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Speaker 2: Steve Weisman, Bloomberger Berman, Steve Weisman. If we get an
Speaker 2: ed Yard Denny market, which is a melt up, like
Speaker 2: he's calling it the Roaring twenties, he's got us out
Speaker 2: of thirty percent out the next thirty years. If we
Speaker 2: get a bull market of our childhood, how do you
Speaker 2: adapt to that? How do you adapt to the good times?
Speaker 2: If we get the good times, what do you do?
Speaker 3: I don't think I really have to adapt.
Speaker 4: I kind of believe in good times. You know, the
Speaker 4: economy is fine, the Fed, at least at this point,
Speaker 4: seems to have engineered. I don't even know if it's
Speaker 4: a soft landing anymore. And you know, the US economy
Speaker 4: is extremely dynamic. I mean, the only negative scenario that
Speaker 4: I could construct, and it's not my base case, I
Speaker 4: would just say, the probability of it's not zero. It's
Speaker 4: just that it looks like it's possible. The US economy
Speaker 4: is reaccelerating and then maybe at some point inflation starts
Speaker 4: to go back up again and the FED has to
Speaker 4: raise rates again.
Speaker 3: That's the only negative scenario I could see at this point.
Speaker 5: So where where are you, Steve on? Kind of your
Speaker 5: FED call? Where do you What do you think the
Speaker 5: FED will do?
Speaker 6: What do you think it should do?
Speaker 3: I think the FED should do nothing nice.
Speaker 4: You know, it an engineered something pretty amazing, which kind
Speaker 4: of shocking to everybody, including me.
Speaker 3: The economy is good, you know, why would you?
Speaker 4: I mean, look, the worst case scenario for the FED
Speaker 4: would be to actually, I think cut rates, the economy
Speaker 4: gets stronger, inflation comes back, then you then you're back
Speaker 4: into the vulgar.
Speaker 3: Situation of the early eighties.
Speaker 4: The best thing to do would be just to patch
Speaker 4: yourself on the back to clear victory. And say we're
Speaker 4: completely data dependent and if things start to weaken a
Speaker 4: little bit, they can always cut rates.
Speaker 3: Otherwise, you know, do nothing.
Speaker 5: So is that is that something when you say you
Speaker 5: kind of wait, is June waiting or is even later
Speaker 5: in the year waiting for you?
Speaker 3: I don't know. I think at least till June.
Speaker 6: Okay.
Speaker 4: After that, you know, they probably do nothing anyway because
Speaker 4: they don't want to be accused of getting involved in
Speaker 4: an election, right right.
Speaker 2: Steve Aisen were celebrating Amazon into the day. I did
Speaker 2: a lot of down mathematics overnight, and it's so silly.
Speaker 2: It has a fifteen percent tech exposure, including a tech
Speaker 2: exposure including minuscule into Cisco where the street is twenty
Speaker 2: seven to twenty eight tech exposure as well. How do
Speaker 2: you approach this massive lifetime overweight in technology? Is there
Speaker 2: a derivative strategy? Is there a portfolio optimization you believe in?
Speaker 4: Well, I do think in overweighting or at least equal
Speaker 4: weighting tech is something you have to do. But I
Speaker 4: think there are some themes that are direct offshoots of
Speaker 4: tech that really should be examined by people that are
Speaker 4: not technically in tech. And so for example, because of
Speaker 4: AI and the Nvidia chips which consume so much more
Speaker 4: electricity and are hotter, the grid has to be improved.
Speaker 4: Are companies that benefit enormously for construction, companies that benefit
Speaker 4: enormously from that.
Speaker 3: That are not tech companies. The data centers have to
Speaker 3: be cooled even more so.
Speaker 4: There are companies that provide those type of services that
Speaker 4: are going to do extremely well over the next couple
Speaker 4: of years. So there are offshoots from tech that are
Speaker 4: not technically technically tech that really should be looked at
Speaker 4: very close closely.
Speaker 5: So, Steve, I guess a lot of folks, I'd love
Speaker 5: to get your market call where you're seeing opportunity here,
Speaker 5: because you know, one of the debates that we hear
Speaker 5: often is just do I stick and try to if
Speaker 5: I'm not there get to the magnificent seven somehow when
Speaker 5: I try to find some values in other parts of
Speaker 5: the market, maybe I've missed that trade. So, coming out
Speaker 5: of twenty three, when it was such a hot close
Speaker 5: to the year, what do what do you think about
Speaker 5: tech and being a leader in this market?
Speaker 4: You know, I think, look, I think we're in a
Speaker 4: bull market. In bull market, people love stores. They just
Speaker 4: latch onto stories. It's what they think about, it's what
Speaker 4: they dream about. And if you can invest in something
Speaker 4: that has a story that people can really understand and
Speaker 4: get positive about, that's something to do. So tech is
Speaker 4: one such story. Infrastructure is a similar kind of story
Speaker 4: that's going to last a long time. And there are
Speaker 4: a few others, and those are the things that I
Speaker 4: would focus on.
Speaker 2: I'm Steve, we got to go to the banks. You've
Speaker 2: done a lot of work on this, you claim of
Speaker 2: a certain movie years ago, and so it's the financial
Speaker 2: integrity of the system. Is there a flavor of bank
Speaker 2: where you think there's value.
Speaker 4: I am not worried about the financial integrity of the
Speaker 4: United States. I actually think it's incredibly healthy, probably healthier
Speaker 4: than any time in anyone's lifetime. So I'm not worried
Speaker 4: about systemic risk. There is risk in the banks in
Speaker 4: terms of commercial real estate exposure, but that's really a
Speaker 4: regional bank, not a systemic problem. I just don't find
Speaker 4: banks a particularly interesting investment theme to be involved with
Speaker 4: it all.
Speaker 2: Why why is it that's really important? I mean, just
Speaker 2: as a general theme. Is it just there's too many thanks?
Speaker 4: I mean, first of all, you know rates looks like
Speaker 4: they're going to stay high though. Therefore deposits are going
Speaker 4: to slowly bleed out of the system into money market funds,
Speaker 4: which means banks are going to have to remain tight,
Speaker 4: which means that growth is not going to be is
Speaker 4: not going to be great. The only positive thing you
Speaker 4: could say at this point is that, assuming there's no recession,
Speaker 4: credit quality will be fine. That's how they It's not
Speaker 4: a story, it's not anything anybody gonna latch onto.
Speaker 2: Do we have like another hour questions for mister Absolutely Steve.
Speaker 2: I should thank you. We've got to get you back
Speaker 2: on here. Long a discussion. We never even got to
Speaker 2: private equity, private credit and debt, and I really want
Speaker 2: to touch on that. Mister Iceman is with a small
Speaker 2: shop Newberger Berman ye an important investor. We thank Global
Speaker 2: Wall Street for your enthusiasm over get like Steve Iceman.
Speaker 2: So I love this out on Reddit. Thank you so
Speaker 2: much for this. I'm going to Hawaii in the winter,
Speaker 2: where can I surf and not die? Joining us now
Speaker 2: Hawaiian expert Cameron Dawson. Do you surf in Hawaii? Well?
Speaker 1: I certainly don't. My sister does. She's Hawaii based in
Speaker 1: a professional surfer. She's like pro, she's super pro. And
Speaker 1: the reality is that she lives there in the winter
Speaker 1: because that's when the waves are the big.
Speaker 2: Have you ever seen her in these I've never seen
Speaker 2: the ginormous wave.
Speaker 1: You see it and you close your eyes because it's
Speaker 1: darn scary. It's scary, very and very dangerous.
Speaker 2: She gets like in the tub thing where the water's
Speaker 2: on top of her and the whole the whole thing
Speaker 2: hang in again beginning like beginners one on one surfing
Speaker 2: in a wai.
Speaker 1: Yes, yes, but I also so I'm rather afraid of sharks.
Speaker 2: Yeah, I too. My surfing is to put the umbrella
Speaker 2: in the my type. Paul, why don't you bring our
Speaker 2: investment expert Camera Dawson.
Speaker 6: Cameron Dawson joins us here. We want to talk about
Speaker 6: these markets. She's at New Age.
Speaker 5: Weelth she's the CIO over there, and let's just start
Speaker 5: with I guess the equity news of the day camera,
Speaker 5: which is we're going to get a pretty big tech
Speaker 5: company reporting earnings after the close in Nvidia. So my
Speaker 5: question is is tech going to continue to be the
Speaker 5: driver of this market? Do we have to depend upon
Speaker 5: tech to be the driver of this.
Speaker 1: Market, given how big it is as a percentage waiting
Speaker 1: in the index, it has to participate in this market.
Speaker 1: A really good reminder of that is twenty twenty two,
Speaker 1: where you saw smaller sectors like energy do really well.
Speaker 1: However tech was lagging and that's why the overall market
Speaker 1: was down. So yes, this market is very much dependent on.
Speaker 5: Tech, so can I One of the things I need
Speaker 5: to see is, I guess it broadening out of the market.
Speaker 6: Participation get a little bit better.
Speaker 5: We saw that in November and d Member of last year,
Speaker 5: but I feel like it's kind of faded a little
Speaker 5: bit and a lot of technicians will take you really
Speaker 5: do need to see more participation here. How concerned are
Speaker 5: you about that?
Speaker 1: The key reason why the market has been narrow is
Speaker 1: because earnings revisions have been narrow. So if you look
Speaker 1: at the leadership in earnings revisions, the only places that
Speaker 1: have seen earning sestiments go higher at the magnificent seven
Speaker 1: in tech names, you look at the S and P
Speaker 1: five hundred, earnings revisions have been flat over the last
Speaker 1: six months. Equal weight earnings revisions are down, which means
Speaker 1: for the average stock, you're actually seeing earning sestiments get
Speaker 1: cut despite this strong economy.
Speaker 2: I'm in the camp that in any great bull market,
Speaker 2: only thirty percent of the stocks really work out, and
Speaker 2: the rest of them are things you really don't want
Speaker 2: to be in. But that gets to the point of
Speaker 2: the vogue, and everybody knows I'm death on this. Where
Speaker 2: do you stand on rebail? Am I rebailing out on
Speaker 2: Microsoft right now? I don't think so.
Speaker 1: Yeah. I mean it's one of those do you let
Speaker 1: your winners ride?
Speaker 2: Well, Danoff at Fidelity is not rebailing from what I
Speaker 2: can tell.
Speaker 1: I think that you have to respect the trend as well,
Speaker 1: because a lot of these areas that have led are
Speaker 1: still in very powerful up trends. So until you see
Speaker 1: those trends start to deteriorate, you're better off letting the
Speaker 1: winner's ride. That doesn't mean that you should add to
Speaker 1: those positions necessarily, meaning you shouldn't chase them at these
Speaker 1: valuations or at these levels of concentration or crowdedness. There's
Speaker 1: other opportunities, but I think if you're looking to rebalance,
Speaker 1: probably letting the winner's ride continues to make sense. Until
Speaker 1: we get that trend deterioration.
Speaker 6: Well, we've certainly had the focus on the FED.
Speaker 5: And we're finishing up earnings here, a big earnings print
Speaker 5: tonight with Nvidia. But it still feels like the FED
Speaker 5: is driving this market.
Speaker 3: Here.
Speaker 5: We started the year with maybe six rate cuts priced
Speaker 5: in looking at the work function. Now we're down to
Speaker 5: something less than that.
Speaker 6: Three or four.
Speaker 5: How important or what do you think the FED will do?
Speaker 5: What do you think it should do this year? Because
Speaker 5: that's still important for these markets.
Speaker 1: I think there's actually very little urgency for the FED
Speaker 1: to act. How strong economic data has been given the
Speaker 1: fact that you're seeing a reacceleration in some cyclical data.
Speaker 1: Pmis are turning higher. So with that data backdrop, for
Speaker 1: them to move to cut quickly, they would risk possibly
Speaker 1: restoking inflation, which just means status quo and keeping rates
Speaker 1: where they are is actually the lower risk option yesterday.
Speaker 2: With Synergy Tuesday, and I'm going to suggest the word
Speaker 2: out there is scale. If I identify then I want
Speaker 2: to be advantaged by scale. How do you approach that
Speaker 2: within a portfolio? How do you You're not going to
Speaker 2: guess the next M and A transaction, but on a
Speaker 2: sector basis, how do you prepare for M and A
Speaker 2: or is it just something you can't control, it's just
Speaker 2: out there.
Speaker 1: Well, I think that if you are looking for smaller
Speaker 1: companies that are getting bought out, you're starting to see
Speaker 1: a big tickup in M and A and that is
Speaker 1: supported by big cash balances. Companies still sitting.
Speaker 2: On casut Sure, yesterday's it's a hockey stick.
Speaker 1: It is a hockey stick. And it's also good to
Speaker 1: remember that that cash is also earning five percent right now.
Speaker 1: It's one of the reasons why net interest expense is
Speaker 1: down over the last year. It's running down thirty six percent.
Speaker 1: That's never happened during a rate hiking cycle. And this
Speaker 1: just shows you how topsy turvy this cycle is. High
Speaker 1: cash balances, less exposure to short term debt, and result
Speaker 1: being is that you're making more money on your cash
Speaker 1: than you're seeing your interest Costobs.
Speaker 2: We have a five percent interest rate and a hockey
Speaker 2: stick that's called a CCM five stride.
Speaker 6: Oh there you go. No, I've just heard that that's the.
Speaker 2: Rich kids had CCM. John Lloyd had a CCM five.
Speaker 6: Straight I did.
Speaker 5: So what do we do here, Cameron? For new ideas?
Speaker 5: What's what's a new idea from you? Like what have
Speaker 5: you been telling your clients here? Maybe he's starting out
Speaker 5: twenty four, what's something new, because otherwise I'm just going
Speaker 5: to stick my money and my two year treasury at
Speaker 5: four point six percent.
Speaker 1: We are finding names within healthcare, names within biotech. That's
Speaker 1: areas where you're starting to see some signs of life.
Speaker 1: Biotech has been in a bear market for two years of.
Speaker 2: Really I didn't know that.
Speaker 1: It's been absolutely ugly. So actually across the capital stock,
Speaker 1: whether we're looking at equities or even within private markets,
Speaker 1: we're seeing a lot of opportunity within healthcare and biotech,
Speaker 1: just areas that have been left behind and valuations aren't
Speaker 1: too stretched, and notably, positioning isn't crowded.
Speaker 2: Do you buy week dollar international? I mean in the
Speaker 2: old days, you know, is religion? If five percent of
Speaker 2: your portfolio international, that worked out, But you know, like,
Speaker 2: do you just stick with us exceptionalism in large cap
Speaker 2: or is there a new edge theory?
Speaker 1: We have been underweight international, we're now neutral. You're right,
Speaker 1: the dollar is absolutely imperative. The only time that you
Speaker 1: have seen major international bowl market is in periods of
Speaker 1: major dollar bear markets, the two thousands, the mid eighties.
Speaker 1: If you don't have a major dollar bear, you will
Speaker 1: not have an international bowl.
Speaker 2: Paul Malaysian ring it. Yes, you know we saw that.
Speaker 2: A reporter in Dubai ca me up and she said,
Speaker 2: a stupid Malaysian riggit new weakness. That's what we're talking about, right,
Speaker 2: very good. I'm just doing that to impress Cam's surfing
Speaker 2: in Malaysia after all.
Speaker 5: Exactly, so, we're pretty much done earnings here, about eighty
Speaker 5: percent of the way through. We got some retail names
Speaker 5: still to report. Anything you took away from this earning
Speaker 5: cycle that made it more or less bullshit, maybe just
Speaker 5: change your outlook here.
Speaker 1: I think the one key message is that pricing power
Speaker 1: is really starting to fade, mostly on the good side
Speaker 1: of things. You're starting to see where you were running
Speaker 1: at high single digit pricing increases, that's now down to
Speaker 1: low single digits, which just means that the estimates for
Speaker 1: revenue growth of an acceleration in twenty four and twenty
Speaker 1: five that are currently baked in may be a little
Speaker 1: bit difficult. Then the question is does pricing ceilings hit
Speaker 1: services like it's hit goods services? Inflation is still very high.
Speaker 1: Look with Tony from Marriott talking about still strong pricing
Speaker 1: growth is that able to be stained?
Speaker 5: So, I mean, I think what we heard from Tony,
Speaker 5: I mean, they're still seeing some pretty strong demand. We're
Speaker 5: hearing it from the cruise companies as well. So it
Speaker 5: seems like the consumer's in good shape. Is that something
Speaker 5: you're banking on for twenty twenty four because if the
Speaker 5: consumer were to pull back, obviously that would be something
Speaker 5: that we haven't seen just in the recent past.
Speaker 1: Consumers will continue to be able to spend as long
Speaker 1: as they have jobs. Real wage growth has turned positive,
Speaker 1: which is supporting consumer spending. But they are starting to
Speaker 1: push back on some of these price price increases. Walmart
Speaker 1: called it choicefulness. They're being very select.
Speaker 2: Driving me this is like the new word.
Speaker 1: Come on, But prices are crazy. I was looking at
Speaker 1: Pearl Gym tickets and they're forty eight thousand dollars. At
Speaker 1: a certain point, when do people hit a ceiling and
Speaker 1: being able to be able to afford these kind of experiences.
Speaker 2: Yeah, we got to meld in our two great interviews here, Paul.
Speaker 2: I mean, I got the Marriotte co Olina Beach Club
Speaker 2: in Waho. It's like seven hundred bucks a night after fieves. Yeah,
Speaker 2: I mean it's like sid I mean, this is the
Speaker 2: new luxury YEP where Tony was staying in the pearl jam.
Speaker 6: Then you've really got to dig in your pocket.
Speaker 2: Well, the concert tickets I've given up and half that.
Speaker 2: I mean you're you're better at that. Yeah, I mean
Speaker 2: I don't. To me, it's like a consortium or something.
Speaker 5: It's basically monopoly effect.
Speaker 2: What are you not doing here, Cameron, quickly here out
Speaker 2: of time. But what's the number one thing you want
Speaker 2: to avoid doing?
Speaker 1: I think chasing very liquidity sensitive, low balance sheet or
Speaker 1: low quality balance sheet names. They've run a lot over
Speaker 1: the last couple of months in pricing in the expectation
Speaker 1: for an easier FED. If the FED doesn't deliver, interest
Speaker 1: rates goes up, those are going to reverse.
Speaker 2: We need a photo of you surfing. It'll stay just
Speaker 2: we won't put it social. It won't go out on Instagram.
Speaker 2: Promise it won't go out. I promise.
Speaker 1: I have an old one from when I was a kid.
Speaker 2: All all, we need a new one camera Dawson surfing
Speaker 2: from why Good Morning America, Cameron Dawson, thank you so
Speaker 2: much with new Edge on our way to Hawaii. We're
Speaker 2: great to get her in here quickly. Today, I thought
Speaker 2: of market Patel. I think it was yesterday, Paul, during
Speaker 2: Synergy Tuesday. I mean Walmart's out home depots out what's
Speaker 2: a two by fore cost out and outa uh? And
Speaker 2: all that mattered was middle single digit, higher single digit
Speaker 2: dividend increase. Use of cash market, Patelan is a high
Speaker 2: ground down nests with Allspring Global Investments long ago and
Speaker 2: far away with mister Karay at Pioneer Market, Pateel, what
Speaker 2: did you learn from phil Karay? He was a giant.
Speaker 2: I used to go up the elevator with him at
Speaker 2: sixty State Street. What did you learn from Philip Karay? Well?
Speaker 7: I think that a creative open mind. I'm interested in
Speaker 7: all kinds of different things. Really was the nature of
Speaker 7: his brilliance, A flexible way of thinking. And we don't
Speaker 7: see a lot of that today. Investments in other parts
Speaker 7: of the area amazing.
Speaker 2: It's become cookie cutter versus the entrepreneurial days of John
Speaker 2: Templeton and mister Kerrey Margie used to cash right now.
Speaker 2: We saw it from own depot, we saw it from Walmart.
Speaker 2: What are we missing here? What will use of cash
Speaker 2: forward look like? Well?
Speaker 7: I think more of the same, And I think really
Speaker 7: what the market's focusing on is prospects of growth, and
Speaker 7: once you get away from the handful of very high
Speaker 7: growth companies, you know, such as Nvidia, there aren't motor
Speaker 7: sectors that have outstanding growth, and I think that's why
Speaker 7: the market's focusing on with that's going to do, what
Speaker 7: the economic growth is going to be, and why it's
Speaker 7: reacted so sharply when companies have reported, you know, say
Speaker 7: mild of trimming and their expeditations really wanged.
Speaker 5: Hey, Marky, what are you taking out of this earning season?
Speaker 5: We've had about eighty percent of the S and P
Speaker 5: five hundred companies report already. Any themes coming out of
Speaker 5: you that maybe affect your outlook, I think the main.
Speaker 7: Thing is you can see a good expected results better
Speaker 7: than expected, as we've had for the last few quarters.
Speaker 7: But I think we're seeing is a sort of erosion
Speaker 7: in the earnings, expectations and achievements, which to me telegraphs
Speaker 7: the twenty four is going to be a year of
Speaker 7: lower growth and after things are really spiked up with
Speaker 7: so much spend pictures from COVID, from the infrastructure bill
Speaker 7: and so forth, now we're going to see growth moderated,
Speaker 7: and I think that's what the market's focused on.
Speaker 5: And does that suggests kind of a moderating picture for
Speaker 5: US equities here because we've there's a sense that the
Speaker 5: FED will cut that maybe a little bit later than
Speaker 5: we thought. So how does that affect your twenty four
Speaker 5: view for the markets overall?
Speaker 7: Well, I think as far as the Fed, there's uncertainty
Speaker 7: because whereas people are thinking that cut in March, then
Speaker 7: the feeling wast be delayed. And now some people are saying, oh,
Speaker 7: well inflation is a little bit stubborn, they may raise
Speaker 7: race instead. But it all comes back to if the
Speaker 7: FED raises rates, economy will slow or the economy slow,
Speaker 7: and then that's why the fence cutting. And that also
Speaker 7: is a little bit of pressure on equity. So I
Speaker 7: think the first half the years chopping around and.
Speaker 5: Not really doing anywhere all right, given that backdrop, but
Speaker 5: one of the sectors that maybe investors should be paying
Speaker 5: attention to. Should we be focusing on the sectors that
Speaker 5: pay good dividends? Thomas just highlighting some dividend growth stories
Speaker 5: that we've seen recently. How do you think about sectors?
Speaker 7: Well, I think if you a little bit of companies
Speaker 7: have a balance of good growth and also pay a dividend,
Speaker 7: because a dividend really is kind of proof that the
Speaker 7: company has sustainable cash flow when they when they pay
Speaker 7: a dividend. I think really sector's technology, industrials, some parts
Speaker 7: of health care which look like they sort of hit
Speaker 7: far and might be starting to grow over the next year,
Speaker 7: but it's still a pretty farm few between.
Speaker 2: We started the show this morning, Margaret with Paul's observation
Speaker 2: at a seven percent mortgage rate, interest rates or back
Speaker 2: up again is as well as you manage money, can
Speaker 2: you get a total return that gets you back to
Speaker 2: the long term log trend line of the Bloomberg Total
Speaker 2: Return Index, the oldly Email index. Can we get back
Speaker 2: to what we do with price appreciation in bonds?
Speaker 7: Well, I think if you look at high yield right now,
Speaker 7: we're looking at returns to say six and a half
Speaker 7: to say seven and three quarters. Most bonds are training
Speaker 7: a little bit of a discount, and so I think
Speaker 7: that might be fairly competitive with equities. This year, I
Speaker 7: think equities will be high single digit, low double digit,
Speaker 7: and defaults are still rather low. I think they'll stay
Speaker 7: low in the in the high yeld market. I thought
Speaker 7: defaults will be in some of the more in Looqui
Speaker 7: parts of loan parts.
Speaker 3: In the market.
Speaker 5: Well, I was surprised, Margie, looking back over the past,
Speaker 5: you know, looking back at just last year, how well
Speaker 5: high yield performed relative to other areas and fixed incoming.
Speaker 5: You know, with all the talk we had about recession
Speaker 5: just right around the corner, I'm surprised to see double
Speaker 5: digit returns for high yield last year.
Speaker 6: How do you think about highield credit this year?
Speaker 7: Well, I think the high yield market is actually is
Speaker 7: better shape than it's been in my career, is saying
Speaker 7: a lot. The reason is companies took advantage of that
Speaker 7: period of very low rates to restructure the balance sheets,
Speaker 7: pay off their bank lines, so they're much less substive
Speaker 7: like investment grade companies.
Speaker 2: Too.
Speaker 7: Changes in what the FED does, and I think that
Speaker 7: we're not seeing any excesses of my old market after
Speaker 7: coming that's swapped the market and we'll pull the whole
Speaker 7: thing down. So it looks pretty balanced, Margie.
Speaker 2: Edar Denny, you and I know Edjo Denny from ages ago.
Speaker 2: It's c. J. Lawrence. Wow is he a bull? And
Speaker 2: what's fascinating is he's a responsible bull. He's basically on
Speaker 2: log trend line. I'm going to call it up eight nine,
Speaker 2: ten percent per year. But he's extended out like we
Speaker 2: used to in the old days. He's got the courage
Speaker 2: to say, here's where we are thirty six months out?
Speaker 2: Are you running money saying here's where we are thirty
Speaker 2: six months out?
Speaker 7: For me, that's a little long. I'm really looking at
Speaker 7: say one year or maybe two. But really the point
Speaker 7: I think that he's made voice for the song termed Roses.
Speaker 7: The one looks pretty balanced. There's no sector point too.
Speaker 7: Looks very vulnerable to the fence policy or just economic slowga.
Speaker 7: So there's no reason couldn't continue to grow.
Speaker 2: Markie, Thank you. Margie Pattel with Afspring, Boston. At least
Speaker 2: I matella here with the newspapers and here and later
Speaker 2: on you're warned the obligatory tall people article. Great, let's
Speaker 2: start with something that doesn't about the bruises on my forehead.
Speaker 8: I found that one just for you, picked out to me.
Speaker 6: We'll get to it. We'll get to it.
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Speaker 8: have to Companies have to disclose if they're using AI,
Speaker 8: and they have to ask the applicants if they do
Speaker 8: not want their resume scan buy a machine. Now here's
Speaker 8: the problem, because algorithm algorithms they kick off qualified candidates
Speaker 8: or embedded on intentional bias or in hiring. But a
Speaker 8: lot of people are saying is skipping AI a good
Speaker 8: idea because they say it can hurt your chance of
Speaker 8: getting hired because companies, well, they aren't obligated to review
Speaker 8: all the applications they get. So I don't know what
Speaker 8: do you choose?
Speaker 2: Is it like college applications, like a regular job application.
Speaker 2: Now they're getting three hundred applicants for one spot because
Speaker 2: of AI.
Speaker 8: They get they get a lot of applicants. They're using
Speaker 8: the AI to make it easier to go over the applications.
Speaker 8: But people are saying, oh, well, AI is just kicking
Speaker 8: them off. You know, they're not giving them a chance.
Speaker 5: Consultants out there that'll tell you how to tellor your
Speaker 5: resume your CV to screen well. They use these terms
Speaker 5: these books. I'll screen well, same thing. It's similar to
Speaker 5: what you can do for you know, colleges and things
Speaker 5: like that. So for every point there's a counter plane.
Speaker 2: Think when Matt Winkler looked at my resume fell off
Speaker 2: his charity at the fluid is laughing so hard, and
Speaker 2: Laurie said, enough of that.
Speaker 8: Next the four day work week swit Yes, okay, this
Speaker 8: is the financial Times they found this study, it's a
Speaker 8: trial in the UK. Just want to put that out there.
Speaker 8: Ran for the last six months of twenty twenty two.
Speaker 8: So what they found for people who worked that four
Speaker 8: day work week. Some were the fifth day on call,
Speaker 8: but the four day work week. The positive thing improved
Speaker 8: well being, improved productivity, boosted retention, improved recruitment. But the
Speaker 8: negative side is that the work was more intense, so
Speaker 8: you have less time for that coffee break. You know,
Speaker 8: you couldn't chat as much amongst your fellow workers. Higher
Speaker 8: costs for companies because businesses are increasing their head counts
Speaker 8: so they can offset those shorter working hours. So the
Speaker 8: main result is that most of the companies decide to
Speaker 8: keep that flexible pattern, keep the four days.
Speaker 6: Okay, good for them.
Speaker 5: I mean that's not an option for some of us.
Speaker 5: But correct for luck and joy it.
Speaker 2: Okay, I'm ready.
Speaker 8: He's not feeling it, all right. This one toime, This
Speaker 8: one was for you. I found it. I didn't realize
Speaker 8: the troubles that you go through when you step into
Speaker 8: a car.
Speaker 6: For those tall people.
Speaker 8: It's a huge thing.
Speaker 2: It is.
Speaker 6: So it's why Tom gets first class, has.
Speaker 8: To get picked up by the big car. I'm telling
Speaker 8: you the best new cars and SUVs for tall people.
Speaker 8: This is the study that came out from Dowd Jones.
Speaker 8: Because you need the best headroom, leg room, windshield height
Speaker 8: apparently is the thing too. You get bruised knees, head bumps.
Speaker 8: I mean, it's it's a tough it's a tough situation.
Speaker 8: So they pulled people that were six feet four inches tall.
Speaker 8: They were all drivers. Review that short had Kelly Blue
Speaker 8: Book the best all around room. There was a twenty
Speaker 8: twenty four Chevy Tahoe the base price fifty eight thousand. Okay,
Speaker 8: if you can't go that high, there's also the GMC
Speaker 8: Sierra Crew Cab that's forty seven thousand, Or you can
Speaker 8: go with the gmc canyon. The bass price thirty seven thousand,
Speaker 8: so that's overall, but they break it down kills you.
Speaker 2: Yeah, I don't know if you have this in your
Speaker 2: new rig. He's got the fancy rig with Apple card play. Sure,
Speaker 2: but what kills you is the sun roof takes out
Speaker 2: two or three inches a headroom in the back seat.
Speaker 6: Really, that's what they said.
Speaker 2: I prefer the old suburbans to the new suburbans. I
Speaker 2: was in a Lincoln car yesterday that actually was it's
Speaker 2: like an SGUVK. Yeah, sure, it was actually comfortable. There's
Speaker 2: a new Cadillact that's comfortable. I was in a Tesla
Speaker 2: coming out of a Philippine restaurant in Queen's Great and
Speaker 2: I'm screaming, I can't get in a Tesla and I
Speaker 2: actually fit in the back seat of some new model.
Speaker 2: Thank you Elon Musk. But this is like a huge deal.
Speaker 2: And you know what it is, Lisa in the front seat,
Speaker 2: if you have to lean back to get the head,
Speaker 2: you can't reach the station.
Speaker 8: Yeah, and the steerings will it becomes an issue too.
Speaker 2: Yeah. Yeah, So it's like it's it's like it's like traumatic.
Speaker 6: It's like, fortunately the Beentley's are very spacious. That's kind
Speaker 6: of how we had to. We're searching, you know, shopping
Speaker 6: for the saved in.
Speaker 2: The Mercedes G Class. I can barely squeeze it. Thank you.
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