joining the from santa fe, new mexico, jason brady. thanks for coming on the show. i am as guilty as anyone of using the word unprecedented too much, trading markets i can an anomaly. in your recent ceo's perspective, we are returning to normal. explained that. >> what we have seen and experienced over a decade since the financial crisis has been central banks providing a lot of support to markets and that resulted in low yields and relatively elevated multiples particularly what we saw post pandemic. 2022 is unprecedented from a price return standpoint but we normalized positive yield which is great for investors, back to averages at least at the index level for us stocks. ibly20 jack otter: another thing that is normal is what jack hough calls debt ceiling chicken. we will hear about the debt ceiling and possibility of default. you've done some that i haven't seen which is quantified the impact on gdp if the government shutdown. i would like to hear about that. >> it is a function of what government payments, how they affect gdp. government payments are important,

joining us is jason brady, president and ceo of thornburg investment management. $41 billion in assets under management >> that's right. >> okay, so you're watching earnings season. you're hearing what these people have to say, watching the gains we have seen in the market in the first part of the month so far. what do you think? how are you feeling utthings >> i feel like the market has gotten a little ahead of itself. joe talked about this morning that ge is up almost 100% from three months ago where you are are a product of where you have been. 2022 was about normalization you saw rates normalize. you saw earnings multiples normalize. now in 2023, it's about the earnings themselves. what we're seeing this morning is it's a mixed picture. banks were good, consumer strong, but some of the industrial names are having more trouble. >> i was a little surprised by some of the guidance that we're getting for 2023 3m, sounded like things are pretty rough things were rough for them in the fourth quarter it got worse towards the end of december what changes part of what

tom brady makes our lives very has fans. yeah, man. think >> thanks, jason. >> we want to get your check of your 4 zone this is a live look at the transamerica pyramid. earlier we can see the fog coming in. you could really feel the chill announces pretty dark. and we know that it's only going to get colder. yeah. and the chill is in the air to rodriguez. joining us. what? >> more on that. recent pay their well, yeah, we're tracking clear skies out there. and after that week, winter storm, we are noticing cooler temperatures out there right now because of that lack of blanket of storm cloud cover. so clear skies. >> city hall lit up in red and gold for our forty-niners. and let's take a look at all of the warnings and advisories because not only do we have freeze warnings in effect for north and east bay valleys starting at midnight, but also frost advisories for most of the bay area coastline and east bay shoreline. so we're definitely going to feel that blast of winter chill and temperatures subfreezing. in fact, we're going to cool down to 29 degrees for

jason? i mean, if you see this all the time, it is just the board with the forces. we like to say the star wars force l a all the great quarterbacks in the league. tom brady mahomes. you name it. josh out there are going to have clunkers at some point. i don't know when that clunker comes. you know, peyton manning, the tortoise lee had a tough time in the playoffs. steve young, one of my favorite quarterbacks of all time in a tough time in the plaster face better defenses and they throw things actually that maybe they didn't want to showcase during the regular season. at some point, the sneakers going to come for the young man. the question is how does he overcome that? what does he look like during adversity? people forget joe montana in 1981 nfc game 3 turnovers. all you remember is that final drive in that final throw on the sprint? right option? no, i'm not saying that the kids going to be joe montana, but this sure feels like there's some magic around this kid. and i'm just waiting to see if the pixie dust is real. this saturday. >> so why we have shasta on a true historian. now this saturday to forecast said he's going to be crummy weather that that benefit