Ryan, let’s start with you. And you’ve been, you’ve been bullish, staunchly so since late 2022. As we see this choppy period in the market, we have a 5% pull back, obvious questions about whether in fact it’s the start of something more. How are you playing it? Yeah, Mike, thank you for having me back and TGIF everybody. So listen, after a 5 month rally, right after a 27% rally, the 100 days off that late October low, we’ve been safe for about a month now. Be open to the idea of some type of indigestion. Well, we’re getting it right. We’re getting these late day sell offs at the 1st 5% correction, Mike, we’ve had all year. Just remember, most years on average have multiple 5% corrections. But here’s just something for listeners to think about. We’re getting more stocks making a 20 day low. We had a big spike in that recently, Mike. Also, if you look the last five days, we’ve actually had some internal improvement. I know you wouldn’t look at just the indices, but just today, like you just had a guest talk about the banks, right? There are actually more stocks kind of participating even though you don’t see it the last five days. So we think we’re trying to flush out a significant low. We don’t see a 10% correction think will be less than that, but that’s kind of how we see things like getting close. We think so close in in terms of time, maybe in price. Although I did think that some of the the factors you were leaning on in terms of, you know, seasonal patterns in election year, seasonal patterns after a really strong first quarter suggest that things could stay a little bit dicey for a couple of months. You’re right, Dicey’s the right word. But I think just consolidate. I mean, look at your average election year, Mike, You tend to have some weakness, a little bit of weakness, choppiness into Memorial Day. Then you have a surprise summer rally. Most election years. We think that could play out. Put to call ratios are finally starting to spike. The VIX is up around 20. VIX is in backwardation in the futures market. A little geeky there, but last time we saw that was March of last year. We are, let’s see the N double AI am finally starting to see some worry. We can go on, but this doesn’t mean the lows here only very clear, but it means we’re getting we’re in the we’re in the neighborhood, right. And those are the things you want to see as everybody was a bold this time a month ago. I think this is perfectly normal and a refresh. It’s it’s really healthy. We think. Yeah, that’s true. A lot of the things that pullback is supposed to do have therefore been been kind of accomplished. How are you thinking about the moves in the bond market at this point? Obviously it’s a pressure point on stocks. Do you think that the yields have kind of made whatever increase they’re going to for a little while? We do, you know, we’ve been underweight duration for a while. We when everyone was saying six or seven cuts, we were always saying probably two or three because we thought the economy was a lot stronger. Now we think that pendulum mic has shifted a little too far in the portfolios. The models we run for our Carson advisors and our Carson partners. We actually added Treasuries recently for the first time at least since I’ve been there and in two years. So I’m not saying we’re huge bond bowls, but we do think, you know, there’s still probably a cut or two coming in this talk of no cuts or hikes. We think it’s extreme the other way and then yields probably will start to work the way lower and it’s going to take some good inflation data. We get it. But we’re still optimistic. We’re going to see that here. And then real quick, Ryan, if you think the economy is stronger, I mean we’re seeing the a lot of the big growth names really unwind here to the downside. I mean, do you think that makes sense? Is that the kind of rotation you would expect or are we going to be back to the old leadership soon? No, we’re not too surprised by that. We’ve been neutral technology for a while. You know, like a lot of people this rotation, this idea of all these leaders move into some other areas, we think it makes a lot of sense. And and honestly, I know small caps and mid caps have struggled. We fully get that. But again, we think that if you start from right now the end of the year, Mike, we think those are some of the opportunities along with industrials, the financials, the cyclical areas, we think that rotation out of tech into those areas, that’s how we’re positioning our models. All right, Ryan, good perspective, appreciate the time today. Thank you. Thank you.
News Related-
AWS and Clarity AI to use generative AI to boost sustainable investments
-
Ref Watch: 'Enough' of a foul to disallow Man City goal vs Liverpool
-
Day in the Life: Ex-England rugby star on organising this year's Emirates Dubai Sevens
-
Pandya returns to MI, Green goes to RCB
-
Snowstorm kills eight in Ukraine and Moldova, hundreds of towns lose power
-
‘This is why fewer Sikhs visiting gurdwaras abroad’: BJP after Indian envoy heckled in Long Island
-
Inside a Dubai home with upcycled furniture and zero waste
-
Captain Turner aims for Pitch 1 return as JESS bid to retain Dubai Sevens U19 crown
-
No Antoine Dupont but Dubai still set to launch new era for sevens
-
Why ESG investors are concerned about AI
-
Your campsite can harm the environment
-
Mubadala, Saudi Fund deals on US radar for potential China angle
-
Abu Dhabi T10 season seven to kick off with thrilling double-header
-
Eight climate fiction, or cli-fi, books to consider before Cop28