ALL RIGHT FOR MORE ON THE
MARKETS DOWN OR MOVING THIS
MORNING THAT WE'RE JOINED
AUDI NO LO AND CHIEF STRATEGIST
AT WILMINGTON TRUST OUT THE
NETS, GOOD TO SEE YOU THIS
MORNING AT AT THESE JOBLESS
NUMBERS COMING IN BETTER THAN
EXPECTED WHAT DO YOU MAKE OF
THAT.
>> WELL IT'S CERTAINLY GOOD
NEWS. CHRIS THAT AND IT'S GREAT
TO SEE THE HOLIDAY CHEER IS
THAT THE OPENING
BELL JUST I THINK THAT'S A
FIRM, YOU KNOW WE'RE HOPEFUL
THAT THE JOB TO COME AND TODAY
MEANS THAT THE EFFECT OF
THE PANDEMIC SLOWING, ALTHOUGH
I THINK MUCH TO BE SEEN FOR THE
NEXT COMING WEEKS. I THINK THIS
IS THE
4TH STRAIGHT WEEK WHERE THE
NUMBERS HAVE DROPPED IN THE
PREVIOUS BEFORE SO IT'S
CERTAINLY A GOOD NEWS AND
TRENDING THE RIGHT DIRECTION.
BUT I THINK AS AN INVESTOR WHAT
WE NEED TO DO IS KEEP AN EYE
OUT FOR THE LONGTIME WHITE
WITCH 22 MILLION JOBS LOST
SINCE THE BEGINNING OF
THE PANDEMIC WE STILL HAVE A
LOT MORE RECOVERING TO GO SO I
THINK WE SHOULD REMAIN
CAUTIOUSLY OPTIMISTIC WHERE
WE'RE GOING AND DON'T TAKE OUR
EYE OFF THE LONG GAME.
>> INTERBRED THESE NUMBERS OUT
THE KNOWING THAT AT THE SAME
TIME COVID CASES ARE
REACHING RECORD HIGHS AND
ESPECIALLY AS WINTER MINES THAT
COULD READ MORE LOCKDOWNS IN
CITIES AND STATES AROUND THE
COUNTRY.
>> YEAH, I KNOW THAT'S A REALLY
GOOD QUESTION AND I THINK THAT
WHAT WE NEED TO DO IS INTERPRET
IT NOT IN A VACUUM, BUT MORE IN
THE GREATEST SENSE OF WHAT'S
GOING TO HAPPEN IN WASHINGTON
D C RIGHT WITH THE BLUE WAVE,
NOT THAT WAS PREDICTED THAT
THEN I HAPPENED THE WAY WE IT
WAS PROTECTED. I THINK THAT WE
NEED TO REALLY KEEP IT CLOSE I
LOOK AT WHAT WILL HAPPEN WITH
LEGISLATION AND POTENTIAL
STIMULUS PACKAGE AS WELL AS TAX
AND
REGULATORY CHANGES. US YOU KNOW
WHAT WE LOOK AT IS NOT JUST YOU
KNOW WHAT ALL THESE NUMBERS
MEAN TO THE TOP FLIGHT BUT MORE
SO WHAT IT MEANS TO THE
INDIVIDUAL INVESTOR AT THE END
OF THE DAY RIGHT IS WHAT YOUR
NET
MS. AFTER TAXES THAT WE WOULD
DRIVE THE ECONOMY AND THE
POCKETS THAT WE'RE MAKING.
WE'VE BEEN HEARING REPORTS
SO THAT.
>> ON OF MONEY IS GOING TO BE
SPENT ON THAT RUNOFF A
SENATE ELECTION IN GEORGIA TO
TRY TO GET MORE DEMOCRATIC
REPRESENTATION IN THE SENATE A
POTENTIALLY GIVING US THAT
BLUE WAVE. EVEN THOUGH IT WOULD
BE DELAYED AT THE ON NOVEMBER
3RD ACTUALLY JANUARY 5TH WHEN
THAT RUNOFF ACTUALLY HAPPENS ON
THE NET WHAT RISK
DOES THAT IS FOR THE MARKETS WE
SAW THE MARKETS OR IN THE WAKE
OF THE ELECTION OUTCOME BECAUSE
WALL STREET HAS GENERALLY
PERFORMED WELL UNDER A
GRIDLOCKED GOVERNMENT. THEY GET
A PREDICTABLE PRESIDENT AND
BIDEN BUT OF COURSE IF
REPUBLICANS DID MAINTAIN
CONTROL OF THE SENATE MAINTAIN
CONTROL OF IT. WE LIKELY WON'T
SEE THIS TAX INCREASES THAT
BIDEN WANTED TO PUSH THROUGH.
>> THAT'S A REALLY GREAT
QUESTION AND IT'S A PLANET
THAT'S SOMETHING WE REALLY YEAH
I THINK WHAT WE NEED TO LOOK AT
IS WHAT IS THE POSSIBLE.
THE AARP HAS AN INTELLECT
ABILITY TO PAST YEAR THE TAX
PROPOSAL THAT HAS PROPOSED
IN CANCUN CAMPAIGN AS YOU SAID
CHRIS, THEN GIVEN THE FACT THAT
WE'RE REALLY NOT GOING HAVE
CERTAINTY AS TO WHO CONTROLS
THE SENATE UNTIL JANUARY 5TH.
IT'S REALLY HARD TO
NOW I THINK THAT YOU KNOW WE
OPERATE UNDER THE ASSUMPTION
THAT WORK HAVE A DIVIDED
CONGRESS THE SENATE CONTROL 60
REPUBLICAN CONTROLLED SENATE.
AND HOUSE CONSOLE DEMOCRAT A
DEMOCRAT HOUSE AND WE ARE
LOOKING AT THE BY THE GOVERNOR
WHICH MAKES THE PASSAGE OF ANY
TAX LEGISLATION A LOT MORE
CHALLENGE. BUT I DO WANT NO TO
THINGS LIKE THAT MOST AVERAGE
INVESTOR MIGHT NOT BE AWARE OF
AND THAT'S REALLY IMPORTANT
FROM THE TAX POLICY STANDPOINT,
THE FIRST IS THIS A LOT OF THE
JOB A LOT OF THE TAX CUT.
I WAS IMPOSED AS A RESULT OF
THE 2017 TAX CUTS AAC ARE
TEMPORARY. THEY DO EXPIRE
AUTOMATICALLY WITHOUT FURTHER
CONGRESSIONAL ACTION IN
2025. SO WHAT THAT MEANS IS
THAT MAYBE A DIVIDED CONGRESS
IS DIVIDED NOT BE ABLE TO PASS
SWEEPING NEW TAX REFORM BUT
IT'S ENTIRELY POSSIBLE THAT ONE
IF NOT ALL OF THESE TEMPORARY
TAX CUT COULD GET ACCELERATED
MEANING THAT'S GOING
TO SUNSET EARLIER RIGHT THE
REALITY IS WE SPENT A LOT OF
MONEY IN STIMULUS THIS YEAR AND
LIKELY WEAKENING TO SPEND MORE.
SOMEBODY AND SOMEONE NEEDS
TO PAY. THAT'S RIGHT THE OTHER
THING I THINK INVESTORS SHOULD
REALLY KEEP AN EYE OUT FOR IS
THAT TAXES THE
TAX LEGISLATION CAN ABSOLUTELY
BE RETROACTIVE I KNOW IT SOUNDS
CRAZY BUT THERE IS LEGAL
PRECEDENT FOR THAT SO AS YOU
SAY WE ALSO EXPECTED HOBLEY
WON'T BE ANY TAX INCREASE OR
TAX LEGISLATION ON HELPED LAY
TO HAVE 2021,
BECAUSE FRANKLY THERE'S A LOT
MORE PRESSING ISSUE WITH THE
PANDEMIC THAT THE NEW CUMBER
MANY SECULAR. BUT THE
REALITY IS IF THERE IS TAX
LEGISLATION IN THE LOT OF 2021.
IT CAN ABSOLUTELY BE
RETROACTIVE TO JANUARY FIRST
WHEN ITS EFFECTS CAN BE FELT
WHICH MEANS THAT INVESTOR
REALLY ONLY HALF THE BALANCE OF
THIS YEAR NUMBER 7 WEEKS LEFT
TO MAKE TACTICAL CHANGES TO THE
PORTFOLIO AND TO THE
TAX PLAN.
>> SO A LOT COULD HAPPEN.
I THINK AS YOU'RE ALLUDING TO
THERE WILL BETWEEN NOW AND THE
END OF
THE YEAR RISING COVID CASES
CONCERNS ABOUT HOW THIS GEORGIA
RUNOFF ELECTION WILL SHAKE OUT
AND WHAT THAT MEANS FROM THE
SENATE AND WILL WE ULTIMATELY
SEE A BLUE WAVE COME
JANUARY 5TH. WHEN THIS IS ALL
SAID AND DONE OF COURSE THE
JOBS PICTURE VERY MUCH IN FOCUS
AS WELL WELL WHAT ARE YOU
RECOMMENDING TO INVESTORS OR
WHAT WOULD YOU TELL OUR VIEWERS
THAT THEY SHOULD EXPECT BETWEEN
NOW IN THE END OF THE YEAR WHEN
IT COMES TO STOCKS PERFORMANCE.
>> I THINK THAT WHEN THE SHORT
TERM WE ARE GOING TO VOLATILITY
AND I THINK IT'S VERY IMPORTANT
TO INVEST THERE TO STAY
FOCUSED, YOU KNOW DON'T FOCUS
ON THE LONG-TERM
AND USE THE VOLATILITY FROM NOW
TO THE END OF THE YEAR IN ORDER
TO MAKE ANY TACTICAL CHANGES
WRITE TO ME AND SO HERE
WILMINGTON TRUST
YOU NOT WE WANT TO MAKE SURE
THAT OUR CLIENTS ARE NOT ONLY
LOOKING AT THE TOP LINE, IT'S
WONDERFUL. WE SHOULD ALWAYS BE
CHASING NEIL AND CHASING
INVESTMENTS AND CHASING ALPHA
BUT THAT REALLY ISN'T THE ONLY
THINK BY WHAT REALLY MATTERS IS
ALSO ON AN INDIVIDUAL BASIS
RIGHT. WHAT IS YOUR
REALLY TRUE. THE NET NET AFTER
TAX RETURN BY AND THAT'S WHY WE
REALLY NEED TO TAKE A LOOK AT
PASS LEGISLATION AND PROPERLY
PLAN
FOR IT LIKE I SAID CHRIS AND WE
HAVE ONLY OF 7 WEEKS LEFT AND
TO THE END OF THE YEAR WHERE WE
HAVE ANY CERTAINTY AS TO WHAT
THE TAX ALL MIGHT BE AND THERE
ARE THINGS THAT YOU
CAN DO UNTIL THE END OF THE TO
SET YOURSELF UP FOR A BETTER
2021.
>> I SO WE LOOK AT THE STOCK
MARKET TODAY AT THE NASDAQ THE
TECH.
>> THE NAMES REGAINING
THEIR LEAD THE MARKET EVEN
THOUGH THE DOW AND THE S AND P
500 ARE STILL IN NEAR
ALL-TIME HIGH. IT'S ABOUT
BECAUSE OF THESE FACTORS THAT
WE JUST MENTIONED RATE RISING
COVID CASES UNCERTAINTY AND
THAT THESE NEXT SEVERAL MONTHS
ARE GOING TO BRING DO YOU
ANTICIPATE THESE TECHNOLOGY
NAMES TO CONTINUE TO PERFORMER
OR
WITHIN THESE WITHIN THE BROAD
MARKET, I MEAN HOW
ARE YOU LOOKING AT EACH SECTOR
WHICH ONES DO YOU ANTICIPATE
WILL LEAD INTO THE AIR AND
WHICH ONES DO YOU THINK MIGHT
LACK.
>> WELL ON BESSMAN
WILMINGTON TRUST DO HAPPENED
SLIGHTLY OVERWEIGHT ON LARGE
CAP COMPANIES HAS LOST
TECHNOLOGY AND HEALTH CARE.
YOU KNOW WE THINK AGAIN THAT WE
ARE CAUTIOUSLY OPTIMISTIC ABOUT
THE LONG RUN AND INVESTORS JUST
BRACE HIMSELF FOR A YOU KNOW A
LITTLE SOME IN YOUR TOWN BUT DO
NOT DO NOT TAKE YOUR EYE OFF
THE LONG GAME BECAUSE THAT'S