4 Burst results for "Sean Naughton"

"sean naughton" Discussed on WCBM 680 AM

WCBM 680 AM

06:44 min | 2 years ago

"sean naughton" Discussed on WCBM 680 AM

"Wealth report with your host, Tim her on talkradio six eighty WCBS. Welcome back, WCBS listeners and investors, Tim herb of RBC wealth management here. Locally in the greater Baltimore metropolitan area for another edition this morning of the weekly wealth report each and every Sunday morning from eleven AM up until twelve noon here on WCBS talk radio at six eighty AM and today this morning joined by special guests and colleague at RBC wealth management. Sean Naughton who's a chartered financial analyst part of our portfolio advisory group bringing a wealth of knowledge here today. Hopefully, this has been very informative and insightful for many of you all the listeners that tune into my show each and every week, and as I said before if you would like to see some of the research that we published this is one of the value added things that I believe a large firm, such as RV wealth management can provide are the experts in their relative. Field and individuals like Sean who provides so much, clarity and perspective on the markets, providing data real information. And so if you want to see any of this these reports and you'd like me to Email them to you again feel free to call our office my team four one zero three one six five three two zero or Email me at Tim dot herb at RBC dot com. We're always glad to help the community here if you have some questions, so let's get down hopefully to brass tacks. Here. Sean what we've all been waiting for. We've got two segments left here in the program this show this morning, and I want to talk about specifically people probably who've been listening to the weekly wealth reporter wondering where do we put our money? What do we do? And I know we can't grant specific stock recommendations on the program live is one of the things I cannot do. And you know, that of course, Sean, but let's talk about growth versus value and how investor would allocate their current. Portfolio given that growth stocks. We hear about the FANG stocks the technology stocks, given the growth stocks have been so strong should investors stick with growth or should they now maybe look to change their tune a little bit and focus on value. Yeah. That's a great question and one week you get periodically as well. And just to set the stage here for you know, the growth versus value conversation. Growth has been really outperforming value. It it hasn't been a one two three year trend, but this is really been a decade-long trend. So if you look at growth, stocks versus value stocks over the last ten years actually eleven years growth is really been outperforming. So unfortunately for a value guy like myself that can be a little bit disheartening to hear sometimes. But you know, I do think that in a rising interest rate environment. I think that you know, there can be some opportunities on the value side. Now, just to give you an incremental perspective because you mentioned the FANG stocks, and I'm going to term them as FANG 'em. And I've got to as an M. So I've got six stocks in this four letter acronym that everybody knows and. And this would be, you know, Facebook apple Amazon that flex Microsoft and Google as a as a basket of stocks. And so you just look at the performance of these names, it's really quite incredible. Even in two thousand eighteen if we look at their total weight so that would be their market capitalisation weight within the S and P five hundred only fifteen percent for these six companies that that's pretty high companies on five hundred. But if I start to look at the percent of the return, it's being driven by these six stocks within the S and P five hundred over half of the return happened this year year to date in two thousand eighteen so again, that's pretty powerful. Any good perspective to understand, you know, last year it was twenty four percent. And they were only about thirteen percent. So again, they're punching well above their weight in terms of their contributions in their overall waiting in the index. So it's very important to understand that if you're comparing yourself. With that. Benchmark. You have to have had some of these names within your portfolio to keep up. You know, I would say right now, you know, we are in a little bit of a rising interest rate environment. I would say the the view is is that in a rising interest rate environment that we should that values should start to outperform a little bit more. We haven't seen that yet. But again, that's something that I would be looking for. So we can I wouldn't look to go out and dramatically change your allocations on growth value. But just understand that that dynamic exists. And if you are of the opinion that we are going to that interest rates are going to be moving up, and we're not in the first and second ending of a of an economic expansion. Then maybe you do want to shift some of your allocation on your US, equities a little bit more value focused and value focused. Also, can some people may look to value oriented positions or stocks, Sean for those that are paying solid dividend yields. Correct. I mean, you mentioned that the retiree people focusing on needing. To collect income at some point dividend. Yielding companies perhaps may be one of the many options that perhaps could provide some income. And that's typically the value oriented stocks are those that are paying the nice handsome dividends. I think that. That's exactly right. I mean, the the research shows that over time, you know, a lot of these dividend paying stocks do do outperformed the market and the reason for that. I believe is that you know, one is they are shareholder friendly. And so they're returning capital and dollars back to the people that own the securities, and then Secondly, you know, they will perform well, not not great in a, you know, a big bull market. You know, they'll get most of a lot of the upside capture that's happening within some of the indices, and the other names that are out there that are growth oriented, but they do also provide some nice downside protection in in sort of a draw down or a bear market. So that's really the you know, the goal is to minimize the volatility a little. With some of those dividend paying stocks. Okay. Well, we've got another segment here of the show to cover. We're we're gonna get down to the million dollar question. So to speak as far as the sectors, which sectors, Sean, you may feel more inclined to invest in or to be overweight in again, we're being joined by Sean Naughton charter financial analyst with Barbie wealth management and a colleague of mine. You're listening to Tim herb of wealth management for the weekly wealth report. Stay with us. We'll be back.

Sean Naughton Tim herb RBC financial analyst Tim dot RBC dot Tim Baltimore US Facebook reporter Microsoft Google twenty four percent one two three year thirteen percent fifteen percent million dollar
"sean naughton" Discussed on WCBM 680 AM

WCBM 680 AM

05:17 min | 2 years ago

"sean naughton" Discussed on WCBM 680 AM

"For like RBC wealth management is provides an advantage because we have individuals like yourself, providing your expertise, and your background to be able to add clarity to the situation for investors into put out information and research that they too can review at their own leisure. And again, just to remind the listeners here on the weekly wealth report here this morning on WBZ talk radio. If you want to get some information things, perhaps even that Sean has published himself feel free to call our. Office that number's four one zero three one six five three two zero. And let's jump into the other part of kind of their segment question be here on this part of the show. Sean talking about yield curve inversion, you touched on it. Earlier in the opening remarks of the show, everyone talks about the yield curve inversion is a recession indicator. Should we be concerned? Is this the one area that we should really take a closer look at? So that's a that's a great question. We are fielding a lot of that on the desk as well. We hear that you know, I would say a number a lot of clients are asking about this currently, and there's been a lot written about it. This. Through the. End of July. The the the difference in the yield curve is about thirty three basis points. And so again, that's the difference. If you just take your ten year treasury note, and you just subtract out the two year treasury note, and that that's what they call a spread. And so just the difference between those two bonds is what people talk about. And as I mentioned earlier, it's been a leading indicator on twelve to thirty six months ahead of a recession the last five recessions. The one point that I would make your actually there's two points. One is is that in nineteen ninety five the yield curve got to about ten basis points. And a lot of people were eating and version and got really concerned about that. But I think if we all look back, and we look at the period from nineteen ninety-five really two thousand which is really one the curve convert materially again, you know, if you weren't in the equity market, and you had been trying to anticipate a yield curve and version, you probably you know, you would have underperformed during that period of time. I mean, nineteen ninety five to two thousand one very strong period of return for equities. So the message is I wouldn't try to an -ticipant an inversion and correct your portfolio's. The second pieces of that is that we've gone back and done some work and look at what happens to the S and P five hundred and we've looked at this for the Dow Jones, NASDAQ and Russell as well and. We looked at what happens, you know, from the time the inversion happens. So let that's when the two year interest rate. Now, it goes about the ten year interest rate now when that does happen. What happens the next six months after that? And on average the S and P five hundred up for those two months up about two percent. And then if we look at the entire twelve month period a year after the inversion the stock market is up about eleven point one percent. So even once we hit that inversion, you know, there can be opportunities still to correct allocation or to think about, you know, look at other factors that are going on in the economy. So again, the message is don't try to anticipate the inversion and change your allocation ahead of that because you will have time to do. So really after that based on the historical data. Okay. Great insight. Great perspective. And just so we can add a little bit more. You know, clarity to the listeners on the program. The tune in here to the weekly wealth report, if we didn't cover that already when we hear the word yield curve inversion, Sean, can you just provide that kind of definition again. So the the investors the listeners on the weekly. Ralph report understand what that means. Yeah. So the the two year Bon treasury bond, so that's money that the that's all that's a loan. The government is is is making. And so they're willing to pay. Let's say two percent on that. Now. Once these bonds get out in the marketplace that's really set by the market, but the ten year bond is just a ten year duration note. And so basically what you're just looking at the difference between the yield. So the interest rate or the coupon payment that you're getting on the two year interest rate note versus the ten year interest rate now, and so you know, if the two year is above the ten year, then yes, you will that will be what they define as an inverse. Version again, I know it's a little a little difficult to see a picture of. But that's kinda the best. I can do from a description. Yeah. Description. The listeners can understand that if the year note two two year treasury yield is is higher than the ten year. That's that's the environment. Right. So it'd be on the lookout for that. Again, and whether or not to be concerned of an upcoming recession in the future. Months? So we've got to step out again for another break you on the program. You're listening to Tim herb of RBC wealth management for the weekly wealth report. Joined by my colleague, Sean Naughton, we got a lot more.

Sean Naughton RBC Bon treasury bond Tim herb Ralph Russell ten year two year two percent thirty six months twelve month two two year one percent six months two months
"sean naughton" Discussed on WCBM 680 AM

WCBM 680 AM

10:54 min | 2 years ago

"sean naughton" Discussed on WCBM 680 AM

"Tim herb of our BBC wealth management here. Locally in the greater Baltimore metropolitan area for another edition this morning of the weekly wealth report, and I'm being joined by a friend and colleague at RBC, Mr. Sean Naughton charter financial analyst eighteen year industry veteran and part of our portfolio advisory team portfolio advisory group on the US equity side at RV see and during that first segment of the show here this morning, Sean provided a lot of clarity discussing the economy. Some of the recessionary indicators that we look at and review one of the things, Sean I didn't get the chance to ask. Because then we had a very first break when by very quickly. Is do we have any type of research that shows these types of recessionary indicators and concerns that is compliance approved for the public that we may be able to have any listeners here today that would like to see some general information that we could certainly get that in their hands to look at a review themselves. We typically have a report like that. Yeah. Yeah. No. We absolutely do have some of this that that is approved for for distribution. Okay. And so with that anyone who's listening to the weekly wealth report here today. I know typically take a lot of phone calls on the Sunday show today were holding those because we're being joined by Sean we wanna try to soak up as much knowledge and insight from Sean as we can hear about investing talking about the economy the stock market. So if you would like to get some research, and some of these reports that Sean had mentioned earlier feel free to call our office that number four one zero three one six fifty three twenty once more for ten three one six five three two zero. So with that Sean talking again about the economy, what's taking place. Let's go in and kind of jump right into the volatility. It seems like that the stock market is more volatile this year, then it certainly was last year based on the number of trading days. I think that we've. I've already had this year calendar. Your two thousand eighteen that's shown us a lot of volatility. What's behind it? What's driving the volatility show on this year? Yeah. It's it's a great question. And one of the first things that I just like to bring up with this is that, you know, the stock market the fifty year average for moves in the stock market of plus or minus one percent is actually about fifty nine days out of the year. And there's typically about thirteen days that are plus or minus two percent. And those numbers don't mean anything to anybody on listening to this in isolation. But if we go to twenty seventeen and I give you those numbers in two thousand seventeen we had eight days that were plus or minus one percent and the stock market and zero days of plus or minus two percent. So it was a very abnormally quiet period. In the market in two thousand seventeen a very low volatility type of an environment. I would say what really has changed as we've moved into twenty eighteen has really been the step up that we've seen. Really in the ten year treasury note, so that is caused a lot of consternation with investors as that metric has moved higher and closer to around three percent this year. And again, it was over a hundred basis points lower at this time last year. So it was you know, it's clearly moved up quickly. And the reason that that's important is that a lot of institutional investors use that as part of their discount rates for future cash flows. So basically just impacts valuation. If you think about it, so it it just means that investors are adjusting to this new interest rate environment, and how much companies need to pay to borrow the capital to grow. And so that's really the adjustment period. I believe that is actually going on at this particular point in time in that has increased volatility and for twenty eighteen we've seen about thirty six days in the market where we've had a plus or minus one percent move and eight days that are plus plus. Minus do percents. So we're we're more in line with with the norm than we are then than happened in two thousand seventeen we'll see it's interesting, Sean as you take one calendar year, as you just mentioned a moment ago two thousand seventeen where the market had only eight trading days out of the entire calendar year where we had plus or minus a one percent move in the market and zero days where we had a plus two percent move in the market. And we we grow accustomed to that I think we used to that that tends to almost look as if to be the norm for what investors can expect. And then we'll get back to reality. What is the actual norm? As we've witnessed here this calendar year in two thousand eighteen with the volatility being alive and present, and it it certainly in rattle. The cages of investors, and their overall mindset, sometimes I mean, you it's interesting in my opinion. How information travels nowadays, Sean, so quickly whether through social media the internet, you know, so many individuals in the workplace today have access to a computer or a smartphone device that they can access news and information and talk about the markets or receive news about the markets. And it seems like for whatever reason a lot of that news flow, and I hate to use the word noise. But it is just that noise can sometimes really allow an investor to gain a little bit of maybe of a panic if you will with regards to their investment discipline. They suddenly want to liquidate or sell or rotate out of a particular portion of maybe their equity portfolio and just suddenly kind of step aside from what their underlying plan may look like to do something short term. And I don't know if you have any comment. Or any thoughts on that away to maybe calm down? Investors who are listening to the program that weekly wealth report this morning can help them maybe focus on the long term versus being so short term minded sometimes when it comes to this volatility. Yeah. I mean, absolutely. There's. Being able to see this. You know, when you're walking down the street on your smartphone has really changed things with respect to that. So, you know, it used to be that you would get your quarterly statement in the mail, and you'd kind of see what's happened. Right. And I think that just given the fact that the information flow is so quick these days, as you mentioned them that, you know, people are, you know, acting and overreacting to things a little bit more quickly. And I think you're absolutely right. You know, focusing on a plan, and you know, what you where you're trying to go. And you're object your goals and objectives is actually the right way to be thinking about that. In terms of your equity investment strategy and talking more about the markets and the economy, and again, just to remind the WCBS listeners here on the program, the weekly wealth report, we're being joined by special guest. Sean Naughton charter financial analyst CFA with our portfolio visory group at RBC wealth management eighteen year, again industry veteran and putting a lot of insights were thankful that we have shown on the program here today, but let's talk about a little bit. If we can show on interest rates, and we'll step right into the yield curve inversion, but to interest rates we hear so many were fielding when the frontlines so to speak with clients that we work with on a daily basis a lot of concern people saying what about interest rates, what impact would have when my stock market portfolio or on the bonds that I owned the fixed income interest rates seem to be going higher. What is your view? And maybe how does that impact the equity market the stock market? Yes. So as I mentioned earlier, I mean, I do think that this is a key. The reason that the volatility has has increase in the market as we're trying to determine what that you know, what investors are willing to pay for some of these assets, particularly in the equity market. So we've had a little bit more choppiness as we try to figure out, you know, where that ten year interest rate is going to go I will tell you that capital markets forecast for our BBC does have this year twenty eighteen ending close to three point three percent. And then at the end of two thousand nineteen is report seven five percent. So that you know is still moving up from where we are today. But I think it's important to put the long-term into perspective here. So if we go back all the way to the eighteen seventies. So again, this is a very long time frame here. And you know, the ten year treasury note the average during that time is actually four point six percent. And if we look really be. Before nineteen sixty five. So if you go eighteen seventy one to nineteen sixty five, and I and I recognize it's a little bit of a history lesson here. But you know, the the average during that time was actually well below four percent. So, you know, the the period that happened from you know, in the late sixties through the early eighties, and and even into the late eighties and early nineties where we had some of these higher interest rate Firemen's, you know, maybe that is, you know, maybe that was abnormal, and maybe it's closer to the neutral rate if you will is somewhere between that three and a half and four and a half percent on the ten year interest rate. So that's something the way we think about it. I'd also say that if you're thinking about it from the standpoint of demographics, you know, this the the US. You know, the the cohort population of people above the age of sixty five is growing very rapidly. At this particular point in time, and actually it's gonna between ten and twenty twenty. It's up about thirty percent, and you know between twenty twenty and twenty thirty it's gonna grow another twenty one percent. And the reason that's important is because people above the age of sixty five or in a different spots, and the people that that are, you know, in the low thirty s or high twenties they're looking for a little bit more current income. And so I think there will be demand for some of those interest yielding products in the fixed income side. So I think that will help to keep a cap on interest rates somewhere, you know, below at the high end of that four percent number. It's okay and showing finding some amazing data and statistics. And I know that this is the first opportunity we've had to interview you on the weekly report. But one of the things I typically bring to the show each and every week or weekend now is. Is information live up to date information and data for the listeners to hopefully gather, and and take back to their own financial planning teams, if they have.

Mr. Sean Naughton US RBC financial analyst BBC Baltimore Tim herb twenty twenty CFA one percent ten year two percent eighteen year three percent four percent
"sean naughton" Discussed on WCBM 680 AM

WCBM 680 AM

11:39 min | 2 years ago

"sean naughton" Discussed on WCBM 680 AM

"And today, I'm actually joined by a fellow friend and colleague special guest. We have here on the weekly report, Mr. Sean Naughton, and Sean, and I had the opportunity to spend some time together several months ago when I was out in Minneapolis meeting with several of our research analysts and team and just to give you Shawn's background. He has an undergraduate degree from Lafayette college. He earned his MBA from the university of Minnesota. He is also a holder of the chartered financial analyst CF a designation and just to give you some additional background Sean joined our firm RV wealth management in September two thousand seventeen he has. Eighteen years of financial services experience. He spent ten years previously as a sell side equity research analyst for piper Jaffray covering the consumer discretionary and consumer staple sectors with the last seven years serving as the senior equity research analysts, Sean, thank you very much for joining me here this morning when the weekly wealth report, we're glad to have you. Pleasure to be here. Thanks, absolutely. So one of the things we try to do on. This program is provide a lot of insight and input on the markets. Financial planning investment, planning in general, Sean and an offer again, some clarity. What's going on in the world? We'll talk about the economy. We'll talk about the stock market will receive phone calls from the listeners asking personal financial questions. And I always like to spend some time if I can having an interview such as this one here this morning with a colleague and individual like yourself who can add your own perspective on what's going on in the world today. And let's talk about if we can the economy in general, we're getting so much news today of through the television, the internet radio even discussing the market's volatility trade wars tariffs etcetera. And I know that one of the things you kind of talked about what drives the economy the stock market has been earnings. But. Talk about in in a broader perspective the economy. What do you look at in terms of judging the strength of the economy, Sean? Thanks again for that. I would say one of the key indicators that I look at is the what they call the PM I index and sets up purchasing managers index that really goes out in surveys companies industrial companies manufacturing companies companies that are they. The survey these managers to really find out, you know, what they're thinking about in terms of new orders what they're thinking about in terms of input costs and how they're really feeling about their business. And if you look around the world globally, you continue to see very strong growth across these metrics. So they do a survey in the United States. They do a survey in the UK the eurozone they also do one in Japan, China, and then they've got an emerging market composites. They put out, and I would tell you that all of these metrics are pointing towards very very solid growth still at this particular point in the cycle. And now, you're absolutely right. We continue to hear about, you know, all the stuff that's coming out on Twitter, or that's coming out on the news, and it is difficult to parse through the daily noise. But I would say if you look underneath the hood, and you see what's happening in a lot of these different economic metrics in particular for PM is things look pretty good. And the reason. I focus on that. The PM numbers is that it has historically been a good leading indicator for what happens a GDP. And so we all know that you know, GDP positive GDP growth typically is good for earnings and earnings. We know our is good for stocks. Because stocks earnings are highly correlated the next thing we like to look at it as well as we like to put together a recessionary scorecard. So there's a list of about seven different factors, and I won't go into all of them here. But I would just say of the seven factors that we look at six of them are still in positive territory, and there's really only one that neutral at this particular point in time, and that would just beating inflation trends. So I think some of that is being driven by demand is increasing Swabi sleet supply has to help keep up sometimes the only way to make sure you have enough supply is is increase the price on that supply. So that's you know, there is some inkling and some some things that are happening where inflation does seem to be creeping up a little. We are also hearing some things from some of the small businesses in some different surveys that we see where wage inflation is starting to pick up a little bit as well. So again, that's the only factor that we're really seeing that there's more of a neutral, it's not negative at this particular point in time. But it is something that they're watching. We're watching the last two things I look at one of them is relatively well known. And that's really the initial unemployment claims that comes out every Thursday morning, and that number continues to run very low near fifty sixty year lows at this particular point in time. So again, that's very constructive. Very encouraging what we're seeing here with respect to initial unemployment claims. And that is, you know, a real time number that comes out every week and things feel pretty good up from a labor market perspective. The last thing I would just mention is that the another indicator that we look at it. It's called the financial obligation ratio. And this is really put out by the Federal Reserve every quarter, and it looks at the total amount of debt service payments. So think about your interest expense that you have on your car or your home or the rent that you need to pay and they calculate all of those numbers. And then they divided by the amount of income that's out there in the marketplace. So it gives them a metric of way to track how leveraged consumers are at this particular point. And they've been doing this for the last forty years. And I think this is a good way to see how leverage the consumer is. And I think the consumer is very very important 'cause about seventy percent of GDP, and I'll tell you that this metrics still is below average from where it's been over the last forty years, which is a positive hill. Again, does hopefully we'll give you some idea of you know, we feel pretty good about the economy at this particular point in time. And you know, some of the metrics that we look at and here at our BC, we typically say, you know, if no recession we give stocks the benefit of the doubt. And we've put out Sean, thank you very much for adding all of that information and clarity and bringing out here to the show this morning for the listeners of the weekly wealth report. With that in mind, we've put out this recessionary scorecard. And we've seen some of the indicators typically that are kind of almost very similar to a stoplight a traffic light either. They're they're flashing red yellow or maybe green, right? And looking at that right now you said there's only but one of those seven that you alluded to this a little bit concerning which is the inflationary concern. Yes. That's exactly right. So I, you know, some of the other metrics that are on there, and I did touch on a little bit is there is a purchasing manager index that's part of that. And then the yield curve and the label labor market. But again, everything is as six of the seven metrics are what I would call green. And there's only one that yellow at this particular point just for the listeners on the program here is to add some clarity, Sean. I mean were these types of inflationary concerns, and he's measures the scorecard if you will. Was this available to us even the debt service ratio. I think it's a great point that you mentioned that it's at one of the lowest levels, I guess in the last close to forty years, but you know, with all of this information, did we have access to this going back to let's say the great recession that only nine time period where the market really fell apart and unraveled, which I know a lot of investors still can remember what what that looked like and how their portfolio suffered during that time frame. And I know a lot of individuals are trying to avoid going back to another market like that or to experience another decline like that in terms of their own personal wealth report folio where we looking at these things even back, then do you think? Absolutely. You know, the some of these, you know, indicators I mentioned some of them have been around, you know, some of these have been around for sixty seventy years, but I would say absolutely these indicators were available, and I do, you know, if I'm looking at them right now about when they started to tell us if there was a real issue. You know, if I look at December two thousand seven, for example of the six indicators accuse me of the seven indicators six of them were actually negative in December of two thousand seven so that should have been a decent indicator that there was some pain to come in the market. And so you you had you know, housing was trending lower the purchasing managers index was lower credit had started to to Ravel of little bit. The inflation trends were running too hot. And actually the yield curve, which is basically the difference between the ten year interest rate. Treasury note and the two year interest rent had actually turned negative at that point in time. And the only one that was neutral at that particular point in time of the seven, and I'm talking about was just the labor markets. We're still adding decent number of jobs at that particular point in time. It didn't really start to fall off a little bit more until we got into two thousand and eight. So I think that yes, these things do have some predictive capabilities, and I think that these are some pretty good economic indicators to be watching with respect to how to position portfolios. Okay. And how many of those inflationary? I should say recession indicators if you will. How many of those have to be flashing yellow or red out of the seven? In order for us to really start to gain to get concerned about the possibility of what lies ahead for the markets. Yeah. No. It's that's a great question. I don't, you know, looking at this data, historically, I would say there's not a, you know, there's not a one size fits all here. I mean, what I can say, you know, with certainty here is that, you know, the last five recessions that we've had we have had a yield curve inversion. So that's something that you know, again, when you have the ten year interest rate now above the two year interest rate now that his lead the recession every time for the last five times, and it's not it's not something that happens in the first six months or even the first twelve months, but somewhere between a twelve months and thirty six months that's one year to three years ahead of time that inversion has been a very good leading indicator for what's happened. But you know, anecdotally, I would say, you know, you'd probably want to see, you know, three of these in the negative area to at least, you know, rebalance your. Asset allocation just to make sure that you've got the appropriate. Mix of stocks bonds alternatives in cash that you really want within that portfolio. So you may be wanting to tilt that a little bit more conservatively with where we are just in the economic cycle and just looking at some of the economic indicators. I think it's a great time to have that conversation to make sure that investor portfolios are positioned appropriately to withstand that potential draw down in the market and the equity market. Okay. That's great insight. Great insight shown, and again, folks, we're being joined by a colleague of mine, Mr. Sean, Naughton of RV wealth management charter financial analyst with our firm in eighteen.

Mr. Sean Mr. Sean Naughton financial analyst university of Minnesota equity research analyst Minneapolis Lafayette college piper Jaffray Twitter United States Swabi sleet Federal Reserve UK