INDUSTRIALS UP 150 POINTS NASDAQ UP 66 TO TALK MORE ABOUT MARKETS, RIGHT NOW, HOW TO INVEST IS DARRELL HANLEY MANAGING DIRECTOR EQUITY PORTFOLIO, GREAT TO SEE YOU THANKS SO MUCH.>>REACTION TO THE MIDTERMS AND EFFECT ON MARKETS?>>YES I THINK, THE MAIN THING FOR THE MARKETS REALLY WAS FOR US TO GET PAST MIDTERMS WITHOUT SURPRISES I THINK EXACTLY WHAT HAPPENED SO GOOD NEWS UNCERTAINTY PAST MIDTERMS GOT WHAT WE EXPECTED IN TERMS OF HOUSE GOING DEMOCRATIC, THE REPUBLICANS IN SENATE SO I THINK THAT MARKETS LOOK TO NEXT THING WHATEVER THAT IS MOVE FORWARD.>>THEE THINGS FIRST AND FOREMOST THE FED STRONGER DOLLAR HAS HAD IMPACT ON THIS MARKET THE FED CERTAINLY INFLUENCES THAT SECOND THING IS TRADE, RIGHT WE HAVE SEEN EARNINGS REPORTS OUT PEOPLE ARE TALKING ABOUT, THEIR SELLING INTO AT THE EMERGING MARKETS ESPECIALLY HES CONSUMER DISCRETIONARY SIDE PEAK OPERATING MARGINS PEAK THIS PEAK THAT WHAT IS TAKE WHERE TO POSITION INTO THE MARKET THREE OVERHANGINGS, I KNOW ON IN HOW 20% — I AGREE.>>LET ME TAKE IN DIFFERENT ORDER, SO RATES FIRST NORMALLY WE WOULD TALK ABOUT RATES MORE THAN WE ARE. BECAUSE WHEN FED STARTS RAISING RATES THREE STEPS STUMBLE GENERALLY MEANS THAT WE SLOW DOWN A LITTLE FORWARD SHOULD BE BIGGEST ISSUE IN TERMS OF MONETARY POLICY THIS YEAR FISCAL STIMULUS JUICE AT THE END FOCUSING ON RATES, EARNINGS A LOT THEREFORE MARKET HAS ANOTHER GREAT YEAR. TARIFFS TO ME TRADE TARIFFS ARE THIS NEW ISSUE THAT IS REALLY WEIGHING ON THE MARKET, BECAUSE IT IS UNCERTAIN WHAT IS HAPPENING CLEARING IMPACT ON DECISIONS ON COSTS, WEIGHING ON THE ECONOMY, SO FRANKLY I AM HOPING THAT IS SOMEWHAT A POLITICAL HOT BUTTON GETTING THROUGH ELECTIONS WILL HELP FOCUSING ON RESOLVING THAT ISSUE.>>I CAN TURN THOSE ISSUES TO THE NEW CONGRESS, COMING IN IN JANUARY, THIS THEY WILL HAVE TO RATIFY THE MEXICO CANADA TRADE DEAL NUMBER ONE IN TERMS OF INTEREST RATES, YOU HAVE A CONGRESS THAT NEEDS TO GET CONTROL OF SPENDING CAN THAT HAPPEN WITH DEMOCRATS CONTROLLING THE — [LAUGHTER] — THE –>>THE — YOU THINK NANCY PELOSI HELPING TO LEAD HOUSE DO YOU THINK SUDDENLY FISCAL RESTRAINT IS GOING TO BECOME –>>FLOIS WAY THAT HAPPENS.>>IF REPUBLICANS IN THE SENATE GROW UP, REALIZE THERE IS NO BLANK CHECK.>>MARKETS WILL GET NERVOUS AS INTEREST RATES GO HIGHER WITH 21, 20 –>>WE ARE PAYING CLOSE TO A BILLION DOLLARS A DAY INTEREST ON THAT DEBT.>>THE INTEREST JUST INTEREST PAYMENT. DAGEN: ANNUAL BUDGET DEFICIT GOES TO A TRILLION DOLLARS. IN MATTER OF MONTHS BUT, AGAIN, IF YOU SEE SPENDING RESTRAINTS THAT HELPS KEEP THOSE CONCERNS IN CHECK POTENTIALLY.>>AN ISSUE FOR MARKETS.>>I THINK IT IS ALREADY BEEN AN ISSUE, OBVIOUSLY RISING RATES PART OF THE PROBLEM I DON’T THINK WE ARE GOING TO SEE RESOLUTION FRANKLY ON THE BUDGET SIDE BACK TO WHAT HE WAS SUGGESTING EARNINGS PEAKING, WHAT ARE WE GOING TO DO PART OF THAT IS I THINK THE MARKETS READJUSTED A LITTLE BIT WE HAVE SEEN MARKET COME DOWN SOMEWHAT IS IMPORTANT YOU KNOW, WE STILL DON’TCY A RECESSION COMING DON’T SEE RECESSION COMING THOSE ARE SLOWING A THIRD OF EARNINGS GROWTH FROM TAX CUTS AS WE ROLL TO NEXT YEAR RIGHT THAT THIRD IS GOING TO BE GONE COMPARED AGAINST — WE ARE SEEING GROWTH I THINK THAT IS IMPORTANT SO YES, THINGS ARE SLOWING, ACTUALLY FROM OUR PERSPECTIVE VALUE MANAGERS WE HOPE THAT MEANS VALUE TENDS TO TAKE FOREFRONT RISING RATES THINGS SLOWING VALUE IN MARKET BUT THE CYCLE LED A LONGTIME BY GROWTH WE ARE STARTING TO SEE TRANSITION WE HOPE WITHIN MARKET SO STILL WAYS FOR US TO CAPTURE A REAL VALUE, BUT IT WILL BE DIFFERENT IN THE WAYS WE INVEST.>>WHERE IS THE VALUE WHAT DO YOU LIKE 86 BILLION DOLLARS ASSETS UNDER MANAGEMENT HOW DO YOU INVEST.>>RIGHT NOW OVERWEIGHT HEALTH CARE, INDUSTRIALS, WE HAD A SIGNIFICANT WEIGHT IN FINANCIALS, DISCRETIONARY YOU HAVE TO BE CARE THERE ARE PLACES WHERE IF A FAIRLY VALUED SOME NAMES BELOW 10 SEEMS EARNINGS NICE DIVIDEND YIELDS.>>YOU ARE TALKING ABOUT PAY GREAT DIVIDEND NOW OVERHANGING OF THE ELECTION IS GONE HOPEFULLY, YOU KNOW, THAT MAXINE WATERS FINANCIAL SERVICES COMMITTEE IN HOUSE WON’T BE A BIG SFWHURD NEW HEADLINED RISK YOU TALKED ABOUT IT FOR PHARMACEUTICALS HEALTH CARE COMPANIES COMING OUT, IT IS HARD TO QUANTIFY BUT RISK NONETHELESS.>>TO HAVE YOU TRY TO SEPARATE — HARD BETWEEN HEADLINE RISK IMPACT ON EARNINGS CASH FLOWS WE HOPE FROM FINANCIAL SPECIFICITY REGULATORY CHANGES STILL HAPPEN, RIGHT, AND FUNDAMENTALS MAY SLOW, WE STILL HAVE A GOOD ECONOMY WHEN IT COMES TO HEALTH CARE YES, THERE IS CONVERSATIONS AROUND PRICING, DRUG SIDE BUT OTHER THINGS HELPED LIKE MANAGED CARE AT THIS POINT, OBVIOUSLY OBAMACARE IN PLACE, SO YOU HAVE TO BIFURCATE TRY TO FIND

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8 thoughts on “Don’t see a recession coming: Portfolio manager”

  1. I hope the economy crashes sorry the stock market crashes. Let all these wealthy perverted sick people lose their damn money and their companies.

  2. Everything's fine. Everything's great. Like a heroin or coke addict saying their life outlook is rosy after they just got some more drugs, or like these shmos looking at the Dow Jones going up for a few days as a sign of everything being ok and looking good again. A 7 year old could literally tell you that's not how economics works.

  3. remember none of these pundits or Wall St guys predicted the recession, even though it was blatantly obvious, in the years leading to the 08 financial crisis.
    They have a vested interest in getting you to buy stocks to keep the bubble inflated.

  4. How about people just become financially independent??? For example, I guarantee a recession would not even phase Warren Buffett or Bill Gates or Oprah Winfrey or the President

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