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Joining us thank you stuff and now let's talk more about this huge market rally today we are.
We're deathly off to the races for the new year mean look at us to forty on the Dow and -- David -- -- next up chairman and chief investment officer.
But Cumberland advisors will be -- the David.
We are clear we have a three legged stool monetary policy we know what it's going to be for several years.
Tax policy now resolved we know what it's going to be for several years the debt.
Deficit is the missing piece that it's complete and that -- -- is ahead of.
Not so fast TV -- we were just talking about -- on the -- even on taxes we talk about spending.
But we're not clear on taxes just yet there's no way the White House gonna say -- fine.
No more tax increases no more revenue they're gonna fight for more -- got 600 billion.
Wanted one point six trillion in the next deal is -- all they did was create another cliff here in the next feel they're gonna want more revenue is so I'm not so sure we have complete clarity today no matter I know the markets up short term but.
I would -- her we know that capital gains tax rate 23 point eight -- not gonna change we know how to plan an estate and it trust.
That's not gonna change 396.
Plus three point eight where it applies.
Not gonna change so major rapes are now known in instead of -- an unknown question.
-- cap gains to be as much as forty we try to have those questions anymore clarity.
Is the big missing ingredient the markets are celebrating.
Rightfully so in my view I've been all with you we fair talked about I've been fully invested here this market can go a lot higher.
The thing that Byron brought up that I wonder what do you think he's.
At some if they go through this nonsense again and they will -- the wedded to a -- leading up to the debt ceiling and then -- so.
You're really -- a high stakes game there -- -- come up with a deal and we go down to the last minute.
This part of me say boy well wanna get a good pop of the market and let me sell it here just to be sure heading in and a couple months to the next political fight now.
I'm not so quick to bail on this market.
You take very low interest rates and keep well below that's what you resolve the tax rate so people complain and on them.
And what do we know about the debt fight.
It will be one which will compressed debt not expand that because it's a Republican majority in the house and that's not gonna change.
We have launched the congressional campaign of 2014.
And we haven't even sworn in the new players yet.
That's crazy and I I -- think it's also worth pointing out we'll wrap up with data the market didn't really want a big deal.
-- market wants but did the the short term deal.
It's pretty good for stocks -- a lot of ways the fact that because indeed if it was a huge big grand bargain and not listen to stimulate the economy that the bigger tax increases and more spending cuts so you know.
And can Connell week.
Took the recession from the cliff off the table now.
No recession now there's your bullish argument we may get another -- later we'll see -- -- throughout the day we'll get many sides but it's always -- -- -- David.
Thanks -- a happy new year -- -- David -- talked.
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