Tariff mentioned, AI and views

00:00 Speaker A

Office this week. Here is a little more of what you told us.

00:04 Speaker B

We had this 25% rally from the deep stalls, right? The expectations from this perspective are much higher. Now, I think um, you know, we have seen rather steamed reactions to very solid numbers, you know that so far throughout the quarter.

00:20 Speaker C

I assume that we are probably okay in relation to the companies that meet expectations, but the mistakes will probably be punished much more than usual. I don't think investors have patience to really deal with companies that are missing with one of these estimates.

00:43 Speaker D

For me it is the way many people say at the end of the sentence, right? So I said that all flags go in the right direction. Yes. currently.

00:53 Speaker A

So, Mark Malik makes this point that there is still a lot of uncertainty here in this market, especially when it comes to tariff and guidelines. She only talked about what the Fed could do. This is also an overhang on the market. We will hear more companies in the course of the winning season, especially those who react more sensitively to the Tariffront, and hopefully this gives investors a little more clarity, but at least from what we saw this week, the bar was low. However, the reaction of the investors is certainly high and good is simply not good enough. Lou, make your attitude too. Income season. I mean, we are still early, Lou, but you have the big banks, um, a lot of great technology on the way. What do you do so far what you heard?

01:21 Lou

Yes. In the past, it is usually beaten and gathered. I think we are beaten and late, um, just because I think everyone wants to see that the majority of the market will surpass expectations. Remember that the result should only be about 6% growth in the last quarter, and we have 12%. I think they had reduced expectations. When we survive the big technical names, they see that this performance continues. From here there is plenty of space to gather.

01:43 Speaker A

What are you, what do you listen to, Lou, on the call? Some of the topics, tariffs, consumer economy and when we go deeper in the winning season, I have a strategist on the show that they expect more CEOs and CFOs to say: “Do you know what? There is too much uncertainty. I do not provide any instructions. I will not offer a prognosis?

02:01 Lou

Yes, I do not expect that in the last quarter we actually made 51 S&P 500 companies to achieve the guidelines for this, which violates the grain. I am really looking for how much acceptance we see in the mention of the word tumbles, how much increase in the word AI and then really the instructions, right? You can have a quarter that is, but what you are looking for and the people who raise instructions. That would be the real statement that this market can move higher, even if we do not receive interest reduction because the profits are higher.

02:26 Speaker A

Ali, with these calls I will otherwise ask you a lot more calls that you will monitor. What are some of the topics, the trends you want to listen to?

02:34 Ali

Yes, I think Lou spoke to a good point that we apparently achieved top uncertainty in relation to the tariff front. Companies seem to have a little more where the future of the economy leads, especially since the hard data, retail sales, for example this week, are classified strongly. We have unemployed claims at solid levels. Overall, the health of the US economy initially appears stable. That is the overarching topic here. So I am only looking for what companies say about the resistance of the consumer whether they see cracks under the surface or not, and we didn't hear that up to this point. All large banks have proclaimed a resistant consumer. Netflix on the call last night said they don't see any trade. You see no other shopping behavior. So far everything seems to be good on the consumer side. However, there is this trend when it comes to consumers with high incomes compared to these consumers with lower incomes. I am excited to hear from some other companies that may be more exposed to this type of consumer to see if there are deeper cracks under the surface.

03:28 Speaker A

Another faster, Lou when we go into the mouth of the winning season here, right? In view of the summer melt that we have seen, you are concerned that we look here in any way?

03:42 Lou

Yes, I mean, the reviews are definitely stretched. I think you have to be a stock picker, not an indexer in this market. I mean when you look, you spoke about Netflix. Ali said it was 14 40 times -forward gains. This is rich of anyone metric. Um, we have already talked about energy, traded with really low ratings, tied about 15 times. So I think that these market conditions with profit growth for maybe another 5 to 10% in the main indices are good, but if you are sure to look for double -digit digits, you must become a single stock picker.

04:09 Speaker A

In order. Thanks, Ali. Appreciate it.