell tech And 129 00:06:55,600 --> 00:06:57,760 Speaker 1: I'm just curious to know the next stage of the 130 00:06:57,760 --> 00:07:01,200 Speaker 1: reopening trade. What does it look like. Is that it 131 00:07:01,240 --> 00:07:04,240 Speaker 1: is an economic recovery where growth is rebounding. Is that 132 00:07:04,360 --> 00:07:07,680 Speaker 1: necessarily bad news for the tech sector. Yeah, we don't. 133 00:07:07,720 --> 00:07:09,520 Speaker 1: We don't see that as bad news at all. We 134 00:07:09,560 --> 00:07:13,280 Speaker 1: don't see them as being overpriced. We think that it's 135 00:07:13,280 --> 00:07:17,520 Speaker 1: appropriately valued, largely given what the expectations are for future 136 00:07:17,760 --> 00:07:20,200 Speaker 1: cash flow and also given how low rates are. And 137 00:07:20,440 --> 00:07:22,360 Speaker 1: we yeah, we don't see that as a bad thing 138 00:07:22,400 --> 00:07:26,160 Speaker 1: at all, you know, Jacqueline. One interesting preference from you 139 00:07:26,160 --> 00:07:29,000 Speaker 1: guys as mid cap It's it's interesting you don't often 140 00:07:29,040 --> 00:07:31,880 Speaker 1: hear people talk about midcaps, perhaps as much as they should. 141 00:07:31,880 --> 00:07:33,920 Speaker 1: I mean, I guess if you want to sort of 142 00:07:34,160 --> 00:07:37,080 Speaker 1: take advantage of that size factor. Everyone goes from one 143 00:07:37,240 --> 00:07:39,239 Speaker 1: one end of the spectrum to the other, mayither mega 144 00:07:39,240 --> 00:07:42,640 Speaker 1: caps or small caps. Is that part of it? Is? 145 00:07:43,120 --> 00:07:45,720 Speaker 1: Is midcaps just sort of a forgotten space that that 146 00:07:46,160 --> 00:07:47,960 Speaker 1: you know, maybe there's not a lot of ETFs that 147 00:07:48,000 --> 00:07:50,480 Speaker 1: track it. There's you know, I don't think there's any 148 00:07:50,520 --> 00:07:53,400 Speaker 1: futures on any of the MidCap indexes. It's just kind 149 00:07:53,400 --> 00:07:57,200 Speaker 1: of this forgotten corner of the market that maybe gets overlooked. 150 00:07:57,560 --> 00:07:59,440 Speaker 1: Is that part of it? Yeah? I think so. And 151 00:07:59,520 --> 00:08:02,239 Speaker 1: we know at we've seen that they've lagged large caps 152 00:08:02,360 --> 00:08:05,360 Speaker 1: largely this year. We know that they're more cyclical in nature, 153 00:08:05,680 --> 00:08:07,840 Speaker 1: and we think that they're going to really be a 154 00:08:07,840 --> 00:08:11,360 Speaker 1: beneficiary of the further stimulus that we're expecting to come 155 00:08:11,840 --> 00:08:15,600 Speaker 1: in the coming weeks and the broader economic recovery as well. 156 00:08:15,880 --> 00:08:19,400 Speaker 1: And to follow up on the stimulus package, I mean, 157 00:08:19,440 --> 00:08:21,560 Speaker 1: it feels like the New trade wards just back and 158 00:08:21,600 --> 00:08:25,240 Speaker 1: forth on the stimulus headlines, and I mean I'm wondering 159 00:08:25,520 --> 00:08:28,520 Speaker 1: does the size of the stimulus package matter this week 160 00:08:28,720 --> 00:08:31,600 Speaker 1: or matter to markets at this point, whether it's five 161 00:08:31,680 --> 00:08:35,720 Speaker 1: hundred billion like McConnell's pushing or nine hundred billion. I mean, 162 00:08:35,960 --> 00:08:38,320 Speaker 1: does it matter or do markets just want to see 163 00:08:38,400 --> 00:08:41,760 Speaker 1: something at this point, some sort of fiscal bridge to 164 00:08:41,840 --> 00:08:45,240 Speaker 1: when we actually do start to see the vaccine being distributed. 165 00:08:45,720 --> 00:08:48,480 Speaker 1: What we think is just you know, knowing, like you said, 166 00:08:48,520 --> 00:08:51,960 Speaker 1: that there will be a stimulus package, regardless of the size, 167 00:08:51,960 --> 00:08:54,720 Speaker 1: will be viewed as a positive, and like you said, 168 00:08:54,720 --> 00:08:56,839 Speaker 1: going back and forth on the size, whether it's five 169 00:08:57,080 --> 00:08:59,800 Speaker 1: dred billion or you know, closer to a trillion or 170 00:09:00,040 --> 00:09:03,080 Speaker 1: I know they're saying nine twelve billion right now, and 171 00:09:03,280 --> 00:09:06,080 Speaker 1: just knowing that that has been passed, I think we'll 172 00:09:06,120 --> 00:09:09,040 Speaker 1: allow consumers to breathe a sigh of relief and will 173 00:09:09,080 --> 00:09:28,400 Speaker 1: be a positive for the markets. It kind of reminds 174 00:09:28,440 --> 00:09:30,920 Speaker 1: me of the trade war last year. You know, progress 175 00:09:30,920 --> 00:09:34,560 Speaker 1: in the trade were more progress today. It's it's a 176 00:09:34,600 --> 00:09:38,320 Speaker 1: similar story. It's almost like the talk of it and 177 00:09:38,440 --> 00:09:41,520 Speaker 1: the anticipation of it almost feels like what really gets 178 00:09:41,520 --> 00:09:44,320 Speaker 1: people excited. I wonder, you know, if it turns into 179 00:09:44,320 --> 00:09:47,360 Speaker 1: a sort of a show me, show me the results 180 00:09:47,400 --> 00:09:50,280 Speaker 1: now afterwards. So um, I think it's gonna be interesting 181 00:09:50,360 --> 00:09:53,160 Speaker 1: to see how that all pens out. Katie, I wanted 182 00:09:53,200 --> 00:09:55,480 Speaker 1: to ask you about a prettytioning story you had out 183 00:09:55,480 --> 00:09:59,400 Speaker 1: this week too about obviously everyone is gearing up were 184 00:09:59,520 --> 00:10:03,840 Speaker 1: Tesla to be added to the SMP. Some interesting stats. 185 00:10:03,840 --> 00:10:08,319 Speaker 1: They're about so much alpha being generated for fund managers 186 00:10:08,400 --> 00:10:12,199 Speaker 1: by owning Tesla that guess what, once it joins the index, 187 00:10:12,679 --> 00:10:15,280 Speaker 1: that's all gone. Walk us through what that story was about. 188 00:10:15,400 --> 00:10:19,280 Speaker 1: I think that's a sort of an overlooked interesting thing 189 00:10:19,320 --> 00:10:22,080 Speaker 1: about active management is how one way to beat the 190 00:10:22,120 --> 00:10:25,920 Speaker 1: index is this stellar, incredible stock that is fifth the 191 00:10:26,000 --> 00:10:28,680 Speaker 1: sixth biggest company in the country now and is not 192 00:10:28,760 --> 00:10:32,079 Speaker 1: in the index. What what did you learn reputting that story? Yeah, 193 00:10:32,120 --> 00:10:35,720 Speaker 1: so an interesting second derivative of Tesla being added to 194 00:10:35,760 --> 00:10:37,960 Speaker 1: the index is that it's kind of taking away as 195 00:10:38,080 --> 00:10:41,960 Speaker 1: secret weapon for you know, a lucky set of active managers. 196 00:10:42,000 --> 00:10:43,760 Speaker 1: So we crushed the numbers and we looked at two 197 00:10:43,840 --> 00:10:47,320 Speaker 1: hundred and fifteen with at least five hundred million in assets. 198 00:10:47,640 --> 00:10:50,720 Speaker 1: We found that just twenty one of them hold Tesla, 199 00:10:51,160 --> 00:10:53,480 Speaker 1: and the ones that do, again, they are benchmark to 200 00:10:53,480 --> 00:10:55,440 Speaker 1: the SMP five hundred, I should say that, and just 201 00:10:55,480 --> 00:10:59,840 Speaker 1: twenty one of them hold Tesla, and of that or 202 00:11:00,000 --> 00:11:03,160 Speaker 1: eating the benchmark, which can pretty much be tied back 203 00:11:03,200 --> 00:11:06,679 Speaker 1: to the fact that Tesla is up five percent this year. 204 00:11:06,720 --> 00:11:09,840 Speaker 1: I mean, it just seems to keep growing. So, I 205 00:11:09,840 --> 00:11:13,480 Speaker 1: mean active has had a hard year in general. I mean, 206 00:11:13,600 --> 00:11:17,040 Speaker 1: first you had the SMP five hundred being dragged higher 207 00:11:17,080 --> 00:11:20,440 Speaker 1: by just a handful of really five megacap tech names, 208 00:11:20,800 --> 00:11:23,040 Speaker 1: and it's hard to beat the benchmark if you're not 209 00:11:23,200 --> 00:11:26,240 Speaker 1: overweight those names. And now for the ones that had 210 00:11:26,320 --> 00:11:29,600 Speaker 1: found this edge in Tesla that could potentially, you know, 211 00:11:29,679 --> 00:11:31,920 Speaker 1: be taken away. It is said to be taken away 212 00:11:32,240 --> 00:11:35,839 Speaker 1: on December one. So we spoke to Matt Bartolini at 213 00:11:35,880 --> 00:11:39,360 Speaker 1: St Street Global Advisors, who said that, really, this just 214 00:11:39,480 --> 00:11:44,240 Speaker 1: creates another hurdle, another headache for active managers looking, you know, 215 00:11:44,360 --> 00:11:48,120 Speaker 1: just to outperform in what has just feels like it 216 00:11:48,360 --> 00:11:52,320 Speaker 1: was going straight up the SMP five hundred up until August. Really, yeah, Jacklin, 217 00:11:52,480 --> 00:11:55,120 Speaker 1: I'm curious how from you know, a professional on the 218 00:11:55,120 --> 00:12:00,480 Speaker 1: wealth management side of the business, how off been to 219 00:12:00,640 --> 00:12:04,600 Speaker 1: these sort of phenomenal, high flying story stocks like that 220 00:12:04,679 --> 00:12:07,160 Speaker 1: get brought up in conversation. I just picture a lot 221 00:12:07,160 --> 00:12:09,920 Speaker 1: of clients calling you guys up and being like, put 222 00:12:09,960 --> 00:12:11,760 Speaker 1: it all in Tesla, put it all in Tesla, or 223 00:12:11,840 --> 00:12:14,160 Speaker 1: put it all Nickli whatever the hot stock of the 224 00:12:14,200 --> 00:12:16,040 Speaker 1: week is is that you know, I am I making 225 00:12:16,080 --> 00:12:18,760 Speaker 1: that up? Or is that sort of a common discussion 226 00:12:18,800 --> 00:12:22,000 Speaker 1: you guys have with clients, Well, you know our clients. 227 00:12:22,040 --> 00:12:24,520 Speaker 1: The way that we work with clients is that we 228 00:12:24,640 --> 00:12:29,040 Speaker 1: do goals based investing, So our entire investment process is 229 00:12:29,080 --> 00:12:31,680 Speaker 1: based around a financial plan and then from there we're 230 00:12:31,679 --> 00:12:37,360 Speaker 1: setting an acid allocation and making sectors security selections based 231 00:12:37,360 --> 00:12:40,240 Speaker 1: on where we see things going long term. So we 232 00:12:40,559 --> 00:12:43,000 Speaker 1: don't really talk as much about single stock as we 233 00:12:43,040 --> 00:12:47,000 Speaker 1: talk about sectors acid allocation and how that fits in 234 00:12:47,040 --> 00:12:49,920 Speaker 1: with the plan. So, you know, typically no, but when 235 00:12:49,920 --> 00:12:51,600 Speaker 1: you hear a story like that that gets a lot 236 00:12:51,600 --> 00:12:53,720 Speaker 1: of attraction on the news, of course, yeah, it comes 237 00:12:53,800 --> 00:12:59,360 Speaker 1: up in conversation certainly. So I'm noticing in your notes, Uh, 238 00:12:59,760 --> 00:13:05,000 Speaker 1: you s has a June SP target of about thirty 239 00:13:05,000 --> 00:13:09,560 Speaker 1: eight hundred, about six point five percent gain. I guess 240 00:13:09,600 --> 00:13:11,840 Speaker 1: from you know, it's it's hard to say these days 241 00:13:11,880 --> 00:13:13,839 Speaker 1: that that could be. We could be there by the 242 00:13:13,920 --> 00:13:18,680 Speaker 1: end of the day, So you know, walk us through 243 00:13:18,720 --> 00:13:20,880 Speaker 1: how we get there. Is it a slow grind higher 244 00:13:20,880 --> 00:13:23,560 Speaker 1: do you think? Or are we gonna see uh some 245 00:13:23,640 --> 00:13:25,920 Speaker 1: more about And the reason I ask is I keep 246 00:13:25,960 --> 00:13:29,080 Speaker 1: my eye on the VIX, And I've noticed that twenty 247 00:13:29,160 --> 00:13:32,679 Speaker 1: level on the VIX, which you know, two thousand nineteen 248 00:13:32,760 --> 00:13:36,280 Speaker 1: was almost unspeakably high number. Um, it really seems to 249 00:13:36,360 --> 00:13:41,040 Speaker 1: be the floor now, um for the VIX. I'm guessing 250 00:13:41,080 --> 00:13:44,760 Speaker 1: there is people embracing this rally, embracing these new record highs, 251 00:13:44,760 --> 00:13:47,640 Speaker 1: but certainly not doing it without a little bit of 252 00:13:47,640 --> 00:13:52,160 Speaker 1: an insurance policy, uh, to to sort of accommodate to 253 00:13:52,200 --> 00:13:55,839 Speaker 1: go along with it. What's your outlook for for violatility? 254 00:13:55,880 --> 00:13:57,760 Speaker 1: Is it gonna be a rocky road to get to 255 00:13:57,840 --> 00:14:01,199 Speaker 1: that thirty eight hundred target by the middle of next year? Uh? 256 00:14:01,480 --> 00:14:03,200 Speaker 1: You know, it is going to be a nail biter. 257 00:14:03,280 --> 00:14:06,640 Speaker 1: Do you think you know where we are expecting some volatility, 258 00:14:06,840 --> 00:14:09,760 Speaker 1: namely around what's happening with the pandemic and to the 259 00:14:09,760 --> 00:14:12,520 Speaker 1: extent there's a second we've we're not for seeing any 260 00:14:12,640 --> 00:14:16,800 Speaker 1: national shutdowns, but certainly depending on the direction of the numbers, 261 00:14:16,840 --> 00:14:20,400 Speaker 1: you know, regional shutdowns and pull backs, and believe that 262 00:14:20,480 --> 00:14:24,040 Speaker 1: the market will be impacted by that and will experience 263 00:14:24,120 --> 00:14:27,840 Speaker 1: volatility until that vaccine comes out, and then more short 264 00:14:27,960 --> 00:14:31,560 Speaker 1: term to volatility around the stimulus package and whether it 265 00:14:31,560 --> 00:14:34,720 Speaker 1: will pass before Congress goes on that Christmas break and 266 00:14:34,800 --> 00:14:37,000 Speaker 1: I want to circle back. You made an interesting point 267 00:14:37,000 --> 00:14:39,480 Speaker 1: earlier when we were talking about tech that you know, 268 00:14:39,520 --> 00:14:42,240 Speaker 1: you're looking at the more cyclical areas of tech, and 269 00:14:42,240 --> 00:14:45,000 Speaker 1: I was hoping you could elaborate a little bit on that. 270 00:14:45,040 --> 00:14:48,280 Speaker 1: You know, what is considered a cyclical area within tech? 271 00:14:48,320 --> 00:14:50,880 Speaker 1: Would you say, yeah, so we're looking at five G 272 00:14:51,920 --> 00:14:59,560 Speaker 1: cyber security, a r VR, telesurgery, the idea of autonomous driving, 273 00:14:59,680 --> 00:15:04,760 Speaker 1: those as more cyclical five G enebling technology themes. Yeah. 274 00:15:04,840 --> 00:15:08,160 Speaker 1: Five G I think is is uh the big game 275 00:15:08,240 --> 00:15:11,440 Speaker 1: changer obviously, And I it's interesting because I you know, 276 00:15:11,960 --> 00:15:13,320 Speaker 1: I do think it will take a little while to 277 00:15:13,360 --> 00:15:16,200 Speaker 1: see who the how the winners and losers shake out. 278 00:15:16,200 --> 00:15:19,360 Speaker 1: But I mean, I guess there's there's enough known about Okay, 279 00:15:19,360 --> 00:15:21,800 Speaker 1: this chip maker, that chip maker, you know, this this 280 00:15:21,920 --> 00:15:25,240 Speaker 1: device maker, you know. It all boils down to me, 281 00:15:25,440 --> 00:15:27,880 Speaker 1: you know, when we talk about this rotation and whether 282 00:15:27,920 --> 00:15:31,080 Speaker 1: you consider it, consider it a value growth rotation or 283 00:15:31,600 --> 00:15:34,600 Speaker 1: a size rotation or stay at home to to reopening 284 00:15:34,640 --> 00:15:38,360 Speaker 1: whatever it is, it seems to me like it's it's 285 00:15:38,400 --> 00:15:40,400 Speaker 1: bound to have an expiration date. It's hard for me 286 00:15:40,480 --> 00:15:42,840 Speaker 1: to picture a market where tech is not the star 287 00:15:42,960 --> 00:15:46,360 Speaker 1: of the show over the long term. You know, maybe 288 00:15:46,360 --> 00:15:49,200 Speaker 1: we'll have value outperform even for all of the rest 289 00:15:49,240 --> 00:15:52,160 Speaker 1: of the year, half and next year, but it's hard 290 00:15:52,160 --> 00:15:55,160 Speaker 1: for me to ever see tech not being that that 291 00:15:55,440 --> 00:15:58,760 Speaker 1: star of the equities show. After that, once life's back 292 00:15:58,800 --> 00:16:02,160 Speaker 1: to normal, we kind of mean revert on valuations of 293 00:16:01,760 --> 00:16:05,520 Speaker 1: the sectors that got hit the worst by COVID. I mean, 294 00:16:05,520 --> 00:16:07,640 Speaker 1: it's not a safe assumption. Do you think, you know, 295 00:16:09,520 --> 00:16:12,960 Speaker 1: we'll all end up sort of rotating back to tech eventually? Yeah? 296 00:16:13,000 --> 00:16:15,520 Speaker 1: I think so. And I think that you know, almost 297 00:16:15,560 --> 00:16:18,360 Speaker 1: all sectors have a tech component now right, We're talking 298 00:16:18,400 --> 00:16:23,480 Speaker 1: about financial technology and fintech and contactless and mobile payments, 299 00:16:23,640 --> 00:16:27,720 Speaker 1: health technology, green energy, and green tech. So I think, 300 00:16:28,240 --> 00:16:30,800 Speaker 1: you know, through this next decade that becomes more and 301 00:16:30,840 --> 00:16:34,400 Speaker 1: more of a reality as tech enters all the different sectors. 302 00:16:58,720 --> 00:17:00,760 Speaker 1: You know what I was wondering, point if you could 303 00:17:00,840 --> 00:17:03,400 Speaker 1: help me understand what's going on in the bond market 304 00:17:03,600 --> 00:17:07,280 Speaker 1: at all. It feels like this reflation, this reopening trade, 305 00:17:07,320 --> 00:17:10,200 Speaker 1: whatever you want to call it, has really been embraced 306 00:17:10,240 --> 00:17:13,639 Speaker 1: by stock traders, but bond traders it feels like a 307 00:17:14,240 --> 00:17:18,040 Speaker 1: really a pessimistic bunch. You know, the tenure treasury yield 308 00:17:18,359 --> 00:17:21,280 Speaker 1: keeps testing one percent and it just keeps failing. It 309 00:17:21,359 --> 00:17:24,600 Speaker 1: feels like, so, I mean, is that really just Fed 310 00:17:24,680 --> 00:17:27,679 Speaker 1: expectations or I mean, is it safe to say that 311 00:17:27,720 --> 00:17:30,800 Speaker 1: the bond market is a little more pessimistic. Yeah, I know, 312 00:17:31,160 --> 00:17:33,320 Speaker 1: we're expecting that the FED is going to keep rates 313 00:17:33,920 --> 00:17:37,919 Speaker 1: near zero through so we are expecting that low for 314 00:17:38,040 --> 00:17:41,880 Speaker 1: longer interest rate. And what we're doing in our portfolios 315 00:17:41,960 --> 00:17:45,560 Speaker 1: really is looking for you through dividend paying stocks like 316 00:17:45,640 --> 00:17:48,879 Speaker 1: in the financial space for instance, or in healthcare, to 317 00:17:49,000 --> 00:17:52,840 Speaker 1: try and increase that that yield in the portfolio. Oh 318 00:17:52,880 --> 00:17:56,600 Speaker 1: that's interesting. So in general more risky allocation. Do you 319 00:17:56,640 --> 00:17:59,240 Speaker 1: think if if you consider dividend stocks, maybe not as 320 00:17:59,320 --> 00:18:02,640 Speaker 1: risky as as other equities, But is it an active 321 00:18:03,000 --> 00:18:07,320 Speaker 1: reduction of sort of that theoretical sixty allocation? I mean, 322 00:18:07,520 --> 00:18:10,320 Speaker 1: I'm sure you don't all allocate exactly to sixty forty, 323 00:18:10,359 --> 00:18:12,760 Speaker 1: but but you know, using that as a baseline, is 324 00:18:12,800 --> 00:18:17,280 Speaker 1: there kind of this this you know, different strategy now too, 325 00:18:18,280 --> 00:18:22,000 Speaker 1: he's up on treasuries. I can't imagine anyone just holding 326 00:18:22,000 --> 00:18:24,000 Speaker 1: onto a treasury right now. I'm just gonna throw that 327 00:18:24,040 --> 00:18:26,119 Speaker 1: out there. I don't, I don't, I don't get it. 328 00:18:26,280 --> 00:18:29,639 Speaker 1: So is you know, is we definitely think there's a 329 00:18:29,680 --> 00:18:32,600 Speaker 1: place for them in within the portfolio for sure, but 330 00:18:32,760 --> 00:18:36,399 Speaker 1: we for for fixed income. But yeah, I'm looking for yield. 331 00:18:36,480 --> 00:18:40,160 Speaker 1: We're we're doing so often in with dividend paying stocks 332 00:18:40,640 --> 00:18:44,560 Speaker 1: in those sectors interesting and I mean in terms of 333 00:18:44,600 --> 00:18:47,560 Speaker 1: where to find safety. I mean you make the point 334 00:18:47,600 --> 00:18:50,560 Speaker 1: that in looking for yield, maybe treasuries aren't the place. 335 00:18:50,680 --> 00:18:54,000 Speaker 1: But I mean, especially the last few months, there's been 336 00:18:54,040 --> 00:18:57,080 Speaker 1: a lot of back and forth on whether treasuries are 337 00:18:57,280 --> 00:19:00,640 Speaker 1: serving their purpose within portfolios at all, whether they are 338 00:19:00,760 --> 00:19:03,720 Speaker 1: still a good hedge for equity risk. I know there 339 00:19:03,720 --> 00:19:06,920 Speaker 1: were a few instances in October or September, it's hard 340 00:19:06,920 --> 00:19:10,960 Speaker 1: to remember where um, you know, treasury is really barely 341 00:19:11,040 --> 00:19:13,479 Speaker 1: budged even when stocks were falling out of bed. I mean, 342 00:19:13,520 --> 00:19:17,119 Speaker 1: do you is that still the buffer was? Yeah? I 343 00:19:17,520 --> 00:19:19,560 Speaker 1: think so to some extent. Yeah, we like them in 344 00:19:19,560 --> 00:19:22,320 Speaker 1: the portfolio for that reason. We also are using tips 345 00:19:22,560 --> 00:19:26,960 Speaker 1: um corporate investment grade bonds and like I said, the 346 00:19:27,000 --> 00:19:29,840 Speaker 1: dividend stocks as well. And then in terms of you know, 347 00:19:29,920 --> 00:19:32,800 Speaker 1: safety and having that hedge, we also you know, like 348 00:19:32,880 --> 00:19:35,560 Speaker 1: gold for that reason as well. All Right, safety is 349 00:19:35,600 --> 00:19:40,200 Speaker 1: one thing, Katie, but what the people want is the crazy. 350 00:19:40,240 --> 00:19:43,000 Speaker 1: It's not the safest thing I heard in markets this week. 351 00:19:43,480 --> 00:19:47,080 Speaker 1: Stand clear of the craziest things we saw in markets 352 00:19:47,119 --> 00:19:50,560 Speaker 1: this week. So let's start with you. I wanna, I 353 00:19:50,640 --> 00:19:54,360 Speaker 1: want to see how your crazy thing game is. Okay, 354 00:19:54,520 --> 00:19:57,160 Speaker 1: time to shine. Well. I know that you checked in 355 00:19:57,320 --> 00:19:59,800 Speaker 1: on Bill Gross and his fight with his neighbor a 356 00:19:59,840 --> 00:20:03,000 Speaker 1: few weeks ago, but now it's being tried in the 357 00:20:03,040 --> 00:20:04,399 Speaker 1: court of law, so I want to bring you a 358 00:20:04,400 --> 00:20:06,640 Speaker 1: few updates. And of course this is connected to markets 359 00:20:06,680 --> 00:20:10,680 Speaker 1: because Bill Gross was the bond King, but his neighbor 360 00:20:10,720 --> 00:20:14,119 Speaker 1: and again they're in a fight over his sculpture outside 361 00:20:14,119 --> 00:20:18,040 Speaker 1: Bill Gross's house. Bill Gross blasted the Giligan Island scheme. 362 00:20:18,119 --> 00:20:21,560 Speaker 1: It sounds very very dramatic, very fun um. But it's 363 00:20:21,880 --> 00:20:26,320 Speaker 1: a glass sculpture that that mysteriously keeps breaking and uh, 364 00:20:27,160 --> 00:20:31,440 Speaker 1: you know, I usually it's nice looking. I could understand 365 00:20:31,520 --> 00:20:33,680 Speaker 1: how maybe you don't want it on your property line. 366 00:20:33,720 --> 00:20:35,560 Speaker 1: I'm not sure what the exact spot is, but it 367 00:20:35,560 --> 00:20:38,240 Speaker 1: looks pretty nice from what I saw on the internet. Yeah, 368 00:20:38,320 --> 00:20:40,320 Speaker 1: well you had to put up a giant net around it. Too, 369 00:20:40,359 --> 00:20:43,320 Speaker 1: which I don't think the neighbor appreciated blocking his view 370 00:20:43,320 --> 00:20:46,840 Speaker 1: of the Pacific. So true, But yeah, catch us up 371 00:20:46,880 --> 00:20:49,320 Speaker 1: on the court drama. This is this is like a 372 00:20:49,400 --> 00:20:52,760 Speaker 1: courtroom drama here. I love it. Well. The neighbor testified 373 00:20:52,800 --> 00:20:55,600 Speaker 1: in court this week that Bill Gross is an angry 374 00:20:55,640 --> 00:20:59,119 Speaker 1: billionaire with a short fuse, and that's the money manager 375 00:20:59,359 --> 00:21:02,919 Speaker 1: actually offered his condolences. Bill Gross offered his condolences to 376 00:21:02,920 --> 00:21:06,840 Speaker 1: the neighbor when he moved in. But the angry billionaire things. 377 00:21:06,880 --> 00:21:08,880 Speaker 1: I don't know if it's the best put down I've 378 00:21:08,880 --> 00:21:11,280 Speaker 1: ever heard, because I would love to be any type 379 00:21:11,280 --> 00:21:15,680 Speaker 1: of billionaire, truly angry or not. Right, right, you think 380 00:21:15,720 --> 00:21:19,119 Speaker 1: the anger level would subside a little bit as you 381 00:21:19,160 --> 00:21:21,280 Speaker 1: became a billionaire, But I guess I guess maybe not. 382 00:21:21,400 --> 00:21:24,679 Speaker 1: So Hey, Bill Gross is still living his life the 383 00:21:24,680 --> 00:21:26,680 Speaker 1: white Bill Gross. He's fit. I'm a I'm all flu 384 00:21:27,320 --> 00:21:29,159 Speaker 1: but I we'll have to keep checking back on this 385 00:21:29,200 --> 00:21:33,760 Speaker 1: story as it progressive. One of my favorites for the year. Alright, Jaqueline, 386 00:21:33,760 --> 00:21:36,480 Speaker 1: no pressure on you, but I'm sure they warned you 387 00:21:36,600 --> 00:21:39,480 Speaker 1: of our gimmick here, and hopefully you can't prepare it. Okay, Yes, 388 00:21:39,520 --> 00:21:41,919 Speaker 1: I did, and it's a different type of crazy, I 389 00:21:41,920 --> 00:21:44,760 Speaker 1: would say. So my craziest thing this week was seeing 390 00:21:44,800 --> 00:21:47,280 Speaker 1: that the TAO was up over eleven point eight four 391 00:21:47,359 --> 00:21:52,240 Speaker 1: percent in November, the best one month performance since January seven. 392 00:21:52,840 --> 00:21:55,320 Speaker 1: It is pretty crazy. Some sometimes the crazy this year, 393 00:21:55,359 --> 00:21:57,439 Speaker 1: the craziest things are the things staring You're right at 394 00:21:57,440 --> 00:22:01,000 Speaker 1: the in the face, which is totally true. Eleven in 395 00:22:01,000 --> 00:22:04,440 Speaker 1: a month, I mean. And of course, once you hear 396 00:22:04,480 --> 00:22:08,320 Speaker 1: that seven comparison, uh, people may take that a little 397 00:22:08,320 --> 00:22:15,840 Speaker 1: bit too far. I wasn't alive, so that's pretty oh man, 398 00:22:16,760 --> 00:22:21,560 Speaker 1: what the heck? All right, Well, I was an awkward teenager, 399 00:22:21,680 --> 00:22:28,000 Speaker 1: so we're equal, I guess. But all right, and I 400 00:22:28,040 --> 00:22:31,240 Speaker 1: was an awkward teenager in the suburbs of Philadelphia, which 401 00:22:31,280 --> 00:22:34,640 Speaker 1: is a good uh segue to my crazy thing, which 402 00:22:34,720 --> 00:22:38,720 Speaker 1: is about Black Friday, which I think for gauging the 403 00:22:38,760 --> 00:22:41,119 Speaker 1: health of those consumer stocks. Jacqueline, I've just seen one 404 00:22:41,119 --> 00:22:43,320 Speaker 1: of the most important days of the year. Everyone curious 405 00:22:43,560 --> 00:22:47,280 Speaker 1: this Black Friday would would flesh out the question though, 406 00:22:47,359 --> 00:22:49,119 Speaker 1: and and I don't have a price, is right? We 407 00:22:49,160 --> 00:22:52,119 Speaker 1: often play prices right with this segment, but I I 408 00:22:52,160 --> 00:22:54,360 Speaker 1: will pose the question to each of you and see 409 00:22:54,400 --> 00:22:58,240 Speaker 1: if you get it right. Who knows where the term 410 00:22:58,280 --> 00:23:04,399 Speaker 1: black Friday came from? Gither Katie, No, not Clo. I 411 00:23:04,440 --> 00:23:08,800 Speaker 1: don't know, Jack. But tractually, I had always heard that 412 00:23:08,880 --> 00:23:10,760 Speaker 1: it was the day it was such a big day 413 00:23:10,800 --> 00:23:13,640 Speaker 1: for retailers, that it was the day they went from 414 00:23:13,640 --> 00:23:15,440 Speaker 1: the red ink to the black ink, I guess, meaning 415 00:23:15,640 --> 00:23:22,600 Speaker 1: profitable for their say. Not so, says The New York Times. Rather, 416 00:23:22,680 --> 00:23:25,600 Speaker 1: the New York Times attempts to pin it on Philadelphia 417 00:23:25,600 --> 00:23:27,800 Speaker 1: sports fans. And this is where I get really offended, 418 00:23:27,800 --> 00:23:31,359 Speaker 1: because my homeland of Philadelphia has a very bad reputation 419 00:23:31,480 --> 00:23:34,760 Speaker 1: for our sports fans. I think it largely comes from 420 00:23:34,800 --> 00:23:37,080 Speaker 1: the New York media, though, because it's such a powerful 421 00:23:37,119 --> 00:23:40,480 Speaker 1: media and rivals of our Philadelphia teams. I'm just gonna 422 00:23:40,520 --> 00:23:43,160 Speaker 1: throw that out there. But according to The New York Times, 423 00:23:43,920 --> 00:23:48,560 Speaker 1: his historians quote unquote, they're not they're not attributing att 424 00:23:48,560 --> 00:23:51,959 Speaker 1: any specific historian. Certainly was not a University of penn historian, 425 00:23:51,960 --> 00:23:55,679 Speaker 1: I bet. But historians say it originated in Philadelphia in 426 00:23:55,720 --> 00:23:59,720 Speaker 1: the nineteen sixties, when throngs of shoppers and tourists would 427 00:23:59,720 --> 00:24:01,639 Speaker 1: just say end on the city on the day between 428 00:24:01,760 --> 00:24:04,720 Speaker 1: Thanksgiving and the Army Navy football game. The Army Navy 429 00:24:04,720 --> 00:24:08,879 Speaker 1: game was traditionally played on Saturday after Thanksgiving, So what 430 00:24:08,960 --> 00:24:12,840 Speaker 1: they're saying is this mob of angry Philadelphia sports fans 431 00:24:12,880 --> 00:24:16,280 Speaker 1: would invade the city on the Friday after Thanksgiving, and 432 00:24:16,320 --> 00:24:19,560 Speaker 1: the Philadelphia Police took to calling the day Black Friday 433 00:24:19,600 --> 00:24:22,760 Speaker 1: because officers had to work long hours and deal with 434 00:24:22,840 --> 00:24:27,400 Speaker 1: bad traffic, bad weather. Another quote crowd related act miseries. 435 00:24:28,080 --> 00:24:30,440 Speaker 1: I don't know. I'm not sure. I'm I might write 436 00:24:30,440 --> 00:24:31,960 Speaker 1: a letter to the New York Times. I'm not sure 437 00:24:32,000 --> 00:24:35,200 Speaker 1: I buy this. I think this is just another attempt 438 00:24:35,760 --> 00:24:41,040 Speaker 1: to blaspheme the good sports fans of Philadelphia. You think 439 00:24:41,119 --> 00:24:44,359 Speaker 1: Katie as as a as a Jersey resident, or at 440 00:24:44,440 --> 00:24:47,679 Speaker 1: least a Jersey native. Jersey I need you on board 441 00:24:47,840 --> 00:24:50,480 Speaker 1: with this campaign. I know you're north, You're north of 442 00:24:50,520 --> 00:24:54,000 Speaker 1: the Jersey Mayson Dixe line, but still aspiring New Jersey resident. 443 00:24:54,240 --> 00:24:56,320 Speaker 1: I don't know. I I do think it sounds like 444 00:24:56,320 --> 00:24:58,720 Speaker 1: a bit of a stretch. I'm not trying to start 445 00:24:58,760 --> 00:25:01,560 Speaker 1: beef with the New York Times, so maybe don't see 446 00:25:01,560 --> 00:25:07,280 Speaker 1: see me on that email. But Jackline, what was what 447 00:25:07,320 --> 00:25:09,239 Speaker 1: was your impression of black Fridays. Its big of a 448 00:25:09,240 --> 00:25:11,399 Speaker 1: deal as it used to be when you're trying to 449 00:25:11,560 --> 00:25:14,400 Speaker 1: analyze consumer trends, or is this this year is such 450 00:25:14,440 --> 00:25:16,360 Speaker 1: a crazy year that it's kind of a right off, 451 00:25:17,119 --> 00:25:19,120 Speaker 1: you know it is. It is certainly a big deal. 452 00:25:19,119 --> 00:25:21,679 Speaker 1: And the whole holiday season is too, so you know, 453 00:25:21,760 --> 00:25:24,760 Speaker 1: looking looking at the rest of the year and seeing 454 00:25:24,800 --> 00:25:27,760 Speaker 1: how that all pans out. And I know too, a 455 00:25:27,800 --> 00:25:30,760 Speaker 1: lot of the big the big consumer discustion and companies 456 00:25:30,800 --> 00:25:33,399 Speaker 1: are starting way earlier, you know, even in October with 457 00:25:33,440 --> 00:25:37,920 Speaker 1: their sales and pushing for the season. So to be seen, yeah, 458 00:25:38,960 --> 00:25:41,240 Speaker 1: to be to be determined. Well, we'll have to leave 459 00:25:41,240 --> 00:25:43,159 Speaker 1: it at that. As I go and dash off and 460 00:25:43,160 --> 00:25:46,400 Speaker 1: angry letters to the New York Times, I'm just they're 461 00:25:46,440 --> 00:25:49,280 Speaker 1: probably right. I mean, we we fill These fans deserve 462 00:25:49,359 --> 00:25:51,760 Speaker 1: everything they throwed us, I guess. But that one hit 463 00:25:51,800 --> 00:25:53,879 Speaker 1: a nerve, not as big of a nerve as Katie 464 00:25:53,920 --> 00:25:57,919 Speaker 1: hit By saying she was not alive during that one 465 00:25:58,000 --> 00:26:00,480 Speaker 1: hurts too, But Mike I wasn't either an honor of 466 00:26:00,600 --> 00:26:08,399 Speaker 1: it in but I was, Man, you millennials, I'm shaking 467 00:26:08,440 --> 00:26:12,000 Speaker 1: my now. I'm a big fan of the millennial generation. 468 00:26:12,000 --> 00:26:14,720 Speaker 1: I'd liked. I consider myself sort of an honorary millennial, 469 00:26:14,840 --> 00:26:19,240 Speaker 1: so yeah, we'll take you. We'll take you. I love 470 00:26:19,280 --> 00:26:24,840 Speaker 1: avocado toast, so I've got anyway. Jacqueline Remen of ups 471 00:26:24,920 --> 00:26:27,000 Speaker 1: Private Wealth, We thank you so much for joining the show. 472 00:26:27,200 --> 00:26:37,920 Speaker 1: Thank you, thanks for having me. What Goes Up will 473 00:26:37,960 --> 00:26:40,679 Speaker 1: be back next week. Until then, you can find us 474 00:26:40,760 --> 00:26:44,119 Speaker 1: on the Bloomberg Terminal, website and app where wherever you 475 00:26:44,160 --> 00:26:46,640 Speaker 1: get your podcasts. We'd like it if you took time 476 00:26:46,640 --> 00:26:49,399 Speaker 1: to rate and review the show on Apple Podcasts so 477 00:26:49,440 --> 00:26:51,919 Speaker 1: more listeners can find us. And you can find us 478 00:26:51,960 --> 00:26:57,440 Speaker 1: on Twitter. Follow me at Reaganonymous, follow Sarah at Sarah Ponzac, 479 00:26:57,800 --> 00:27:01,400 Speaker 1: and Katie greifeld Is at k Greyfeld. You can also 480 00:27:01,400 --> 00:27:05,320 Speaker 1: follow Bloomberg Podcasts at at Podcasts. And thank you to 481 00:27:05,400 --> 00:27:07,639 Speaker 1: Charlie Pellog of Bloomberg Radio and the voice of the 482 00:27:07,720 --> 00:27:11,600 Speaker 1: NYC Subway System. What Goes Up is produced by Jordan's 483 00:27:11,640 --> 00:27:15,679 Speaker 1: Gas Pouret. The head of Bloomberg Podcast is Francesco Leavy. 484 00:27:15,720 --> 00:27:17,440 Speaker 1: Thanks for listening. To see you next time.