WEBVTT - An Action Plan for Women to Manage Their Money 0:00:02.520 --> 0:00:09.320 Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business 0:00:09.360 --> 0:00:13.640 Week with Carol Masser and Tim Steneveek on Bloomberg Radio. 0:00:14.160 --> 0:00:17.520 Researchers for McKinsey recently determined that women spend less time 0:00:17.560 --> 0:00:20.040 on the job than men in comparable roles in career 0:00:20.079 --> 0:00:23.200 paths eight point six years for women versus ten years 0:00:23.200 --> 0:00:25.560 for men, and that they were more likely to make 0:00:25.560 --> 0:00:28.880 decisions putting them in roles in industries that were dying. Gosh, 0:00:28.920 --> 0:00:31.840 it's kind of it's really grim. Yeah, large career gaps, 0:00:31.920 --> 0:00:34.800 especially during child rearing years, and the desire for more 0:00:34.840 --> 0:00:38.480 flexible work took a toll. Listen to this, Carol, Such 0:00:38.520 --> 0:00:41.479 time and career choices, they said, docked women's lifetime pay 0:00:41.560 --> 0:00:43.159 by a cool half million dollars. 0:00:43.320 --> 0:00:43.800 That's a lot. 0:00:43.920 --> 0:00:47.360 Women, they urged, need to choose careers in fast grown 0:00:47.360 --> 0:00:48.800 fields and spend more time on the job. 0:00:49.120 --> 0:00:49.279 Rap. 0:00:49.320 --> 0:00:51.720 That's a strong message. I mean, that's a big difference. 0:00:51.760 --> 0:00:53.960 And if you think about people living longer and like 0:00:54.560 --> 0:00:56.640 maybe on their own, like how do you support yourself? 0:00:56.800 --> 0:00:59.240 Simone Foxman writing about this for Blueberg News. Check out 0:00:59.280 --> 0:01:01.240 that story and more if you're interested. 0:01:01.320 --> 0:01:04.360 All right, curious what Alison Kassik has to say about 0:01:04.400 --> 0:01:06.520 all of this. She's the author and journalist who has 0:01:06.600 --> 0:01:10.199 worked at CNN and is a freelance correspondent for ABC News. 0:01:10.760 --> 0:01:13.360 Equal Page just one of the things she tackles in 0:01:13.360 --> 0:01:16.200 her deeply personal new book. It's entitled What's Up with 0:01:16.240 --> 0:01:18.600 Women in Money? How to do all the financial stuff 0:01:18.800 --> 0:01:22.280 You've been avoiding. She joins us from Long Island. You know, 0:01:22.560 --> 0:01:26.480 we've been talking about your book, and you know very 0:01:26.520 --> 0:01:29.440 deeply personal your story. You go there right in the 0:01:29.480 --> 0:01:32.080 beginning of the book, tell us about and share with 0:01:32.120 --> 0:01:34.720 our audience why you said about writing this. 0:01:35.959 --> 0:01:38.000 Yeah, great to be on your show, Thanks for having me. 0:01:38.120 --> 0:01:42.120 So I wrote this because, yes, I was CNN's business correspondent, 0:01:42.280 --> 0:01:45.160 often reporting from the New York Stock Exchange. But at 0:01:45.200 --> 0:01:47.680 the beginning of my time there, I wasn't involved in 0:01:47.760 --> 0:01:50.840 my own financial life. I let my husband handle all 0:01:50.840 --> 0:01:55.640 things financial, and that was That was not a good decision, 0:01:55.680 --> 0:01:59.160 because when the marriage went't bad, when you know, I 0:01:59.160 --> 0:02:01.520 wanted to get out of the marriage, I felt stuck. 0:02:01.560 --> 0:02:03.600 I stayed in the marriage longer than I should have, 0:02:03.720 --> 0:02:06.320 years longer than I should have because he kind of 0:02:06.400 --> 0:02:09.040 knew where all the money was and how to handle 0:02:09.080 --> 0:02:11.360 all the money things. And I had two kids under 0:02:11.360 --> 0:02:13.600 the age of ten at the time. You know, what 0:02:13.639 --> 0:02:15.840 if I made a mistake, what if I lost all 0:02:15.840 --> 0:02:18.919 of our money. The difference is that I just didn't 0:02:18.919 --> 0:02:23.200 have the confidence to make those big financial decisions. I 0:02:23.200 --> 0:02:26.520 didn't have the experience of making the decisions over the 0:02:26.560 --> 0:02:30.880 course of my marriage, and that in essence cut down 0:02:31.000 --> 0:02:33.840 on my confidence in my ability to make those decisions. 0:02:34.360 --> 0:02:37.400 But as I got through that, I realized that there 0:02:37.400 --> 0:02:41.679 are a lot of women different kinds of jobs, high 0:02:41.760 --> 0:02:46.760 income scale to low income scale, married, divorced, widowed, single, 0:02:47.240 --> 0:02:50.160 who feel the way I felt that. You know, they 0:02:50.200 --> 0:02:53.600 don't have any kind of involvement or as much involvement 0:02:53.639 --> 0:02:56.000 as they should have in their own financial lives. And 0:02:56.040 --> 0:02:58.600 it's not something that women talk about because you know, 0:02:58.600 --> 0:03:00.560 we don't want to be seen as an intellig There's 0:03:00.560 --> 0:03:03.080 also a lot of embarrassment and shame around it as well. 0:03:03.360 --> 0:03:05.280 Why do you think men are the ones who end 0:03:05.360 --> 0:03:07.680 up doing this stuff in a lot of relationships, Like 0:03:07.680 --> 0:03:09.519 you have a chapter in here on how to buy 0:03:09.520 --> 0:03:14.920 a car with confidence, understanding insurance negotiating in your words 0:03:15.560 --> 0:03:20.120 like a man. Why do men? Why are men the 0:03:20.160 --> 0:03:21.840 ones who usually do this in relationships? 0:03:23.000 --> 0:03:24.680 You know, I think if I could answer that in 0:03:24.760 --> 0:03:27.720 one reason only, there are I think there are many reasons, 0:03:27.760 --> 0:03:30.440 but I think the biggest reason is that it is cultural. 0:03:30.480 --> 0:03:34.520 There's a cultural aspect that women have with money, and 0:03:34.600 --> 0:03:38.040 I think it starts early when we are girls, and 0:03:38.200 --> 0:03:40.360 whether we like it or not, girls and boys are 0:03:40.440 --> 0:03:43.680 socialized differently. And it's not that girls are told not 0:03:43.760 --> 0:03:46.160 to care about money. It's just that boys are often 0:03:46.240 --> 0:03:49.720 introduced to the family finances earlier, They're encouraged to be 0:03:49.800 --> 0:03:53.440 financially independent earlier, and so you've got these girls who 0:03:53.440 --> 0:03:56.480 grow up being uninvolved, and they can grow up to 0:03:56.560 --> 0:04:00.640 be women who avoid money issues, and that of can 0:04:00.680 --> 0:04:05.160 be compounding in the way that you avoid something long enough, 0:04:05.200 --> 0:04:08.080 you become fearful of it, and so lack of interest 0:04:08.160 --> 0:04:11.400 can lead to a lack of information, and that lack 0:04:11.440 --> 0:04:14.720 of information can lead to a lack of confidence and 0:04:14.800 --> 0:04:17.720 being able to manage all things financial, you know, whether 0:04:17.800 --> 0:04:22.400 it's managing your spending, managing your debt, being able to invest, 0:04:22.880 --> 0:04:26.040 and being able to negotiate your salary, all of that 0:04:26.160 --> 0:04:29.120 hits confidence. And I think I think if I'm going 0:04:29.160 --> 0:04:31.640 to answer it in one answer only, I'd say, it's 0:04:31.680 --> 0:04:32.160 the culture. 0:04:32.200 --> 0:04:34.839 It's got to be the culture, so you know, it's 0:04:34.880 --> 0:04:38.679 it's It's interesting. Carol mentioned this is a deeply personal book, 0:04:38.720 --> 0:04:40.440 and I mean it really is. You're not just you. 0:04:40.440 --> 0:04:40.640 Don't. 0:04:40.680 --> 0:04:45.480 You don't just talk about your relationship and your marriage 0:04:45.480 --> 0:04:48.480 that prompted you to write this, but also your upbringing 0:04:48.520 --> 0:04:52.560 and your relationship with your father. And I think a 0:04:52.560 --> 0:04:57.280 lot of people would say that that was really challenging. 0:04:58.800 --> 0:05:02.520 I'm wondering, though, as a parent now, how you make 0:05:02.560 --> 0:05:05.640 sure that your kids are equipped to make these decisions independently. 0:05:07.560 --> 0:05:11.120 Very good question. I'm not a perfect parent, and I've 0:05:11.120 --> 0:05:13.880 got two kids once nineteen, my son is nineteen, my 0:05:13.960 --> 0:05:17.600 daughter is twenty two. They are invested in the market. Yes, 0:05:17.680 --> 0:05:20.799 I've taught them how to do it, and I've encouraged 0:05:20.800 --> 0:05:25.080 them to consistently invest as much as they can. I've 0:05:25.120 --> 0:05:29.240 explained to them the difference between savings and investments and 0:05:29.320 --> 0:05:33.479 what the difference is, and why it's important to invest 0:05:33.480 --> 0:05:35.760 your way to wealth because you can't save your way 0:05:35.800 --> 0:05:39.960 to wealth. The thing is, these things are not taught 0:05:39.960 --> 0:05:42.520 in school, so there's only so much parents can do, 0:05:42.800 --> 0:05:46.599 and really, I think so much of this is really 0:05:46.680 --> 0:05:49.920 just taking the effort to learn it on your own 0:05:50.640 --> 0:05:53.800 or through osmosis or hopefully you've got parents to guide you. 0:05:54.120 --> 0:05:57.400 I'm certainly trying to guide my kids as much as possible. 0:05:58.400 --> 0:06:02.400 You know, it's interesting, Allison. We talk about this a 0:06:02.400 --> 0:06:05.080 lot here, and I feel like you've obviously you know, 0:06:05.120 --> 0:06:07.640 you're a journalist, and I know this topic has come 0:06:07.720 --> 0:06:10.040 up over the years, and I would say for those 0:06:10.080 --> 0:06:11.520 of us who've been doing it for a while, just 0:06:11.560 --> 0:06:13.560 like yourself, I feel like I could go back ten 0:06:13.640 --> 0:06:16.479 years and have this conversation. Twenty years, I could have 0:06:16.520 --> 0:06:17.360 this conversation. 0:06:17.680 --> 0:06:18.720 I think about. 0:06:18.360 --> 0:06:22.880 CEOs, female CEOs who've come in and talked about even 0:06:23.080 --> 0:06:26.719 that in their households to some extent. So I'm wondering, 0:06:27.040 --> 0:06:30.440 you know, why haven't we we've talked about financial literacy forever. 0:06:30.960 --> 0:06:33.800 Why isn't that happening? What is it that we are missing? 0:06:33.800 --> 0:06:35.920 Because you can teach stuff at home, right, But I 0:06:36.000 --> 0:06:38.360 wonder if we made it part of our curriculum from 0:06:38.440 --> 0:06:41.000 kind of a younger age, teaching kids about money, the 0:06:41.000 --> 0:06:44.160 importance of money and all that good stuff, how different 0:06:44.160 --> 0:06:44.840 things might be. 0:06:45.920 --> 0:06:48.120 Oh, I am one hundred percent with you, And to 0:06:48.160 --> 0:06:50.279 be honest with you, I don't know why this stuff 0:06:50.320 --> 0:06:53.080 isn't really being taught, and I think it's actually beginning 0:06:53.080 --> 0:06:55.800 to be taught. It's being thrown into the curriculum. I 0:06:55.800 --> 0:06:59.360 don't know how much, really, And I'm wondering if maturity 0:06:59.440 --> 0:07:01.359 has a lot to do with it, because can you 0:07:01.400 --> 0:07:04.680 imagine getting into all the finer details of investing with 0:07:05.240 --> 0:07:07.680 a fifteen sixteen year old there's all I think there's 0:07:07.720 --> 0:07:11.200 also maybe a mindset here of younger of younger people. 0:07:11.680 --> 0:07:13.760 I know when I was younger, and it may have 0:07:13.880 --> 0:07:16.840 just been because we didn't have access to investment platforms 0:07:16.880 --> 0:07:17.520 like we do today. 0:07:17.720 --> 0:07:19.520 Right in fractionally investing, you. 0:07:19.480 --> 0:07:22.800 Know, I think that I think that you think that 0:07:22.840 --> 0:07:24.880 you have got, you know, fifteen years old. Let's say 0:07:24.880 --> 0:07:27.040 they bring it into the schools at fifteen the curriculum 0:07:27.080 --> 0:07:30.760 at fifteen years old, You'll pay attention, But I guess 0:07:30.760 --> 0:07:33.160 how seriously will the kid take it because they think 0:07:33.200 --> 0:07:37.200 they've got forever to start investing. And I think unless 0:07:37.200 --> 0:07:40.320 the curriculum really hits home about the importance of investing 0:07:40.360 --> 0:07:45.160 early and consistently, but investing early, maybe then it'll catch on. 0:07:45.960 --> 0:07:47.680 But I think you make a really good point, and 0:07:47.800 --> 0:07:50.679 I did. I did write this book through a journalist's lens, 0:07:50.800 --> 0:07:53.440 So not only did I get the tips and tools 0:07:53.560 --> 0:07:57.920 of financial literacy, I wanted to tell stories, so not 0:07:57.960 --> 0:08:00.720 just inspirational ones through the celebrities that I interviewed, but 0:08:00.800 --> 0:08:03.280 also names you wouldn't recognize a lot of these people. 0:08:03.680 --> 0:08:06.280 A lot of these women are anonymous because they are 0:08:06.360 --> 0:08:10.600 ashamed that they're in this situation. So I, for example, 0:08:10.600 --> 0:08:15.840 I interviewed a venture capitalist who who described money as 0:08:16.600 --> 0:08:19.119 something that she was fearful of, and she, at fifty 0:08:19.160 --> 0:08:21.880 three years old, she hadn't invested in one retirement account, 0:08:22.120 --> 0:08:25.920 didn't know the basics of personal financing, and really was 0:08:25.960 --> 0:08:29.960 felt overwhelmed. And this is a woman in venture capital, 0:08:30.120 --> 0:08:33.760 in the venture capital space who was highly highly successful, 0:08:34.000 --> 0:08:36.480 but she had not invested in herself because she didn't 0:08:36.520 --> 0:08:39.360 have the confidence. I mean, it is really amazing that 0:08:39.360 --> 0:08:43.480 we can be badasses at our jobs, but then in 0:08:43.559 --> 0:08:47.120 our own life there's this disconnect that's really inexplicable. 0:08:47.600 --> 0:08:49.280 Yeah, and I guess what I would say in terms 0:08:49.280 --> 0:08:51.600 of I agree with you, like a teenager, they're gonna 0:08:51.600 --> 0:08:56.040 be like yo, you know investing, you know, Warren Buffett, 0:08:56.040 --> 0:08:57.520 like all that stuff might go past, but just the 0:08:57.559 --> 0:09:01.600 idea of debt versus not debt, savings versus, you know, 0:09:02.440 --> 0:09:05.840 just kind of those kinds of things or like you know, 0:09:05.880 --> 0:09:06.520 you even talk. 0:09:06.600 --> 0:09:07.679 I love this idea. 0:09:07.800 --> 0:09:10.959 I think I even remember my parents like having an 0:09:11.040 --> 0:09:13.560 envelope in the drawer of cash that was like the 0:09:13.640 --> 0:09:17.200 cash for the month or something. And we don't really 0:09:17.200 --> 0:09:21.000 do that anymore, right, everything's digital, but having that concept 0:09:21.000 --> 0:09:23.800 of like a digital envelope of this money is my 0:09:23.840 --> 0:09:26.840 spending money, this is my savings money. Like those concepts 0:09:26.840 --> 0:09:29.320 are really clean and pure and I think make a 0:09:29.320 --> 0:09:32.679 lot of sense. And I do think about even today 0:09:32.880 --> 0:09:35.600 of giving a kid and saying here's some spending money. 0:09:35.760 --> 0:09:38.320 That's it. You've got it for the month. Figure it out, 0:09:38.400 --> 0:09:40.280 Like that's teaching them to budget. 0:09:40.960 --> 0:09:44.160 Right right and getting them involved. And as parents, you 0:09:44.160 --> 0:09:46.719 know your kids are watching you. They're watching if you're 0:09:46.760 --> 0:09:49.720 piling on dead onto your credit cards, they're watching you 0:09:49.760 --> 0:09:52.240 know how how you shop around for things if you broke, 0:09:52.280 --> 0:09:54.720 if the refrigerator is broken, do you just buy whatever? 0:09:55.160 --> 0:09:57.640 Are you taking them with you to go shop around 0:09:57.679 --> 0:09:59.640 and get the or at least online to shop around 0:09:59.640 --> 0:10:02.040 and get the cheapest priced. You know, I think involving 0:10:02.120 --> 0:10:06.320 children in money details is really a first step. It 0:10:06.360 --> 0:10:09.120 seems so simplistic, but it really is a way to 0:10:09.240 --> 0:10:10.000 get them involved. 0:10:10.120 --> 0:10:12.520 Okay, we have been talking about your book in the 0:10:12.520 --> 0:10:15.480 newsroom and you coming on, and I have a bunch 0:10:15.520 --> 0:10:17.560 of questions actually from one of my producers. We only 0:10:17.559 --> 0:10:18.960 have time for one. We only have about a minute 0:10:19.040 --> 0:10:21.000 left here. But if you've got two four oh one 0:10:21.080 --> 0:10:25.840 K plans from different employers, how do you determine whether 0:10:25.840 --> 0:10:27.160 to merge it or just leave it alone. 0:10:28.520 --> 0:10:30.720 I've been told, I've been told to merge them. But 0:10:30.880 --> 0:10:33.880 you're asking the wrong person. I'm not a certified financial planner. 0:10:33.920 --> 0:10:37.080 I can't even I can't even give you financial advice. Okay, 0:10:37.120 --> 0:10:39.880 that is not my realm. I So, like I said, 0:10:39.880 --> 0:10:42.520 I approached this book as a journalist. I did research 0:10:42.679 --> 0:10:46.240 and interviews to get these to get these topics on paper. 0:10:46.640 --> 0:10:49.200 And yeah, they'll have to go talk to their at CFP. 0:10:49.840 --> 0:10:50.640 All right, that's fair. 0:10:50.679 --> 0:10:51.560 Actually good advice. 0:10:51.679 --> 0:10:54.199 Actually that's great advice. And she's a journalist too, and 0:10:54.240 --> 0:10:57.240 I know she'll end up doing research. Thirty seconds left here, 0:10:57.840 --> 0:11:00.199 there's a lot in the book. It's very usable, it's 0:11:00.240 --> 0:11:02.120 really fun. What's one piece of advice you want to 0:11:02.160 --> 0:11:03.840 leave our audience with, just quickly. 0:11:04.360 --> 0:11:07.160 Ladies, be involved in all things financial in your house. 0:11:07.520 --> 0:11:10.920 Have great visibility onto what's happening. Know what your assets are, 0:11:11.080 --> 0:11:14.040 know your debt, know who your beneficiaries are on your accounts, 0:11:14.040 --> 0:11:17.480 know the passwords to your accounts, and especially know how 0:11:17.559 --> 0:11:19.600 much debt you are caring and get involved in the 0:11:19.679 --> 0:11:22.880 tax process as well. It's so as we're nearing tax 0:11:22.920 --> 0:11:26.079 time here, be involved in filing your taxes. 0:11:26.240 --> 0:11:29.640 All right, really fun, Good luck with everything. Alison Kassick 0:11:30.200 --> 0:11:32.720 joining us her new book, What's Up with Women and Money? 0:11:32.800 --> 0:11:34.840 How to do all the financial stuff You've been avoiding, 0:11:34.920 --> 0:11:35.960 joining us from Long Island. 0:11:36.160 --> 0:11:37.880 I want to see what Brooke may has to say 0:11:37.880 --> 0:11:40.600 about this, because she's managing partner at Evans may Well. 0:11:40.640 --> 0:11:43.760 They've got about one point three billion dollars in assets 0:11:43.840 --> 0:11:47.680 under management. She joins us this afternoon from Indiana. Brook 0:11:47.760 --> 0:11:50.360 you argue that the conversation has really shifted from inflation, 0:11:51.320 --> 0:11:53.679 kind of done with that now we're thinking about tariffs. 0:11:54.200 --> 0:11:57.160 But what is the conversation around tariffs. 0:11:58.320 --> 0:12:01.560 To your earlier point. It's uncertain right now. You know. 0:12:01.600 --> 0:12:03.840 Our concern is that the uncertainty will lead to an 0:12:03.880 --> 0:12:07.000 economic slow down more than actually the facts at hand. 0:12:07.640 --> 0:12:11.040 When you look at CEOs recently that were surveyed, the 0:12:11.080 --> 0:12:15.079 survey took place late January or early February, they indicated 0:12:15.120 --> 0:12:18.760 that they're optimistic, more optimistic than they've been in recent quarters. 0:12:19.240 --> 0:12:24.200 That said their biggest concern is geopolitical instability, and that's 0:12:24.280 --> 0:12:26.840 tariffs in addition to a few other policies. 0:12:27.280 --> 0:12:29.160 So the sooner there's clarity. 0:12:28.679 --> 0:12:31.280 There, the more likely they are to hire and to 0:12:31.360 --> 0:12:33.840 spend and you know, and for there to be additional 0:12:33.880 --> 0:12:34.680 business investment. 0:12:36.160 --> 0:12:38.960 So it is interesting when you think about kind of 0:12:38.960 --> 0:12:42.440 the environment that's out there top of mind for you, 0:12:42.480 --> 0:12:44.400 because I think the headlines are fast and furious. They 0:12:44.440 --> 0:12:47.360 can change on an hourly basis, They can certainly change 0:12:47.360 --> 0:12:50.240 on a daily basis, They can change on a weekly basis, 0:12:51.040 --> 0:12:53.520 But is there kind of a longer term thought that 0:12:53.600 --> 0:12:56.360 you have about the environment. We are certainly from an 0:12:56.360 --> 0:12:59.240 investment perspective, and that could even be one that we 0:12:59.240 --> 0:13:01.040 don't want to do anything until it settles down. 0:13:02.080 --> 0:13:05.120 Yeah, we're setting the expectation with our clients that they 0:13:05.120 --> 0:13:08.400 can expect volatility in the near term. Until there's more clarity, 0:13:08.760 --> 0:13:10.240 we're going to see a lot of ups and downs 0:13:10.240 --> 0:13:13.560 in the market. That said, right now, the unemployment rate 0:13:13.600 --> 0:13:16.080 is four point one percent. We've got a pretty healthy 0:13:16.160 --> 0:13:18.720 labor market. Even though we only added one hundred and 0:13:18.720 --> 0:13:22.280 fifty thousand jobs in the last read, we're still we 0:13:22.320 --> 0:13:26.200 still have more job openings than we do unemployed. So 0:13:26.400 --> 0:13:28.760 the labor markets what's held up this economy the last 0:13:28.760 --> 0:13:32.400 few years. And even though sentiment has shifted, that's not 0:13:32.440 --> 0:13:36.200 necessarily a good indicator for future market performance. We've got 0:13:36.200 --> 0:13:38.360 a sixty five hundred dollars or sixty five hundred price 0:13:38.400 --> 0:13:40.600 target on the SMP between now and year end, which 0:13:40.600 --> 0:13:43.600 would be about a fourteen percent bump. And again, once 0:13:43.600 --> 0:13:45.440 we have some more certainty, I think the market can 0:13:45.480 --> 0:13:46.000 move higher. 0:13:46.480 --> 0:13:51.200 So Brooke, I'm wondering about something that Alex was. It 0:13:51.240 --> 0:13:55.000 was Scarlett who just said this on our simulcast. It's 0:13:55.000 --> 0:13:59.280 this idea that tariffs are like, yes, maybe we'll get 0:13:59.280 --> 0:14:02.400 some clarity next week, but the President has shown that 0:14:02.480 --> 0:14:04.720 he can change his mind when it comes to this stuff, 0:14:04.880 --> 0:14:08.319 especially you know if he has an off ramp with tariffs, 0:14:08.360 --> 0:14:12.559 if government of Mexico or the government of Canada, for example, 0:14:12.679 --> 0:14:15.720 proves that it's taking action at the border to prevent 0:14:15.760 --> 0:14:20.160 what he argues is a poorest border and fentanyl being 0:14:20.200 --> 0:14:24.240 allowed into the US, or maybe other parts of negotiation. 0:14:24.440 --> 0:14:28.560 So even if we do get some clarity on April second, 0:14:29.560 --> 0:14:33.600 there's still going to be this uncertainty about whether he 0:14:33.640 --> 0:14:36.720 can just take back whatever he said on April second 0:14:36.760 --> 0:14:37.560 in the coming days. 0:14:37.600 --> 0:14:37.640 No. 0:14:39.200 --> 0:14:41.480 Absolutely, and I think that we're going to see that 0:14:41.560 --> 0:14:43.360 for the next four years. 0:14:44.000 --> 0:14:45.400 So get used to it. 0:14:45.400 --> 0:14:47.880 In other words, well, wait a minute, So that's we 0:14:47.920 --> 0:14:48.880 can do about that. 0:14:49.040 --> 0:14:51.040 Because I think there's an expectation that things are going 0:14:51.080 --> 0:14:53.760 to settle down. So you saying that going to be 0:14:53.840 --> 0:14:57.520 four years of volatility not necessarily. 0:14:57.680 --> 0:14:59.680 I do think, though, we need to accept the fact 0:14:59.680 --> 0:15:01.320 that they're would be pivots at any time. 0:15:01.800 --> 0:15:02.400 Right now. 0:15:02.920 --> 0:15:05.680 You know, we've got a broad range of initiatives that 0:15:05.720 --> 0:15:09.480 they're trying to tackle, and while we'll probably see pivots 0:15:09.520 --> 0:15:12.640 for four years, I think that they'll be less as 0:15:12.680 --> 0:15:15.240 time goes on the next few months. I know they've 0:15:15.280 --> 0:15:19.000 got a very robust agenda that they're trying to push through, 0:15:19.560 --> 0:15:22.200 and I think a lot of this is to set 0:15:22.200 --> 0:15:25.400 themselves up for an extension of the twenty seventeen tax 0:15:25.440 --> 0:15:28.800 cuts and possibly even a lower corporate tax rate. So 0:15:28.880 --> 0:15:30.880 once they've been able to demonstrate that there might be 0:15:30.960 --> 0:15:34.880 tteriff revenue or other income streams, then I think that 0:15:35.200 --> 0:15:37.400 we'll still see some pivots, but they might not be 0:15:37.440 --> 0:15:38.040 as frequent. 0:15:38.160 --> 0:15:41.920 Do you think the tax cuts are priced in fully 0:15:42.000 --> 0:15:42.360 right now? 0:15:42.760 --> 0:15:42.840 Like? 0:15:43.000 --> 0:15:44.480 Is that the expectation the market has. 0:15:46.000 --> 0:15:48.600 I think an extension of the twenty seventeen tax cuts 0:15:48.600 --> 0:15:51.640 are priced in. However, I don't know that we've fully 0:15:51.680 --> 0:15:55.240 priced in a corporate tax rate that would be lower 0:15:55.240 --> 0:15:57.600 than what it is today, and as we know, you know, 0:15:57.640 --> 0:16:00.520 that would be pretty agreedive to earnings. So I think 0:16:00.520 --> 0:16:02.760 that there are there is some upside if we actually 0:16:02.800 --> 0:16:05.360 see tax cuts a corporate tax rate cut. 0:16:05.600 --> 0:16:08.520 If we actually see a corporate tax rate cut. Are 0:16:08.560 --> 0:16:11.720 you optimistic? Are you pessimistic? Where do you fall in this? 0:16:13.120 --> 0:16:16.240 There's not a huge when it comes to Republicans in Congress. 0:16:17.040 --> 0:16:17.280 Yeah. 0:16:17.960 --> 0:16:21.400 Yeah, I think that it's pretty imminent that the twenty 0:16:21.440 --> 0:16:23.680 seventeen tax cut extension. 0:16:23.200 --> 0:16:23.840 Will go through. 0:16:24.280 --> 0:16:25.720 I think it's going to be a little bit more 0:16:25.760 --> 0:16:29.560 difficult to push through a corporate tax cut. I think 0:16:29.600 --> 0:16:31.400 that they're going to have to demonstrate that we're going 0:16:31.440 --> 0:16:34.280 to have tariff revenue or other cutbacks to actually be 0:16:34.320 --> 0:16:35.280 able to push it through. 0:16:36.640 --> 0:16:40.840 Is all of this going to create bottom line and 0:16:40.960 --> 0:16:44.920 economy in the United States that continues to grow and 0:16:44.960 --> 0:16:48.520 that maybe outperforms other developed markets. 0:16:50.920 --> 0:16:54.080 A corporate tax rate could the other, you know, the 0:16:54.120 --> 0:16:57.360 other initiatives. You know, if we possibly see less regulation 0:16:57.920 --> 0:16:59.920 that could be assisted. That could be a tailwind for 0:17:00.440 --> 0:17:04.280 some companies. But reality is, us businesses figure out how 0:17:04.280 --> 0:17:06.879 to make money in all types of environments, and if 0:17:06.880 --> 0:17:09.399 we've got a strong labor market, people are going to spend, 0:17:09.840 --> 0:17:12.760 and ultimately the economy is going to stay afloat. 0:17:12.480 --> 0:17:16.040 Do companies like companies have figured out ways to pay 0:17:16.080 --> 0:17:18.800 a lower effective tax rate? So is it really that 0:17:18.840 --> 0:17:22.119 big of a deal if the corporate tax rate is 0:17:22.160 --> 0:17:24.199 lowered because companies have done such a good job of 0:17:24.200 --> 0:17:26.520 figuring out how to pay less in taxes. 0:17:26.840 --> 0:17:28.880 Some have and some don't. 0:17:28.960 --> 0:17:31.840 Some aren't haven't been as effective, So there are companies 0:17:31.840 --> 0:17:34.000 that would benefit. You know, I know that a lot 0:17:34.040 --> 0:17:36.359 of the big tech companies have been in the headlines 0:17:36.400 --> 0:17:39.360 for the low amount of tax they pay, but that's 0:17:39.400 --> 0:17:41.520 not true across the board, so there would be some 0:17:41.720 --> 0:17:44.600 companies that benefit and therefore make it accretive to earnings, 0:17:44.760 --> 0:17:45.160 hey Brook. 0:17:45.200 --> 0:17:48.520 One of the things that our alex Steel just stressed 0:17:49.200 --> 0:17:52.920 and rightfully so, in our simulcast chat on the clothes, 0:17:53.440 --> 0:17:55.359 the equal weighted the S and P five hundred equal 0:17:55.359 --> 0:17:57.080 weighted index was just down about two tens of a 0:17:57.119 --> 0:18:02.760 percent today, you know, compared with what out one in 0:18:02.800 --> 0:18:04.520 one point one percent drop in the S and P 0:18:04.600 --> 0:18:06.280 five hundred, So it was a lot of those big 0:18:06.320 --> 0:18:09.240 cap tech names that really drag down the S and 0:18:09.280 --> 0:18:12.400 P five hundred. That equal weight just a little bit 0:18:12.400 --> 0:18:15.760 lower says what that difference says what to you? 0:18:17.359 --> 0:18:19.200 It's exciting to see broadening in the market. 0:18:19.280 --> 0:18:23.320 You know, the last two years, big tech specifically, you know, 0:18:23.359 --> 0:18:27.040 the mag seven has really been where the performances come from. 0:18:27.480 --> 0:18:30.000 We saw somewhat of a shift from twenty twenty three 0:18:30.040 --> 0:18:32.439 to twenty twenty four, and now we're seeing even a 0:18:32.440 --> 0:18:36.359 greater broadening today and that's what we want. That said, 0:18:36.480 --> 0:18:38.360 you know, we think that there's some opportunity right now 0:18:38.359 --> 0:18:41.400 in big tech, but on all mag seven companies are 0:18:41.480 --> 0:18:44.800 created equally. Today we had some negative news out of Nvidia, 0:18:45.080 --> 0:18:48.959 but systemically the company not much has changed. They're trading 0:18:48.960 --> 0:18:52.120 at twenty six times forward earnings, and when you look 0:18:52.160 --> 0:18:55.520 at their growth rate, it's actually less than their PE 0:18:55.680 --> 0:18:58.000 or it's higher than their PE ratio, which is the 0:18:58.000 --> 0:19:00.720 type of company you want to be invested in. However, 0:19:00.720 --> 0:19:03.480 you look at Tesla and it's trading at one hundred 0:19:03.480 --> 0:19:06.440 times forward earnings and the growth rate is really paltry 0:19:06.800 --> 0:19:10.440 relative to the PE. We're seeing slowing sales in China 0:19:10.480 --> 0:19:13.840 and Europe, and probably some slowing sales here in the US. 0:19:14.040 --> 0:19:15.520 So I don't think you can go in and just 0:19:15.560 --> 0:19:17.320 buy big tech in this environment. 0:19:17.320 --> 0:19:18.320 You have to be selected. 0:19:18.800 --> 0:19:21.480 But there are some opportunities out there in addition to 0:19:21.560 --> 0:19:23.479 looking at the broad market or equal weighted. 0:19:24.960 --> 0:19:26.399 All right, we're gonna have to leave it there, but 0:19:26.480 --> 0:19:29.159 we appreciate you taking the time. This afternoon, Brook May, 0:19:29.200 --> 0:19:32.200 managing partner in Evans May Wealth, joining us from Indiana 0:19:32.200 --> 0:19:34.960 one point three billion dollars in assets under management. Carol 0:19:34.960 --> 0:19:40.440 I found the Institute on Taxation and Economic Policy, nonpartisan institute. 0:19:40.760 --> 0:19:44.560 They found that America's largest consistently profitable corporation saw their 0:19:44.560 --> 0:19:46.800 effective tax rates fall from an average of twenty two 0:19:46.800 --> 0:19:49.840 percent to an average of twelve point eight percent after 0:19:49.920 --> 0:19:51.920