. >> item number 11, discussion item, overview of sfers portfolio management and portfolio construction. >> commissioners, i look forward to this discussion today on portfolio management and construction. this has been scheduled at the i. c., meeting which the last meeting got canceled so we brought it here today. it's an important conversation and it tees up the next item very well. as you all know, we spent the last year, year and a half working very closely with you to discuss risks at the total fund level, absolute risk and various measures of risk. we talked about capitol market assumptions, all of that lead to the asset allocation. and in those conversations, we've alluded to the important of portfolio construction and managing a 35-36 billion dollars fund. portfolio construction will have more meaningful impact on the success of the plan than any one individual investment. and i will tell you that often as a cio people will ask what is your view on this investment? or what is your view on that investment? and that's a lot of fun to talk about and you can see what the trends are i

that's how to make a portfolio work.st the most money is hedge fund manager, my sheets were thick as a brick. when i made the most money my sheets were one sheet of paper. and i made hundreds of millions of dollars. so when you are a pro or an amateur, either one, it's possible to have too many positions. rule of thumb if you are investing for yourself and your more than 10 stocks, you should pare down. so you can have too many stocks, but it's very hard to have too much of? cash. that brings me to my next will. caches for winners. at times cash is such a perfect investment it drives me crazy has so few people ever recommended. hate the market so they are only 95% long instead of 100% or they think it stinks so they throw in a hugh a few high flyers. no. as an investor it's the wrong way to approach things. you don't like the market? then sell stocks. and then raise some cash. put it in cash. don't buy put options on the stocks you own that's just -- that -- it's too hard. the odds do not favor you winning of both stocks

the quarter portfolio return of 2.6% year to date. yieldingly return. 7. 1%. for the i don't remember ending september 30 spurs return up 11. 8%. wrashd to growth it was up 6% the public equity this did willing the bench america the third quarter out performing begin the rate excess begin other concerns about. am. we did see a rotation in value and small stocks this was a driver of under performance where the public equity in the third quarter. i add this over the one year period your public portfolio up 31% out paced the policy bench mark. and that's the challenging thing to do when the bench america is over 30% and you are out performing that is something worth noting. absolute return portfolio provides strong returnos absolute and relative base i. some of the longer term trends. if you recall, a year ago the bench mark was changed for the absolute return it reflect the diversifying nature. with less equity data. certainly this has been part of when we benched since this change was made. income, strong returns. we have seen the yield curve and see decrease i

america was one that really felt the pressure from its own portfolio. i wonder where you see the problems here, if any. >> yeah, i mean, obviously, bank of america against the money set of effects is the big one. when we think about the disasters and regionals, that was often where the trouble was. of course, that was a big part of their problem as well. speaking to chris -- if you take a look at the regional base, obviously, they had a good run recently. take a look at where they are in the long-run. basically, you know, sideways to where they were in 2017 or there about. if they do catch fire, there is a lot more room to run than what we have seen over the course of the last 12 months. >> i know. when you look at the regional banking, it is up 50% or 16% year to date. you look at the bigger banks, xlf, 50%, j.p. morgan, up 40%. so, why do you have to make it complicated? because i think there always are more minefields in the regional banking industry. you might have more upset if you pick the right one, but there seems to be a lot of unknown for me.

these anomalies are anywhere and they can be great for your portfolio. ironically, this corndog free market economics is a lot like communism. it makes a lot of sense in theory. makes a lot of sense in theory. not a lot of sense in life. such a boneheaded idea. even if the most extreme form of this theory is untrue, and it is not, we know for a fact markets are all kinds of inefficient. it is still a very useful idea. the efficient markets hypothesis cannot help us but as a rough guideline it can lead us in the right direction. markets try to be efficient. the aspire efficiency. quarter stocks spike immediately. that kind of data can get taken very quickly when the federal reserve changes policy. we saw in late 2023, that is huge news and it takes longer to get reflected in the averages. baking that in can take months. even if the fed abruptly changes, like the end of 2018, rates will instantly sore but it can take days or weeks or even months for the averages to fully reflect the new normal because it takes time for portfolio managers to reposition. we

paul: how about that 60/40 portfolio?a 60/40 allocation, stocks/bonds, and bonds were supposed to protect me from volatility. didn't work into 2022 whenever there was down. how do you feel that fixed income going forward? jeremy: with the rise in rates recently is relatively opportunistic. when you have a 4.6% treasury yield, that gives you bonds giving you five, 6% from the yield alone. if interest rates were to fall for the remainder of the year, that would be additive on top. from our site, 60/40 being dead, 2022 felt that. i think that is overestimated from our side. i think that having a balance and a component of bonds and income protection is one particular strategy. it doesn't have to be the only protection strategy used. there are other asset classes out there, options-based strategies that can give you a level of protection against the market that doesn't take the interest-rate risk in bonds. having a component from multiple sectors in multiple ways of protecting your assets is the preferred method. caroline: ok

are going to fall under the mediterranean portfolio and i'm thinking of turkey, of course, here. i think the war in turkey is you may end up being considered not even a candidate country anymore and sidelined from the enlargement negotiation that we all know they're technically frozen and very good reasons. do you want to keep them doing or do you want to give the impression that turkey is going to be completely excluded for the next potential round of some kind of talks and that's where i think masa the trump administration can play a meaningful role and excelled making sure relations with europe and turkey move forward. that's going to be the an opportunity for europe too. having said that, high representative with the turkish foreign minister, positive momentum in that relationship. >> thank you. thank you all for joining us today. i think i can say that the overarching theme from what we discontinued today is the need for continued trans-atlantic dialogue and the importance of the trans-atlantic relationship and i would -- i would like to thank all of our -- all of our speake

she will tell us how she thinks investors should diversify their portfolios in the new year. right here at post 9 after the break. awkward question... is there going to be anything... -left over? -yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next. ♪ (animatronic santa) ho, ho, ho! (vo) time to move? make it easy with opendoor. sell your home in any season, for any reason. (animatronic santa) look at me! i am festive! (vo) start your move at opendoor.com your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. our advanced matching helps find talented candidates, so you can connect with them fast. visit indeed.com/hire >>> we have some breaking news regarding kroger and albertsons. julia boorstin has that for us. >> according to reports a federal judge has clocked kroger's $24.6 billion deal for albertsons. we've reached out to both companies for comm

managing the portfolio, understanding the portfolio that i had not only at the agency, whether it was fba or dot or elsewhere, that portfolio, but also from an enterprise perspective from the government when you look across the government and you take that lens of the government's portfolios of things that they do, right, disaster and finance and others, there's opportunities there as well and intersecting what the government does and how that space can be tackled, right, from a governance perspective and managing those portfolios. when you really step back and not look at the technology piece, right, and look at those portfolios and how you can drive efficiencies, consistencies, data is one of those, data governance, this gets into the government nance piece and the data and understanding what you have in your agency, but how that intersects when you're looking at the broader government portfolio, how that intersects with other agencies. i knew by working with the sba during the pandemic how we can use data from the department of labor, not move data, yes or no to address some of the

they're a buy and hold story they'll revolutionize that portfolio.lemen, is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by charles schwab. >>> coming up, have some traders on the street turned investing into gambling? cramer's revealing why he's calling for an end to the short-term day trades next ehh... hmm. oh, that's very, uh... - right? - mmm... this store doesn't have agentforce, so an ai agent didn't tip off the stylist as to what i might actually wear. - yes. - oh. that's a commitment. [glass knocked] hey bud! whaddaya think? you know, people can see you out here. ha ha ha ha, yeah, yeah, right, right, ha ha. love you, too. agentforce helps retailers prevent fashion fails. it's what ai was meant to be. ♪♪ the great barrier reef. huh? here we are. oooh. — g'day. — uh, where am i? australia! and you look like you need a vacation. show us what ya got. (♪♪) remarkable. yep! it's amazing. i love it! — what is it? — a wombat. come on! (♪♪) jump! down under, g'day is the start of every good adventure. so, wha

that said, concentration in portfolios can create wealth and kill it.tion of crypto in the portfolio could be not somewhat dangerous, i don't want to stoke fear. the average drawdown is about 74%. there is one thing to gain 7% to 12% over time, but the same for losing 100% to 200% with the volatile drawdowns. you talk about the portfolio allocating, a core satellite approach with the investments in the satellite approach and get the alpha kick from something like cryptocurrency assets. >> preston, are you allocating for certain suitable accounts to cryptocurrency right now? >> i'm telling my clients across the generational board to invest in crypto. when we're talking about traditional and defi markets, they are susceptible to behavior finance. when you talk about fomo or herd mentality, you want to be disciplined with the approach. dom, the young folks are overallocating their portfolios because they have time and less risk or more risk capacity than of gen x. overallocation would make their portfolio a little dangerous. >> preston, before we let you g

for that reason, investors should try to derisk their portfolio and improve the breadth and overall portfolio. >> i want to talk about that. you are saying your customers, your clients, derisk portfolios, but now is not the index investing. obviously, if you want to invest, there will is spi. medium target is a 7% rise. the eps estimate is 14% growth. why wouldn't you park your money in the index and let it ride? if this happens, this is good. what other way is there to play the market? you are trying to overplay the market in tech. what's the other way? >> i think that if you look at the spy index fund, that is 40% inn vested in tech. going into 2025, there are two phases in the market. the first phase is consumers and businesses will scale back until we get some new clarity on what the policies are. that will cause a pullback in the first half of 2025. less regulation, less taxes and the market goes up. investors could get defensive right now and play offensive. when you play offensive, you want to go in other areas, not just tech. we will start to see more of what we are seeing happen with

in our shorter time for horizon portfolios we have been more focussed on -- these the balanced portfolioswe have been focused more about generating income and we are doing that by starting to think about ways that we can rotate into the fixed income markets. from a fixed income point, we think yields will move higher into next year, so we have been focused more on the short end of the curve basically in that three to five-year range, but at this point you are not getting paid to extend out -- >> explain the thinking there. yields are going to be moving higher in an environment where most people, and i believe including you, think the fed is going to continue to cut interest rates, and you would think that would reduce you? >> it will reduce rates on the front end but i think we will have a bifurcated market where the long end will actually go higher, and with that -- that's the reason we have been hanging out on the front end and as rates go higher we will look to fill in the belly of the curve, that ten-year part of the yield curve. just to be clear from a fed standpoint, while we think

john: we have a great portfolio of options.he primary portfolio play is owned and operated where we take 100% of the economics, we build and operate it ourselves. we also realize we are in a constrained window. fiber is needed now. there's not going to be a window that is long time to do this work. private capital markets provide a little bit of insulation that public markets will not end in order to make sure we keep our lead we balance our per folio out and our relationship with blackrock and our power work has been effective. what we have proven in the market is we can operate outside of our traditional operating territory just as effectively as we have in our home territory. i think blackrock as a partner has viewed it as being a successful investment. they've been willing to put more in and we will expect to use that as one of the tools to grow our footprint over time to get past that 50 million we were talking about. caroline: it is interesting you brought up ai and the demands there. everyone's have been wringing their h

lot of -- a lot of gains this year and a lot of portfolio manager like myself want to reposition bute can't do that till the end of the year and can't sell some of the names till january 1 because of the task. charles: i got atock man and i'm up so much and i sold it and slamming. that'll be a opportunity as well. charles: all right, thank you. michael sees a major trend unfolding and he thinks a lot of thrally might be baked in and todais manufacturing data gives us a clue and he's here to help us understand what's going on and opportunities may be here in 2025. we'll be right back. ♪ ♪ yoknow i'm a dreamer ♪ ♪ but my heart's of gold ♪ ♪ just one more night ♪ ♪ and i'm coming off this♪ d ♪ ♪ i'm on my way ♪ ♪ i'm on my way ♪ ♪ home sweet home ♪ there's no place like the rd home. receive a $5,500 bonus on a new024 audi q5 plug-in hybrid during the sson of audi sales event. since 2019, john deere has invested more than $2 billion in our american factories. today, we're nearly 30,000 u.s. employees strong. in more than 60 u.s. based facilities, across 16 states, we couldn't be more pro

to currency and debt should be part of the portfolio and deserve a seat at the table going forward. we can talk about gold, crypto the reason why i do believe in froth is not necessarily -- we can debate the valuation of bitcoin or others. it's the speed of which they have appreciated so quickly that gives you a little pause it's a speed of which some of the tech, some of the automation names have moved that's the part that gave me pause recently i think they're in a different dynamic because of the debt in the country. i think hard assets, scarce assets deserve a seat at the table going forward. i think that's right when you build a broad portfolio, historically, 60/40, i own long bonds, long interest rate exposure because that was the ballast. particularly if inflation is higher, that doesn't work. how do i create more balance think about the beta we talk about volatility think about hard assets. then how much risk you run build a lot of income. if you compound income, it becomes attractive different portfolio construction than historically, for sure. >> you always have a seat at

by proactively reviewing your entire portfolio. with an eye on taxes and risk. doors were meant to be opened. doors lead us to new opportunities. your dedicated fidelity advisor... -surprise! -for you, mama. ...can help you open those doors. by proactively reviewing your entire portfolio. with an eye on taxes and risk. doors were meant to be opened. >>> welcome back. the major indexes are all lower today, some uniform activity here, the dow at session lows, if we close lower today for the ninth straight day the longest losing streak we've had since 1978 for the dow. the nasdaq meanwhile is just retreating from a record high, s&p 500 has been mostly flat since its record close two weeks ago. can it keep going? my next guest has the third highest price target on the street, joining me is the chief marketing strategist. at deutsche. broadly speaking, why do you think stocks can keep rising with valuations where they are. >> sure, at the highest above ground level perspective, equities are about the business cycle, the business cycle is going really, really strong,

ideas that you could have owned the other 90% of your portfolio that wasn't bitcoin? when do we start with today. happy anniversary to costco, costco stop came down december 5th we get today, in 1985. yesterday, costco hit an all time high of $991. take that, bitcoin! okay, maybe you were to live or you were a child in 1985, -- let me give you some angrily obvious winners as we may not have known it at the time. let's see put $1000 in amazon at its ipo of may 15th, 1997. you know that would be 2 million on her $40,667? a bookstore online? 2 million 940-2660. that is staggering. oh, and then there's the most obvious winner of all. the elon musk tesla. if you put $1000 at the beginning of its ipo, easy, easy. you have $326,021. what's the most loved stock? terrific. it's kind of like an fts. a little over four years ago, you would have 7000 $187,000 -- $7187. now what is really going on. let's do this. desperate to call attention to what i could say be the greatest stock ever. on june 20th, 2017, i took the extraordinary measure of renaming my dog everest. from then on

>> we have a balanced portfolio of resources that we are depending on.more natural gas, more renewables. we're very proud at georgia power to be the only company that has built new nuclear generation in the last 30 years from scratch. we brought on in the last year and a half two new nuclear reactors. nuclear, if you care about clean air and you care about reliability, nuclear has to be a part of our energy portfolio going forward. so nuclear should be a part of this mix as well as, again, the other types of generations that we're familiar with. natural gas, even some coal, and certainly a lot more renewables in batteries. we've also just recently brought online a new battery facility in georgia. so we believe in a balanced portfolio of all types of generation resources, and we continue to look at bringing all of those as we meet the demands of these customers. >> kim, so many capacity challenges. of course, the president-elect made a lot of campaign promises about cutting energy prices in half. now some of that is just fossil fuel. but is the industry o

. >> chris, the ideal portfolio right now -- get some water. it's all right i will give you a minute the ideal portfolio -- i will preface by saying, he is a bond guy. i'm a bond guy this is where i lean in. he said, 30% cash, because of the uncertainty you have with higher rates, you once gain have competition. bonds for obvious reasons. 20% u.s. stocks. how does that sound to somebody like you 30/50/20 >> it seems light to me. i think in our mind, we would be significantly more overweight u.s. domestic, higher quality large cap, small cap i would also throw in there private markets. we see a lot of activity in the private markets. to jason's point, we like financials benefits. >> private equity? >> as well as banks that participate in the ipo and m & a market that kind of cycle should do well in 2025. >> there were times when we had these conversations a couple years ago when the fed was at the peak of the hiking cycle, where you did have more cash than others. for the reason that while you get a great return on it, plus you don't take as muc

oksana: if you are looking to add income and appreciation, potentially, of portfolio you don't need to go into junk. you can click a coupon in the high fives, in the ig floating rate market. high-quality corporate credit. we are constructive on that. high-yield, the conversation around it, having a different makeup today than in the past, i have always heard this throughout history in my 25 years in the industry. it is never different. whenever you have a canary in the coal mine somewhere spreads go somewhere, everything gets sold and it spreads move together wider. let's not forget today you have a tremendous trip will be cloud hanging over high-yield that is some of the larger names there. it is a threat, a downgrade threat with significant ramifications for high-yield. i think when something is priced for nothing but blue skies that is probably not the best time to be buying it. it is probably time to take chips off the table and go somewhere where you can pick up yields safely and at the front end of the curve definitely investment grade corporate floaters. if something is priced y

we like seeing the diversification in portfolios, not just the happenings. even though we are seeing some of that, we like to see it balanced out with healthcare or consumer staples. >> by the way, it's not just staples have been too boring this year, costco, kroger, and walmart -- walmart is up 76%, customer was up 44 and kroger is up 37%. cameron, where do you look to add exposure that happened already run so far thinking technology, thinking some of this year's winners? >> it is an interesting question about defensive players because the one part of the market agreed on, there is no downside risk to growth. whether you think about trading about 22 times or credit being so tight, even the 10 year treasury yield up near 4.6%, all of that seems to agree there are not downside risks in 2025, so maybe a consideration of these unloved, more defensive, more stable kinds of names, making sure we are aware of the prices we are paying as well, the place in portfolios mostly because they have been left behind in this very tech focused, a.i. focused kind of market. >

my portfolio is the army. capturing the electric and magnetic warfare. manny control and the networks ever. that's who i am and what my portfolio is known world the primary job -- >> sorry about that. [inaudible] >> there we go. the primary job scale commercial technology and make adjustments on the left and right. commercial technology sector is doing amazing things so the defense cannot keep up so what we have assessed that there provided writer, that is the leslie. keep up right behind the commercial sector. the job is to cross all domains. we are curious about everything going on in support intelligence community and all parts of the enterprise to make sure we can get is closely aligned as we can. we are not trying to change requirements, trying to catalyze the innovation. >> is my mike working? wonderful. the office in the mid- 2000 and we delivered products bedroom should. trying to build and so around the world which is an interesting choice. i am the chief executive responsible for topics as acquisition budgeting and cost schedule performance and

it was the management piece, the budget, managing the portfolio, understanding the portfolio i had not only at the agency but also from an enterprise perspective. when you look across the government and take that lens of the government's portfolios, things that they do, disaster and finance and others, there's opportunity there as well intersecting with the government does and how that space can be tackled from a governance perspective and managing those portfolios. when you really step back and not look at the technology piece, right, and look at those portfolios and how you can drive efficiencies, consistencies, data is one of those, data governance, this gets into the government nance piece and the data and understanding what you have in your agency, but how that intersects when you're looking at the broader government portfolio, how that intersects with other agencies. i knew by working with the sba during the pandemic how we can use data from the department of labor, not move data, yes or no to address some of the fraud and also working at sba, how i could get a yes or no from, yo

so we will have to build a portfolio of interventions. lifestyle will also play into it for some of them, and i think we can help many patients get down to a weight that they can maintain and live the life they want to live and avoid many comorbidities for the health care systems. francine: i mean, we also heard from some of the food companies, the chief executives of some of the big groups are having crisis talks. and actually, does this mean that there is going to be a wider adoption of these drugs? does it mean that people are going to eat and drink 30% less? do you see it really changing our societies? lars: i think there will be many changes, but i think with that also comes opportunities. there will, perhaps, be a different preference for snacking. so i think we still need to eat. so maybe, perhaps a bit less of the unhealthy snacking and a preference for more of the healthy stuff. so, i think, for companies, it is also about, you know, following the trend and evolving your business and moving toward where the market is. and i think

by proactively reviewing your entire portfolio. with an eye on taxes and risk.. doors lead us to places we've never been. your dedicated fidelity advisor can help you open those doors. they can help you create a retirement-income plan designed to balance growth and guaranteed income. and provide access to specialists who help with estate planning to look out for future generations so you're not just growing and protecting your wealth. you're sharing it. because doors were meant to be opened. great job, everybody! ♪ >>> what the heck is happening in the semiconductor space there's been some wild action over the past week it started last thursday when broadcom, which we own for the travel trust, reported a technically mixed quarter. the stock still soared 4% on friday before tacking on another 11% yesterday. although it pulled back more than 4% today. how does broadcom trade like it got a takeover bid in a pay quarter? because the headline numbers don't tell the whole story putting all that aside, we learned broadcom is having success with its ai chips which is al

resilience and make sure we're flushing out the full portfolio. >> would we be foolish to think that we could have another banner year in stocks because we've had two in a row? ? it's happened. the problem is after you've had three years in a row of really strong returns, what has typically happened is very poor returns in the following years. so if we get another year of 20% plus returns and auto mostly driven by multiple expng as it was, and you would think it would drop drop precipitous low and things leak leverage keepinging able pea the dip. you're seeing leff ran etf buying and options buyinging and suggesting that people boom string to get more risk so downgrade, they're not digest. the plan goes it higher and that's what would accept the goldilocks narrative which the fed will continue to cut and bring the pauses that the fed has to implement forward and we may have to start talking about hikes again. that's not our base case, but if there's a risk. that's it. >> how would you answer that? >> so we do think that the biggest risk would be higher inflation because it's not bein

this has been in our portfolio for quite a number of years. think that is from the structural point of view. unfofrt rtunately for us, our gh is much lower than the u.s. growth because if you look at fiscal policy in the past, just look at the past ten years, it has been much more pro-growth in the united states. if you compared it to the fiscal policy that we have been allowed to implement in the eurozone. now, we all hope that, you know, with the new government in germany, let's say fixation about more deficit and small debt is going to be overcome given the size of the challenges that we have to face. but, you know, to be honest with you, we prefer at the beginning of 2025 to keep our overweight u.s. versus european and wait for europe to change, i would say, mind set about, you know, investments. >> interesting. does that mean you are not concerned about the high level of valuations for u.s. stocks? are they not too expensive when you think what europe is offered despite the growth challenges year to date? i was looking at the stoxx 600 wh

blackrock is expanding private credit portfolio with the purchase of hps investment partners. billion all-stock al creates a new private financing solutions busiss at blackrock which will be led the leadership team who rrently mages nearly $150 billion iassets. the deal marks the thirdajor prate market acquisition this year for blackrock which is the wod'rgest asset manager. shares arisingn the ne 25%, actually lor a bit earlr and punched back up. at&t let's take a look atha one. itpoweri higher by nrly4% haviny of 2021. thisfter theompanyevealed speed connectivi marbygh the lecom giansaid it ll double its fernternet lotions listen to this.0 milon they say they will expand their etwork to cor 0 milln peop. the united states.population of &t said it's going to vest 22 billion annually and expects to generate 18 billi in ee cash flow by 202 the coany also announcedt's going to reward sharolders through dividends and stock buybacks. at&t ceo jn stankey is here on the "claan countdown" tomorrow at 3:00 p.m. eastern and going bhis first intervieafter the company's investor day, whi

tech and why your portfolio has to be ready for what happens next. nancy is right up. where ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management at harbor freight, we do business differently from the other guys. we design and test our own tools. and sell them directly to you. no middleman. just quality tools you can trust at prices you'll love. ♪ jorge has always put the ones he loves first. but when it comes to caring for his teeth he's let his own maintenance take a back seat. well maybe it's time to shift gears on that. aspen dental has complete, affordable care all under one roof. plus $29 exams and x-rays for new patients without insurance and 20% off treatment plans for everyone. making it easier to get started with quality care. it's one more way aspen dental is in your corner. since 2019, john deere has invested more than $2 billion in our amer

to 25% weight in the portfolio. what? we rebalanced it back to 2.5% so there are ways to address it but really when i'm talking about in terms of valuation is more of a market valuation as opposed to specific stock valuation, and the fact is, yeah, value investors are always right. they are just way too early. so think about warren buffett for example. warren buffett right now holds nearly 28% of berkshire hathaway stock in cash and that's been in play for most of 2024 so clearly, he's early but eventually he will be right. charles: and it doesn't hurt to have that kind of money and these kind of yields. you also mentioned in your notes greenspan, made a reference to the irrational exuberance speech that was december of 1996, and the rally went on until 2001. so, he gave a sort of a siren call. how do you start to notice then, how do you yourself say okay, other than the rebalancing which i'm glad you explained to the audience, because that's a rule. that's a rules based approach to investing that keeps a lot of peo

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portfolio manager john petretise joins me now. more? democrat elizabeth warren and republican josh hawley agreeing on something, they are ideologically very different. that means that there may be a real taste to break these guys up versus more mergers. >> i think take a step back. i think with lena kahn moving out, the new administration moving, i think a lot of companies were waiting to do m&a. i think you'll see a massive amount of m&a happen because of that. liz: let me interrupt you. donald trump today from mar-a-lago brought it up or was asked about it and he said they've got to break these up. >> well, the pbms, sounds like that's going to be the case. liz: pharmacy benefit manager. >> the pricing model has always been black boxed. nothing is disclosed. they don't say anything on conference calls. you'll have the entire healthcare industry, it's becoming harder to grow so companies are going to buy the top line, they're going to buy revenue through mergers and they're going to cut a lot of costs and that's how they'll grow. the v

, gaza strip, my portfolio, the politicalaffairs, i gaza strip, my portfolio, the political affairs,d was able to observe the preparations for elections, and because it was such a momentous occasion for palestinians to have a voice in their future to choose their leader and a democratic process, the entire world had its eye on palestinians and the embassy asked me to set up election observers to give us diplomats an opportunity to do thejob of observing diplomats an opportunity to do the job of observing the elections to determine whether they were free and fair this is something that the carter centre specialised in. along with their other election observers but the carter centre specialised in this, as we circumnavigated the gaza strip from jib all the, down to guerra bella, all of these names that we have been hearing about for the last year plus as they have undergone strikes from the israeli government. these are places where palestinians were ready to take important steps towards peace the carter team in the embassy team interacted, have the opportunity to engage with president

the director continues the comprehensive business or the -- portfolio.xplore additional strategic alternatives for unlocking shareholder value, and there it is. including the potential separation of its aerospace business. and then you get a separate statement from elliott, kind of constructive as well. one paragraph just saying, we welcome that. thank you guys for looking into it, and we think the transformation that you and the team are leading represents the right course for honeywell. you've always been one that believed that would be the right course. >> yes. >> by the way, we're going to know fairly soon. >> right. >> this is by the end of january, perhaps or latest early february, they will tell us the conclusion of this exploration. it does seem to be leaning i'm saying towards -- >> i think so. >> it's a likelihood they will do it. what do you think? >> this cohort is selling between 39 and 45 times earning. if you take ge, you look at this -- the comps, and they're just so extraordinary, and you've got this company which is not delivering and f

it's something you put in your portfolio that has a different way of moving around. gold also does not have a stream of cash flow or anything but it is a value where you think of bitcoin like that and stick it in the same kind of sleeve in your portfolio. >> so what about analog bitcoin? what do you think about gold right here? >> i like it. it was very strong until the election. i think part of what caused it to sell-off is that people have we're expecting there to be a long count of votes and we wouldn't know who the president was but gold pulled back a little bit. gold is always a bet on geopolitical uncertainty, political uncertainty, its beene very well over the past 25 years and actually topped the s&p 500 and can keep going up. >> and definite worries continue, people might see gold that way. speaking of the longview us stocks had a great run, a cio i follow pointed out over 17 years the s&p 500 has beaten the msci by 320%. is that going to keep going? >> you can't really overstate just how well us stocks have done versus those abroad for the last 10, 15, as y

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how do you stress your portfolio? how do you think about what your outcomes are today?eople drawing their pensions today versus drawing their pensions 50 years from now? man group is 240 years old. we match the duration rather lately of our clients who are not thinking about just returns for a year from now, but are trying to think about what they're planning for 30 years from now. we are not good at predicting. i am not good at predicting what the next year or the next five years are going to be. what we need to do is be flexible, is to understand and be dynamic, to think about the impacts of markets and changes. francine: are you more worried about geopolitics or about market functioning? robyn: i think the fact that we've now changed geopolitics to geoeconomics is something of an impact point. so as we think about what happened when russia invaded ukraine, and the impact on our fossil fuel pricing, or you think about the worries and concerns around supply chains post-covid and the fact that these buffers, when you think about corporate real estate and the refinancing