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Investment Insights: Thomas Martin on Markets and Risk · Views from 6,230

0:11
Let's
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go.
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Ryan Nauman Market Strategist Zephyr: Hello
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Ryan Nauman Market Strategist Zephyr: everyone
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Ryan Nauman Market Strategist Zephyr: and
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Ryan Nauman Market Strategist Zephyr: welcome
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Ryan Nauman Market Strategist Zephyr: to
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Ryan Nauman Market Strategist Zephyr: zephyr's
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Ryan Nauman Market Strategist Zephyr: Adjusted
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Ryan Nauman Market Strategist Zephyr: for
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Ryan Nauman Market Strategist Zephyr: Risk
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Ryan Nauman Market Strategist Zephyr: Podcast.
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Ryan Nauman Market Strategist Zephyr: I
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Ryan Nauman Market Strategist Zephyr: am
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Ryan Nauman Market Strategist Zephyr: Ryan
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Ryan Nauman Market Strategist Zephyr: Amman,
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: market
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Ryan Nauman Market Strategist Zephyr: strategist
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Ryan Nauman Market Strategist Zephyr: here
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Ryan Nauman Market Strategist Zephyr: at
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Ryan Nauman Market Strategist Zephyr: Zephyr.
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Ryan Nauman Market Strategist Zephyr: Investors
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Ryan Nauman Market Strategist Zephyr: are
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Ryan Nauman Market Strategist Zephyr: faced
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Ryan Nauman Market Strategist Zephyr: with
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Ryan Nauman Market Strategist Zephyr: an
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Ryan Nauman Market Strategist Zephyr: interesting
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Ryan Nauman Market Strategist Zephyr: dilemma.
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Ryan Nauman Market Strategist Zephyr: On
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Ryan Nauman Market Strategist Zephyr: one
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Ryan Nauman Market Strategist Zephyr: hand,
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Ryan Nauman Market Strategist Zephyr: they
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Ryan Nauman Market Strategist Zephyr: are
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Ryan Nauman Market Strategist Zephyr: faced
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Ryan Nauman Market Strategist Zephyr: with
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Ryan Nauman Market Strategist Zephyr: numerous
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Ryan Nauman Market Strategist Zephyr: concerns.
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Ryan Nauman Market Strategist Zephyr: On
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: other
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Ryan Nauman Market Strategist Zephyr: hand,
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Ryan Nauman Market Strategist Zephyr: markets
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Ryan Nauman Market Strategist Zephyr: have
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Ryan Nauman Market Strategist Zephyr: continued
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Ryan Nauman Market Strategist Zephyr: to
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Ryan Nauman Market Strategist Zephyr: defy
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Ryan Nauman Market Strategist Zephyr: expectations.
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Ryan Nauman Market Strategist Zephyr: Over
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: past
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Ryan Nauman Market Strategist Zephyr: three
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Ryan Nauman Market Strategist Zephyr: years
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Ryan Nauman Market Strategist Zephyr: and
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Ryan Nauman Market Strategist Zephyr: climb
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Ryan Nauman Market Strategist Zephyr: higher.
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Ryan Nauman Market Strategist Zephyr: Well,
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Ryan Nauman Market Strategist Zephyr: I
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Ryan Nauman Market Strategist Zephyr: have
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Ryan Nauman Market Strategist Zephyr: on
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Ryan Nauman Market Strategist Zephyr: an
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Ryan Nauman Market Strategist Zephyr: industry
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Ryan Nauman Market Strategist Zephyr: expert
0:42
Ryan Nauman Market Strategist Zephyr: who's
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Ryan Nauman Market Strategist Zephyr: gonna
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Ryan Nauman Market Strategist Zephyr: help
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Ryan Nauman Market Strategist Zephyr: us
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Ryan Nauman Market Strategist Zephyr: make
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Ryan Nauman Market Strategist Zephyr: sense
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Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: current
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Ryan Nauman Market Strategist Zephyr: market
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Ryan Nauman Market Strategist Zephyr: environment,
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Ryan Nauman Market Strategist Zephyr: some
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Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: current
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Ryan Nauman Market Strategist Zephyr: trends
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Ryan Nauman Market Strategist Zephyr: he
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Ryan Nauman Market Strategist Zephyr: sees,
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Ryan Nauman Market Strategist Zephyr: and
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Ryan Nauman Market Strategist Zephyr: what
0:48
Ryan Nauman Market Strategist Zephyr: it
0:48
Ryan Nauman Market Strategist Zephyr: all
0:49
Ryan Nauman Market Strategist Zephyr: means
0:49
Ryan Nauman Market Strategist Zephyr: for
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Ryan Nauman Market Strategist Zephyr: our
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Ryan Nauman Market Strategist Zephyr: investors
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Ryan Nauman Market Strategist Zephyr: moving
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Ryan Nauman Market Strategist Zephyr: forward.
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Ryan Nauman Market Strategist Zephyr: But
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Ryan Nauman Market Strategist Zephyr: first,
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Ryan Nauman Market Strategist Zephyr: today's
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Ryan Nauman Market Strategist Zephyr: episode
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Ryan Nauman Market Strategist Zephyr: is
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Ryan Nauman Market Strategist Zephyr: sponsored
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Ryan Nauman Market Strategist Zephyr: by
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: award
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Ryan Nauman Market Strategist Zephyr: winning
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Ryan Nauman Market Strategist Zephyr: Zephyr,
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Ryan Nauman Market Strategist Zephyr: which
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Ryan Nauman Market Strategist Zephyr: helps
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Ryan Nauman Market Strategist Zephyr: investment
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Ryan Nauman Market Strategist Zephyr: professionals
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Ryan Nauman Market Strategist Zephyr: make
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Ryan Nauman Market Strategist Zephyr: more
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Ryan Nauman Market Strategist Zephyr: informed
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Ryan Nauman Market Strategist Zephyr: investment
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Ryan Nauman Market Strategist Zephyr: decisions
1:00
Ryan Nauman Market Strategist Zephyr: on
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Ryan Nauman Market Strategist Zephyr: behalf
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Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: their
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Ryan Nauman Market Strategist Zephyr: clients.
1:01
Ryan Nauman Market Strategist Zephyr: Alright,
1:02
Ryan Nauman Market Strategist Zephyr: let's
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Ryan Nauman Market Strategist Zephyr: move
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Ryan Nauman Market Strategist Zephyr: on
1:02
Ryan Nauman Market Strategist Zephyr: to
1:02
Ryan Nauman Market Strategist Zephyr: the
1:03
Ryan Nauman Market Strategist Zephyr: start
1:03
Ryan Nauman Market Strategist Zephyr: of
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: show.
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Ryan Nauman Market Strategist Zephyr: Enough
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Ryan Nauman Market Strategist Zephyr: from
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Ryan Nauman Market Strategist Zephyr: me,
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Ryan Nauman Market Strategist Zephyr: I've
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Ryan Nauman Market Strategist Zephyr: already
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Ryan Nauman Market Strategist Zephyr: talked
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Ryan Nauman Market Strategist Zephyr: enough,
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Ryan Nauman Market Strategist Zephyr: I
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Ryan Nauman Market Strategist Zephyr: would
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Ryan Nauman Market Strategist Zephyr: like
1:07
Ryan Nauman Market Strategist Zephyr: to
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Ryan Nauman Market Strategist Zephyr: welcome
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Ryan Nauman Market Strategist Zephyr: Tom
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Ryan Nauman Market Strategist Zephyr: Martin.
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Ryan Nauman Market Strategist Zephyr: Tom
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Ryan Nauman Market Strategist Zephyr: is
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: board
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Ryan Nauman Market Strategist Zephyr: member,
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Ryan Nauman Market Strategist Zephyr: partner
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Ryan Nauman Market Strategist Zephyr: and
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Ryan Nauman Market Strategist Zephyr: senior
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Ryan Nauman Market Strategist Zephyr: portfolio
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Ryan Nauman Market Strategist Zephyr: manager
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Ryan Nauman Market Strategist Zephyr: at
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Ryan Nauman Market Strategist Zephyr: Global.
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Ryan Nauman Market Strategist Zephyr: Investments.
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Ryan Nauman Market Strategist Zephyr: Tom,
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Ryan Nauman Market Strategist Zephyr: thank
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Ryan Nauman Market Strategist Zephyr: you
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Ryan Nauman Market Strategist Zephyr: so
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Ryan Nauman Market Strategist Zephyr: much
1:18
Ryan Nauman Market Strategist Zephyr: for
1:18
Ryan Nauman Market Strategist Zephyr: coming
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Ryan Nauman Market Strategist Zephyr: on
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: show.
1:19
Ryan Nauman Market Strategist Zephyr: It's
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Ryan Nauman Market Strategist Zephyr: really
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Ryan Nauman Market Strategist Zephyr: an
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Ryan Nauman Market Strategist Zephyr: honor
1:20
Ryan Nauman Market Strategist Zephyr: to
1:21
Ryan Nauman Market Strategist Zephyr: have
1:21
Ryan Nauman Market Strategist Zephyr: you
1:21
Ryan Nauman Market Strategist Zephyr: on.
1:22
Ryan Nauman Market Strategist Zephyr: You
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Ryan Nauman Market Strategist Zephyr: just
1:22
Ryan Nauman Market Strategist Zephyr: got
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Ryan Nauman Market Strategist Zephyr: back
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Ryan Nauman Market Strategist Zephyr: from
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Ryan Nauman Market Strategist Zephyr: a
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Ryan Nauman Market Strategist Zephyr: long
1:23
Ryan Nauman Market Strategist Zephyr: vacation,
1:24
Ryan Nauman Market Strategist Zephyr: so
1:24
Ryan Nauman Market Strategist Zephyr: I
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Ryan Nauman Market Strategist Zephyr: really
1:24
Ryan Nauman Market Strategist Zephyr: appreciate
1:25
Ryan Nauman Market Strategist Zephyr: you
1:25
Ryan Nauman Market Strategist Zephyr: coming
1:25
Ryan Nauman Market Strategist Zephyr: back
1:26
Ryan Nauman Market Strategist Zephyr: and
1:26
Ryan Nauman Market Strategist Zephyr: jumping
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Ryan Nauman Market Strategist Zephyr: on
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Ryan Nauman Market Strategist Zephyr: the
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Ryan Nauman Market Strategist Zephyr: call.
1:28
Ryan Nauman Market Strategist Zephyr: Can
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Ryan Nauman Market Strategist Zephyr: you
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Ryan Nauman Market Strategist Zephyr: please
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Ryan Nauman Market Strategist Zephyr: tell
1:28
Ryan Nauman Market Strategist Zephyr: us
1:29
Ryan Nauman Market Strategist Zephyr: a
1:29
Ryan Nauman Market Strategist Zephyr: little
1:29
Ryan Nauman Market Strategist Zephyr: bit
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Ryan Nauman Market Strategist Zephyr: more
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Ryan Nauman Market Strategist Zephyr: about
1:30
Ryan Nauman Market Strategist Zephyr: yourself
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Ryan Nauman Market Strategist Zephyr: and
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Ryan Nauman Market Strategist Zephyr: global
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Ryan Nauman Market Strategist Zephyr: and
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Ryan Nauman Market Strategist Zephyr: investments?
1:34
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: Ryan
1:34
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: thanks
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: a
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: lot
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: for
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: having
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: me
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: and
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: by
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: extension
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: alt
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: on
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: your
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: program
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: It
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: is
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: an
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: honor
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: to
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: be
1:40
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: here
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: so
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: as
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: far
1:42
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: as
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: I
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: go
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: I
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: have
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: been
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: in
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: this
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: business
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: since
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: 1984
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: And
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: have
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: held
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: a
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: number
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: of
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: positions
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: but
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: most
1:51
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: of
1:51
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: which
1:52
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: has
1:52
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: been
1:52
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: focused
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: on
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: the
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: investment
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: side
1:54
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: and
1:54
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: particularly
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: with
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: actually
1:56
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: selecting
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: the
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: stocks
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: and
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: or
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: investments
2:00
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: and
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: putting
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: together
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: the
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: portfolios
2:02
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: in
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: one
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: form
2:03
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: or
2:03
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: fashion
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: and
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: now
2:04
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: I'm
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: sitting
2:05
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: on
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: the
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: investment
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: policy
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: committee
2:06
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: which
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: is
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: responsible
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: for
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: all
2:08
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: the
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: investment
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: decisions
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: at
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: Galt
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: and
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: Galt
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: itself
2:13
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: was
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: started
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: in
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: 1990
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: and
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: again
2:16
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: that
2:16
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: was
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: on
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: an
2:17
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: equity
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: side
2:18
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: with
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: equity
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: portfolios
2:20
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: and
2:20
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: then
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: in
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: 2003
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: we
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: began
2:23
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: what
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: we
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: call
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: our
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: innovate
2:25
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: ETF
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: Strategies
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: which
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: are
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: whole
2:28
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: portfolios
2:29
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: that
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: consist
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: of
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: stocks
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: bonds
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: cash
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: real
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: estate
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: alternatives
2:34
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: all
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: expressed
2:35
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: with
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: ETFs
2:37
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: so
2:37
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: they're
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: a
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: hundred
2:38
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: percent
2:38
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: liquid
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: and
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: they
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: are
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: meant
2:41
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: to
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: be
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: portfolios
2:43
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: that
2:43
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: can
2:43
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: meet
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: the
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: need
2:44
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: of
2:44
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: a
2:44
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: number
2:45
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: of
2:45
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: different
2:45
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: situations
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: all
2:47
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: the
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Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: way
2:47
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: from
2:47
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: global
2:48
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: macro
2:48
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: to
2:49
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: a
2:49
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: retirement
2:50
Thomas Martin Board Member, Partner & Sr. Portfolio Manager Globalt Investments: portfolio
2:52
Ryan: Fantastic.
2:53
Ryan: That's
2:53
Ryan: great,
2:53
Ryan: Tom.
2:54
Ryan: Such
2:54
Ryan: an
2:54
Ryan: honor
2:55
Ryan: to
2:55
Ryan: have
2:55
Ryan: you
2:55
Ryan: on
2:55
Ryan: with
2:55
Ryan: the,
2:55
Ryan: you
2:56
Ryan: know,
2:56
Ryan: just
2:56
Ryan: your
2:56
Ryan: background
2:57
Ryan: and
2:57
Ryan: stock
2:58
Ryan: picking.
2:58
Ryan: Really
2:59
Ryan: excited
2:59
Ryan: about
2:59
Ryan: this
3:00
Ryan: conversation.
3:00
Ryan: It's
3:01
Ryan: gonna
3:01
Ryan: be
3:01
Ryan: a
3:01
Ryan: good
3:01
Ryan: one.
3:02
Ryan: Let's
3:02
Ryan: talk
3:03
Ryan: about
3:04
Ryan: the.
3:05
Ryan: Yeah,
3:05
Ryan: I,
3:05
Ryan: I
3:06
Ryan: mentioned
3:06
Ryan: at
3:06
Ryan: the
3:06
Ryan: opening
3:07
Ryan: investors,
3:07
Ryan: they're
3:07
Ryan: faced
3:08
Ryan: with
3:08
Ryan: a
3:08
Ryan: lot
3:08
Ryan: right
3:09
Ryan: now.
3:09
Ryan: A
3:09
Ryan: lot
3:09
Ryan: of
3:10
Ryan: geopolitical
3:10
Ryan: risk.
3:11
Ryan: We
3:11
Ryan: have,
3:12
Ryan: you
3:12
Ryan: know,
3:12
Ryan: other
3:12
Ryan: macro
3:13
Ryan: risk
3:13
Ryan: like
3:14
Ryan: the
3:14
Ryan: fed
3:15
Ryan: uncertainty,
3:15
Ryan: monetary
3:16
Ryan: uncertainty.
3:16
Ryan: We
3:16
Ryan: have
3:16
Ryan: a
3:17
Ryan: new
3:17
Ryan: fed
3:17
Ryan: chairman,
3:18
Ryan: a
3:18
Ryan: lot
3:18
Ryan: of
3:18
Ryan: uncertainties,
3:19
Ryan: cracks
3:19
Ryan: in
3:20
Ryan: the
3:20
Ryan: labor
3:20
Ryan: market.
3:21
Ryan: Some
3:21
Ryan: labor
3:22
Ryan: concerns
3:22
Ryan: there.
3:23
Ryan: What
3:23
Ryan: is
3:23
Ryan: a
3:23
Ryan: single
3:25
Ryan: macro?
3:26
Ryan: If
3:27
Ryan: there
3:27
Ryan: is
3:27
Ryan: just
3:27
Ryan: one,
3:28
Ryan: maybe
3:28
Ryan: there
3:28
Ryan: is
3:28
Ryan: more
3:29
Ryan: single
3:29
Ryan: macro
3:30
Ryan: concern
3:30
Ryan: that
3:31
Ryan: you
3:31
Ryan: have.
3:33
tom: since
3:33
tom: I
3:33
tom: went
3:34
tom: on
3:34
tom: vacation
3:34
tom: and
3:35
tom: came
3:35
tom: back
3:35
tom: war
3:35
tom: broke
3:36
tom: out
3:36
tom: or
3:36
tom: war
3:37
tom: was
3:37
tom: declared
3:38
tom: or
3:38
tom: not
3:38
tom: declared
3:39
tom: but
3:39
tom: anyway
3:39
tom: Iran
3:40
tom: was
3:40
tom: invaded
3:41
tom: and
3:42
tom: that
3:42
tom: is
3:43
tom: the
3:43
tom: thing
3:43
tom: It's
3:43
tom: not
3:43
tom: so
3:43
tom: much
3:44
tom: the
3:44
tom: war
3:44
tom: itself
3:45
tom: as
3:45
tom: it
3:45
tom: is
3:45
tom: the
3:45
tom: repercussions
3:46
tom: of
3:46
tom: oil
3:47
tom: and
3:47
tom: Iran
3:48
tom: sits
3:48
tom: in
3:49
tom: a
3:49
tom: unique
3:49
tom: position
3:50
tom: as
3:50
tom: everyone
3:50
tom: by
3:51
tom: now
3:51
tom: knows
3:52
tom: at
3:52
tom: the
3:53
tom: strait
3:53
tom: of
3:53
tom: Moose
3:54
tom: and
3:54
tom: crimping
3:54
tom: those
3:55
tom: oil
3:55
tom: flows
3:56
tom: 20
3:57
tom: of
3:57
tom: world
3:57
tom: oil
3:58
tom: and
3:58
tom: gas
3:58
tom: flows
3:59
tom: is
3:59
tom: major
4:00
tom: and
4:00
tom: they
4:01
tom: have
4:01
tom: the
4:01
tom: capability
4:02
tom: to
4:02
tom: be
4:02
tom: able
4:02
tom: to
4:02
tom: continue
4:03
tom: to
4:03
tom: do
4:03
tom: that
4:04
tom: for
4:04
tom: a
4:04
tom: long
4:05
tom: time
4:05
tom: and
4:06
tom: there's
4:06
tom: it's
4:07
tom: very
4:07
tom: difficult
4:08
tom: to
4:08
tom: change
4:09
tom: that
4:09
tom: position
4:10
tom: of
4:10
tom: advantage
4:11
tom: regardless
4:12
tom: of
4:12
tom: the
4:12
tom: firepower
4:13
tom: that
4:13
tom: we
4:13
tom: have
4:14
tom: and
4:14
tom: so
4:14
tom: the
4:14
tom: price
4:15
tom: of
4:15
tom: oil
4:16
tom: which
4:16
tom: had
4:16
tom: been
4:17
tom: almost
4:17
tom: half
4:18
tom: of
4:18
tom: a
4:18
tom: hundred
4:19
tom: right
4:19
tom: And
4:19
tom: we
4:19
tom: were
4:19
tom: in
4:19
tom: the
4:19
tom: Fifties
4:20
tom: and
4:21
tom: that
4:22
tom: was
4:22
tom: having
4:22
tom: a
4:22
tom: favorable
4:23
tom: impact
4:24
tom: on
4:24
tom: inflation
4:25
tom: or
4:25
tom: a
4:25
tom: tailwind
4:26
tom: et
4:26
tom: cetera
4:27
tom: And
4:27
tom: inflation
4:27
tom: is
4:27
tom: one
4:28
tom: of
4:28
tom: the
4:28
tom: key
4:29
tom: macro
4:29
tom: factors
4:30
tom: that
4:30
tom: everybody
4:31
tom: keeps
4:31
tom: an
4:31
tom: eye
4:32
tom: on
4:32
tom: and
4:32
tom: which
4:32
tom: is
4:32
tom: important
4:33
tom: whether
4:33
tom: you're
4:33
tom: a
4:33
tom: Federal
4:34
tom: Reserve
4:34
tom: Board
4:35
tom: member
4:35
tom: or
4:36
tom: Whether
4:36
tom: you're
4:36
tom: just
4:36
tom: investing
4:37
tom: in
4:37
tom: stocks
4:38
tom: and
4:38
tom: bonds
4:39
tom: the
4:40
tom: price
4:40
tom: of
4:40
tom: oil
4:41
tom: is
4:41
tom: very
4:41
tom: important
4:42
tom: and
4:42
tom: how
4:43
tom: long
4:43
tom: it
4:43
tom: stays
4:44
tom: elevated
4:45
tom: or
4:45
tom: whether
4:45
tom: it
4:45
tom: gets
4:45
tom: further
4:46
tom: elevated
4:47
tom: from
4:47
tom: here
4:48
tom: is
4:48
tom: the
4:48
tom: single
4:49
tom: biggest
4:49
tom: issue
4:50
tom: and
4:51
tom: it's
4:51
tom: in
4:51
tom: incredibly
4:52
tom: hard
4:52
tom: to
4:53
tom: To
4:53
tom: handicap
4:54
tom: because
4:55
tom: war
4:56
tom: is
4:56
tom: so
4:56
tom: much
4:56
tom: more
4:57
tom: uncertain
4:58
tom: than
4:59
tom: anything
5:00
tom: really
5:00
tom: anything
5:00
tom: else
5:01
tom: so
5:01
tom: it's
5:02
tom: hard
5:02
tom: to
5:02
tom: do
5:02
tom: that
5:03
tom: I
5:03
tom: think
5:03
tom: what
5:03
tom: you're
5:03
tom: seeing
5:04
tom: in
5:04
tom: the
5:04
tom: markets
5:05
tom: is
5:05
tom: that
5:06
tom: it
5:06
tom: is
5:06
tom: being
5:06
tom: discounted
5:08
tom: to
5:08
tom: a
5:08
tom: prudent
5:08
tom: degree
5:09
tom: but
5:09
tom: not
5:09
tom: to
5:09
tom: a
5:10
tom: hysterical
5:10
tom: degree
5:12
Ryan: Yeah,
5:12
Ryan: I
5:12
Ryan: think
5:13
Ryan: that's
5:13
Ryan: a
5:13
Ryan: very
5:13
Ryan: good
5:13
Ryan: point,
5:14
Ryan: and
5:15
Ryan: my
5:15
Ryan: thought
5:15
Ryan: is
5:16
Ryan: the
5:16
Ryan: longer
5:16
Ryan: this
5:17
Ryan: goes,
5:17
Ryan: initially
5:18
Ryan: it
5:18
Ryan: was
5:18
Ryan: maybe
5:19
Ryan: a
5:19
Ryan: couple
5:19
Ryan: weeks.
5:20
Ryan: It
5:20
Ryan: looks
5:20
Ryan: like
5:20
Ryan: it's
5:21
Ryan: going
5:21
Ryan: to
5:21
Ryan: transpire
5:22
Ryan: longer
5:22
Ryan: than
5:23
Ryan: maybe
5:23
Ryan: most
5:23
Ryan: expected
5:24
Ryan: a
5:24
Ryan: bigger
5:25
Ryan: impact.
5:25
Ryan: It's
5:25
Ryan: gonna
5:26
Ryan: have
5:26
Ryan: more
5:26
Ryan: uncertainty,
5:27
Ryan: especially
5:27
Ryan: if
5:27
Ryan: oil
5:28
Ryan: remains
5:28
Ryan: above
5:29
Ryan: a
5:29
Ryan: hundred
5:29
Ryan: dollars
5:29
Ryan: a
5:30
Ryan: barrel
5:30
Ryan: for
5:31
Ryan: a
5:31
Ryan: prolonged
5:32
Ryan: period
5:33
Ryan: and
5:33
Ryan: have
5:33
Ryan: a
5:33
Ryan: greater
5:34
Ryan: impact.
5:34
Ryan: But
5:34
Ryan: do
5:35
Ryan: you
5:35
Ryan: think.
5:36
Ryan: You
5:36
Ryan: know
5:36
Ryan: the
5:36
Ryan: last
5:37
Ryan: did
5:37
Ryan: some
5:37
Ryan: research
5:38
Ryan: on
5:38
Ryan: this
5:38
Ryan: last
5:39
Ryan: time
5:39
Ryan: we
5:39
Ryan: had
5:39
Ryan: Gulf
5:40
Ryan: Wars,
5:41
Ryan: you
5:41
Ryan: know,
5:41
Ryan: a
5:41
Ryan: while
5:42
Ryan: ago.
5:43
Ryan: The
5:43
Ryan: oil
5:43
Ryan: environment
5:44
Ryan: has
5:44
Ryan: changed
5:45
Ryan: a
5:45
Ryan: lot.
5:45
Ryan: Now
5:45
Ryan: we
5:46
Ryan: are,
5:46
Ryan: the
5:46
Ryan: US
5:47
Ryan: is
5:47
Ryan: the
5:48
Ryan: greatest
5:48
Ryan: producer,
5:49
Ryan: the
5:49
Ryan: biggest
5:49
Ryan: producer
5:50
Ryan: of
5:51
Ryan: oil.
5:51
Ryan: Back
5:52
Ryan: then
5:52
Ryan: it
5:52
Ryan: was
5:52
Ryan: Saudi
5:53
Ryan: Arabia,
5:53
Ryan: Russia,
5:54
Ryan: and
5:54
Ryan: so
5:54
Ryan: on.
5:55
Ryan: Do
5:55
Ryan: you
5:55
Ryan: think
5:55
Ryan: that
5:56
Ryan: shelters
5:57
Ryan: us
5:57
Ryan: a
5:57
Ryan: little
5:57
Ryan: bit,
5:58
Ryan: that
5:58
Ryan: you
5:58
Ryan: know,
5:58
Ryan: we
5:59
Ryan: are
5:59
Ryan: the
5:59
Ryan: biggest
6:00
Ryan: producer.
6:00
Ryan: We're
6:01
Ryan: not
6:01
Ryan: focusing
6:02
Ryan: on
6:03
Ryan: or
6:03
Ryan: reliant
6:04
Ryan: on
6:04
Ryan: imports
6:05
Ryan: so
6:05
Ryan: much.
6:07
tom: No
6:07
tom: it's
6:07
tom: a
6:07
tom: great
6:07
tom: question
6:08
tom: and
6:08
tom: it's
6:08
tom: interesting
6:09
tom: and
6:09
tom: certainly
6:10
tom: oil
6:10
tom: since
6:11
tom: then
6:11
tom: has
6:11
tom: become
6:12
tom: a
6:12
tom: lesser
6:13
tom: impact
6:14
tom: on
6:14
tom: the
6:14
tom: global
6:14
tom: economy
6:15
tom: There's
6:15
tom: just
6:15
tom: less
6:16
tom: usage
6:16
tom: of
6:17
tom: oil
6:17
tom: or
6:17
tom: more
6:17
tom: efficient
6:18
tom: usage
6:18
tom: of
6:18
tom: oil
6:19
tom: et
6:19
tom: cetera
6:20
tom: And
6:20
tom: the
6:20
tom: supplies
6:20
tom: are
6:21
tom: are
6:21
tom: still
6:22
tom: pretty
6:22
tom: abundant
6:23
tom: and
6:23
tom: the
6:23
tom: US
6:24
tom: as
6:24
tom: you
6:24
tom: said
6:25
tom: ha
6:25
tom: we
6:25
tom: have
6:25
tom: the
6:25
tom: capability
6:26
tom: to
6:26
tom: produce
6:27
tom: our
6:27
tom: own
6:27
tom: so
6:27
tom: we
6:27
tom: don't
6:28
tom: not
6:28
tom: really
6:29
tom: held
6:29
tom: hostage
6:30
tom: to
6:30
tom: that
6:30
tom: standpoint
6:31
tom: however
6:32
tom: oil
6:32
tom: is
6:32
tom: a
6:32
tom: global
6:33
tom: commodity
6:34
tom: and
6:34
tom: its
6:34
tom: price
6:34
tom: is
6:34
tom: determined
6:35
tom: at
6:35
tom: the
6:36
tom: margin
6:36
tom: globally
6:37
tom: And
6:37
tom: yes
6:38
tom: there
6:38
tom: are
6:38
tom: different
6:38
tom: prices
6:39
tom: There's
6:39
tom: Brent
6:40
tom: and
6:40
tom: WTI
6:41
tom: et
6:41
tom: cetera
6:42
tom: and
6:42
tom: different
6:43
tom: and
6:43
tom: sweet
6:43
tom: and
6:44
tom: capabilities
6:45
tom: of
6:45
tom: manufacturing
6:46
tom: it
6:46
tom: into
6:46
tom: the
6:47
tom: products
6:47
tom: that
6:47
tom: are
6:47
tom: needed
6:48
tom: for
6:48
tom: the
6:48
tom: various
6:48
tom: industries
6:49
tom: from
6:50
tom: gasoline
6:50
tom: to
6:50
tom: jet
6:51
tom: fuel
6:51
tom: but
6:52
tom: so
6:52
tom: it
6:53
tom: matters
6:53
tom: I
6:53
tom: think
6:54
tom: to
6:54
tom: the
6:54
tom: United
6:55
tom: States
6:55
tom: but
6:56
tom: it's
6:56
tom: matters
6:57
tom: less
6:57
tom: than
6:57
tom: those
6:58
tom: other
6:58
tom: countries
6:59
tom: that
6:59
tom: are
6:59
tom: very
6:59
tom: dependent
7:00
tom: on
7:01
tom: the
7:01
tom: energy
7:01
tom: that's
7:01
tom: transiting
7:02
tom: through
7:02
tom: the
7:02
tom: strait
7:03
tom: of
7:03
tom: horror
7:03
tom: moves
7:03
tom: So
7:03
tom: we
7:04
tom: have
7:04
tom: a
7:04
tom: little
7:04
tom: bit
7:05
tom: of
7:05
tom: an
7:05
tom: advantage
7:06
tom: there
7:06
tom: but
7:06
tom: we
7:06
tom: still
7:07
tom: end
7:07
tom: up
7:07
tom: paying
7:07
tom: that
7:07
tom: higher
7:08
tom: price
7:09
tom: and
7:09
tom: oil
7:10
tom: is
7:10
tom: in
7:11
tom: everything
7:12
tom: and
7:12
tom: so
7:13
tom: it
7:13
tom: takes
7:14
tom: a
7:14
tom: while
7:15
tom: for
7:15
tom: price
7:16
tom: changes
7:16
tom: to
7:16
tom: work
7:16
tom: their
7:17
tom: way
7:17
tom: through
7:17
tom: And
7:17
tom: that's
7:17
tom: why
7:18
tom: your
7:18
tom: comment
7:19
tom: about
7:20
tom: how
7:20
tom: long
7:21
tom: does
7:21
tom: this
7:21
tom: last
7:21
tom: is
7:22
tom: critical
7:23
tom: to
7:23
tom: that
7:24
tom: because
7:24
tom: the
7:24
tom: more
7:25
tom: that
7:25
tom: it
7:25
tom: works
7:26
tom: through
7:27
tom: and
7:27
tom: to
7:28
tom: the
7:28
tom: price
7:28
tom: of
7:28
tom: goods
7:29
tom: and
7:29
tom: services
7:30
tom: it
7:30
tom: it
7:30
tom: will
7:31
tom: certainly
7:31
tom: impact
7:32
tom: those
7:32
tom: on
7:32
tom: a
7:32
tom: micro
7:33
tom: basis
7:33
tom: and
7:34
tom: company
7:34
tom: by
7:34
tom: company
7:35
tom: industry
7:35
tom: by
7:35
tom: industry
7:36
tom: basis
7:36
tom: But
7:37
tom: it
7:37
tom: can
7:38
tom: have
7:38
tom: the
7:38
tom: effect
7:39
tom: if
7:39
tom: it
7:39
tom: was
7:39
tom: a
7:39
tom: long
7:40
tom: term
7:40
tom: of
7:41
tom: even
7:41
tom: influencing
7:42
tom: whether
7:42
tom: there's
7:43
tom: a
7:43
tom: recession
7:43
tom: or
7:43
tom: not
7:44
tom: and
7:45
tom: the
7:45
tom: degree
7:45
tom: of
7:45
tom: severity
7:46
tom: of
7:46
tom: that
7:46
tom: recession
7:47
Ryan: Yeah,
7:48
Ryan: that's
7:48
Ryan: fantastic,
7:49
Ryan: Tom.
7:49
Ryan: So
7:49
Ryan: you
7:50
Ryan: talked
7:50
Ryan: a
7:50
Ryan: lot
7:50
Ryan: of
7:51
Ryan: PRI
7:51
Ryan: primarily
7:52
Ryan: on
7:52
Ryan: oil,
7:52
Ryan: but
7:52
Ryan: the
7:53
Ryan: impacts
7:53
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7:54
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7:54
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7:54
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7:55
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7:55
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7:55
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7:55
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7:55
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7:56
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7:57
Ryan: what's
7:57
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7:57
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7:58
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7:58
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7:59
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7:59
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7:59
Ryan: landscape,
8:00
Ryan: currently
8:01
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8:01
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8:02
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8:02
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8:02
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8:03
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8:03
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8:04
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8:04
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8:04
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8:05
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8:05
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8:05
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8:05
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8:06
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8:06
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8:07
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8:07
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8:07
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8:10
tom: This
8:10
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8:11
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8:11
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8:11
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8:12
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8:12
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8:12
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8:13
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8:14
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8:15
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8:16
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8:17
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8:18
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8:19
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8:23
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8:23
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8:24
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8:24
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8:24
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8:24
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8:25
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8:26
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8:26
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8:26
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8:26
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8:27
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8:27
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8:28
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8:28
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8:28
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8:28
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8:29
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8:29
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8:31
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8:31
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8:32
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8:33
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8:38
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8:59
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9:03
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9:04
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9:06
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9:06
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9:07
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9:07
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9:08
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9:12
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9:12
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9:15
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9:16
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9:18
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9:19
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9:19
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9:20
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9:20
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9:21
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9:21
tom: underweight
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9:24
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9:24
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9:25
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9:25
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9:26
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9:26
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9:27
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9:27
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9:28
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9:28
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9:28
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9:28
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9:29
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9:29
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9:29
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9:30
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9:30
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9:31
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9:34
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9:36
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9:37
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9:40
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9:42
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9:51
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9:52
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9:52
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9:53
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9:54
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9:54
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9:55
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9:56
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9:56
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10:04
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10:12
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10:13
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10:13
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10:13
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10:13
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10:15
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10:15
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10:15
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10:15
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10:15
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10:15
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10:16
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10:17
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10:17
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10:17
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10:18
tom: that
10:18
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10:18
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10:19
tom: the
10:19
tom: uncertainties
10:20
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10:20
tom: the
10:20
tom: markets
10:21
tom: has
10:22
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10:22
tom: gold
10:23
tom: and
10:23
tom: silver
10:24
tom: and
10:24
tom: we've
10:24
tom: been
10:24
tom: longer
10:25
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10:25
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10:26
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10:26
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10:26
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10:27
tom: years
10:27
tom: and
10:28
tom: had
10:28
tom: up
10:28
tom: until
10:29
tom: recently
10:29
tom: a
10:29
tom: significant
10:30
tom: Position
10:31
tom: in
10:32
tom: those
10:32
tom: in
10:32
tom: our
10:32
tom: portfolios
10:33
tom: taking
10:34
tom: some
10:34
tom: of
10:34
tom: the
10:34
tom: allocation
10:35
tom: away
10:35
tom: from
10:36
tom: fixed
10:36
tom: income
10:37
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10:37
tom: away
10:37
tom: from
10:37
tom: international
10:38
tom: equities
10:39
tom: And
10:39
tom: so
10:39
tom: that
10:39
tom: has
10:40
tom: really
10:40
tom: helped
10:41
tom: our
10:41
tom: clients
10:41
tom: and
10:41
tom: our
10:41
tom: performance
10:42
tom: certainly
10:43
tom: over
10:43
tom: the
10:43
tom: last
10:43
tom: year
10:45
tom: but
10:45
tom: again
10:45
tom: as
10:46
tom: we're
10:46
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10:46
tom: to
10:47
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10:47
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10:47
tom: eye
10:48
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10:48
tom: risk
10:48
tom: when
10:48
tom: those
10:49
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10:49
tom: spiked
10:50
tom: the
10:50
tom: way
10:50
tom: that
10:51
tom: they
10:51
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10:52
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10:52
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10:52
tom: money
10:53
tom: off
10:53
tom: the
10:53
tom: table
10:54
tom: and
10:54
tom: were
10:55
tom: carefully
10:56
tom: looking
10:57
tom: at
10:57
tom: those
10:57
tom: fundamentals
10:58
tom: We
10:58
tom: still
10:58
tom: think
10:59
tom: that
10:59
tom: they
11:00
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11:00
tom: important
11:01
tom: parts
11:01
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11:01
tom: the
11:01
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11:02
tom: but
11:03
tom: we're
11:03
tom: willing
11:03
tom: to
11:04
tom: have
11:05
tom: a
11:05
tom: much
11:05
tom: lesser
11:05
tom: exposure
11:06
tom: than
11:06
tom: we
11:06
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11:06
tom: have
11:07
tom: and
11:08
tom: For
11:08
tom: an
11:08
tom: opportunistic
11:09
tom: time
11:09
tom: to
11:09
tom: come
11:09
tom: back
11:10
Ryan: Yeah,
11:11
Ryan: Tom,
11:11
Ryan: that's
11:11
Ryan: great.
11:12
Ryan: I
11:12
Ryan: covered
11:13
Ryan: a
11:13
Ryan: lot
11:13
Ryan: there.
11:14
Ryan: You
11:14
Ryan: know,
11:14
Ryan: gold,
11:15
Ryan: hot
11:15
Ryan: topic,
11:16
Ryan: fantastic
11:17
Ryan: performance.
11:17
Ryan: I'm
11:17
Ryan: really
11:18
Ryan: sure
11:18
Ryan: that
11:19
Ryan: positive
11:19
Ryan: of
11:19
Ryan: that
11:19
Ryan: contributed
11:20
Ryan: to,
11:21
Ryan: to
11:21
Ryan: some
11:21
Ryan: positive
11:22
Ryan: returns.
11:23
Ryan: What
11:24
Ryan: caught
11:24
Ryan: my
11:25
Ryan: attention
11:25
Ryan: there
11:25
Ryan: was.
11:26
Ryan: You
11:27
Ryan: kind
11:27
Ryan: of
11:27
Ryan: pulled
11:27
Ryan: back
11:28
Ryan: your
11:28
Ryan: underweight
11:28
Ryan: international.
11:29
Ryan: International
11:30
Ryan: outperformed
11:31
Ryan: over
11:31
Ryan: the
11:32
Ryan: past
11:32
Ryan: year.
11:33
Ryan: Is
11:33
Ryan: that
11:33
Ryan: more
11:34
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11:34
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11:34
Ryan: of
11:34
Ryan: the
11:35
Ryan: uncertainty,
11:35
Ryan: global
11:36
Ryan: uncertainty
11:36
Ryan: there,
11:37
Ryan: or
11:37
Ryan: do
11:37
Ryan: you
11:37
Ryan: think
11:37
Ryan: the
11:38
Ryan: valuations
11:38
Ryan: have
11:39
Ryan: increased?
11:39
Ryan: There's
11:40
Ryan: not,
11:40
Ryan: you
11:40
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11:41
Ryan: we've,
11:41
Ryan: that
11:42
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11:42
Ryan: hit
11:43
Ryan: to
11:43
Ryan: use
11:43
Ryan: the
11:43
Ryan: word,
11:43
Ryan: but
11:43
Ryan: it's
11:43
Ryan: running
11:44
Ryan: outta
11:44
Ryan: gas
11:45
Ryan: that
11:45
Ryan: that
11:46
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11:46
Ryan: or
11:47
Ryan: what's
11:47
Ryan: your
11:47
Ryan: reason
11:48
Ryan: be
11:48
Ryan: behind
11:49
Ryan: pulling
11:49
Ryan: back
11:49
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11:49
Ryan: the
11:49
Ryan: international.
11:51
tom: It
11:52
tom: let
11:52
tom: me
11:52
tom: just
11:52
tom: be
11:52
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11:53
tom: we
11:53
tom: didn't
11:53
tom: pull
11:53
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11:54
tom: We
11:54
tom: never
11:54
tom: went
11:54
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11:55
tom: And
11:56
tom: so
11:56
tom: we've
11:56
tom: been
11:57
tom: underweight
11:57
tom: international
11:58
tom: for
11:58
tom: years
11:59
tom: and
12:00
tom: up
12:00
tom: until
12:01
tom: last
12:01
tom: year
12:01
tom: that
12:02
tom: really
12:02
tom: paid
12:03
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12:03
tom: it
12:03
tom: seemed
12:04
tom: as
12:04
tom: though
12:04
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12:05
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12:05
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12:05
tom: the
12:05
tom: beginning
12:06
tom: of
12:06
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12:06
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12:06
tom: hope
12:07
tom: Springs
12:07
tom: Eternal
12:08
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12:08
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12:08
tom: market
12:08
tom: came
12:09
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12:09
tom: international
12:10
tom: assets
12:11
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12:11
tom: they
12:11
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12:11
tom: have
12:12
tom: a
12:12
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12:12
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12:12
tom: year
12:13
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12:13
tom: then
12:13
tom: they
12:14
tom: would
12:14
tom: they
12:15
tom: would
12:15
tom: underperform
12:16
tom: from
12:17
tom: there
12:17
tom: and
12:18
tom: if
12:18
tom: you
12:18
tom: look
12:19
tom: at
12:19
tom: the
12:19
tom: fundamentals
12:20
tom: underlying
12:21
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12:21
tom: of
12:21
tom: those
12:22
tom: countries
12:22
tom: there've
12:22
tom: been
12:22
tom: a
12:22
tom: number
12:23
tom: of
12:23
tom: changes
12:24
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12:24
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12:25
tom: but
12:25
tom: prior
12:25
tom: to
12:26
tom: last
12:27
tom: year
12:27
tom: you
12:28
tom: could
12:28
tom: say
12:28
tom: that
12:29
tom: the
12:29
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12:30
tom: of
12:30
tom: those
12:30
tom: company
12:31
tom: countries
12:32
tom: at
12:32
tom: a
12:32
tom: minimum
12:32
tom: were
12:33
tom: not
12:33
tom: really
12:33
tom: pro
12:34
tom: Growth
12:35
tom: not
12:35
tom: pro
12:35
tom: entrepreneur
12:36
tom: and
12:36
tom: they
12:36
tom: weren't
12:37
tom: pro
12:37
tom: business
12:37
tom: and
12:38
tom: they
12:39
tom: elevated
12:39
tom: costs
12:40
tom: and
12:41
tom: they
12:41
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12:41
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12:42
tom: out
12:43
tom: nuclear
12:43
tom: capacity
12:44
tom: as
12:44
tom: far
12:45
tom: as
12:45
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12:45
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12:46
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12:46
tom: cetera
12:47
tom: and
12:47
tom: it
12:47
tom: it
12:47
tom: made
12:48
tom: it
12:48
tom: difficult
12:49
tom: just
12:49
tom: from
12:49
tom: a
12:50
tom: capitalistic
12:50
tom: point
12:51
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12:51
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12:51
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12:51
tom: see
12:52
tom: Where
12:52
tom: that
12:53
tom: growth
12:53
tom: was
12:53
tom: going
12:53
tom: to
12:54
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12:54
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12:54
tom: And
12:54
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12:54
tom: populations
12:55
tom: weren't
12:56
tom: really
12:56
tom: supportive
12:57
tom: of
12:57
tom: that
12:57
tom: either
12:58
tom: those
12:58
tom: are
12:59
tom: the
12:59
tom: underlying
13:00
tom: fundamentals
13:00
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13:01
tom: kept
13:01
tom: us
13:01
tom: underweight
13:02
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13:02
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13:02
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13:03
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13:03
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13:03
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13:03
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13:04
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13:07
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13:07
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13:08
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13:08
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13:08
tom: margin
13:09
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13:09
tom: when
13:09
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13:10
tom: invaded
13:11
tom: Ukraine
13:12
tom: and
13:13
tom: the
13:13
tom: administration
13:14
tom: in
13:15
tom: the
13:15
tom: US
13:16
tom: said
13:16
tom: need
13:16
tom: to
13:16
tom: start
13:17
tom: spending
13:18
tom: your
13:18
tom: own
13:18
tom: money
13:19
tom: and
13:19
tom: defending
13:19
tom: yourselves
13:20
tom: and
13:20
tom: preparing
13:21
tom: yourselves
13:22
tom: and
13:23
tom: by
13:23
tom: golly
13:23
tom: they
13:23
tom: did
13:24
tom: allocate
13:25
tom: money
13:25
tom: And
13:26
tom: I
13:26
tom: think
13:26
tom: that's
13:26
tom: part
13:27
tom: of
13:27
tom: the
13:27
tom: reason
13:28
tom: that
13:28
tom: those
13:28
tom: markets
13:29
tom: started
13:29
tom: to
13:29
tom: take
13:29
tom: off
13:30
tom: even
13:30
tom: though
13:31
tom: that
13:31
tom: spending
13:32
tom: was
13:32
tom: gonna
13:32
tom: be
13:33
tom: fairly
13:33
tom: concentrated
13:34
tom: in
13:34
tom: the
13:34
tom: defense
13:35
tom: types
13:35
tom: of
13:35
tom: industries
13:36
tom: but
13:36
tom: it
13:37
tom: sparked
13:37
tom: some
13:37
tom: positivity
13:38
tom: there
13:39
tom: And
13:39
tom: you
13:39
tom: started
13:39
tom: to
13:39
tom: see
13:40
tom: some
13:40
tom: grappling
13:41
tom: with
13:41
tom: the
13:41
tom: realities
13:42
tom: of
13:43
tom: Energy
13:43
tom: needs
13:44
tom: and
13:44
tom: energy
13:45
tom: costs
13:45
tom: And
13:45
tom: I
13:46
tom: think
13:46
tom: that
13:46
tom: was
13:46
tom: galvanized
13:47
tom: by
13:48
tom: what
13:48
tom: happened
13:48
tom: with
13:48
tom: energy
13:49
tom: costs
13:49
tom: just
13:49
tom: as
13:50
tom: a
13:50
tom: result
13:50
tom: of
13:50
tom: the
13:51
tom: invasion
13:51
tom: of
13:51
tom: Ukraine
13:52
Ryan: Yeah.
13:52
tom: So
13:53
tom: at
13:53
tom: any
13:53
tom: rate
13:53
tom: we
13:55
tom: were
13:55
tom: not
13:55
tom: there
13:56
tom: and
13:56
tom: the
13:56
tom: replacement
13:57
tom: of
13:57
tom: gold
13:58
tom: and
13:58
tom: silver
13:59
tom: those
13:59
tom: very
13:59
tom: high
13:59
tom: equity
14:00
tom: returns
14:00
tom: so
14:00
tom: the
14:00
tom: money
14:01
tom: had
14:01
tom: to
14:01
tom: come
14:01
tom: from
14:01
tom: somewhere
14:02
tom: we're
14:02
tom: very
14:03
tom: fortunate
14:04
tom: and
14:04
tom: glad
14:04
tom: that
14:05
tom: that
14:05
tom: we
14:05
tom: had
14:05
tom: that
14:05
tom: as
14:05
tom: a
14:05
tom: substitute
14:06
Ryan: Yeah.
14:07
Ryan: Yeah.
14:08
Ryan: Fantastic
14:08
Ryan: Substitute
14:10
Ryan: Tom,
14:11
Ryan: so
14:11
Ryan: that's
14:11
Ryan: great.
14:12
Ryan: So
14:13
Ryan: we've
14:13
Ryan: talked
14:14
Ryan: some
14:14
Ryan: risk
14:14
Ryan: there.
14:15
Ryan: How
14:15
Ryan: do
14:15
Ryan: you
14:15
Ryan: balance
14:16
Ryan: and
14:16
Ryan: like
14:16
Ryan: I
14:16
Ryan: said,
14:16
Ryan: markets
14:17
Ryan: for
14:17
Ryan: the
14:17
Ryan: past
14:18
Ryan: three
14:18
Ryan: years,
14:18
Ryan: it.
14:19
Ryan: Double
14:20
Ryan: digit
14:20
Ryan: returns.
14:21
Ryan: The
14:21
Ryan: past
14:21
Ryan: three
14:22
Ryan: years
14:22
Ryan: hasn't
14:22
Ryan: been
14:23
Ryan: done.
14:23
Ryan: I
14:23
Ryan: don't,
14:23
Ryan: I
14:24
Ryan: can't
14:24
Ryan: remember
14:24
Ryan: if
14:24
Ryan: it's
14:25
Ryan: ever,
14:25
Ryan: or
14:25
Ryan: it's
14:25
Ryan: been
14:25
Ryan: a
14:25
Ryan: long
14:26
Ryan: time
14:26
Ryan: since
14:26
Ryan: we've
14:26
Ryan: had
14:27
Ryan: this
14:27
Ryan: fantastic
14:28
Ryan: run,
14:28
Ryan: but
14:29
Ryan: there's
14:29
Ryan: been
14:29
Ryan: risks
14:30
Ryan: out
14:30
Ryan: there.
14:31
Ryan: How
14:31
Ryan: do
14:31
Ryan: you
14:31
Ryan: balance
14:32
Ryan: those
14:32
Ryan: risks?
14:33
Ryan: You
14:33
Ryan: know,
14:33
Ryan: like,
14:34
Ryan: and
14:34
Ryan: you
14:34
Ryan: just
14:34
Ryan: talked
14:35
Ryan: about
14:35
Ryan: protecting
14:35
Ryan: the
14:35
Ryan: downside,
14:36
Ryan: but
14:36
Ryan: we
14:36
Ryan: don't
14:37
Ryan: want
14:37
Ryan: to
14:37
Ryan: give
14:37
Ryan: up
14:37
Ryan: that
14:37
Ryan: upside
14:38
Ryan: potential.
14:39
Ryan: How
14:39
Ryan: do
14:39
Ryan: you
14:39
Ryan: balance
14:40
Ryan: those
14:40
Ryan: two
14:40
Ryan: right
14:41
Ryan: now
14:41
Ryan: in
14:41
Ryan: this
14:41
Ryan: current
14:42
Ryan: market
14:42
Ryan: environment?
14:44
tom: Yeah
14:45
tom: stocks
14:45
tom: can
14:46
tom: be
14:46
tom: difficult
14:47
tom: and
14:48
tom: from
14:49
tom: the
14:49
tom: standpoint
14:50
tom: Of
14:51
tom: what
14:51
tom: do
14:51
tom: you
14:51
tom: invest
14:52
tom: in
14:52
tom: at
14:53
tom: Warren
14:53
tom: Buffet
14:54
tom: who's
14:54
tom: the
14:54
tom: kind
14:54
tom: of
14:55
tom: the
14:55
tom: most
14:55
tom: celebrated
14:56
tom: value
14:56
tom: investor
14:57
tom: ever
14:58
tom: I
14:58
tom: think
14:58
tom: things
15:00
tom: are
15:00
tom: I
15:00
tom: will
15:01
tom: say
15:01
tom: that
15:01
tom: they're
15:01
tom: a
15:01
tom: little
15:02
tom: bit
15:02
tom: different
15:02
tom: from
15:03
tom: 30
15:03
tom: years
15:03
tom: ago
15:04
tom: or
15:04
tom: 20
15:04
tom: years
15:04
tom: ago
15:05
tom: when
15:06
tom: you
15:06
tom: had
15:07
tom: innovation
15:08
tom: was
15:09
tom: Proceeding
15:10
tom: but
15:10
tom: proceeding
15:11
tom: at
15:11
tom: a
15:11
tom: slower
15:12
tom: pace
15:13
tom: than
15:13
tom: it
15:13
tom: is
15:13
tom: now
15:14
tom: And
15:14
tom: particularly
15:15
tom: just
15:15
tom: with
15:15
tom: regard
15:16
tom: to
15:16
tom: technology
15:17
tom: and
15:17
tom: valuations
15:18
tom: of
15:18
tom: companies
15:19
tom: were
15:19
tom: tighter
15:20
tom: I'm
15:20
tom: gonna
15:21
tom: say
15:21
tom: at
15:21
tom: the
15:21
tom: in
15:22
tom: the
15:22
tom: main
15:22
tom: and
15:23
tom: when
15:24
tom: you
15:24
tom: have
15:25
tom: companies
15:26
tom: and
15:27
tom: technological
15:27
tom: changes
15:28
tom: cultural
15:28
tom: changes
15:29
tom: that
15:30
tom: have
15:30
tom: when
15:31
tom: you
15:31
tom: start
15:31
tom: with
15:31
tom: Facebook
15:32
tom: and
15:32
tom: Amazon
15:33
tom: and
15:33
tom: Google
15:34
tom: and
15:34
tom: the
15:34
tom: Mag
15:35
tom: seven
15:35
tom: right
15:36
tom: and
15:36
tom: you
15:36
tom: have
15:36
tom: these
15:37
tom: networking
15:37
tom: effects
15:38
tom: and
15:38
tom: communication
15:40
tom: services
15:41
tom: effects
15:42
tom: and
15:43
tom: The
15:43
tom: ability
15:44
tom: to
15:44
tom: market
15:45
tom: and
15:45
tom: to
15:45
tom: grow
15:46
tom: and
15:46
tom: to
15:47
tom: have
15:47
tom: a
15:48
tom: embedded
15:48
tom: user
15:49
tom: base
15:49
tom: to
15:50
tom: a
15:50
tom: degree
15:50
tom: that
15:50
tom: you
15:51
tom: just
15:51
tom: didn't
15:51
tom: have
15:52
tom: before
15:52
tom: who
15:52
tom: were
15:52
tom: the
15:52
tom: networked
15:53
tom: companies
15:54
tom: before
15:54
tom: at
15:54
tom: and
15:54
tom: t
15:54
tom: right
15:55
tom: And
15:55
tom: the
15:55
tom: baby
15:55
tom: bells
15:56
tom: and
15:56
tom: they
15:56
tom: were
15:56
tom: utilities
15:57
tom: but
15:58
tom: now
15:59
tom: you
15:59
tom: you
15:59
tom: have
16:00
tom: this
16:00
tom: this
16:01
tom: user
16:01
tom: base
16:02
tom: and
16:03
tom: this
16:03
tom: reach
16:04
tom: that
16:04
tom: is
16:05
tom: instant
16:05
tom: virtually
16:06
tom: instantaneous
16:07
tom: and
16:08
tom: that
16:08
tom: spurs
16:09
tom: real
16:10
tom: spending
16:11
tom: and
16:12
tom: that
16:12
tom: can
16:12
tom: be
16:12
tom: targeted
16:13
tom: on
16:13
tom: a
16:13
tom: mic
16:13
tom: Grow
16:14
tom: level
16:14
tom: and
16:15
tom: there's
16:15
tom: so
16:15
tom: many
16:15
tom: things
16:16
tom: that
16:16
tom: are
16:16
tom: being
16:17
tom: done
16:17
tom: that
16:17
tom: weren't
16:17
tom: done
16:18
tom: before
16:19
tom: and
16:19
tom: these
16:19
tom: companies
16:20
tom: are
16:20
tom: huge
16:20
tom: and
16:21
tom: they
16:22
tom: they've
16:22
tom: been
16:22
tom: able
16:22
tom: to
16:22
tom: generate
16:23
tom: cash
16:24
tom: flow
16:25
tom: and
16:25
tom: to
16:25
tom: be
16:25
tom: able
16:25
tom: to
16:25
tom: reinvest
16:26
tom: and
16:26
tom: put
16:26
tom: that
16:27
tom: capital
16:27
tom: spending
16:27
tom: back
16:28
tom: in
16:28
tom: place
16:29
tom: and
16:29
tom: that's
16:30
tom: what
16:30
tom: drives
16:31
tom: this
16:31
tom: value
16:31
tom: So
16:32
tom: they're
16:32
tom: myths
16:32
tom: that
16:33
tom: you
16:33
tom: know
16:33
tom: unlike
16:34
tom: I'm
16:35
tom: gonna
16:35
tom: say
16:35
tom: it's
16:35
tom: I
16:36
tom: wasn't
16:36
tom: around
16:36
tom: when
16:36
tom: Standard
16:37
tom: Oil
16:37
tom: was
16:37
tom: around
16:38
tom: and
16:38
tom: oil
16:38
tom: was
16:39
tom: such
16:39
tom: a
16:39
tom: big
16:39
tom: thing
16:39
tom: but
16:40
tom: it's
16:40
tom: very
16:41
tom: different
16:41
tom: and
16:41
tom: it's
16:41
tom: very
16:43
tom: to
16:43
tom: handicap
16:44
tom: fast
16:45
tom: growth
16:45
tom: rates
16:46
tom: really
16:46
tom: extraordinary
16:47
tom: growth
16:47
tom: Rates
16:48
tom: and
16:49
tom: how
16:49
tom: long
16:49
tom: they
16:49
tom: will
16:49
tom: be
16:50
tom: sustainable
16:51
tom: and
16:51
tom: what
16:51
tom: a
16:52
tom: exit
16:52
tom: value
16:53
tom: is
16:54
tom: So
16:54
tom: that's
16:54
tom: what's
16:54
tom: difficult
16:55
tom: for
16:55
tom: investors
16:55
tom: And
16:56
tom: then
16:56
tom: everybody
16:57
tom: this
16:57
tom: isn't
16:57
tom: a
16:57
tom: secret
16:58
tom: so
16:58
tom: everybody
16:58
tom: gets
16:59
tom: into
16:59
tom: the
16:59
tom: same
16:59
tom: thing
16:59
tom: and
17:00
tom: the
17:00
tom: valuations
17:00
tom: get
17:01
tom: bid
17:01
tom: up
17:02
tom: until
17:02
tom: you
17:02
tom: have
17:02
tom: some
17:03
tom: form
17:03
tom: of
17:04
tom: consolidation
17:05
tom: And
17:05
tom: I
17:05
tom: think
17:05
tom: that's
17:06
tom: to
17:06
tom: a
17:06
tom: certain
17:06
tom: degree
17:07
tom: part
17:07
tom: of
17:07
tom: what
17:07
tom: we've
17:07
tom: seen
17:08
tom: since
17:09
tom: the
17:09
tom: end
17:09
tom: of
17:09
tom: last
17:09
tom: year
17:11
Ryan: Yeah,
17:11
Ryan: Tom,
17:12
Ryan: that's
17:12
Ryan: perfect
17:13
Ryan: segue.
17:13
Ryan: Fantastic
17:14
Ryan: segue
17:15
Ryan: there.
17:16
Ryan: You
17:16
Ryan: know,
17:17
Ryan: it's
17:17
Ryan: been
17:17
Ryan: a
17:17
Ryan: tech
17:18
Ryan: AI
17:19
Ryan: driven
17:19
Ryan: market
17:20
Ryan: for
17:20
Ryan: three
17:21
Ryan: years
17:21
Ryan: now,
17:21
Ryan: right?
17:22
Ryan: Valuations
17:23
Ryan: of
17:23
Ryan: climb,
17:23
Ryan: but
17:24
Ryan: now,
17:24
Ryan: like
17:24
Ryan: you
17:24
Ryan: said,
17:25
Ryan: the
17:25
Ryan: end
17:25
Ryan: of
17:25
Ryan: last
17:25
Ryan: year,
17:25
Ryan: we've
17:26
Ryan: seen
17:26
Ryan: a
17:26
Ryan: little
17:26
Ryan: bit
17:27
Ryan: of
17:27
Ryan: a
17:27
Ryan: rotation.
17:28
Ryan: Broadening
17:29
Ryan: of
17:29
Ryan: market
17:29
Ryan: leadership
17:30
Ryan: here,
17:30
Ryan: which
17:31
Ryan: I
17:31
Ryan: think
17:31
Ryan: is
17:31
Ryan: good.
17:32
Ryan: It's
17:32
Ryan: makes
17:32
Ryan: a
17:32
Ryan: healthier
17:33
Ryan: market.
17:34
Ryan: Do
17:34
Ryan: you
17:34
Ryan: think
17:35
Ryan: the
17:35
Ryan: current
17:35
Ryan: macro
17:36
Ryan: environment
17:37
Ryan: and
17:37
Ryan: the
17:37
Ryan: uncertainty
17:38
Ryan: will
17:38
Ryan: help
17:39
Ryan: with
17:39
Ryan: the
17:39
Ryan: broadening
17:40
Ryan: of
17:40
Ryan: the,
17:40
Ryan: the
17:41
Ryan: market?
17:41
Ryan: People
17:41
Ryan: getting
17:42
Ryan: more
17:42
Ryan: diversified,
17:43
Ryan: you
17:43
Ryan: know,
17:43
Ryan: going
17:43
Ryan: more
17:44
Ryan: and
17:44
Ryan: you
17:45
Ryan: know.
17:46
Ryan: Re
17:46
Ryan: getting
17:47
Ryan: outside
17:47
Ryan: of
17:47
Ryan: the
17:48
Ryan: ai
17:49
Ryan: sectors
17:49
Ryan: like
17:49
Ryan: software
17:50
Ryan: that
17:50
Ryan: might
17:50
Ryan: be
17:50
Ryan: disrupted
17:51
Ryan: by
17:51
Ryan: ai,
17:52
Ryan: do
17:52
Ryan: you
17:52
Ryan: think
17:53
Ryan: the
17:53
Ryan: macro
17:53
Ryan: environment's
17:54
Ryan: going
17:54
Ryan: to
17:54
Ryan: continue
17:55
Ryan: to,
17:55
Ryan: or
17:55
Ryan: result
17:56
Ryan: in
17:56
Ryan: a
17:56
Ryan: broadening
17:57
Ryan: of
17:57
Ryan: the
17:57
Ryan: market?
17:59
tom: As
17:59
tom: you
17:59
tom: said
18:00
tom: it
18:00
tom: it
18:00
tom: already
18:01
tom: has
18:01
tom: to
18:01
tom: a
18:01
tom: certain
18:02
tom: degree
18:03
tom: to
18:03
tom: have
18:03
tom: that
18:04
tom: be
18:04
tom: sustainable
18:05
tom: and
18:05
tom: even
18:06
tom: more
18:06
tom: noticeable
18:07
tom: than
18:07
tom: it
18:07
tom: is
18:08
tom: it's
18:08
tom: depending
18:09
tom: on
18:09
tom: what
18:09
tom: it's
18:09
tom: broadening
18:10
tom: out
18:11
tom: and
18:11
tom: so
18:12
tom: when
18:12
tom: you
18:13
tom: have
18:13
tom: a
18:13
tom: broadening
18:14
tom: out
18:14
tom: to
18:14
tom: small
18:15
tom: cap
18:16
tom: that
18:16
tom: has
18:16
tom: underperformed
18:17
tom: a
18:17
tom: great
18:18
tom: deal
18:18
tom: and
18:18
tom: that
18:19
tom: attracts
18:19
tom: people
18:20
tom: but
18:20
tom: you
18:20
tom: still
18:21
tom: have
18:21
tom: to
18:21
tom: have
18:21
tom: a
18:22
tom: macro
18:23
tom: environment
18:23
tom: that
18:24
tom: is
18:24
tom: really
18:25
tom: more
18:26
tom: cyclical
18:27
tom: and
18:27
tom: pro
18:28
tom: growth
18:28
tom: for
18:29
tom: smaller
18:29
tom: type
18:29
tom: companies
18:30
tom: So
18:30
tom: the
18:30
tom: tax
18:31
tom: regime
18:31
tom: has
18:31
tom: to
18:31
tom: be
18:32
tom: right
18:32
tom: The
18:32
tom: dollar
18:32
tom: has
18:33
tom: to
18:33
tom: be
18:33
tom: right
18:34
tom: interest
18:34
tom: rates
18:34
tom: have
18:35
tom: to
18:35
tom: be
18:35
tom: right
18:35
tom: and
18:36
tom: there
18:36
tom: has
18:36
tom: to
18:36
tom: be
18:37
tom: continued
18:37
tom: consumer
18:38
tom: spending
18:38
tom: cause
18:38
tom: these
18:39
tom: are
18:39
tom: companies
18:39
tom: that
18:40
tom: are
18:40
tom: delicate
18:40
tom: to
18:40
tom: a
18:41
tom: degree
18:41
tom: and
18:41
tom: so
18:42
tom: they're
18:42
tom: risky
18:43
tom: and
18:43
tom: the
18:43
tom: macro
18:44
tom: environment
18:44
tom: that
18:44
tom: we're
18:45
tom: in
18:45
tom: now
18:46
tom: is
18:46
tom: because
18:47
tom: of
18:47
tom: the
18:47
tom: increased
18:48
tom: uncertainty
18:49
tom: I
18:49
tom: think
18:49
tom: that
18:49
tom: gets
18:50
tom: drawn
18:50
tom: into
18:51
tom: question
18:51
tom: as
18:51
tom: to
18:52
tom: where
18:52
tom: we're
18:52
tom: going
18:53
tom: from
18:53
tom: here
18:54
tom: and
18:54
tom: then
18:54
tom: if
18:55
tom: you
18:55
tom: look
18:55
tom: at
18:55
tom: more
18:56
tom: mature
18:57
tom: type
18:57
tom: of
18:57
tom: companies
18:58
tom: also
18:59
tom: companies
19:00
tom: that
19:00
tom: Have
19:01
tom: not
19:01
tom: performed
19:02
tom: well
19:03
tom: the
19:03
tom: value
19:03
tom: cohort
19:04
tom: that
19:04
tom: has
19:04
tom: performed
19:05
tom: very
19:05
tom: well
19:05
tom: this
19:06
tom: year
19:06
tom: but
19:06
tom: like
19:07
tom: you
19:07
tom: said
19:07
tom: prior
19:07
tom: to
19:07
tom: that
19:08
tom: you
19:08
tom: would've
19:08
tom: been
19:08
tom: left
19:09
tom: well
19:09
tom: behind
19:09
tom: if
19:09
tom: you'd
19:10
tom: been
19:10
tom: invested
19:10
tom: in
19:10
tom: But
19:11
tom: consumer
19:11
tom: staples
19:12
tom: and
19:12
tom: healthcare
19:13
tom: those
19:14
tom: kinds
19:14
tom: of
19:14
tom: companies
19:15
tom: are
19:15
tom: still
19:15
tom: experiencing
19:17
tom: at
19:18
tom: least
19:18
tom: in
19:18
tom: the
19:18
tom: Staples
19:19
tom: very
19:19
tom: slow
19:20
tom: unit
19:20
tom: growth
19:20
tom: and
19:21
tom: inability
19:21
tom: to
19:21
tom: get
19:22
tom: pricing
19:23
tom: to
19:23
tom: stick
19:24
tom: they
19:24
tom: had
19:24
tom: it
19:24
tom: for
19:24
tom: a
19:24
tom: little
19:24
tom: bit
19:25
tom: during
19:25
tom: COVID
19:25
tom: but
19:26
tom: then
19:26
tom: they
19:26
tom: have
19:26
tom: had
19:26
tom: difficulty
19:27
tom: with
19:27
tom: that
19:28
tom: And
19:28
tom: those
19:28
tom: companies
19:29
tom: are
19:29
tom: the
19:29
tom: ones
19:29
tom: where
19:29
tom: people
19:30
tom: go
19:30
tom: to
19:31
tom: when
19:32
tom: they
19:32
tom: are
19:32
tom: scared
19:33
tom: about
19:34
tom: decelerating
19:35
tom: growth
19:35
tom: companies
19:36
tom: but
19:37
tom: a
19:37
tom: are
19:37
tom: they
19:38
tom: the
19:38
tom: kinds
19:38
tom: of
19:38
tom: companies
19:39
tom: that
19:39
tom: are
19:40
tom: going
19:40
tom: to
19:41
tom: re-accelerate
19:42
tom: And
19:44
tom: not
19:45
tom: So
19:45
tom: the
19:46
tom: leaders
19:46
tom: that
19:46
tom: we've
19:47
tom: had
19:47
tom: and
19:47
tom: the
19:47
tom: leadership
19:48
tom: that
19:48
tom: we
19:48
tom: have
19:49
tom: those
19:49
tom: companies
19:50
tom: as
19:50
tom: we
19:50
tom: just
19:50
tom: discussed
19:51
tom: are
19:52
tom: they
19:52
tom: have
19:53
tom: the
19:53
tom: underlying
19:54
tom: sort
19:55
tom: of
19:55
tom: structure
19:55
tom: to
19:56
tom: be
19:56
tom: able
19:56
tom: to
19:56
tom: come
19:57
tom: back
19:57
tom: and
19:58
tom: in
19:58
tom: a
19:58
tom: bull
19:58
tom: market
19:58
tom: like
19:59
tom: we've
19:59
tom: had
20:00
tom: even
20:00
tom: though
20:00
tom: they
20:00
tom: take
20:00
tom: a
20:00
tom: breather
20:01
tom: If
20:01
tom: the
20:01
tom: market
20:02
tom: goes
20:02
tom: back
20:02
tom: to
20:03
tom: that
20:03
tom: leadership
20:04
tom: you
20:04
tom: have
20:04
tom: to
20:04
tom: have
20:05
tom: a
20:05
tom: true
20:05
tom: change
20:06
tom: in
20:06
tom: the
20:06
tom: macro
20:07
tom: that
20:07
tom: is
20:08
tom: sustainable
20:09
tom: to
20:09
tom: see
20:09
tom: a
20:09
tom: true
20:10
tom: change
20:10
tom: in
20:10
tom: the
20:10
tom: leadership
20:11
tom: in
20:11
tom: the
20:11
tom: market
20:12
tom: over
20:12
tom: a
20:12
tom: longer
20:12
tom: period
20:13
tom: of
20:13
tom: time
20:14
Ryan: Yeah,
20:14
Ryan: Tom,
20:15
Ryan: that's
20:15
Ryan: fantastic.
20:16
Ryan: Let's
20:17
Ryan: talk
20:17
Ryan: about,
20:17
Ryan: you
20:17
Ryan: know,
20:18
Ryan: the
20:18
Ryan: valuations
20:19
Ryan: too.
20:20
Ryan: I
20:20
Ryan: think
20:21
Ryan: they've
20:21
Ryan: come
20:21
Ryan: down
20:21
Ryan: a
20:21
Ryan: little
20:22
Ryan: bit,
20:22
Ryan: but
20:23
Ryan: a
20:23
Ryan: lot
20:23
Ryan: of
20:23
Ryan: time,
20:23
Ryan: you
20:24
Ryan: know,
20:24
Ryan: the
20:24
Ryan: valuations
20:25
Ryan: that
20:25
Ryan: l,
20:25
Ryan: the
20:26
Ryan: valuations
20:26
Ryan: they
20:26
Ryan: were.
20:27
Ryan: In
20:27
Ryan: a
20:27
Ryan: way
20:27
Ryan: isolated
20:28
Ryan: to
20:28
Ryan: the
20:28
Ryan: ai,
20:29
Ryan: to
20:29
Ryan: the
20:29
Ryan: growth
20:30
Ryan: tech,
20:30
Ryan: mega
20:30
Ryan: tech
20:31
Ryan: space.
20:32
Ryan: But
20:32
Ryan: at
20:33
Ryan: the
20:33
Ryan: same
20:33
Ryan: time,
20:34
Ryan: those
20:34
Ryan: companies,
20:35
Ryan: especially
20:35
Ryan: the
20:35
Ryan: mega
20:35
Ryan: tech,
20:36
Ryan: they
20:36
Ryan: were
20:36
Ryan: producing
20:36
Ryan: really
20:37
Ryan: strong
20:37
Ryan: earnings.
20:38
Ryan: So
20:38
Ryan: maybe
20:38
Ryan: some
20:39
Ryan: of
20:39
Ryan: those
20:40
Ryan: high
20:40
Ryan: valuations
20:41
Ryan: were
20:41
Ryan: justified
20:42
Ryan: 'cause
20:43
Ryan: the
20:43
Ryan: firms
20:43
Ryan: were
20:43
Ryan: producing
20:44
Ryan: strong
20:44
Ryan: earnings,
20:45
Ryan: or
20:45
Ryan: is
20:45
Ryan: there
20:46
Ryan: still
20:46
Ryan: a
20:46
Ryan: dislocation
20:47
Ryan: you
20:47
Ryan: think,
20:48
Ryan: between
20:48
Ryan: valuations
20:49
Ryan: and
20:50
Ryan: fundamentals?
20:51
Ryan: I.
20:53
tom: Where
20:53
tom: you
20:53
tom: see
20:54
tom: that
20:54
tom: happening
20:55
tom: is
20:56
tom: when
20:56
tom: you
20:57
tom: have
20:57
tom: what
20:58
tom: has
20:58
tom: been
20:59
tom: high
20:59
tom: growth
21:00
tom: Area
21:01
tom: like
21:02
tom: software
21:03
tom: for
21:03
tom: example
21:04
tom: or
21:04
tom: like
21:04
tom: some
21:04
tom: of
21:04
tom: these
21:05
tom: technology
21:06
tom: companies
21:06
tom: information
21:08
tom: related
21:08
tom: companies
21:09
tom: So
21:09
tom: they're
21:09
tom: not
21:09
tom: necessarily
21:10
tom: software
21:11
tom: but
21:11
tom: that
21:11
tom: have
21:12
tom: been
21:12
tom: able
21:13
tom: to
21:13
tom: better
21:14
tom: process
21:15
tom: and
21:15
tom: package
21:16
tom: information
21:17
tom: I'm
21:17
tom: thinking
21:17
tom: about
21:18
tom: the
21:18
tom: ratings
21:19
tom: agency
21:19
tom: type
21:20
tom: of
21:20
tom: companies
21:20
tom: right
21:21
tom: And
21:22
tom: these
21:22
tom: are
21:22
tom: the
21:22
tom: ones
21:23
tom: that
21:23
tom: are
21:25
tom: are
21:25
tom: concerned
21:25
tom: are
21:25
tom: being
21:26
tom: disrupted
21:27
tom: by
21:27
tom: this
21:27
tom: new
21:27
tom: technology
21:29
tom: AI
21:30
tom: and
21:30
tom: the
21:30
tom: agents
21:31
tom: the
21:31
tom: ability
21:32
tom: to
21:32
tom: write
21:32
tom: code
21:33
tom: without
21:33
tom: knowing
21:33
tom: how
21:34
tom: to
21:34
tom: write
21:34
tom: code
21:35
tom: many
21:35
tom: of
21:35
tom: those
21:36
tom: companies
21:37
tom: I
21:37
tom: in
21:37
tom: fact
21:37
tom: I
21:38
tom: would
21:38
tom: say
21:38
tom: most
21:38
tom: of
21:39
tom: them
21:39
tom: for
21:40
tom: now
21:40
tom: are
21:40
tom: still
21:41
tom: producing
21:42
tom: Solid
21:42
tom: revenue
21:43
tom: growth
21:43
tom: solid
21:44
tom: earnings
21:44
tom: they
21:44
tom: have
21:44
tom: moats
21:45
tom: and
21:45
tom: it's
21:46
tom: an
21:46
tom: open
21:46
tom: question
21:47
tom: as
21:47
tom: to
21:47
tom: whether
21:47
tom: or
21:47
tom: not
21:48
tom: they
21:48
tom: will
21:48
tom: be
21:48
tom: able
21:48
tom: to
21:48
tom: meet
21:49
tom: this
21:49
tom: challenge
21:50
tom: or
21:50
tom: not
21:51
tom: but
21:51
tom: when
21:52
tom: you
21:52
tom: talk
21:52
tom: about
21:53
tom: valuation
21:54
tom: why
21:54
tom: have
21:54
tom: these
21:54
tom: stocks
21:55
tom: gotten
21:55
tom: hit
21:56
tom: it's
21:56
tom: not
21:56
tom: entirely
21:57
tom: unfair
21:58
tom: companies
21:59
tom: are
22:00
tom: our
22:00
tom: valuations
22:01
tom: are
22:01
tom: a
22:01
tom: product
22:02
tom: of
22:02
tom: the
22:03
tom: growth
22:03
tom: rate
22:03
tom: and
22:04
tom: the
22:04
tom: earnings
22:04
tom: current
22:05
tom: level
22:05
tom: of
22:05
tom: earnings
22:05
tom: and
22:06
tom: the
22:06
tom: growth
22:06
tom: rate
22:06
tom: in
22:06
tom: those
22:07
tom: earnings
22:07
tom: And
22:07
tom: you
22:07
tom: can
22:08
tom: only
22:08
tom: see
22:08
tom: out
22:08
tom: so
22:09
tom: far
22:09
tom: So
22:10
tom: when
22:11
tom: those
22:11
tom: get
22:11
tom: called
22:12
tom: into
22:12
tom: question
22:13
tom: and
22:13
tom: you
22:13
tom: have
22:13
tom: had
22:14
tom: high
22:14
tom: multiples
22:15
tom: for
22:16
tom: a
22:16
tom: number
22:16
tom: of
22:16
tom: years
22:17
tom: a
22:17
tom: 30
22:18
tom: Times
22:19
tom: multiple
22:20
tom: or
22:20
tom: 35
22:21
tom: or
22:21
tom: 40
22:21
tom: times
22:22
tom: multiple
22:23
tom: for
22:23
tom: a
22:24
tom: 20
22:24
tom: 30
22:25
tom: grower
22:25
tom: is
22:25
tom: great
22:26
tom: but
22:26
tom: when
22:26
tom: that
22:26
tom: growth
22:27
tom: may
22:27
tom: only
22:27
tom: be
22:28
tom: 15
22:29
tom: or
22:29
tom: there's
22:29
tom: some
22:29
tom: sort
22:30
tom: of
22:30
tom: existential
22:31
tom: risk
22:31
tom: to
22:31
tom: the
22:32
tom: back
22:32
tom: end
22:32
tom: of
22:33
tom: the
22:33
tom: value
22:33
tom: of
22:33
tom: the
22:33
tom: company
22:34
tom: those
22:34
tom: things
22:35
tom: get
22:35
tom: those
22:36
tom: valuations
22:36
tom: get
22:37
tom: cut
22:37
tom: because
22:38
tom: you're
22:38
tom: either
22:38
tom: cutting
22:39
tom: the
22:39
tom: earnings
22:39
tom: Growth
22:39
tom: rate
22:40
tom: or
22:40
tom: you're
22:40
tom: actually
22:40
tom: cutting
22:42
tom: or
22:42
tom: customers
22:43
tom: So
22:43
tom: that's
22:43
tom: what
22:43
tom: we're
22:44
tom: very
22:44
tom: focused
22:45
tom: on
22:45
tom: is
22:46
tom: what's
22:46
tom: happening
22:46
tom: with
22:46
tom: that
22:47
tom: now
22:47
tom: and
22:48
tom: trying
22:48
tom: to
22:48
tom: make
22:48
tom: a
22:48
tom: judgment
22:49
tom: as
22:49
tom: to
22:50
tom: whether
22:50
tom: that's
22:50
tom: justified
22:51
tom: or
22:51
tom: not
22:52
tom: But
22:52
tom: valuation
22:53
tom: in
22:53
tom: and
22:53
tom: of
22:53
tom: itself
22:54
tom: typically
22:55
tom: is
22:55
tom: not
22:56
tom: a
22:56
tom: reason
22:57
tom: for
22:58
tom: Selling
22:59
tom: and
22:59
tom: it's
22:59
tom: a
22:59
tom: poor
23:00
tom: timing
23:00
tom: tool
23:01
tom: but
23:02
tom: when
23:02
tom: you
23:02
tom: have
23:03
tom: it
23:03
tom: high
23:04
tom: and
23:04
tom: there's
23:05
tom: everything's
23:06
tom: being
23:06
tom: called
23:06
tom: into
23:06
tom: question
23:07
tom: you
23:07
tom: know
23:08
tom: that
23:09
tom: that's
23:09
tom: when
23:09
tom: you
23:09
tom: understand
23:10
tom: the
23:10
tom: valuation
23:10
tom: was
23:11
tom: high
23:11
tom: and
23:11
tom: shouldn't
23:12
tom: be
23:12
tom: as
23:12
tom: high
23:12
tom: anymore
23:13
Ryan: Yeah.
23:14
Ryan: Do
23:14
Ryan: you
23:14
Ryan: think
23:14
Ryan: we
23:16
Ryan: rely
23:16
Ryan: too
23:16
Ryan: much
23:17
Ryan: on
23:17
Ryan: valuations,
23:17
Ryan: especially
23:18
Ryan: the
23:18
Ryan: PE
23:18
Ryan: ratio?
23:19
Ryan: Some
23:20
Ryan: people
23:20
Ryan: say
23:20
Ryan: we
23:20
Ryan: should
23:20
Ryan: move
23:21
Ryan: past
23:21
Ryan: that.
23:22
Ryan: Do
23:22
Ryan: you
23:22
Ryan: think
23:22
Ryan: we
23:23
Ryan: put
23:23
Ryan: too
23:23
Ryan: big
23:24
Ryan: of
23:24
Ryan: a
23:24
Ryan: emphasis
23:25
Ryan: on
23:25
Ryan: PEs
23:26
Ryan: and
23:26
Ryan: valuations
23:27
Ryan: when
23:27
Ryan: we're
23:27
Ryan: trying
23:27
Ryan: to
23:27
Ryan: make
23:28
Ryan: investment
23:28
Ryan: decisions?
23:31
tom: PEs
23:31
tom: are
23:31
tom: just
23:31
tom: a
23:31
tom: shortcut
23:32
tom: really
23:33
tom: for
23:33
tom: a
23:33
tom: dividend
23:34
tom: discount
23:34
tom: model
23:35
tom: or
23:35
tom: modeling
23:36
tom: out
23:36
tom: more
23:37
tom: granularly
23:38
tom: what
23:38
tom: you
23:38
tom: think
23:39
tom: a
23:39
tom: company
23:39
tom: is
23:39
tom: able
23:40
tom: to
23:40
tom: do
23:40
tom: and
23:41
tom: it's
23:41
tom: an
23:41
tom: easy
23:41
tom: way
23:42
tom: to
23:42
tom: compare
23:43
tom: Companies
23:44
tom: one
23:44
tom: to
23:45
tom: another
23:45
tom: the
23:46
tom: it's
23:46
tom: tough
23:46
tom: for
23:47
tom: the
23:47
tom: human
23:47
tom: brain
23:48
tom: mine
23:48
tom: at
23:49
tom: least
23:49
tom: to
23:49
tom: be
23:49
tom: able
23:50
tom: to
23:50
tom: compare
23:50
tom: companies
23:51
tom: on
23:51
tom: several
23:52
tom: different
23:52
tom: metrics
23:52
tom: So
23:53
tom: we
23:53
tom: use
23:54
tom: PEs
23:54
tom: as
23:54
tom: a
23:56
tom: as
23:56
tom: a
23:56
tom: way
23:57
tom: to
23:58
tom: as
23:58
tom: a
23:58
tom: shorthand
23:59
tom: for
23:59
tom: that
24:00
tom: but
24:00
tom: I
24:00
tom: don't
24:00
tom: think
24:00
tom: that's
24:00
tom: ever
24:01
tom: going
24:01
tom: to
24:01
tom: go
24:01
tom: away
24:02
tom: because
24:02
tom: as
24:02
tom: imperfect
24:03
tom: a
24:03
tom: tool
24:03
tom: as
24:04
tom: it
24:04
tom: is
24:04
tom: it's
24:05
tom: the
24:05
tom: one
24:05
tom: that
24:05
tom: we
24:05
tom: have
24:06
tom: and
24:06
tom: we
24:06
tom: can
24:07
tom: understand
24:07
tom: the
24:07
tom: nuances
24:08
tom: of
24:08
tom: it
24:09
tom: when
24:09
tom: think
24:09
tom: of
24:10
tom: the
24:10
tom: valuations
24:11
tom: that
24:11
tom: are
24:11
tom: being
24:11
tom: placed
24:12
tom: on
24:12
tom: companies
24:12
tom: that
24:13
tom: may
24:13
tom: not
24:13
tom: even
24:14
tom: have
24:14
tom: much
24:14
tom: in
24:14
tom: the
24:14
tom: way
24:15
tom: of
24:15
tom: revenues
24:15
tom: let
24:15
tom: alone
24:16
tom: earnings
24:17
tom: a
24:17
tom: lot
24:17
tom: of
24:17
tom: that
24:18
tom: has
24:18
tom: to
24:18
tom: do
24:18
tom: with
24:19
tom: just
24:19
tom: faith
24:19
tom: In
24:20
tom: the
24:20
tom: future
24:21
tom: so
24:21
tom: when
24:21
tom: you
24:21
tom: think
24:21
tom: of
24:22
tom: it
24:22
tom: that
24:22
tom: way
24:23
tom: I
24:23
tom: think
24:24
tom: we
24:24
tom: have
24:24
tom: moved
24:24
tom: a
24:24
tom: lot
24:25
tom: more
24:25
tom: towards
24:26
tom: this
24:26
tom: in
24:27
tom: the
24:27
tom: future
24:28
tom: than
24:28
tom: we
24:28
tom: have
24:29
tom: we'll
24:30
tom: value
24:30
tom: the
24:30
tom: future
24:30
tom: when
24:31
tom: it
24:31
tom: gets
24:31
tom: here
24:31
tom: Right
24:32
tom: now
24:32
tom: that's
24:32
tom: been
24:33
tom: a
24:33
tom: risk
24:33
tom: that
24:33
tom: you
24:34
tom: can't
24:34
tom: really
24:34
tom: afford
24:35
tom: to
24:35
tom: take
24:35
tom: You
24:35
tom: have
24:36
tom: to
24:36
tom: make
24:36
tom: some
24:36
tom: sort
24:36
tom: of
24:37
tom: judgment
24:38
tom: about
24:38
tom: the
24:38
tom: future
24:40
tom: and
24:40
tom: be
24:40
tom: willing
24:40
tom: to
24:41
tom: pay
24:41
tom: something
24:41
tom: for
24:41
tom: it
24:42
Ryan: Yeah.
24:42
Ryan: Yeah,
24:43
Ryan: exactly.
24:44
Ryan: There's
24:45
Ryan: no
24:45
Ryan: free
24:45
Ryan: lunches,
24:46
Ryan: Tom.
24:47
Ryan: No
24:48
Ryan: free
24:48
Ryan: lunches
24:48
Ryan: in
24:49
Ryan: this
24:49
Ryan: space,
24:49
Ryan: so
24:50
Ryan: you
24:50
Ryan: gotta,
24:51
Ryan: you
24:51
Ryan: gotta
24:51
Ryan: pay
24:51
Ryan: something
24:52
Ryan: to
24:52
Ryan: get
24:52
Ryan: something
24:52
Ryan: in
24:52
Ryan: return
24:53
Ryan: also.
24:54
Ryan: You
24:54
Ryan: know,
24:55
Ryan: concentration
24:56
Ryan: risk,
24:57
Ryan: you
24:57
Ryan: know,
24:57
Ryan: like
24:58
Ryan: we
24:58
Ryan: talked
24:58
Ryan: about,
24:58
Ryan: the
24:59
Ryan: market
24:59
Ryan: has
24:59
Ryan: broadened
25:00
Ryan: so
25:01
Ryan: concentration
25:02
Ryan: risk,
25:02
Ryan: it's
25:02
Ryan: been
25:03
Ryan: somewhat
25:03
Ryan: muted
25:04
Ryan: a
25:04
Ryan: little
25:04
Ryan: bit
25:05
Ryan: compared
25:05
Ryan: to
25:05
Ryan: say
25:06
Ryan: a
25:06
Ryan: year
25:06
Ryan: ago.
25:07
Ryan: But
25:07
Ryan: as
25:07
Ryan: a
25:07
Ryan: portfolio
25:08
Ryan: manager
25:08
Ryan: in
25:09
Ryan: equities
25:09
Ryan: who
25:10
Ryan: you
25:10
Ryan: use,
25:11
Ryan: I
25:11
Ryan: believe
25:11
Ryan: the
25:11
Ryan: s
25:11
Ryan: and
25:11
Ryan: p
25:12
Ryan: 500
25:12
Ryan: as
25:12
Ryan: a
25:12
Ryan: benchmark,
25:14
Ryan: how
25:14
Ryan: hard
25:14
Ryan: is
25:14
Ryan: it
25:14
Ryan: to
25:14
Ryan: generate
25:15
Ryan: alpha
25:15
Ryan: during
25:16
Ryan: periods
25:16
Ryan: of
25:16
Ryan: high
25:17
Ryan: concentration?
25:18
Ryan: You
25:18
Ryan: know,
25:18
Ryan: if
25:19
Ryan: you.
25:20
Ryan: During
25:20
Ryan: those
25:20
Ryan: years,
25:21
Ryan: when
25:21
Ryan: it's
25:21
Ryan: all
25:21
Ryan: the
25:21
Ryan: Meg
25:22
Ryan: seven
25:22
Ryan: and
25:22
Ryan: technologies,
25:23
Ryan: 35%
25:24
Ryan: of
25:24
Ryan: the
25:25
Ryan: index,
25:26
Ryan: how
25:26
Ryan: do
25:26
Ryan: you
25:26
Ryan: create
25:27
Ryan: Alpha
25:28
Ryan: in
25:28
Ryan: such
25:28
Ryan: a,
25:29
Ryan: you
25:29
Ryan: know,
25:29
Ryan: highly
25:30
Ryan: concentrated,
25:31
Ryan: you
25:31
Ryan: know,
25:32
Ryan: industry
25:32
Ryan: without
25:33
Ryan: having
25:33
Ryan: to
25:33
Ryan: overweight
25:34
Ryan: those,
25:34
Ryan: those
25:35
Ryan: seven
25:35
Ryan: or
25:35
Ryan: 10
25:35
Ryan: names?
25:38
tom: It's
25:38
tom: a
25:38
tom: great
25:38
tom: question
25:39
tom: and
25:40
tom: I
25:40
tom: think
25:41
tom: A
25:41
tom: lot
25:41
tom: of
25:42
tom: that
25:42
tom: depends
25:43
tom: on
25:43
tom: the
25:43
tom: investment
25:44
tom: approach
25:45
tom: and
25:45
tom: investment
25:45
tom: philosophy
25:47
tom: that
25:47
tom: you
25:47
tom: have
25:48
tom: as
25:48
tom: to
25:49
tom: how
25:49
tom: you're
25:49
tom: going
25:50
tom: to
25:50
tom: pick
25:50
tom: stocks
25:51
tom: in
25:51
tom: the
25:51
tom: first
25:51
tom: place
25:52
tom: and
25:52
tom: then
25:53
tom: how
25:53
tom: you're
25:53
tom: going
25:53
tom: to
25:53
tom: put
25:54
tom: those
25:54
tom: together
25:54
tom: in
25:54
tom: a
25:54
tom: portfolio
25:55
tom: and
25:56
tom: particularly
25:57
tom: if
25:57
tom: you
25:57
tom: do
25:58
tom: have
25:58
tom: a
25:58
tom: benchmark
25:59
tom: which
25:59
tom: virtually
26:00
tom: everybody
26:00
tom: does
26:01
tom: how
26:01
tom: you're
26:02
tom: going
26:02
tom: to
26:02
tom: relate
26:03
tom: those
26:04
tom: factors
26:04
tom: to
26:05
tom: the
26:05
tom: risk
26:05
tom: in
26:05
tom: the
26:06
tom: portfolio
26:07
tom: I
26:07
tom: feel
26:07
tom: fortunate
26:08
tom: to
26:08
tom: be
26:09
tom: managing
26:09
tom: to
26:09
tom: a
26:09
tom: benchmark
26:10
tom: that
26:11
tom: I
26:11
tom: would
26:12
tom: choose
26:12
tom: anyway
26:12
tom: I
26:12
tom: think
26:13
tom: the
26:13
tom: s
26:13
tom: and
26:13
tom: p
26:13
tom: 500
26:14
tom: is
26:14
tom: the
26:14
tom: world's
26:15
tom: best
26:16
tom: benchmark
26:17
tom: for
26:17
tom: the
26:17
tom: the
26:17
tom: world's
26:18
tom: best
26:18
tom: companies
26:18
tom: in
26:19
tom: the
26:19
tom: United
26:19
tom: States
26:20
tom: and
26:20
tom: I've
26:21
tom: watched
26:21
tom: it
26:21
tom: in
26:22
tom: my
26:22
tom: career
26:22
tom: as
26:23
tom: it
26:23
tom: has
26:24
tom: had
26:24
tom: ebbs
26:25
tom: and
26:25
tom: flows
26:25
tom: in
26:25
tom: the
26:25
tom: concentration
26:27
tom: and
26:27
tom: in
26:27
tom: the
26:27
tom: types
26:27
tom: of
26:27
tom: companies
26:28
tom: that
26:28
tom: are
26:28
tom: in
26:28
tom: it
26:29
tom: but
26:29
tom: our
26:30
tom: philosophy
26:31
tom: what
26:31
tom: we
26:32
tom: use
26:32
tom: is
26:33
tom: is
26:33
tom: an
26:33
tom: earnings
26:34
tom: and
26:34
tom: profit
26:35
tom: driven
26:35
tom: approach
26:36
tom: and
26:37
tom: the
26:37
tom: sustainability
26:38
tom: of
26:38
tom: that
26:39
tom: going
26:39
tom: forward
26:40
tom: and
26:40
tom: so
26:41
tom: I
26:41
tom: could
26:41
tom: own
26:41
tom: zero
26:42
tom: of
26:42
tom: the
26:42
tom: Mag
26:43
tom: seven
26:43
tom: companies
26:44
tom: I'm
26:44
tom: free
26:44
tom: to
26:44
tom: do
26:45
tom: that
26:45
tom: but
26:46
tom: that
26:46
tom: does
26:46
tom: butt
26:47
tom: up
26:47
tom: against
26:47
tom: some
26:47
tom: of
26:47
tom: our
26:48
tom: risk
26:48
tom: parameters
26:49
tom: when
26:49
tom: we
26:50
tom: say
26:50
tom: how
26:50
tom: much
26:51
tom: risk
26:51
tom: do
26:51
tom: we
26:51
tom: want
26:51
tom: to
26:51
tom: take
26:52
tom: regardless
26:52
tom: of
26:52
tom: what
26:53
tom: our
26:53
tom: our
26:53
tom: thought
26:53
tom: process
26:54
tom: is
26:55
tom: And
26:55
tom: we
26:55
tom: want
26:56
tom: to
26:56
tom: give
26:56
tom: ourselves
26:56
tom: enough
26:57
tom: room
26:57
tom: that
26:57
tom: we
26:57
tom: can
26:58
tom: outperform
26:59
tom: but
26:59
tom: we
26:59
tom: also
27:00
tom: want
27:00
tom: to
27:01
tom: protect
27:01
tom: ourselves
27:02
tom: from
27:02
tom: the
27:03
tom: inevitable
27:04
tom: things
27:04
tom: that
27:04
tom: we
27:04
tom: don't
27:05
tom: know
27:05
tom: or
27:05
tom: get
27:05
tom: wrong
27:06
tom: come
27:06
tom: back
27:07
tom: to
27:07
tom: bite
27:07
tom: us
27:07
tom: when
27:08
tom: weightings
27:09
tom: of
27:09
tom: individual
27:10
tom: companies
27:10
tom: in
27:11
tom: the
27:11
tom: s
27:11
tom: and
27:11
tom: p
27:11
tom: get
27:12
tom: above
27:12
tom: 3
27:14
tom: get
27:14
tom: above
27:14
tom: 5
27:16
tom: that's
27:16
tom: when
27:17
tom: you
27:17
tom: really
27:17
tom: have
27:18
tom: to
27:18
tom: say
27:19
tom: how
27:19
tom: much
27:19
tom: of
27:20
tom: this
27:20
tom: do
27:20
tom: I
27:20
tom: want
27:21
tom: to
27:21
tom: have
27:22
tom: and
27:22
tom: what
27:22
tom: are
27:23
tom: my
27:23
tom: alternatives
27:24
tom: I
27:24
tom: often
27:24
tom: hear
27:25
tom: people
27:25
tom: say
27:25
tom: that
27:26
tom: there's
27:26
tom: a
27:26
tom: dearth
27:26
tom: of
27:27
tom: Opportunities
27:28
tom: or
27:29
tom: alternatives
27:29
tom: out
27:30
tom: there
27:30
tom: And
27:30
tom: that
27:30
tom: the
27:30
tom: 496
27:33
tom: companies
27:34
tom: 4
27:34
tom: 94
27:35
tom: 90
27:36
Ryan: yep.
27:36
tom: 4
27:37
tom: 4
27:37
tom: 93
27:38
tom: are
27:38
tom: underperforming
27:39
tom: that's
27:39
tom: not
27:39
tom: true
27:40
tom: there's
27:40
tom: plenty
27:41
tom: of
27:41
tom: those
27:41
tom: 4
27:41
tom: 93
27:42
tom: that
27:42
tom: are
27:42
tom: outperforming
27:43
tom: those
27:43
tom: it's
27:43
tom: just
27:44
tom: that
27:44
tom: they're
27:44
tom: smaller
27:44
tom: companies
27:45
tom: and
27:45
tom: a
27:45
tom: lot
27:45
tom: of
27:45
tom: companies
27:46
tom: that
27:46
tom: you
27:46
tom: may
27:46
tom: not
27:47
tom: have
27:47
tom: heard
27:47
tom: of
27:47
tom: or
27:48
tom: that
27:48
tom: are
27:48
tom: more
27:48
tom: difficult
27:49
tom: to
27:49
tom: be
27:49
tom: familiar
27:49
tom: with
27:50
tom: But
27:50
tom: there's
27:50
tom: plenty
27:51
tom: of
27:51
tom: companies
27:51
tom: that
27:51
tom: you
27:51
tom: can
27:52
tom: invest
27:52
tom: in
27:52
tom: So
27:52
tom: if
27:53
tom: you're
27:53
tom: choosing
27:54
tom: not
27:54
tom: to
27:54
tom: invest
27:55
tom: in
27:55
tom: Nvidia
27:56
tom: which
27:56
tom: we
27:56
tom: like
27:57
tom: and
27:57
tom: we
27:57
tom: want
27:57
tom: to
27:57
tom: be
27:57
tom: overweight
27:58
tom: but
27:58
tom: it's
27:58
tom: a
27:59
tom: huge
27:59
tom: weight
27:59
tom: in
27:59
tom: the
27:59
tom: s
28:00
tom: and
28:00
tom: p
28:00
tom: 500
28:01
tom: and
28:01
tom: do
28:02
tom: I
28:02
tom: want
28:02
tom: to
28:02
tom: own
28:03
tom: have
28:03
tom: the
28:03
tom: opportunity
28:04
tom: to
28:05
tom: own
28:05
tom: to
28:05
tom: take
28:05
tom: some
28:06
tom: of
28:06
tom: that
28:06
tom: money
28:06
tom: even
28:07
tom: though
28:07
tom: I
28:07
tom: like
28:07
tom: it
28:07
tom: and
28:07
tom: put
28:08
tom: it
28:08
tom: in
28:08
tom: something
28:08
tom: else
28:09
tom: that
28:09
tom: I
28:09
tom: hope
28:09
tom: we'll
28:10
tom: do
28:10
tom: a
28:10
tom: as
28:10
tom: well
28:11
tom: Hopefully
28:11
tom: if
28:12
tom: not
28:12
tom: better
28:12
tom: in
28:12
tom: some
28:13
tom: of
28:13
tom: these
28:13
tom: smaller
28:13
tom: companies
28:14
tom: So
28:15
tom: we're
28:15
tom: very
28:15
tom: careful
28:16
tom: in
28:16
tom: our
28:16
tom: position
28:17
tom: sizing
28:17
tom: and
28:18
tom: our
28:18
tom: diversification
28:19
tom: amongst
28:20
tom: the
28:20
tom: sectors
28:20
tom: and
28:20
tom: amongst
28:21
tom: the
28:21
tom: companies
28:22
tom: that
28:22
tom: are
28:22
tom: in
28:22
tom: there
28:22
tom: and
28:22
tom: their
28:22
tom: benchmark
28:23
tom: weights
28:24
tom: And
28:24
tom: fortunately
28:24
tom: there's
28:25
tom: really
28:25
tom: only
28:25
tom: handful
28:26
tom: of
28:26
tom: companies
28:27
tom: that
28:27
tom: have
28:27
tom: weights
28:28
tom: that
28:28
tom: are
28:29
tom: above
28:29
tom: that
28:29
tom: three
28:30
tom: to
28:30
tom: 5
28:30
tom: threshold
28:31
tom: that
28:31
tom: I
28:31
tom: was
28:31
tom: talking
28:32
Ryan: Yeah.
28:33
Ryan: That's
28:34
Ryan: fantastic.
28:35
Ryan: Great
28:35
Ryan: explanation
28:36
Ryan: there
28:36
Ryan: on,
28:37
Ryan: you
28:37
Ryan: know,
28:37
Ryan: I've
28:37
Ryan: always
28:37
Ryan: kind
28:38
Ryan: of
28:38
Ryan: wanted
28:38
Ryan: like
28:39
Ryan: alpha
28:39
Ryan: generating
28:40
Ryan: Alpha
28:40
Ryan: right
28:40
Ryan: now
28:40
Ryan: has
28:41
Ryan: gotta
28:41
Ryan: be
28:41
Ryan: very
28:41
Ryan: difficult,
28:42
Ryan: you
28:42
Ryan: know,
28:42
Ryan: now
28:43
Ryan: we're
28:43
Ryan: moving
28:43
Ryan: forward,
28:43
Ryan: broadening
28:44
Ryan: into
28:44
Ryan: the
28:44
Ryan: market
28:44
Ryan: easier,
28:45
Ryan: but
28:46
Ryan: interesting
28:46
Ryan: there.
28:47
Ryan: I
28:47
Ryan: love
28:47
Ryan: hearing
28:47
Ryan: from
28:47
Ryan: portfolio
28:48
Ryan: managers.
28:49
Ryan: Point
28:50
Ryan: of
28:50
Ryan: view
28:50
Ryan: there.
28:50
Ryan: Lastly,
28:52
Ryan: it's
28:52
Ryan: hard
28:52
Ryan: to
28:52
Ryan: have
28:53
Ryan: a
28:53
Ryan: conversation
28:53
Ryan: about
28:54
Ryan: markets
28:54
Ryan: without
28:54
Ryan: talking
28:55
Ryan: about
28:55
Ryan: ai.
28:56
Ryan: I
28:56
Ryan: feel
28:57
Ryan: like
28:57
Ryan: for
28:57
Ryan: a
28:58
Ryan: while.
28:59
Ryan: It
28:59
Ryan: takes
28:59
Ryan: me
28:59
Ryan: back
29:00
Ryan: to,
29:00
Ryan: maybe
29:00
Ryan: I
29:00
Ryan: just
29:01
Ryan: have
29:01
Ryan: post
29:02
Ryan: traumatic
29:02
Ryan: syndrome
29:03
Ryan: with
29:03
Ryan: a.com
29:04
Ryan: era,
29:04
Ryan: but
29:06
Ryan: I
29:06
Ryan: feel
29:06
Ryan: like
29:06
Ryan: ai,
29:07
Ryan: a
29:07
Ryan: lot
29:07
Ryan: of
29:07
Ryan: the
29:07
Ryan: returns
29:07
Ryan: have
29:08
Ryan: been
29:08
Ryan: driven
29:08
Ryan: by
29:08
Ryan: investors
29:09
Ryan: buying
29:09
Ryan: that
29:10
Ryan: AI
29:10
Ryan: hype
29:11
Ryan: just,
29:11
Ryan: oh,
29:11
Ryan: it's
29:12
Ryan: ai.
29:12
Ryan: Let's
29:13
Ryan: buy
29:13
Ryan: it,
29:13
Ryan: bid
29:14
Ryan: it
29:14
Ryan: up.
29:15
Ryan: Is
29:15
Ryan: it
29:15
Ryan: time
29:15
Ryan: to
29:15
Ryan: start
29:16
Ryan: dis
29:16
Ryan: distinguishing
29:17
Ryan: between
29:18
Ryan: AI
29:18
Ryan: hype?
29:19
Ryan: In
29:19
Ryan: real
29:19
Ryan: long
29:20
Ryan: term
29:20
Ryan: winners
29:21
Ryan: being
29:21
Ryan: a
29:21
Ryan: little
29:21
Ryan: bit
29:21
Ryan: more
29:22
Ryan: selective.
29:23
Ryan: Take
29:23
Ryan: you
29:23
Ryan: know,
29:24
Ryan: a
29:24
Ryan: more
29:24
Ryan: niche
29:25
Ryan: or
29:25
Ryan: focused
29:25
Ryan: approach
29:26
Ryan: to
29:26
Ryan: investing
29:26
Ryan: in
29:27
Ryan: ai.
29:27
Ryan: And
29:28
Ryan: how
29:28
Ryan: can
29:28
Ryan: investors
29:29
Ryan: distinguish
29:30
Ryan: between
29:30
Ryan: the
29:31
Ryan: two?
29:33
tom: Again
29:34
tom: it's
29:34
tom: an
29:34
tom: important
29:34
tom: point
29:35
tom: and
29:35
tom: particularly
29:36
tom: in
29:37
tom: this
29:37
tom: day
29:37
tom: and
29:38
tom: age
29:38
tom: of
29:38
tom: ETFs
29:39
tom: which
29:40
tom: is
29:40
tom: actually
29:40
tom: fairly
29:41
tom: long
29:41
tom: now
29:42
tom: But
29:42
tom: you
29:42
tom: Know
29:42
tom: they
29:42
tom: weren't
29:43
tom: there
29:43
tom: when
29:43
tom: I
29:43
tom: first
29:44
tom: started
29:44
tom: out
29:45
tom: but
29:46
tom: when
29:46
tom: people
29:46
tom: can
29:46
tom: buy
29:47
tom: and
29:47
tom: sell
29:47
tom: baskets
29:48
tom: of
29:48
tom: stocks
29:48
tom: for
29:49
tom: a
29:49
tom: penny
29:49
tom: or
29:50
tom: that's
29:50
tom: a
29:50
tom: lot
29:50
tom: different
29:51
tom: from
29:51
tom: when
29:52
tom: you
29:52
tom: really
29:53
tom: had
29:53
tom: to
29:53
tom: trade
29:53
tom: the
29:53
tom: individual
29:54
tom: stocks
29:55
tom: and
29:55
tom: even
29:55
tom: basket
29:56
tom: trading
29:56
tom: although
29:57
tom: it
29:57
tom: was
29:57
tom: cheap
29:57
tom: at
29:58
tom: the
29:58
tom: time
29:58
tom: relative
29:59
tom: to
29:59
tom: those
30:00
tom: times
30:00
tom: now
30:01
tom: it's
30:01
tom: super
30:01
tom: cheap
30:02
tom: and
30:02
tom: there's
30:02
tom: a
30:02
tom: lot
30:03
tom: of
30:03
tom: different
30:03
tom: strategies
30:04
tom: which
30:04
tom: are
30:04
tom: not
30:05
tom: stock
30:05
tom: picking
30:05
tom: strategies
30:07
tom: I
30:07
tom: think
30:07
tom: that
30:08
tom: when
30:08
tom: you
30:08
tom: get
30:09
tom: more
30:09
tom: macro
30:10
tom: driven
30:11
tom: more
30:13
tom: I
30:13
tom: would
30:13
tom: say
30:13
tom: less
30:14
tom: long-term
30:15
tom: investor
30:16
tom: related
30:17
tom: type
30:17
tom: strategies
30:18
tom: more
30:18
tom: to
30:19
tom: how
30:19
tom: can
30:19
tom: I
30:19
tom: make
30:19
tom: money
30:20
tom: that
30:21
tom: that
30:21
tom: tends
30:22
tom: to
30:22
tom: disconnect
30:23
tom: things
30:24
tom: a
30:24
tom: little
30:24
tom: bit
30:25
tom: And
30:25
tom: make
30:26
tom: it
30:26
tom: more
30:26
tom: difficult
30:27
tom: we
30:27
tom: still
30:28
tom: don't
30:28
tom: do
30:28
tom: that
30:29
tom: even
30:29
tom: in
30:29
tom: our
30:30
tom: our
30:30
tom: global
30:31
tom: macro
30:31
tom: strategies
30:32
tom: and
30:32
tom: yes
30:32
tom: we
30:32
tom: use
30:33
tom: ETFs
30:33
tom: and
30:34
tom: we
30:34
tom: trade
30:34
tom: baskets
30:35
tom: of
30:35
tom: stocks
30:35
tom: but
30:36
tom: because
30:37
tom: we
30:37
tom: were
30:37
tom: first
30:38
tom: and
30:38
tom: foremost
30:38
tom: and
30:39
tom: still
30:39
tom: are
30:40
tom: and
30:40
tom: individual
30:40
tom: equity
30:41
tom: manager
30:42
tom: we
30:42
tom: know
30:42
tom: the
30:42
tom: companies
30:43
tom: that
30:43
tom: are
30:43
tom: in
30:44
tom: certainly
30:45
tom: in
30:45
tom: the
30:45
tom: US
30:45
tom: benchmarks
30:46
tom: I'm
30:46
tom: not
30:46
tom: gonna
30:46
tom: say
30:46
tom: we
30:46
tom: know
30:47
tom: the
30:47
tom: ones
30:47
tom: that
30:47
tom: are
30:47
tom: in
30:47
tom: the
30:48
tom: international
30:48
tom: benchmarks
30:49
tom: but
30:50
tom: we
30:50
tom: know
30:50
tom: them
30:51
tom: And
30:51
tom: I
30:52
tom: think
30:52
tom: that
30:52
tom: goes
30:52
tom: a
30:52
tom: long
30:53
tom: way
30:54
tom: towards
30:55
tom: being
30:56
tom: able
30:56
tom: to
30:57
tom: have
30:57
tom: a
30:58
tom: more
30:58
tom: consistent
30:58
tom: investment
30:59
tom: approach
31:00
tom: and
31:00
tom: to
31:01
tom: stay
31:02
tom: there
31:02
tom: through
31:03
tom: the
31:03
tom: ups
31:03
tom: and
31:03
tom: downs
31:04
tom: if
31:04
tom: you
31:04
tom: have
31:04
tom: the
31:05
tom: courage
31:05
tom: of
31:05
tom: your
31:05
tom: convictions
31:07
Ryan: Tom,
31:08
Ryan: fantastic.
31:10
Ryan: Thank
31:10
Ryan: you
31:10
Ryan: so
31:10
Ryan: much
31:11
Ryan: for
31:11
Ryan: coming
31:11
Ryan: on
31:11
Ryan: the
31:11
Ryan: show.
31:12
Ryan: It
31:12
Ryan: was
31:13
Ryan: such
31:13
Ryan: an
31:13
Ryan: honor
31:14
Ryan: to
31:14
Ryan: have
31:14
Ryan: you
31:14
Ryan: on
31:14
Ryan: Really
31:15
Ryan: great
31:15
Ryan: conversation.
31:16
Ryan: I
31:16
Ryan: really
31:17
Ryan: enjoyed
31:17
Ryan: it.
31:17
Ryan: I
31:17
Ryan: love.
31:18
Ryan: Picking
31:18
Ryan: the
31:18
Ryan: mind
31:19
Ryan: of
31:19
Ryan: a
31:19
Ryan: top
31:20
Ryan: portfolio
31:20
Ryan: manager.
31:21
Ryan: Such
31:21
Ryan: an
31:22
Ryan: honor.
31:23
Ryan: Where
31:23
Ryan: can
31:23
Ryan: our
31:24
Ryan: audience
31:24
Ryan: get
31:24
Ryan: more
31:25
Ryan: information
31:26
Ryan: about
31:26
Ryan: global
31:27
Ryan: investments?
31:30
tom: The
31:30
tom: best
31:30
tom: was
31:30
tom: at
31:31
tom: our
31:31
tom: website
31:32
tom: which
31:32
tom: is
31:32
tom: just
31:32
tom: global.com
31:34
tom: and
31:34
tom: so
31:34
tom: I'd
31:34
tom: encourage
31:35
tom: people
31:35
tom: to
31:35
tom: go
31:35
tom: there
31:36
tom: there's
31:37
tom: information
31:38
tom: on
31:38
tom: our
31:38
tom: strategies
31:39
tom: They're
31:40
tom: both
31:40
tom: the
31:40
tom: equities
31:41
tom: and
31:41
tom: the
31:41
tom: ETF
31:42
tom: strategies
31:42
tom: and
31:43
tom: things
31:43
tom: for
31:44
tom: individual
31:44
tom: investors
31:45
tom: and
31:45
tom: in
31:45
tom: for
31:45
tom: institutional
31:46
tom: investors
31:47
tom: So
31:47
tom: hopefully
31:48
tom: that
31:49
tom: and
31:49
tom: then
31:49
tom: there's
31:49
tom: beyond
31:50
tom: that
31:50
tom: we
31:50
tom: certainly
31:51
tom: would
31:51
tom: love
31:51
tom: to
31:52
tom: talk
31:52
tom: to
31:52
tom: anybody
31:52
tom: who's
31:52
tom: interested
31:53
tom: you
31:53
tom: can
31:53
tom: email
31:54
tom: us
31:54
tom: or
31:54
tom: call
31:54
tom: us
31:56
Ryan: Awesome,
31:56
Ryan: Tom.
31:57
Ryan: Thank
31:57
Ryan: you
31:57
Ryan: so
31:58
Ryan: much.
31:58
Ryan: Fantastic
31:59
Ryan: conversation,
32:00
Ryan: great
32:00
Ryan: insight
32:01
Ryan: and
32:01
Ryan: thank
32:01
Ryan: you
32:01
Ryan: everyone
32:02
Ryan: for
32:02
Ryan: listening
32:02
Ryan: to
32:03
Ryan: this
32:03
Ryan: episode
32:04
Ryan: is
32:04
Ryan: Zephyr's
32:04
Ryan: adjusted
32:05
Ryan: for
32:05
Ryan: Risk
32:05
Ryan: podcast.
32:06
Ryan: You
32:06
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32:06
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32:06
Ryan: all
32:06
Ryan: of
32:07
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32:07
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32:07
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32:08
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32:08
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32:08
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32:08
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32:09
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32:09
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32:09
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32:10
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32:11
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32:11
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32:11
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32:11
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32:12
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32:12
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32:12
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32:13
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32:13
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32:13
Ryan: us
32:13
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32:14
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32:14
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32:15
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32:15
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32:15
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32:16
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32:16
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32:16
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32:16
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32:17
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32:17
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32:17
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32:17
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