marking a ramping up of buying in the last few months of the year, perhaps bouyed by an increasingly roseystock market and the future trump presidency. an administration that may shake up the auto industry with things like steep tariffs on imports on the table and potential changes to electric vehicle tax breaks being touted. on thursday the us ev market leader tesla posted its first ever fall in sales in over a decade as its demand wained. i'm joined by charlie chesbrough, senior economist and senior director, industry insights, cox automotive. thank you forjoining us today. you havejust thank you forjoining us today. you have just come out with your forecast and it is pretty bright for this year. why the optimism? bright for this year. why the optimism?— bright for this year. why the otimism? . ~ , .,, optimism? the marketplace has been changing- _ optimism? the marketplace has been changing. prices _ optimism? the marketplace has been changing. prices have - optimism? the marketplace has| been changing. prices have been moving to the bio's favour, there are inventory shortage shortages

15 or 10 months, and we haven't had one and with valuations at these levels, earnings, i think too rosey compared to what's delivered we'll get a pullback that will scare people at some point in time. charles: you like financials, energy, and consumer staples outperforming healthcare technology and industrials. you think congress will pass the trump tax extension but you are worried about the deportations and tariffs. the wildcard, number 10. doge. the efforts to really slim down government. how confident are you some of that could be done? >> i think some will get done. look there will be all kinds of efforts to do it and they will make good progress but nowhere near the advertised numbers. when you take out medicare, medicaid, social security, defense spending and net interest on the debt, there is "only $800 billion left." how do you get 2 trillion? charles: yeah. well, we know there's a lot of those hard numbers like the stuff we do spend on, marbelled inside that stuff, is a lot of waste. the idea is if the moates behind them can be pushed the same. charles: my next guest has also r