WE'VE GOT JOHN MILLION
FINANCIAL DIRECTOR OF
INVESTMENTS THAT WEALTH
WISE JOHN GREAT TO HAVE YOU
WITH US AND THANKS FOR TAKING
THE TIME. STOCKS WILL BE HERE.
THANK YOU. YEAH ABSOLUTELY
LET'S GET INTO IT, STOCKS
ENDING THE WEEK ON A
POSITIVE NOTE. GET SOME OF YOUR
BIG TAKE AWAYS FROM TODAY'S
SESSION IN THE CONTEXT OF WHAT
WE SAW THIS WEEK.
>> WELL I THINK THE CAR ON HIS
QUICKLY GOT 2 POINTS OR WALKING
START SHOWING ALL THE TAX FEARS
WE SEATS THEY ARE NOT AS YOU
KNOW SOME
OF THE LARGEST GATORS THE PAST
DECADES IN THE LARGE
CONSTITUENCY S P 500 APPLE
MARSHALL IT WAS ALL THEY'VE ALL
COME BACK TO BUT DID YOU KNOW
THAT 2 OF THE SECTORS OF
THE CREW IT'S A FINANCIAL
SUMMIT GIRLS AND THOSE ARE THE
ONES THAT I THINK ARE COMING UP
MORE ON THE GREAT ECONOMIC DATA
THAT
WE SEE.
>> WE'RE GOING TO BE LOOKING
FORWARD TO NEXT WEEK AS WELL
WITH SOME OF THE OTHER BIG
NAMES THAT ARE SET TO REPORT
EARNINGS AS WE GET MORE INTO
THE TECH SPACE WE'VE GOT ONE
OF THOSE. THOSE BIG TECH NAMES
AND NETFLIX THIS WEEKEND YOU
KNOW WE CAN'T THEIR INTEL INTO
THE CONVERSATION TOO BUT WHAT
DO YOU EXPECT TO SEE AS WE
CONTINUE TO
GO FORWARD IN THIS EARNINGS
SEASON AND WHERE COMPANIES ARE
ISSUING SOME OF THEIR OWN
GUIDANCE AS WE GO THROUGHOUT
THE REST OF THE YEAR.
>> WELL NETFLIX AND THUS YOU
KIND OF JUST POSUSNEY YEAH
WE'RE GETTING
JUDGE R I MEAN YOU WILL HAVE A
DIFFERENT OR
UNIQUE MEASURES AND THAT'S HOW
BIG THE USER BASE IS GROWING
SOCIAL CYRUS CAME IN LOWER,
EVEN THOUGH HE WAS HIRED.
CHECKING IN HIGHER, SO THAT'S
THE KIND OF COMPARE THOSE 2
GOING INTO NEXT WEEK
I THINK I WANT TO SEE STILL
SOME STRONG EARNINGS FROM
MARSHALL APPLE AMAZON OR SO
BECAUSE THESE ARE COMPANIES
THAT WERE SOMEWHAT AND WINNERS
ARE ABLE TO KEEP YOUR
BUSINESS RUNNING AND AND SO YOU
KNOW WE DON'T THINK THAT'S
CHANGED BECAUSE OF CORPORATE
HILLARY BEHAVIORS OF CHANGE
FROM THE SOONERS PEOPLE ARE
STILL ROUTE FROM AMAZON'S IF
YOU GOT TO BE THIS. WE GOT TO
REPORT WELL IN HIS FIRST
COURT ROOMS.
>> YOU KNOW CONSIDERING WE'RE
HEADING INTO THIS SELL IN MAY
AND GO AWAY TERRITORY, DO YOU
EXPECT PEOPLE TO
INVESTORS MORE BROADLY TO BUY
INTO THOSE EARNINGS OR DO
YOU EXPECT SOME TYPE OF SELLING
ACTIVITY GOING INTO THOSE
EARNINGS REPORTS GIVEN THE
STRENGTH THAT THESE COMPANIES
HAVE ALREADY EXHIBITED.
>> EXACTLY WE SAW THE LAST
QUARTER 2 WE SAW.
FOLLOW UP IN THE COMING
DAYS, WE SAW PRICE DECLINES AND
SO I THINK THESE COMPANIES ARE
SOMEWHAT RIGHT FOR PROFIT
TAKING.
>> AS WE MOVE FORWARD FROM HERE
THERE'S GOING TO BE A FEW MAJOR
THINGS IN WASHINGTON THAT WE
KEEP AN EYE ON INFRASTRUCTURE
AND THE CONVERSATIONS THERE
WILL CERTAINLY BE
IN FOCUS. BUT IF WE GO BACK TO
THE CAPITAL GAINS. IT'S 39.6%
IS THE NUMB FOR THAT WE ARE ALL
DIGESTING FROM THIS REPORT FROM
BLOOMBERG HOW DO YOU LOOK AT
THIS AND WHAT MAY POTENTIALLY
COME FROM THE BIDEN
ADMINISTRATION, EVEN AHEAD OF
ANY POTENTIAL NEGOTIATIONS THAT
COULD TAKE PLACE IN MARCH.
>> YEAH, WELL IF YOU
LOOK AT THE CONVERSATIONS THAT
ARE GOING AROUND THE CORNER
CAPITAL GAINS TAX RATE TO
28% AND NOW THEY'RE STARTING TO
COME SOME CONVERSATION
THAT MALL IF YOU READ ABOUT 25%
SO WE THINK BY THIS REACTION IS
GOING TO GO HIGH AND
POTENTIALLY MATER. THEY HAVE
CONVERSATIONS WITH
PEOPLE POLLS. SIDES OF THE
AISLE, BUT IF YOU LOOK AT
EQUITY PRICES, WHAT THE
PREVIOUS 3 COUNTIES TAX RATE
INCREASES THEY DID READING UP
IN THE 6 MONTHS TO THE
COMPANY'S TAX RATE INCREASE
THERE WAS THE S AND P 500 GOING
A LITTLE
BIT LOWER. BUT IN THE
6 MONTHS AFTER WE SAW THE
MEDIAN OF DOUBLE DIGIT GROWTH
IN THE S AND P 500 TOTAL.
THE STOCKS THAT DO FOR.
OVER THE FOLLOWING 6 MONTHS
WERE THE
MOMENTUM, STOCKS.
>> AND SO WITH POTENTIAL
PROPOSALS LIKE THIS.
DO INVESTORS LOOK AT IT AND
TYPICALLY SAY TO THEMSELVES OR
RIGHT
THIS IS GOING TO BE A REVENUE
GENERATING OPPORTUNITY THAT IS
ALSO GOING
TO PERHAPS FURTHER SOME OF THE
U.S. SPENDING INTO JOB CREATORS
IN 2 OTHER
ECONOMIC INCENTIVES OR LONG
RUN INCENTIVES. IS THERE IS
THERE THAT KIND OF CALCULATION
INTO WITH THE TAX REVENUE
WOULD GENERATE. OR WOULD GO
TOWARDS WHEN GENERATED OR IS IT
MORE JUST HEY THIS IS
THE HEADLINE. THIS IS WHAT WE
HAVE TO DIGEST RIGHT NOW AND
WE'LL SEE EXACTLY HOW GETS PUT
TO WORK LATER ON.
>> YOU KNOW THOSE
WHO ARE YOU MAKE IT MORE THAN A
100 OR A MILLION SO THAT'S A
VERY SMALL
PART POPULOUS. FOR THE REST OF
I THINK WE SHOULD BE LOOKING AT
WHAT THIS MONEY IS GOING TO GET
PUT INTO WORK WE'VE ALREADY
SEEN WHAT STILL SENDING IT ON
TO THE CONSUMER THE CONSUMER
MAKES UP YOU KNOW NOW REPORTING
70% OF US KAMI AND SEE IF THE
STRUCTURE SPENDING
HAS BEEN LONG OVER DEW SO I
THINK THAT THESE ARE AREAS THAT
THE REST OF THE MARKET SHOULD
BE WORKING AT
INSTITUTIONS BROTHERS.
>> JOHN WHAT WE'VE GOT TO
ACCELERATING IN THE U.S. BUT
MORE BROADLY WE HAVE ALSO
SEEN THIS PULL BACK ON THE
ASTRAZENECA AND J AND J VACCINE
IN THE NEAR TERM. ASTRAZENECA
WASN'T EVEN APPROVED IN THE
U.S. BUT THE AS WELL THIS THE
HALT HAS CERTAINLY STALLED BOTH
THE SENTIMENT. BUT
ALSO THE ROLL OUT OF THE
VACCINE HERE IN THE U.S. THE
U.S. STILL FAR OUTPACING.
THE RATE OF VACCINATION FOR
SOME OF OUR EUROPEAN
COUNTERPARTS SO WITH THAT IN
MIND HOW MUCH OF A HEAD WHEN DO
YOU EXPECT THIS TO BE FOR
EQUITIES AND HOW COULD THIS
IMPACT INDUSTRIES
LIKE TRAVEL THAT ARE ALSO
SEEING SOME OF THE GLOBAL
ISSUES DIRECTLY CORRELATED WITH
THEIR BUSINESSES AS WELL.
>> YEAH ABSOLUTELY AND YOU
KNOW YOUR CORRECT AMERICA HAS
BEEN ONE OF THE LEADERS
IN VACCINATION AND IT FEELS
LIKE AND FEELS LIKE RECOVERY,
WE KNOW WE LOOK AT MISSILE JOBS
COME OUT. YOU KNOW NOT MUCH
OVER THE LONG-RUN AVERAGE
COMPARED TO WHERE WE WERE THIS
TIME LAST YEAR. BUT THE OTHER
HAS BEEN SOME
LIGHTING VACCINATIONS IT MAY
TAKE SOME TIME TO WORK WE ARE
RELATIVELY CONFIDENT, YOU KNOW
GIVEN THE SPEED EFFORT TO
GLOBAL EFFORTS GET VACCINATIONS
OUT THERE.
WE ARE CONFIDENT THAT THIS IS
GOING TO GET WORKED OUT WITH
MANY LOCAL TO SLOW THE LONG RUN
WE'RE
VERY CONFIDENT.
>> YOU KNOW, I'VE BEEN
INTERESTED IN GETTING THE
PERSPECTIVE FROM A FEW OF OUR
GUESTS ON
THIS BUT HOW LONG SHOULD AND
CAN THESE NOT VALUATIONS AS OF
RIGHT NOW
BE MAINTAINED, GIVEN SOME OF
THE MAJOR AVERAGE HIGHS THE
EVEN INDIVIDUAL NAME HIGHS THAT
WE'VE SEEN A RECENT DAYS
AND WEEKS. HOW LONG CAN THAT BE
MAINTAINED EVEN WHEN KIND OF
HAVE THIS SANDS
INTERNATIONAL TRAVEL AND
INTERNATIONAL CROSS-BORDER TYPE
TRAVEL IN
THE EQUATION AS WELL IF THAT'S
IN THE PICTURE AS OF RIGHT NOW
HOW FAR FORWARD ARE WE LOOKING
IN TERMS OF THE VALUATIONS THAT
WE'RE TALKING ABOUT HERE NOW.
IT WOULD
BE ASKED.
>> 100 RIGHT NOW OVER 22 TIMES
FORWARD EARNINGS. YOU KNOW WHAT
I SAW I SAW THAT WAS BEFORE
THE DOT, ALTHOUGH IT IS NOT TOP
TEST ALL DONATIONS, BUT YOU
KNOW IF YOU EXCLUDE
THE TOP 2 NAMES OF THE LARGEST
NAMES IN THE S AND P
500 BY SIZE. THEN WE GO FROM
THE TOP DECILE TO SOMETHING
WARD YOU MENTIONED ONE
67 SO YOU KNOW WE THINK THAT'S
THE HIGH VALUATIONS EVEN THOUGH
WE ARE.
GENERALLY HIGHER BROAD BASED
WE'RE EXPECTING THAT'S YOU KNOW
WHAT THE ACTIVITY COMPOSER.
WE CAN KEEP THE
MULTIPLES SOMEWHAT AND THEN
WITH INCREASED RECOVERY, YOU
KNOW IT WILL EVENTUALLY
OPEN UP AS WE SEE HERE FOR OUR
INTERNATIONAL