Latest / Views from 6,230 / Why 2026 Is A "Prove It" Year for Many AI Stocks

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Why 2026 Is A "Prove It" Year for Many AI Stocks · Views from 6,230

• 0:01
  Welcome
• 0:02
  to
• 0:02
  the
• 0:02
  Adjusted
• 0:03
  for
• 0:03
  Risk
• 0:03
  podcast.
• 0:05
  Join
• 0:05
  myself,
• 0:06
  Brian
• 0:06
  Namath,
• 0:07
  as
• 0:07
  I
• 0:07
  talk
• 0:07
  markets,
• 0:08
  investments,
• 0:09
  economics-
• 0:09
  Let's
• 0:09
  get
• 0:09
  started
• 0:10
  and
• 0:10
  life
• 0:10
  as
• 0:11
  I
• 0:11
  help
• 0:11
  prepare
• 0:12
  you
• 0:12
  for
• 0:12
  the
• 0:13
  upcoming
• 0:13
  week
• 0:13
  in
• 0:14
  markets.
• 0:15
  I
• 0:15
  work
• 0:16
  for
• 0:16
  Zephyr,
• 0:17
  and
• 0:17
  all
• 0:17
  opinions
• 0:17
  expressed
• 0:18
  by
• 0:18
  myself
• 0:19
  and
• 0:19
  my
• 0:20
  podcast
• 0:20
  guests
• 0:21
  are
• 0:21
  solely
• 0:21
  of
• 0:21
  their
• 0:22
  own
• 0:22
  opinions
• 0:22
  and
• 0:23
  do
• 0:23
  not
• 0:23
  reflect
• 0:23
  the
• 0:24
  opinion
• 0:24
  of
• 0:25
  Zephyr
• 0:26
  or
• 0:26
  Informa,
• 0:27
  its
• 0:27
  parent
• 0:27
  company.
• 0:29
  This
• 0:29
  podcast
• 0:30
  is
• 0:30
  for
• 0:30
  informational
• 0:31
  purposes
• 0:32
  only
• 0:32
  and
• 0:32
  should
• 0:32
  not
• 0:33
  be
• 0:33
  relied
• 0:33
  on
• 0:34
  for
• 0:34
  investment
• 0:35
  decisions.
• 0:38
  Welcome
• 0:38
  everyone
• 0:38
  to
• 0:39
  Zephyr's
• 0:39
  Adjust
• 0:40
  for
• 0:40
  Risk
• 0:40
  podcast.
• 0:41
  We
• 0:41
  are
• 0:42
  recording
• 0:42
  on
• 0:43
  location
• 0:43
  at
• 0:44
  the
• 0:44
  Exchange
• 0:45
  ETF
• 0:45
  Conference
• 0:46
  in
• 0:46
  Las
• 0:47
  Vegas.
• 0:48
  It's
• 0:48
  been
• 0:48
  a
• 0:48
  fantastic
• 0:49
  conference
• 0:49
  so
• 0:49
  far.
• 0:50
  A
• 0:50
  lot
• 0:50
  of
• 0:50
  great
• 0:50
  conversations,
• 0:51
  and
• 0:51
  the
• 0:51
  next
• 0:52
  one
• 0:53
  is
• 0:53
  gonna
• 0:53
  be
• 0:53
  another
• 0:54
  great
• 0:54
  conversation.
• 0:55
  You
• 0:56
  know,
• 0:56
  equities
• 0:57
  have
• 0:57
  had
• 0:57
  a
• 0:58
  great
• 0:58
  three-year
• 0:59
  run
• 0:59
  during
• 1:00
  the
• 1:00
  past,
• 1:00
  you
• 1:01
  know,
• 1:01
  three
• 1:01
  years.
• 1:03
  And
• 1:03
  during
• 1:03
  solid
• 1:04
  runs
• 1:04
  like
• 1:04
  this,
• 1:05
  it
• 1:05
  can
• 1:05
  be
• 1:05
  easy
• 1:06
  to
• 1:06
  forget
• 1:06
  about
• 1:06
  fundamentals,
• 1:07
  especially
• 1:08
  when
• 1:09
  there
• 1:09
  are
• 1:09
  investment
• 1:10
  themes
• 1:10
  like,
• 1:11
  like
• 1:11
  AI.
• 1:12
  Well,
• 1:13
  I
• 1:13
  have
• 1:13
  on
• 1:14
  the
• 1:14
  perfect
• 1:14
  guest
• 1:15
  on
• 1:15
  to
• 1:15
  discuss
• 1:16
  why
• 1:16
  fundamentals
• 1:18
  will,
• 1:18
  uh,
• 1:19
  be
• 1:19
  back
• 1:19
  in
• 1:19
  the
• 1:19
  forefront
• 1:20
  for
• 1:21
  investing.
• 1:22
  But
• 1:22
  first,
• 1:23
  this
• 1:23
  episode
• 1:23
  is
• 1:24
  sponsored
• 1:24
  by
• 1:24
  the
• 1:24
  award-winning
• 1:25
  Zephyr,
• 1:26
  which
• 1:26
  helps
• 1:26
  investment
• 1:27
  professionals
• 1:28
  make
• 1:28
  more
• 1:28
  informed
• 1:29
  investment
• 1:29
  decisions
• 1:30
  on
• 1:30
  behalf
• 1:31
  of
• 1:31
  their
• 1:31
  clients.
• 1:32
  All
• 1:32
  right,
• 1:32
  enough
• 1:33
  from
• 1:33
  me.
• 1:33
  I've
• 1:33
  already
• 1:33
  talked
• 1:34
  enough.
• 1:34
  Let's,
• 1:35
  uh,
• 1:35
  bring
• 1:35
  on
• 1:35
  the
• 1:35
  star
• 1:36
  of
• 1:36
  the
• 1:36
  show.
• 1:37
  I'd
• 1:37
  like
• 1:37
  to
• 1:37
  give
• 1:37
  a
• 1:37
  warm
• 1:38
  welcome
• 1:38
  to
• 1:39
  Sal
• 1:39
  Esposito.
• 1:40
  Sal
• 1:41
  is
• 1:41
  the
• 1:41
  head
• 1:41
  of
• 1:41
  ETFs
• 1:42
  at
• 1:42
  Zacks
• 1:43
  Investment
• 1:44
  Management.
• 1:45
  Sal,
• 1:45
  thank
• 1:46
  you
• 1:46
  so
• 1:46
  much
• 1:46
  for
• 1:46
  coming
• 1:46
  on.
• 1:47
  I
• 1:47
  believe,
• 1:48
  Sal,
• 1:48
  this
• 1:49
  might
• 1:49
  be
• 1:49
  your
• 1:49
  third
• 1:49
  time
• 1:50
  on.
• 1:50
  I
• 1:50
  think
• 1:50
  so,
• 1:50
  yeah.
• 1:51
  Thanks
• 1:51
  for
• 1:51
  having
• 1:51
  me
• 1:51
  on
• 1:51
  again.
• 1:52
  I,
• 1:52
  I,
• 1:52
  uh-
• 1:52
  I
• 1:52
  guess
• 1:52
  you
• 1:52
  like
• 1:52
  me.
• 1:53
  Yeah.
• 1:53
  Well,
• 1:54
  I,
• 1:54
  I'm
• 1:54
  m-
• 1:55
  usually
• 1:55
  more
• 1:55
  worried
• 1:56
  about
• 1:56
  my
• 1:56
  guests
• 1:56
  liking
• 1:57
  me
• 1:57
  and
• 1:57
  wanting
• 1:57
  to
• 1:57
  come
• 1:58
  back
• 1:58
  on.
• 1:58
  So,
• 1:59
  uh,
• 1:59
  thank
• 2:00
  you.
• 2:00
  It's
• 2:00
  an
• 2:00
  honor
• 2:01
  to
• 2:01
  have
• 2:01
  you
• 2:01
  back
• 2:02
  on.
• 2:02
  Always
• 2:02
  love
• 2:03
  these
• 2:03
  conversations.
• 2:04
  Can
• 2:04
  you
• 2:04
  tell
• 2:05
  us
• 2:05
  a
• 2:05
  little
• 2:05
  bit
• 2:05
  more
• 2:05
  about
• 2:05
  yourself
• 2:06
  and
• 2:06
  Zacks
• 2:07
  Investment
• 2:07
  Management?
• 2:08
  Yeah.
• 2:08
  Yeah,
• 2:08
  so
• 2:09
  I've
• 2:09
  been
• 2:09
  at
• 2:09
  Zacks
• 2:09
  for
• 2:10
  a
• 2:10
  little
• 2:10
  more
• 2:11
  than
• 2:11
  four
• 2:11
  years
• 2:12
  now,
• 2:12
  which
• 2:12
  has
• 2:12
  flown
• 2:13
  by.
• 2:13
  I,
• 2:14
  my
• 2:14
  prior
• 2:15
  roles
• 2:15
  were
• 2:16
  at
• 2:16
  UBS,
• 2:17
  so
• 2:17
  big
• 2:17
  firm
• 2:18
  to
• 2:18
  small
• 2:18
  firm.
• 2:19
  Uh,
• 2:19
  I've
• 2:20
  worked
• 2:20
  on
• 2:20
  building
• 2:21
  out
• 2:21
  our
• 2:21
  ETF
• 2:22
  business
• 2:22
  since
• 2:22
  I've
• 2:22
  gotten
• 2:23
  here.
• 2:23
  You
• 2:23
  know,
• 2:23
  we
• 2:23
  started
• 2:24
  with
• 2:24
  one
• 2:24
  fund.
• 2:25
  We
• 2:25
  have
• 2:25
  four
• 2:26
  now.
• 2:27
  Uh,
• 2:27
  it's
• 2:27
  been
• 2:28
  a
• 2:28
  whirlwind.
• 2:28
  We
• 2:29
  have
• 2:29
  model
• 2:29
  products,
• 2:30
  model
• 2:31
  portfolios,
• 2:31
  things
• 2:32
  that
• 2:32
  didn't
• 2:32
  exist
• 2:33
  before,
• 2:33
  they
• 2:33
  do
• 2:34
  now
• 2:34
  at
• 2:34
  Zacks.
• 2:35
  Uh,
• 2:35
  and
• 2:35
  we
• 2:36
  are
• 2:36
  committed
• 2:36
  to
• 2:36
  growing
• 2:37
  this
• 2:37
  space.
• 2:38
  We
• 2:38
  will
• 2:38
  be
• 2:38
  launching
• 2:39
  two
• 2:39
  more
• 2:39
  ETFs
• 2:40
  in
• 2:40
  May.
• 2:41
  Fun.
• 2:41
  And
• 2:41
  then,
• 2:42
  uh,
• 2:42
  we,
• 2:43
  we
• 2:43
  certainly
• 2:43
  have
• 2:43
  some
• 2:44
  more,
• 2:44
  uh,
• 2:44
  on
• 2:45
  the
• 2:45
  horizon
• 2:45
  for
• 2:45
  the
• 2:46
  year.
• 2:46
  So
• 2:47
  It's
• 2:47
  been
• 2:48
  a
• 2:48
  long
• 2:48
  road,
• 2:48
  but
• 2:49
  it's
• 2:49
  been
• 2:49
  very,
• 2:50
  very,
• 2:50
  uh,
• 2:51
  rewarding,
• 2:51
  I
• 2:52
  think.
• 2:52
  And,
• 2:52
  and,
• 2:52
  and
• 2:52
  we're
• 2:53
  just
• 2:53
  kinda
• 2:53
  coming
• 2:53
  into
• 2:53
  our
• 2:54
  own
• 2:54
  here
• 2:54
  in
• 2:54
  the
• 2:54
  ETF
• 2:54
  space.
• 2:55
  I
• 2:56
  love
• 2:56
  it.
• 2:56
  So
• 2:56
  maybe
• 2:56
  we'll
• 2:57
  have
• 2:57
  to
• 2:57
  get
• 2:57
  you
• 2:57
  on
• 2:58
  later
• 2:58
  this
• 2:58
  year
• 2:58
  to
• 2:58
  talk
• 2:59
  about
• 2:59
  some
• 2:59
  of
• 2:59
  these
• 2:59
  new,
• 3:00
  uh,
• 3:00
  ETFs
• 3:00
  you're
• 3:01
  about
• 3:01
  to
• 3:01
  launch
• 3:01
  and-
• 3:02
  Yeah,
• 3:02
  no
• 3:02
  talk
• 3:02
  about
• 3:03
  them.
• 3:03
  That'd
• 3:03
  be
• 3:03
  fun.
• 3:03
  That
• 3:04
  would
• 3:04
  be,
• 3:04
  that
• 3:04
  would
• 3:04
  be
• 3:04
  great.
• 3:05
  For
• 3:05
  sure.
• 3:05
  So,
• 3:07
  over
• 3:07
  the
• 3:07
  years,
• 3:08
  um,
• 3:08
  you
• 3:08
  know,
• 3:09
  or
• 3:09
  recent
• 3:10
  years
• 3:10
  I
• 3:10
  should
• 3:10
  say,
• 3:11
  mega
• 3:11
  tech,
• 3:12
  AI-linked
• 3:13
  companies-
• 3:13
  Mm-hmm
• 3:14
  uh,
• 3:14
  those
• 3:15
  stocks
• 3:15
  have
• 3:15
  driven
• 3:15
  markets.
• 3:17
  And
• 3:18
  I'm
• 3:18
  gonna
• 3:18
  age
• 3:18
  myself
• 3:19
  here,
• 3:19
  so,
• 3:19
  you
• 3:19
  know,
• 3:19
  when
• 3:20
  I
• 3:20
  was
• 3:20
  starting
• 3:21
  in
• 3:21
  the
• 3:21
  industry,
• 3:21
  it
• 3:21
  was
• 3:22
  the
• 3:22
  dot
• 3:22
  com.
• 3:23
  And
• 3:23
  maybe
• 3:23
  I
• 3:23
  have
• 3:24
  PTSD
• 3:25
  or
• 3:25
  something,
• 3:26
  but
• 3:26
  thinking
• 3:27
  back
• 3:27
  to
• 3:27
  the
• 3:27
  dot
• 3:28
  com
• 3:28
  era
• 3:28
  is
• 3:28
  like,
• 3:29
  everything
• 3:29
  with
• 3:29
  dot
• 3:30
  com
• 3:31
  went
• 3:31
  to
• 3:31
  the
• 3:31
  moon.
• 3:32
  Right.
• 3:32
  And
• 3:32
  now
• 3:33
  I
• 3:33
  kinda
• 3:33
  feel
• 3:33
  like,
• 3:34
  did
• 3:34
  that
• 3:34
  just
• 3:34
  happen
• 3:35
  too
• 3:35
  with
• 3:35
  AI?
• 3:36
  Anything
• 3:37
  linked
• 3:37
  to
• 3:37
  AI,
• 3:38
  didn't
• 3:38
  care
• 3:38
  about
• 3:38
  fundamentals,
• 3:39
  whether
• 3:39
  making
• 3:40
  money,
• 3:40
  there
• 3:40
  were
• 3:40
  earnings,
• 3:41
  any
• 3:41
  revenue,
• 3:42
  it
• 3:42
  just
• 3:42
  went
• 3:43
  to
• 3:43
  the
• 3:43
  moon.
• 3:44
  And
• 3:44
  that
• 3:44
  can
• 3:44
  happen
• 3:45
  during
• 3:46
  exuberance,
• 3:47
  times
• 3:47
  of
• 3:47
  exuberance.
• 3:48
  Do
• 3:48
  you
• 3:48
  think
• 3:49
  we're
• 3:50
  getting
• 3:50
  back
• 3:50
  to
• 3:50
  where
• 3:51
  stock
• 3:51
  selection
• 3:52
  shouldn't
• 3:52
  just
• 3:53
  be
• 3:53
  about
• 3:53
  whether
• 3:53
  it's
• 3:54
  linked
• 3:54
  to
• 3:54
  AI,
• 3:55
  but
• 3:55
  more
• 3:55
  about
• 3:55
  fundamentals
• 3:56
  and
• 3:56
  really
• 3:57
  focusing
• 3:58
  on,
• 3:58
  uh,
• 3:59
  the
• 3:59
  fundamentals
• 4:00
  of
• 4:00
  a
• 4:00
  company?
• 4:01
  Yeah,
• 4:01
  I
• 4:01
  mean,
• 4:01
  that's,
• 4:02
  that's
• 4:02
  really
• 4:03
  part,
• 4:03
  one
• 4:03
  of
• 4:03
  our
• 4:03
  core
• 4:03
  principles
• 4:04
  at
• 4:04
  Zacks,
• 4:05
  right?
• 4:05
  We're
• 4:05
  looking
• 4:05
  at
• 4:05
  earnings,
• 4:06
  we're
• 4:06
  looking
• 4:07
  at
• 4:07
  earnings
• 4:07
  estimate
• 4:08
  revisions
• 4:08
  by
• 4:08
  the
• 4:08
  analysts
• 4:09
  covering
• 4:09
  these
• 4:09
  companies,
• 4:11
  uh,
• 4:11
  and
• 4:11
  we're
• 4:11
  looking
• 4:11
  at
• 4:12
  balance
• 4:12
  sheets,
• 4:12
  right?
• 4:13
  I-
• 4:13
  We,
• 4:13
  we
• 4:13
  can
• 4:13
  make
• 4:14
  the
• 4:14
  argument
• 4:14
  all
• 4:14
  day
• 4:14
  long
• 4:15
  for
• 4:15
  that
• 4:15
  being
• 4:15
  a
• 4:15
  really
• 4:16
  important
• 4:16
  piece
• 4:17
  of
• 4:17
  choosing
• 4:18
  any
• 4:18
  stock
• 4:18
  in
• 4:18
  a
• 4:19
  portfolio.
• 4:20
  So,
• 4:20
  you
• 4:20
  know,
• 4:20
  coming
• 4:21
  up
• 4:21
  here
• 4:21
  and
• 4:21
  talking
• 4:21
  about
• 4:22
  AI,
• 4:22
  right,
• 4:22
  obviously
• 4:23
  there's
• 4:23
  a
• 4:23
  lot
• 4:24
  of,
• 4:24
  uh,
• 4:25
  dreams
• 4:25
  and
• 4:25
  wishes,
• 4:26
  uh,
• 4:27
  that
• 4:27
  have
• 4:27
  kinda
• 4:27
  been
• 4:27
  promised
• 4:28
  over
• 4:28
  the
• 4:28
  last
• 4:28
  couple
• 4:29
  of
• 4:29
  years.
• 4:30
  I
• 4:30
  think
• 4:30
  this
• 4:30
  is
• 4:30
  kind
• 4:31
  of
• 4:31
  the
• 4:31
  year
• 4:31
  where-
• 4:33
  We're
• 4:33
  at
• 4:33
  an
• 4:33
  inflection
• 4:34
  point.
• 4:35
  Uh,
• 4:35
  AI
• 4:36
  was
• 4:36
  once
• 4:37
  just
• 4:37
  became,
• 4:37
  uh,
• 4:38
  the
• 4:38
  buzzword
• 4:39
  for
• 4:39
  any
• 4:39
  kind
• 4:40
  of
• 4:40
  earnings
• 4:40
  call.
• 4:41
  Uh,
• 4:41
  if
• 4:41
  you
• 4:42
  wanted
• 4:42
  to
• 4:42
  see
• 4:42
  your
• 4:42
  earnings
• 4:43
  kinda,
• 4:43
  uh,
• 4:43
  and
• 4:44
  your,
• 4:44
  you
• 4:44
  know,
• 4:44
  your
• 4:45
  stock
• 4:45
  pop
• 4:45
  a
• 4:45
  little
• 4:46
  bit,
• 4:46
  you'd
• 4:46
  bring
• 4:46
  up
• 4:46
  AI
• 4:47
  in
• 4:47
  your
• 4:47
  earnings
• 4:47
  call,
• 4:48
  and
• 4:48
  now
• 4:49
  I
• 4:49
  think,
• 4:49
  you
• 4:49
  know,
• 4:50
  it's
• 4:50
  like
• 4:50
  a
• 4:50
  prove
• 4:51
  it
• 4:51
  year.
• 4:51
  So
• 4:51
  we're
• 4:52
  in
• 4:52
  a
• 4:52
  year
• 4:52
  now
• 4:52
  where
• 4:53
  it's
• 4:53
  like,
• 4:53
  okay,
• 4:53
  let's,
• 4:54
  let's
• 4:54
  look
• 4:54
  under
• 4:54
  the
• 4:54
  hood
• 4:55
  and
• 4:55
  see
• 4:55
  what
• 4:55
  actually
• 4:56
  is
• 4:56
  coming
• 4:56
  of
• 4:56
  this
• 4:57
  AI
• 4:57
  investment
• 4:58
  in
• 4:58
  all
• 4:58
  these
• 4:58
  companies.
• 4:59
  I
• 5:00
  love
• 5:00
  that
• 5:00
  you-
• 5:00
  That's
• 5:01
  a
• 5:01
  great
• 5:01
  way
• 5:01
  of
• 5:01
  putting
• 5:02
  it,
• 5:02
  a
• 5:02
  prove
• 5:02
  it
• 5:02
  year.
• 5:03
  All
• 5:03
  right,
• 5:03
  it's
• 5:03
  time
• 5:03
  to
• 5:03
  prove
• 5:04
  it.
• 5:05
  What,
• 5:05
  you
• 5:05
  know,
• 5:06
  prove
• 5:06
  that
• 5:06
  you
• 5:06
  have
• 5:07
  earnings.
• 5:07
  And
• 5:08
  do
• 5:08
  you
• 5:08
  think
• 5:08
  a
• 5:08
  lot
• 5:08
  of
• 5:08
  that
• 5:08
  is
• 5:09
  just
• 5:09
  because
• 5:09
  of
• 5:09
  the
• 5:09
  uncertainty
• 5:10
  in
• 5:10
  market
• 5:11
  now-
• 5:11
  markets
• 5:11
  now?
• 5:12
  Like,
• 5:13
  we've
• 5:14
  got
• 5:14
  the
• 5:14
  war,
• 5:15
  macro
• 5:16
  uncertainty,
• 5:16
  a
• 5:16
  new
• 5:16
  Fed
• 5:17
  chairman.
• 5:18
  Uh,
• 5:18
  just
• 5:18
  all
• 5:19
  this
• 5:19
  stuff
• 5:19
  going.
• 5:19
  Do
• 5:19
  you
• 5:19
  think
• 5:20
  now,
• 5:21
  with
• 5:22
  uncertainty,
• 5:23
  we
• 5:23
  gotta
• 5:23
  get
• 5:23
  back
• 5:24
  to
• 5:24
  fundamentals,
• 5:25
  and
• 5:25
  you
• 5:25
  gotta
• 5:25
  prove
• 5:25
  it
• 5:26
  now,
• 5:26
  you
• 5:26
  know?
• 5:26
  We're...
• 5:28
  A
• 5:28
  lot
• 5:28
  of
• 5:28
  uncertainty
• 5:29
  is
• 5:29
  out
• 5:29
  there.
• 5:29
  There's,
• 5:29
  there's
• 5:30
  certainly,
• 5:31
  uh,
• 5:31
  a
• 5:32
  number
• 5:32
  of
• 5:32
  things,
• 5:33
  uh,
• 5:33
  right
• 5:33
  now
• 5:34
  that's
• 5:34
  affecting
• 5:34
  the
• 5:34
  short-term
• 5:35
  market,
• 5:36
  right?
• 5:37
  Iran
• 5:37
  being,
• 5:37
  the
• 5:38
  Iran
• 5:38
  conflict
• 5:38
  being
• 5:39
  one
• 5:39
  of
• 5:39
  them.
• 5:40
  Uh,
• 5:40
  but
• 5:40
  the
• 5:40
  reality
• 5:41
  of
• 5:41
  the
• 5:41
  fact
• 5:41
  is,
• 5:42
  is
• 5:42
  that,
• 5:42
  you
• 5:42
  know,
• 5:42
  if
• 5:42
  you
• 5:42
  stick
• 5:43
  to
• 5:43
  a
• 5:43
  specific,
• 5:44
  you
• 5:44
  know,
• 5:44
  investment
• 5:45
  process
• 5:45
  like
• 5:45
  we
• 5:46
  do,
• 5:46
  when
• 5:46
  we're
• 5:46
  looking
• 5:47
  at
• 5:47
  these
• 5:47
  companies,
• 5:48
  and
• 5:48
  we're,
• 5:49
  we're,
• 5:49
  we're
• 5:49
  targeting
• 5:50
  companies
• 5:50
  that
• 5:50
  we
• 5:50
  know
• 5:51
  are
• 5:51
  gonna
• 5:51
  be
• 5:51
  successful
• 5:51
  in
• 5:52
  the
• 5:52
  long
• 5:52
  term,
• 5:53
  some
• 5:53
  of
• 5:53
  the
• 5:53
  short-term
• 5:54
  noise
• 5:54
  kinda
• 5:55
  gets
• 5:55
  moved
• 5:55
  out,
• 5:56
  right?
• 5:56
  Uh,
• 5:57
  AI,
• 5:57
  you
• 5:57
  know,
• 5:58
  from
• 5:58
  an
• 5:58
  AI
• 5:58
  perspective,
• 5:59
  right,
• 5:59
  we,
• 6:00
  we
• 6:00
  definitely
• 6:00
  monitor
• 6:01
  companies,
• 6:02
  especially
• 6:02
  in
• 6:02
  our,
• 6:02
  uh,
• 6:03
  large
• 6:04
  cap
• 6:04
  growth,
• 6:05
  uh,
• 6:05
  ETF
• 6:05
  growth,
• 6:06
  GROZ.
• 6:07
  You
• 6:07
  know,
• 6:07
  we
• 6:07
  do
• 6:08
  have
• 6:08
  an,
• 6:08
  uh,
• 6:09
  an
• 6:09
  AI
• 6:09
  kind
• 6:10
  of...
• 6:11
  It's
• 6:11
  there's
• 6:11
  not
• 6:11
  a
• 6:11
  fa-
• 6:12
  like,
• 6:12
  an
• 6:12
  a-
• 6:12
  factor
• 6:13
  in
• 6:13
  it,
• 6:13
  but
• 6:13
  we
• 6:13
  are
• 6:13
  looking
• 6:14
  at
• 6:14
  companies
• 6:15
  that,
• 6:15
  that
• 6:15
  are
• 6:16
  being
• 6:16
  affected
• 6:16
  by
• 6:17
  AI
• 6:17
  or
• 6:17
  are
• 6:18
  using
• 6:18
  AI
• 6:19
  to
• 6:19
  kinda
• 6:19
  grow
• 6:19
  their,
• 6:20
  their,
• 6:20
  their
• 6:20
  balance
• 6:21
  sheets.
• 6:21
  So,
• 6:22
  um,
• 6:23
  it's,
• 6:23
  it's
• 6:24
  not
• 6:24
  quite,
• 6:24
  I
• 6:24
  would
• 6:24
  say,
• 6:25
  like,
• 6:25
  part
• 6:25
  of
• 6:25
  the
• 6:26
  actual
• 6:26
  process,
• 6:27
  'cause
• 6:27
  it
• 6:27
  isn't,
• 6:28
  but
• 6:28
  it's
• 6:28
  really
• 6:28
  more
• 6:29
  about
• 6:30
  understanding
• 6:31
  what's
• 6:31
  going
• 6:31
  on
• 6:32
  and
• 6:32
  that,
• 6:32
  you
• 6:32
  know,
• 6:32
  f-
• 6:32
  if
• 6:33
  our
• 6:33
  team
• 6:33
  needs
• 6:33
  to
• 6:33
  make
• 6:34
  a
• 6:34
  qualitative
• 6:34
  decision,
• 6:35
  uh,
• 6:36
  in
• 6:36
  the
• 6:36
  short
• 6:36
  term
• 6:36
  to,
• 6:37
  you
• 6:37
  know,
• 6:37
  effectively,
• 6:38
  you
• 6:38
  know,
• 6:38
  produce
• 6:39
  a
• 6:39
  better
• 6:39
  portfolio
• 6:40
  in
• 6:40
  the
• 6:40
  long
• 6:40
  term,
• 6:40
  they,
• 6:40
  they'll
• 6:41
  look
• 6:41
  at
• 6:41
  it.
• 6:42
  Sal,
• 6:42
  that's
• 6:42
  interest-
• 6:43
  So
• 6:44
  maybe
• 6:44
  not
• 6:45
  companies
• 6:45
  that
• 6:46
  are
• 6:46
  specific,
• 6:46
  they're
• 6:47
  have
• 6:47
  a
• 6:47
  AI
• 6:48
  technology
• 6:49
  or
• 6:49
  AI
• 6:49
  product,
• 6:50
  but
• 6:50
  just
• 6:51
  firms
• 6:51
  that
• 6:51
  are
• 6:52
  leveraging
• 6:52
  AI
• 6:53
  to
• 6:53
  be
• 6:53
  maybe
• 6:53
  more
• 6:54
  efficient
• 6:55
  in
• 6:55
  their
• 6:55
  processes.
• 6:56
  So
• 6:56
  those
• 6:57
  are
• 6:57
  attractive
• 6:58
  then.
• 6:58
  Yeah.
• 6:58
  Yeah.
• 6:58
  I
• 6:58
  mean,
• 6:59
  I
• 6:59
  think-
• 7:00
  You
• 7:00
  know,
• 7:01
  I'm
• 7:01
  sure
• 7:01
  just
• 7:02
  like,
• 7:02
  just
• 7:02
  like
• 7:02
  myself,
• 7:03
  you've
• 7:03
  been
• 7:03
  playing
• 7:04
  around
• 7:04
  with
• 7:04
  a
• 7:04
  lot
• 7:04
  of
• 7:05
  these
• 7:05
  LLMs.
• 7:06
  Um,
• 7:07
  I
• 7:07
  certainly
• 7:07
  don't
• 7:07
  wanna
• 7:07
  be
• 7:08
  behind
• 7:08
  the
• 7:08
  eight
• 7:08
  ball
• 7:08
  on,
• 7:09
  uh,
• 7:09
  on,
• 7:10
  on
• 7:10
  what's
• 7:10
  happening
• 7:10
  because
• 7:11
  things
• 7:11
  are
• 7:11
  moving
• 7:12
  so
• 7:12
  quickly.
• 7:13
  Uh,
• 7:13
  we're
• 7:14
  just
• 7:14
  trying
• 7:14
  to
• 7:14
  stay
• 7:14
  ahead
• 7:15
  of,
• 7:15
  uh,
• 7:16
  in
• 7:16
  our
• 7:16
  processes,
• 7:17
  we're
• 7:17
  just
• 7:17
  trying
• 7:17
  to
• 7:17
  stay
• 7:18
  ahead
• 7:18
  of,
• 7:19
  you
• 7:19
  know,
• 7:19
  what
• 7:19
  can
• 7:19
  be
• 7:19
  coming
• 7:20
  down
• 7:20
  the
• 7:20
  pipeline.
• 7:21
  Um,
• 7:22
  and
• 7:22
  just
• 7:22
  looking
• 7:23
  at
• 7:23
  the
• 7:23
  companies,
• 7:24
  uh,
• 7:25
  s-
• 7:26
  from
• 7:26
  the
• 7:26
  AI
• 7:27
  view,
• 7:28
  like
• 7:28
  how
• 7:28
  is
• 7:28
  it
• 7:29
  affecting
• 7:29
  their
• 7:29
  business?
• 7:30
  Is
• 7:30
  it
• 7:30
  helping
• 7:31
  them?
• 7:31
  Is
• 7:31
  it
• 7:31
  hurting
• 7:31
  them?
• 7:32
  The-
• 7:32
  these
• 7:33
  things
• 7:33
  are,
• 7:33
  are
• 7:33
  good
• 7:34
  to
• 7:34
  know
• 7:34
  and
• 7:35
  like
• 7:35
  can
• 7:35
  help
• 7:35
  us
• 7:35
  make
• 7:36
  better
• 7:36
  investment
• 7:36
  decisions
• 7:37
  in
• 7:37
  the
• 7:37
  long
• 7:37
  run
• 7:38
  for,
• 7:38
  for
• 7:38
  that,
• 7:39
  for
• 7:39
  that
• 7:39
  specific
• 7:40
  portfolio,
• 7:40
  right?
• 7:41
  Yeah.
• 7:41
  But,
• 7:41
  you
• 7:41
  know,
• 7:42
  we're
• 7:42
  constantly
• 7:44
  monitoring
• 7:44
  what's
• 7:45
  going
• 7:45
  on.
• 7:45
  But
• 7:46
  the
• 7:46
  reality
• 7:46
  is,
• 7:46
  is
• 7:47
  that
• 7:48
  we
• 7:48
  have
• 7:48
  a
• 7:48
  specific
• 7:49
  process
• 7:49
  that
• 7:49
  we
• 7:49
  stick
• 7:50
  to
• 7:50
  in
• 7:50
  all
• 7:50
  of
• 7:50
  our
• 7:50
  strategies,
• 7:51
  and
• 7:51
  it's
• 7:51
  based
• 7:52
  off
• 7:52
  of
• 7:52
  earnings
• 7:53
  and,
• 7:53
  and,
• 7:53
  you
• 7:53
  know,
• 7:54
  the,
• 7:54
  the
• 7:54
  Zacks
• 7:54
  Indicator
• 7:55
  model,
• 7:55
  which
• 7:56
  looks
• 7:56
  at
• 7:56
  all
• 7:56
  the
• 7:56
  different,
• 7:57
  um,
• 7:58
  earnings
• 7:58
  estimate
• 7:58
  revisions.
• 7:59
  A-
• 7:59
  and
• 8:00
  we
• 8:00
  don't
• 8:00
  really
• 8:01
  deviate
• 8:01
  a
• 8:01
  ton
• 8:02
  from
• 8:02
  that
• 8:03
  across
• 8:03
  all
• 8:03
  of
• 8:03
  our
• 8:03
  product
• 8:04
  sets.
• 8:05
  Sal,
• 8:06
  I-
• 8:06
  I'm
• 8:06
  really
• 8:06
  glad
• 8:07
  you
• 8:07
  brought
• 8:07
  that
• 8:07
  up,
• 8:07
  talking
• 8:08
  about
• 8:08
  earnings.
• 8:09
  I
• 8:09
  feel
• 8:09
  as
• 8:09
  if
• 8:10
  that's
• 8:10
  really
• 8:11
  important,
• 8:11
  and
• 8:11
  sometimes
• 8:12
  it
• 8:12
  gets
• 8:12
  lost
• 8:13
  when
• 8:14
  everyone's
• 8:15
  maybe
• 8:15
  investing
• 8:16
  in
• 8:16
  a
• 8:16
  hype,
• 8:17
  AI
• 8:17
  hype.
• 8:18
  Mm-hmm.
• 8:18
  Maybe
• 8:18
  they
• 8:18
  forget
• 8:18
  about
• 8:19
  earnings
• 8:19
  and
• 8:19
  why
• 8:19
  important.
• 8:20
  Do
• 8:20
  you
• 8:20
  think
• 8:21
  earnings
• 8:21
  now...
• 8:22
  And
• 8:22
  also,
• 8:23
  why
• 8:23
  at
• 8:24
  Zacks
• 8:24
  do
• 8:24
  you
• 8:25
  focus
• 8:25
  so
• 8:25
  much
• 8:25
  on
• 8:26
  earnings
• 8:26
  consistency?
• 8:27
  You
• 8:27
  just
• 8:28
  talked
• 8:28
  about
• 8:28
  you're
• 8:28
  focusing
• 8:29
  on
• 8:29
  the
• 8:29
  long
• 8:30
  term.
• 8:31
  What's
• 8:31
  the
• 8:31
  importance
• 8:32
  there,
• 8:33
  and
• 8:33
  why
• 8:33
  do
• 8:33
  you
• 8:33
  guys
• 8:33
  focus
• 8:34
  so
• 8:34
  much
• 8:34
  on
• 8:34
  earning
• 8:35
  consistency?
• 8:35
  Yeah,
• 8:36
  I
• 8:36
  mean,
• 8:36
  it
• 8:36
  comes
• 8:37
  from
• 8:37
  our
• 8:37
  research
• 8:38
  company,
• 8:38
  right?
• 8:38
  We've
• 8:39
  been
• 8:39
  a
• 8:39
  research
• 8:39
  firm
• 8:40
  for
• 8:40
  the
• 8:40
  better
• 8:40
  part
• 8:41
  of
• 8:41
  50
• 8:41
  years.
• 8:42
  Uh,
• 8:42
  Len
• 8:43
  Zacks,
• 8:43
  who
• 8:43
  started
• 8:43
  our
• 8:44
  research,
• 8:44
  uh,
• 8:45
  Zacks
• 8:45
  Investment
• 8:46
  Research,
• 8:46
  coined
• 8:47
  the
• 8:47
  term
• 8:48
  EPS
• 8:48
  surprise,
• 8:49
  right?
• 8:49
  So
• 8:49
  I
• 8:50
  mean,
• 8:50
  it's
• 8:50
  kinda,
• 8:51
  it's
• 8:51
  pretty
• 8:51
  cool
• 8:51
  to
• 8:51
  kind
• 8:51
  of
• 8:52
  be
• 8:52
  a
• 8:52
  part
• 8:53
  of
• 8:53
  a,
• 8:53
  a,
• 8:53
  a
• 8:54
  comp-
• 8:54
  a
• 8:54
  company
• 8:55
  that's
• 8:55
  kind
• 8:55
  of
• 8:56
  taken
• 8:56
  a
• 8:56
  stand
• 8:57
  in,
• 8:57
  in,
• 8:57
  in
• 8:57
  this
• 8:58
  space
• 8:58
  for
• 8:58
  so
• 8:59
  long.
• 9:00
  And,
• 9:00
  and
• 9:00
  really,
• 9:00
  he
• 9:01
  created
• 9:01
  this
• 9:01
  Zacks
• 9:02
  indicator
• 9:03
  ranking
• 9:03
  system
• 9:04
  that
• 9:04
  looks
• 9:04
  at
• 9:04
  these
• 9:05
  companies
• 9:05
  and
• 9:05
  their
• 9:06
  earnings
• 9:06
  estimate
• 9:06
  revisions,
• 9:08
  and,
• 9:08
  and
• 9:08
  kinda
• 9:08
  looks
• 9:09
  at,
• 9:09
  like,
• 9:09
  four
• 9:09
  specific
• 9:10
  things,
• 9:10
  right?
• 9:10
  It's,
• 9:11
  it's
• 9:11
  agreement,
• 9:12
  agreement
• 9:12
  of
• 9:12
  the
• 9:12
  analysts.
• 9:14
  It's
• 9:14
  the
• 9:14
  magnitude
• 9:14
  of
• 9:14
  the
• 9:15
  earnings,
• 9:15
  uh,
• 9:16
  the
• 9:16
  earnings
• 9:17
  movements
• 9:18
  in
• 9:18
  their,
• 9:18
  in
• 9:18
  their
• 9:19
  revisions.
• 9:20
  It's
• 9:20
  the
• 9:20
  potential
• 9:21
  for
• 9:21
  upside,
• 9:21
  and
• 9:21
  then
• 9:22
  it's
• 9:22
  also
• 9:22
  surprise.
• 9:23
  So
• 9:23
  there's
• 9:23
  four
• 9:24
  specific
• 9:24
  things
• 9:24
  we're
• 9:25
  looking
• 9:25
  at
• 9:25
  that
• 9:25
  go
• 9:26
  into
• 9:26
  that
• 9:26
  ranking
• 9:26
  system,
• 9:27
  and
• 9:27
  that
• 9:28
  ranking
• 9:28
  is
• 9:28
  utilized,
• 9:29
  like
• 9:29
  I
• 9:29
  said,
• 9:29
  in
• 9:29
  all
• 9:30
  of
• 9:30
  our
• 9:31
  products,
• 9:32
  right?
• 9:32
  We
• 9:32
  started
• 9:33
  our
• 9:33
  investment
• 9:33
  management
• 9:33
  company
• 9:33
  in
• 9:34
  1992.
• 9:35
  About
• 9:35
  26
• 9:36
  billion
• 9:36
  in
• 9:36
  assets
• 9:37
  across
• 9:37
  SMAs,
• 9:38
  mutual
• 9:39
  funds,
• 9:39
  and
• 9:39
  you
• 9:39
  know,
• 9:39
  as
• 9:40
  of
• 9:40
  the
• 9:40
  last
• 9:40
  couple
• 9:40
  of
• 9:40
  years,
• 9:41
  ETFs.
• 9:43
  I
• 9:43
  love
• 9:43
  that.
• 9:44
  E-
• 9:44
  I
• 9:44
  often
• 9:44
  talk
• 9:44
  when
• 9:45
  I
• 9:45
  do
• 9:45
  a
• 9:45
  lot
• 9:45
  of
• 9:45
  research,
• 9:46
  whether
• 9:46
  it's
• 9:46
  on
• 9:46
  SMAs,
• 9:47
  mutual
• 9:48
  funds,
• 9:48
  E-
• 9:48
  consistency
• 9:49
  of
• 9:50
  philosophy-
• 9:51
  Mm-hmm
• 9:52
  strategy,
• 9:52
  and
• 9:53
  obviously
• 9:53
  returns.
• 9:54
  You
• 9:54
  want
• 9:54
  consistent
• 9:55
  returns.
• 9:55
  But
• 9:56
  how
• 9:57
  important
• 9:57
  that
• 9:57
  is.
• 9:57
  If
• 9:57
  you're
• 9:58
  gonna
• 9:58
  invest
• 9:58
  in
• 9:58
  a
• 9:58
  manager,
• 9:59
  you
• 9:59
  wanna
• 10:00
  know
• 10:01
  Wha--
• 10:02
  You
• 10:02
  know,
• 10:03
  that
• 10:03
  they
• 10:03
  are
• 10:03
  going
• 10:03
  to
• 10:03
  be
• 10:03
  consistent
• 10:04
  in
• 10:04
  their
• 10:05
  investment-
• 10:05
  Mm-hmm
• 10:05
  philosophy,
• 10:06
  their
• 10:06
  strategy,
• 10:07
  regardless
• 10:08
  if
• 10:08
  that
• 10:08
  is
• 10:09
  in
• 10:09
  favor
• 10:09
  or
• 10:09
  out
• 10:10
  of
• 10:10
  favor.
• 10:10
  Right.
• 10:11
  Regardless
• 10:11
  of
• 10:11
  what
• 10:12
  market
• 10:12
  cycle
• 10:12
  it
• 10:12
  is.
• 10:13
  And
• 10:13
  it
• 10:13
  just
• 10:14
  shows
• 10:14
  that
• 10:14
  you
• 10:14
  guys
• 10:14
  are
• 10:14
  very
• 10:15
  consistent
• 10:15
  across
• 10:16
  all
• 10:16
  your
• 10:16
  products.
• 10:17
  Yeah.
• 10:17
  You
• 10:17
  know,
• 10:17
  if
• 10:18
  you're
• 10:18
  investing
• 10:18
  in,
• 10:19
  whether
• 10:19
  it's
• 10:19
  small
• 10:19
  cap,
• 10:20
  mid
• 10:20
  cap,
• 10:20
  inter-
• 10:21
  whatever
• 10:21
  product
• 10:22
  it
• 10:22
  is,
• 10:22
  you're
• 10:23
  gonna
• 10:23
  get
• 10:23
  that
• 10:23
  same
• 10:24
  methodology-
• 10:25
  Right
• 10:26
  across
• 10:26
  the
• 10:26
  board.
• 10:26
  Yeah,
• 10:26
  it's
• 10:26
  just,
• 10:27
  it's,
• 10:28
  it's
• 10:28
  a
• 10:28
  very
• 10:29
  replicatable
• 10:30
  process
• 10:30
  that
• 10:31
  we,
• 10:31
  we,
• 10:31
  you
• 10:31
  know,
• 10:31
  we're
• 10:32
  finding
• 10:32
  that,
• 10:33
  um,
• 10:33
  you
• 10:33
  know,
• 10:33
  obviously
• 10:34
  it's
• 10:34
  worked
• 10:34
  well
• 10:35
  in
• 10:35
  the
• 10:35
  SMA
• 10:35
  space
• 10:36
  for
• 10:36
  quite
• 10:36
  a
• 10:36
  while.
• 10:37
  You
• 10:37
  know,
• 10:37
  our
• 10:37
  ETF
• 10:38
  business
• 10:38
  is
• 10:39
  now
• 10:39
  growing
• 10:40
  pretty-
• 10:40
  Mm
• 10:40
  pretty
• 10:41
  rapidly,
• 10:41
  I
• 10:41
  think.
• 10:42
  Um,
• 10:43
  and
• 10:43
  we
• 10:43
  are
• 10:45
  always
• 10:45
  looking
• 10:45
  for
• 10:45
  interesting
• 10:46
  new
• 10:46
  potential
• 10:47
  ideas
• 10:47
  to
• 10:47
  launch
• 10:48
  as
• 10:48
  well,
• 10:48
  which
• 10:48
  kind
• 10:49
  of
• 10:49
  leads
• 10:49
  into,
• 10:49
  right,
• 10:50
  obviously
• 10:50
  our
• 10:50
  international
• 10:51
  fund,
• 10:51
  which
• 10:52
  is
• 10:52
  QUIZ,
• 10:53
  Quiz,
• 10:54
  which
• 10:54
  is
• 10:54
  relatively
• 10:55
  new.
• 10:55
  It's
• 10:55
  about
• 10:55
  seven,
• 10:56
  I
• 10:56
  think
• 10:56
  eight
• 10:56
  months.
• 10:57
  Time-
• 10:57
  Wow
• 10:57
  is
• 10:57
  going
• 10:57
  by
• 10:58
  so
• 10:58
  quick.
• 10:58
  Um,
• 11:00
  so
• 11:00
  yeah,
• 11:01
  I
• 11:01
  mean,
• 11:01
  we
• 11:01
  were
• 11:01
  like,
• 11:02
  as
• 11:02
  a,
• 11:02
  as
• 11:03
  a
• 11:03
  company,
• 11:04
  we,
• 11:05
  we
• 11:05
  kind
• 11:05
  of
• 11:05
  sat
• 11:05
  down
• 11:06
  and
• 11:06
  we
• 11:06
  were
• 11:06
  like,
• 11:06
  "What's
• 11:06
  the
• 11:06
  next
• 11:06
  step?"
• 11:08
  What's
• 11:08
  the
• 11:08
  next
• 11:08
  step
• 11:09
  for
• 11:09
  our
• 11:09
  firm?
• 11:09
  And
• 11:09
  it's
• 11:09
  like
• 11:09
  we've
• 11:10
  never
• 11:10
  covered
• 11:10
  international
• 11:11
  stocks
• 11:12
  before.
• 11:13
  So
• 11:13
  that's
• 11:13
  something,
• 11:14
  you
• 11:14
  know,
• 11:15
  we
• 11:15
  knew
• 11:15
  we
• 11:15
  could
• 11:16
  be
• 11:16
  good
• 11:16
  at
• 11:16
  because
• 11:16
  we've
• 11:16
  been
• 11:17
  doing
• 11:17
  it
• 11:17
  for
• 11:17
  so
• 11:17
  long
• 11:18
  on
• 11:18
  the
• 11:18
  domestic
• 11:18
  side.
• 11:19
  Yeah.
• 11:19
  And,
• 11:19
  and,
• 11:19
  and
• 11:20
  since
• 11:20
  we
• 11:21
  wanna
• 11:21
  own
• 11:21
  the,
• 11:22
  the
• 11:22
  local
• 11:22
  shares,
• 11:23
  like
• 11:23
  you
• 11:23
  can't
• 11:23
  do
• 11:23
  local
• 11:24
  share
• 11:24
  SMAs,
• 11:25
  right?
• 11:25
  The-
• 11:25
  you're
• 11:25
  not
• 11:25
  gonna
• 11:25
  be
• 11:25
  able
• 11:26
  to-
• 11:26
  Yeah
• 11:26
  buy
• 11:26
  something
• 11:27
  in
• 11:27
  Japan,
• 11:28
  uh,
• 11:28
  and
• 11:28
  hold
• 11:28
  it
• 11:28
  in
• 11:29
  an
• 11:29
  SMA.
• 11:29
  Yeah.
• 11:29
  You'd
• 11:29
  have
• 11:30
  to
• 11:30
  buy
• 11:30
  the
• 11:30
  ADR.
• 11:31
  Um,
• 11:32
  and
• 11:32
  that's
• 11:32
  really
• 11:32
  kinda
• 11:34
  the
• 11:34
  active
• 11:34
  ETF
• 11:34
  space
• 11:35
  has,
• 11:35
  has
• 11:35
  given
• 11:36
  us
• 11:36
  that
• 11:36
  opportunity
• 11:36
  to
• 11:37
  kind
• 11:37
  of
• 11:37
  take
• 11:37
  that
• 11:38
  next
• 11:38
  step
• 11:38
  to,
• 11:40
  to
• 11:40
  the
• 11:40
  international
• 11:41
  market.
• 11:41
  Yeah.
• 11:42
  So
• 11:42
  I'm
• 11:42
  gonna
• 11:43
  put
• 11:43
  a
• 11:43
  little
• 11:43
  plug
• 11:43
  in.
• 11:44
  You
• 11:44
  mentioned
• 11:44
  SMAs.
• 11:46
  You
• 11:46
  know,
• 11:46
  with
• 11:46
  the
• 11:46
  PSN,
• 11:47
  separately
• 11:47
  managed
• 11:47
  account
• 11:47
  database,
• 11:48
  Zacks
• 11:49
  has
• 11:49
  a
• 11:49
  lot
• 11:49
  of
• 11:49
  great...
• 11:50
  It's
• 11:50
  like
• 11:50
  almost
• 11:50
  every
• 11:51
  quarter
• 11:51
  I
• 11:51
  do
• 11:51
  PSN
• 11:52
  top
• 11:52
  guns.
• 11:53
  Zacks
• 11:53
  has
• 11:54
  a
• 11:55
  top
• 11:55
  performing
• 11:56
  SMAs
• 11:57
  out
• 11:57
  there
• 11:57
  that's
• 11:57
  always,
• 11:58
  you
• 11:58
  know,
• 11:58
  they're
• 11:58
  always
• 11:58
  a
• 11:59
  top
• 11:59
  gun
• 11:59
  'cause
• 12:00
  they're
• 12:00
  doing
• 12:00
  some
• 12:00
  great
• 12:00
  work
• 12:01
  there
• 12:01
  on
• 12:01
  the
• 12:01
  SMAs,
• 12:02
  and
• 12:02
  then
• 12:02
  you
• 12:02
  just
• 12:02
  bring
• 12:03
  it
• 12:03
  forward
• 12:03
  to
• 12:03
  the
• 12:03
  ETFs.
• 12:04
  Yeah.
• 12:05
  I
• 12:05
  mean,
• 12:05
  obviously
• 12:05
  there's
• 12:06
  a
• 12:06
  little
• 12:06
  bit
• 12:06
  of
• 12:06
  difference
• 12:06
  in,
• 12:07
  in
• 12:07
  obvious-
• 12:07
  you
• 12:07
  know,
• 12:08
  as
• 12:08
  you
• 12:08
  know,
• 12:08
  with
• 12:08
  ETFs,
• 12:09
  a
• 12:09
  little
• 12:09
  bit
• 12:09
  of
• 12:09
  a
• 12:09
  different,
• 12:10
  uh,
• 12:10
  trading-
• 12:11
  Mm-hmm
• 12:11
  trading
• 12:11
  situation.
• 12:12
  But
• 12:12
  yeah,
• 12:12
  we
• 12:12
  try
• 12:13
  to,
• 12:13
  we
• 12:13
  try
• 12:14
  to
• 12:14
  keep
• 12:14
  a
• 12:14
  consistent,
• 12:16
  like
• 12:16
  you
• 12:16
  said,
• 12:16
  consistent,
• 12:17
  uh,
• 12:17
  process
• 12:18
  across
• 12:19
  all
• 12:19
  of
• 12:19
  our
• 12:19
  strategies.
• 12:20
  I
• 12:20
  think
• 12:20
  that's
• 12:20
  fantastic.
• 12:21
  Let's
• 12:21
  talk
• 12:22
  about
• 12:22
  small
• 12:22
  mid
• 12:23
  caps.
• 12:23
  Mm-hmm.
• 12:24
  You
• 12:24
  know,
• 12:24
  we've
• 12:24
  experienced
• 12:26
  over
• 12:26
  the
• 12:26
  past,
• 12:27
  I
• 12:27
  don't
• 12:27
  know,
• 12:27
  few
• 12:27
  months
• 12:28
  here,
• 12:28
  like
• 12:29
  we've
• 12:29
  talked
• 12:29
  a
• 12:29
  lot
• 12:29
  about
• 12:30
  AI
• 12:30
  driving
• 12:30
  markets,
• 12:31
  but
• 12:31
  we've
• 12:31
  experienced
• 12:32
  now
• 12:32
  a
• 12:32
  breadth
• 12:33
  of
• 12:33
  leadership.
• 12:34
  Markets
• 12:34
  at
• 12:35
  leadership
• 12:35
  has
• 12:35
  expanded
• 12:36
  some.
• 12:36
  Mm-hmm.
• 12:36
  I
• 12:36
  th-
• 12:36
  it's
• 12:37
  good.
• 12:37
  Uh,
• 12:38
  helps
• 12:39
  with
• 12:39
  the
• 12:39
  health
• 12:39
  of
• 12:39
  the
• 12:39
  market.
• 12:41
  Do
• 12:41
  you
• 12:41
  think,
• 12:42
  you
• 12:42
  know,
• 12:42
  during
• 12:43
  this
• 12:43
  period
• 12:43
  of
• 12:43
  uncertainty
• 12:44
  though,
• 12:45
  who
• 12:45
  knows
• 12:45
  how
• 12:45
  long
• 12:45
  market
• 12:46
  leadership,
• 12:47
  do
• 12:47
  you
• 12:47
  think
• 12:47
  it'll
• 12:47
  benefit?
• 12:47
  Yeah,
• 12:48
  I
• 12:48
  mean,
• 12:49
  it's
• 12:49
  a
• 12:49
  good
• 12:49
  question.
• 12:50
  I
• 12:50
  think
• 12:50
  it's
• 12:50
  a
• 12:50
  question
• 12:51
  and,
• 12:51
  that
• 12:51
  we've
• 12:52
  brought
• 12:52
  up
• 12:52
  on,
• 12:53
  you
• 12:53
  know,
• 12:54
  our
• 12:54
  minds
• 12:55
  multiple
• 12:55
  years
• 12:56
  in
• 12:56
  a
• 12:56
  row.
• 12:56
  We're
• 12:57
  kinda
• 12:57
  waiting
• 12:57
  for
• 12:58
  something
• 12:58
  in
• 12:58
  the
• 12:58
  space.
• 12:59
  Mm-hmm.
• 12:59
  And
• 12:59
  I
• 12:59
  think
• 13:00
  obviously,
• 13:01
  um,
• 13:02
  interest
• 13:02
  rates
• 13:02
  do
• 13:02
  play
• 13:02
  a
• 13:02
  role
• 13:03
  in
• 13:03
  that,
• 13:03
  right?
• 13:04
  So
• 13:04
  we
• 13:04
  don't
• 13:04
  necessarily
• 13:05
  know
• 13:05
  what
• 13:05
  we're
• 13:05
  gonna
• 13:05
  get
• 13:06
  in
• 13:06
  the
• 13:07
  near
• 13:07
  term,
• 13:07
  in
• 13:07
  the
• 13:07
  short
• 13:07
  term.
• 13:08
  I
• 13:08
  think
• 13:09
  we're
• 13:09
  in
• 13:09
  the
• 13:09
  one,
• 13:09
  one
• 13:10
  cut
• 13:10
  camp
• 13:10
  here,
• 13:11
  I
• 13:11
  think,
• 13:11
  as
• 13:11
  you
• 13:11
  talk
• 13:12
  to
• 13:12
  our
• 13:12
  chief
• 13:12
  markets
• 13:12
  sta-
• 13:13
  uh,
• 13:13
  strategist.
• 13:14
  I
• 13:14
  think
• 13:14
  right
• 13:14
  now
• 13:15
  we're
• 13:15
  in
• 13:15
  kinda
• 13:15
  the
• 13:16
  one
• 13:16
  cut
• 13:16
  for
• 13:16
  the
• 13:16
  rest-
• 13:17
  Mm-hmm
• 13:17
  of
• 13:17
  the
• 13:17
  year
• 13:17
  camp.
• 13:18
  Uh,
• 13:18
  but
• 13:19
  that
• 13:19
  could
• 13:19
  change,
• 13:19
  right?
• 13:19
  With
• 13:20
  the
• 13:20
  new,
• 13:20
  with
• 13:20
  the
• 13:20
  new,
• 13:21
  uh,
• 13:21
  Fed
• 13:21
  chair
• 13:21
  coming
• 13:21
  in.
• 13:21
  Uh,
• 13:22
  it
• 13:22
  could
• 13:22
  change
• 13:23
  rapidly,
• 13:24
  uh,
• 13:24
  depending
• 13:24
  on
• 13:24
  how,
• 13:25
  you
• 13:25
  know,
• 13:25
  persuasive
• 13:25
  he
• 13:26
  is
• 13:26
  with,
• 13:26
  with
• 13:27
  the
• 13:27
  rest
• 13:27
  of
• 13:27
  the,
• 13:27
  uh,
• 13:28
  committee.
• 13:28
  Yeah.
• 13:29
  Um,
• 13:30
  so
• 13:30
  it's-
• 13:30
  And
• 13:30
  also
• 13:31
  with,
• 13:31
  uh,
• 13:32
  the
• 13:32
  White
• 13:32
  House
• 13:32
  too.
• 13:33
  Yeah.
• 13:33
  Well,
• 13:34
  yeah,
• 13:34
  I
• 13:34
  mean,
• 13:35
  I'm
• 13:35
  certain
• 13:36
  that's
• 13:36
  gonna
• 13:36
  be
• 13:36
  an,
• 13:36
  an
• 13:37
  immediate
• 13:37
  pressure,
• 13:38
  step
• 13:38
  back.
• 13:39
  The
• 13:39
  Fed
• 13:39
  chair
• 13:40
  is
• 13:40
  not
• 13:40
  controlling
• 13:41
  this.
• 13:41
  They're
• 13:41
  just
• 13:42
  the
• 13:42
  mouthpiece-
• 13:43
  Yeah
• 13:43
  for
• 13:43
  the
• 13:43
  committee.
• 13:44
  So,
• 13:45
  you
• 13:45
  know,
• 13:45
  as
• 13:45
  much
• 13:45
  as
• 13:45
  you
• 13:46
  can
• 13:46
  put
• 13:46
  who
• 13:46
  you
• 13:47
  want
• 13:47
  in
• 13:47
  there,
• 13:47
  it's
• 13:47
  certainly,
• 13:48
  you
• 13:48
  know,
• 13:48
  it's
• 13:49
  still
• 13:49
  a
• 13:49
  group,
• 13:50
  group
• 13:51
  decision
• 13:51
  overall.
• 13:52
  So
• 13:52
  we
• 13:52
  don't
• 13:53
  necessarily
• 13:53
  know,
• 13:54
  uh,
• 13:55
  how
• 13:55
  that's
• 13:55
  gonna
• 13:55
  play
• 13:56
  out.
• 13:56
  But
• 13:56
  then,
• 13:56
  you
• 13:56
  know,
• 13:57
  when
• 13:57
  you're
• 13:57
  taking
• 13:57
  a
• 13:57
  look
• 13:57
  at
• 13:57
  small
• 13:58
  and
• 13:58
  mid
• 13:58
  caps,
• 13:59
  you
• 13:59
  still
• 13:59
  wanna
• 14:00
  be...
• 14:00
  And,
• 14:00
  and
• 14:01
  I'm
• 14:01
  gonna,
• 14:01
  you
• 14:01
  know,
• 14:01
  pound
• 14:02
  the
• 14:02
  table
• 14:02
  on
• 14:02
  the
• 14:02
  earnings
• 14:03
  and
• 14:03
  kind
• 14:03
  of
• 14:04
  where,
• 14:04
  where,
• 14:04
  where
• 14:05
  we
• 14:05
  are,
• 14:05
  you
• 14:05
  still
• 14:06
  wanna
• 14:06
  be
• 14:06
  invested
• 14:07
  in
• 14:07
  companies
• 14:08
  that
• 14:09
  actually
• 14:10
  perform
• 14:11
  on
• 14:11
  their
• 14:11
  balance
• 14:11
  sheets.
• 14:13
  Mm-hmm.
• 14:13
  Not
• 14:13
  the
• 14:14
  kind
• 14:14
  of
• 14:14
  shoot
• 14:14
  for
• 14:15
  the...
• 14:15
  Well,
• 14:15
  at
• 14:15
  least
• 14:15
  what
• 14:15
  we
• 14:16
  do,
• 14:16
  right?
• 14:16
  We're
• 14:16
  not
• 14:17
  investing
• 14:17
  in
• 14:17
  the
• 14:17
  shoot
• 14:18
  for
• 14:18
  the
• 14:18
  moon
• 14:18
  unprofitable
• 14:19
  small
• 14:20
  caps-
• 14:20
  Mm-hmm
• 14:20
  out
• 14:20
  there,
• 14:20
  right?
• 14:21
  That's
• 14:21
  one
• 14:21
  of
• 14:22
  our
• 14:22
  main
• 14:23
  kind
• 14:23
  of
• 14:23
  arguments
• 14:24
  against
• 14:25
  owning
• 14:25
  a
• 14:25
  benchmark
• 14:26
  versus
• 14:26
  owning
• 14:27
  our
• 14:27
  small
• 14:27
  and
• 14:27
  mid
• 14:27
  cap
• 14:27
  funds,
• 14:28
  SMIZ.
• 14:29
  It's
• 14:30
  more
• 14:30
  about
• 14:30
  understanding
• 14:31
  what
• 14:31
  you're
• 14:31
  owning.
• 14:33
  And,
• 14:33
  and
• 14:33
  if
• 14:33
  you
• 14:33
  own
• 14:34
  the
• 14:34
  entire
• 14:35
  benchmark,
• 14:35
  you
• 14:35
  have
• 14:36
  no
• 14:36
  control
• 14:37
  over
• 14:37
  what
• 14:37
  you're
• 14:38
  invested
• 14:38
  in-
• 14:38
  Mm
• 14:38
  aside
• 14:39
  from
• 14:39
  what
• 14:39
  you're
• 14:39
  getting
• 14:40
  in
• 14:40
  a
• 14:40
  benchmark.
• 14:41
  We
• 14:41
  own
• 14:42
  about
• 14:42
  8%
• 14:42
  of
• 14:42
  the
• 14:42
  Russell
• 14:43
  2500.
• 14:43
  Right.
• 14:44
  Right?
• 14:45
  So
• 14:45
  think
• 14:46
  about
• 14:47
  200
• 14:47
  stocks
• 14:48
  versus
• 14:48
  2,500
• 14:49
  stocks,
• 14:50
  where
• 14:51
  we
• 14:51
  have
• 14:51
  a
• 14:51
  process
• 14:51
  that
• 14:52
  we
• 14:52
  know
• 14:53
  has,
• 14:53
  has
• 14:53
  a
• 14:54
  decent,
• 14:54
  um,
• 14:55
  a
• 14:55
  decent
• 14:55
  track
• 14:56
  record
• 14:56
  of,
• 14:56
  of,
• 14:57
  of
• 14:57
  history.
• 14:57
  Yeah.
• 14:57
  And,
• 14:58
  and,
• 14:58
  and
• 14:58
  the
• 14:58
  process
• 14:59
  has
• 14:59
  been
• 14:59
  run
• 15:00
  for,
• 15:01
  you
• 15:01
  know,
• 15:01
  15
• 15:01
  years,
• 15:02
  uh,
• 15:03
  behind
• 15:03
  the
• 15:03
  scenes
• 15:04
  before
• 15:04
  we
• 15:04
  launched
• 15:04
  the
• 15:04
  fund.
• 15:05
  Um,
• 15:06
  so
• 15:07
  it's
• 15:07
  something
• 15:07
  where
• 15:07
  we're
• 15:07
  looking
• 15:08
  at
• 15:08
  companies
• 15:08
  that,
• 15:09
  that
• 15:09
  actually
• 15:10
  have
• 15:10
  tangible
• 15:11
  balance
• 15:12
  sheet-
• 15:12
  and
• 15:12
  assets
• 15:12
  and
• 15:12
  balance
• 15:13
  sheets.
• 15:14
  Yeah.
• 15:14
  That's
• 15:14
  fantastic,
• 15:15
  Sal.
• 15:15
  And
• 15:16
  I...
• 15:16
  There
• 15:17
  is
• 15:17
  maybe
• 15:18
  some
• 15:18
  asset
• 15:18
  classes
• 15:19
  you
• 15:19
  can
• 15:19
  get
• 15:19
  away
• 15:19
  with
• 15:20
  just
• 15:20
  doing
• 15:20
  a
• 15:20
  passive,
• 15:21
  passive
• 15:22
  approach,
• 15:23
  like
• 15:23
  maybe
• 15:23
  large
• 15:24
  blend.
• 15:25
  Yeah.
• 15:26
  Large.
• 15:26
  But-
• 15:26
  Yeah,
• 15:26
  I
• 15:26
  mean-
• 15:26
  small
• 15:27
  cap's
• 15:27
  one
• 15:27
  where
• 15:29
  you're
• 15:29
  better
• 15:29
  off
• 15:29
  active,
• 15:30
  right?
• 15:30
  Be
• 15:30
  a
• 15:30
  little
• 15:30
  bit
• 15:31
  more
• 15:31
  selective.
• 15:32
  I
• 15:32
  like
• 15:32
  to
• 15:32
  make
• 15:32
  that
• 15:33
  argument.
• 15:33
  Um,
• 15:34
  I
• 15:34
  believe,
• 15:35
  and,
• 15:35
  and,
• 15:35
  and
• 15:35
  this
• 15:36
  is
• 15:36
  by
• 15:36
  no
• 15:36
  means
• 15:36
  talking,
• 15:37
  you
• 15:37
  know,
• 15:38
  down
• 15:38
  on
• 15:38
  our
• 15:39
  GROZ
• 15:39
  and
• 15:39
  ZECP,
• 15:40
  which
• 15:40
  is
• 15:40
  our
• 15:40
  large
• 15:41
  core.
• 15:42
  Um,
• 15:43
  small
• 15:43
  and
• 15:43
  mid
• 15:43
  cap,
• 15:44
  international,
• 15:45
  and
• 15:45
  then
• 15:46
  we
• 15:46
  don't
• 15:46
  cover
• 15:46
  it,
• 15:47
  but
• 15:47
  fixed
• 15:47
  income.
• 15:47
  I
• 15:48
  think
• 15:48
  three
• 15:48
  places
• 15:49
  where
• 15:49
  you
• 15:49
  can
• 15:49
  actually
• 15:50
  have
• 15:51
  an
• 15:51
  active
• 15:51
  manager
• 15:52
  can
• 15:52
  really
• 15:52
  make
• 15:52
  some
• 15:53
  tangible
• 15:53
  strides
• 15:53
  in
• 15:54
  a
• 15:54
  portfolio.
• 15:55
  I...
• 15:55
  Sal,
• 15:55
  we
• 15:55
  agree
• 15:56
  on
• 15:56
  a
• 15:56
  lot
• 15:56
  of
• 15:56
  things,
• 15:57
  but
• 15:57
  that
• 15:57
  one
• 15:57
  I
• 15:57
  really
• 15:58
  agree
• 15:58
  with
• 15:58
  you.
• 15:58
  Those,
• 16:00
  especially,
• 16:00
  like,
• 16:00
  fixed
• 16:01
  income.
• 16:02
  I
• 16:02
  just,
• 16:02
  that
• 16:03
  market,
• 16:03
  uh,
• 16:04
  too
• 16:04
  much
• 16:04
  going
• 16:04
  on
• 16:05
  there.
• 16:05
  Let,
• 16:05
  you
• 16:05
  know,
• 16:05
  let
• 16:06
  active
• 16:06
  management-
• 16:07
  Mm-hmm
• 16:07
  take
• 16:07
  its
• 16:08
  role.
• 16:08
  So
• 16:09
  you
• 16:09
  brought
• 16:10
  up
• 16:10
  international.
• 16:10
  Let's
• 16:11
  touch
• 16:11
  on
• 16:11
  it
• 16:11
  real
• 16:11
  quickly.
• 16:13
  International,
• 16:13
  especially
• 16:14
  emerging
• 16:14
  markets,
• 16:14
  had
• 16:15
  a
• 16:15
  great
• 16:15
  run-
• 16:16
  Mm-hmm
• 16:16
  2025
• 16:16
  into
• 16:17
  this
• 16:17
  year.
• 16:17
  Outperformed.
• 16:18
  Finally,
• 16:18
  diversification
• 16:19
  now
• 16:20
  matters.
• 16:21
  Thanks
• 16:21
  to
• 16:21
  international.
• 16:22
  Do
• 16:22
  you
• 16:22
  think
• 16:22
  international
• 16:23
  maybe,
• 16:24
  you
• 16:24
  know,
• 16:24
  again,
• 16:24
  uncertainty
• 16:25
  out
• 16:25
  there,
• 16:26
  has
• 16:27
  some
• 16:27
  more
• 16:27
  room
• 16:27
  to
• 16:28
  outperform
• 16:29
  heading,
• 16:29
  you
• 16:30
  know,
• 16:30
  in
• 16:30
  2026?
• 16:31
  Do
• 16:31
  you
• 16:31
  think
• 16:31
  we're
• 16:32
  gonna
• 16:32
  see
• 16:32
  some
• 16:32
  more
• 16:32
  outperformance
• 16:33
  there?
• 16:33
  Or
• 16:34
  do
• 16:34
  you
• 16:34
  think
• 16:34
  that
• 16:35
  maybe
• 16:35
  run
• 16:35
  is
• 16:35
  over
• 16:36
  with
• 16:36
  a
• 16:36
  little
• 16:36
  bit?
• 16:36
  Yeah,
• 16:36
  I
• 16:37
  mean-
• 16:38
  I
• 16:38
  think
• 16:39
  that
• 16:40
  the--
• 16:41
  what's
• 16:41
  going
• 16:41
  on
• 16:42
  in,
• 16:42
  in
• 16:42
  the
• 16:42
  Middle
• 16:43
  East
• 16:43
  mu-
• 16:43
  is
• 16:43
  affecting
• 16:44
  it,
• 16:44
  right?
• 16:45
  I
• 16:45
  think
• 16:45
  we
• 16:45
  were
• 16:45
  doing
• 16:45
  really
• 16:46
  well
• 16:46
  this
• 16:46
  year
• 16:47
  on
• 16:47
  the
• 16:47
  international
• 16:48
  space
• 16:48
  versus
• 16:49
  domestic.
• 16:50
  And,
• 16:50
  um,
• 16:51
  you
• 16:52
  know,
• 16:52
  the,
• 16:52
  the,
• 16:52
  the
• 16:52
  conflict
• 16:53
  has
• 16:53
  certainly
• 16:55
  kinda
• 16:55
  put
• 16:55
  a
• 16:55
  little
• 16:55
  bit
• 16:56
  of
• 16:56
  a
• 16:56
  pin
• 16:56
  in
• 16:56
  that,
• 16:57
  depending
• 16:57
  on
• 16:57
  where
• 16:57
  you're
• 16:57
  investing.
• 16:59
  Mm-hmm.
• 16:59
  Uh,
• 16:59
  obviously,
• 17:01
  you
• 17:01
  know,
• 17:02
  Europe
• 17:02
  and
• 17:02
  Japan
• 17:04
  probably
• 17:05
  getting
• 17:05
  some
• 17:06
  residual
• 17:06
  effects.
• 17:07
  I
• 17:07
  mean,
• 17:07
  everybody's
• 17:07
  gonna
• 17:07
  be
• 17:08
  affected
• 17:08
  if,
• 17:09
  you
• 17:09
  know,
• 17:09
  oil
• 17:09
  prices
• 17:10
  continue
• 17:10
  to
• 17:10
  climb
• 17:11
  in
• 17:11
  the
• 17:11
  short
• 17:11
  term.
• 17:12
  But
• 17:13
  the
• 17:13
  reality
• 17:13
  is,
• 17:14
  is
• 17:14
  that
• 17:15
  you
• 17:15
  don't
• 17:15
  really
• 17:16
  kind
• 17:16
  of...
• 17:16
  Like
• 17:16
  we
• 17:16
  said,
• 17:17
  we're,
• 17:17
  we're
• 17:17
  investing
• 17:18
  for
• 17:18
  more,
• 17:18
  more
• 17:19
  towards
• 17:20
  the
• 17:20
  longer
• 17:21
  term.
• 17:21
  I
• 17:21
  mean,
• 17:22
  we
• 17:22
  do
• 17:22
  in
• 17:22
  our
• 17:22
  QUZ
• 17:23
  fund,
• 17:24
  we
• 17:24
  do
• 17:24
  look
• 17:25
  at
• 17:25
  momentum,
• 17:25
  so
• 17:26
  obviously
• 17:26
  it's
• 17:26
  playing
• 17:26
  a
• 17:26
  role
• 17:27
  in
• 17:27
  kind
• 17:27
  of
• 17:27
  what's
• 17:28
  going
• 17:28
  on
• 17:28
  right
• 17:28
  now.
• 17:29
  But
• 17:31
  we
• 17:31
  are
• 17:31
  still
• 17:31
  kind
• 17:31
  of
• 17:31
  overlaying
• 17:32
  that
• 17:33
  four
• 17:33
  factor
• 17:33
  model
• 17:34
  that
• 17:34
  we
• 17:34
  use
• 17:35
  that
• 17:35
  looks
• 17:35
  at
• 17:36
  quality
• 17:36
  companies
• 17:37
  and,
• 17:38
  you
• 17:38
  know,
• 17:39
  quality,
• 17:39
  you
• 17:39
  know,
• 17:39
  companies
• 17:40
  with,
• 17:40
  with
• 17:40
  solid
• 17:41
  balance
• 17:41
  sheets.
• 17:42
  Yeah.
• 17:43
  I
• 17:43
  mean,
• 17:43
  I
• 17:43
  think
• 17:43
  we've
• 17:43
  done
• 17:45
  decently
• 17:45
  well
• 17:45
  so
• 17:46
  far
• 17:46
  this
• 17:46
  year
• 17:46
  still
• 17:47
  versus,
• 17:47
  like,
• 17:47
  the
• 17:48
  S&P.
• 17:48
  I
• 17:48
  think
• 17:48
  we're
• 17:49
  up
• 17:49
  2%.
• 17:50
  I
• 17:50
  think
• 17:50
  the
• 17:50
  S&P
• 17:50
  is,
• 17:50
  like,
• 17:50
  down
• 17:51
  2%,
• 17:51
  so
• 17:52
  a
• 17:52
  little
• 17:52
  bit
• 17:52
  better,
• 17:53
  right?
• 17:53
  Yep.
• 17:53
  I
• 17:53
  mean,
• 17:54
  so
• 17:54
  there's,
• 17:54
  there's
• 17:55
  obviously
• 17:55
  an
• 17:55
  argument
• 17:55
  to
• 17:55
  be
• 17:56
  made
• 17:56
  there
• 17:56
  that
• 17:56
  there's
• 17:56
  still
• 17:57
  some
• 17:57
  meat
• 17:57
  on
• 17:57
  the
• 17:57
  bone
• 17:58
  on
• 17:58
  the
• 17:58
  international
• 17:59
  spot,
• 17:59
  uh,
• 17:59
  space.
• 18:01
  Uh,
• 18:01
  I
• 18:01
  just
• 18:01
  don't
• 18:01
  necessarily
• 18:02
  know
• 18:04
  the
• 18:04
  sentiment
• 18:05
  for,
• 18:06
  you
• 18:06
  know,
• 18:06
  from
• 18:06
  an
• 18:06
  investor
• 18:07
  or
• 18:07
  an
• 18:07
  advisor
• 18:07
  putting
• 18:08
  portfolios
• 18:08
  together
• 18:09
  where,
• 18:09
  where
• 18:09
  that
• 18:09
  lies,
• 18:10
  and
• 18:10
  we
• 18:10
  like
• 18:11
  to
• 18:11
  kind
• 18:11
  of
• 18:11
  take
• 18:11
  a
• 18:11
  little
• 18:12
  bit
• 18:12
  more
• 18:12
  of
• 18:12
  a-
• 18:14
  More
• 18:14
  conservative
• 18:15
  approach
• 18:16
  to
• 18:16
  even
• 18:16
  though
• 18:16
  we
• 18:16
  have
• 18:16
  international,
• 18:17
  right?
• 18:17
  We
• 18:17
  think
• 18:18
  we're
• 18:18
  good
• 18:18
  at
• 18:18
  our
• 18:18
  p-
• 18:18
  process
• 18:19
  is
• 18:19
  good
• 18:19
  at
• 18:19
  it.
• 18:20
  We
• 18:20
  still
• 18:21
  are
• 18:21
  very
• 18:21
  much
• 18:21
  more,
• 18:22
  uh,
• 18:23
  okay,
• 18:23
  like
• 18:23
  there's
• 18:23
  definitely
• 18:24
  more
• 18:24
  opportunity
• 18:25
  for
• 18:25
  growth
• 18:26
  in
• 18:26
  the
• 18:27
  l-
• 18:27
  like-
• 18:27
  Yeah
• 18:27
  the
• 18:27
  long-term
• 18:27
  in
• 18:27
  the
• 18:27
  U...
• 18:28
  In
• 18:28
  the
• 18:28
  domestic
• 18:29
  space.
• 18:29
  So.
• 18:29
  Yeah.
• 18:30
  Yeah.
• 18:30
  And,
• 18:32
  you
• 18:32
  know,
• 18:32
  it,
• 18:32
  it
• 18:32
  goes
• 18:33
  back
• 18:33
  to,
• 18:33
  yes,
• 18:34
  uh,
• 18:34
  interna-
• 18:35
  the
• 18:35
  US
• 18:36
  supremacy
• 18:37
  ended
• 18:37
  last
• 18:37
  year,
• 18:38
  and
• 18:38
  that's
• 18:39
  good
• 18:39
  for
• 18:39
  diversification-
• 18:40
  Mm
• 18:40
  markets,
• 18:41
  but
• 18:42
  US
• 18:42
  is
• 18:42
  still,
• 18:43
  you
• 18:43
  know,
• 18:43
  the
• 18:43
  primary
• 18:44
  market,
• 18:44
  and
• 18:45
  the
• 18:45
  growth
• 18:45
  there,
• 18:47
  and,
• 18:47
  um,
• 18:48
  I
• 18:48
  agree.
• 18:49
  Yeah.
• 18:49
  I
• 18:49
  agree.
• 18:49
  There's
• 18:49
  just
• 18:50
  more
• 18:50
  opportunities
• 18:51
  there.
• 18:51
  Even
• 18:51
  if
• 18:51
  valuations
• 18:52
  are
• 18:52
  high,
• 18:52
  uh,
• 18:52
  you
• 18:53
  know?
• 18:53
  Right.
• 18:53
  Cheaper
• 18:53
  valuations
• 18:54
  overseas,
• 18:55
  there's
• 18:55
  still
• 18:56
  stronger
• 18:56
  potential
• 18:57
  growth.
• 18:57
  Yeah.
• 18:57
  I
• 18:57
  mean,
• 18:58
  if
• 18:58
  you
• 18:58
  look
• 18:58
  at,
• 18:59
  and
• 18:59
  this
• 18:59
  is
• 18:59
  where,
• 19:00
  you
• 19:00
  know,
• 19:00
  we
• 19:00
  talked
• 19:00
  about
• 19:00
  active
• 19:01
  management.
• 19:01
  I
• 19:01
  really,
• 19:02
  you
• 19:02
  know,
• 19:02
  our
• 19:03
  QUIZ
• 19:03
  fund
• 19:04
  l-
• 19:04
  has
• 19:05
  about
• 19:05
  170
• 19:06
  holdings
• 19:07
  in
• 19:07
  it
• 19:07
  versus
• 19:07
  obviously
• 19:08
  the
• 19:08
  IFA
• 19:08
  is,
• 19:09
  is-
• 19:09
  Yeah
• 19:09
  is
• 19:09
  much,
• 19:10
  much
• 19:10
  bigger.
• 19:11
  So
• 19:12
  it's
• 19:12
  still
• 19:13
  knowing
• 19:13
  what
• 19:13
  you
• 19:13
  own.
• 19:13
  It's
• 19:13
  the
• 19:14
  same
• 19:14
  story
• 19:14
  as
• 19:14
  the
• 19:15
  small,
• 19:15
  small
• 19:15
  caps
• 19:16
  and
• 19:16
  the
• 19:16
  mid
• 19:16
  cap
• 19:16
  spaces,
• 19:17
  right?
• 19:17
  Where,
• 19:19
  where
• 19:19
  is
• 19:20
  your
• 19:20
  money
• 19:20
  being
• 19:20
  deployed
• 19:21
  in,
• 19:21
  in
• 19:21
  these
• 19:22
  different
• 19:22
  investments
• 19:23
  that
• 19:23
  you're
• 19:23
  using
• 19:24
  for
• 19:24
  your
• 19:24
  clients?
• 19:26
  If
• 19:26
  it's
• 19:26
  a
• 19:26
  benchmark,
• 19:27
  then
• 19:27
  there's
• 19:27
  things,
• 19:28
  there's
• 19:28
  things
• 19:28
  in
• 19:29
  there
• 19:29
  that
• 19:29
  once
• 19:29
  you
• 19:30
  kinda
• 19:30
  get
• 19:30
  under
• 19:30
  the
• 19:30
  hood
• 19:31
  might
• 19:31
  not
• 19:31
  necessarily
• 19:32
  be
• 19:32
  great
• 19:32
  if
• 19:32
  the
• 19:33
  market,
• 19:33
  you
• 19:33
  know,
• 19:34
  if
• 19:34
  we
• 19:34
  see
• 19:34
  this
• 19:35
  volatility
• 19:35
  like
• 19:36
  we're
• 19:36
  seeing
• 19:36
  right
• 19:36
  now.
• 19:37
  Yeah.
• 19:37
  I-
• 19:37
  it's...
• 19:39
  Active
• 19:39
  management
• 19:39
  provides
• 19:40
  a
• 19:40
  space
• 19:41
  for
• 19:41
  potentially
• 19:41
  outperforming
• 19:42
  more
• 19:42
  on
• 19:42
  the
• 19:43
  downside,
• 19:43
  right?
• 19:43
  Yeah.
• 19:43
  That's
• 19:44
  really
• 19:44
  the
• 19:44
  argument
• 19:44
  I
• 19:44
  think
• 19:45
  people
• 19:46
  should
• 19:46
  really
• 19:46
  kinda
• 19:47
  think
• 19:47
  about,
• 19:48
  right?
• 19:48
  It's
• 19:48
  like
• 19:48
  everybody
• 19:49
  look,
• 19:49
  looks
• 19:49
  great
• 19:49
  when
• 19:50
  everybody's
• 19:50
  hitting
• 19:50
  home
• 19:51
  runs,
• 19:51
  but
• 19:51
  then,
• 19:52
  you
• 19:52
  know,
• 19:52
  the
• 19:52
  reality
• 19:53
  is,
• 19:53
  is
• 19:53
  it's
• 19:53
  like
• 19:54
  if,
• 19:54
  if
• 19:54
  you're,
• 19:55
  the
• 19:55
  market's
• 19:56
  crushing
• 19:57
  it,
• 19:57
  no
• 19:58
  one's
• 19:58
  really
• 19:58
  upset.
• 19:58
  It's
• 19:59
  when
• 19:59
  the
• 20:00
  market
• 20:00
  goes
• 20:00
  down,
• 20:01
  people
• 20:01
  start
• 20:01
  calling,
• 20:02
  clients
• 20:02
  start
• 20:02
  calling
• 20:03
  advisors.
• 20:04
  They're
• 20:04
  like,
• 20:04
  "What's
• 20:04
  happening
• 20:05
  here?
• 20:05
  Uh,
• 20:06
  what,
• 20:06
  what
• 20:06
  are
• 20:06
  we
• 20:07
  invested
• 20:07
  in?"
• 20:07
  And
• 20:07
  if
• 20:08
  you're
• 20:08
  riding
• 20:08
  the
• 20:08
  wave
• 20:10
  with
• 20:10
  the
• 20:10
  b-
• 20:10
  with
• 20:10
  the
• 20:10
  index,
• 20:11
  you
• 20:11
  might
• 20:11
  not-
• 20:12
  You
• 20:12
  can't
• 20:12
  play
• 20:13
  defense.
• 20:14
  You
• 20:14
  can't.
• 20:14
  Yeah.
• 20:14
  Yeah.
• 20:14
  As
• 20:14
  an
• 20:14
  advisor,
• 20:15
  you
• 20:15
  really
• 20:15
  don't
• 20:15
  really
• 20:16
  have
• 20:17
  kind
• 20:17
  of
• 20:17
  anything
• 20:17
  in
• 20:17
  your
• 20:18
  tool
• 20:18
  bag
• 20:18
  to
• 20:18
  kinda
• 20:18
  combat
• 20:19
  that.
• 20:19
  Yeah.
• 20:20
  Sal,
• 20:21
  always
• 20:22
  great
• 20:22
  chatting
• 20:22
  with
• 20:23
  you.
• 20:23
  You
• 20:23
  always
• 20:24
  bring
• 20:24
  such
• 20:24
  great
• 20:24
  insight.
• 20:25
  Really
• 20:25
  fun
• 20:26
  conversation.
• 20:27
  I
• 20:27
  love
• 20:27
  it.
• 20:28
  W-
• 20:28
  it's
• 20:28
  been
• 20:29
  an
• 20:29
  honor.
• 20:29
  Thank
• 20:30
  you.
• 20:30
  Where
• 20:30
  can
• 20:30
  our,
• 20:31
  uh,
• 20:31
  audience
• 20:31
  get
• 20:31
  more
• 20:32
  information
• 20:32
  about
• 20:32
  Zach's
• 20:33
  Investment
• 20:33
  Management?
• 20:34
  Yeah.
• 20:34
  So
• 20:34
  you
• 20:35
  can
• 20:35
  visit
• 20:35
  our,
• 20:35
  our,
• 20:36
  our
• 20:37
  website
• 20:37
  at
• 20:37
  zachsim.com,
• 20:39
  or
• 20:39
  you
• 20:39
  can
• 20:40
  visit
• 20:40
  zachetsfs.com
• 20:42
  to
• 20:42
  know
• 20:42
  more
• 20:42
  about
• 20:42
  the
• 20:43
  ETFs.
• 20:43
  Love
• 20:44
  it.
• 20:44
  Thank
• 20:44
  you.
• 20:44
  Thank
• 20:45
  you,
• 20:45
  Ryan.
• 20:45
  Thank
• 20:45
  you,
• 20:45
  Sal.
• 20:46
  Thank
• 20:46
  you
• 20:46
  everyone
• 20:46
  for
• 20:47
  listening
• 20:47
  to
• 20:47
  this
• 20:48
  episode
• 20:48
  of
• 20:49
  Zephyr's
• 20:49
  Adjusted
• 20:50
  for
• 20:50
  Risk
• 20:50
  podcast.
• 20:51
  You
• 20:51
  can
• 20:51
  watch
• 20:51
  all
• 20:52
  of
• 20:52
  our
• 20:52
  other
• 20:52
  episodes
• 20:53
  on
• 20:53
  the
• 20:53
  Zephyr
• 20:53
  YouTube
• 20:54
  channel,
• 20:54
  Spotify.
• 20:55
  Please
• 20:56
  be
• 20:56
  sure
• 20:56
  to
• 20:56
  like,
• 20:56
  subscribe
• 20:57
  to
• 20:57
  those
• 20:57
  channels
• 20:58
  and
• 20:58
  give
• 20:58
  us
• 20:58
  a
• 20:58
  follow
• 20:58
  on
• 20:59
  LinkedIn.
• 20:59
  Thank
• 21:00
  you
• 21:00
  very
• 21:00
  much,
• 21:00
  and
• 21:00
  have
• 21:01
  a
• 21:01
  great
• 21:01
  rest
• 21:01
  of
• 21:01
  your
• 21:01
  week.