00:00What about beyond housing, Rick? And it's a point that you've made well on this program many times
00:04before on what's necessary to get this economy going. But I just wonder if this is the future
00:09that we're heading to. I mean, things are advancing so fast. Anthropics growth is like
00:12bigger than Zoom during the pandemic, bigger than Google during the dot com run up to the dot com
00:19bubble. I mean, what do we do when these things are growing so fast? I mean, part of me just
00:23being a pessimist and maybe a skeptical journalist just feels like we're in a world and an economy
00:28that's not fully prepared for that future. I'd say that's right as well. I think I think the world I
00:35mean, listen, I feel every day I come in and I go, OK, I'm prepared for the day. And then
00:39by the end of
00:39the day, I feel like I'm behind because it's just happening so fast in the transition of things so
00:44fast. Listen, we're building and using a load of these tools. And I think it's incredibly exciting.
00:49And then you look at the equity market, what's driving the equity and people say, gosh, there's a
00:53bubble in the equity market. It's actually not because you're seeing this sort of spend and
00:57expenditure and earnings growth and cash flow alongside of it. It's just happening so fast.
01:02And quite frankly, it's just creating a greater and greater stratification of the economy. It's
01:06I mean, it's it's one of the most interesting times I've ever been around to try and think about
01:10investing relative to this. But it's it's not all good news. But in some areas, it's I mean,
01:16it's explosive. And from a growth perspective. True. OK, so what is the positioning you do according
01:21to this, Rick? Because, again, a lot of what we're talking about are longer term consequences.
01:25It's kind of the big left tail for now, as we were just talking. The jobs picture today
01:30is incredibly stable, if not strong. So, you know, I still think the job market is OK,
01:38but the but the so I mean, I think my my view is if you take today and say, gosh,
01:44what is more
01:44attractive, equities or interest rates? Listen, equities have have upside to it. You're watching
01:49the convexity of equities. And by the way, don't create any new ones that even though you get some
01:53IPO calendar, the buybacks are much, much, much bigger. So the technicals and equities are great.
01:57So I still like equities versus interest rates. And I like equities married to income. And because
02:02you have an economy that's growing like this, you think about some of the yielding markets in
02:07securitization markets, high yield markets, pretty hard to have a default cycle of significance other
02:12than parts of the securitization market that are tethered to lower incomes. You think about subprime
02:17auto, you think about some parts of credit card. So I think this is like take income, take equities,
02:23marry them together, manage your volatility. And that's, you know, it's been working. And I don't
02:29know why that would change, you know, to buy long term interest rates and say, gosh, you know, you know,
02:33let's see where rates go. I think you have a Fed that's unstable. That's that's on hold, I should say.
02:39And then, by the way, there's some really interesting things to do around the world in fixed income as yields
02:45have
02:45gotten higher in places like Europe where growth is not nearly as robust and probably slows from here.
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