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Antibody have a good weekend.
Several members of the -- have been trying to company's market jitters caused damage control off from the chairman's -- talk earlier this month.
It had a little temper tantrum yes me but Wall Street is still -- less than two hours from posting its first losing month of the year.
-- Smith chief investment officer for haven't heard trust is with us right now you think uses them much ado about nothing right.
I think for the most part I think -- the last handful of weeks has been.
A technical reaction to change in fed policy that is affected a lot of trading strategies.
Which meant a lot of money tried to move very quickly.
And that create a lot dislocations.
But I think this week confirms that the bull market is intact and basically.
It's confirmed by.
Good is good and bad is good so softer economic data.
Sold stocks go up with the first quarter GDP -- report but the day before on Tuesday very good economic data.
All the markets responded very nicely so we we think the bull market still intact -- And yet you center team is really great chart and pointing out money supply and where it's going it's not going into the bond market yet like everyone thought it would -- I mean.
We're gonna where's our -- and say it's not coming out of the bond market yet into equities everywhere though we're gonna have this great rotation.
Not happening is it because people are still skittish.
What there's no question -- still a lot of anxiety a lot of skepticism.
A lot of doubt that this is a real bull market.
And so most of what has fueled our stocks in the past couple years has come from.
-- the sidelines has come from money market funds we have yet to begin the so called great rotation.
That is a good sign it's a sign that they're still plenty of fuel.
Saw an advancement of stocks from these levels.
Right -- -- that's certainly -- -- the case for the bulls out there in the equity world right they're still so much more money to be coming into this market right now.
You're seeing already the money's been made in fixed income but -- then why are people still I mean I still hear people buying bonds.
You know it's you only buy bonds because.
There is anxiety you're not optimistic you're not confident.
All -- fearful.
So there's still a lot of that there are of afraid of losses.
But we're getting further and further away from that 0809 mentality.
-- that is good news and finally we sense.
This year investors are looking out -- investments -- saying where can I get the best returns given the risk.
As opposed to where can I get my money back right -- but it's a long slow process.
You would think that dividend paying stocks are like the most logical baby step out of bonds right you still get almost like coupon if he would.
You get a little -- in every month.
Are we seeing any and that means -- going people coming out of the bond market into these dividend stocks or do you think the dividend stocks are just done.
No we do not think the dividend trade is a crowded trade we think it's a crowded conversation.
In fact you still haven't every single sector or not you're you're not just you're rich.
Utility and telecommunications.
Sectors but in every sector.
Our stocks -- better than -- dividend yield so there is continues to be this opportunity.
To buy stocks that had bombed like yields and guess what you get growth of income to.
You would think that -- be seeing more of that.
Interesting that you guys recently bought treasuries for the first time in three years how come.
Well -- we've how to back up about treasury yields from the kind of -- 190 range all the sudden up to the 250 range.
We have very short duration portfolios.
We're putting now treasuries not intermediate or long treasuries for sure but a very short treasuries.
All 11 thing is the benchmark has 4050%.
Not having any does have some rest so we wanted to put a little bit about our treasury -- for having had none for several years.
It's good stuff thanks -- thank you for -- with us.
And I can't point out Adam at Hank and his firm very confident the Fed will begin to taper in October at the latest --
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