Delving into the Debate over a Potential Stock Market Overvaluation

Are we in the midst of a stock market bubble? Our latest episode tackles this burning question with a deep dive into the surprising resilience of financial markets as we push ahead into 2024. We examine the significance of staying invested and risk-tolerant in the face of market fluctuations, underscored by the halted JetBlue and Spirit Airlines merger and the surge in Bitcoin's value impacting companies like Coinbase. Reflecting on recent market performances, we discuss pivotal earnings reports and Jerome Powell's monetary policy testimonies, offering a nuanced perspective on the current financial climate and what it might mean for your portfolio.

This jam-packed episode features insights from financial heavyweights, including Ray Dalio, who weighs in on the stock market bubble debate. Against a backdrop of robust economic growth and tempered inflation fears, we explore hedge funds' cautious stances and consider the implications of Goldman Sachs economists' projections on how new GLP-1 medications could bolster GDP. As we navigate through high valuations and record highs of the Nasdaq, we present a balanced exploration of the complex forces at play in today's markets, providing you with the clarity needed to make informed decisions.

Wrapping up, the conversation shifts to the tech and finance sectors, where giants like Apple and Google are facing pivotal challenges, and General Electric's corporate restructuring looms large. We dissect the potential impacts of these developments on investors and the broader market, without offering advisory services. Instead, we stress the importance of personal due diligence, reminding our listeners that our discussion is meant to inform and educate, directing those in need of tailored advice towards our additional resources. Tune in for a candid look at the forces shaping the financial landscape as you navigate your investment journey.

** For informational and educational purposes only, not intended as investment advice. Views and opinions are subject to change without notice.

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Transcript

Alan Eppers: 0:00

And now introducing Mr. Keith Lanton.

Keith Lanton: 0:03

Hi, good morning. Today is Monday, march 4th, first Monday in the month of March. The 1st of the year is now passed and we have once again defied expectations, proving once again how difficult it is to be a soothsayer and predict what financial markets will do or how they'll react, both in the equity and the fixed income markets, or what the Federal Reserve will do with respect to interest rates and how the US economy will act. And once again, here we are surprised, certainly from the equity perspective, pleasantly surprised by the extreme strength we've seen in financial markets going into 2024, which is why, once again, critically important to remain invested, and remain invested with the risk tolerance that you're comfortable with. Keep in mind that in a rising market, it's easy to become euphoric and often forget what our risk tolerance is and our true comfort level is. And that's critically important to know yourself and also to work with a financial advisor so that, when the tide does go out, as it invariably does and Warren Buffett talked about this many times, about the tide going out and seeing who's swimming naked that you have the conviction to remain true to your investment philosophy. Otherwise, you will get washed out, despite having enjoyed tremendous gains, selling at the bottom, whatever the bottom is, is not the path to future success. Get that portfolio structure right, make sure it's in line and in sync with you, your investment objectives and your risk tolerance, and to truly know yourself.

Keith Lanton: 1:55

So, speaking about knowing yourself, I'm going to start today with some quotes from the philosopher Buddha. So Buddha said nothing is forever except change. Be where you are, otherwise you will miss your life. What you are is what you have been. What you'll be is what you do now. An idea that is developed and put into action is more important than an idea that exists only as an idea. Being deeply learned and skilled, being well trained and using well-spoken words this is good luck. And a few more nothing can harm you as much as your own thoughts. Unguarded Everything in moderation, including moderation, pain is certain. Suffering is optional.

Keith Lanton: 2:43

So, as you think about the financial markets this morning, we've got a lot going on. I'm going to talk today about the past week, the strength of the financial markets, perhaps give some context to it. Then we will talk about Barron's and their views on where we may be headed, whether or not we are in a bubble or whether or not we are just in a good old fashioned bull market and we'll talk a little bit about Google, some tax breaks you might want to think about and a fixed income ETF that may or may not be appropriate for investors looking for income. So, as we are getting started this morning, we are seeing futures modestly to the downside. Last night I looked and we are now seeing Dow futures a little bit more than modestly to the downside. So we are seeing about 150 points lower on Dow futures. S&p futures are down about 9 points below fair value and Nasdaq futures are actually up about 2 points.

Keith Lanton: 3:48

Market right now is looking for direction ahead of Strong Week last week and the busy week in terms of news flow coming this week. This week we have earnings from influential retailers like Target and Costco. Other notable names reporting earnings include Broadcom and Oracle. Importantly, this week, fed Chair Powell will deliver his semi-annual monetary policy testimony to a House Committee on Wednesday. In a Senate panel on Thursday, mr Powell is also expected to reiterate the views that there is no rush to cut rates and he is also expected to comment on other Fed officials. Recently there is no US economic data of no today, but this week does feature the employment report which will come out on Friday. We will talk a little bit more about that.

Keith Lanton: 4:36

In corporate news, jetblue and Spirit Airlines just announced the termination of their $3.8 billion merger. The Justice Department had challenged it and now they are calling it quits trying to make that happen. Macy's symbol M up this morning about 20% as the two companies that are seeking to acquire Macy's are Calcim, brigade Capital, have increased their offer to $24 per share, macy's this morning trading a little bit over $21, so still some questions on whether or not that's going to happen. Coinbase this morning is rising as Bitcoin is a little bit over at least it was a little while ago but trading right around the $65,000 level of Bitcoin up significantly. Coinbase is a beneficiary of that. Coinbase trading about 12 points higher.

Keith Lanton: 5:32

There is a lot of Bitcoin euphoria out there, not quite in a record, but approaching that $65,000 level and continuing to benefit from strong demand from the spot exchange traded funds which were launched in January. The blistering rally for the digital asset is causing record inflows into ETFs, with the products from BlackRock and Pidelity Attracting the most money and others that cutting costs to keep up. Amid that the resistance, the crypto on Wall Street is disappearing day by day, more and more Wall Street analysts starting to accept Bitcoin as a Quote-unquote real asset class. We'll see if that's something that is also emblematic of euphoria or whether or not this is the sea change and we're starting to see more acceptance of Bitcoin Overseas. In Japan, the Nikkei 225 surpassed the 40,000 Point mark for the first time earlier Yesterday, opening the door to more gains and causing at least one trading app to briefly crash as customers rushed in Taiwan. Taiwan semiconductor symbol TSMC, the world's largest chip foundry, also hit a new all-time high as Attract the bouncer semiconductor stock in the Nasdaq and benefited from the optimism of AI growth.

Keith Lanton: 6:53

We are seeing Wall Street, the analysts and strategists, continuing to raise their target on the on the S&P 500. Latest is Bank of America's Vita, sub Romanian. She raised her target on the S&P 500 also, goldman Sachs strategist David Coestrin Saying that he also last week raised his estimates and he came out with commentary saying that the big tech-led rally is backed by Fundamental and doesn't resemble, he said, past bubbles bond traders. Meanwhile it's still looking to snap up us debt on the assumption that the US will eventually slow losses in the bond markets in 2021. Have all the wiped out any extra gains if you had bonds over cash?

Keith Lanton: 7:44

What's been fueling this rally is a strong earnings. The strength of corporate earnings has helped the mood for US equities, with more than three quarters of S&P 500 firms surprising to the upside. We are seeing the earnings being one of the primary drivers for the market. However, one laggard is Apple, which is getting increasing bearishness from analysts. Barons also spoke about Apple as being a possibility is one of the reasons that markets may lose some momentum, and this morning it was hit with a 1.9 billion dollar EU anti-trust vine over music streaming and Goldman Sachs removed Apple from its conviction list.

Keith Lanton: 8:27

In China, chinese Premier Lee Queen Queen will not hold the press conference at the country's national people's Congress, the first time a sitting premier has done so or not done so since 1993. This will remove a rare platform for investors to learn more about the policy direction of the country as Premier Xi continues to consolidate the power. Speaking of cryptocurrencies, it's not only Bitcoin which is up about 6% this morning and about 27% over the last week. We are starting to see some smaller, more exotic coins shoot dramatically higher. Shibu Inu is up about 180% over the last week. The mean coin dog If hat, whose icon is a dog with a hat you guessed right, is up about 400 and percent the past week, and Just to confirm that the speculation is Running strongly in the in the crypto space, both Robin Hood and coin base are once again near the top of the Apple App Store Ranking.

Keith Lanton: 9:33

I'm also if you're looking for some signs of perhaps some overheatedness, at least in the short term. If you look at measures of weekly call options and volume traded we sent recent weeks have been at or near the highest levels ever, and this is all happening despite the fact that we are no longer at the near zero interest rates. You may remember some of the speculation that that you know cryptocurrencies were moving to or to highs, and the previous rally was largely attributed to the fact that we were at or near zero interest rates, and this time around, with Fed funds rate five and a quarter, five and a half percent. Some are suggesting that this is more emblematic of the fact that the crypto is becoming a Accepted asset class and we'll see how this continues to unfold.

Keith Lanton: 10:23

Overseas, asia Pacific region began the week mostly on a higher note. We talked about Japan top and 40,000 on the on the index over there than a K Also in in Europe. We're seeing the markets there mix the relatively flat Oil this morning down about 50 cents to just under $80 for Brend. Crude gold is down for 40 gold trading just under $2,100 an ounce. Geopolitical news Hamas demanding a permanency spire in exchange for a lease of hostages, but Israel supports a six week ceasefire, according to CNN.

Keith Lanton: 11:01

Bloomberg reporting that Fed chair Jerome Powell is expected to say there is no rush to cut rates and its congressional testimony this week. Financial Times saying that the Chinese president g will resist pressure for markets to increase stimulus. Wall Street Journal reporting that Donald Trump leads president Biden by two points in a general election matchup. At voters perception of the economy have improved and that the most important issue to voters right now is immigration. Today the Supreme Court will rule on whether or not Donald Trump is eligible to hold office, and over the weekend the house came to some sort of agreement in terms of keeping the government funded, and the house is expected to vote on and pass six spending bills this week to fund half of the government through September 30th and lawmakers will negotiate the other half of the bills before March 22nd. And Florida Governor DeSantis vetoed a bill that would have banned social media usage for kids under the age of 16.

Keith Lanton: 12:03

One of the stocks that's kind of the face of some of the exuberance in the artificial intelligence space, that is, a super micro computer, that stock, as well as a Decker's outdoor corp which makes UGF. Those two companies are set to join the S&P 500 index, both moving higher this morning. The super micro shares have jumped about a thousand percent since the end of 2022, including a more than three-fold jump in 2024, taking its market cap to fifty point six billion dollars and as part of a quarterly rebalance and most widely followed stock index, which is the S&P 500. Super micro and Decker's will join the S&P 500 on Monday, march 18, replacing Whirlpool and Zion Bank Corp to reflect the changing dynamics here in the US economy as two of those kind of certainly Whirlpool household name, zion Bank Corp for those in the financial space a name that has been a big name for many years and seeing those companies no longer within the S&P 500 and being replaced by up and comers.

Keith Lanton: 13:18

Barron's talking about last week and what we saw last week. We talked about Warren Buffett. In his annual letter to Berkshire Holders shareholders. He highlighted that he said he felt there were no transformative deals out there and no possibility of eye-popping performance. Still, berkshire Hathaway reported strong earnings, including big gains in Japanese stocks. Also last week, apple reportedly abandoned its effort to build an electric car and it's going to concentrate its efforts on AI. Reports that might that Apple had invested up to ten billion dollars in those efforts and cutting the court on that.

Keith Lanton: 14:01

And moving forward, what's going on this week? I said there's a handful of companies reporting results. This week that includes Target, crowdstrike, ross Stores, broadcom, costco and Kroger. This week Also, we talked about the Fed Reserve Chairman Powell testifying before Congress and then on Friday the Bureau of Labor Statistics released the jobs report for February and sent this estimate for an increase of 200,000 non-farm payrolls, while the unemployment rate remains unchanged at 3.7 percent. With all eyes on anticipating what the Fed's next move will be, the Friday employment report will be something that gets lots of attention could be market moving in the bond market.

Keith Lanton: 14:44

Speaking about the bond market, we are seeing lower prices, higher yields on bonds. This morning we are seeing the six months up about two basis points to 5.30. The two year is up about five basis points to 458. The ten year up four basis points to 4.22. And the 30 year is trading in around a 4.36 yield. That's also up about four basis points. So market's moving higher.

Keith Lanton: 15:11

The question is are we in a bubble? The stock market looks like a bubble, baron says. What is it really In the up and down Wall Street column in Barons Barons stating that this stock market shows no signs of quitting just yet. You wouldn't know it from all of the hand ringing going on. Searches on Google for the words stock bubble have reached their highest level since January of 22. Strategists are fielding questions from worried clients on just how frothy the market is. All of this when the S&P 500 just ended the week up 9 tenths of 1 percent. It was enough to force Bridgewater Associates founder Hedge Fund investor Ray Dalio into the fray with a nearly 1,000 word missive on why the market is not, in his opinion, in a bubble.

Keith Lanton: 15:59

Of course, there's more to the consternation than just the past week. The S&P 500 just finished the first two months of 2024 up 6.87 percent, best start to the year since 2019. Nasac was up over 1 percent, close to the month at its first record highs since November of 2021. Valuations of 20.6 times forward earnings are also high relative to history. Median PE ratio of the S&P 500 is 10 biggest stocks higher than in 2020, higher than 2010,. And even higher than the dot-com bubble peak in 2000, when it was around 25 times.

Keith Lanton: 16:38

And there's more to worry about than just big gains and nosebleed valuation. This inflation is slowing. The Federal Reserve isn't going to deliver the seven rate cuts to the markets we're expecting at the start of the year. Signs of fraud are certainly showing up in places like we discussed in Bitcoin, which is up over 20 percent in the past seven days and it's just about 5 percent below its record high. And then we already discussed Supermicro, which has ridden the artificial intelligence hype to astronomical highs, despite all that Barron says in this article. It is time to stop worrying the one. The economy continues to hold up far better than anyone expected. Fourth quarter growth domestic product was just revised to touch low at a 3.2 from 3.3, but remains strong. That strength probably continued in 2024. The Atlanta Fed GDP Now model is pointing to 3 percent growth during the first quarter of this year. Inflation does remain strong in the Fed would like, but January's personal consumption expenditures price index, which came out last week, was an inflation data point that didn't come in and it become extremely concerning or was not obviously hawkish?

Keith Lanton: 17:50

We talked about the head of strategist at Bank of America. She's also quoted in this article as saying that, while Wall Street strategists are generally more bullish than bearish, fund managers are taking a dim view on the world. Long only mutual funds have hedged their downside risk by keeping their exposure to economically sensitive stocks relative to the defensive ones near their lowest level since the financial crisis in 2008-09. Hedge funds are protecting themselves against the downturn by keeping their betas, or exposure relative to the market, at similar levels. Hedge funds are also underweight stocks that would benefit from higher inflation and good economic news. She goes on to summarize that hedge funds are hedged against everything but positive hell risk. Even the market concentrations don't appear to be a big risk at the moment.

Keith Lanton: 18:40

John Colavos, the chief technical market strategist and macro risk advisor, says that the S&P 500 as a whole not the average stock in the index that has been the big winner for investors over time. He says that since 1998, the S&P has gained 300%, while the value line geometric index, which he calls a proxy for the average stock, has risen just 17 percent. And he attributes that huge gap in performance or outperformance of the S&P 500 to the fact that the S&P 500, although it is an index, is like an actively managed index with a momentum bent. The winners get bigger and the losers get the boot. We just talked about that Decker's and Supermicro computer getting added and boring old line firms at least that's the perception of the day like Whirlpool and the Zion's Bank Corp, getting nudged out. Instead of expecting the worst, investors should accept that the bull market that began in October of 22 is only half over, at least based on history. That's according to Ned Davis research, which says the average bull market is 1930. As last as 694 days, this one's only 344 days old, implying it's only at its midpoint. So Barron summarizes this article by saying stop calling it a bubble, it's just a run of the mill bull market. Looking for another reason to perhaps be optimistic about the market? Well, look no further, goldman Sachs says.

Keith Lanton: 20:12

Then, these new GLP-1 medications. These are the drugs that were originally created to help diabetics, that are leading to weight loss, and the thought process here is that these drugs, like Osempic, which are becoming widely popular, the Goldman Sachs economists, joseph Briggs and Devis Kodnani, are saying that they could produce an increase to GDP. Well, why is that? Their thesis is that the reduction in obesity related health concerns could potentially boost US GDP by 4 tenths of 1%, and as much as 1% with widespread uptake of the weight loss medications. Their reasoning is that health problems in the US have reduced labor force participation by 2 to 3 percentage points over the past three decades. Early deaths subtract the further 2 tenths of 1% from the annual labor supply growth. And then there are those who have to care for sick individuals, taking them out of the workforce. In all, that totals about 3% subtraction from the workforce due to unhealthy people and the effects of others having to care for those folks who aren't in good health. So, based on an analysis of a number of academic studies, the Goldman economists estimate that these obese individuals are less likely to work and are less productive when they do. These estimates imply a 3% per capita reduction in their output. That would translate to about a 1% cut in total output, giving the 40% incidence of obesity in the United States. They go on to say if 30 million Americans were to use GLP-1 drugs and 70% of those people experience benefits their baseline estimate is US GDP could be boosted by 4 tenths of 1%.

Keith Lanton: 21:58

If you're looking for sources of concern in this market, well, barron suggests perhaps taking a look at one of the former darlings, and that is Apple. They say that Apple could finally drive this bull market down or, at the very least, slow it down. They talk about the fact that Apple, which is currently trading at around 180 and is now this morning breaking below 180, which is an important support level for the stock is starting to see their sales growth continue to stagnate. Then they say that, as investors grow more and more frustrated with the revenue stagnation that is possible that Apple could drop below $170 and thereby drag the S&P 500 down with it. That might end the fear of missing out and the sort of momentum that has gotten built into financial markets as more and more people jump on the bandwagon.

Keith Lanton: 22:57

Another stock they say that they have some concern about is Google. Google is facing a real AI threat in search and they say it might be time to be concerned. Not writing Google off, but nevertheless suggesting that Google is facing a threat for the first time in many years. Saying Google has built one of the best businesses ever. The Alphabet search unit controls more than 90% of the global internet search market, which allows the company to sell an astonishing amount of advertising $238 billion in 2023 alone, but now fears are starting to creep in that that could become unglued by a torrent of new competition from artificial intelligence. To be sure, though, that has not happened yet. By one estimate, google still accounts for 39% of the global ad market, and Google is the fifth largest US company by market cap valuation at $1.7 trillion. But the Alphabet slash Google story is showing some cracks. At a recent $138 a share shares a flat this year, trailing the 8% gain in NASDAQ and the 42% rise for digital advertising rival Meta, alphabet is trading in a market multiple, with its lowest forward PE ratio among the magnificent seven, and the issue is Google. Search business, which is once in a unassailable iron fortress, now looks vulnerable, and for that you can thank AI and technology, in which Google, ironically, played a leading role.

Keith Lanton: 24:32

The emergence over the past 15 months of generative AI chat box, like OpenAI's chat, gbt, anthropics, clawed and Google's own Gemini, which used to be called Guard, have created new ways for consumers to find data. That's not to suggest that the bots will squash Google the way Google crushed its competitors like Altavista, excite and Ash Gives back in the late 90s, but Google's search generation now seems less certain, and that's creating at least three big issues for Google, not counting Uncle Sam's push to declare the company an unfair monopolist. Just as they're facing, ironically, competition. But Google now faces the prospect of an eternal game of chat bot whack a mole. In Silicon Valley, for instance, people can stop talking about an AI-powered search engine. Perhaps you've heard of it. Hasn't gotten the same attention as chat GBT, but in Silicon Valley, lots of folks are talking about perplexity. This is a chat bot AI-powered search engine that is funded by NVIDIA, by Amazon founder, jeff Bezos, shopify CEO and other tech luminaries. Perplexity has a clean search interface, kind of like Google, with an option to pay a $20 month for a supercharged chat GBT-style natural language experience. Now Google is countering these efforts and considering its own $20 a month subscription to Gemini with its most advanced AI model. But there are questions on whether or not Google can monetize their AI capabilities to the same extent that they're able to sell their advertising, and since they control 90% of that market, even a small chink in their armor would be significant, given how much market share Google currently does have. Also, this article goes on to summarize that even if Google were to incorporate more AI which they are doing into their searches, it is more expensive for them to incorporate that AI. So there are pressure on margins as Google now has to react to the changing landscape.

Keith Lanton: 26:43

Now, for all the worries, not a single Wall Street analyst calls Google a sell. Of the 66 analysts who follow Alphabet, roughly 80% have buy ratings, though there is growing skepticism among the 20% that rate the share as a hold that the future may not be as bright for Google as the most recent past. Finally, before I turn to Bond Market, the cover story of Barron talks about the general electric, which is being broken up into three separate companies, one of which is already public GE Healthcare. And in the near term we are going to get the spin off of the current general electric into a GE Aerospace, and that will be also. And then we will have the Power Generation Company, which will be known as Vernova, larry Culp being given lots of credit for saving general electric by breaking it up.

Keith Lanton: 27:42

Ge is near the end of its five-year journey back from the brink For investors the Looming Corporate Breakup. The experience is only the beginning. Larry Culp has taken the debt load of General Electric from the 2018, which stood at about $112 billion, company that was generating about $2.5 billion in cash flow. Things that looked precarious. Investment ratings on the debt were getting downgraded at a rapid pace and Larry Culp went to work. He reduced the debt load from $112 billion. Now the debt load of these three companies is about $21 billion. Cash flow is on the uptick. This year it approached $6 billion.

Keith Lanton: 28:25

And the final move for General Electric is on April 2. The only general electric stock well, the remaining stock will be split into two. The parent company will be renamed GE Aerospace and will be a maker of airplane engines, and the power business will be spun off and named GE Vernova. Shareholders will receive one GE Vernova share for every four GE shares, barron suggesting that buying General Electric stock ahead of the split could well pay off handsomely. They say there's a strong case that the two stocks together will be worth more than the expected existing shares and expect to hear more on that when GE Management makes the case for the new companies during its investor day on March 6 and 7. They say the truth is all three new companies will be dominant players in their respective industries and, remarkably, all three will have investment grade credit rating.

Keith Lanton: 29:16

Finally, moving on to the world of bonds and fixed income and Barron's highlighted an ETF, an actively managed ETF managed by Rick Reeder at BlackRock. He is their chief investment offeror of Global Fixed Income, a 36-year bond veteran, and he is managing the BlackRock Flexible Income ETF. The symbol is BINC Boy, ida, nancy, charles, or BINC which launched last May, and he is optimistic that he can deliver quality income with reduced volatility and, at least so far, based on his initial track record, he has been succeeding in doing that. So the fixed income markets, as Brad has spoken about, have been extraordinarily volatile in the last couple of years. In fact, the volatility index so the VIX for the bond market, is also known as the MOVE index, which is a measure of interest rate volatility, and that MOVE index has been running about twice as high over the past two years as it did during the previous two, and it's currently at levels not seen since the 2008-2009 financial crisis. Witness the swings in the iShares US aggregate bond index and the ETF that is created to track that index, agg, which tracks an index of investment grade bonds. It was up 8% in the first two months of this year and it is now down 2% year to date, mostly due to interest rate swings. The good news is that it's possible to get high yields and a lot less volatility than the index. So says Rick Reeder, and he says that his BIMC is delivering on that promise.

Keith Lanton: 31:09

Securities held in the actively managed BlackRock ETF current portfolio average a 6.9% yield, compared with about 5% for the IShares AG ETF that we just discussed. Since inception, binc has returned 7.1% compared with 1.3% for AGG, with about half of the volatility. Barron's asked reader how it's done. Essentially, reader says he seeks out asset classes that have the highest yields and represent good values. He does dip into risky areas, but his goal is to keep the overall portfolio at an investment grade rating. Thanks to the transparency of the ETF structure, we as investors and Barron as journalists, can see exactly what he's been up to. Currently, corporates make up about 22% of the assets in the portfolio, equally divided between US and European names. About 24% of the assets are in US junk or high yield bonds and 14% are in European high yield debt. Emerging markets make up about 6% of the portfolio, means that he looks for higher quality and high-range 6% yields in places like Mexico, brazil, indonesia and South Africa, and securitized products make up about 29% of the portfolio and provide yield plus diversification A big reason BINC has had less volatility is because it takes unless interest rate risk.

Keith Lanton: 32:38

The portfolio's affected maturity is just five years. He says reaching for any yield beyond what he's currently generating is just not worth it. You take on, in the current environment, significantly more risk to try and increase the yield of his current portfolio. Let's say you wanted to go from the current 6.9% to 7.5% to 8%. The amount of risk you'd have to be taking on, he feels, would not be justifiable. So currently looking at that 6.9% yield, obviously, that's not a fixed rate. As market conditions change and the price of the ETF changes, that will also be affected, and the expense ratio fo r this this fixed income ETF is a reasonable 40 basis points!

Alan Eppers: 33:31

Thank you for listening to Mr Keith Lanton. This podcast is available on most platforms, including Apple Podcasts, Spotify, and Pandora. For more information, please visit our website at www. heroldlantern. com.

Sophie Cohen: 33:51

Opinions expressed herein are subject to change and not necessarily the opinion of the firm. Past performance is no guarantee of future results. The information presented herein is for informational purposes only and is not intended to provide personal investment advice. It is important that you consider your tolerance for risk and investment goals when making investment decisions. Investing in securities does involve risk and the potential of losing money. The material does not constitute research, investment advice or trade recommendations.