00:00So what do you do? I mean given the fact that ultimately you do see the potential for bad news.
00:04It has not paid to hedge against that. It has not paid to be skeptical. It is not paid to
00:08really know more information. It seems like this idea of the less you know the better off you are which
00:12is something that Chris Verone was talking about. Do you go just into big tech and avoid bonds because ultimately
00:17inflation is a bigger concern. First of all context. I believe we're in a high risk bull market. Bull market
00:24means you've got to be invested because the path of least resistance is higher. Why earnings earnings earnings earnings and
00:29it
00:29and a Fed that is not antagonistic at least yet. The high risk part says but if something goes wrong
00:36the decline is not going to be two and a half percent. It's going to be a lot worse than
00:40that. And that's what I'm watching every day. Fully invested. Where are we invested? We're trying to go where I'm
00:47trying to more reactionary than usual. That is to say in this environment letting some semiconductor stocks go. Not the
00:54whole thing just bits and pieces and buy stuff that has okay fundamentals that's a whole lot cheaper.
00:59That's the trade I'm playing. Maybe two weeks from now semis we'll have corrected. We'll be buying them back and
01:04selling whatever we bought in the meantime. Which is why they haven't corrected much because everyone's just waiting to buy
01:08the same thing. Bingo!
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