Well, hello and welcome to TraderTalk.

[music]

I'm Kenny Polcari, your host, and today

we're going to have a conversation with

Matt Tuttle, who's the CEO and CIO of

Tuttle Capital Management, and Michael

Ryan King, who is the equity market

strategist at the New York Stock

Exchange. And Michael and I could have a

conversation just about that after

having spent 40 years at 11 Wall Street

myself.

>> Yeah, a lot more a lot more than I have.

>> Oh my god. We could sit here and talk

all day long about about what it was,

but

>> If you'd like me to leave my

>> No, no, no, not at all. I want you to

stay. I want you to stay, but but I just

so everyone understands, right? Cuz

the New York Stock Exchange has clearly

a very dear place in my heart, right? I

met my wife there, right? Uh anyway,

whatever. Uh so, let's talk about let's

just get right to it. Let's talk about

um where we are, right? The first half

of the year, certainly as everybody

understands, was very dynamic. I think

the markets they have done very well.

Earnings season was spectacular. I don't

know if that's changed your outlook for

the rest of the year, what you think

earnings season's going to be, but let's

go. Kick it off.

>> Yeah, I mean, look, I mean, you know,

first quarter earnings were fantastic by

any stretch of the imagination, right?

You got to 2x you know, kind of what the

street was looking for, which was

already kind of call it, you know, kind

of low teens growth, right? Um you know,

a lot of that came from the tech sector,

as we all know, right? But it was pretty

broad in terms of, you know, where we

saw that strength. Um you know, I would

argue that it could have even been

better, right? So, we've kind of talked

about things within a framework of um

you know, kind of before Iran, after

Iran, similar to what we did last year

with, you know, before tariffs and after

tariffs, right? And I would suggest

there's been like a guidance gap in in

many of the companies that have

reported, where you've seen kind of a

lot of companies that have beaten

earnings, but that hasn't translated

into an increase in guidance. And uh you

know, that's particularly outside of the

tech sector. And you know, had we not

kind of had the the flare-up that we

did, you know, you would have probably

seen an even stronger Q1 earnings

season. But that what that does is kind

of set us up, you know kind of for you

know kind of for for some catch up in

the back half of the year.

>> A stronger earning season was it was

well beyond what the expectation was

coming into the year.

>> Yeah and but what I'm more focused on is

really what the hyperscalers are saying

about AI CapEx and anything that comes

out of Jensen's mouth I want to hear.

>> Well and and and what they're saying is

the demand is insatiable. It's crazy how

much demand there is out there.

>> It is crazy and that's what's driving

this market. Forgetting about oil at 90,

forgetting about rates going up,

forgetting about inflation, forgetting

about what Walmart is saying about the

consumer. It's all AI CapEx driving this

market and you know we we think you've

got to be in that trade.

>> No well certainly you have to be in the

trade but I think what's really

interesting is over the last couple of

weeks when we saw that real anxiety

build and the the two year, the 10 year,

and the 30 year suddenly all you know

ran up through 4%, 4 and 1/2, and 5% yet

the market didn't really back off. And

for me those are the lines in the sand

that create this kind of

level where you have to start to think

about well 4 and 1/2% in the 10 year, 5%

in the 30 year, you have to be a little

bit more cautious. Yet the market kept

marching forward. And I think a lot of

it driven by certainly the comments by

any of the hyperscalers, by Nvidia, by

all of them, right?

>> Well and and I think what you've got is

traders are looking at higher oil

prices, higher rates as temporary. And

they're looking at what's going on with

AI is something that's going to last 2,

3, 5, 10, 15 years. So they're ignoring

we'll see whether that's at their peril

or not but they're ignoring what's going

on with oil and rates and piling in to

all the AI stuff.

>> where are you on that?

>> So I think you've got to be in those

bottleneck trades.

>> Yeah.

>> Memory, photonics, and we look at space

as a bottleneck trade as well. You've

got to be in that. space like space

space. Space space space here for pure

play. So we we launched a space ETF pure

play 11 names two and a half months ago

it's doubled. What are the

>> names in that ETF?

>> It's the names you'd expect Redwire ASTS

Rocket Lab Lunar Qway. It's 11 names

they're only space names and again it's

it's doubled in two and a half months

it's in in insane but it's I mean people

are telling you space is not even in the

first inning

>> Right. Of all this stuff we're doing up

there.

>> Not not even close.

>> you going to do when SpaceX goes public?

>> We're going to add that to our ETF.

We're I yeah we we definitely have to.

We're going to add that to our space ETF

and I also have a UFO disclosure ETF

we're adding it to that too cuz Elon

knows more than he lets on.

>> Wait so tell us a little bit about the

UFO UFO ETF.

>> So the ticker symbol is UFOD for UFO

disclosure. The idea is based on the

secret gap that what we see

the government's always 20 30 years

ahead. We've seen that with the

internet. We've seen that with GPS.

We've seen that with self-driving. We

saw that in Venezuela with the

discombobulator which was probably

directed energy weapon and that quantum

sensing thing they did in Iran. So what

our thought is is we are sitting on free

energy technology and anti-grav

technology that if it gets disclosed we

think AI is a game changer imagine being

able to take energy from the

environment. That changes everything. So

we're invested in the defense companies

obviously but we're also looking at this

convergence trade where you've used to

be in defense it was tanks planes and

ships. Now it's drones it's missile

defense anti-drone robots. You've got

this convergence between defense and all

of the AI sectors. That's what this

trade is about. Aliens don't have to be

real. It just makes it more fun if they

are.

>> [laughter]

>> I love that. I think that's perfect. So,

let's talk about Mike, let's go back to

you a minute and talk about the New York

Stock Exchange and the kind of the

sentiment exchange in terms of what the

second half of the year is going to look

like. Does the exchange have Do you have

a view?

>> Yeah, look. I mean, I think, you know,

we we know we're in uh mid-term election

year, right? Which do tend to be kind of

a tough year for equity markets, right?

>> Um typically, then, you know, some of

that anxiety starts to show up during

the second quarter into the third

quarter and then kind of yeah, and then

Q4 and beyond, you know, tends to be

kind of off to the races, right? Um I

think that, you know, kind of with the

move that we've had, like, you know, we

could get into, you know, a little bit

of rockiness heading into the summer.

Um you know, kind of as we as we start

to see some of the supply come to the

market. Uh you know, kind of as you were

just kind of you know, mentioning with

with IP some of the big IPOs that are

coming. Um you know, and just some of

the run that we've had and we have to

kind of digest some of that, right?

>> Yeah, well, 100%. But wait, speaking of

the IPOs, let's talk about that for a

minute, right? Because it is a hot

market. It's a hot IPO market. So, if

any name, OpenAI, Anthropic, cuz we

already know SpaceX is coming, but the

other ones, OpenAI, Anthropic, if

they're going to launch, if they're

going to go, now's the time to go.

>> For sure.

>> Right?

>> Yeah, and and you would, you know, we've

seen kind of those IPO markets be pretty

quiet for, you know, kind of the last

couple of years, right? I mean, yeah,

but these are some really big big

numbers, right? So, like, if you kind of

look at what um SpaceX and OpenAI are

kind of talking about in in terms of

what we've heard in the press in terms

of kind of, you know, the the size of

the raise, we're talking about a hundred

fifty billion dollars, which is about

twenty-five percent of what we saw in

twenty-twenty-one, right? The last time

we saw kind of this really big, you

know, kind of capital markets cycle,

right? So, there's going to be some

supply that the markets need to digest.

>> me ask you guys a question because I'm

curious what you think.

The money that's going to go into these

IPOs,

do you think it's coming out of other

parts of the market? Do you think it's

money sitting on the side ready to go?

>> I I think that you that you're going to

see some of that come out of the tech

sector, right? So,

>> so?

>> I think my my my sense is my guess would

be that we've seen this very big move in

the tech sector, right? For

understandable reasons.

But, we've had you know we've had this

everybody's crowded into that trade. I

think you can see some of those stocks

kind of start to level off, some of the

money come out of those areas of the

market.

>> Right. And like the bear case, not

really the bear case, but the argument

on the earning side is that there's been

a lot of pull forward of demand. And

even just last night Zscaler, right, in

their earnings they highlighted that

they had pulled forward a lot of their

kind of memory and and data data center

component component demand

you know because they were trying to get

ahead of price increases, right? They

raised their CapEx guidance you know

just to kind of you know kind of account

for the increase in memory cost, right?

>> Right. So, they're not the only ones who

have kind of done that. So, you know you

are kind of you know setting a pretty

high bar on a go forward basis for a lot

of these.

>> I think some of that money's got to come

out of MU after the move it's had,

right? People I mean how can you not?

Even though they got even though the the

analyst that's going to 1600, I don't

know what time frame by the way was that

supposed to happen in a year? I'm not

sure what the time frame was.

>> During my lifetime.

>> During your lifetime, right

>> [laughter]

>> right. That's like Andrew Ross Sorkin

the other day got an interview and said,

"Oh, we're getting a market crash."

Really when? I I don't know, but it's

coming. Dude, really? That's like the

sun's coming out tomorrow.

>> he is right though.

>> Well, he

he is, right he is. But, I but I do

think that

I have to say I do think some of that

money's got to come out of names that

have gone parabolic.

>> Absolutely.

>> That just needed to diversify, right?

And so, I think you're going to see a

pullback. While the story for MU might

be as strong as it is,

I think you're going to I think you are

going to see money come out of names

like that that have gone really

to the upside.

>> Yeah.

>> Uh to get repositioned into but I don't

think it's going to come out of the

broad market. I think it's going to come

out of very specific names.

>> Well, I mean

like a name I'm focused on Anduril.

Would you rather own Anduril or would

you rather own a Kratos, an AVAV or a

Lockheed Martin? I'd rather I'd rather

own Anduril. So I think you'll see some

of that too from a sector standpoint.

Once a name like that comes out, you

know, that to me becomes the leading

stock in that area.

>> Right. And so let let's talk about

Tuttle for a minute because you you

manage how many ETFs?

>> Around 70. We launch new ETFs every

single day. I lose track.

>> Oh, do you really?

>> Yeah.

>> So you cover everything. You cover

sectors, you cover regions of

around the world?

>> We we do. We we have some international.

We do a lot of levered and inverse.

We're now working on a lot of different

option income stuff. We don't like

covered calls. We do puts. We do a lot

of thematic. Um and I also do ETFs for

things that make me mad like Jim Cramer

and Cathie [laughter] Wood. So we we we

we've inverse those.

>> the inverse? Oh, of course.

>> We do the inverse.

>> Right, right. Cuz you're mad at them so

you what you it's the contrary.

>> I'm not mad at them. I'm mad at how

they're presented to the public who then

thinks that they are people to follow

and they lose money.

>> 100%. Let me ask another question

about cuz you made an interesting

comment about the leveraged ETFs. So you

leverage two and three times?

>> So we're not allowed to do three. We're

fighting the SEC on that. They don't

allow us to do three.

>> Direxion does three.

>> They were grandfathered in.

>> Ah.

>> Somehow that's fair. I don't understand

how.

But yeah, so we only we do two X on

single stocks.

>> On single stocks?

>> Right. And those those are for active

traders. Interestingly a third of our

assets in those come from Korea. South

Korea.

>> Really?

>> Yes.

>> That's interesting.

>> It is. I think they really do like to

trade a lot of these names.

>> Yeah.

And do you And

do you What do you list?

>> Um we are mostly on the CBO, but maybe

he will talk me into moving back to the

NYSE.

>> What? I'm just I'm just throwing it out

there. I'm just throwing [laughter] it

out there. Let's talk about some of the

economic data and the Fed,

uh and now we have a new Fed chairman,

right? Kevin Warsh is now officially the

chairman, but let's talk about, you

know, the difficulty he may or may not

have right off the bat, because there

are certainly three or four people that

are pushing back. Um so, what do you

think?

>> Yeah, look. I mean, I think he's in a

difficult spot in terms of where he

suggested he kind of ultimately wants to

go. We're not in an environment where

you can really talk about rate cuts at

this point.

>> Now, clearly

>> Yeah, I mean, now, you know, there's

clearly a big catalyst that could

potentially, you know, kind of take some

of the edge off there, right? If we

actually kind of do get a deal in, you

know, in Iran and get the strait open

and we start to see oil prices, you

know, kind of start to move lower again.

You know, but he's in a in a tough spot.

Um you know, he's talked about, you

know, kind of changing, you know, the

communication style of the Federal

Reserve, and, you know, kind of and and

kind of the reaction function with the

the balance sheet. Those are things that

are going to take some time to play out.

I don't think you're going to

necessarily see anything kind of

game-changing right out of the gate.

>> to pull them back. He doesn't want them

speaking to the public.

>> Right. Correct.

>> uh the members, the way they do now,

right? They all go out after the

meeting. They, you know, they have to

keep their mouth shut for the week

before, cuz they enter that blackout

period, but then the minute the

meeting's over, they all they all fan

out, and they start talking, and then

it's clear to see where everyone stands.

I think he he doesn't want us to He

doesn't want to do that anymore.

>> Yeah, he wants to rein that in. I think

he also wants to deemphasize the dots,

right? Which is something that Chair

Powell

>> I never really understood the dots,

because it was literally It's literally

a piece of graph paper, and they take a

pencil, and they go like this. Like,

dude, we're in 2026. You're using

[laughter] a number two pencil to draw a

dot on a a dot on a graph paper?

>> Yeah, sometimes you can connect them and

then make dubs hot. That's all.

>> understood it. But one way or the other,

so what do you think about the Fed? What

do you think about

wars?

>> Yeah, so there's probably no one else I

would rather not be than him right now.

Because Trump brought him in to lower

rates.

>> That's right.

>> can't. And he may, I don't think so cuz

he'd have to be crazy to do it. He may

raise them. And we saw what happened

with Powell when Trump didn't get what

he wanted. And we know how Trump can

turn on guys.

>> I want to I

I'm betting we should go to the

Polymarket or Kalshi to see if there's a

bet on when Trump turns on him. Because

you know, to your point.

>> I I may have to do an ETF for that.

>> There you go. Perfect. Perfect.

[laughter] Yeah, I just gave you an

idea. Wait a minute. But here's the

here's the point. The point is that um

he's very much a hawk. He's very much

inflation focused, right? So, that being

the case, if oil stays here in the high

90s uh for, you know, another month,

another two months, it's going to start

to get baked even more into the PPI and

the CPI and the PCE, right? It's going

to be a problem for him. All right. And

it's going to be a problem in the

midterms.

>> It it's definitely going to be a

problem. I mean, that's why we're laser

focused on rates. The bond guys are

going to tell you what's going on,

what's not going on. Rates going up is

them telling you and inflation is going

to be here. And, you know, maybe this

war is over this time.

>> Right.

>> I mean, I'll believe it when I see it,

but the damage is already been done.

>> Right.

>> We're not getting oil back to 60

tomorrow.

>> Right. I agree with you. Kevin Hassett

did a did a an interview with Maria

Bartiromo and she asked him that

question. He goes, "OH, ONCE this is

done, oil's going to come plummeting." I

go, "Uh not so fast."

>> Yeah.

No, I I definitely don't think so. I

mean, we've been telling people buy the

oil stocks every time it goes down 4 or

5%. Right. And so far that's worked out

pretty well.

>> That's That's That's right. But wait,

let me ask a question about where you

think rates are going.

>> So, I think rates short-term Again, I

don't think the Fed's going to do

anything, but I am worried about the

10-year, the 30-year

going up, especially if oil stays around

here, and that could be talking about

second half of the year, that could

create a problem.

>> think oil stays Even if they if they if

if they come up with an announcement

today saying we can't We have a deal,

we're going to take all the

We're going to take all the um

the powder and take it out of there,

um and we have a deal. This The trade is

open, blah blah blah. Do you think Do

you think Do you think

um

oil doesn't go back to 62 right away?

>> Definitely not right away.

>> Probably in the high 70s.

>> Or in the 80s, and I think it takes a

while for it to come back down.

>> it goes to the 80s, that pressure on

inflation is going to continue to be

there. So, inflation is not going to

back off so quickly.

>> Exactly what we're thinking. We're I we

believe we are going to see higher

inflation, and we also know, I mean, the

numbers we see aren't the real numbers.

You know, talk to anyone who goes to the

grocery store, fills up their gas tank.

>> Right. Really?

>> 3%? No, it it's it's way higher than

that, and the Fed's got to be cognizant

of that.

>> Yeah, I often wonder if J. Powell or if

they actually go to the grocery store

and go shopping. I often wonder if they

actually have that experience.

>> I bet they have someone do it for them

who probably doesn't tell them.

>> 100%. But, see, it's funny because

because I go to the grocery store,

right? So, I It's it's Sometimes I look

at some of these prices and go, "What?"

Like, I you just don't

you know, and then they say, "Oh, no,

everything's fine." I don't know where

you're going, but it's not so much.

>> No, I mean, the average person I think

the middle to lower-end consumer is

really having a problem right now.

Whether that has an impact on the

market, certainly like we stay away

from, you know, any of the consumer

stocks that deal with mid and and lower

level consumers. Whether it impacts

what's going

>> Costco, no, wouldn't be a name that you

Costco and Walmart wouldn't be a name

that you would go with?

>> No, I mean, not really. And again, this

is such a target-rich environment. Like

why? And, you know, and now we have the

most investable president we've ever

had. I mean, look at what Look at what

we just did with the quantum stocks.

>> Yep.

>> just watch where Trump is putting money.

And and that's where you want to invest.

>> about the quantum stocks, right? Cuz

there's IonQ, IonQ, there's Righetti,

there's

Q-U-B-T

or something like that.

>> QBTS.

>> QBTS. So, where do you think

quantum quantum cuz quantum's going to

be the next game-changer. I I I'm I'm

thinking in this in this tech

revolution.

>> Yeah, I mean,

>> And I think it's right on the doorstep.

>> Right, it could very well be. I mean, we

don't know. Is it a year away? Is it 30

years away?

>> I think it's closer than 30.

>> I I I think it is, too. And it could be

the next revolution. What I'm focused on

is that's where the government's putting

money.

>> Right.

>> So, I want to invest along with them.

The name I like is I-I-N-F-Q.

>> I-N-F-Q.

>> I-N-F-Q. It's a little more below the

radar screen. It came public through a

SPAC merger, which is probably why

people don't really know about it. There

we go.

>> Um

>> And NYSE-listed.

>> Is what?

>> NYSE-listed.

>> Is it really?

>> Yeah, that That's the only reason I buy

it. It's NYSE-listed.

>> How do you like that? There you go. I

knew I'd get him there.

>> you got to get him a point.

>> I got you there. Wait, I-N-F-Q. I'm

going to have to look that one up cuz I

did That's a name I'm not familiar with

in that space.

>> like inflection. It may be pronounced

slightly differently.

>> What's it trade at?

>> Um

Last I looked, it was in the 16s, 17s.

It went up like 40% that day Trump and

our the government announced. We own it

in one of our ETFs. We've got an ETF,

MEME, where we own that one, and then we

own some quantum stocks in UFOD.

>> What's MEME? What's What's

>> So, MEME is really my favorite 20 ideas,

and then we do some options stuff with

puts to generate some income around it

as well.

>> Right.

Right. Okay, so now let's just talk

about the IPO market at the New York

Stock Exchange, cuz clearly that's a big

business for the New York Stock

Exchange. So, the IPO market has heated

up for you guys?

>> Uh yeah, I mean we're starting to see

it, right? The pipeline is is, you know,

very, very strong.

Um you know, and we're starting to see

some of the, you know, the bigger names,

you know, start to come out, and we'd

expect, you know, that to continue kind

of through the through the back half of

the year, especially if we continue to

be in an environment where volatility is

is more contained. Um you know, I think

like there was some expectation that

would happen maybe a little bit earlier

this year.

>> Yep.

>> Think I ran through a little bit of a

wrench in that, and kind of maybe pushed

some things out. You know, but I you

know, I you're seeing companies you kind

of get more aggressive and starting to

file and and and, you know, kind of

gearing up to to come to market.

>> Yeah, I think that's exciting, and I

think well, you know how I feel about

the New York Stock Exchange, so as far

as I'm concerned, I think they should

all go there.

>> Yeah.

>> [laughter]

>> So, so do I. Look,

obviously.

>> Yeah, that's but that's but that's

another conversation. All right, so

let's just talk about one last thing

before we run out of time here.

The second half of the year, where would

you be putting money?

>> Look, I think, you know, in this

environment, I think it's very much a

trader's market, right? So, I mean, as

an investor, you have to understand what

your time horizon is, what you're trying

to do, you know, kind of with with your

own portfolio,

>> Right.

>> but you know, kind of if you're in that

more active, you know, kind of you know,

camp, I think it is like very much a a

market where there's opportunity, and

you can use the volatility to your

advantage. Um you know, kind of things

that, you know, kind of you know, option

strategies like, you know, kind of Todd

does, um you know, kind of makes a lot

of sense. You know, so I I think, you

know, looking for kind of the

opportunity where I think, you know,

there's a secular trade in defense,

right? where, you know, if we do get a

sell-off in defense names, you know, if

we if we do have uh you know, kind of a

solution or a diplomatic resolution in

in Iran, if you see a uh you know, kind

of a sell-off in those stocks or energy

stocks, I think those are opportunities

kind of longer term. Um you know, kind

of clearly kind of the uh you know, kind

of the the tech trade has you know, kind

of some legs to it. And I'd really like

you know, kind of the idea of kind of

the reshoring reindustrialization

um you know, kind of vision technology

or kind of some of the more thematic you

know, areas that I've you know, kind of

been been focused on you know, a

alongside of you know, kind of the to

his point kind of the uh you know, kind

of investing kind of with the

administration where things are going.

>> Do you have sector

ETFs like healthcare ETF?

>> So, we don't do that. We more focused on

themes. So, we've got an ETF launching

Friday for photonics. We've an ETF

probably next week for memory. And we're

going to keep kind of peeling that

onion.

>> There's that one that just came out,

DRAM.

>> DRAM, yeah.

>> It just came out. It it's it's pure

memory play.

>> Pure memory play.

And it's got like 10 billion in it. Our

our memory ETF's going to be a little

bit different.

>> Very quickly, it

>> Right. What what they are is 66% in

three names, Samsung, Hynix, and Micron.

We're going to be more diversified than

that.

>> They think that move in uh uh

MU, part of that move last couple of

weeks ago when it came out, was because

of that DRAM ETF it had a it had to it

had a balance. So, I had to go and buy

MU, right? Um but I didn't realize it

only had three names in it.

>> Well, no, no, no, no. They have more

than three, but 66% is in the top three

names.

>> I got it. I got it.

>> And then they've got a little bit in

others. Basically, it's a play for US

investors to be able to get Hynix and

Samsung.

>> Right.

>> Hynix has an ADR coming at some point.

Samsung, I don't think has announced

>> Right.

>> a plan for an ADR. So, you know, anyone

in the US who wanted access to those

names, there you go.

>> Right. There's another one, I think

Pacer puts out, it's called traffic,

TRFK.

I think it's also kind of a memory play.

It's not pure memory, not like DRAM.

But it's But it's it There's a lot of

memory in there.

>> we like doing is pure play. So, our

space ETF, we don't have Lockheed, we

don't have Boeing, 11 space names. Our

photonics is going to be like maybe 13

photonics names, and our memory is

probably about the same, you know, 10 11

12 names. You know, you I don't need to

give you Nvidia again, you got that

somewhere else.

>> You got Nvidia everywhere you look.

Everywhere you look, you got Nvidia.

>> got Mag 7 20 places in your portfolio.

You're not getting that from us.

>> because I'm not sure, especially people

that use nothing but ETFs, I'm not sure

if they recognize how much exposure they

have but unless they're paying

attention, because you got it

everywhere.

>> They don't, but they also don't realize

just because an ETF says something in

the name that you're getting that. There

are a lot of thematic ETFs that say,

"Hey, we're quantum, we're space, we're

this." And then you look at the

holdings, they're like, "Wait, that

doesn't make any sense."

>> Yeah.

>> Like, you know, there's a a photonics

ETF, you don't get to a photonics stock

until number five. So,

it doesn't make sense, but people look

at the name, they check the box. "I've

got exposure."

>> Yeah, you really don't.

>> We really don't. And And a lot of people

don't To your point, don't don't

recognize that. They just think it says

it in the name and then they have it,

which is very very interesting. And then

there are others that have three or four

ETFs, and they're all basically the

same. They The The names are all the

same, and so they think they're

diversified, and they're not

diversified.

>> Yeah.

>> what I mean? They're They're essentially

not diversified.

>> I mean, that's what you saw during the

whole Cathie Wood era. I I'd talk to,

you know, financial advisors, "We've

diversified portfolios for our clients."

And like, "You've got ARK in nine ARK

lookalikes."

>> Right.

>> You You You You really don't.

>> Right. All right, so listen, cuz we're

going to run out of time, but before we

do that, I just want final thoughts in

terms of um

Should investors be nervous going into

the second half of the year?

>> I I don't I don't think nervous is

necessarily kind of the right you know

kind of the right term. I think we're

you know be prepared for some

volatility. Right and then have an

action plan when that when that does

>> And if you're a day trader that's right

cuz you you want more noise. But if

you're a long-term investor if you're

managing long-term money you want to

take advantage of those if if it gets

nervous and it sells off you want to be

able to take advantage.

>> Yeah, absolutely.

>> Investors should always be nervous.

Always plan for the worst, hope for the

best.

The long-term money is made by limiting

your losses and letting your gains run.

>> Right. And you know it's interesting

because when you talk about that I

always look at the Vix, right? When the

Vix it's now back in the complacency

zone. I think that's a big that's a big

yellow flashing signal, right? Because

it's so complacent yet there's all this

stuff going on. That's when it comes

back and hits you in the in the

>> Yeah.

>> In any event gentlemen listen, I

appreciate you taking the time to come

here today. I'd like to do this again

you know four or five months kind of

just see where we where we're at versus

where we thought we were going to be at.

In any event until the next time take

good care.

>> [music]

>> The following content is not intended to

be financial advice and should not be

used as a substitute for professional

financial services.