RUSH TRANSCRIPT Brothers discovery ░░░░░░░░ high of about a ░░░░░░░░ and a half Well ░░░░░░░░ demarche is cio at ░░░░░░░░ joins us with his ░░░░░░░░ on the markets the ░░░░░░░░ summary of all the ░░░░░░░░ that transpired over the ░░░░░░░░ 24 hours James but ░░░░░░░░ s your own sense ░░░░░░░░ the way forward for ░░░░░░░░ markets from here given ░░░░░░░░ the rally seems to ░░░░░░░░ broadening out and the ░░░░░░░░ 2000 really seems to ░░░░░░░░ getting a lot love ░░░░░░░░ interest from investors It ░░░░░░░░ certainly has And I ░░░░░░░░ that s investors really ░░░░░░░░ to pay attention to ░░░░░░░░ know there s a ░░░░░░░░ of this market in ░░░░░░░░ view that is in ░░░░░░░░ the price earnings particularly ░░░░░░░░ to earnings is historically ░░░░░░░░ particularly in parts of ░░░░░░░░ Russell 2000 as you ░░░░░░░░ which is a lot ░░░░░░░░ the smaller banks obviously ░░░░░░░░ lot of smaller cap ░░░░░░░░ And we d say ░░░░░░░░ broadening just the beginning ░░░░░░░░ a trend that we ░░░░░░░░ been suggesting to investors ░░░░░░░░ likely to emerge as ░░░░░░░░ are in the beginning ░░░░░░░░ what we call this ░░░░░░░░ high tech business cycle ░░░░░░░░ we think AI is ░░░░░░░░ transformational change a lot ░░░░░░░░ these companies to be ░░░░░░░░ productive and also economy ░░░░░░░░ we re really bullish ░░░░░░░░ I love seeing this ░░░░░░░░ that you ve seen ░░░░░░░░ the Russell and even ░░░░░░░░ better have noticed today ░░░░░░░░ biotech stocks of came ░░░░░░░░ of a slump that ░░░░░░░░ been going on for ░░░░░░░░ long time so you ░░░░░░░░ seeing the market really ░░░░░░░░ up and broaden and ░░░░░░░░ think it s mostly ░░░░░░░░ people are anticipating that ░░░░░░░░ will be better expected ░░░░░░░░ earnings have been better ░░░░░░░░ expected far And do ░░░░░░░░ expect that that trend ░░░░░░░░ continue What to the ░░░░░░░░ recession talk slowdown risk ░░░░░░░░ I think that earnings ░░░░░░░░ proving to be way ░░░░░░░░ resilient In fact the ░░░░░░░░ is proving to be ░░░░░░░░ way resilient than anyone ░░░░░░░░ it would be and ░░░░░░░░ that s why investors ░░░░░░░░ want to not focus ░░░░░░░░ recession or inflation action ░░░░░░░░ mean I think the ░░░░░░░░ the horse has gone ░░░░░░░░ the barn the Fed ░░░░░░░░ done and this can ░░░░░░░░ stocks to expand here ░░░░░░░░ just from multiples but ░░░░░░░░ earning things particularly You ░░░░░░░░ if you think about ░░░░░░░░ the average stock typically ░░░░░░░░ the S P 500 ░░░░░░░░ about 15 and a ░░░░░░░░ times earnings which is ░░░░░░░░ cheap Yes You ve ░░░░░░░░ the magnificent six that ░░░░░░░░ trading at much higher ░░░░░░░░ But keep in mind ░░░░░░░░ earnings are growing you ░░░░░░░░ 30 40 a year ░░░░░░░░ again beginning of an ░░░░░░░░ tech led bull and ░░░░░░░░ that first phase is ░░░░░░░░ earnings driven And that ░░░░░░░░ what we re starting ░░░░░░░░ see Okay How can ░░░░░░░░ not talk about nvidia ░░░░░░░░ given that that s ░░░░░░░░ been the headline maker ░░░░░░░░ what a run start ░░░░░░░░ the year to now ░░░░░░░░ mean it s done ░░░░░░░░ 5 and you re ░░░░░░░░ about thousand by end ░░░░░░░░ the next 12 months ░░░░░░░░ a lot of targets ░░░░░░░░ there and we re ░░░░░░░░ that camp This company ░░░░░░░░ defied skeptics all along ░░░░░░░░ way and I think ░░░░░░░░ of the reason for ░░░░░░░░ is people have really ░░░░░░░░ the E and p ░░░░░░░░ right People kept thinking ░░░░░░░░ the p is too ░░░░░░░░ and they completely missed ░░░░░░░░ boat On how fast ░░░░░░░░ earnings are catapulting and ░░░░░░░░ part of our base ░░░░░░░░ of the AI tech ░░░░░░░░ market and nvidia is ░░░░░░░░ the pole position of ░░░░░░░░ the one company that ░░░░░░░░ the product that everybody ░░░░░░░░ to get this arms ░░░░░░░░ if you will to ░░░░░░░░ up for a I ░░░░░░░░ that s the Microsoft ░░░░░░░░ so on but keep ░░░░░░░░ mind you know in ░░░░░░░░ being the pole position ░░░░░░░░ ve got a great ░░░░░░░░ up in March I ░░░░░░░░ expect that s got ░░░░░░░░ other really good news ░░░░░░░░ investors should still stay ░░░░░░░░ the stock and be ░░░░░░░░ your other is of ░░░░░░░░ hitachi and that s ░░░░░░░░ play on Japanese markets ░░░░░░░░ you re betting big ░░░░░░░░ the bull phase of ░░░░░░░░ markets are seeing Yeah ░░░░░░░░ re a global investor ░░░░░░░░ know you can take ░░░░░░░░ look at the Japanese ░░░░░░░░ and again look at ░░░░░░░░ they re cheap stocks ░░░░░░░░ very in expensive and ░░░░░░░░ s because they ve ░░░░░░░░ neglected gosh two decades ░░░░░░░░ now investors have woken ░░░░░░░░ and there s power ░░░░░░░░ that hitachi big industrial ░░░░░░░░ trading at 12 times ░░░░░░░░ You ve got a ░░░░░░░░ there for 12 times ░░░░░░░░ And in our view ░░░░░░░░ money that s flowing ░░░░░░░░ Japan has just begun ░░░░░░░░ flows So when we ░░░░░░░░ at stocks we think ░░░░░░░░ valuation and we think ░░░░░░░░ profit margin as those ░░░░░░░░ But then we also ░░░░░░░░ went well where the ░░░░░░░░ investors are they going ░░░░░░░░ come this and we ░░░░░░░░ Japan is right in ░░░░░░░░ target zone for lots ░░░░░░░░ institutional money coming as ░░░░░░░░ is of course the ░░░░░░░░ index just made a ░░░░░░░░ high after 20 years ░░░░░░░░ absolutely How fortunes can ░░░░░░░░ in the markets I ░░░░░░░░ the buffet effect but ░░░░░░░░ mind we have seen ░░░░░░░░ dream run really for ░░░░░░░░ equities You also like ░░░░░░░░ bank sitting where you ░░░░░░░░ It s interesting to ░░░░░░░░ you are observing some ░░░░░░░░ in India as well ░░░░░░░░ there s alternative to ░░░░░░░░ and people are figuring ░░░░░░░░ companies specifically and that ░░░░░░░░ India and this company ░░░░░░░░ really one of the ░░░░░░░░ powerful investment banks inside ░░░░░░░░ it along with commercial ░░░░░░░░ So we think this ░░░░░░░░ great way to play ░░░░░░░░ the Indian market The ░░░░░░░░ and that sort of ░░░░░░░░ to China I think ░░░░░░░░ really want to think ░░░░░░░░ where people investors going ░░░░░░░░ go and corporate nations ░░░░░░░░ you ll get 15 ░░░░░░░░ earnings We think that ░░░░░░░░ a value and an ░░░░░░░░ Have on this discussion, thank