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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside

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Speaker 1: my co host Matt Miller. Every business day, we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Well, during this pandemic,

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Speaker 1: I think I'm probably like a lot of people where

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Speaker 1: I'm using technology even more. It's not just Zoom. I'm

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Speaker 1: thinking about just kind of my personal banking for example.

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Speaker 1: I'm much more uh engage with the digital offerings from

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Speaker 1: my financial institution, and I can't even imagine why I

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Speaker 1: would ever need to go into a branch again. But uh,

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Speaker 1: and I think a lot of folks, you know, again,

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Speaker 1: embracing technology across a lot of different fronts. Let's check

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Speaker 1: in with Nisha Hate, chief Digital Officer for Charles Schwab.

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Speaker 1: They have a new report out Investing in Technology Study,

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Speaker 1: and it's kind of looking at how the pandemic has

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Speaker 1: changed tech trends. Nisha, thanks so much for joining us here.

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Speaker 1: What are some of the key takeaways um your charge

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Speaker 1: Schwab report Yeah, well thanks thanks for having me. Um

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Speaker 1: and uh, Paul. What you shared is probably the experience

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Speaker 1: that many have had, which is we saw, um, you know,

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Speaker 1: in our survey, we saw a lot of investors talking

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Speaker 1: about how they've used technology and more in different ways

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Speaker 1: than they ever had prior to the pandemic. UM. But

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Speaker 1: what one of the interesting things is that they continue

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Speaker 1: to say that they're going to use technology at an

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Speaker 1: accelerated pace. And when we asked them, however, what it

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Speaker 1: what it is that drives trust and technology, often they

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Speaker 1: come back to the way that we used to work,

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Speaker 1: which is they want to be able to have access

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Speaker 1: to humans. Um, whether it's on a phone line or

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Speaker 1: even actually, as you mentioned, walking into a branch. So

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Speaker 1: you know, there's this desire to use more technology but

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Speaker 1: at the same time wanting to build trust through human connection.

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Speaker 1: Are there demographic or generational differences in that desire for

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Speaker 1: human versus technology contact? You know, there are some, um,

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Speaker 1: although you know, not as much as we might think so. UM. So,

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Speaker 1: for example, one of the questions we asked was, you know,

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Speaker 1: do you think it's possible to have a relationship with

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Speaker 1: a financial company through technology only? And if you asked

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Speaker 1: the overall population, just over half would tell you that

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Speaker 1: that it is possible to have a personal relationship with

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Speaker 1: a financial services institution with technology only. But if you

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Speaker 1: ask what we call Generation I, so Generation Investor, which

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Speaker 1: is UM folks who came into investing for the first

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Speaker 1: time in one they would tell you almost three quarters

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Speaker 1: of them would tell you that it is possible to

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Speaker 1: have a personal relationship through technology only. Now that Generation

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Speaker 1: I does sue a little bit younger, but really it's

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Speaker 1: more about newer investors coming into the industry. So we've seen,

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Speaker 1: uh nitche really since the beginning of this pandemic a

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Speaker 1: spike in retail trading in the stock market, whether it's

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Speaker 1: some of the meme stocks that got so much attention

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Speaker 1: earlier on or just in general, and not a lot

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Speaker 1: of folks, including I believe Charles Shrob, you know, low

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Speaker 1: costs or no cost trading, give us a sense of

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Speaker 1: kind of what you're seeing in the retail side of

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Speaker 1: the business. Yeah, I mean the engagement digital engagement, and

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Speaker 1: that's you know, a lot of our trading comes through

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Speaker 1: our digital channels. Of course, is just tremendous. I mean

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Speaker 1: we saw over a billion and a half mobile and

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Speaker 1: weblog ins last year four times the trading on the

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Speaker 1: mobile apps than we've ever seen before. So incredible engagement,

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Speaker 1: especially earlier this year in one when you know, when

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Speaker 1: markets were very active and we saw a lot of engage,

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Speaker 1: engagement and that continues, although it has you know, stepped

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Speaker 1: back just a bit. Well on that point, obviously, there

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Speaker 1: was this narrative last year, I mean even in the

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Speaker 1: pandemic and earlier this year where it was all about

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Speaker 1: all the liquidity was out there, you had ample stimulus

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Speaker 1: coming on the monetary side, and then on the fiscal

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Speaker 1: side you had stimulus checks burning a hole in people's pockets.

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Speaker 1: Now that those impulses are kind of fading, how was

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Speaker 1: retail investor behavior changing? Well, what's interesting, you know, And

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Speaker 1: one of the things we asked about in the survey was,

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Speaker 1: you know, why are you investing and what is it

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Speaker 1: that you're trying to accomplish? And while you know, I

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Speaker 1: think we talked a lot about the investors who are

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Speaker 1: you know, trading the meme stocks and kind of really

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Speaker 1: active in the market. Um, a lot of these investors

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Speaker 1: this generation, I would tell us that they're actually trying

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Speaker 1: to figure out how to get to better financial outcomes.

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Speaker 1: You know, they actually had this this disruption, the pandemic

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Speaker 1: disrupted their lives and they've had that moment of reflection

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Speaker 1: and and trying to figure out what to do next

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Speaker 1: with their financial lives so that they have a security net.

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Speaker 1: So we've we've seen you know, an increase in, for example,

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Speaker 1: engagement in digital financial planning. So you know, in just

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Speaker 1: in the second quarter, we had twenty thousand folks do

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Speaker 1: digital financial plans through our Schwab dot com channel. And

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Speaker 1: so it's this you know, it's not just about trading UM,

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Speaker 1: but it's actually now about getting educated about how to

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Speaker 1: actually build out your financial portfolio UM and get to

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Speaker 1: the outcomes that you're looking for. We should give us

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Speaker 1: a sense of kind of what a typical charge Schwab

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Speaker 1: customer looks like today versus maybe several years ago. It

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Speaker 1: just feels like with all the technological changes and advancements

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Speaker 1: and ease of interaction, maybe skewing a little bit younger

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Speaker 1: than maybe we've seen in the past. UM, we are

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Speaker 1: a little bit a little bit younger than we were

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Speaker 1: a few years ago. UM. Over you know, I think

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Speaker 1: over of our investors are under the age of forty

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Speaker 1: one at this point. So when when they're coming in

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Speaker 1: every year, so are new to firm investors UM and UH.

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Speaker 1: And they do tend to leverage digital channels much more

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Speaker 1: than you know, our traditional investors. So definitely more engaged digitally.

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Speaker 1: But as I mentioned at the beginning, I think what's

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Speaker 1: most interesting is even so you know Generation I, as

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Speaker 1: I mentioned, even when you ask them about you know,

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Speaker 1: what what happens during the market downturn, what do you

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Speaker 1: want when? What kind of support do you want? You know,

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Speaker 1: one of the staffs we have of them wanted to

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Speaker 1: talk to a person to discuss their finances when there

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Speaker 1: was a market downturn. So even though we talk about

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Speaker 1: them as being different, sometimes I wonder if they're really

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Speaker 1: that different because they still want that human connection to

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Speaker 1: build the trust and confidence in their strategy. Yeah, really

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Speaker 1: fascinating stuff, but good to see some of the younger

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Speaker 1: folks getting invested. Nisha Hati, chief Digital Officer for Charles Schwab.

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Speaker 1: They have a new report out Investing in Technology study

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Speaker 1: how the pandemic has kind of changed UM, maybe how

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Speaker 1: some people view their investing habits and the emergence of

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Speaker 1: technology to help them interact with their financial services providers.

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Speaker 1: So interesting stuff coming out of Charles Schwab. E s

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Speaker 1: G investing is not for the faint of heart. Just

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Speaker 1: listen to a couple of these headlines. Just in the

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Speaker 1: last couple of days, Oil fouled California beaches, rekindled demands

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Speaker 1: for offshore ban, Tesla racism trial juror says company failed

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Speaker 1: to protect workers. Facebook's Zuckerberg denies putting profit over user safety.

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Speaker 1: And I'm supposed to apply E s G investing characteristics

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Speaker 1: UM in my portfolio. That's gotta be tough. James Kat's

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Speaker 1: founder and CEO of Humankind Investments. He does just that. James,

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Speaker 1: I love to get your thoughts about when you see

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Speaker 1: headlines like that as an investor, UM, how do you

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Speaker 1: think about investing in companies through a E s G lens? Sure? Well,

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Speaker 1: first of all, thanks so much for having me, And

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Speaker 1: just to answer your question, I think if there's a

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Speaker 1: takeaway from the stories that we're seeing about oil spills

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Speaker 1: and discrimination lawsuits, UM and all this, I think it's

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Speaker 1: that a company's human impact has consequences, and when when

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Speaker 1: companies hurt people, they'll have the incentive to come together

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Speaker 1: to complain and ultimately either punish or reform the company

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Speaker 1: through legal action, additional regulation, etcetera. And and and then that

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Speaker 1: can really hurt the bottom line for shareholders. How do

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Speaker 1: you quantify that quote unquote damage a company does? Sure well,

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Speaker 1: So human kind investments be trying to put a dollar

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Speaker 1: value on every impact that a company has on humanity.

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Speaker 1: So starting of course with the investors. Investors are people too,

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Speaker 1: and they should have a good return on their investment

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Speaker 1: and not be defrauded. Right. Employees are they being read

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Speaker 1: it fairly? Are they being paid well? Customers are creating

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Speaker 1: a product that's useful and beneficial or is it toxic

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Speaker 1: and society? Right? You could be creating a lot of

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Speaker 1: value for your investors, customers, and employees, but maybe your

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Speaker 1: factory viewing a lot of pollution into a into a

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Speaker 1: town somewhere, and people in that town are paying millions

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Speaker 1: of dollars of dollars in medical bills as a result.

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Speaker 1: So we try to put a dollar value on all

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Speaker 1: these different impacts, add them up, and that's how we

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Speaker 1: come up with a human kind value of what each

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Speaker 1: company is providing to humanity. Super voting stock James, that's

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Speaker 1: a problem here. So, I mean, take a look at

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Speaker 1: a company like Facebook where Mark Zuckerberg has of the

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Speaker 1: voting stock, um, super voting stock. How do you think

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Speaker 1: about that in E s G? Does that just is

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Speaker 1: that a screening item or you just say I'm staying

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Speaker 1: away from supervoting companies that have the supervoting structure. Sure well,

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Speaker 1: the way we deal with that human kind is we

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Speaker 1: preferentially invest. We work to preferentially invest in the share

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Speaker 1: classes that have more voting power. Um. So, just because

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Speaker 1: the company has different kinds of of of share classes

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Speaker 1: with differential voting power, it doesn't mean necessarily that you

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Speaker 1: know they're an evil company right off the bat. I

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Speaker 1: think it's just a question of making sure that we're

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Speaker 1: investing in the in the share class that will hopefully

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Speaker 1: give us the biggest voice in how the company is

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Speaker 1: going to be run. When you are approaching E s

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Speaker 1: G investing, how hard is it to avoid kind of

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Speaker 1: greenwashing that seems to be a perennial problem in the

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Speaker 1: s G? Sure so? UM, I kind of have a

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Speaker 1: simple trick for for the folks at home who are

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Speaker 1: trying to figure out, you know, whether something is greenwashing

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Speaker 1: or not. Um, I think the question that you have

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Speaker 1: to be asking yourself is what is the nature of

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Speaker 1: the asset manager that's providing the E s G product

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Speaker 1: or service. Is E s G just one of many

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Speaker 1: flavors of investing for them or is it the only

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Speaker 1: flavor worth having? Because think about what these kind of

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Speaker 1: large traditional asset managers are saying when they have a

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Speaker 1: bunch of non E s G products and then also

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Speaker 1: some E s gum on the side. They're saying, look,

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Speaker 1: we did the research, we figured it out. These are

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Speaker 1: the good companies, these of the bad companies, and we

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Speaker 1: only invest in the good companies in these few portfolios.

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Speaker 1: But in all the rest of our business we ignore

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Speaker 1: everything that we just learned, and its business as usual.

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Speaker 1: We invest in all the bad companies. So if they're

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Speaker 1: not taking their own socially responsible investment research seriously, then

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Speaker 1: why should we? James, One of the things I've heard

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Speaker 1: from folks that are active in E s G investing

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Speaker 1: is that the quality of the data they need in

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Speaker 1: their analysis just isn't up to par. I mean, if

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Speaker 1: I'm for my financial analysis, I've got the income statement,

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Speaker 1: the balance she think, you know, cash flow statement for

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Speaker 1: E s G it comes down to, I don't have

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Speaker 1: great data, give us a sense of where we are

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Speaker 1: in terms of E s G data and its ability

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Speaker 1: to help you in your analysis. Sure, I agree, that's

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Speaker 1: probably one of the biggest hurdles that people who want

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Speaker 1: to invest in a socially responsible way of face UM

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Speaker 1: and and out there that you know, there we identified

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Speaker 1: a lack in in a lot of the data that exists.

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Speaker 1: And that's why humankind we actually work to create a

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Speaker 1: lot of our own data UM and and it's really

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Speaker 1: it's it's definitely the biggest challenge I think that people

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Speaker 1: are facing out there. We're actually working to solve it

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Speaker 1: a humankind. So, given all the data that you have,

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Speaker 1: where do you see the greatest opportunities to invest UM

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Speaker 1: the greatest opportunities Well, the way that we look at things,

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Speaker 1: it's really a question of where there's UM the most

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Speaker 1: positive human impact versus the most negative human impact. So

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Speaker 1: avoiding companies that are UM, you know, involved in causing

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Speaker 1: a great deal of death and harm and destruction UM

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Speaker 1: and really over investing actually in companies UM that are

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Speaker 1: creating positive value by saving lives. So you know, healthcare, UM,

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Speaker 1: companies that are doing a bunch of healthcare R and

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Speaker 1: D that will hopefully extend and improve um, you know,

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Speaker 1: human life companies that are providing water access, food access.

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Speaker 1: These are things that really help people, uh, you know,

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Speaker 1: thrive and and flourish. And that's that's where we think

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Speaker 1: there's more opportunity from a socially responsible investing perspective. Yeah, James,

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Speaker 1: just about ten seconds. Just give us a sense of

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Speaker 1: how your returns have been. Um so in terms of

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Speaker 1: the return earns UM, Well, so we UM. We've been

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Speaker 1: generally speaking, um, you know, tracking the market more or less,

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Speaker 1: although I've actually been looking to see, you know, some

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Speaker 1: some divergence because the way that we invest is actually

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Speaker 1: not just tracking a general index. So um. The way

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Speaker 1: that we think about these um you know, these sort

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Speaker 1: of performance metrics is actually really quite different. But I'm

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Speaker 1: looking forward to seeing what that's going to look like

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Speaker 1: in the future. All Right, James, thanks so much for

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Speaker 1: joining us. We appreciated. James Kat's founder and CEO of

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Speaker 1: Humankind Investment. The volatility continues in this market. Uh. We've

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Speaker 1: had one percent moves in either direction over the last

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Speaker 1: four days, and today we've got about a six tenths

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Speaker 1: moved down in the SMP. Let's get a sense of

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Speaker 1: whether we need to get accustomed to this volatility. Let's

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Speaker 1: check in with a professional. Rich Steinberg, chief market strategist

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Speaker 1: at the Colony Group. They have seventeen billion dollars in

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Speaker 1: assets under management. I think there's somewhere up in Boston

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Speaker 1: or something like that, and I think they play baseball

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Speaker 1: up there. I'm not sure. Rich, thanks so much for

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Speaker 1: joining us here. Talk to us about this volatility. Is

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Speaker 1: it's something we should be concerned or about or is

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Speaker 1: this just what you see when markets are at or

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Speaker 1: near all time highs. Not only are they not only

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Speaker 1: the issue around all time highs, but I think investors

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Speaker 1: are struggling with the growth value dynamics in the markets,

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Speaker 1: and you're seeing kind of these mini rotations from you know,

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Speaker 1: small cap back to mega cap and then mega cap

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Speaker 1: being oversold and growth going one way or another. And

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Speaker 1: I think we just need to embrace the volatility somewhat

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Speaker 1: um and allow investors to reposition portfolios that might have

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Speaker 1: gotten out of sync with either their asset allocation or

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Speaker 1: sector or asset class waitings, and use the volatility as

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Speaker 1: your friend and not necessarily your foe. So you think

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Speaker 1: it's not time to maybe be pulling back on risk. Here, Listen,

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Speaker 1: the over the last forty years, we three quarters of

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Speaker 1: the time you get twelve to four into a year

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Speaker 1: draw downs with the market still finishing up. This is

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Speaker 1: why equities give you a higher long term return than

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Speaker 1: treasury built. So you need to be in it to

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Speaker 1: win it, and you need to understand your own kind

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Speaker 1: of risk profile and when those moneys are going to

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Speaker 1: be needed. If you're an endowment, if your family, if

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Speaker 1: you're a foundation, So it's you know, risk is very personal, alright.

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Speaker 1: So we're heading into Q three earning season. Earning is

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Speaker 1: always important to these markets. What do you need to see?

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Speaker 1: What do you expect to see? What do you need

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Speaker 1: to see out of this earning season? Listen, I think

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Speaker 1: we're going to continue to have the winners being rewarded

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Speaker 1: in the losers being spent. But you know, margin numbers

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Speaker 1: are quite high, uh, and you're starting to continue to

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Speaker 1: see pretty decent revenue growth. Just to kind of put

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Speaker 1: numbers onto it, you know, uh, projected earnings growth for

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Speaker 1: next years like nine point six percent and revenue growth

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Speaker 1: is just shy of seven. We're gonna see some companies

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Speaker 1: use the pandemic and kind of supply chain issues as

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Speaker 1: as um excuses, So we have to really see where

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Speaker 1: their core businesses are. And I think it's important for

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Speaker 1: investors not to be all in on like a value

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Speaker 1: opening trade and not to be all in and megacap growth,

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Speaker 1: but to kind of continue to walk that fine line

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Speaker 1: of a balance between both because earnings are going to

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Speaker 1: still evolve over the next couple of quarters. Well, Rich,

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Speaker 1: you talk about kind of the supply chain excuse. To me,

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Speaker 1: that seems pretty valid given some of those constraints that

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Speaker 1: are out there. If they prove to be more persistent,

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Speaker 1: then maybe the market anticipates right now, what is the

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Speaker 1: implication of that? So I actually think they are I

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Speaker 1: didn't mean to minimize and I appreciate your comment. Um,

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Speaker 1: the supply chain issues are real, but the question is

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Speaker 1: whether or not that that pent up demand. Maybe we

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Speaker 1: have a short term issue and earnings, but the outlook

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Speaker 1: for the quarters coming out starts to look better. I

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Speaker 1: think it's a wait and see kind of issue that

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Speaker 1: we have to uh continue to evaluate and as the

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Speaker 1: feed is m alright, so, Rich, what are the sectors

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Speaker 1: then given that backdrop, given your expectations. What are the

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Speaker 1: sectors where you guys are you know, doing some work

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Speaker 1: these days? Yeah, so, I you know, in the portfolio

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Speaker 1: that I run for the firm, I'm I kind of

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Speaker 1: float at thirty thousand feet. I think you need to.

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Speaker 1: I had trimmed back some some tech exposure. Um, and

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Speaker 1: I'm overweight healthcare. I have a little bit of kind

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Speaker 1: of like a low volatility and dividend play just because

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Speaker 1: dividends did not work out last year. Um. The thing

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Speaker 1: that's perplexing, especially today is just seeing a lot of

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Speaker 1: weakness and mall cap. I'm really interested in adding to financials,

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Speaker 1: but I'm not there yet, and you're seeing this kind

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Speaker 1: of weird rotation in the last few days out of

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Speaker 1: you know, out of financials and out of small cap.

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Speaker 1: And you know, if if the Yeld curve does steepen,

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Speaker 1: you would think that financials should be a place to

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Speaker 1: go as a small cap just because of the makeup

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Speaker 1: of that index not playing out yet. No, Rich, I'm

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Speaker 1: so glad you brought up the small caps because I

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Speaker 1: just pulled up a chart on my Bloomberg terminal and

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Speaker 1: it is up until the right through about mid March.

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Speaker 1: You know, really solid and then just totally flat lines

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Speaker 1: for the next six months. Really, what do you think

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Speaker 1: would be the catalyst to renew some of that excitement

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Speaker 1: in the small cap kind of cyclical space. So I

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Speaker 1: think it's probably a three legged stool. Right. You have

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Speaker 1: kind of the the yield curve steepening, but not so

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Speaker 1: much that it will kill the economy UM And I

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Speaker 1: think over the last ten plush years it's been like

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Speaker 1: mega cap growth UM and kind of a rotation to

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Speaker 1: people being back to overweight, and I would admit cap

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Speaker 1: back into that UM and those tend to be more

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Speaker 1: domestically oriented. So if we start to you know, get

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Speaker 1: back to kind of normal growth rates, then I think,

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Speaker 1: and you have a strong dollar based on higher UM

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Speaker 1: interest rates, small MidCap could outperform. Additionally, like I said,

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Speaker 1: there's a lot of financials in small cap. Rich thanks

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Speaker 1: so much for joining us. Really appreciate getting your thoughts

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Speaker 1: on these markets here as volatility picks up really over

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Speaker 1: the last four or five trading sessions. Good to get

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Speaker 1: a little bit of a mooring here. Rich Steinberg, chief

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Speaker 1: market strategist at the Colony Group. This is Bloomer Philip Plumbo,

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Speaker 1: founder CEO, and chief investment officer. I'm sure he's got

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Speaker 1: some thoughts these Plumbo Wealth Management joining us on the phone. So, Phil,

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Speaker 1: when you see markets like this again, these kind of

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Speaker 1: significant moves on a daily basis, seemingly without much direction,

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Speaker 1: how are you framing this market as we go into

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Speaker 1: Q three yearnings? Yeah, well for us, Hello Paul and Kayley,

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Speaker 1: thank you for having me on again. It's gould to

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Speaker 1: be back. Um. So you know, we're pretty vocal that,

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Speaker 1: you know, we believe that we're in a bubble with

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Speaker 1: risk assets. A lot of strategists really don't want to

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Speaker 1: talk much about that, and but ultimately, when you think

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Speaker 1: about the speculation that's going on there and markets, whether

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Speaker 1: it's Bitcoin, whether it's other cryptocurrencies, and f t s

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Speaker 1: valuations with somebody's innovative businesses, Um, you know we're at

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Speaker 1: levels that are are overvalued. So you know, we're in

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Speaker 1: the camp that when you're in a bubble like environment,

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Speaker 1: it could go on for long enand people thinks you

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Speaker 1: can't try to time when it's gonna pop. But we

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Speaker 1: think what's prudent to do in this current environment today

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Speaker 1: is to reduce risk with your equity portfolios, right, So

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Speaker 1: for example, if you have fifty percent equities or is

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Speaker 1: supposed to be in fift percent equities and it's sixty

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Speaker 1: five percent equities, or you've got to rein that in

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Speaker 1: and bring you back down to or even maybe give

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Speaker 1: maybe get a little bit more conservative, so pulling back

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Speaker 1: on echoit exposure and then adding exposure to what. So

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Speaker 1: we believe having cash right now is okay, even though

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Speaker 1: it's not paying much. But if you're in a bubbly

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Speaker 1: type environment where valuations are rich, having some cash available

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Speaker 1: to buy in on any type of dip we think

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Speaker 1: could make sense. The way we run portfolios and I

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Speaker 1: talked about this a bit last time, is we do

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Speaker 1: use gold, we do use commodities, and we use intermediate

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Speaker 1: and longer term treasuries and tips. So we will rebounce

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Speaker 1: capital into those particular areas as well as some cash. Alright, So, Phill,

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Speaker 1: as we head into this third earning season here, what

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Speaker 1: are you going to be watching for UM over the

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Speaker 1: next several weeks. M Well, expectations are that we had

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Speaker 1: peak earnings already, so we think that maybe more disappointments

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Speaker 1: to the downside entity upside based on supply issues, inflationary

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Speaker 1: pressure is a lot of these companies of facing. So

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Speaker 1: ultimately we don't have high expectations for Ernie's going into

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Speaker 1: the season, which could also increase volatility. I hear the

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Speaker 1: word stag inflation getting thrown out more and more and more.

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Speaker 1: Do you think that is an apt description for the

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Speaker 1: environment that we're in? Mhm, you know, I don't. I

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Speaker 1: think that we had a big move from the bottom

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Speaker 1: from March of two thousand and twenty to where we

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Speaker 1: are today, and you think about what we're faced with

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Speaker 1: going forward. You know, we have now a FED that

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Speaker 1: probably will taper sooner than longer. They may they may

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Speaker 1: raise rates in twenty two sooner than we think because

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Speaker 1: of inflationary pressures. You have the China issues that are

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Speaker 1: going on that could be contagion, COVID is not over yet,

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Speaker 1: and and and you have that ceiling and other that

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Speaker 1: you know, high depths all around the world. So when

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Speaker 1: you have a situation like that, it's really tough to

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Speaker 1: get strong growth. The only area that gives me a

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Speaker 1: bit of confidence is if there is a fisculous fiscal

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Speaker 1: bill that gets passed, and if they can get along

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Speaker 1: and make something happen within Congress that could be one

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Speaker 1: reason they could bring the leg up and give us

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Speaker 1: one more leg to the upside here overall with markets,

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Speaker 1: But other than that, it seems like a lot of

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Speaker 1: challenges in front of us. So the h the asymmetric

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Speaker 1: risk for the market, we believe it is more to

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Speaker 1: the downside than to the upside. How much downside feel

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Speaker 1: A lot of folks are saying, you know, a five

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Speaker 1: percent pullback in this market would be a healthy aspect

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Speaker 1: to what is otherwise a bowl market. How are you

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Speaker 1: thinking about the next pull back in this market? Again?

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Speaker 1: We did it, you know, roughly five percent off the

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Speaker 1: SMP high. Is at it or we have more to go. Well, historically,

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Speaker 1: when you get to a point where a FED starts

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Speaker 1: to talk about tapering and does start the taper and

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Speaker 1: move into the stimulus plan that takes money out of

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Speaker 1: the economy, liquidity out of the economy, you could see

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Speaker 1: a ten percent correction. You know, if you look historically,

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Speaker 1: that's been the case. So we wouldn't be surprised for that.

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Speaker 1: We don't really try to time markets in the short

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Speaker 1: term and really try to figure that out. We really

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Speaker 1: feel that it's difficult to do. You know, that's why.

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Speaker 1: We really believe if investors go back to fundamentals and

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Speaker 1: portfolio management and just say to themselves, you know, I

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Speaker 1: have fifty percent I'm supposed to be fifty percent of

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Speaker 1: my and I'm supposed to fifty percent of my money

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Speaker 1: in stocks. It's now sixty or six. Let me rein

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Speaker 1: that in to bring me back to I'm not trying

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Speaker 1: to time the market. What I'm doing is I'm selling

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Speaker 1: at high levels, not low levels, and we believe that's

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Speaker 1: preventing to do right rather than trying to figure out

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Speaker 1: is the market gonna be down ten percent from here?

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Speaker 1: From here? Um, we just think that's that's very difficult

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Speaker 1: to do and it doesn't make any sense from a

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Speaker 1: portfolio management standpoint. Trying to time the market is tough.

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Speaker 1: But we've seen time and again that dying of the

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Speaker 1: dip always seems to work. So maybe that's why you

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Speaker 1: want to have a little bit of cash on hand,

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Speaker 1: as Philip recommends. Paul. Yeah, absolutely, Hey, Phil, thanks so

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Speaker 1: much for joining us. I really appreciate getting your thoughts.

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Speaker 1: As always. Phil Palumbo he's founder, CEO, and chief investment

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Speaker 1: officer of Palumbo Wealth Management. They have about three million

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Speaker 1: dollars in assets under management, joining us on the phone

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Speaker 1: from Great Neck, New York. Thanks for listening to the

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Speaker 1: Bloomberg Markets podcast. You can subscribe and listen to interviews

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00:23:59,480 --> 00:24:03,760
Speaker 1: of Apple Podcasts or whatever podcast platform you prefer. I'm

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00:24:03,800 --> 00:24:08,080
Speaker 1: Matt Miller, I'm on Twitter at Matt Miller three, and

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00:24:08,200 --> 00:24:10,800
Speaker 1: I'm fall Sweeney. I'm on Twitter at pt Sweeney. Before

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Speaker 1: the podcast, you can always catch us worldwide at Bloomberg Radio.