{"version":"1.0.0","segments":[{"startTime":3.103,"endTime":3.536,"body":"All right."},{"startTime":3.536,"endTime":5.405,"body":"We're going to kick this off."},{"startTime":5.405,"endTime":7.407,"body":"We're going to cover"},{"startTime":5.405,"endTime":7.407,"body":"a lot of ground today."},{"startTime":7.407,"endTime":10.443,"body":"And I'm going to try to tag on"},{"startTime":7.407,"endTime":10.443,"body":"to a conference call we did."},{"startTime":10.443,"endTime":13.413,"body":"Here at Belpointe"},{"startTime":10.443,"endTime":13.413,"body":"with our advisors around the country."},{"startTime":14.214,"endTime":16.583,"body":"So good to. Show a lot of charts."},{"startTime":16.983,"endTime":20.42,"body":"I'm sure there'll be a lot of questions"},{"startTime":16.983,"endTime":20.42,"body":"and hopefully we can get a few answers."},{"startTime":21.054,"endTime":21.254,"body":"All right."},{"startTime":21.254,"endTime":23.323,"body":"Let's let's look at this first one."},{"startTime":23.323,"endTime":25.258,"body":"S\u0026P 500."},{"startTime":25.258,"endTime":27.093,"body":"Pretty standard chart."},{"startTime":27.093,"endTime":29.195,"body":"The good news, it's up into the right."},{"startTime":29.195,"endTime":31.231,"body":"So the glass is half full."},{"startTime":31.231,"endTime":33.233,"body":"And that green line"},{"startTime":31.231,"endTime":33.233,"body":"that you're looking at."},{"startTime":33.233,"endTime":35.235,"body":"Is blended EPS."},{"startTime":35.235,"endTime":35.902,"body":"For one year."},{"startTime":35.902,"endTime":38.371,"body":"Blended is looking six months forward."},{"startTime":38.671,"endTime":40.974,"body":"Six months backwards."},{"startTime":40.974,"endTime":42.275,"body":"Currently around 271."},{"startTime":42.275,"endTime":45.011,"body":"Dollars, maybe down a little bit from what"},{"startTime":42.275,"endTime":45.011,"body":"it was a couple of weeks ago"},{"startTime":45.145,"endTime":46.446,"body":"at around 274."},{"startTime":46.446,"endTime":48.915,"body":"But all in pretty good news."},{"startTime":49.682,"endTime":51.718,"body":"I think maybe, you know, some of the."},{"startTime":51.718,"endTime":56.156,"body":"Concern in the market on this next slide"},{"startTime":51.718,"endTime":56.156,"body":"is despite the fact"},{"startTime":56.156,"endTime":61.127,"body":"that we're going to have growth"},{"startTime":56.156,"endTime":61.127,"body":"of about 14% year on year for 2025."},{"startTime":61.728,"endTime":63.563,"body":"It's not cheap."},{"startTime":63.563,"endTime":67.267,"body":"We're at around"},{"startTime":63.563,"endTime":67.267,"body":"22 times 22 times earnings."},{"startTime":67.667,"endTime":68.735,"body":"That's the p e ratio."},{"startTime":70.236,"endTime":71.071,"body":"It's elevated."},{"startTime":71.071,"endTime":71.971,"body":"No question about it."},{"startTime":71.971,"endTime":74.14,"body":"It's not the highest"},{"startTime":71.971,"endTime":74.14,"body":"I've seen in my career."},{"startTime":75.341,"endTime":76.81,"body":"But it's expensive."},{"startTime":76.81,"endTime":79.646,"body":"But I don't think that's really"},{"startTime":76.81,"endTime":79.646,"body":"the only, only problem."},{"startTime":79.712,"endTime":81.915,"body":"We are less than 3%."},{"startTime":82.782,"endTime":84.15,"body":"Below the all time highs."},{"startTime":84.15,"endTime":87.72,"body":"And I'm speaking to you"},{"startTime":84.15,"endTime":87.72,"body":"as of Thursday this week."},{"startTime":87.72,"endTime":90.523,"body":"So I'm not going to have Friday's"},{"startTime":87.72,"endTime":90.523,"body":"information."},{"startTime":90.523,"endTime":92.192,"body":"Of how the market closed on Friday."},{"startTime":92.192,"endTime":94.327,"body":"So, of course, anything could happen."},{"startTime":94.327,"endTime":97.464,"body":"But it's pretty clear there's something."},{"startTime":97.464,"endTime":98.998,"body":"Weighing on this market."},{"startTime":98.998,"endTime":101.668,"body":"And you can see it really"},{"startTime":98.998,"endTime":101.668,"body":"when you blow up that chart."},{"startTime":102.302,"endTime":104.671,"body":"I've painted, the Dow moves in red."},{"startTime":104.671,"endTime":106.906,"body":"It's a it's"},{"startTime":104.671,"endTime":106.906,"body":"a, you know, a candlestick chart."},{"startTime":107.273,"endTime":109.209,"body":"Green is up, red is down."},{"startTime":109.209,"endTime":112.245,"body":"And you can see that big gap down."},{"startTime":112.412,"endTime":114.881,"body":"That was the December surprise."},{"startTime":114.881,"endTime":115.748,"body":"That was a Fed day,"},{"startTime":116.783,"endTime":119.152,"body":"December 18th."},{"startTime":119.919,"endTime":121.488,"body":"You see the volume on the bottom there."},{"startTime":121.488,"endTime":123.089,"body":"That was the highest volume."},{"startTime":123.089,"endTime":125.391,"body":"Day for the S\u0026P 500 all of last year."},{"startTime":125.692,"endTime":126.993,"body":"So that's not good."},{"startTime":126.993,"endTime":128.094,"body":"When you see a."},{"startTime":128.094,"endTime":130.53,"body":"Big gap down on high volume."},{"startTime":130.53,"endTime":131.731,"body":"Take notice of that."},{"startTime":131.731,"endTime":134.734,"body":"And it's pretty clear"},{"startTime":131.731,"endTime":134.734,"body":"we're going to have to get above"},{"startTime":135.335,"endTime":139.639,"body":"those those highs,"},{"startTime":135.335,"endTime":139.639,"body":"the kind of repair, all that damage."},{"startTime":139.639,"endTime":143.376,"body":"So it's very clear"},{"startTime":139.639,"endTime":143.376,"body":"something is weighing on."},{"startTime":143.376,"endTime":145.712,"body":"Investors mind and weighing"},{"startTime":143.376,"endTime":145.712,"body":"on the psyche of the market."},{"startTime":145.712,"endTime":147.981,"body":"I think we all know what that is."},{"startTime":148.181,"endTime":149.883,"body":"We're gonna have to dig in and find out."},{"startTime":149.883,"endTime":151.551,"body":"Welcome to the Money Runner."},{"startTime":151.551,"endTime":154.787,"body":"I'm David Nelson."},{"startTime":173.206,"endTime":175.141,"body":"Stock investors always seem to have."},{"startTime":175.141,"endTime":177.01,"body":"Something to worry about."},{"startTime":177.01,"endTime":179.679,"body":"Could be earnings, potential recession."},{"startTime":180.613,"endTime":184.751,"body":"Geopolitical risk, company"},{"startTime":180.613,"endTime":184.751,"body":"risk, systemic risk."},{"startTime":185.652,"endTime":190.223,"body":"But most most of the biggest problems"},{"startTime":185.652,"endTime":190.223,"body":"for stocks start."},{"startTime":190.456,"endTime":191.491,"body":"In the bond market."},{"startTime":192.425,"endTime":194.16,"body":"And that's what I think it is this time."},{"startTime":194.16,"endTime":195.195,"body":"Take a look at this chart."},{"startTime":195.195,"endTime":198.364,"body":"Of ten year yields and this is going back."},{"startTime":198.364,"endTime":199.165,"body":"Five years."},{"startTime":199.165,"endTime":199.966,"body":"And you can see."},{"startTime":199.966,"endTime":203.136,"body":"That we are breaking out of that channel"},{"startTime":199.966,"endTime":203.136,"body":"and pushing higher."},{"startTime":203.703,"endTime":206.773,"body":"Now, the good news is"},{"startTime":203.703,"endTime":206.773,"body":"we haven't touched that 5% level"},{"startTime":206.773,"endTime":210.944,"body":"that that peak rate"},{"startTime":206.773,"endTime":210.944,"body":"we saw back at the end of 2023."},{"startTime":211.277,"endTime":212.512,"body":"I'm going to have a chart about."},{"startTime":212.512,"endTime":215.114,"body":"That and what it meant for stocks"},{"startTime":212.512,"endTime":215.114,"body":"in just a second."},{"startTime":215.114,"endTime":218.251,"body":"But we have broken out of that channel."},{"startTime":218.251,"endTime":223.489,"body":"We did have a good day in in bonds"},{"startTime":218.251,"endTime":223.489,"body":"maybe over the last couple of days on"},{"startTime":223.489,"endTime":227.46,"body":"some what is perceived"},{"startTime":223.489,"endTime":227.46,"body":"as better than expected inflation numbers."},{"startTime":227.46,"endTime":227.927,"body":"But this has."},{"startTime":227.927,"endTime":230.73,"body":"Been a problem"},{"startTime":227.927,"endTime":230.73,"body":"and it's been a problem really."},{"startTime":230.997,"endTime":232.265,"body":"For the last couple of months."},{"startTime":232.265,"endTime":233.933,"body":"I'm going to show"},{"startTime":232.265,"endTime":233.933,"body":"you when all this started."},{"startTime":235.401,"endTime":238.171,"body":"Part of why this is happening."},{"startTime":238.171,"endTime":239.439,"body":"Is this next chart here."},{"startTime":239.439,"endTime":241.241,"body":"Term premium on a ten."},{"startTime":241.241,"endTime":243.109,"body":"Year zero coupon bond."},{"startTime":243.109,"endTime":247.88,"body":"What what is that kind of wonky stuff"},{"startTime":243.109,"endTime":247.88,"body":"where you're looking at there in that."},{"startTime":247.88,"endTime":249.949,"body":"Short what that chart is telling you."},{"startTime":249.949,"endTime":252.151,"body":"Is. Term premium is"},{"startTime":253.319,"endTime":256.923,"body":"the amount of return"},{"startTime":253.319,"endTime":256.923,"body":"a bond investor wants to get above"},{"startTime":256.923,"endTime":259.459,"body":"and beyond a short term security"},{"startTime":261.794,"endTime":262.395,"body":"for taking the."},{"startTime":262.395,"endTime":264.964,"body":"Risk of extending his duration."},{"startTime":264.964,"endTime":268.268,"body":"And you can see that"},{"startTime":264.964,"endTime":268.268,"body":"this has been trending higher."},{"startTime":269.035,"endTime":271.971,"body":"And now this chart goes all goes back"},{"startTime":269.035,"endTime":271.971,"body":"several decades."},{"startTime":272.105,"endTime":274.307,"body":"It goes back all the way to 1990."},{"startTime":275.041,"endTime":277.243,"body":"And you can. See"},{"startTime":275.041,"endTime":277.243,"body":"that we've broken that downtrend."},{"startTime":277.243,"endTime":281.547,"body":"In fact, if this was a stock chart,"},{"startTime":277.243,"endTime":281.547,"body":"I'd want to buy it."},{"startTime":281.814,"endTime":285.451,"body":"Because that's a that looks like"},{"startTime":281.814,"endTime":285.451,"body":"it's breaking out and it might push higher"},{"startTime":285.451,"endTime":288.087,"body":"and that's bad news for stocks."},{"startTime":288.488,"endTime":292.091,"body":"Higher yields"},{"startTime":288.488,"endTime":292.091,"body":"generally means lower multiples."},{"startTime":292.091,"endTime":294.861,"body":"And if we're gonna have lower. Multiples,"},{"startTime":292.091,"endTime":294.861,"body":"then that means the."},{"startTime":294.861,"endTime":296.863,"body":"Earnings"},{"startTime":294.861,"endTime":296.863,"body":"growth has to be that much higher."},{"startTime":297.597,"endTime":299.532,"body":"For for stocks to support themselves."},{"startTime":300.7,"endTime":304.57,"body":"Now, we had a fair amount of inflation"},{"startTime":300.7,"endTime":304.57,"body":"news."},{"startTime":304.57,"endTime":306.439,"body":"This week earlier in the week."},{"startTime":306.439,"endTime":307.54,"body":"The first one up was."},{"startTime":307.54,"endTime":309.575,"body":"The CPI Producer Price Index."},{"startTime":309.842,"endTime":313.313,"body":"This chart goes back five years"},{"startTime":313.313,"endTime":316.549,"body":"now, if I'm told"},{"startTime":313.313,"endTime":316.549,"body":"it was better than expected."},{"startTime":317.55,"endTime":320.086,"body":"But this chart does"},{"startTime":317.55,"endTime":320.086,"body":"not give me a lot of comfort."},{"startTime":320.386,"endTime":323.222,"body":"It almost looks like it's trying"},{"startTime":320.386,"endTime":323.222,"body":"to break out to the upside here."},{"startTime":324.524,"endTime":328.227,"body":"In fact, on that day"},{"startTime":324.524,"endTime":328.227,"body":"when they when it was reported ten."},{"startTime":328.227,"endTime":330.763,"body":"Year bond yields, the long"},{"startTime":328.227,"endTime":330.763,"body":"end of the curve actually pushed a little."},{"startTime":330.763,"endTime":333.333,"body":"Higher kind of kind of a negative here."},{"startTime":333.933,"endTime":337.003,"body":"The better one was the CPI,"},{"startTime":333.933,"endTime":337.003,"body":"which came out on Wednesday."},{"startTime":337.47,"endTime":339.238,"body":"And stocks love this news."},{"startTime":339.238,"endTime":340.239,"body":"I mean."},{"startTime":340.239,"endTime":341.908,"body":"We had a monster day."},{"startTime":341.908,"endTime":343.142,"body":"On Wednesday and it."},{"startTime":343.142,"endTime":346.412,"body":"Almost looked like"},{"startTime":343.142,"endTime":346.412,"body":"the the bull market of. Old"},{"startTime":348.047,"endTime":349.615,"body":"tech, the great."},{"startTime":349.615,"endTime":350.616,"body":"Large secular."},{"startTime":350.616,"endTime":352.852,"body":"Growth,"},{"startTime":350.616,"endTime":352.852,"body":"the great. Financials were. Killing it."},{"startTime":353.419,"endTime":355.388,"body":"Financials actually started reporting."},{"startTime":355.388,"endTime":358.658,"body":"On Wednesday, and for the most part"},{"startTime":355.388,"endTime":358.658,"body":"the numbers were great."},{"startTime":359.092,"endTime":361.861,"body":"BlackRock, Jp morgan, Wells Fargo,"},{"startTime":361.861,"endTime":367.233,"body":"Citigroup, all great numbers and all the"},{"startTime":361.861,"endTime":367.233,"body":"all those stocks pushed a lot higher,"},{"startTime":367.867,"endTime":371.471,"body":"a very, very positive day."},{"startTime":371.471,"endTime":373.873,"body":"And yet we have this weight"},{"startTime":373.873,"endTime":376.609,"body":"on our heads, you know, on the market."},{"startTime":377.844,"endTime":381.414,"body":"And we keep going back to when we keep"},{"startTime":377.844,"endTime":381.414,"body":"looking at what yields are doing"},{"startTime":381.414,"endTime":382.315,"body":"and we keep."},{"startTime":382.315,"endTime":384.45,"body":"Looking at this chart right here. U.S."},{"startTime":384.45,"endTime":385.718,"body":"yield curve."},{"startTime":385.718,"endTime":388.821,"body":"And it's not a pretty sight"},{"startTime":385.718,"endTime":388.821,"body":"and it frightens"},{"startTime":388.955,"endTime":391.858,"body":"stock investors that yield curve on top."},{"startTime":391.858,"endTime":393.092,"body":"That's today."},{"startTime":393.092,"endTime":393.893,"body":"Right?"},{"startTime":393.926,"endTime":396.796,"body":"The yield curve on the bottom"},{"startTime":393.926,"endTime":396.796,"body":"isn't that long ago."},{"startTime":396.796,"endTime":400.4,"body":"That was taken as a snapshot"},{"startTime":396.796,"endTime":400.4,"body":"from September 16th,"},{"startTime":401.033,"endTime":405.471,"body":"right around the time"},{"startTime":401.033,"endTime":405.471,"body":"the Fed made its initial cut."},{"startTime":405.805,"endTime":407.373,"body":"Of 50 basis points."},{"startTime":407.373,"endTime":410.977,"body":"And what was the,"},{"startTime":407.373,"endTime":410.977,"body":"you know, the start off of"},{"startTime":410.977,"endTime":414.781,"body":"what was supposed to be a very aggressive"},{"startTime":410.977,"endTime":414.781,"body":"recutting cycle."},{"startTime":414.781,"endTime":417.25,"body":"And, of course, now we've learned that"},{"startTime":418.351,"endTime":419.152,"body":"it's not going"},{"startTime":419.152,"endTime":422.188,"body":"to be as much as we had thought."},{"startTime":422.188,"endTime":423.79,"body":"Nevertheless, this has become a problem."},{"startTime":423.79,"endTime":427.226,"body":"The ten year yield"},{"startTime":423.79,"endTime":427.226,"body":"since then are up over 100 basis points."},{"startTime":427.393,"endTime":431.931,"body":"That's a substantial move, and it's"},{"startTime":427.393,"endTime":431.931,"body":"a substantial loss for any bond investor."},{"startTime":431.931,"endTime":433.866,"body":"That was invested on the long"},{"startTime":431.931,"endTime":433.866,"body":"and of the curve."},{"startTime":433.866,"endTime":435.635,"body":"Now bonds are pretty oversold."},{"startTime":435.635,"endTime":438.004,"body":"In fact, I made a trade recently."},{"startTime":438.004,"endTime":442.809,"body":"Almost a swing trade, and bought 20 year"},{"startTime":438.004,"endTime":442.809,"body":"treasuries for some tactical portfolios."},{"startTime":442.809,"endTime":445.077,"body":"We'll see how that works out."},{"startTime":445.077,"endTime":446.679,"body":"It is designed."},{"startTime":446.679,"endTime":448.381,"body":"For a short term move."},{"startTime":448.381,"endTime":451.918,"body":"Not necessarily a secular position"},{"startTime":448.381,"endTime":451.918,"body":"that I'm going to hold for for"},{"startTime":451.918,"endTime":453.686,"body":"for a long period of time."},{"startTime":453.686,"endTime":456.355,"body":"But nevertheless,"},{"startTime":453.686,"endTime":456.355,"body":"these bond yields are a problem."},{"startTime":456.889,"endTime":459.225,"body":"And in fact, the short end of the curve"},{"startTime":456.889,"endTime":459.225,"body":"is a problem as well."},{"startTime":459.225,"endTime":463.095,"body":"Because even though we had a monster"},{"startTime":459.225,"endTime":463.095,"body":"move in stocks, you would have thought."},{"startTime":463.429,"endTime":466.566,"body":"They were moving higher"},{"startTime":463.429,"endTime":466.566,"body":"because of an anticipation"},{"startTime":466.566,"endTime":469.969,"body":"that there was going to be more aggressive"},{"startTime":466.566,"endTime":469.969,"body":"on the rate cuts than we had perceived."},{"startTime":471.17,"endTime":474.04,"body":"Not showing up in Fed fund futures yet."},{"startTime":474.04,"endTime":477.643,"body":"The first chart here you're looking at,"},{"startTime":474.04,"endTime":477.643,"body":"that's a snapshot from last week"},{"startTime":478.578,"endTime":481.013,"body":"and that's maybe"},{"startTime":481.013,"endTime":483.516,"body":"at most two by two cuts to 25."},{"startTime":483.516,"endTime":485.585,"body":"Basis point cuts from where we are today"},{"startTime":487.386,"endTime":489.589,"body":"puts you somewhere below or around"},{"startTime":489.589,"endTime":493.759,"body":"4% by the end of this year."},{"startTime":493.759,"endTime":497.497,"body":"The chart snapshot on Thursday,"},{"startTime":493.759,"endTime":497.497,"body":"the day after."},{"startTime":497.497,"endTime":500.9,"body":"That monster move in stocks"},{"startTime":497.497,"endTime":500.9,"body":"almost the same place."},{"startTime":500.9,"endTime":501.334,"body":"So it's."},{"startTime":501.334,"endTime":502.535,"body":"Not showing up in Fed."},{"startTime":502.535,"endTime":505.171,"body":"Funds futures yet."},{"startTime":505.171,"endTime":510.142,"body":"Just yet."},{"startTime":510.142,"endTime":514.046,"body":"When you're looking at the broad market,"},{"startTime":510.142,"endTime":514.046,"body":"the first thing you have to identify is"},{"startTime":514.046,"endTime":516.349,"body":"what's working,"},{"startTime":514.046,"endTime":516.349,"body":"what. Isn't, and what's. Next."},{"startTime":516.949,"endTime":519.852,"body":"And when you look at a sector chart"},{"startTime":516.949,"endTime":519.852,"body":"that's up on your screen"},{"startTime":519.852,"endTime":523.623,"body":"right now,"},{"startTime":519.852,"endTime":523.623,"body":"it is almost the inverse of what we."},{"startTime":523.623,"endTime":527.126,"body":"Had last year. On top energy."},{"startTime":527.126,"endTime":532.899,"body":"Energy is killing it up over"},{"startTime":527.126,"endTime":532.899,"body":"8% year to date and we're only two weeks."},{"startTime":532.899,"endTime":534.066,"body":"Into the year."},{"startTime":534.066,"endTime":535.768,"body":"Industrials doing well."},{"startTime":535.768,"endTime":538.304,"body":"Other cyclical sectors like materials."},{"startTime":538.304,"endTime":540.606,"body":"Doing well on the bottom,"},{"startTime":541.307,"endTime":543.809,"body":"technology and consumer staples."},{"startTime":545.311,"endTime":547.68,"body":"Yet inside that technology"},{"startTime":547.914,"endTime":551.484,"body":"sector, there's a lot of stocks"},{"startTime":547.914,"endTime":551.484,"body":"doing very, very well."},{"startTime":551.484,"endTime":554.554,"body":"But for most of them,"},{"startTime":551.484,"endTime":554.554,"body":"the market caps are a little bit smaller"},{"startTime":555.121,"endTime":557.623,"body":"and it's not some of the usual suspects."},{"startTime":559.025,"endTime":561.594,"body":"Apple had a very bad day today."},{"startTime":561.594,"endTime":564.33,"body":"I'm recording this on Thursday,"},{"startTime":561.594,"endTime":564.33,"body":"down. Over 4%."},{"startTime":564.33,"endTime":567.166,"body":"I think that was maybe the worst day"},{"startTime":568.267,"endTime":570.236,"body":"since August."},{"startTime":570.236,"endTime":572.371,"body":"But underneath the tech sector,"},{"startTime":572.605,"endTime":575.708,"body":"there were a lot of other names working."},{"startTime":575.708,"endTime":577.944,"body":"One of the things, one of the tools I use."},{"startTime":578.311,"endTime":581.48,"body":"When I'm trying to identify what's driving"},{"startTime":581.48,"endTime":583.983,"body":"the tape is factor performance."},{"startTime":584.617,"endTime":587.086,"body":"I've run a quantitative equity"},{"startTime":587.086,"endTime":589.322,"body":"portfolio called Alpha Select, and,"},{"startTime":590.69,"endTime":592.592,"body":"you know, factor performance is a big part"},{"startTime":592.592,"endTime":596.195,"body":"of the analysis"},{"startTime":592.592,"endTime":596.195,"body":"that I need to do for that portfolio."},{"startTime":596.195,"endTime":602.068,"body":"And when I look at factors, I try to look"},{"startTime":596.195,"endTime":602.068,"body":"on a long, short basis where you go long."},{"startTime":602.068,"endTime":604.403,"body":"The best part of the factor"},{"startTime":602.068,"endTime":604.403,"body":"go long the worst part."},{"startTime":604.537,"endTime":606.005,"body":"Let me give you an example of that."},{"startTime":606.005,"endTime":608.107,"body":"You're looking at a chart from last year."},{"startTime":608.474,"endTime":611.477,"body":"Some of the the major factors in a market."},{"startTime":611.777,"endTime":613.112,"body":"Momentum or price."},{"startTime":613.112,"endTime":617.783,"body":"Momentum was the best performing"},{"startTime":613.112,"endTime":617.783,"body":"broad factor last year."},{"startTime":617.984,"endTime":621.153,"body":"It started rolling over towards the end"},{"startTime":617.984,"endTime":621.153,"body":"of the year and you saw that showing up"},{"startTime":622.021,"endTime":624.09,"body":"in some of the largecap secular"},{"startTime":622.021,"endTime":624.09,"body":"growth names."},{"startTime":624.624,"endTime":627.393,"body":"But in a long. Short fashion."},{"startTime":627.493,"endTime":629.161,"body":"You're long the highest momentum."},{"startTime":629.161,"endTime":630.93,"body":"You're short the lowest momentum."},{"startTime":630.93,"endTime":635.401,"body":"The worst performer last year was value."},{"startTime":636.035,"endTime":639.505,"body":"And in that factor,"},{"startTime":636.035,"endTime":639.505,"body":"you be long, cheap, short, expensive."},{"startTime":640.473,"endTime":642.508,"body":"And the others were somewhere."},{"startTime":642.508,"endTime":643.609,"body":"Somewhere in the middle."},{"startTime":643.609,"endTime":646.579,"body":"Now, so far, year to date, it's kind of."},{"startTime":646.579,"endTime":648.08,"body":"Early to say"},{"startTime":648.414,"endTime":651.651,"body":"up momentum and growth"},{"startTime":648.414,"endTime":651.651,"body":"that they are on top."},{"startTime":651.651,"endTime":655.021,"body":"We're only two weeks into this and it's"},{"startTime":651.651,"endTime":655.021,"body":"only the start of the earnings season."},{"startTime":655.588,"endTime":658.09,"body":"And frankly, we have a lot ahead."},{"startTime":658.09,"endTime":661.794,"body":"As a matter of fact, on Monday is a"},{"startTime":658.09,"endTime":661.794,"body":"is inauguration day."},{"startTime":662.261,"endTime":664.864,"body":"Expect a flurry of news"},{"startTime":664.864,"endTime":667.333,"body":"coming out of washington."},{"startTime":668.034,"endTime":671.07,"body":"President Biden, I think"},{"startTime":671.07,"endTime":674.473,"body":"made 300 executive orders"},{"startTime":671.07,"endTime":674.473,"body":"right out of the gate."},{"startTime":674.774,"endTime":675.107,"body":"I don't know"},{"startTime":675.107,"endTime":679.478,"body":"if Trump will do as many of them,"},{"startTime":675.107,"endTime":679.478,"body":"but embedded in those executive orders"},{"startTime":679.945,"endTime":682.715,"body":"will be a lot of information"},{"startTime":679.945,"endTime":682.715,"body":"and a lot of those executive orders"},{"startTime":682.715,"endTime":684.917,"body":"are going to affect the markets"},{"startTime":682.715,"endTime":684.917,"body":"in some fashion."},{"startTime":684.917,"endTime":687.92,"body":"So expect a lot of activity next week."},{"startTime":687.92,"endTime":689.789,"body":"We're going to have a lot on our plate"},{"startTime":689.789,"endTime":693.092,"body":"and we're going to have to examine this"},{"startTime":689.789,"endTime":693.092,"body":"in the days, weeks and months ahead."},{"startTime":693.693,"endTime":695.161,"body":"All right."},{"startTime":693.693,"endTime":695.161,"body":"I'm going to cut it short today."},{"startTime":695.161,"endTime":698.664,"body":"It's late,"},{"startTime":695.161,"endTime":698.664,"body":"and I'd like to get home to my wife."},{"startTime":698.664,"endTime":702.601,"body":"Don't forget, if you want to learn"},{"startTime":698.664,"endTime":702.601,"body":"more about David Nelson or the Money."},{"startTime":702.601,"endTime":705.471,"body":"Run a podcast, please go to my substack"},{"startTime":702.601,"endTime":705.471,"body":"site."},{"startTime":705.471,"endTime":708.741,"body":"dcnelson123@substack.com."},{"startTime":708.741,"endTime":710.042,"body":"I'm David Nelson."},{"startTime":710.042,"endTime":713.546,"body":"And this is The Money Runner."}]}