WEBVTT - President & Founder at Yardeni Research Ed Yardeni Talks Potential Market Breakdown 0:00:02.520 --> 0:00:08.680 Bloomberg Audio Studios, podcasts, radio news joining us. 0:00:08.600 --> 0:00:12.760 In the last forty eight hours the Great Bullmarket Pinata Edward, 0:00:12.800 --> 0:00:16.279 you heard Denny joines of your Denny research. Have the 0:00:16.360 --> 0:00:19.919 last forty eight hours been? Would I believe you just 0:00:20.040 --> 0:00:24.079 shifted probabilities absolutely of your roaring thesis? 0:00:24.120 --> 0:00:24.320 Well? 0:00:24.520 --> 0:00:24.959 It been. 0:00:25.040 --> 0:00:27.080 I got to be a bit of a realist given 0:00:27.120 --> 0:00:31.280 what is going on. Yeah, I'm still sticking with sixty 0:00:31.320 --> 0:00:35.519 percent for what I call the Roaring twenty twenties. However, 0:00:36.920 --> 0:00:39.320 I had given twenty percent to a melt up because 0:00:39.560 --> 0:00:42.680 things kind of had that potential. Still, it's not a 0:00:42.920 --> 0:00:46.280 high probability, and twenty percent to melt down or a 0:00:46.400 --> 0:00:50.040 ssshon kind of a bucket for everything that could go wrong. Well, 0:00:50.680 --> 0:00:52.720 now I'm just five percent for a melt up that's 0:00:52.800 --> 0:00:57.400 very unlikely, and thirty five percent for things going wrong, 0:00:57.440 --> 0:00:58.080 which they are. 0:00:58.400 --> 0:01:02.160 Amazon does thirty seven to forty two billion dollar bond offering. 0:01:02.240 --> 0:01:04.680 Damien tells me it's going to be six phone calls. 0:01:05.000 --> 0:01:11.520 Heath Terry brilliant Overt City Group publishes and reaffirms AI 0:01:11.840 --> 0:01:16.280 viability in revenue, in profit, in getting things done. With 0:01:16.360 --> 0:01:19.720 all that, I agree with it. Kep x synthesize in 0:01:20.520 --> 0:01:23.959 as you mentioned, spreads have an a move, the bond 0:01:24.000 --> 0:01:28.920 market screaming stability. These other news items screen fold them 0:01:28.920 --> 0:01:31.360 into your roaring twenties theme. 0:01:31.840 --> 0:01:35.000 Well, I mean, we've we've done pretty well with a 0:01:35.120 --> 0:01:38.280 thesis so far. We've got a few more years here 0:01:38.680 --> 0:01:41.920 left in the decade. I think this will pass. 0:01:42.319 --> 0:01:46.600 You're short selling yourself, folks. It's the Denny and Kampoor 0:01:46.840 --> 0:01:50.520 low of October a few years ago and in Ralph 0:01:50.600 --> 0:01:54.520 and Comport, thank you nailed it. Continue, thank you very much. 0:01:55.760 --> 0:01:58.680 So look, I think in the short term we clearly 0:01:58.680 --> 0:02:02.480 have an issue with the strait of our moves. It's 0:02:02.480 --> 0:02:07.000 hard to get optimistic here unless we see some tankers 0:02:07.040 --> 0:02:10.119 actually going through there without any incident. I know the 0:02:10.160 --> 0:02:13.880 President sounds like he wants to declare victory here pretty shortly, 0:02:13.960 --> 0:02:18.240 but you know, I think Iran lost the war. They 0:02:18.280 --> 0:02:20.680 just don't really know it and they're not acting like it. 0:02:21.160 --> 0:02:25.640 The problem with this country is that it's a terrorist 0:02:25.680 --> 0:02:31.560 state with a terrorist organization that basically spreads terrorism around 0:02:31.600 --> 0:02:35.120 the world, and they're professional terrorists, and so it's very 0:02:35.160 --> 0:02:38.399 hard to kind of beat them just by blessing them 0:02:38.400 --> 0:02:39.680 with the bombs. 0:02:39.800 --> 0:02:41.960 And back in December you correctly, I'm going to give 0:02:41.960 --> 0:02:44.640 it at a softball here. He correctly called for an 0:02:44.720 --> 0:02:47.320 underway position in the Max seven and the baskets now down 0:02:47.440 --> 0:02:49.919 six point three percent year to date. I'm curious, do 0:02:49.960 --> 0:02:53.200 you see further weakness in US tech stocs right here 0:02:53.280 --> 0:02:54.760 right now? Or is this a buying opportunity. 0:02:54.800 --> 0:02:59.000 Well, I think it's becoming very bifurcated. The companies that 0:02:59.440 --> 0:03:03.600 still have moats, the companies that you know are basically 0:03:03.639 --> 0:03:09.359 competing in still fairly stable marketplaces, I think are fine. 0:03:10.000 --> 0:03:12.880 The problem for the magnificence of it is that they 0:03:13.000 --> 0:03:15.240 used to be kind of like the Game of Thrones. 0:03:15.280 --> 0:03:18.799 You know, it's like seven independent kingdoms that had motes 0:03:18.840 --> 0:03:21.919 and didn't really bother each other. But ever since AI, 0:03:22.000 --> 0:03:25.040 they're competing like mad and it's you know, it's a 0:03:25.200 --> 0:03:26.720 AI arms race. 0:03:27.040 --> 0:03:29.519 Already continue with that. Your Deney doctor, your Denny of 0:03:29.520 --> 0:03:32.880 your Denny research, can't say enough about his research. It's 0:03:33.120 --> 0:03:37.920 exceptionally value your Denny report that you get from him, 0:03:38.160 --> 0:03:40.720 literally on a daily basis. Damian Sas are in time 0:03:40.800 --> 0:03:44.160 king with your Denny. We'll move forward here in a 0:03:44.200 --> 0:03:47.520 bit too further discussion of what we saw in the 0:03:47.560 --> 0:03:51.360 Secretary of Defense's press conference here a bit ago, but 0:03:51.440 --> 0:03:55.320 it is about the markets. Here's the summary for those 0:03:55.360 --> 0:03:58.680 of you across this nation waking up the VICS was 0:03:58.800 --> 0:04:03.200 thirty five. That is painful. We've come in dramatically to 0:04:03.320 --> 0:04:06.680 a twenty four point five seven with redd and green 0:04:06.720 --> 0:04:09.560 on the screen. But it decided lead better take today 0:04:09.920 --> 0:04:12.720 than what we witnessed in the last forty eight hours. 0:04:13.080 --> 0:04:16.800 With the market opening, Alexis Christophers. 0:04:16.240 --> 0:04:18.800 All right, thanks very much, Tom, and investors continuing to 0:04:18.839 --> 0:04:21.400 try to assess how long this war with Iran will 0:04:21.400 --> 0:04:24.440 go on and what its global impact will be, especially 0:04:24.680 --> 0:04:27.359 on the oil market. So we have a mixed start 0:04:27.400 --> 0:04:30.000 here to the morning. The S and P five hundred 0:04:30.080 --> 0:04:32.520 down three points at sixty seven to ninety three, Dow 0:04:32.640 --> 0:04:35.400 Jones Industrial Average down about twenty five points, but the 0:04:35.480 --> 0:04:38.360 Nasdaq and the Green right now by about forty two points. 0:04:38.400 --> 0:04:41.800 So Russell two thousand is down just fractionally. We've got 0:04:41.800 --> 0:04:44.400 Brent crude at ninety one forty four, the barrel down 0:04:44.480 --> 0:04:48.120 seven and a half percent, WTI crewed down about to 0:04:48.200 --> 0:04:50.719 seven percent now to eighty eighth four the barrel and 0:04:50.720 --> 0:04:53.679 the Bloomberg dollars Spot Index at eleven ninety seven eighty 0:04:53.720 --> 0:04:55.840 four spot Gold by the way bouncing back up one 0:04:55.839 --> 0:04:58.560 and a half percent at fifty two to fifteen the ounce, 0:04:58.720 --> 0:05:01.440 and Amazon returning to the bond market, selling the debt 0:05:01.480 --> 0:05:03.839 and as many as eleven tranches ranging from two to 0:05:03.920 --> 0:05:06.440 fifty years. It's the latest in a series of jumbo 0:05:06.480 --> 0:05:09.480 bond sales by hyperscalers as they gear up to invest 0:05:09.520 --> 0:05:12.880 in what else but AI. That's your Bloomberg opening bell report, 0:05:12.960 --> 0:05:13.919 Tom and Damien. 0:05:13.680 --> 0:05:15.720 Alexis, thank you so much again, ready green in the 0:05:15.720 --> 0:05:17.839 screen Nasdaq with a little bit of the bid twenty 0:05:17.839 --> 0:05:20.520 four point twenty five in the thanks Ed. You're Denny 0:05:20.560 --> 0:05:24.400 with us always associated with Professor Tobin at Yale, but 0:05:24.560 --> 0:05:28.599 before that high above Cayuga's Waters at Cornell University as 0:05:28.680 --> 0:05:33.839 our prosad is one of the great optimists of international economics. 0:05:34.080 --> 0:05:36.880 His new book out of Cornell is The Doom Loop 0:05:37.640 --> 0:05:40.159 on the Economic Order. He even gets Game of Thrones 0:05:40.200 --> 0:05:44.240 into the first chapters. Scott Serse, doing an economics you 0:05:44.520 --> 0:05:48.960 more than anyone I know ed, pushes against the concept 0:05:49.080 --> 0:05:51.479 of a doom loop. What do you say to the 0:05:51.600 --> 0:05:55.960 people that feel the gloom, feel the doom. 0:05:56.480 --> 0:06:00.640 Well, you know, there are a fair amount of bears 0:06:00.680 --> 0:06:02.279 out there, and a lot of people listen to the 0:06:02.320 --> 0:06:07.160 perma bears, and that perma bears very often sound very logical. 0:06:07.680 --> 0:06:12.000 The problem is they don't provide a balance. And perma 0:06:12.040 --> 0:06:13.600 bears will get you out at the top of the 0:06:13.640 --> 0:06:15.520 stock market, they'll get you out in the middle, they'll 0:06:15.520 --> 0:06:18.040 get you at the bottom at the bottom. You'll never 0:06:18.080 --> 0:06:22.080 be in the stock market if you'd have a pessimistic attitude. Also, 0:06:22.200 --> 0:06:26.240 politics sometimes gets in the way of clear and clear 0:06:26.240 --> 0:06:29.120 headed investing. The market tends to go up as long 0:06:29.160 --> 0:06:31.160 as earnings are going up, as long as the economy 0:06:31.240 --> 0:06:34.599 is doing well, and that's been the case for a 0:06:34.640 --> 0:06:39.360 long long time. So I have this view that corrections 0:06:39.360 --> 0:06:43.159 and bear markets are buying opportunities rather than reasons to panic. 0:06:43.320 --> 0:06:45.880 Well, and you talk about the economy doing well in 0:06:45.920 --> 0:06:48.800 all seriousness, does economic deity even matter at this point? 0:06:48.800 --> 0:06:50.479 I mean, look at last week's payrolls. I mean the 0:06:50.480 --> 0:06:52.919 markets look straight through that for like three seconds, and 0:06:52.960 --> 0:06:55.279 then tomorrow we're going to get a CPI print that, 0:06:55.480 --> 0:06:58.400 by definition, after the last week's events, is already stale. 0:06:58.520 --> 0:07:00.320 So you know, talk to us little bit about the 0:07:00.400 --> 0:07:02.960 economic touch points that you're going to be most focused 0:07:02.960 --> 0:07:03.279 on here. 0:07:03.360 --> 0:07:06.479 Well, look, I think that the economy still matters, because 0:07:06.520 --> 0:07:10.200 earning still matters. One of the I used to be 0:07:10.280 --> 0:07:13.200 just an economist and also a strategist, and being a 0:07:13.240 --> 0:07:15.840 strategist is a lot easier. All you got to do 0:07:16.320 --> 0:07:19.640 is forecast pe time Z, and that's very easy to do. 0:07:19.680 --> 0:07:22.760 Getting it right, of course, is the challenge, but it's 0:07:22.800 --> 0:07:26.280 still it's still those two variables, and the earnings outlook 0:07:26.640 --> 0:07:30.040 I think remains quite strong because I think the economy 0:07:30.040 --> 0:07:33.080 will remain resilient. I mean, in twenty twenty two we 0:07:33.120 --> 0:07:35.960 had an oil price shock and the economy made through 0:07:36.000 --> 0:07:40.520 it just fine. I think the data that the stock 0:07:40.600 --> 0:07:43.360 market is looking at is not just the employment numbers, 0:07:43.360 --> 0:07:46.200 but they're looking at the productivity numbers. And that's really 0:07:46.200 --> 0:07:49.080 the bullish story, is that the productivity is making a 0:07:49.160 --> 0:07:49.840 huge comeback. 0:07:49.920 --> 0:07:52.360 Well, and we began our conversation Tom mentioning that you 0:07:52.440 --> 0:07:55.200 had upped your probability from market meltdown from twenty to 0:07:55.240 --> 0:07:57.680 thirty five percent for the balance of this year. You know, 0:07:57.840 --> 0:08:00.520 my question is this, you know, when I think meltdown, 0:08:00.560 --> 0:08:02.239 I think of something on the order of a systemic 0:08:02.280 --> 0:08:04.520 liquidity shock. And this is a different sort of shock 0:08:04.560 --> 0:08:07.360 than we witnessed, you know, in two thousand and another. 0:08:07.480 --> 0:08:10.200 You know, kind of pre what funding and financing metrics 0:08:10.240 --> 0:08:11.960 are you most focused on here? Like, what kind of 0:08:12.000 --> 0:08:14.000 a liquidity shock do you think can happen? 0:08:14.520 --> 0:08:17.920 Well, clearly, when you look at history, you find that 0:08:18.040 --> 0:08:21.320 more often than that it's a shock in the credit 0:08:21.360 --> 0:08:24.440 system that causes problems for the stock market and get 0:08:24.480 --> 0:08:28.360 a financial crisis because of FED tight and something blows 0:08:28.440 --> 0:08:31.000 up and that becomes a credit crunch. It's credit crunch 0:08:31.080 --> 0:08:34.199 is the cause of recessions this time around. I think 0:08:34.200 --> 0:08:37.680 we have to recognize remember that the Fed's are awfully 0:08:37.679 --> 0:08:39.840 good at playing whack a mole in the credit markets. 0:08:40.280 --> 0:08:42.079 You know, as soon as something blows up, they move 0:08:42.120 --> 0:08:45.640 in pretty quickly. March twenty twenty three, we had a 0:08:45.679 --> 0:08:48.440 banking crisis. There's only three banks that it was solved 0:08:48.440 --> 0:08:49.080 over the weekend. 0:08:49.360 --> 0:08:52.120 Yeah, I get fifteen ways to go here, But let 0:08:52.200 --> 0:08:54.880 me just go to the experience I mentioned earlier, this 0:08:55.000 --> 0:08:59.520 modest drawdown we had in nineteen eighty seven. In my memory, 0:08:59.520 --> 0:09:01.680 I don't have in front of me, folks is what 0:09:01.800 --> 0:09:05.080 a rebound from October twenty seventh to the end of 0:09:05.080 --> 0:09:08.520 the year December of nineteen eighty seven. I remember the 0:09:08.640 --> 0:09:11.920 sweat in August of nineteen ninety eight, and off we 0:09:11.960 --> 0:09:15.120 went to the race to the range of nine. What's 0:09:15.480 --> 0:09:20.920 different now in tech versus the collapse of March of 0:09:20.960 --> 0:09:23.600 two thousand and one earnings. 0:09:24.400 --> 0:09:27.959 We had a lot of dot coms back then that 0:09:28.160 --> 0:09:32.120 weren't making any money. We had a lot of telecom 0:09:32.160 --> 0:09:35.240 companies that were solar financing, so they're kind of creating 0:09:35.280 --> 0:09:41.080 their own magic. Until these companies, these mag seven started 0:09:41.120 --> 0:09:45.640 to kind of finance each other, we didn't really have 0:09:45.720 --> 0:09:49.800 that issue. But they're huge cast generators. I think their 0:09:50.920 --> 0:09:54.800 expenditures are going to prove to be very profitable, so 0:09:54.880 --> 0:09:57.760 I'm not particularly worried about the earning side of the 0:09:57.800 --> 0:09:58.400 text story. 0:09:58.640 --> 0:10:00.800 It's part of the show this morning commercial Free the 0:10:00.840 --> 0:10:05.600 conversation too Important at your Donna das FENDERI coming on 0:10:05.720 --> 0:10:08.880 here in a moment Damian Sasar and Tom Kane with 0:10:08.960 --> 0:10:12.959 Alexis Christopherus and Michael Barr across this nation on YouTube. 0:10:13.400 --> 0:10:15.640 What a couple of days on YouTube. Thank you so 0:10:15.760 --> 0:10:19.880 much for this new digital distribution I can't say enough 0:10:19.920 --> 0:10:23.360 about it. Subscribe at Bloomberg Podcasts for all that we 0:10:23.480 --> 0:10:27.400 do here in the New York Morning, Damien Sasaur with 0:10:27.679 --> 0:10:29.040 Ed your Denny so Ed. 0:10:29.080 --> 0:10:31.880 We talk about the Roaring twenties theme. We talk about, 0:10:31.960 --> 0:10:34.240 you know, the potential for market mail down and market 0:10:34.240 --> 0:10:37.719 melt up. Talk to me about your stagflationary nineteen seventies 0:10:37.840 --> 0:10:41.320 reduce theme, redo, reducts, redux, reducs. 0:10:41.800 --> 0:10:45.959 If you're an em it's reduced. We call that redus. 0:10:46.480 --> 0:10:49.000 I mean, I mean the stagflationary. You know, you know 0:10:49.040 --> 0:10:50.920 that that word's coming back. So talk to us a 0:10:50.960 --> 0:10:51.960 little bit about what you're seeing there. 0:10:52.040 --> 0:10:53.959 Yeah, there is a certain amount of deja voo all 0:10:53.960 --> 0:10:57.720 over again. You know, every time we've had oil shocks 0:10:57.720 --> 0:11:01.880 in the past, we've typically gotten a recessions and bear markets. 0:11:02.200 --> 0:11:06.760 The one near term exception was what happened in twenty 0:11:06.800 --> 0:11:09.160 twenty two. We got a bear market, but we didn't 0:11:09.160 --> 0:11:12.080 get a recession. I don't think we're going to get 0:11:12.080 --> 0:11:16.319 a recession this time. The recessionary expectations have gone up, 0:11:17.200 --> 0:11:21.600 but the US is much less energy intensive and oh, 0:11:21.640 --> 0:11:24.320 by the way, we're an exporter, yeah, of oil and gas, 0:11:24.320 --> 0:11:26.920 which is a huge difference for what happened in the 0:11:27.000 --> 0:11:30.560 nineteen seventies. On the other hands, shutting the Strait of 0:11:30.880 --> 0:11:37.280 Hermus is a radically different historical development just hasn't happened before, 0:11:37.760 --> 0:11:44.040 and so my short term caution bearishness is totally predicated 0:11:44.080 --> 0:11:47.160 in this geopolitical development. I want to see some tankers 0:11:47.200 --> 0:11:49.240 get through the strait without getting shot at. 0:11:49.320 --> 0:11:49.440 Well. 0:11:49.480 --> 0:11:50.920 I mean you just mentioned that, and that's where I 0:11:50.960 --> 0:11:52.800 was going to go. I mean, golf traffic is basically 0:11:52.880 --> 0:11:55.040 all for not right. I mean, there's nothing going through. 0:11:55.080 --> 0:11:57.000 And you know, we just saw last week US Treasury 0:11:57.040 --> 0:11:59.640 Secretary and a Scott Best and basically slamming you know, 0:11:59.720 --> 0:12:02.839 GP Morgan for putting out research about maritime insurance and 0:12:02.880 --> 0:12:04.880 things of that nature. You know, how focused are you 0:12:04.920 --> 0:12:07.160 on some of those alternative data sets, you know, kind 0:12:07.160 --> 0:12:09.199 of trying to gauge out, you know, whether or not shipping. 0:12:09.360 --> 0:12:11.720 You know, companies even want to you know, pass through 0:12:11.800 --> 0:12:14.480 the street of removes now and back. 0:12:14.679 --> 0:12:16.480 I mean, who knows, it's funny you asked that. One 0:12:16.480 --> 0:12:19.439 of the reasons I'm I'm very positive on AI is 0:12:19.480 --> 0:12:21.559 because we're using it all the time and we've become 0:12:21.640 --> 0:12:25.600 real fans of Claude, and so Claude is uh is 0:12:25.640 --> 0:12:28.720 in our staff now and that we're we're toying around. 0:12:28.760 --> 0:12:34.160 We're just asking Claude to follow the shipping lanes in 0:12:34.240 --> 0:12:37.200 the Strait and there there's actually data. So but we 0:12:37.240 --> 0:12:42.400 only started doing it yesterday. So the other thing is 0:12:42.480 --> 0:12:45.920 there's there. I also want to see the data on drones. 0:12:46.120 --> 0:12:49.600 I mean, it's it's it's fine for the president, you know, 0:12:49.679 --> 0:12:54.040 to declare that we're almost there, almost mission accomplished, but uh, 0:12:54.200 --> 0:12:56.320 that's not that's not going to be the case unless 0:12:56.920 --> 0:13:01.000 the drones stopped flying into uh the neighbor, into the Straits, 0:13:01.040 --> 0:13:03.440 into you know, aiming at our ships. 0:13:03.760 --> 0:13:06.959 In Andy March thirty one, I believe it's another end 0:13:06.960 --> 0:13:09.320 of the quarter if we can get there, and then 0:13:09.320 --> 0:13:12.000 into April and JP Morgan reporting and off we go 0:13:12.040 --> 0:13:15.000 to the Q one earning season. What does end your 0:13:15.040 --> 0:13:19.120 Denny see with a broader sense of use of cash? 0:13:19.160 --> 0:13:23.120 Well, you know, right now, the earning story has been 0:13:23.160 --> 0:13:27.680 phenomenally strong, and that's really what's been driving the market. 0:13:27.679 --> 0:13:31.439 The evaluation multiple you know, got up to about twenty two. 0:13:31.640 --> 0:13:36.000 It's come down because of this pullback so far, which 0:13:36.040 --> 0:13:38.640 is it's not a correction yet, but I think it 0:13:38.640 --> 0:13:39.200 has that. 0:13:39.080 --> 0:13:42.719 Why I got this is too important? Since when are 0:13:42.720 --> 0:13:47.280 we hysterical about your Denny pullback that, as you state, 0:13:47.520 --> 0:13:50.600 is not a correction as we learned it in school. 0:13:51.080 --> 0:13:54.240 Well, you know, a pullback is a drop that isn't 0:13:54.240 --> 0:13:56.760 a correction. A correction is ten to twenty percent decline. 0:13:56.760 --> 0:13:59.440 A bear market is more than twenty percent. I happen 0:13:59.520 --> 0:14:02.920 to think that there is a thirty five percent the 0:14:03.480 --> 0:14:06.440 probability of things going badly, and that would lead to 0:14:06.480 --> 0:14:11.200 a correction of ten to fifteen percent. I'm actually amazed 0:14:11.559 --> 0:14:15.000 by the resilience of the of the not just the economy, 0:14:15.000 --> 0:14:17.800 but the stock market. The stock market wants to believe 0:14:18.360 --> 0:14:21.680 that all will be well, very very shortly. We saw 0:14:21.720 --> 0:14:24.800 this amazing reversal also in the price of oil, as 0:14:24.800 --> 0:14:27.800 though you know, what, were we thinking there's plenty of 0:14:27.800 --> 0:14:29.840 oil out there. Well, there's plenty of oil out there. 0:14:30.000 --> 0:14:31.360 We just got to get get to. 0:14:31.320 --> 0:14:33.640 It quick, one quick one. 0:14:33.680 --> 0:14:35.480 Well, I mean ed what you sound It sounds like 0:14:35.480 --> 0:14:38.120 you're talking about just cleaner positions, right, And I mean, 0:14:38.120 --> 0:14:39.960 if this is really what this amounts to, where you 0:14:40.000 --> 0:14:42.640 basically are giving a lot of you know, risky investors 0:14:42.640 --> 0:14:44.560 the opportunity to kind of you know, pair back to 0:14:44.640 --> 0:14:47.800 positions and clean them, so to speak. Does that mean 0:14:47.840 --> 0:14:50.480 we might look for another leg higher into the you know, 0:14:50.560 --> 0:14:52.520 second half of this year. And can we really even 0:14:52.560 --> 0:14:52.960 see that? 0:14:53.080 --> 0:14:55.200 Well, I haven't given up on seventy seven hundred by 0:14:55.240 --> 0:14:57.880 the end of the year. I can so yeah, I'm 0:14:58.320 --> 0:15:01.600 I'm arguing that it's not necessarily going to be a 0:15:01.640 --> 0:15:04.120 few more days of the war, but it could be 0:15:04.160 --> 0:15:07.280 a few more weeks, and that again, I have this 0:15:08.120 --> 0:15:12.240 tendency to look at soopica's buying opportunities rather than reasons 0:15:12.240 --> 0:15:12.680 to panic. 0:15:13.000 --> 0:15:14.040 Thank you for coming in. 0:15:14.040 --> 0:15:14.920 My pleasure always. 0:15:15.000 --> 0:15:19.200 You can't say enough about it, folks. I enthusiastically support 0:15:19.280 --> 0:15:22.280 the work of doctor or Denny. We protect the copyright 0:15:22.320 --> 0:15:25.800 of all of our guests. Please don't call us to 0:15:25.840 --> 0:15:29.160 get his research. Go to your Denny Research for his 0:15:29.280 --> 0:15:32.720 fabulous daily synthesis of economics.