WEBVTT #Elemental Media Engine(TM) 2.18.0.0 00:00:10.343 --> 00:00:10.410 >> 00:00:10.410 --> 00:00:10.543 >> HI. 00:00:10.543 --> 00:00:11.177 >> HI. WELCOME 00:00:11.177 --> 00:00:11.211 >> HI. WELCOME BACK. 00:00:11.211 --> 00:00:11.344 >> HI. WELCOME BACK. WE 00:00:11.344 --> 00:00:11.478 >> HI. WELCOME BACK. WE BRING 00:00:11.478 --> 00:00:12.178 >> HI. WELCOME BACK. WE BRING IN 00:00:12.178 --> 00:00:12.412 >> HI. WELCOME BACK. WE BRING IN CNBC 00:00:12.412 --> 00:00:12.679 >> HI. WELCOME BACK. WE BRING IN CNBC CONTRIBUTORS 00:00:12.679 --> 00:00:12.712 >> HI. WELCOME BACK. WE BRING IN CNBC CONTRIBUTORS ADAM 00:00:12.712 --> 00:00:13.046 IN CNBC CONTRIBUTORS ADAM 00:00:13.046 --> 00:00:13.780 IN CNBC CONTRIBUTORS ADAM PARKER 00:00:13.780 --> 00:00:14.481 IN CNBC CONTRIBUTORS ADAM PARKER AND 00:00:14.481 --> 00:00:14.547 IN CNBC CONTRIBUTORS ADAM PARKER AND FUNDSTRAT'S 00:00:14.547 --> 00:00:15.181 IN CNBC CONTRIBUTORS ADAM PARKER AND FUNDSTRAT'S TOM 00:00:15.181 --> 00:00:15.215 IN CNBC CONTRIBUTORS ADAM PARKER AND FUNDSTRAT'S TOM LEE. 00:00:15.215 --> 00:00:15.315 PARKER AND FUNDSTRAT'S TOM LEE. 00:00:15.315 --> 00:00:15.515 PARKER AND FUNDSTRAT'S TOM LEE. ALL 00:00:15.515 --> 00:00:15.915 PARKER AND FUNDSTRAT'S TOM LEE. ALL RIGHT. 00:00:15.915 --> 00:00:16.249 PARKER AND FUNDSTRAT'S TOM LEE. ALL RIGHT. LET'S 00:00:16.249 --> 00:00:16.349 PARKER AND FUNDSTRAT'S TOM LEE. ALL RIGHT. LET'S LET'S 00:00:16.349 --> 00:00:16.616 PARKER AND FUNDSTRAT'S TOM LEE. ALL RIGHT. LET'S LET'S REACT 00:00:16.616 --> 00:00:16.649 PARKER AND FUNDSTRAT'S TOM LEE. ALL RIGHT. LET'S LET'S REACT TO 00:00:16.649 --> 00:00:16.783 ALL RIGHT. LET'S LET'S REACT TO 00:00:16.783 --> 00:00:17.250 ALL RIGHT. LET'S LET'S REACT TO WHAT 00:00:17.250 --> 00:00:17.317 ALL RIGHT. LET'S LET'S REACT TO WHAT WE 00:00:17.317 --> 00:00:17.350 ALL RIGHT. LET'S LET'S REACT TO WHAT WE GOT. 00:00:17.350 --> 00:00:17.484 ALL RIGHT. LET'S LET'S REACT TO WHAT WE GOT. I 00:00:17.484 --> 00:00:18.251 ALL RIGHT. LET'S LET'S REACT TO WHAT WE GOT. I MEAN, 00:00:18.251 --> 00:00:18.385 ALL RIGHT. LET'S LET'S REACT TO WHAT WE GOT. I MEAN, WE 00:00:18.385 --> 00:00:18.418 ALL RIGHT. LET'S LET'S REACT TO WHAT WE GOT. I MEAN, WE DIDN'T 00:00:18.418 --> 00:00:18.518 WHAT WE GOT. I MEAN, WE DIDN'T 00:00:18.518 --> 00:00:18.685 WHAT WE GOT. I MEAN, WE DIDN'T GET 00:00:18.685 --> 00:00:19.252 WHAT WE GOT. I MEAN, WE DIDN'T GET ANYTHING 00:00:19.252 --> 00:00:19.285 WHAT WE GOT. I MEAN, WE DIDN'T GET ANYTHING THAT 00:00:19.285 --> 00:00:19.419 WHAT WE GOT. I MEAN, WE DIDN'T GET ANYTHING THAT WE 00:00:19.419 --> 00:00:19.452 WHAT WE GOT. I MEAN, WE DIDN'T GET ANYTHING THAT WE REALLY 00:00:19.452 --> 00:00:19.619 GET ANYTHING THAT WE REALLY 00:00:19.619 --> 00:00:20.253 GET ANYTHING THAT WE REALLY DIDN'T 00:00:20.253 --> 00:00:20.954 GET ANYTHING THAT WE REALLY DIDN'T DIDN'T 00:00:20.954 --> 00:00:21.287 GET ANYTHING THAT WE REALLY DIDN'T DIDN'T EXPECT. 00:00:21.287 --> 00:00:21.688 GET ANYTHING THAT WE REALLY DIDN'T DIDN'T EXPECT. BUT 00:00:21.688 --> 00:00:21.721 GET ANYTHING THAT WE REALLY DIDN'T DIDN'T EXPECT. BUT LET'S 00:00:21.721 --> 00:00:21.855 DIDN'T DIDN'T EXPECT. BUT LET'S 00:00:21.855 --> 00:00:22.055 DIDN'T DIDN'T EXPECT. BUT LET'S LOOK 00:00:22.055 --> 00:00:22.389 DIDN'T DIDN'T EXPECT. BUT LET'S LOOK AHEAD 00:00:22.389 --> 00:00:22.522 DIDN'T DIDN'T EXPECT. BUT LET'S LOOK AHEAD THOUGH, 00:00:22.522 --> 00:00:22.756 DIDN'T DIDN'T EXPECT. BUT LET'S LOOK AHEAD THOUGH, BECAUSE, 00:00:22.756 --> 00:00:22.789 DIDN'T DIDN'T EXPECT. BUT LET'S LOOK AHEAD THOUGH, BECAUSE, I 00:00:22.789 --> 00:00:22.922 LOOK AHEAD THOUGH, BECAUSE, I 00:00:22.922 --> 00:00:23.390 LOOK AHEAD THOUGH, BECAUSE, I MEAN, 00:00:23.390 --> 00:00:23.490 LOOK AHEAD THOUGH, BECAUSE, I MEAN, I 00:00:23.490 --> 00:00:23.590 LOOK AHEAD THOUGH, BECAUSE, I MEAN, I DON'T 00:00:23.590 --> 00:00:23.656 LOOK AHEAD THOUGH, BECAUSE, I MEAN, I DON'T THINK 00:00:23.656 --> 00:00:24.391 LOOK AHEAD THOUGH, BECAUSE, I MEAN, I DON'T THINK WE 00:00:24.391 --> 00:00:24.424 LOOK AHEAD THOUGH, BECAUSE, I MEAN, I DON'T THINK WE REALLY 00:00:24.424 --> 00:00:24.557 MEAN, I DON'T THINK WE REALLY 00:00:24.557 --> 00:00:25.658 MEAN, I DON'T THINK WE REALLY NEED 00:00:25.658 --> 00:00:26.026 MEAN, I DON'T THINK WE REALLY NEED TO 00:00:26.026 --> 00:00:26.359 MEAN, I DON'T THINK WE REALLY NEED TO DISSECT 00:00:26.359 --> 00:00:26.693 MEAN, I DON'T THINK WE REALLY NEED TO DISSECT EVERYTHING 00:00:26.693 --> 00:00:26.726 MEAN, I DON'T THINK WE REALLY NEED TO DISSECT EVERYTHING THAT 00:00:26.726 --> 00:00:26.826 NEED TO DISSECT EVERYTHING THAT 00:00:26.826 --> 00:00:27.427 NEED TO DISSECT EVERYTHING THAT THE 00:00:27.427 --> 00:00:27.794 NEED TO DISSECT EVERYTHING THAT THE FED 00:00:27.794 --> 00:00:27.927 NEED TO DISSECT EVERYTHING THAT THE FED SAID. 00:00:27.927 --> 00:00:28.128 NEED TO DISSECT EVERYTHING THAT THE FED SAID. ECONOMY 00:00:28.128 --> 00:00:28.862 NEED TO DISSECT EVERYTHING THAT THE FED SAID. ECONOMY IS 00:00:28.862 --> 00:00:28.895 NEED TO DISSECT EVERYTHING THAT THE FED SAID. ECONOMY IS GOOD. 00:00:28.895 --> 00:00:29.095 THE FED SAID. ECONOMY IS GOOD. 00:00:29.095 --> 00:00:29.229 THE FED SAID. ECONOMY IS GOOD. INFLATION 00:00:29.229 --> 00:00:29.295 THE FED SAID. ECONOMY IS GOOD. INFLATION IS 00:00:29.295 --> 00:00:30.263 THE FED SAID. ECONOMY IS GOOD. INFLATION IS TOO 00:00:30.263 --> 00:00:30.430 THE FED SAID. ECONOMY IS GOOD. INFLATION IS TOO HIGH. 00:00:30.430 --> 00:00:30.463 THE FED SAID. ECONOMY IS GOOD. INFLATION IS TOO HIGH. DECEMBER 00:00:30.463 --> 00:00:30.630 INFLATION IS TOO HIGH. DECEMBER 00:00:30.630 --> 00:00:31.431 INFLATION IS TOO HIGH. DECEMBER IS 00:00:31.431 --> 00:00:31.498 INFLATION IS TOO HIGH. DECEMBER IS ON 00:00:31.498 --> 00:00:32.465 INFLATION IS TOO HIGH. DECEMBER IS ON THE 00:00:32.465 --> 00:00:32.832 INFLATION IS TOO HIGH. DECEMBER IS ON THE TABLE. 00:00:32.832 --> 00:00:32.999 INFLATION IS TOO HIGH. DECEMBER IS ON THE TABLE. BIG 00:00:32.999 --> 00:00:33.033 INFLATION IS TOO HIGH. DECEMBER IS ON THE TABLE. BIG EARNINGS 00:00:33.033 --> 00:00:33.133 IS ON THE TABLE. BIG EARNINGS 00:00:33.133 --> 00:00:33.466 IS ON THE TABLE. BIG EARNINGS ARE 00:00:33.466 --> 00:00:33.533 IS ON THE TABLE. BIG EARNINGS ARE ON 00:00:33.533 --> 00:00:33.633 IS ON THE TABLE. BIG EARNINGS ARE ON THE 00:00:33.633 --> 00:00:33.933 IS ON THE TABLE. BIG EARNINGS ARE ON THE TABLE 00:00:33.933 --> 00:00:34.467 IS ON THE TABLE. BIG EARNINGS ARE ON THE TABLE TONIGHT. 00:00:34.467 --> 00:00:34.501 IS ON THE TABLE. BIG EARNINGS ARE ON THE TABLE TONIGHT. WHAT 00:00:34.501 --> 00:00:34.601 ARE ON THE TABLE TONIGHT. WHAT 00:00:34.601 --> 00:00:34.667 ARE ON THE TABLE TONIGHT. WHAT ARE 00:00:34.667 --> 00:00:34.834 ARE ON THE TABLE TONIGHT. WHAT ARE YOU 00:00:34.834 --> 00:00:36.069 ARE ON THE TABLE TONIGHT. WHAT ARE YOU THINKING 00:00:36.069 --> 00:00:36.102 ARE ON THE TABLE TONIGHT. WHAT ARE YOU THINKING ABOUT. 00:00:36.102 --> 00:00:36.202 ARE YOU THINKING ABOUT. 00:00:36.202 --> 00:00:36.436 ARE YOU THINKING ABOUT. >> 00:00:36.436 --> 00:00:37.137 ARE YOU THINKING ABOUT. >> I 00:00:37.137 --> 00:00:37.203 ARE YOU THINKING ABOUT. >> I THINK 00:00:37.203 --> 00:00:37.871 ARE YOU THINKING ABOUT. >> I THINK THE 00:00:37.871 --> 00:00:37.937 ARE YOU THINKING ABOUT. >> I THINK THE FED 00:00:37.937 --> 00:00:38.238 ARE YOU THINKING ABOUT. >> I THINK THE FED KIND 00:00:38.238 --> 00:00:38.271 ARE YOU THINKING ABOUT. >> I THINK THE FED KIND OF 00:00:38.271 --> 00:00:38.938 >> I THINK THE FED KIND OF 00:00:38.938 --> 00:00:39.339 >> I THINK THE FED KIND OF RATTLED 00:00:39.339 --> 00:00:40.040 >> I THINK THE FED KIND OF RATTLED MARKETS 00:00:40.040 --> 00:00:40.373 >> I THINK THE FED KIND OF RATTLED MARKETS IN 00:00:40.373 --> 00:00:40.407 >> I THINK THE FED KIND OF RATTLED MARKETS IN SEPTEMBER. 00:00:40.407 --> 00:00:40.774 RATTLED MARKETS IN SEPTEMBER. 00:00:40.774 --> 00:00:40.807 RATTLED MARKETS IN SEPTEMBER. NOW 00:00:40.807 --> 00:00:40.907 RATTLED MARKETS IN SEPTEMBER. NOW WE 00:00:40.907 --> 00:00:41.374 RATTLED MARKETS IN SEPTEMBER. NOW WE HAVE 00:00:41.374 --> 00:00:41.474 RATTLED MARKETS IN SEPTEMBER. NOW WE HAVE A 00:00:41.474 --> 00:00:41.841 RATTLED MARKETS IN SEPTEMBER. NOW WE HAVE A FED 00:00:41.841 --> 00:00:41.941 RATTLED MARKETS IN SEPTEMBER. NOW WE HAVE A FED THAT'S 00:00:41.941 --> 00:00:41.975 RATTLED MARKETS IN SEPTEMBER. NOW WE HAVE A FED THAT'S SORT 00:00:41.975 --> 00:00:42.375 NOW WE HAVE A FED THAT'S SORT 00:00:42.375 --> 00:00:42.575 NOW WE HAVE A FED THAT'S SORT OF 00:00:42.575 --> 00:00:42.942 NOW WE HAVE A FED THAT'S SORT OF SAYING 00:00:42.942 --> 00:00:43.109 NOW WE HAVE A FED THAT'S SORT OF SAYING THEY'RE 00:00:43.109 --> 00:00:43.376 NOW WE HAVE A FED THAT'S SORT OF SAYING THEY'RE COMMITTING 00:00:43.376 --> 00:00:43.410 NOW WE HAVE A FED THAT'S SORT OF SAYING THEY'RE COMMITTING TO 00:00:43.410 --> 00:00:43.510 OF SAYING THEY'RE COMMITTING TO 00:00:43.510 --> 00:00:43.977 OF SAYING THEY'RE COMMITTING TO THE 00:00:43.977 --> 00:00:44.110 OF SAYING THEY'RE COMMITTING TO THE SAME 00:00:44.110 --> 00:00:44.377 OF SAYING THEY'RE COMMITTING TO THE SAME TARGETS. 00:00:44.377 --> 00:00:45.078 OF SAYING THEY'RE COMMITTING TO THE SAME TARGETS. BUT 00:00:45.078 --> 00:00:45.445 OF SAYING THEY'RE COMMITTING TO THE SAME TARGETS. BUT I 00:00:45.445 --> 00:00:45.478 OF SAYING THEY'RE COMMITTING TO THE SAME TARGETS. BUT I WAS 00:00:45.478 --> 00:00:45.779 THE SAME TARGETS. BUT I WAS 00:00:45.779 --> 00:00:45.812 THE SAME TARGETS. BUT I WAS HAPPY 00:00:45.812 --> 00:00:45.912 THE SAME TARGETS. BUT I WAS HAPPY TO 00:00:45.912 --> 00:00:46.446 THE SAME TARGETS. BUT I WAS HAPPY TO HEAR 00:00:46.446 --> 00:00:46.513 THE SAME TARGETS. BUT I WAS HAPPY TO HEAR HIM 00:00:46.513 --> 00:00:46.579 THE SAME TARGETS. BUT I WAS HAPPY TO HEAR HIM SAY 00:00:46.579 --> 00:00:46.646 THE SAME TARGETS. BUT I WAS HAPPY TO HEAR HIM SAY THAT 00:00:46.646 --> 00:00:46.679 THE SAME TARGETS. BUT I WAS HAPPY TO HEAR HIM SAY THAT HE 00:00:46.679 --> 00:00:47.447 HAPPY TO HEAR HIM SAY THAT HE 00:00:47.447 --> 00:00:47.547 HAPPY TO HEAR HIM SAY THAT HE DIDN'T 00:00:47.547 --> 00:00:47.614 HAPPY TO HEAR HIM SAY THAT HE DIDN'T THINK 00:00:47.614 --> 00:00:47.714 HAPPY TO HEAR HIM SAY THAT HE DIDN'T THINK AI 00:00:47.714 --> 00:00:48.448 HAPPY TO HEAR HIM SAY THAT HE DIDN'T THINK AI GROWTH 00:00:48.448 --> 00:00:48.481 HAPPY TO HEAR HIM SAY THAT HE DIDN'T THINK AI GROWTH IS 00:00:48.481 --> 00:00:49.049 DIDN'T THINK AI GROWTH IS 00:00:49.049 --> 00:00:49.382 DIDN'T THINK AI GROWTH IS NECESSARILY 00:00:49.382 --> 00:00:49.783 DIDN'T THINK AI GROWTH IS NECESSARILY INFLATIONARY. 00:00:49.783 --> 00:00:49.816 DIDN'T THINK AI GROWTH IS NECESSARILY INFLATIONARY. AND 00:00:49.816 --> 00:00:49.916 NECESSARILY INFLATIONARY. AND 00:00:49.916 --> 00:00:50.150 NECESSARILY INFLATIONARY. AND SO 00:00:50.150 --> 00:00:50.250 NECESSARILY INFLATIONARY. AND SO I 00:00:50.250 --> 00:00:50.784 NECESSARILY INFLATIONARY. AND SO I THINK 00:00:50.784 --> 00:00:50.817 NECESSARILY INFLATIONARY. AND SO I THINK NOW 00:00:50.817 --> 00:00:50.884 NECESSARILY INFLATIONARY. AND SO I THINK NOW WE 00:00:50.884 --> 00:00:50.984 NECESSARILY INFLATIONARY. AND SO I THINK NOW WE CAN 00:00:50.984 --> 00:00:51.785 NECESSARILY INFLATIONARY. AND SO I THINK NOW WE CAN LOOK 00:00:51.785 --> 00:00:51.818 NECESSARILY INFLATIONARY. AND SO I THINK NOW WE CAN LOOK AT 00:00:51.818 --> 00:00:51.951 SO I THINK NOW WE CAN LOOK AT 00:00:51.951 --> 00:00:52.085 SO I THINK NOW WE CAN LOOK AT GOOD 00:00:52.085 --> 00:00:52.185 SO I THINK NOW WE CAN LOOK AT GOOD EARNINGS 00:00:52.185 --> 00:00:52.786 SO I THINK NOW WE CAN LOOK AT GOOD EARNINGS WHICH 00:00:52.786 --> 00:00:52.886 SO I THINK NOW WE CAN LOOK AT GOOD EARNINGS WHICH WE'RE 00:00:52.886 --> 00:00:52.919 SO I THINK NOW WE CAN LOOK AT GOOD EARNINGS WHICH WE'RE GOING 00:00:52.919 --> 00:00:53.019 GOOD EARNINGS WHICH WE'RE GOING 00:00:53.019 --> 00:00:53.086 GOOD EARNINGS WHICH WE'RE GOING TO 00:00:53.086 --> 00:00:53.787 GOOD EARNINGS WHICH WE'RE GOING TO GET 00:00:53.787 --> 00:00:53.887 GOOD EARNINGS WHICH WE'RE GOING TO GET THIS 00:00:53.887 --> 00:00:53.920 GOOD EARNINGS WHICH WE'RE GOING TO GET THIS WEEK. 00:00:53.920 --> 00:00:53.987 GOOD EARNINGS WHICH WE'RE GOING TO GET THIS WEEK. A 00:00:53.987 --> 00:00:54.788 GOOD EARNINGS WHICH WE'RE GOING TO GET THIS WEEK. A LOT 00:00:54.788 --> 00:00:54.888 GOOD EARNINGS WHICH WE'RE GOING TO GET THIS WEEK. A LOT OF 00:00:54.888 --> 00:00:54.921 GOOD EARNINGS WHICH WE'RE GOING TO GET THIS WEEK. A LOT OF TECH 00:00:54.921 --> 00:00:55.121 TO GET THIS WEEK. A LOT OF TECH 00:00:55.121 --> 00:00:55.188 TO GET THIS WEEK. A LOT OF TECH EARNINGS. 00:00:55.188 --> 00:00:55.789 TO GET THIS WEEK. A LOT OF TECH EARNINGS. AND 00:00:55.789 --> 00:00:55.889 TO GET THIS WEEK. A LOT OF TECH EARNINGS. AND I 00:00:55.889 --> 00:00:55.955 TO GET THIS WEEK. A LOT OF TECH EARNINGS. AND I THINK 00:00:55.955 --> 00:00:56.022 TO GET THIS WEEK. A LOT OF TECH EARNINGS. AND I THINK NOW 00:00:56.022 --> 00:00:56.056 TO GET THIS WEEK. A LOT OF TECH EARNINGS. AND I THINK NOW WE 00:00:56.056 --> 00:00:56.790 EARNINGS. AND I THINK NOW WE 00:00:56.790 --> 00:00:56.856 EARNINGS. AND I THINK NOW WE CAN 00:00:56.856 --> 00:00:56.923 EARNINGS. AND I THINK NOW WE CAN SAY 00:00:56.923 --> 00:00:57.023 EARNINGS. AND I THINK NOW WE CAN SAY GOOD 00:00:57.023 --> 00:00:57.791 EARNINGS. AND I THINK NOW WE CAN SAY GOOD NEWS 00:00:57.791 --> 00:00:57.857 EARNINGS. AND I THINK NOW WE CAN SAY GOOD NEWS IS 00:00:57.857 --> 00:00:57.991 EARNINGS. AND I THINK NOW WE CAN SAY GOOD NEWS IS GOOD 00:00:57.991 --> 00:00:58.024 EARNINGS. AND I THINK NOW WE CAN SAY GOOD NEWS IS GOOD NEWS. 00:00:58.024 --> 00:00:58.091 CAN SAY GOOD NEWS IS GOOD NEWS. 00:00:58.091 --> 00:00:58.792 CAN SAY GOOD NEWS IS GOOD NEWS. I 00:00:58.792 --> 00:00:58.892 CAN SAY GOOD NEWS IS GOOD NEWS. I THINK 00:00:58.892 --> 00:00:58.992 CAN SAY GOOD NEWS IS GOOD NEWS. I THINK YOU'RE 00:00:58.992 --> 00:00:59.059 CAN SAY GOOD NEWS IS GOOD NEWS. I THINK YOU'RE GOING 00:00:59.059 --> 00:00:59.793 CAN SAY GOOD NEWS IS GOOD NEWS. I THINK YOU'RE GOING TO 00:00:59.793 --> 00:00:59.826 CAN SAY GOOD NEWS IS GOOD NEWS. I THINK YOU'RE GOING TO BE 00:00:59.826 --> 00:00:59.893 CAN SAY GOOD NEWS IS GOOD NEWS. I THINK YOU'RE GOING TO BE IN 00:00:59.893 --> 00:00:59.926 CAN SAY GOOD NEWS IS GOOD NEWS. I THINK YOU'RE GOING TO BE IN A 00:00:59.926 --> 00:01:00.126 I THINK YOU'RE GOING TO BE IN A 00:01:00.126 --> 00:01:00.794 I THINK YOU'RE GOING TO BE IN A POSITION 00:01:00.794 --> 00:01:00.860 I THINK YOU'RE GOING TO BE IN A POSITION TO 00:01:00.860 --> 00:01:00.927 I THINK YOU'RE GOING TO BE IN A POSITION TO SAY 00:01:00.927 --> 00:01:01.027 I THINK YOU'RE GOING TO BE IN A POSITION TO SAY BIG 00:01:01.027 --> 00:01:01.795 I THINK YOU'RE GOING TO BE IN A POSITION TO SAY BIG BEATS 00:01:01.795 --> 00:01:01.828 I THINK YOU'RE GOING TO BE IN A POSITION TO SAY BIG BEATS ARE 00:01:01.828 --> 00:01:01.961 POSITION TO SAY BIG BEATS ARE 00:01:01.961 --> 00:01:02.095 POSITION TO SAY BIG BEATS ARE GREAT 00:01:02.095 --> 00:01:02.162 POSITION TO SAY BIG BEATS ARE GREAT BECAUSE 00:01:02.162 --> 00:01:02.796 POSITION TO SAY BIG BEATS ARE GREAT BECAUSE THE 00:01:02.796 --> 00:01:02.829 POSITION TO SAY BIG BEATS ARE GREAT BECAUSE THE FED 00:01:02.829 --> 00:01:02.929 POSITION TO SAY BIG BEATS ARE GREAT BECAUSE THE FED IS 00:01:02.929 --> 00:01:02.962 POSITION TO SAY BIG BEATS ARE GREAT BECAUSE THE FED IS NOT 00:01:02.962 --> 00:01:03.096 GREAT BECAUSE THE FED IS NOT 00:01:03.096 --> 00:01:03.797 GREAT BECAUSE THE FED IS NOT GOING 00:01:03.797 --> 00:01:03.863 GREAT BECAUSE THE FED IS NOT GOING TO 00:01:03.863 --> 00:01:03.897 GREAT BECAUSE THE FED IS NOT GOING TO TRY 00:01:03.897 --> 00:01:03.997 GREAT BECAUSE THE FED IS NOT GOING TO TRY TO 00:01:03.997 --> 00:01:04.798 GREAT BECAUSE THE FED IS NOT GOING TO TRY TO SLOW 00:01:04.798 --> 00:01:04.931 GREAT BECAUSE THE FED IS NOT GOING TO TRY TO SLOW AI 00:01:04.931 --> 00:01:04.964 GREAT BECAUSE THE FED IS NOT GOING TO TRY TO SLOW AI GROWTH. 00:01:04.964 --> 00:01:05.065 GOING TO TRY TO SLOW AI GROWTH. 00:01:05.065 --> 00:01:05.131 GOING TO TRY TO SLOW AI GROWTH. >> 00:01:05.131 --> 00:01:05.799 GOING TO TRY TO SLOW AI GROWTH. >> DID 00:01:05.799 --> 00:01:05.932 GOING TO TRY TO SLOW AI GROWTH. >> DID WE 00:01:05.932 --> 00:01:05.999 GOING TO TRY TO SLOW AI GROWTH. >> DID WE ALREADY 00:01:05.999 --> 00:01:06.099 GOING TO TRY TO SLOW AI GROWTH. >> DID WE ALREADY HAVE 00:01:06.099 --> 00:01:06.132 GOING TO TRY TO SLOW AI GROWTH. >> DID WE ALREADY HAVE THE 00:01:06.132 --> 00:01:06.800 >> DID WE ALREADY HAVE THE 00:01:06.800 --> 00:01:06.833 >> DID WE ALREADY HAVE THE PULLBACK 00:01:06.833 --> 00:01:06.900 >> DID WE ALREADY HAVE THE PULLBACK IN 00:01:06.900 --> 00:01:07.033 >> DID WE ALREADY HAVE THE PULLBACK IN THE 00:01:07.033 --> 00:01:07.801 >> DID WE ALREADY HAVE THE PULLBACK IN THE MARKETS 00:01:07.801 --> 00:01:07.834 >> DID WE ALREADY HAVE THE PULLBACK IN THE MARKETS THAT 00:01:07.834 --> 00:01:07.934 PULLBACK IN THE MARKETS THAT 00:01:07.934 --> 00:01:08.001 PULLBACK IN THE MARKETS THAT YOU 00:01:08.001 --> 00:01:08.101 PULLBACK IN THE MARKETS THAT YOU HAD 00:01:08.101 --> 00:01:08.802 PULLBACK IN THE MARKETS THAT YOU HAD SAID 00:01:08.802 --> 00:01:08.868 PULLBACK IN THE MARKETS THAT YOU HAD SAID FOR 00:01:08.868 --> 00:01:09.002 PULLBACK IN THE MARKETS THAT YOU HAD SAID FOR MANY 00:01:09.002 --> 00:01:09.069 PULLBACK IN THE MARKETS THAT YOU HAD SAID FOR MANY MONTHS 00:01:09.069 --> 00:01:09.102 PULLBACK IN THE MARKETS THAT YOU HAD SAID FOR MANY MONTHS WE 00:01:09.102 --> 00:01:09.803 YOU HAD SAID FOR MANY MONTHS WE 00:01:09.803 --> 00:01:09.903 YOU HAD SAID FOR MANY MONTHS WE WERE 00:01:09.903 --> 00:01:09.936 YOU HAD SAID FOR MANY MONTHS WE WERE GOING 00:01:09.936 --> 00:01:10.036 YOU HAD SAID FOR MANY MONTHS WE WERE GOING TO 00:01:10.036 --> 00:01:10.804 YOU HAD SAID FOR MANY MONTHS WE WERE GOING TO HAVE 00:01:10.804 --> 00:01:10.870 YOU HAD SAID FOR MANY MONTHS WE WERE GOING TO HAVE BECAUSE 00:01:10.870 --> 00:01:10.904 YOU HAD SAID FOR MANY MONTHS WE WERE GOING TO HAVE BECAUSE IT 00:01:10.904 --> 00:01:11.071 WERE GOING TO HAVE BECAUSE IT 00:01:11.071 --> 00:01:11.137 WERE GOING TO HAVE BECAUSE IT WASN'T 00:01:11.137 --> 00:01:11.805 WERE GOING TO HAVE BECAUSE IT WASN'T THAT 00:01:11.805 --> 00:01:11.905 WERE GOING TO HAVE BECAUSE IT WASN'T THAT SUBSTANTIAL 00:01:11.905 --> 00:01:11.938 WERE GOING TO HAVE BECAUSE IT WASN'T THAT SUBSTANTIAL WHILE 00:01:11.938 --> 00:01:12.038 WASN'T THAT SUBSTANTIAL WHILE 00:01:12.038 --> 00:01:12.105 WASN'T THAT SUBSTANTIAL WHILE IT 00:01:12.105 --> 00:01:12.806 WASN'T THAT SUBSTANTIAL WHILE IT GOT 00:01:12.806 --> 00:01:12.906 WASN'T THAT SUBSTANTIAL WHILE IT GOT A 00:01:12.906 --> 00:01:13.106 WASN'T THAT SUBSTANTIAL WHILE IT GOT A LITTLE 00:01:13.106 --> 00:01:13.139 WASN'T THAT SUBSTANTIAL WHILE IT GOT A LITTLE VOLATILE, 00:01:13.139 --> 00:01:13.373 IT GOT A LITTLE VOLATILE, 00:01:13.373 --> 00:01:13.807 IT GOT A LITTLE VOLATILE, OBVIOUSLY, 00:01:13.807 --> 00:01:13.907 IT GOT A LITTLE VOLATILE, OBVIOUSLY, AND 00:01:13.907 --> 00:01:13.973 IT GOT A LITTLE VOLATILE, OBVIOUSLY, AND UNDER 00:01:13.973 --> 00:01:14.007 IT GOT A LITTLE VOLATILE, OBVIOUSLY, AND UNDER THE 00:01:14.007 --> 00:01:14.207 OBVIOUSLY, AND UNDER THE 00:01:14.207 --> 00:01:14.808 OBVIOUSLY, AND UNDER THE SURFACE, 00:01:14.808 --> 00:01:14.874 OBVIOUSLY, AND UNDER THE SURFACE, A 00:01:14.874 --> 00:01:14.908 OBVIOUSLY, AND UNDER THE SURFACE, A LOT 00:01:14.908 --> 00:01:15.041 OBVIOUSLY, AND UNDER THE SURFACE, A LOT OF 00:01:15.041 --> 00:01:15.809 OBVIOUSLY, AND UNDER THE SURFACE, A LOT OF STOCKS 00:01:15.809 --> 00:01:15.842 OBVIOUSLY, AND UNDER THE SURFACE, A LOT OF STOCKS LOOK 00:01:15.842 --> 00:01:16.042 SURFACE, A LOT OF STOCKS LOOK 00:01:16.042 --> 00:01:16.142 SURFACE, A LOT OF STOCKS LOOK HORRIBLE. 00:01:16.142 --> 00:01:16.209 SURFACE, A LOT OF STOCKS LOOK HORRIBLE. WHERE 00:01:16.209 --> 00:01:16.810 SURFACE, A LOT OF STOCKS LOOK HORRIBLE. WHERE ARE 00:01:16.810 --> 00:01:16.843 SURFACE, A LOT OF STOCKS LOOK HORRIBLE. WHERE ARE WE 00:01:16.843 --> 00:01:16.943 SURFACE, A LOT OF STOCKS LOOK HORRIBLE. WHERE ARE WE IN 00:01:16.943 --> 00:01:16.976 SURFACE, A LOT OF STOCKS LOOK HORRIBLE. WHERE ARE WE IN THAT 00:01:16.976 --> 00:01:17.110 HORRIBLE. WHERE ARE WE IN THAT 00:01:17.110 --> 00:01:17.811 HORRIBLE. WHERE ARE WE IN THAT WHOLE 00:01:17.811 --> 00:01:17.844 HORRIBLE. WHERE ARE WE IN THAT WHOLE TIMELINE 00:01:17.844 --> 00:01:17.911 HORRIBLE. WHERE ARE WE IN THAT WHOLE TIMELINE OF 00:01:17.911 --> 00:01:18.011 HORRIBLE. WHERE ARE WE IN THAT WHOLE TIMELINE OF HOW 00:01:18.011 --> 00:01:18.044 HORRIBLE. WHERE ARE WE IN THAT WHOLE TIMELINE OF HOW YOU 00:01:18.044 --> 00:01:18.812 WHOLE TIMELINE OF HOW YOU 00:01:18.812 --> 00:01:18.878 WHOLE TIMELINE OF HOW YOU THOUGHT 00:01:18.878 --> 00:01:18.978 WHOLE TIMELINE OF HOW YOU THOUGHT THIS 00:01:18.978 --> 00:01:19.045 WHOLE TIMELINE OF HOW YOU THOUGHT THIS YEAR 00:01:19.045 --> 00:01:19.813 WHOLE TIMELINE OF HOW YOU THOUGHT THIS YEAR WAS 00:01:19.813 --> 00:01:19.879 WHOLE TIMELINE OF HOW YOU THOUGHT THIS YEAR WAS GOING 00:01:19.879 --> 00:01:19.913 WHOLE TIMELINE OF HOW YOU THOUGHT THIS YEAR WAS GOING TO 00:01:19.913 --> 00:01:20.046 THOUGHT THIS YEAR WAS GOING TO 00:01:20.046 --> 00:01:20.146 THOUGHT THIS YEAR WAS GOING TO PLAY 00:01:20.146 --> 00:01:20.180 THOUGHT THIS YEAR WAS GOING TO PLAY OUT? 00:01:20.180 --> 00:01:20.814 PLAY OUT? 00:01:20.814 --> 00:01:20.880 PLAY OUT? >> 00:01:20.880 --> 00:01:20.914 PLAY OUT? >> AND 00:01:20.914 --> 00:01:20.980 PLAY OUT? >> AND I 00:01:20.980 --> 00:01:21.815 PLAY OUT? >> AND I KNOW 00:01:21.815 --> 00:01:21.915 PLAY OUT? >> AND I KNOW WE 00:01:21.915 --> 00:01:22.048 PLAY OUT? >> AND I KNOW WE TALKED 00:01:22.048 --> 00:01:22.082 PLAY OUT? >> AND I KNOW WE TALKED ABOUT 00:01:22.082 --> 00:01:22.182 >> AND I KNOW WE TALKED ABOUT 00:01:22.182 --> 00:01:22.782 >> AND I KNOW WE TALKED ABOUT AN 00:01:22.782 --> 00:01:22.882 >> AND I KNOW WE TALKED ABOUT AN EXPIRATION 00:01:22.882 --> 00:01:22.916 >> AND I KNOW WE TALKED ABOUT AN EXPIRATION DATE. 00:01:22.916 --> 00:01:23.016 >> AND I KNOW WE TALKED ABOUT AN EXPIRATION DATE. I 00:01:23.016 --> 00:01:23.783 >> AND I KNOW WE TALKED ABOUT AN EXPIRATION DATE. I THINK 00:01:23.783 --> 00:01:23.817 >> AND I KNOW WE TALKED ABOUT AN EXPIRATION DATE. I THINK WE 00:01:23.817 --> 00:01:23.983 AN EXPIRATION DATE. I THINK WE 00:01:23.983 --> 00:01:24.050 AN EXPIRATION DATE. I THINK WE ALREADY 00:01:24.050 --> 00:01:24.117 AN EXPIRATION DATE. I THINK WE ALREADY HAD 00:01:24.117 --> 00:01:24.784 AN EXPIRATION DATE. I THINK WE ALREADY HAD THE 00:01:24.784 --> 00:01:24.818 AN EXPIRATION DATE. I THINK WE ALREADY HAD THE MASSACRE 00:01:24.818 --> 00:01:25.018 ALREADY HAD THE MASSACRE 00:01:25.018 --> 00:01:25.085 ALREADY HAD THE MASSACRE BECAUSE, 00:01:25.085 --> 00:01:25.185 ALREADY HAD THE MASSACRE BECAUSE, YOU 00:01:25.185 --> 00:01:25.785 ALREADY HAD THE MASSACRE BECAUSE, YOU KNOW, 00:01:25.785 --> 00:01:25.852 ALREADY HAD THE MASSACRE BECAUSE, YOU KNOW, WE 00:01:25.852 --> 00:01:25.952 ALREADY HAD THE MASSACRE BECAUSE, YOU KNOW, WE KNOW 00:01:25.952 --> 00:01:25.985 ALREADY HAD THE MASSACRE BECAUSE, YOU KNOW, WE KNOW THAT 00:01:25.985 --> 00:01:26.086 BECAUSE, YOU KNOW, WE KNOW THAT 00:01:26.086 --> 00:01:26.786 BECAUSE, YOU KNOW, WE KNOW THAT THE 00:01:26.786 --> 00:01:26.886 BECAUSE, YOU KNOW, WE KNOW THAT THE AI 00:01:26.886 --> 00:01:26.920 BECAUSE, YOU KNOW, WE KNOW THAT THE AI TRADE, 00:01:26.920 --> 00:01:26.986 BECAUSE, YOU KNOW, WE KNOW THAT THE AI TRADE, A 00:01:26.986 --> 00:01:27.787 BECAUSE, YOU KNOW, WE KNOW THAT THE AI TRADE, A LOT 00:01:27.787 --> 00:01:27.887 BECAUSE, YOU KNOW, WE KNOW THAT THE AI TRADE, A LOT OF 00:01:27.887 --> 00:01:27.921 BECAUSE, YOU KNOW, WE KNOW THAT THE AI TRADE, A LOT OF THESE 00:01:27.921 --> 00:01:28.054 THE AI TRADE, A LOT OF THESE 00:01:28.054 --> 00:01:28.121 THE AI TRADE, A LOT OF THESE NAMES 00:01:28.121 --> 00:01:28.788 THE AI TRADE, A LOT OF THESE NAMES ARE 00:01:28.788 --> 00:01:28.855 THE AI TRADE, A LOT OF THESE NAMES ARE DOWN 00:01:28.855 --> 00:01:28.955 THE AI TRADE, A LOT OF THESE NAMES ARE DOWN 20%. 00:01:28.955 --> 00:01:28.988 THE AI TRADE, A LOT OF THESE NAMES ARE DOWN 20%. THE 00:01:28.988 --> 00:01:29.255 NAMES ARE DOWN 20%. THE 00:01:29.255 --> 00:01:29.789 NAMES ARE DOWN 20%. THE EQUAL-WEIGHT 00:01:29.789 --> 00:01:29.889 NAMES ARE DOWN 20%. THE EQUAL-WEIGHT FELL 00:01:29.889 --> 00:01:29.956 NAMES ARE DOWN 20%. THE EQUAL-WEIGHT FELL ALMOST 00:01:29.956 --> 00:01:29.989 NAMES ARE DOWN 20%. THE EQUAL-WEIGHT FELL ALMOST 9% 00:01:29.989 --> 00:01:30.123 EQUAL-WEIGHT FELL ALMOST 9% 00:01:30.123 --> 00:01:30.790 EQUAL-WEIGHT FELL ALMOST 9% FROM 00:01:30.790 --> 00:01:31.524 EQUAL-WEIGHT FELL ALMOST 9% FROM ITS 00:01:31.524 --> 00:01:32.625 EQUAL-WEIGHT FELL ALMOST 9% FROM ITS HIGHS. 00:01:32.625 --> 00:01:32.692 EQUAL-WEIGHT FELL ALMOST 9% FROM ITS HIGHS. AND 00:01:32.692 --> 00:01:32.992 EQUAL-WEIGHT FELL ALMOST 9% FROM ITS HIGHS. AND I'D 00:01:32.992 --> 00:01:33.026 EQUAL-WEIGHT FELL ALMOST 9% FROM ITS HIGHS. AND I'D SAY 00:01:33.026 --> 00:01:33.326 FROM ITS HIGHS. AND I'D SAY 00:01:33.326 --> 00:01:33.660 FROM ITS HIGHS. AND I'D SAY THAT 00:01:33.660 --> 00:01:34.427 FROM ITS HIGHS. AND I'D SAY THAT TWO 00:01:34.427 --> 00:01:34.527 FROM ITS HIGHS. AND I'D SAY THAT TWO COHORTS, 00:01:34.527 --> 00:01:35.095 FROM ITS HIGHS. AND I'D SAY THAT TWO COHORTS, ACTIVE 00:01:35.095 --> 00:01:35.128 FROM ITS HIGHS. AND I'D SAY THAT TWO COHORTS, ACTIVE RETAIL 00:01:35.128 --> 00:01:35.328 THAT TWO COHORTS, ACTIVE RETAIL 00:01:35.328 --> 00:01:35.395 THAT TWO COHORTS, ACTIVE RETAIL INVESTORS 00:01:35.395 --> 00:01:35.462 THAT TWO COHORTS, ACTIVE RETAIL INVESTORS AND 00:01:35.462 --> 00:01:36.096 THAT TWO COHORTS, ACTIVE RETAIL INVESTORS AND A 00:01:36.096 --> 00:01:36.129 THAT TWO COHORTS, ACTIVE RETAIL INVESTORS AND A LOT 00:01:36.129 --> 00:01:36.262 THAT TWO COHORTS, ACTIVE RETAIL INVESTORS AND A LOT OF 00:01:36.262 --> 00:01:36.296 THAT TWO COHORTS, ACTIVE RETAIL INVESTORS AND A LOT OF HEDGE 00:01:36.296 --> 00:01:36.463 INVESTORS AND A LOT OF HEDGE 00:01:36.463 --> 00:01:37.097 INVESTORS AND A LOT OF HEDGE FUNDS 00:01:37.097 --> 00:01:37.230 INVESTORS AND A LOT OF HEDGE FUNDS HAVE 00:01:37.230 --> 00:01:37.330 INVESTORS AND A LOT OF HEDGE FUNDS HAVE ACTUALLY 00:01:37.330 --> 00:01:37.430 INVESTORS AND A LOT OF HEDGE FUNDS HAVE ACTUALLY LOST 00:01:37.430 --> 00:01:37.464 INVESTORS AND A LOT OF HEDGE FUNDS HAVE ACTUALLY LOST THEIR 00:01:37.464 --> 00:01:38.098 FUNDS HAVE ACTUALLY LOST THEIR 00:01:38.098 --> 00:01:38.131 FUNDS HAVE ACTUALLY LOST THEIR YEARS. 00:01:38.131 --> 00:01:38.164 FUNDS HAVE ACTUALLY LOST THEIR YEARS. SO 00:01:38.164 --> 00:01:38.264 FUNDS HAVE ACTUALLY LOST THEIR YEARS. SO I 00:01:38.264 --> 00:01:39.099 FUNDS HAVE ACTUALLY LOST THEIR YEARS. SO I THINK 00:01:39.099 --> 00:01:39.232 FUNDS HAVE ACTUALLY LOST THEIR YEARS. SO I THINK WE'VE 00:01:39.232 --> 00:01:39.265 FUNDS HAVE ACTUALLY LOST THEIR YEARS. SO I THINK WE'VE ALREADY 00:01:39.265 --> 00:01:39.432 YEARS. SO I THINK WE'VE ALREADY 00:01:39.432 --> 00:01:39.499 YEARS. SO I THINK WE'VE ALREADY SEEN 00:01:39.499 --> 00:01:40.100 YEARS. SO I THINK WE'VE ALREADY SEEN THE 00:01:40.100 --> 00:01:40.133 YEARS. SO I THINK WE'VE ALREADY SEEN THE SORT 00:01:40.133 --> 00:01:40.233 YEARS. SO I THINK WE'VE ALREADY SEEN THE SORT OF 00:01:40.233 --> 00:01:40.300 YEARS. SO I THINK WE'VE ALREADY SEEN THE SORT OF BIG 00:01:40.300 --> 00:01:41.101 YEARS. SO I THINK WE'VE ALREADY SEEN THE SORT OF BIG GIVE 00:01:41.101 --> 00:01:41.134 YEARS. SO I THINK WE'VE ALREADY SEEN THE SORT OF BIG GIVE BACK 00:01:41.134 --> 00:01:41.234 SEEN THE SORT OF BIG GIVE BACK 00:01:41.234 --> 00:01:41.434 SEEN THE SORT OF BIG GIVE BACK IN 00:01:41.434 --> 00:01:41.568 SEEN THE SORT OF BIG GIVE BACK IN CORRECTIONS. 00:01:41.568 --> 00:01:42.368 SEEN THE SORT OF BIG GIVE BACK IN CORRECTIONS. SO 00:01:42.368 --> 00:01:42.402 SEEN THE SORT OF BIG GIVE BACK IN CORRECTIONS. SO I'M. 00:01:42.402 --> 00:01:42.502 IN CORRECTIONS. SO I'M. 00:01:42.502 --> 00:01:42.535 IN CORRECTIONS. SO I'M. >> 00:01:42.535 --> 00:01:42.602 IN CORRECTIONS. SO I'M. >> NO 00:01:42.602 --> 00:01:43.369 IN CORRECTIONS. SO I'M. >> NO GO 00:01:43.369 --> 00:01:43.403 IN CORRECTIONS. SO I'M. >> NO GO AHEAD. 00:01:43.403 --> 00:01:43.536 IN CORRECTIONS. SO I'M. >> NO GO AHEAD. SO 00:01:43.536 --> 00:01:43.636 IN CORRECTIONS. SO I'M. >> NO GO AHEAD. SO YOU'RE 00:01:43.636 --> 00:01:43.670 IN CORRECTIONS. SO I'M. >> NO GO AHEAD. SO YOU'RE YEAH. 00:01:43.670 --> 00:01:44.370 >> NO GO AHEAD. SO YOU'RE YEAH. 00:01:44.370 --> 00:01:44.404 >> NO GO AHEAD. SO YOU'RE YEAH. >> 00:01:44.404 --> 00:01:44.471 >> NO GO AHEAD. SO YOU'RE YEAH. >> SO 00:01:44.471 --> 00:01:44.571 >> NO GO AHEAD. SO YOU'RE YEAH. >> SO I'M 00:01:44.571 --> 00:01:45.371 >> NO GO AHEAD. SO YOU'RE YEAH. >> SO I'M KIND 00:01:45.371 --> 00:01:45.505 >> NO GO AHEAD. SO YOU'RE YEAH. >> SO I'M KIND OF 00:01:45.505 --> 00:01:45.572 >> NO GO AHEAD. SO YOU'RE YEAH. >> SO I'M KIND OF INCLINED 00:01:45.572 --> 00:01:45.605 >> NO GO AHEAD. SO YOU'RE YEAH. >> SO I'M KIND OF INCLINED TO 00:01:45.605 --> 00:01:45.738 >> SO I'M KIND OF INCLINED TO 00:01:45.738 --> 00:01:46.372 >> SO I'M KIND OF INCLINED TO THINK 00:01:46.372 --> 00:01:46.473 >> SO I'M KIND OF INCLINED TO THINK THE 00:01:46.473 --> 00:01:46.539 >> SO I'M KIND OF INCLINED TO THINK THE WINDOW 00:01:46.539 --> 00:01:46.606 >> SO I'M KIND OF INCLINED TO THINK THE WINDOW FOR 00:01:46.606 --> 00:01:47.373 >> SO I'M KIND OF INCLINED TO THINK THE WINDOW FOR THE 00:01:47.373 --> 00:01:47.407 >> SO I'M KIND OF INCLINED TO THINK THE WINDOW FOR THE BOTTOM 00:01:47.407 --> 00:01:47.507 THINK THE WINDOW FOR THE BOTTOM 00:01:47.507 --> 00:01:47.574 THINK THE WINDOW FOR THE BOTTOM IS 00:01:47.574 --> 00:01:47.607 THINK THE WINDOW FOR THE BOTTOM IS NOW 00:01:47.607 --> 00:01:48.374 THINK THE WINDOW FOR THE BOTTOM IS NOW TO 00:01:48.374 --> 00:01:48.441 THINK THE WINDOW FOR THE BOTTOM IS NOW TO MIDTERMS. 00:01:48.441 --> 00:01:48.541 THINK THE WINDOW FOR THE BOTTOM IS NOW TO MIDTERMS. AND 00:01:48.541 --> 00:01:48.575 THINK THE WINDOW FOR THE BOTTOM IS NOW TO MIDTERMS. AND THEN 00:01:48.575 --> 00:01:48.741 IS NOW TO MIDTERMS. AND THEN 00:01:48.741 --> 00:01:49.375 IS NOW TO MIDTERMS. AND THEN THAT'S 00:01:49.375 --> 00:01:49.476 IS NOW TO MIDTERMS. AND THEN THAT'S THE 00:01:49.476 --> 00:01:49.509 IS NOW TO MIDTERMS. AND THEN THAT'S THE LOW. 00:01:49.509 --> 00:01:49.609 THAT'S THE LOW. 00:01:49.609 --> 00:01:49.676 THAT'S THE LOW. >> 00:01:49.676 --> 00:01:50.376 THAT'S THE LOW. >> WHAT 00:01:50.376 --> 00:01:50.443 THAT'S THE LOW. >> WHAT DO 00:01:50.443 --> 00:01:50.577 THAT'S THE LOW. >> WHAT DO YOU 00:01:50.577 --> 00:01:50.610 THAT'S THE LOW. >> WHAT DO YOU THINK. 00:01:50.610 --> 00:01:50.710 >> WHAT DO YOU THINK. 00:01:50.710 --> 00:01:51.377 >> WHAT DO YOU THINK. >> 00:01:51.377 --> 00:01:51.411 >> WHAT DO YOU THINK. >> YEAH. 00:01:51.411 --> 00:01:51.511 >> WHAT DO YOU THINK. >> YEAH. I 00:01:51.511 --> 00:01:51.544 >> WHAT DO YOU THINK. >> YEAH. I THINK 00:01:51.544 --> 00:01:52.378 >> WHAT DO YOU THINK. >> YEAH. I THINK WE 00:01:52.378 --> 00:01:52.445 >> WHAT DO YOU THINK. >> YEAH. I THINK WE END 00:01:52.445 --> 00:01:52.479 >> WHAT DO YOU THINK. >> YEAH. I THINK WE END UP 00:01:52.479 --> 00:01:52.712 >> YEAH. I THINK WE END UP 00:01:52.712 --> 00:01:52.812 >> YEAH. I THINK WE END UP MATERIALLY 00:01:52.812 --> 00:01:53.379 >> YEAH. I THINK WE END UP MATERIALLY HIGHER 00:01:53.379 --> 00:01:53.446 >> YEAH. I THINK WE END UP MATERIALLY HIGHER IN 00:01:53.446 --> 00:01:53.580 >> YEAH. I THINK WE END UP MATERIALLY HIGHER IN SIX 00:01:53.580 --> 00:01:53.613 >> YEAH. I THINK WE END UP MATERIALLY HIGHER IN SIX MONTHS. 00:01:53.613 --> 00:01:53.680 MATERIALLY HIGHER IN SIX MONTHS. 00:01:53.680 --> 00:01:54.380 MATERIALLY HIGHER IN SIX MONTHS. I 00:01:54.380 --> 00:01:54.414 MATERIALLY HIGHER IN SIX MONTHS. I WOULDN'T 00:01:54.414 --> 00:01:54.581 MATERIALLY HIGHER IN SIX MONTHS. I WOULDN'T BE 00:01:54.581 --> 00:01:54.647 MATERIALLY HIGHER IN SIX MONTHS. I WOULDN'T BE SURPRISED 00:01:54.647 --> 00:01:55.381 MATERIALLY HIGHER IN SIX MONTHS. I WOULDN'T BE SURPRISED IF 00:01:55.381 --> 00:01:55.415 MATERIALLY HIGHER IN SIX MONTHS. I WOULDN'T BE SURPRISED IF WE 00:01:55.415 --> 00:01:55.548 I WOULDN'T BE SURPRISED IF WE 00:01:55.548 --> 00:01:55.582 I WOULDN'T BE SURPRISED IF WE HAVE 00:01:55.582 --> 00:01:55.648 I WOULDN'T BE SURPRISED IF WE HAVE A 00:01:55.648 --> 00:01:56.382 I WOULDN'T BE SURPRISED IF WE HAVE A HUGE 00:01:56.382 --> 00:01:56.483 I WOULDN'T BE SURPRISED IF WE HAVE A HUGE RALLY 00:01:56.483 --> 00:01:56.549 I WOULDN'T BE SURPRISED IF WE HAVE A HUGE RALLY AFTER 00:01:56.549 --> 00:01:56.583 I WOULDN'T BE SURPRISED IF WE HAVE A HUGE RALLY AFTER THE 00:01:56.583 --> 00:01:56.783 HAVE A HUGE RALLY AFTER THE 00:01:56.783 --> 00:01:57.383 HAVE A HUGE RALLY AFTER THE MIDTERM. 00:01:57.383 --> 00:01:57.484 HAVE A HUGE RALLY AFTER THE MIDTERM. ALTHOUGH 00:01:57.484 --> 00:01:57.617 HAVE A HUGE RALLY AFTER THE MIDTERM. ALTHOUGH MAYBE 00:01:57.617 --> 00:01:57.650 HAVE A HUGE RALLY AFTER THE MIDTERM. ALTHOUGH MAYBE THAT'S 00:01:57.650 --> 00:01:57.784 MIDTERM. ALTHOUGH MAYBE THAT'S 00:01:57.784 --> 00:01:58.384 MIDTERM. ALTHOUGH MAYBE THAT'S EVEN 00:01:58.384 --> 00:01:58.551 MIDTERM. ALTHOUGH MAYBE THAT'S EVEN THE 00:01:58.551 --> 00:01:58.618 MIDTERM. ALTHOUGH MAYBE THAT'S EVEN THE CONSENSUS. 00:01:58.618 --> 00:01:58.718 MIDTERM. ALTHOUGH MAYBE THAT'S EVEN THE CONSENSUS. BUT 00:01:58.718 --> 00:01:58.751 MIDTERM. ALTHOUGH MAYBE THAT'S EVEN THE CONSENSUS. BUT YOU 00:01:58.751 --> 00:01:59.385 EVEN THE CONSENSUS. BUT YOU 00:01:59.385 --> 00:01:59.452 EVEN THE CONSENSUS. BUT YOU KNOW 00:01:59.452 --> 00:01:59.552 EVEN THE CONSENSUS. BUT YOU KNOW YOU 00:01:59.552 --> 00:01:59.619 EVEN THE CONSENSUS. BUT YOU KNOW YOU LISTEN 00:01:59.619 --> 00:02:00.353 EVEN THE CONSENSUS. BUT YOU KNOW YOU LISTEN TO 00:02:00.353 --> 00:02:00.520 EVEN THE CONSENSUS. BUT YOU KNOW YOU LISTEN TO TO 00:02:00.520 --> 00:02:00.553 EVEN THE CONSENSUS. BUT YOU KNOW YOU LISTEN TO TO GUNDLACH 00:02:00.553 --> 00:02:00.720 KNOW YOU LISTEN TO TO GUNDLACH 00:02:00.720 --> 00:02:00.787 KNOW YOU LISTEN TO TO GUNDLACH BEFORE 00:02:00.787 --> 00:02:01.387 KNOW YOU LISTEN TO TO GUNDLACH BEFORE AND 00:02:01.387 --> 00:02:01.521 KNOW YOU LISTEN TO TO GUNDLACH BEFORE AND I 00:02:01.521 --> 00:02:01.621 KNOW YOU LISTEN TO TO GUNDLACH BEFORE AND I GOOGLED 00:02:01.621 --> 00:02:01.754 KNOW YOU LISTEN TO TO GUNDLACH BEFORE AND I GOOGLED WHILE 00:02:01.754 --> 00:02:01.788 KNOW YOU LISTEN TO TO GUNDLACH BEFORE AND I GOOGLED WHILE WE 00:02:01.788 --> 00:02:02.355 BEFORE AND I GOOGLED WHILE WE 00:02:02.355 --> 00:02:02.522 BEFORE AND I GOOGLED WHILE WE WERE 00:02:02.522 --> 00:02:02.856 BEFORE AND I GOOGLED WHILE WE WERE WAITING. 00:02:02.856 --> 00:02:02.922 BEFORE AND I GOOGLED WHILE WE WERE WAITING. WHEN'S 00:02:02.922 --> 00:02:03.356 BEFORE AND I GOOGLED WHILE WE WERE WAITING. WHEN'S THE 00:02:03.356 --> 00:02:03.389 BEFORE AND I GOOGLED WHILE WE WERE WAITING. WHEN'S THE LAST 00:02:03.389 --> 00:02:03.523 WERE WAITING. WHEN'S THE LAST 00:02:03.523 --> 00:02:03.556 WERE WAITING. WHEN'S THE LAST TIME 00:02:03.556 --> 00:02:03.890 WERE WAITING. WHEN'S THE LAST TIME HE 00:02:03.890 --> 00:02:05.024 WERE WAITING. WHEN'S THE LAST TIME HE WAS 00:02:05.024 --> 00:02:05.091 WERE WAITING. WHEN'S THE LAST TIME HE WAS BULLISH. 00:02:05.091 --> 00:02:05.125 WERE WAITING. WHEN'S THE LAST TIME HE WAS BULLISH. THE 00:02:05.125 --> 00:02:05.291 TIME HE WAS BULLISH. THE 00:02:05.291 --> 00:02:06.126 TIME HE WAS BULLISH. THE GOOGLER 00:02:06.126 --> 00:02:06.426 TIME HE WAS BULLISH. THE GOOGLER SAYS 00:02:06.426 --> 00:02:06.793 TIME HE WAS BULLISH. THE GOOGLER SAYS 2016. 00:02:06.793 --> 00:02:06.826 TIME HE WAS BULLISH. THE GOOGLER SAYS 2016. RIGHT. 00:02:06.826 --> 00:02:06.860 TIME HE WAS BULLISH. THE GOOGLER SAYS 2016. RIGHT. I 00:02:06.860 --> 00:02:07.193 GOOGLER SAYS 2016. RIGHT. I 00:02:07.193 --> 00:02:07.227 GOOGLER SAYS 2016. RIGHT. I THINK 00:02:07.227 --> 00:02:07.360 GOOGLER SAYS 2016. RIGHT. I THINK IF 00:02:07.360 --> 00:02:07.527 GOOGLER SAYS 2016. RIGHT. I THINK IF YOU'RE 00:02:07.527 --> 00:02:08.194 GOOGLER SAYS 2016. RIGHT. I THINK IF YOU'RE A 00:02:08.194 --> 00:02:08.294 GOOGLER SAYS 2016. RIGHT. I THINK IF YOU'RE A SMART 00:02:08.294 --> 00:02:08.328 GOOGLER SAYS 2016. RIGHT. I THINK IF YOU'RE A SMART FIXED 00:02:08.328 --> 00:02:08.661 THINK IF YOU'RE A SMART FIXED 00:02:08.661 --> 00:02:08.962 THINK IF YOU'RE A SMART FIXED INCOME 00:02:08.962 --> 00:02:09.295 THINK IF YOU'RE A SMART FIXED INCOME GUY 00:02:09.295 --> 00:02:09.662 THINK IF YOU'RE A SMART FIXED INCOME GUY AND 00:02:09.662 --> 00:02:09.729 THINK IF YOU'RE A SMART FIXED INCOME GUY AND YOU 00:02:09.729 --> 00:02:09.762 THINK IF YOU'RE A SMART FIXED INCOME GUY AND YOU HAVE 00:02:09.762 --> 00:02:10.296 THINK IF YOU'RE A SMART FIXED INCOME GUY AND YOU HAVE A 00:02:10.296 --> 00:02:10.330 THINK IF YOU'RE A SMART FIXED INCOME GUY AND YOU HAVE A LOT 00:02:10.330 --> 00:02:10.430 INCOME GUY AND YOU HAVE A LOT 00:02:10.430 --> 00:02:10.763 INCOME GUY AND YOU HAVE A LOT OF 00:02:10.763 --> 00:02:10.830 INCOME GUY AND YOU HAVE A LOT OF EXPERIENCE, 00:02:10.830 --> 00:02:11.297 INCOME GUY AND YOU HAVE A LOT OF EXPERIENCE, YOUR 00:02:11.297 --> 00:02:11.331 INCOME GUY AND YOU HAVE A LOT OF EXPERIENCE, YOUR BIAS 00:02:11.331 --> 00:02:11.397 INCOME GUY AND YOU HAVE A LOT OF EXPERIENCE, YOUR BIAS IS 00:02:11.397 --> 00:02:11.431 INCOME GUY AND YOU HAVE A LOT OF EXPERIENCE, YOUR BIAS IS TO 00:02:11.431 --> 00:02:11.531 OF EXPERIENCE, YOUR BIAS IS TO 00:02:11.531 --> 00:02:12.298 OF EXPERIENCE, YOUR BIAS IS TO BE 00:02:12.298 --> 00:02:12.332 OF EXPERIENCE, YOUR BIAS IS TO BE NEGATIVE 00:02:12.332 --> 00:02:12.398 OF EXPERIENCE, YOUR BIAS IS TO BE NEGATIVE ON 00:02:12.398 --> 00:02:12.565 OF EXPERIENCE, YOUR BIAS IS TO BE NEGATIVE ON THE 00:02:12.565 --> 00:02:13.299 OF EXPERIENCE, YOUR BIAS IS TO BE NEGATIVE ON THE AI 00:02:13.299 --> 00:02:13.366 OF EXPERIENCE, YOUR BIAS IS TO BE NEGATIVE ON THE AI SPEND 00:02:13.366 --> 00:02:13.399 OF EXPERIENCE, YOUR BIAS IS TO BE NEGATIVE ON THE AI SPEND AND 00:02:13.399 --> 00:02:13.666 BE NEGATIVE ON THE AI SPEND AND 00:02:13.666 --> 00:02:13.733 BE NEGATIVE ON THE AI SPEND AND BUILD 00:02:13.733 --> 00:02:14.300 BE NEGATIVE ON THE AI SPEND AND BUILD OUT. 00:02:14.300 --> 00:02:14.367 BE NEGATIVE ON THE AI SPEND AND BUILD OUT. IF 00:02:14.367 --> 00:02:14.467 BE NEGATIVE ON THE AI SPEND AND BUILD OUT. IF YOU 00:02:14.467 --> 00:02:14.501 BE NEGATIVE ON THE AI SPEND AND BUILD OUT. IF YOU TAKE 00:02:14.501 --> 00:02:15.301 BE NEGATIVE ON THE AI SPEND AND BUILD OUT. IF YOU TAKE A 00:02:15.301 --> 00:02:15.335 BE NEGATIVE ON THE AI SPEND AND BUILD OUT. IF YOU TAKE A STEP 00:02:15.335 --> 00:02:15.468 BUILD OUT. IF YOU TAKE A STEP 00:02:15.468 --> 00:02:15.535 BUILD OUT. IF YOU TAKE A STEP BACK 00:02:15.535 --> 00:02:15.635 BUILD OUT. IF YOU TAKE A STEP BACK AND 00:02:15.635 --> 00:02:16.302 BUILD OUT. IF YOU TAKE A STEP BACK AND YOU'RE 00:02:16.302 --> 00:02:16.402 BUILD OUT. IF YOU TAKE A STEP BACK AND YOU'RE AN 00:02:16.402 --> 00:02:16.503 BUILD OUT. IF YOU TAKE A STEP BACK AND YOU'RE AN EQUITY 00:02:16.503 --> 00:02:16.536 BUILD OUT. IF YOU TAKE A STEP BACK AND YOU'RE AN EQUITY GUY, 00:02:16.536 --> 00:02:16.636 BACK AND YOU'RE AN EQUITY GUY, 00:02:16.636 --> 00:02:17.303 BACK AND YOU'RE AN EQUITY GUY, YOU 00:02:17.303 --> 00:02:17.370 BACK AND YOU'RE AN EQUITY GUY, YOU SAY, 00:02:17.370 --> 00:02:17.403 BACK AND YOU'RE AN EQUITY GUY, YOU SAY, WAIT 00:02:17.403 --> 00:02:17.537 BACK AND YOU'RE AN EQUITY GUY, YOU SAY, WAIT A 00:02:17.537 --> 00:02:18.304 BACK AND YOU'RE AN EQUITY GUY, YOU SAY, WAIT A MINUTE, 00:02:18.304 --> 00:02:18.338 BACK AND YOU'RE AN EQUITY GUY, YOU SAY, WAIT A MINUTE, YOU 00:02:18.338 --> 00:02:18.471 YOU SAY, WAIT A MINUTE, YOU 00:02:18.471 --> 00:02:18.571 YOU SAY, WAIT A MINUTE, YOU KNOW, 00:02:18.571 --> 00:02:18.638 YOU SAY, WAIT A MINUTE, YOU KNOW, IT'S 00:02:18.638 --> 00:02:19.305 YOU SAY, WAIT A MINUTE, YOU KNOW, IT'S IT'S 00:02:19.305 --> 00:02:19.372 YOU SAY, WAIT A MINUTE, YOU KNOW, IT'S IT'S THREE 00:02:19.372 --> 00:02:19.439 YOU SAY, WAIT A MINUTE, YOU KNOW, IT'S IT'S THREE AND 00:02:19.439 --> 00:02:19.472 YOU SAY, WAIT A MINUTE, YOU KNOW, IT'S IT'S THREE AND ONE 00:02:19.472 --> 00:02:19.606 KNOW, IT'S IT'S THREE AND ONE 00:02:19.606 --> 00:02:20.306 KNOW, IT'S IT'S THREE AND ONE HALF 00:02:20.306 --> 00:02:20.373 KNOW, IT'S IT'S THREE AND ONE HALF YEARS 00:02:20.373 --> 00:02:20.406 KNOW, IT'S IT'S THREE AND ONE HALF YEARS INTO 00:02:20.406 --> 00:02:20.473 KNOW, IT'S IT'S THREE AND ONE HALF YEARS INTO A 00:02:20.473 --> 00:02:21.307 KNOW, IT'S IT'S THREE AND ONE HALF YEARS INTO A TEN 00:02:21.307 --> 00:02:21.341 KNOW, IT'S IT'S THREE AND ONE HALF YEARS INTO A TEN YEAR 00:02:21.341 --> 00:02:21.574 HALF YEARS INTO A TEN YEAR 00:02:21.574 --> 00:02:21.674 HALF YEARS INTO A TEN YEAR INVESTMENT 00:02:21.674 --> 00:02:21.741 HALF YEARS INTO A TEN YEAR INVESTMENT CYCLE. 00:02:21.741 --> 00:02:22.308 HALF YEARS INTO A TEN YEAR INVESTMENT CYCLE. AND 00:02:22.308 --> 00:02:22.342 HALF YEARS INTO A TEN YEAR INVESTMENT CYCLE. AND THE 00:02:22.342 --> 00:02:22.542 INVESTMENT CYCLE. AND THE 00:02:22.542 --> 00:02:22.642 INVESTMENT CYCLE. AND THE EARNINGS, 00:02:22.642 --> 00:02:22.709 INVESTMENT CYCLE. AND THE EARNINGS, POWER 00:02:22.709 --> 00:02:23.309 INVESTMENT CYCLE. AND THE EARNINGS, POWER AND 00:02:23.309 --> 00:02:23.409 INVESTMENT CYCLE. AND THE EARNINGS, POWER AND CASH 00:02:23.409 --> 00:02:23.443 INVESTMENT CYCLE. AND THE EARNINGS, POWER AND CASH FLOWS 00:02:23.443 --> 00:02:23.543 EARNINGS, POWER AND CASH FLOWS 00:02:23.543 --> 00:02:23.643 EARNINGS, POWER AND CASH FLOWS OF 00:02:23.643 --> 00:02:24.310 EARNINGS, POWER AND CASH FLOWS OF THESE 00:02:24.310 --> 00:02:24.377 EARNINGS, POWER AND CASH FLOWS OF THESE BUSINESSES 00:02:24.377 --> 00:02:24.477 EARNINGS, POWER AND CASH FLOWS OF THESE BUSINESSES ARE 00:02:24.477 --> 00:02:24.511 EARNINGS, POWER AND CASH FLOWS OF THESE BUSINESSES ARE GOING 00:02:24.511 --> 00:02:24.611 OF THESE BUSINESSES ARE GOING 00:02:24.611 --> 00:02:25.311 OF THESE BUSINESSES ARE GOING TO 00:02:25.311 --> 00:02:25.411 OF THESE BUSINESSES ARE GOING TO BE 00:02:25.411 --> 00:02:25.512 OF THESE BUSINESSES ARE GOING TO BE PRETTY 00:02:25.512 --> 00:02:25.545 OF THESE BUSINESSES ARE GOING TO BE PRETTY GOOD. 00:02:25.545 --> 00:02:26.312 OF THESE BUSINESSES ARE GOING TO BE PRETTY GOOD. I 00:02:26.312 --> 00:02:26.346 OF THESE BUSINESSES ARE GOING TO BE PRETTY GOOD. I DON'T 00:02:26.346 --> 00:02:26.479 TO BE PRETTY GOOD. I DON'T 00:02:26.479 --> 00:02:26.579 TO BE PRETTY GOOD. I DON'T AGREE 00:02:26.579 --> 00:02:26.646 TO BE PRETTY GOOD. I DON'T AGREE WITH 00:02:26.646 --> 00:02:27.313 TO BE PRETTY GOOD. I DON'T AGREE WITH THE 00:02:27.313 --> 00:02:27.447 TO BE PRETTY GOOD. I DON'T AGREE WITH THE EQUAL 00:02:27.447 --> 00:02:27.480 TO BE PRETTY GOOD. I DON'T AGREE WITH THE EQUAL WEIGHT 00:02:27.480 --> 00:02:27.714 AGREE WITH THE EQUAL WEIGHT 00:02:27.714 --> 00:02:27.747 AGREE WITH THE EQUAL WEIGHT CONCLUSION. 00:02:27.747 --> 00:02:28.314 AGREE WITH THE EQUAL WEIGHT CONCLUSION. I 00:02:28.314 --> 00:02:28.348 AGREE WITH THE EQUAL WEIGHT CONCLUSION. I WANT 00:02:28.348 --> 00:02:28.414 AGREE WITH THE EQUAL WEIGHT CONCLUSION. I WANT TO 00:02:28.414 --> 00:02:28.448 AGREE WITH THE EQUAL WEIGHT CONCLUSION. I WANT TO BE 00:02:28.448 --> 00:02:28.681 CONCLUSION. I WANT TO BE 00:02:28.681 --> 00:02:29.315 CONCLUSION. I WANT TO BE OVERWEIGHT. 00:02:29.315 --> 00:02:29.382 CONCLUSION. I WANT TO BE OVERWEIGHT. THE 00:02:29.382 --> 00:02:29.516 CONCLUSION. I WANT TO BE OVERWEIGHT. THE GOOD 00:02:29.516 --> 00:02:29.549 CONCLUSION. I WANT TO BE OVERWEIGHT. THE GOOD STUFF, 00:02:29.549 --> 00:02:29.582 CONCLUSION. I WANT TO BE OVERWEIGHT. THE GOOD STUFF, A 00:02:29.582 --> 00:02:30.316 OVERWEIGHT. THE GOOD STUFF, A 00:02:30.316 --> 00:02:30.350 OVERWEIGHT. THE GOOD STUFF, A LOT 00:02:30.350 --> 00:02:30.450 OVERWEIGHT. THE GOOD STUFF, A LOT OF 00:02:30.450 --> 00:02:30.517 OVERWEIGHT. THE GOOD STUFF, A LOT OF WHICH 00:02:30.517 --> 00:02:31.317 OVERWEIGHT. THE GOOD STUFF, A LOT OF WHICH IS 00:02:31.317 --> 00:02:31.351 OVERWEIGHT. THE GOOD STUFF, A LOT OF WHICH IS HYPERSCALERS. 00:02:31.351 --> 00:02:31.484 LOT OF WHICH IS HYPERSCALERS. 00:02:31.484 --> 00:02:31.551 LOT OF WHICH IS HYPERSCALERS. WE'LL 00:02:31.551 --> 00:02:31.618 LOT OF WHICH IS HYPERSCALERS. WE'LL SEE 00:02:31.618 --> 00:02:32.318 LOT OF WHICH IS HYPERSCALERS. WE'LL SEE ON 00:02:32.318 --> 00:02:32.418 LOT OF WHICH IS HYPERSCALERS. WE'LL SEE ON THE 00:02:32.418 --> 00:02:32.585 LOT OF WHICH IS HYPERSCALERS. WE'LL SEE ON THE PRINTS 00:02:32.585 --> 00:02:32.619 LOT OF WHICH IS HYPERSCALERS. WE'LL SEE ON THE PRINTS TONIGHT. 00:02:32.619 --> 00:02:32.719 WE'LL SEE ON THE PRINTS TONIGHT. 00:02:32.719 --> 00:02:33.319 WE'LL SEE ON THE PRINTS TONIGHT. BUT 00:02:33.319 --> 00:02:33.386 WE'LL SEE ON THE PRINTS TONIGHT. BUT OVER 00:02:33.386 --> 00:02:33.453 WE'LL SEE ON THE PRINTS TONIGHT. BUT OVER THE 00:02:33.453 --> 00:02:33.520 WE'LL SEE ON THE PRINTS TONIGHT. BUT OVER THE NEXT 00:02:33.520 --> 00:02:34.320 WE'LL SEE ON THE PRINTS TONIGHT. BUT OVER THE NEXT FEW 00:02:34.320 --> 00:02:34.354 WE'LL SEE ON THE PRINTS TONIGHT. BUT OVER THE NEXT FEW QUARTERS, 00:02:34.354 --> 00:02:34.654 BUT OVER THE NEXT FEW QUARTERS, 00:02:34.654 --> 00:02:34.687 BUT OVER THE NEXT FEW QUARTERS, SEMICONDUCTORS. 00:02:34.687 --> 00:02:34.787 BUT OVER THE NEXT FEW QUARTERS, SEMICONDUCTORS. I 00:02:34.787 --> 00:02:35.321 BUT OVER THE NEXT FEW QUARTERS, SEMICONDUCTORS. I LIKED 00:02:35.321 --> 00:02:35.388 BUT OVER THE NEXT FEW QUARTERS, SEMICONDUCTORS. I LIKED HOW 00:02:35.388 --> 00:02:35.421 BUT OVER THE NEXT FEW QUARTERS, SEMICONDUCTORS. I LIKED HOW THE 00:02:35.421 --> 00:02:35.588 SEMICONDUCTORS. I LIKED HOW THE 00:02:35.588 --> 00:02:35.722 SEMICONDUCTORS. I LIKED HOW THE MEMORY 00:02:35.722 --> 00:02:36.322 SEMICONDUCTORS. I LIKED HOW THE MEMORY COMPLEX 00:02:36.322 --> 00:02:36.356 SEMICONDUCTORS. I LIKED HOW THE MEMORY COMPLEX REACTED 00:02:36.356 --> 00:02:36.456 SEMICONDUCTORS. I LIKED HOW THE MEMORY COMPLEX REACTED TO 00:02:36.456 --> 00:02:36.489 SEMICONDUCTORS. I LIKED HOW THE MEMORY COMPLEX REACTED TO THE 00:02:36.489 --> 00:02:36.656 MEMORY COMPLEX REACTED TO THE 00:02:36.656 --> 00:02:37.323 MEMORY COMPLEX REACTED TO THE KOREAN 00:02:37.323 --> 00:02:37.490 MEMORY COMPLEX REACTED TO THE KOREAN NEWS 00:02:37.490 --> 00:02:37.624 MEMORY COMPLEX REACTED TO THE KOREAN NEWS OVERNIGHT. 00:02:37.624 --> 00:02:37.657 MEMORY COMPLEX REACTED TO THE KOREAN NEWS OVERNIGHT. YOU'RE 00:02:37.657 --> 00:02:37.857 KOREAN NEWS OVERNIGHT. YOU'RE 00:02:37.857 --> 00:02:38.324 KOREAN NEWS OVERNIGHT. YOU'RE GETTING 00:02:38.324 --> 00:02:38.424 KOREAN NEWS OVERNIGHT. YOU'RE GETTING I 00:02:38.424 --> 00:02:38.491 KOREAN NEWS OVERNIGHT. YOU'RE GETTING I THINK, 00:02:38.491 --> 00:02:38.558 KOREAN NEWS OVERNIGHT. YOU'RE GETTING I THINK, AS 00:02:38.558 --> 00:02:39.325 KOREAN NEWS OVERNIGHT. YOU'RE GETTING I THINK, AS TOM 00:02:39.325 --> 00:02:39.359 KOREAN NEWS OVERNIGHT. YOU'RE GETTING I THINK, AS TOM SAID, 00:02:39.359 --> 00:02:39.392 KOREAN NEWS OVERNIGHT. YOU'RE GETTING I THINK, AS TOM SAID, A 00:02:39.392 --> 00:02:39.526 GETTING I THINK, AS TOM SAID, A 00:02:39.526 --> 00:02:39.626 GETTING I THINK, AS TOM SAID, A GOOD 00:02:39.626 --> 00:02:40.326 GETTING I THINK, AS TOM SAID, A GOOD POINT, 00:02:40.326 --> 00:02:40.460 GETTING I THINK, AS TOM SAID, A GOOD POINT, LIKE 00:02:40.460 --> 00:02:40.527 GETTING I THINK, AS TOM SAID, A GOOD POINT, LIKE BEATING 00:02:40.527 --> 00:02:40.560 GETTING I THINK, AS TOM SAID, A GOOD POINT, LIKE BEATING IS 00:02:40.560 --> 00:02:40.727 GOOD POINT, LIKE BEATING IS 00:02:40.727 --> 00:02:41.327 GOOD POINT, LIKE BEATING IS GETTING 00:02:41.327 --> 00:02:41.361 GOOD POINT, LIKE BEATING IS GETTING REWARDED 00:02:41.361 --> 00:02:41.461 GOOD POINT, LIKE BEATING IS GETTING REWARDED A 00:02:41.461 --> 00:02:41.561 GOOD POINT, LIKE BEATING IS GETTING REWARDED A LITTLE 00:02:41.561 --> 00:02:41.594 GOOD POINT, LIKE BEATING IS GETTING REWARDED A LITTLE BIT. 00:02:41.594 --> 00:02:42.328 GETTING REWARDED A LITTLE BIT. 00:02:42.328 --> 00:02:42.428 GETTING REWARDED A LITTLE BIT. MAYBE 00:02:42.428 --> 00:02:42.562 GETTING REWARDED A LITTLE BIT. MAYBE THAT'S 00:02:42.562 --> 00:02:42.595 GETTING REWARDED A LITTLE BIT. MAYBE THAT'S THAT'S 00:02:42.595 --> 00:02:43.296 GETTING REWARDED A LITTLE BIT. MAYBE THAT'S THAT'S A 00:02:43.296 --> 00:02:43.396 GETTING REWARDED A LITTLE BIT. MAYBE THAT'S THAT'S A NEW 00:02:43.396 --> 00:02:43.429 GETTING REWARDED A LITTLE BIT. MAYBE THAT'S THAT'S A NEW TREND 00:02:43.429 --> 00:02:43.596 MAYBE THAT'S THAT'S A NEW TREND 00:02:43.596 --> 00:02:43.663 MAYBE THAT'S THAT'S A NEW TREND BECAUSE 00:02:43.663 --> 00:02:44.297 MAYBE THAT'S THAT'S A NEW TREND BECAUSE WE 00:02:44.297 --> 00:02:44.364 MAYBE THAT'S THAT'S A NEW TREND BECAUSE WE HAVEN'T 00:02:44.364 --> 00:02:44.430 MAYBE THAT'S THAT'S A NEW TREND BECAUSE WE HAVEN'T SEEN 00:02:44.430 --> 00:02:44.531 MAYBE THAT'S THAT'S A NEW TREND BECAUSE WE HAVEN'T SEEN SO 00:02:44.531 --> 00:02:44.564 MAYBE THAT'S THAT'S A NEW TREND BECAUSE WE HAVEN'T SEEN SO MUCH 00:02:44.564 --> 00:02:45.298 BECAUSE WE HAVEN'T SEEN SO MUCH 00:02:45.298 --> 00:02:45.398 BECAUSE WE HAVEN'T SEEN SO MUCH OF 00:02:45.398 --> 00:02:45.465 BECAUSE WE HAVEN'T SEEN SO MUCH OF THAT, 00:02:45.465 --> 00:02:45.565 BECAUSE WE HAVEN'T SEEN SO MUCH OF THAT, YOU 00:02:45.565 --> 00:02:46.299 BECAUSE WE HAVEN'T SEEN SO MUCH OF THAT, YOU KNOW, 00:02:46.299 --> 00:02:46.399 BECAUSE WE HAVEN'T SEEN SO MUCH OF THAT, YOU KNOW, SINCE 00:02:46.399 --> 00:02:46.432 BECAUSE WE HAVEN'T SEEN SO MUCH OF THAT, YOU KNOW, SINCE SINCE 00:02:46.432 --> 00:02:46.533 OF THAT, YOU KNOW, SINCE SINCE 00:02:46.533 --> 00:02:46.633 OF THAT, YOU KNOW, SINCE SINCE THE 00:02:46.633 --> 00:02:47.300 OF THAT, YOU KNOW, SINCE SINCE THE LAST 00:02:47.300 --> 00:02:47.433 OF THAT, YOU KNOW, SINCE SINCE THE LAST MICRON 00:02:47.433 --> 00:02:47.467 OF THAT, YOU KNOW, SINCE SINCE THE LAST MICRON PRINT. 00:02:47.467 --> 00:02:47.567 THE LAST MICRON PRINT. 00:02:47.567 --> 00:02:47.600 THE LAST MICRON PRINT. >> 00:02:47.600 --> 00:02:48.301 THE LAST MICRON PRINT. >> SO 00:02:48.301 --> 00:02:48.434 THE LAST MICRON PRINT. >> SO WHY 00:02:48.434 --> 00:02:48.501 THE LAST MICRON PRINT. >> SO WHY WOULDN'T 00:02:48.501 --> 00:02:48.568 THE LAST MICRON PRINT. >> SO WHY WOULDN'T YOU 00:02:48.568 --> 00:02:49.302 THE LAST MICRON PRINT. >> SO WHY WOULDN'T YOU BE? 00:02:49.302 --> 00:02:49.335 THE LAST MICRON PRINT. >> SO WHY WOULDN'T YOU BE? WHY 00:02:49.335 --> 00:02:49.536 >> SO WHY WOULDN'T YOU BE? WHY 00:02:49.536 --> 00:02:49.602 >> SO WHY WOULDN'T YOU BE? WHY WOULDN'T 00:02:49.602 --> 00:02:49.636 >> SO WHY WOULDN'T YOU BE? WHY WOULDN'T YOU 00:02:49.636 --> 00:02:50.303 >> SO WHY WOULDN'T YOU BE? WHY WOULDN'T YOU BE 00:02:50.303 --> 00:02:50.470 >> SO WHY WOULDN'T YOU BE? WHY WOULDN'T YOU BE MORE 00:02:50.470 --> 00:02:50.503 >> SO WHY WOULDN'T YOU BE? WHY WOULDN'T YOU BE MORE POSITIVE 00:02:50.503 --> 00:02:50.737 WOULDN'T YOU BE MORE POSITIVE 00:02:50.737 --> 00:02:50.803 WOULDN'T YOU BE MORE POSITIVE ACROSS 00:02:50.803 --> 00:02:51.304 WOULDN'T YOU BE MORE POSITIVE ACROSS THE 00:02:51.304 --> 00:02:51.337 WOULDN'T YOU BE MORE POSITIVE ACROSS THE BOARD? 00:02:51.337 --> 00:02:51.437 WOULDN'T YOU BE MORE POSITIVE ACROSS THE BOARD? I 00:02:51.437 --> 00:02:51.804 WOULDN'T YOU BE MORE POSITIVE ACROSS THE BOARD? I MEAN, 00:02:51.804 --> 00:02:52.305 WOULDN'T YOU BE MORE POSITIVE ACROSS THE BOARD? I MEAN, IF 00:02:52.305 --> 00:02:52.338 WOULDN'T YOU BE MORE POSITIVE ACROSS THE BOARD? I MEAN, IF I 00:02:52.338 --> 00:02:52.438 ACROSS THE BOARD? I MEAN, IF I 00:02:52.438 --> 00:02:52.472 ACROSS THE BOARD? I MEAN, IF I AM 00:02:52.472 --> 00:02:52.906 ACROSS THE BOARD? I MEAN, IF I AM IF 00:02:52.906 --> 00:02:53.306 ACROSS THE BOARD? I MEAN, IF I AM IF CHAIR 00:02:53.306 --> 00:02:53.606 ACROSS THE BOARD? I MEAN, IF I AM IF CHAIR WARSH 00:02:53.606 --> 00:02:53.673 ACROSS THE BOARD? I MEAN, IF I AM IF CHAIR WARSH WELL, 00:02:53.673 --> 00:02:53.706 ACROSS THE BOARD? I MEAN, IF I AM IF CHAIR WARSH WELL, NOT 00:02:53.706 --> 00:02:53.940 AM IF CHAIR WARSH WELL, NOT 00:02:53.940 --> 00:02:54.307 AM IF CHAIR WARSH WELL, NOT ENOUGH 00:02:54.307 --> 00:02:54.374 AM IF CHAIR WARSH WELL, NOT ENOUGH TO 00:02:54.374 --> 00:02:54.440 AM IF CHAIR WARSH WELL, NOT ENOUGH TO GET 00:02:54.440 --> 00:02:55.074 AM IF CHAIR WARSH WELL, NOT ENOUGH TO GET YOU 00:02:55.074 --> 00:02:55.441 AM IF CHAIR WARSH WELL, NOT ENOUGH TO GET YOU INTO 00:02:55.441 --> 00:02:55.508 AM IF CHAIR WARSH WELL, NOT ENOUGH TO GET YOU INTO THE 00:02:55.508 --> 00:02:55.542 AM IF CHAIR WARSH WELL, NOT ENOUGH TO GET YOU INTO THE THE 00:02:55.542 --> 00:02:56.142 ENOUGH TO GET YOU INTO THE THE 00:02:56.142 --> 00:02:56.276 ENOUGH TO GET YOU INTO THE THE EQUAL 00:02:56.276 --> 00:02:56.509 ENOUGH TO GET YOU INTO THE THE EQUAL WEIGHT. 00:02:56.509 --> 00:02:56.576 ENOUGH TO GET YOU INTO THE THE EQUAL WEIGHT. I 00:02:56.576 --> 00:02:56.843 ENOUGH TO GET YOU INTO THE THE EQUAL WEIGHT. I MEAN 00:02:56.843 --> 00:02:56.910 ENOUGH TO GET YOU INTO THE THE EQUAL WEIGHT. I MEAN THERE 00:02:56.910 --> 00:02:56.943 ENOUGH TO GET YOU INTO THE THE EQUAL WEIGHT. I MEAN THERE ARE 00:02:56.943 --> 00:02:57.510 EQUAL WEIGHT. I MEAN THERE ARE 00:02:57.510 --> 00:02:57.577 EQUAL WEIGHT. I MEAN THERE ARE A 00:02:57.577 --> 00:02:57.944 EQUAL WEIGHT. I MEAN THERE ARE A LOT 00:02:57.944 --> 00:02:58.011 EQUAL WEIGHT. I MEAN THERE ARE A LOT BECAUSE 00:02:58.011 --> 00:02:58.511 EQUAL WEIGHT. I MEAN THERE ARE A LOT BECAUSE THE 00:02:58.511 --> 00:02:58.645 EQUAL WEIGHT. I MEAN THERE ARE A LOT BECAUSE THE SECTORS 00:02:58.645 --> 00:02:58.678 EQUAL WEIGHT. I MEAN THERE ARE A LOT BECAUSE THE SECTORS AND 00:02:58.678 --> 00:02:58.845 A LOT BECAUSE THE SECTORS AND 00:02:58.845 --> 00:02:58.912 A LOT BECAUSE THE SECTORS AND STOCKS 00:02:58.912 --> 00:02:59.512 A LOT BECAUSE THE SECTORS AND STOCKS THAT 00:02:59.512 --> 00:02:59.579 A LOT BECAUSE THE SECTORS AND STOCKS THAT GO 00:02:59.579 --> 00:02:59.646 A LOT BECAUSE THE SECTORS AND STOCKS THAT GO INTO 00:02:59.646 --> 00:02:59.779 A LOT BECAUSE THE SECTORS AND STOCKS THAT GO INTO THE 00:02:59.779 --> 00:02:59.812 A LOT BECAUSE THE SECTORS AND STOCKS THAT GO INTO THE EQUAL 00:02:59.812 --> 00:03:00.513 STOCKS THAT GO INTO THE EQUAL 00:03:00.513 --> 00:03:00.580 STOCKS THAT GO INTO THE EQUAL WEIGHT 00:03:00.580 --> 00:03:00.780 STOCKS THAT GO INTO THE EQUAL WEIGHT THAT 00:03:00.780 --> 00:03:01.114 STOCKS THAT GO INTO THE EQUAL WEIGHT THAT PLAY, 00:03:01.114 --> 00:03:01.514 STOCKS THAT GO INTO THE EQUAL WEIGHT THAT PLAY, YOU 00:03:01.514 --> 00:03:01.548 STOCKS THAT GO INTO THE EQUAL WEIGHT THAT PLAY, YOU KNOW, 00:03:01.548 --> 00:03:01.881 WEIGHT THAT PLAY, YOU KNOW, 00:03:01.881 --> 00:03:02.248 WEIGHT THAT PLAY, YOU KNOW, MORE 00:03:02.248 --> 00:03:02.582 WEIGHT THAT PLAY, YOU KNOW, MORE HEAVILY 00:03:02.582 --> 00:03:03.316 WEIGHT THAT PLAY, YOU KNOW, MORE HEAVILY ON 00:03:03.316 --> 00:03:04.417 WEIGHT THAT PLAY, YOU KNOW, MORE HEAVILY ON A 00:03:04.417 --> 00:03:04.450 WEIGHT THAT PLAY, YOU KNOW, MORE HEAVILY ON A BROADER 00:03:04.450 --> 00:03:05.118 MORE HEAVILY ON A BROADER 00:03:05.118 --> 00:03:05.318 MORE HEAVILY ON A BROADER CYCLICAL 00:03:05.318 --> 00:03:05.852 MORE HEAVILY ON A BROADER CYCLICAL ADVANCEMENT 00:03:05.852 --> 00:03:05.919 MORE HEAVILY ON A BROADER CYCLICAL ADVANCEMENT IN 00:03:05.919 --> 00:03:05.952 MORE HEAVILY ON A BROADER CYCLICAL ADVANCEMENT IN THE 00:03:05.952 --> 00:03:06.219 CYCLICAL ADVANCEMENT IN THE 00:03:06.219 --> 00:03:07.287 CYCLICAL ADVANCEMENT IN THE ECONOMY. 00:03:07.287 --> 00:03:07.320 CYCLICAL ADVANCEMENT IN THE ECONOMY. NO. 00:03:07.320 --> 00:03:07.420 ECONOMY. NO. 00:03:07.420 --> 00:03:07.654 ECONOMY. NO. >> 00:03:07.654 --> 00:03:08.388 ECONOMY. NO. >> YEAH. 00:03:08.388 --> 00:03:08.721 ECONOMY. NO. >> YEAH. BUT 00:03:08.721 --> 00:03:09.088 ECONOMY. NO. >> YEAH. BUT I 00:03:09.088 --> 00:03:09.856 ECONOMY. NO. >> YEAH. BUT I THINK 00:03:09.856 --> 00:03:09.889 ECONOMY. NO. >> YEAH. BUT I THINK MOST 00:03:09.889 --> 00:03:10.557 >> YEAH. BUT I THINK MOST 00:03:10.557 --> 00:03:10.890 >> YEAH. BUT I THINK MOST INSTITUTIONAL 00:03:10.890 --> 00:03:11.624 >> YEAH. BUT I THINK MOST INSTITUTIONAL INVESTORS 00:03:11.624 --> 00:03:11.658 >> YEAH. BUT I THINK MOST INSTITUTIONAL INVESTORS ARE 00:03:11.658 --> 00:03:11.991 INSTITUTIONAL INVESTORS ARE 00:03:11.991 --> 00:03:12.058 INSTITUTIONAL INVESTORS ARE UNDERWEIGHT. 00:03:12.058 --> 00:03:12.158 INSTITUTIONAL INVESTORS ARE UNDERWEIGHT. THE 00:03:12.158 --> 00:03:12.358 INSTITUTIONAL INVESTORS ARE UNDERWEIGHT. THE GREAT 00:03:12.358 --> 00:03:12.392 INSTITUTIONAL INVESTORS ARE UNDERWEIGHT. THE GREAT EIGHT 00:03:12.392 --> 00:03:12.992 UNDERWEIGHT. THE GREAT EIGHT 00:03:12.992 --> 00:03:13.059 UNDERWEIGHT. THE GREAT EIGHT AND 00:03:13.059 --> 00:03:13.159 UNDERWEIGHT. THE GREAT EIGHT AND THE 00:03:13.159 --> 00:03:13.259 UNDERWEIGHT. THE GREAT EIGHT AND THE GREAT 00:03:13.259 --> 00:03:13.993 UNDERWEIGHT. THE GREAT EIGHT AND THE GREAT EIGHT 00:03:13.993 --> 00:03:14.027 UNDERWEIGHT. THE GREAT EIGHT AND THE GREAT EIGHT ARE 00:03:14.027 --> 00:03:14.227 AND THE GREAT EIGHT ARE 00:03:14.227 --> 00:03:14.327 AND THE GREAT EIGHT ARE PROBABLY 00:03:14.327 --> 00:03:14.360 AND THE GREAT EIGHT ARE PROBABLY GOING 00:03:14.360 --> 00:03:14.994 AND THE GREAT EIGHT ARE PROBABLY GOING TO 00:03:14.994 --> 00:03:15.094 AND THE GREAT EIGHT ARE PROBABLY GOING TO GROW 00:03:15.094 --> 00:03:15.128 AND THE GREAT EIGHT ARE PROBABLY GOING TO GROW THEIR 00:03:15.128 --> 00:03:15.261 PROBABLY GOING TO GROW THEIR 00:03:15.261 --> 00:03:15.395 PROBABLY GOING TO GROW THEIR GROSS 00:03:15.395 --> 00:03:15.962 PROBABLY GOING TO GROW THEIR GROSS PROFIT 00:03:15.962 --> 00:03:16.095 PROBABLY GOING TO GROW THEIR GROSS PROFIT DOLLARS 00:03:16.095 --> 00:03:16.296 PROBABLY GOING TO GROW THEIR GROSS PROFIT DOLLARS FASTER. 00:03:16.296 --> 00:03:16.329 PROBABLY GOING TO GROW THEIR GROSS PROFIT DOLLARS FASTER. SO 00:03:16.329 --> 00:03:16.629 GROSS PROFIT DOLLARS FASTER. SO 00:03:16.629 --> 00:03:16.963 GROSS PROFIT DOLLARS FASTER. SO I 00:03:16.963 --> 00:03:16.996 GROSS PROFIT DOLLARS FASTER. SO I TEND 00:03:16.996 --> 00:03:17.363 GROSS PROFIT DOLLARS FASTER. SO I TEND TO 00:03:17.363 --> 00:03:17.730 GROSS PROFIT DOLLARS FASTER. SO I TEND TO TRY 00:03:17.730 --> 00:03:18.131 GROSS PROFIT DOLLARS FASTER. SO I TEND TO TRY TO 00:03:18.131 --> 00:03:18.464 GROSS PROFIT DOLLARS FASTER. SO I TEND TO TRY TO ADVISE 00:03:18.464 --> 00:03:18.498 GROSS PROFIT DOLLARS FASTER. SO I TEND TO TRY TO ADVISE PEOPLE 00:03:18.498 --> 00:03:18.798 I TEND TO TRY TO ADVISE PEOPLE 00:03:18.798 --> 00:03:19.199 I TEND TO TRY TO ADVISE PEOPLE TO 00:03:19.199 --> 00:03:19.899 I TEND TO TRY TO ADVISE PEOPLE TO NOT 00:03:19.899 --> 00:03:20.266 I TEND TO TRY TO ADVISE PEOPLE TO NOT BE 00:03:20.266 --> 00:03:20.366 I TEND TO TRY TO ADVISE PEOPLE TO NOT BE UNDERWEIGHT 00:03:20.366 --> 00:03:20.400 I TEND TO TRY TO ADVISE PEOPLE TO NOT BE UNDERWEIGHT THAT 00:03:20.400 --> 00:03:20.600 TO NOT BE UNDERWEIGHT THAT 00:03:20.600 --> 00:03:20.633 TO NOT BE UNDERWEIGHT THAT GROUP. 00:03:20.633 --> 00:03:21.334 TO NOT BE UNDERWEIGHT THAT GROUP. I 00:03:21.334 --> 00:03:21.467 TO NOT BE UNDERWEIGHT THAT GROUP. I MEAN, 00:03:21.467 --> 00:03:21.634 TO NOT BE UNDERWEIGHT THAT GROUP. I MEAN, EVERYONE 00:03:21.634 --> 00:03:21.734 TO NOT BE UNDERWEIGHT THAT GROUP. I MEAN, EVERYONE I 00:03:21.734 --> 00:03:21.768 TO NOT BE UNDERWEIGHT THAT GROUP. I MEAN, EVERYONE I KNOW 00:03:21.768 --> 00:03:22.335 GROUP. I MEAN, EVERYONE I KNOW 00:03:22.335 --> 00:03:22.368 GROUP. I MEAN, EVERYONE I KNOW WHEN 00:03:22.368 --> 00:03:22.502 GROUP. I MEAN, EVERYONE I KNOW WHEN I 00:03:22.502 --> 00:03:22.802 GROUP. I MEAN, EVERYONE I KNOW WHEN I ANALYZE 00:03:22.802 --> 00:03:23.336 GROUP. I MEAN, EVERYONE I KNOW WHEN I ANALYZE THEIR 00:03:23.336 --> 00:03:23.369 GROUP. I MEAN, EVERYONE I KNOW WHEN I ANALYZE THEIR PORTFOLIOS 00:03:23.369 --> 00:03:23.469 WHEN I ANALYZE THEIR PORTFOLIOS 00:03:23.469 --> 00:03:23.670 WHEN I ANALYZE THEIR PORTFOLIOS ARE 00:03:23.670 --> 00:03:23.770 WHEN I ANALYZE THEIR PORTFOLIOS ARE UNDERWEIGHT 00:03:23.770 --> 00:03:24.337 WHEN I ANALYZE THEIR PORTFOLIOS ARE UNDERWEIGHT AND 00:03:24.337 --> 00:03:24.370 WHEN I ANALYZE THEIR PORTFOLIOS ARE UNDERWEIGHT AND VIDEO. 00:03:24.370 --> 00:03:24.537 ARE UNDERWEIGHT AND VIDEO. 00:03:24.537 --> 00:03:24.771 ARE UNDERWEIGHT AND VIDEO. THEY'RE 00:03:24.771 --> 00:03:24.938 ARE UNDERWEIGHT AND VIDEO. THEY'RE UNDERWEIGHT 00:03:24.938 --> 00:03:24.971 ARE UNDERWEIGHT AND VIDEO. THEY'RE UNDERWEIGHT MEMORY 00:03:24.971 --> 00:03:25.338 THEY'RE UNDERWEIGHT MEMORY 00:03:25.338 --> 00:03:26.005 THEY'RE UNDERWEIGHT MEMORY THEY'RE 00:03:26.005 --> 00:03:26.172 THEY'RE UNDERWEIGHT MEMORY THEY'RE UNDERWEIGHT 00:03:26.172 --> 00:03:26.206 THEY'RE UNDERWEIGHT MEMORY THEY'RE UNDERWEIGHT BROADCOM. 00:03:26.206 --> 00:03:26.306 THEY'RE UNDERWEIGHT BROADCOM. 00:03:26.306 --> 00:03:26.406 THEY'RE UNDERWEIGHT BROADCOM. AND 00:03:26.406 --> 00:03:26.472 THEY'RE UNDERWEIGHT BROADCOM. AND I 00:03:26.472 --> 00:03:26.573 THEY'RE UNDERWEIGHT BROADCOM. AND I JUST 00:03:26.573 --> 00:03:26.739 THEY'RE UNDERWEIGHT BROADCOM. AND I JUST THINK 00:03:26.739 --> 00:03:27.407 THEY'RE UNDERWEIGHT BROADCOM. AND I JUST THINK THOSE 00:03:27.407 --> 00:03:27.440 THEY'RE UNDERWEIGHT BROADCOM. AND I JUST THINK THOSE THINGS 00:03:27.440 --> 00:03:27.540 AND I JUST THINK THOSE THINGS 00:03:27.540 --> 00:03:27.640 AND I JUST THINK THOSE THINGS ARE 00:03:27.640 --> 00:03:27.707 AND I JUST THINK THOSE THINGS ARE GOING 00:03:27.707 --> 00:03:28.408 AND I JUST THINK THOSE THINGS ARE GOING TO 00:03:28.408 --> 00:03:28.474 AND I JUST THINK THOSE THINGS ARE GOING TO GROW 00:03:28.474 --> 00:03:28.608 AND I JUST THINK THOSE THINGS ARE GOING TO GROW MUCH 00:03:28.608 --> 00:03:28.641 AND I JUST THINK THOSE THINGS ARE GOING TO GROW MUCH FASTER 00:03:28.641 --> 00:03:28.775 ARE GOING TO GROW MUCH FASTER 00:03:28.775 --> 00:03:29.409 ARE GOING TO GROW MUCH FASTER THAN 00:03:29.409 --> 00:03:29.509 ARE GOING TO GROW MUCH FASTER THAN THE 00:03:29.509 --> 00:03:29.576 ARE GOING TO GROW MUCH FASTER THAN THE MARKET 00:03:29.576 --> 00:03:29.642 ARE GOING TO GROW MUCH FASTER THAN THE MARKET FOR 00:03:29.642 --> 00:03:30.410 ARE GOING TO GROW MUCH FASTER THAN THE MARKET FOR THE 00:03:30.410 --> 00:03:30.443 ARE GOING TO GROW MUCH FASTER THAN THE MARKET FOR THE NEXT 00:03:30.443 --> 00:03:30.577 THAN THE MARKET FOR THE NEXT 00:03:30.577 --> 00:03:30.677 THAN THE MARKET FOR THE NEXT TWO, 00:03:30.677 --> 00:03:30.777 THAN THE MARKET FOR THE NEXT TWO, THREE, 00:03:30.777 --> 00:03:31.411 THAN THE MARKET FOR THE NEXT TWO, THREE, FOUR, 00:03:31.411 --> 00:03:31.544 THAN THE MARKET FOR THE NEXT TWO, THREE, FOUR, FIVE 00:03:31.544 --> 00:03:31.578 THAN THE MARKET FOR THE NEXT TWO, THREE, FOUR, FIVE YEARS. 00:03:31.578 --> 00:03:31.678 TWO, THREE, FOUR, FIVE YEARS. 00:03:31.678 --> 00:03:31.811 TWO, THREE, FOUR, FIVE YEARS. SO 00:03:31.811 --> 00:03:32.378 TWO, THREE, FOUR, FIVE YEARS. SO THERE'S 00:03:32.378 --> 00:03:32.445 TWO, THREE, FOUR, FIVE YEARS. SO THERE'S TOO 00:03:32.445 --> 00:03:32.679 TWO, THREE, FOUR, FIVE YEARS. SO THERE'S TOO MUCH 00:03:32.679 --> 00:03:32.712 TWO, THREE, FOUR, FIVE YEARS. SO THERE'S TOO MUCH BEARISHNESS 00:03:32.712 --> 00:03:33.146 SO THERE'S TOO MUCH BEARISHNESS 00:03:33.146 --> 00:03:33.580 SO THERE'S TOO MUCH BEARISHNESS ON 00:03:33.580 --> 00:03:35.381 SO THERE'S TOO MUCH BEARISHNESS ON ON 00:03:35.381 --> 00:03:35.782 SO THERE'S TOO MUCH BEARISHNESS ON ON AI 00:03:35.782 --> 00:03:36.115 SO THERE'S TOO MUCH BEARISHNESS ON ON AI IN 00:03:36.115 --> 00:03:36.449 SO THERE'S TOO MUCH BEARISHNESS ON ON AI IN TERMS 00:03:36.449 --> 00:03:36.516 SO THERE'S TOO MUCH BEARISHNESS ON ON AI IN TERMS OF 00:03:36.516 --> 00:03:36.783 SO THERE'S TOO MUCH BEARISHNESS ON ON AI IN TERMS OF WHAT 00:03:36.783 --> 00:03:36.816 SO THERE'S TOO MUCH BEARISHNESS ON ON AI IN TERMS OF WHAT IT'S 00:03:36.816 --> 00:03:36.950 ON ON AI IN TERMS OF WHAT IT'S 00:03:36.950 --> 00:03:37.450 ON ON AI IN TERMS OF WHAT IT'S GOING 00:03:37.450 --> 00:03:37.917 ON ON AI IN TERMS OF WHAT IT'S GOING TO 00:03:37.917 --> 00:03:38.284 ON ON AI IN TERMS OF WHAT IT'S GOING TO DO 00:03:38.284 --> 00:03:38.384 ON ON AI IN TERMS OF WHAT IT'S GOING TO DO FOR 00:03:38.384 --> 00:03:39.018 ON ON AI IN TERMS OF WHAT IT'S GOING TO DO FOR GROWTH 00:03:39.018 --> 00:03:39.052 ON ON AI IN TERMS OF WHAT IT'S GOING TO DO FOR GROWTH AND 00:03:39.052 --> 00:03:39.252 GOING TO DO FOR GROWTH AND 00:03:39.252 --> 00:03:39.352 GOING TO DO FOR GROWTH AND EARNINGS. 00:03:39.352 --> 00:03:39.419 GOING TO DO FOR GROWTH AND EARNINGS. IF 00:03:39.419 --> 00:03:40.019 GOING TO DO FOR GROWTH AND EARNINGS. IF THE 00:03:40.019 --> 00:03:40.486 GOING TO DO FOR GROWTH AND EARNINGS. IF THE EARNINGS 00:03:40.486 --> 00:03:40.520 GOING TO DO FOR GROWTH AND EARNINGS. IF THE EARNINGS ARE, 00:03:40.520 --> 00:03:40.653 EARNINGS. IF THE EARNINGS ARE, 00:03:40.653 --> 00:03:40.820 EARNINGS. IF THE EARNINGS ARE, LET'S 00:03:40.820 --> 00:03:41.154 EARNINGS. IF THE EARNINGS ARE, LET'S SAY, 00:03:41.154 --> 00:03:41.521 EARNINGS. IF THE EARNINGS ARE, LET'S SAY, ABOVE 00:03:41.521 --> 00:03:41.588 EARNINGS. IF THE EARNINGS ARE, LET'S SAY, ABOVE 20% 00:03:41.588 --> 00:03:41.888 EARNINGS. IF THE EARNINGS ARE, LET'S SAY, ABOVE 20% NEXT 00:03:41.888 --> 00:03:41.921 EARNINGS. IF THE EARNINGS ARE, LET'S SAY, ABOVE 20% NEXT YEAR 00:03:41.921 --> 00:03:42.155 LET'S SAY, ABOVE 20% NEXT YEAR 00:03:42.155 --> 00:03:42.222 LET'S SAY, ABOVE 20% NEXT YEAR AND 00:03:42.222 --> 00:03:42.322 LET'S SAY, ABOVE 20% NEXT YEAR AND THEY 00:03:42.322 --> 00:03:42.422 LET'S SAY, ABOVE 20% NEXT YEAR AND THEY GROW 00:03:42.422 --> 00:03:43.156 LET'S SAY, ABOVE 20% NEXT YEAR AND THEY GROW AGAIN 00:03:43.156 --> 00:03:43.289 LET'S SAY, ABOVE 20% NEXT YEAR AND THEY GROW AGAIN AT 00:03:43.289 --> 00:03:43.323 LET'S SAY, ABOVE 20% NEXT YEAR AND THEY GROW AGAIN AT 2028, 00:03:43.323 --> 00:03:43.423 AND THEY GROW AGAIN AT 2028, 00:03:43.423 --> 00:03:43.590 AND THEY GROW AGAIN AT 2028, THE 00:03:43.590 --> 00:03:44.157 AND THEY GROW AGAIN AT 2028, THE MARKET'S 00:03:44.157 --> 00:03:44.257 AND THEY GROW AGAIN AT 2028, THE MARKET'S NOT 00:03:44.257 --> 00:03:44.290 AND THEY GROW AGAIN AT 2028, THE MARKET'S NOT GOING 00:03:44.290 --> 00:03:44.424 AND THEY GROW AGAIN AT 2028, THE MARKET'S NOT GOING TO 00:03:44.424 --> 00:03:44.457 AND THEY GROW AGAIN AT 2028, THE MARKET'S NOT GOING TO BE 00:03:44.457 --> 00:03:45.158 THE MARKET'S NOT GOING TO BE 00:03:45.158 --> 00:03:45.291 THE MARKET'S NOT GOING TO BE COMMENSURATELY 00:03:45.291 --> 00:03:45.358 THE MARKET'S NOT GOING TO BE COMMENSURATELY CHEAPER. 00:03:45.358 --> 00:03:45.858 THE MARKET'S NOT GOING TO BE COMMENSURATELY CHEAPER. SO 00:03:45.858 --> 00:03:45.892 THE MARKET'S NOT GOING TO BE COMMENSURATELY CHEAPER. SO I 00:03:45.892 --> 00:03:46.526 COMMENSURATELY CHEAPER. SO I 00:03:46.526 --> 00:03:46.559 COMMENSURATELY CHEAPER. SO I THINK 00:03:46.559 --> 00:03:46.893 COMMENSURATELY CHEAPER. SO I THINK I 00:03:46.893 --> 00:03:47.260 COMMENSURATELY CHEAPER. SO I THINK I PHRASE 00:03:47.260 --> 00:03:47.527 COMMENSURATELY CHEAPER. SO I THINK I PHRASE IT 00:03:47.527 --> 00:03:47.560 COMMENSURATELY CHEAPER. SO I THINK I PHRASE IT DIFFERENTLY. 00:03:47.560 --> 00:03:47.660 THINK I PHRASE IT DIFFERENTLY. 00:03:47.660 --> 00:03:47.760 THINK I PHRASE IT DIFFERENTLY. YOU 00:03:47.760 --> 00:03:47.827 THINK I PHRASE IT DIFFERENTLY. YOU HAVE 00:03:47.827 --> 00:03:48.528 THINK I PHRASE IT DIFFERENTLY. YOU HAVE THE 00:03:48.528 --> 00:03:48.628 THINK I PHRASE IT DIFFERENTLY. YOU HAVE THE SAME 00:03:48.628 --> 00:03:48.695 THINK I PHRASE IT DIFFERENTLY. YOU HAVE THE SAME ANSWER 00:03:48.695 --> 00:03:48.761 THINK I PHRASE IT DIFFERENTLY. YOU HAVE THE SAME ANSWER ON 00:03:48.761 --> 00:03:48.795 THINK I PHRASE IT DIFFERENTLY. YOU HAVE THE SAME ANSWER ON MY 00:03:48.795 --> 00:03:49.529 YOU HAVE THE SAME ANSWER ON MY 00:03:49.529 --> 00:03:49.562 YOU HAVE THE SAME ANSWER ON MY TEST 00:03:49.562 --> 00:03:49.662 YOU HAVE THE SAME ANSWER ON MY TEST AS 00:03:49.662 --> 00:03:49.762 YOU HAVE THE SAME ANSWER ON MY TEST AS TOM, 00:03:49.762 --> 00:03:50.530 YOU HAVE THE SAME ANSWER ON MY TEST AS TOM, WHICH 00:03:50.530 --> 00:03:50.597 YOU HAVE THE SAME ANSWER ON MY TEST AS TOM, WHICH IS 00:03:50.597 --> 00:03:50.697 YOU HAVE THE SAME ANSWER ON MY TEST AS TOM, WHICH IS THE 00:03:50.697 --> 00:03:50.730 YOU HAVE THE SAME ANSWER ON MY TEST AS TOM, WHICH IS THE PRICE 00:03:50.730 --> 00:03:50.830 TEST AS TOM, WHICH IS THE PRICE 00:03:50.830 --> 00:03:51.531 TEST AS TOM, WHICH IS THE PRICE TO 00:03:51.531 --> 00:03:51.564 TEST AS TOM, WHICH IS THE PRICE TO EARNINGS 00:03:51.564 --> 00:03:51.664 TEST AS TOM, WHICH IS THE PRICE TO EARNINGS IS 00:03:51.664 --> 00:03:51.731 TEST AS TOM, WHICH IS THE PRICE TO EARNINGS IS GOING 00:03:51.731 --> 00:03:52.532 TEST AS TOM, WHICH IS THE PRICE TO EARNINGS IS GOING TO 00:03:52.532 --> 00:03:52.565 TEST AS TOM, WHICH IS THE PRICE TO EARNINGS IS GOING TO STOP 00:03:52.565 --> 00:03:52.799 TO EARNINGS IS GOING TO STOP 00:03:52.799 --> 00:03:52.865 TO EARNINGS IS GOING TO STOP CONTRACTING 00:03:52.865 --> 00:03:52.932 TO EARNINGS IS GOING TO STOP CONTRACTING AT 00:03:52.932 --> 00:03:53.533 TO EARNINGS IS GOING TO STOP CONTRACTING AT THE 00:03:53.533 --> 00:03:53.566 TO EARNINGS IS GOING TO STOP CONTRACTING AT THE RATE 00:03:53.566 --> 00:03:53.666 TO EARNINGS IS GOING TO STOP CONTRACTING AT THE RATE IT 00:03:53.666 --> 00:03:53.700 TO EARNINGS IS GOING TO STOP CONTRACTING AT THE RATE IT DID 00:03:53.700 --> 00:03:53.866 CONTRACTING AT THE RATE IT DID 00:03:53.866 --> 00:03:54.534 CONTRACTING AT THE RATE IT DID SINCE 00:03:54.534 --> 00:03:54.601 CONTRACTING AT THE RATE IT DID SINCE JULY. 00:03:54.601 --> 00:03:54.701 CONTRACTING AT THE RATE IT DID SINCE JULY. AND 00:03:54.701 --> 00:03:54.834 CONTRACTING AT THE RATE IT DID SINCE JULY. AND YOU'LL 00:03:54.834 --> 00:03:54.867 CONTRACTING AT THE RATE IT DID SINCE JULY. AND YOU'LL START 00:03:54.867 --> 00:03:55.535 SINCE JULY. AND YOU'LL START 00:03:55.535 --> 00:03:55.602 SINCE JULY. AND YOU'LL START SEEING 00:03:55.602 --> 00:03:55.768 SINCE JULY. AND YOU'LL START SEEING THE 00:03:55.768 --> 00:03:55.902 SINCE JULY. AND YOU'LL START SEEING THE EARNINGS 00:03:55.902 --> 00:03:55.935 SINCE JULY. AND YOU'LL START SEEING THE EARNINGS GROWTH 00:03:55.935 --> 00:03:56.536 SEEING THE EARNINGS GROWTH 00:03:56.536 --> 00:03:56.603 SEEING THE EARNINGS GROWTH MATTER 00:03:56.603 --> 00:03:56.736 SEEING THE EARNINGS GROWTH MATTER MORE 00:03:56.736 --> 00:03:56.869 SEEING THE EARNINGS GROWTH MATTER MORE GOING 00:03:56.869 --> 00:03:57.537 SEEING THE EARNINGS GROWTH MATTER MORE GOING FORWARD. 00:03:57.537 --> 00:03:57.570 SEEING THE EARNINGS GROWTH MATTER MORE GOING FORWARD. AND 00:03:57.570 --> 00:03:57.670 MATTER MORE GOING FORWARD. AND 00:03:57.670 --> 00:03:57.770 MATTER MORE GOING FORWARD. AND IT 00:03:57.770 --> 00:03:57.804 MATTER MORE GOING FORWARD. AND IT MIGHT 00:03:57.804 --> 00:03:58.538 MATTER MORE GOING FORWARD. AND IT MIGHT BE 00:03:58.538 --> 00:03:58.705 MATTER MORE GOING FORWARD. AND IT MIGHT BE STARTING 00:03:58.705 --> 00:03:58.738 MATTER MORE GOING FORWARD. AND IT MIGHT BE STARTING TONIGHT. 00:03:58.738 --> 00:03:58.838 IT MIGHT BE STARTING TONIGHT. 00:03:58.838 --> 00:03:58.871 IT MIGHT BE STARTING TONIGHT. BUT 00:03:58.871 --> 00:03:59.539 IT MIGHT BE STARTING TONIGHT. BUT I 00:03:59.539 --> 00:03:59.572 IT MIGHT BE STARTING TONIGHT. BUT I THINK 00:03:59.572 --> 00:03:59.672 IT MIGHT BE STARTING TONIGHT. BUT I THINK IT 00:03:59.672 --> 00:03:59.739 IT MIGHT BE STARTING TONIGHT. BUT I THINK IT WILL 00:03:59.739 --> 00:03:59.772 IT MIGHT BE STARTING TONIGHT. BUT I THINK IT WILL BE 00:03:59.772 --> 00:04:00.540 BUT I THINK IT WILL BE 00:04:00.540 --> 00:04:00.607 BUT I THINK IT WILL BE CERTAINLY 00:04:00.607 --> 00:04:00.673 BUT I THINK IT WILL BE CERTAINLY THE 00:04:00.673 --> 00:04:00.773 BUT I THINK IT WILL BE CERTAINLY THE CASE 00:04:00.773 --> 00:04:01.541 BUT I THINK IT WILL BE CERTAINLY THE CASE OVER 00:04:01.541 --> 00:04:01.574 BUT I THINK IT WILL BE CERTAINLY THE CASE OVER THREE 00:04:01.574 --> 00:04:01.674 CERTAINLY THE CASE OVER THREE 00:04:01.674 --> 00:04:01.841 CERTAINLY THE CASE OVER THREE SIX 00:04:01.841 --> 00:04:01.874 CERTAINLY THE CASE OVER THREE SIX MONTHS. 00:04:01.874 --> 00:04:01.975 SIX MONTHS. 00:04:01.975 --> 00:04:02.542 SIX MONTHS. >> 00:04:02.542 --> 00:04:02.642 SIX MONTHS. >> IT'S 00:04:02.642 --> 00:04:02.742 SIX MONTHS. >> IT'S ALMOST 00:04:02.742 --> 00:04:02.775 SIX MONTHS. >> IT'S ALMOST BEEN 00:04:02.775 --> 00:04:03.543 SIX MONTHS. >> IT'S ALMOST BEEN A 00:04:03.543 --> 00:04:03.643 SIX MONTHS. >> IT'S ALMOST BEEN A YOU 00:04:03.643 --> 00:04:03.676 SIX MONTHS. >> IT'S ALMOST BEEN A YOU KNOW, 00:04:03.676 --> 00:04:03.743 >> IT'S ALMOST BEEN A YOU KNOW, 00:04:03.743 --> 00:04:03.843 >> IT'S ALMOST BEEN A YOU KNOW, A 00:04:03.843 --> 00:04:04.544 >> IT'S ALMOST BEEN A YOU KNOW, A TALE 00:04:04.544 --> 00:04:04.611 >> IT'S ALMOST BEEN A YOU KNOW, A TALE OF 00:04:04.611 --> 00:04:04.744 >> IT'S ALMOST BEEN A YOU KNOW, A TALE OF TWO 00:04:04.744 --> 00:04:04.811 >> IT'S ALMOST BEEN A YOU KNOW, A TALE OF TWO MARKETS 00:04:04.811 --> 00:04:05.545 >> IT'S ALMOST BEEN A YOU KNOW, A TALE OF TWO MARKETS THAT 00:04:05.545 --> 00:04:05.578 >> IT'S ALMOST BEEN A YOU KNOW, A TALE OF TWO MARKETS THAT YOU 00:04:05.578 --> 00:04:05.712 A TALE OF TWO MARKETS THAT YOU 00:04:05.712 --> 00:04:05.745 A TALE OF TWO MARKETS THAT YOU HAVE 00:04:05.745 --> 00:04:05.845 A TALE OF TWO MARKETS THAT YOU HAVE TO 00:04:05.845 --> 00:04:06.512 A TALE OF TWO MARKETS THAT YOU HAVE TO JUDGE 00:04:06.512 --> 00:04:06.679 A TALE OF TWO MARKETS THAT YOU HAVE TO JUDGE COMMENTARY 00:04:06.679 --> 00:04:06.779 A TALE OF TWO MARKETS THAT YOU HAVE TO JUDGE COMMENTARY ON 00:04:06.779 --> 00:04:06.813 A TALE OF TWO MARKETS THAT YOU HAVE TO JUDGE COMMENTARY ON YOU. 00:04:06.813 --> 00:04:07.080 HAVE TO JUDGE COMMENTARY ON YOU. 00:04:07.080 --> 00:04:07.513 HAVE TO JUDGE COMMENTARY ON YOU. YOU 00:04:07.513 --> 00:04:07.714 HAVE TO JUDGE COMMENTARY ON YOU. YOU COULD 00:04:07.714 --> 00:04:08.514 HAVE TO JUDGE COMMENTARY ON YOU. YOU COULD SAY, 00:04:08.514 --> 00:04:08.815 HAVE TO JUDGE COMMENTARY ON YOU. YOU COULD SAY, WELL, 00:04:08.815 --> 00:04:09.515 HAVE TO JUDGE COMMENTARY ON YOU. YOU COULD SAY, WELL, I'VE 00:04:09.515 --> 00:04:09.549 HAVE TO JUDGE COMMENTARY ON YOU. YOU COULD SAY, WELL, I'VE I'VE 00:04:09.549 --> 00:04:10.350 YOU COULD SAY, WELL, I'VE I'VE 00:04:10.350 --> 00:04:10.416 YOU COULD SAY, WELL, I'VE I'VE ENJOYED 00:04:10.416 --> 00:04:11.351 YOU COULD SAY, WELL, I'VE I'VE ENJOYED THE 00:04:11.351 --> 00:04:12.118 YOU COULD SAY, WELL, I'VE I'VE ENJOYED THE GAINS 00:04:12.118 --> 00:04:12.185 YOU COULD SAY, WELL, I'VE I'VE ENJOYED THE GAINS IN 00:04:12.185 --> 00:04:12.218 YOU COULD SAY, WELL, I'VE I'VE ENJOYED THE GAINS IN THE 00:04:12.218 --> 00:04:12.819 ENJOYED THE GAINS IN THE 00:04:12.819 --> 00:04:13.152 ENJOYED THE GAINS IN THE HIGHEST 00:04:13.152 --> 00:04:13.253 ENJOYED THE GAINS IN THE HIGHEST CAP 00:04:13.253 --> 00:04:13.519 ENJOYED THE GAINS IN THE HIGHEST CAP PARTS 00:04:13.519 --> 00:04:14.254 ENJOYED THE GAINS IN THE HIGHEST CAP PARTS OF 00:04:14.254 --> 00:04:14.287 ENJOYED THE GAINS IN THE HIGHEST CAP PARTS OF THIS 00:04:14.287 --> 00:04:14.587 HIGHEST CAP PARTS OF THIS 00:04:14.587 --> 00:04:14.988 HIGHEST CAP PARTS OF THIS MARKET, 00:04:14.988 --> 00:04:15.054 HIGHEST CAP PARTS OF THIS MARKET, BUT 00:04:15.054 --> 00:04:15.688 HIGHEST CAP PARTS OF THIS MARKET, BUT I'VE 00:04:15.688 --> 00:04:16.022 HIGHEST CAP PARTS OF THIS MARKET, BUT I'VE BEEN 00:04:16.022 --> 00:04:16.055 HIGHEST CAP PARTS OF THIS MARKET, BUT I'VE BEEN NEGATIVE 00:04:16.055 --> 00:04:16.155 MARKET, BUT I'VE BEEN NEGATIVE 00:04:16.155 --> 00:04:16.422 MARKET, BUT I'VE BEEN NEGATIVE ON, 00:04:16.422 --> 00:04:16.789 MARKET, BUT I'VE BEEN NEGATIVE ON, ON 00:04:16.789 --> 00:04:16.889 MARKET, BUT I'VE BEEN NEGATIVE ON, ON OTHER 00:04:16.889 --> 00:04:17.123 MARKET, BUT I'VE BEEN NEGATIVE ON, ON OTHER PARTS 00:04:17.123 --> 00:04:17.490 MARKET, BUT I'VE BEEN NEGATIVE ON, ON OTHER PARTS OF 00:04:17.490 --> 00:04:17.523 MARKET, BUT I'VE BEEN NEGATIVE ON, ON OTHER PARTS OF IT, 00:04:17.523 --> 00:04:17.857 ON, ON OTHER PARTS OF IT, 00:04:17.857 --> 00:04:17.924 ON, ON OTHER PARTS OF IT, BEHIND, 00:04:17.924 --> 00:04:18.191 ON, ON OTHER PARTS OF IT, BEHIND, YOU 00:04:18.191 --> 00:04:18.925 ON, ON OTHER PARTS OF IT, BEHIND, YOU KNOW, 00:04:18.925 --> 00:04:18.992 ON, ON OTHER PARTS OF IT, BEHIND, YOU KNOW, BELOW 00:04:18.992 --> 00:04:19.025 ON, ON OTHER PARTS OF IT, BEHIND, YOU KNOW, BELOW THE 00:04:19.025 --> 00:04:19.259 BEHIND, YOU KNOW, BELOW THE 00:04:19.259 --> 00:04:19.325 BEHIND, YOU KNOW, BELOW THE SURFACE, 00:04:19.325 --> 00:04:19.926 BEHIND, YOU KNOW, BELOW THE SURFACE, THE 00:04:19.926 --> 00:04:20.026 BEHIND, YOU KNOW, BELOW THE SURFACE, THE MARKET 00:04:20.026 --> 00:04:20.159 BEHIND, YOU KNOW, BELOW THE SURFACE, THE MARKET HAS 00:04:20.159 --> 00:04:20.193 BEHIND, YOU KNOW, BELOW THE SURFACE, THE MARKET HAS LOOKED, 00:04:20.193 --> 00:04:20.393 SURFACE, THE MARKET HAS LOOKED, 00:04:20.393 --> 00:04:20.927 SURFACE, THE MARKET HAS LOOKED, AS 00:04:20.927 --> 00:04:21.794 SURFACE, THE MARKET HAS LOOKED, AS I 00:04:21.794 --> 00:04:22.228 SURFACE, THE MARKET HAS LOOKED, AS I SAID, 00:04:22.228 --> 00:04:23.229 SURFACE, THE MARKET HAS LOOKED, AS I SAID, LIKE 00:04:23.229 --> 00:04:23.296 SURFACE, THE MARKET HAS LOOKED, AS I SAID, LIKE GARBAGE, 00:04:23.296 --> 00:04:23.630 SURFACE, THE MARKET HAS LOOKED, AS I SAID, LIKE GARBAGE, LIKE 00:04:23.630 --> 00:04:23.663 SURFACE, THE MARKET HAS LOOKED, AS I SAID, LIKE GARBAGE, LIKE A 00:04:23.663 --> 00:04:23.763 AS I SAID, LIKE GARBAGE, LIKE A 00:04:23.763 --> 00:04:24.330 AS I SAID, LIKE GARBAGE, LIKE A LOT 00:04:24.330 --> 00:04:24.664 AS I SAID, LIKE GARBAGE, LIKE A LOT OF 00:04:24.664 --> 00:04:24.764 AS I SAID, LIKE GARBAGE, LIKE A LOT OF STOCKS, 00:04:24.764 --> 00:04:24.831 AS I SAID, LIKE GARBAGE, LIKE A LOT OF STOCKS, DON'T 00:04:24.831 --> 00:04:25.331 AS I SAID, LIKE GARBAGE, LIKE A LOT OF STOCKS, DON'T YOU 00:04:25.331 --> 00:04:25.365 AS I SAID, LIKE GARBAGE, LIKE A LOT OF STOCKS, DON'T YOU THINK? 00:04:25.365 --> 00:04:25.431 LOT OF STOCKS, DON'T YOU THINK? 00:04:25.431 --> 00:04:25.531 LOT OF STOCKS, DON'T YOU THINK? I 00:04:25.531 --> 00:04:25.565 LOT OF STOCKS, DON'T YOU THINK? I MEAN, 00:04:25.565 --> 00:04:26.332 LOT OF STOCKS, DON'T YOU THINK? I MEAN, A 00:04:26.332 --> 00:04:26.366 LOT OF STOCKS, DON'T YOU THINK? I MEAN, A LOT 00:04:26.366 --> 00:04:26.499 LOT OF STOCKS, DON'T YOU THINK? I MEAN, A LOT OF 00:04:26.499 --> 00:04:26.599 LOT OF STOCKS, DON'T YOU THINK? I MEAN, A LOT OF STOCKS 00:04:26.599 --> 00:04:26.633 LOT OF STOCKS, DON'T YOU THINK? I MEAN, A LOT OF STOCKS HAVE 00:04:26.633 --> 00:04:27.333 I MEAN, A LOT OF STOCKS HAVE 00:04:27.333 --> 00:04:27.567 I MEAN, A LOT OF STOCKS HAVE TRADED 00:04:27.567 --> 00:04:27.900 I MEAN, A LOT OF STOCKS HAVE TRADED HORRIFICALLY. 00:04:27.900 --> 00:04:27.934 I MEAN, A LOT OF STOCKS HAVE TRADED HORRIFICALLY. YEAH. 00:04:27.934 --> 00:04:28.034 TRADED HORRIFICALLY. YEAH. 00:04:28.034 --> 00:04:28.334 TRADED HORRIFICALLY. YEAH. >> 00:04:28.334 --> 00:04:29.402 TRADED HORRIFICALLY. YEAH. >> AND 00:04:29.402 --> 00:04:29.736 TRADED HORRIFICALLY. YEAH. >> AND QUICKLY. 00:04:29.736 --> 00:04:29.836 TRADED HORRIFICALLY. YEAH. >> AND QUICKLY. SO 00:04:29.836 --> 00:04:30.103 TRADED HORRIFICALLY. YEAH. >> AND QUICKLY. SO MAYBE 00:04:30.103 --> 00:04:30.136 TRADED HORRIFICALLY. YEAH. >> AND QUICKLY. SO MAYBE YOU 00:04:30.136 --> 00:04:30.403 >> AND QUICKLY. SO MAYBE YOU 00:04:30.403 --> 00:04:30.503 >> AND QUICKLY. SO MAYBE YOU HAVE 00:04:30.503 --> 00:04:30.803 >> AND QUICKLY. SO MAYBE YOU HAVE SOME 00:04:30.803 --> 00:04:30.837 >> AND QUICKLY. SO MAYBE YOU HAVE SOME CATCH 00:04:30.837 --> 00:04:31.537 >> AND QUICKLY. SO MAYBE YOU HAVE SOME CATCH UP 00:04:31.537 --> 00:04:31.604 >> AND QUICKLY. SO MAYBE YOU HAVE SOME CATCH UP THERE. 00:04:31.604 --> 00:04:31.638 >> AND QUICKLY. SO MAYBE YOU HAVE SOME CATCH UP THERE. BUT 00:04:31.638 --> 00:04:31.938 HAVE SOME CATCH UP THERE. BUT 00:04:31.938 --> 00:04:32.038 HAVE SOME CATCH UP THERE. BUT IF 00:04:32.038 --> 00:04:32.538 HAVE SOME CATCH UP THERE. BUT IF YOU'VE 00:04:32.538 --> 00:04:32.605 HAVE SOME CATCH UP THERE. BUT IF YOU'VE GOT 00:04:32.605 --> 00:04:32.672 HAVE SOME CATCH UP THERE. BUT IF YOU'VE GOT THE 00:04:32.672 --> 00:04:32.972 HAVE SOME CATCH UP THERE. BUT IF YOU'VE GOT THE BIG 00:04:32.972 --> 00:04:33.006 HAVE SOME CATCH UP THERE. BUT IF YOU'VE GOT THE BIG NAMES 00:04:33.006 --> 00:04:33.506 IF YOU'VE GOT THE BIG NAMES 00:04:33.506 --> 00:04:33.573 IF YOU'VE GOT THE BIG NAMES LIKE, 00:04:33.573 --> 00:04:33.673 IF YOU'VE GOT THE BIG NAMES LIKE, YOU 00:04:33.673 --> 00:04:34.040 IF YOU'VE GOT THE BIG NAMES LIKE, YOU KNOW, 00:04:34.040 --> 00:04:34.507 IF YOU'VE GOT THE BIG NAMES LIKE, YOU KNOW, APPLE'S 00:04:34.507 --> 00:04:34.607 IF YOU'VE GOT THE BIG NAMES LIKE, YOU KNOW, APPLE'S A 00:04:34.607 --> 00:04:34.641 IF YOU'VE GOT THE BIG NAMES LIKE, YOU KNOW, APPLE'S A GOOD 00:04:34.641 --> 00:04:34.774 LIKE, YOU KNOW, APPLE'S A GOOD 00:04:34.774 --> 00:04:34.841 LIKE, YOU KNOW, APPLE'S A GOOD ONE. 00:04:34.841 --> 00:04:35.508 LIKE, YOU KNOW, APPLE'S A GOOD ONE. SO 00:04:35.508 --> 00:04:36.242 LIKE, YOU KNOW, APPLE'S A GOOD ONE. SO MANY 00:04:36.242 --> 00:04:36.276 LIKE, YOU KNOW, APPLE'S A GOOD ONE. SO MANY INSTITUTIONAL 00:04:36.276 --> 00:04:36.576 ONE. SO MANY INSTITUTIONAL 00:04:36.576 --> 00:04:36.943 ONE. SO MANY INSTITUTIONAL INVESTORS 00:04:36.943 --> 00:04:37.644 ONE. SO MANY INSTITUTIONAL INVESTORS ARE 00:04:37.644 --> 00:04:39.112 ONE. SO MANY INSTITUTIONAL INVESTORS ARE UNDERWEIGHT 00:04:39.112 --> 00:04:39.145 ONE. SO MANY INSTITUTIONAL INVESTORS ARE UNDERWEIGHT APPLE. 00:04:39.145 --> 00:04:39.445 INVESTORS ARE UNDERWEIGHT APPLE. 00:04:39.445 --> 00:04:39.512 INVESTORS ARE UNDERWEIGHT APPLE. I 00:04:39.512 --> 00:04:39.545 INVESTORS ARE UNDERWEIGHT APPLE. I WAS 00:04:39.545 --> 00:04:40.113 INVESTORS ARE UNDERWEIGHT APPLE. I WAS IN 00:04:40.113 --> 00:04:40.246 INVESTORS ARE UNDERWEIGHT APPLE. I WAS IN A 00:04:40.246 --> 00:04:40.280 INVESTORS ARE UNDERWEIGHT APPLE. I WAS IN A MEETING 00:04:40.280 --> 00:04:40.380 INVESTORS ARE UNDERWEIGHT APPLE. I WAS IN A MEETING A 00:04:40.380 --> 00:04:41.114 INVESTORS ARE UNDERWEIGHT APPLE. I WAS IN A MEETING A COUPLE 00:04:41.114 --> 00:04:41.147 INVESTORS ARE UNDERWEIGHT APPLE. I WAS IN A MEETING A COUPLE OF 00:04:41.147 --> 00:04:41.281 I WAS IN A MEETING A COUPLE OF 00:04:41.281 --> 00:04:41.347 I WAS IN A MEETING A COUPLE OF DAYS 00:04:41.347 --> 00:04:41.414 I WAS IN A MEETING A COUPLE OF DAYS AGO 00:04:41.414 --> 00:04:42.115 I WAS IN A MEETING A COUPLE OF DAYS AGO AND 00:04:42.115 --> 00:04:42.181 I WAS IN A MEETING A COUPLE OF DAYS AGO AND SOMEBODY 00:04:42.181 --> 00:04:42.282 I WAS IN A MEETING A COUPLE OF DAYS AGO AND SOMEBODY WAS 00:04:42.282 --> 00:04:42.315 I WAS IN A MEETING A COUPLE OF DAYS AGO AND SOMEBODY WAS SORT 00:04:42.315 --> 00:04:42.415 DAYS AGO AND SOMEBODY WAS SORT 00:04:42.415 --> 00:04:43.116 DAYS AGO AND SOMEBODY WAS SORT OF 00:04:43.116 --> 00:04:43.182 DAYS AGO AND SOMEBODY WAS SORT OF SAYING, 00:04:43.182 --> 00:04:43.249 DAYS AGO AND SOMEBODY WAS SORT OF SAYING, WOW, 00:04:43.249 --> 00:04:43.349 DAYS AGO AND SOMEBODY WAS SORT OF SAYING, WOW, IT 00:04:43.349 --> 00:04:44.117 DAYS AGO AND SOMEBODY WAS SORT OF SAYING, WOW, IT HASN'T 00:04:44.117 --> 00:04:44.150 DAYS AGO AND SOMEBODY WAS SORT OF SAYING, WOW, IT HASN'T BEEN 00:04:44.150 --> 00:04:44.217 OF SAYING, WOW, IT HASN'T BEEN 00:04:44.217 --> 00:04:44.317 OF SAYING, WOW, IT HASN'T BEEN A 00:04:44.317 --> 00:04:44.384 OF SAYING, WOW, IT HASN'T BEEN A VERY 00:04:44.384 --> 00:04:45.118 OF SAYING, WOW, IT HASN'T BEEN A VERY GOOD 00:04:45.118 --> 00:04:45.184 OF SAYING, WOW, IT HASN'T BEEN A VERY GOOD STOCK. 00:04:45.184 --> 00:04:45.218 OF SAYING, WOW, IT HASN'T BEEN A VERY GOOD STOCK. AND 00:04:45.218 --> 00:04:45.285 OF SAYING, WOW, IT HASN'T BEEN A VERY GOOD STOCK. AND I 00:04:45.285 --> 00:04:45.318 OF SAYING, WOW, IT HASN'T BEEN A VERY GOOD STOCK. AND I WAS 00:04:45.318 --> 00:04:46.119 A VERY GOOD STOCK. AND I WAS 00:04:46.119 --> 00:04:46.185 A VERY GOOD STOCK. AND I WAS LIKE, 00:04:46.185 --> 00:04:46.286 A VERY GOOD STOCK. AND I WAS LIKE, YOU 00:04:46.286 --> 00:04:46.352 A VERY GOOD STOCK. AND I WAS LIKE, YOU KNOW, 00:04:46.352 --> 00:04:47.120 A VERY GOOD STOCK. AND I WAS LIKE, YOU KNOW, YOU 00:04:47.120 --> 00:04:47.186 A VERY GOOD STOCK. AND I WAS LIKE, YOU KNOW, YOU DON'T 00:04:47.186 --> 00:04:47.220 A VERY GOOD STOCK. AND I WAS LIKE, YOU KNOW, YOU DON'T GET 00:04:47.220 --> 00:04:47.320 LIKE, YOU KNOW, YOU DON'T GET 00:04:47.320 --> 00:04:47.353 LIKE, YOU KNOW, YOU DON'T GET TO 00:04:47.353 --> 00:04:48.121 LIKE, YOU KNOW, YOU DON'T GET TO BE 00:04:48.121 --> 00:04:48.254 LIKE, YOU KNOW, YOU DON'T GET TO BE 5 00:04:48.254 --> 00:04:48.388 LIKE, YOU KNOW, YOU DON'T GET TO BE 5 TRILLION 00:04:48.388 --> 00:04:48.454 LIKE, YOU KNOW, YOU DON'T GET TO BE 5 TRILLION MARKET 00:04:48.454 --> 00:04:48.488 LIKE, YOU KNOW, YOU DON'T GET TO BE 5 TRILLION MARKET CAP 00:04:48.488 --> 00:04:49.122 TO BE 5 TRILLION MARKET CAP 00:04:49.122 --> 00:04:49.188 TO BE 5 TRILLION MARKET CAP WHILE 00:04:49.188 --> 00:04:49.255 TO BE 5 TRILLION MARKET CAP WHILE YOU 00:04:49.255 --> 00:04:49.289 TO BE 5 TRILLION MARKET CAP WHILE YOU WERE 00:04:49.289 --> 00:04:50.123 TO BE 5 TRILLION MARKET CAP WHILE YOU WERE A 00:04:50.123 --> 00:04:50.223 TO BE 5 TRILLION MARKET CAP WHILE YOU WERE A BAD 00:04:50.223 --> 00:04:50.290 TO BE 5 TRILLION MARKET CAP WHILE YOU WERE A BAD STOCK 00:04:50.290 --> 00:04:50.323 TO BE 5 TRILLION MARKET CAP WHILE YOU WERE A BAD STOCK THE 00:04:50.323 --> 00:04:50.456 WHILE YOU WERE A BAD STOCK THE 00:04:50.456 --> 00:04:51.124 WHILE YOU WERE A BAD STOCK THE WHOLE 00:04:51.124 --> 00:04:51.190 WHILE YOU WERE A BAD STOCK THE WHOLE TIME. 00:04:51.190 --> 00:04:51.291 WHILE YOU WERE A BAD STOCK THE WHOLE TIME. LIKE 00:04:51.291 --> 00:04:51.424 WHILE YOU WERE A BAD STOCK THE WHOLE TIME. LIKE THESE 00:04:51.424 --> 00:04:51.457 WHILE YOU WERE A BAD STOCK THE WHOLE TIME. LIKE THESE STOCKS 00:04:51.457 --> 00:04:52.125 WHOLE TIME. LIKE THESE STOCKS 00:04:52.125 --> 00:04:52.191 WHOLE TIME. LIKE THESE STOCKS ARE 00:04:52.191 --> 00:04:52.258 WHOLE TIME. LIKE THESE STOCKS ARE TOO 00:04:52.258 --> 00:04:52.325 WHOLE TIME. LIKE THESE STOCKS ARE TOO BIG 00:04:52.325 --> 00:04:53.126 WHOLE TIME. LIKE THESE STOCKS ARE TOO BIG FOR 00:04:53.126 --> 00:04:53.159 WHOLE TIME. LIKE THESE STOCKS ARE TOO BIG FOR INVESTORS 00:04:53.159 --> 00:04:53.226 WHOLE TIME. LIKE THESE STOCKS ARE TOO BIG FOR INVESTORS TO 00:04:53.226 --> 00:04:53.259 WHOLE TIME. LIKE THESE STOCKS ARE TOO BIG FOR INVESTORS TO BE 00:04:53.259 --> 00:04:53.526 ARE TOO BIG FOR INVESTORS TO BE 00:04:53.526 --> 00:04:54.127 ARE TOO BIG FOR INVESTORS TO BE UNDERWEIGHT. 00:04:54.127 --> 00:04:54.160 ARE TOO BIG FOR INVESTORS TO BE UNDERWEIGHT. SO 00:04:54.160 --> 00:04:54.227 ARE TOO BIG FOR INVESTORS TO BE UNDERWEIGHT. SO I 00:04:54.227 --> 00:04:54.260 ARE TOO BIG FOR INVESTORS TO BE UNDERWEIGHT. SO I LIKE 00:04:54.260 --> 00:04:55.128 ARE TOO BIG FOR INVESTORS TO BE UNDERWEIGHT. SO I LIKE I 00:04:55.128 --> 00:04:55.161 ARE TOO BIG FOR INVESTORS TO BE UNDERWEIGHT. SO I LIKE I LIKE 00:04:55.161 --> 00:04:55.328 UNDERWEIGHT. SO I LIKE I LIKE 00:04:55.328 --> 00:04:55.361 UNDERWEIGHT. SO I LIKE I LIKE STOCKS, 00:04:55.361 --> 00:04:55.461 UNDERWEIGHT. SO I LIKE I LIKE STOCKS, I 00:04:55.461 --> 00:04:56.129 UNDERWEIGHT. SO I LIKE I LIKE STOCKS, I LIKE 00:04:56.129 --> 00:04:56.296 UNDERWEIGHT. SO I LIKE I LIKE STOCKS, I LIKE US 00:04:56.296 --> 00:04:56.329 UNDERWEIGHT. SO I LIKE I LIKE STOCKS, I LIKE US EQUITIES. 00:04:56.329 --> 00:04:56.362 UNDERWEIGHT. SO I LIKE I LIKE STOCKS, I LIKE US EQUITIES. I 00:04:56.362 --> 00:04:56.496 STOCKS, I LIKE US EQUITIES. I 00:04:56.496 --> 00:04:57.096 STOCKS, I LIKE US EQUITIES. I THINK 00:04:57.096 --> 00:04:57.230 STOCKS, I LIKE US EQUITIES. I THINK THE 00:04:57.230 --> 00:04:57.363 STOCKS, I LIKE US EQUITIES. I THINK THE MARKET'S 00:04:57.363 --> 00:04:57.430 STOCKS, I LIKE US EQUITIES. I THINK THE MARKET'S GETTING 00:04:57.430 --> 00:04:57.463 STOCKS, I LIKE US EQUITIES. I THINK THE MARKET'S GETTING UP 00:04:57.463 --> 00:04:57.897 THINK THE MARKET'S GETTING UP