Decoding the Stock Market with Barbara Doran | Buy Hold Sell

[00:00:04] It's fitting that on National Popcorn Day, you'd have stocks poppin' higher! We see the S&P 500 reaching all time high today. The bulls are running once again in 2024, but will they stay?

[00:00:17] Welcome everyone to Buy Hold Sell, I am your trader Todd Schoenberger and my partner and co-host, Tobin Smith, seems to be away on assignment! Who knows, he's missing in action, we're sending out a crew to find him.

[00:00:29] But regardless, we're going to have a show. Barbara Doran is our featured guest today. She is the CEO and CIO of BD8 Capital Partners. Barbara, welcome to the program! Dad, delighted to be here. Thank you.

[00:00:42] Absolutely, I gotta say, you're back again the first time you were with us. It was a few weeks ago, well maybe 10-12 weeks ago, you really called the market, you really saw how the stocks were going to end the year in 2023. Here we are in 24.

[00:01:00] I gotta say, it's kind of been a little bit of a ho-hum time. We missed the Santa Claus rally, yet this week alone we see stocks are rising a little bit more, you had a big update today,

[00:01:11] consumer sentiment looks solid, but what do you think Barbara? Is this bull run is going to stay for the time being? Yeah, I think it is. I mean if you remember last year at the beginning

[00:01:21] of 23, people were very pessimistic. There had been so many calling for a recession for months before that and they were sure in 23 we'd have that recession. Well, we know how that's played out. Inflation continued to come down, if holding me, but you saw it was 6.5% in December

[00:01:38] of 22. In my year in 23 it was down to 3.1%. So the pessimists were not well positioned. So I think there was a huge catch-up rally as we saw in the fourth quarter.

[00:01:50] And part of that you just saw not only the mega cap stocks, which had the mega cap tech, which had been outperforming given how they were trashed the year before. And that was very painful

[00:01:59] because I own a lot of them. But it was also you had big breadth in terms of small cap, industrial cyclicals. It was everything and people thinking oh we've got the breath trade to find me the markets going out. Well coming into January, people no longer were

[00:02:12] thinking recession. The consensus has been soft landing and I know I and I think a lot of investors expected to see a pullback, which would be totally normal after such a big run. And I expected in the mega cap tech names. Instead what's happened you saw

[00:02:26] small caps, the Russell 2000 gave a Paphitz gains. You have not seen the rally broadening out. In fact you saw the old leadership tech names resurging and doing it again. Like I think NVIDIA is already up 20% year-to-date. This is the new year. Yeah. So I think this has

[00:02:43] surprised everybody in terms of just the short-term market volatility. But I think what's happened going into the new year we thought okay that we really feel confident the Fed is done hiking. Given what we've seen with inflation, the economy's holding up, then it was really the uncertainty.

[00:02:58] What's become uncertain is well we thought maybe they would hike or they would cut rates quickly and starting in March. Well the probabilities in March, the Fed fund futures has gone down from

[00:03:08] 70 to 43%. And I think that's way too high. I think it's going to be pushed out. And the reason is simple. One, the Fed would cut if one would look like we were tanking and going to recession,

[00:03:19] horrible things were happening. That's clearly not happening. Two, they would cut if we with the real rates were going to be too high and if they felt inflation was beat. Well we're not sure inflation is licked yet because if you're looking at

[00:03:31] economic strength, we had as you just mentioned, consumer confidence numbers this morning were the best in decades or the best and not the best but in percentage terms the biggest jump in decades. You had expectations for inflation coming down both now and in the future that's

[00:03:48] important because that affects spending decisions. You saw retail sales better than expected for December. Jobless claims last Thursday which comes out weekly, they were less than expected and jobless claims are a leading indicator. When you start to see that jump up then

[00:04:03] you start to go wow we're really starting to roll over and people are getting fired or laid off. So what I see is you see a pretty strong economy. It is moderating but one thing I'm thinking about

[00:04:14] Todd and not a lot of people are talking about on the housing, you've seen what's happened in this rates peak mortgage rates peaked at 8% in October and probably average 7% last year.

[00:04:26] Right now as of last week it was 6.6% and you have seen a big perk up week to week in refi applications, new sales pending all this sort of thing. And so people start to move into

[00:04:40] there and I think they probably will because when you start to see rates coming down and you also see there's something like 10 trillion in untapped equity in people's homes that could be used

[00:04:51] and you saw buyer intent up 10% in December. So if that starts that has a huge ripple effect on the economy. So lots of strength coming and so I think the inflation numbers are going to be key

[00:05:03] PCE the Fed's favorite inflation indicator next Friday you know will be important but poor PCE is averaging 1.9% the last six months. That means they've met their target at least in one important way. So we might be this could be an incredible time you know

[00:05:20] inflation's beat and we've still got an incredibly healthy economy. Yeah I have to agree with you there. There you go you are bullish and that's wonderful here. I will say and I do agree with you that it's

[00:05:34] great to be bullish there are so many factors that seem to show us that okay you have inflation is coming down it isn't the you're right the PCE might be a 1.9 in the last six months

[00:05:46] but overall when you start looking at that CPI number which is the number that really is on the headline of the Wall Street Journal and that's what investors are looking at that's what Americans

[00:05:56] are looking at. But realistically though the it doesn't seem like we're ever going to hit that 2% target at least the year over year number 2% because the Fed will actually start cutting rates before we even reach that level because if they wait till that level let's be honest

[00:06:15] it's probably going to be too late anyway. What are your thoughts on rate cuts because that is a big piece of this whole puzzle as far as keeping that bull run going? Yeah it really is true and you

[00:06:26] know it's you mentioned the CPI last week because CPI was a little bit hotter than expected although core was not but you know the very next day you had the PPI which is wholesale prices

[00:06:36] and that is actually better leading indicator than the CPI because for obvious reasons it's wholesale what's going on in the chain before it gets to the consumer. So you may have an interesting

[00:06:46] you know possibility that the Fed does not need to cut rates that much you know and that the economy keeps chugging along given wages and you know employers seem reluctant to let people go

[00:06:59] as quickly as they did in the past given the pain that just went through and trying to find people so I do think they're going to push off any cuts until second half of this year although

[00:07:09] probabilities people are giving higher probability like 80% in May but they may just as insurance depending what and they are still they keep saying data dependent they are indeed so if they start to see more things rolling over because you know we've had every ongoing recession and manufacturing

[00:07:25] those numbers are not improving you know housing is a problem because the um so many there's such an uh shortage of existing homes for sale because people so many have 3% they're not going to pay

[00:07:36] 6% but once rates start to come down that will loosen up you know and that's going to really start the economy you know um really an additional growth like as I said in the economy so the um

[00:07:48] you know we'll see if it's they should start to heat up as a result the Fed then would hold steady so I I'm not sure we're going to see big aggressive rate cuts this year we will see

[00:07:56] something likely but it's not looking like we will given the current set of data we have which can obviously change in a few months I completely agree with you I don't understand where people

[00:08:07] are thinking that it's an automatic conclusion that you're going to see rate cuts I mean the consensus just a couple weeks ago was that March we were going to see rate cuts and it just

[00:08:18] doesn't make any sense especially with with the labor market being as healthy as it is you mentioned jobless claims numbers are down I mean we still get that monthly jobs number

[00:08:27] that seems to be very healthy and so when you see that it's hard to understand why the Fed would actually start cutting rates I will say this if they do wait till the second half then they're at risk

[00:08:40] of really looking like they're favoring the incumbent and it is an election year so it's what it's interesting I wonder what the discussions are because they can't talk about they're not going to publicly say talk about politics but they're in Washington of course

[00:08:55] are talking about politics so as a result do they cut earlier or do they wait until after the election I think that's where the real conundrum is in all of this because I'm certain that the Fed

[00:09:07] figured hey we were going to have such a slow economy with very limited job growth with the rate hikes that we saw we just haven't seen that uh so far so but I like your your conclusion

[00:09:21] though with that when you're talking to your clients at bd8 I mean are they still we talk about and you touched on this the amount of money on the sidelines it's five trillion dollars sitting in

[00:09:33] money markets do you see your clients are they are they asking you saying okay should we deploy this money are they really trying to get in it like they're that FOMO trade where they have to

[00:09:44] be involved well that's always the the key thing if you start to see FOMO but no I you know there's still PTSD from 22 you know I mean that's when either stocks nor bonds you know perform

[00:09:55] particularly well and particularly if you're in growth names like I invest in because that's over the long run I believe that the way to create true wealth but so now I have clients

[00:10:04] still PTSD you know and uh and don't want to go chasing things but we are still primarily in stocks and there's some cash accounts that you know we're getting our 5.3 yield whether it's

[00:10:15] through the a money market fund or short-term treasuries and I think that's also a question in terms of you know it's actually I think closer to six trillion of money market funds and that was

[00:10:24] five trillion a year you know a year ago so you do have money that can roll in and I think some of that would go to longer duration fixed income you know because that's you want to

[00:10:34] lock in rates before they come down um you know dramatically and also some will go into equities because there will and I think that's what you saw at your end a lot of people rushing to

[00:10:43] get positions because you know you want to show that you own you know some of these great names so but you know I wouldn't you know get back to your you would mention this point about um the election

[00:10:52] coming up as far as I mean whoever knows what's going on behind the you know the curtain but this Fed and I think the Fed chiefs in general have tried to be as apolitical as possible right

[00:11:04] I agree yeah and I think that POW has demonstrated an amazing amount of integrity there's also all the Fed presidents in the different regions are allowed to speak their mind they they're not speaking

[00:11:15] just you know the company line they give their honest and opinions and they're all varied and the message though has been number one they are committed to fighting inflation that's why I think

[00:11:23] you know they are not going to lower cut rates anytime soon meaning in this first half because they do not want to blow that inflation but at the same time I've heard them all along

[00:11:32] be very aware that it's a dual mandate you know jobs we want to make sure Americans are employed so right now they're you know and people ask is there still the lag defect from last year's hikes

[00:11:43] doesn't look like it I mean you know who really knows but I think that um the Fed will you know continue to go cautiously and if they need to cut rates because it's looking like that balance you

[00:11:55] know is first off it may be that things continue as they are good growth inflation coming down and then at a certain point as you just said you do want to cut rates the real rates then

[00:12:04] would be you know if they got down to their target rate 2% and the Fed fund rates were still five and a quarter that's 300 you know basis points of real restrictive monetary policy

[00:12:14] and that would start to bite at some point yeah so I think if that that would be a good reason to have to cut you know um so that but we'll see I think the PCE and the inflation data the next

[00:12:25] few months is going to be really important if it sort of stalls out you know we saw it last year there was sometimes like we had last week a little blip up you know and then it would

[00:12:32] continue it was like you know this so you know I think that's we'll determine I think it's hard to know right now you know how I don't think they would keep the election in mind if anything they'd

[00:12:42] want to avoid the appearance but in the end they would I think decide to do the right thing as they well that's the tricky thing I mean you're absolutely right they need to stay away from

[00:12:53] any any hint that they are doing anything on behalf of of a presidential candidate and yeah so they start cutting rates that I mean markets would just soar and then you'd have the wealth

[00:13:05] impact and all this stuff and that really will help as you know Barbara people do go with their wallet so yeah that would be something wasn't that interesting to have this morning though what

[00:13:15] you're seeing and there was even an article in the Wall Street Journal about people are finally feeling more confident in the economy because I you know it takes again this PTSD thing you

[00:13:24] know I mean COVID being in lockdown and all that had long lasting effects and I think it takes a while much longer than we thought you know to unwind those emotional effects and really get back to

[00:13:34] normal but there's also an interesting thing that in 16 of the last 16 presidential cycles I mean the year of the election the market was always up 16 for 16 wow you know it's great yeah so hopefully this will you know for the investors amongst us you know that will

[00:13:53] continue to be true but I think it will I think it will yeah I think you're right about that I mean a lot of the strategists that we've had on lately have really talked about how this is an election

[00:14:01] your history points out that when you have an incumbent trying for reelection it definitely helps the markets but well time will tell and we'll see what happens let's leave it on that

[00:14:12] block right now because I have to ask you and I and I'm guessing our search crew what I understand they're still looking for Toby I'm gonna guess that he probably went away for the weekend

[00:14:23] he's probably traveling somewhere so I need to ask you about travel and leisure stocks I gotta get your opinion there when we come back so so with us today is Barbara Durant she is the CEO and CIO

[00:14:36] of BD8 capital partners and we'll be right back after the break please stay with us by hold sell brought to you by cross check management get ready for a revolution in business podcasting with the weekly money clip this game changing

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[00:15:55] financial you are listening to Tobin and Todd on buy hold sell welcome back to buy hold sell we'll still know word about toky so we're just gonna let him go and not even worry about him

[00:16:15] because we're just going to assume he is traveling and having a wonderful time because he is missing his assignment on this show but that's a whole other story for with me today on this one on one

[00:16:26] interview is Barbara Durant she is the CEO and CIO of bd8 capital partners Barbara you have been on the news you're on CNBC weekly everybody's talking about you because you have so many great

[00:16:40] stocks so many great picks that you share with your clients I gotta ask you about travel and leisure though what do you think because here we are we're going into the spring months you

[00:16:50] got spring break you got summertime coming up everybody wants to get away and get out of the cold what's your thoughts though in that sector well it's interesting Todd it's been a great

[00:17:00] sector whether it's in the hotels or cruise lines it's been super this last year and airlines airlines is more problematic because they're much more susceptible to cyclic alveoli and

[00:17:13] oil prices but I think the cycle has more to go there's still a lot of pent up demand and if you talk to any of the operators in any of the categories they still see very strong demand

[00:17:23] I however I think at some point this demand is going to normalize and I had sold at the end of last year you know month ago I have positions in Expedia and Airbnb that I'd held an Expedia I bought last

[00:17:37] year because it is a competitor booking.com which is a great name which I also own but it was half the PE and for good reasons their growth rate was half of it but they had all these

[00:17:46] initiatives in terms of marketing and getting things organized on the same platform so there was a sort of one of these self-help stories but I had a double in the name I looked into this year

[00:17:56] and even with the Fed the anticipation of the Fed being done hiking rates and probably cutting at some point this year I thought the travel is going to normalize and I didn't want to be you know

[00:18:07] caught in like oh gosh Peloton or Zoom you know Zoom I had owned and unfortunately wrote it down a little bit after the pandemic and gave back some of the gains you know not all so

[00:18:19] you know I wanted to be careful here so I sold probably half my positions in Expedia and Airbnb great names that they are because they both from when I bought them had doubled so I still own some

[00:18:30] of them but I think this is where it's that whole question of risk management when positions get too big or you anticipate a possible change but you still think there's more to go what do you

[00:18:40] do often you just lose position sizes so I think if you're in these names you know you can stay long but I think you should start to trim positions because you know the travel

[00:18:50] demand will start to normalize at some point I think probably this year I would think it would I mean right I mean we've been hearing the studies that you have a lot of people that are

[00:19:00] the business bit corporations are telling their their people look you can have the hybrid model but the majority of the time you got to be in the office plus you have travel that's going

[00:19:09] to be happening so uh so and I can see that especially with industry conferences really ramping up this year um but I have to ask you though with the airlines uh as you know there's

[00:19:21] the Boeing 737 the Alaska Airlines flight that took off from Portland Oregon it reached uh 16,000 feet and then had the blowout on the side because of the faulty plug what are your thoughts on

[00:19:33] Boeing because that stuck at crush once that news came out yeah and you know frankly I had owned Boeing from a couple years ago thinking that once the 737 max all the stuff from the accidents

[00:19:45] they'd done a lot of damage control I thought the stock was cheap and it just was way too early as you know they kept having one misstep after another and I finally kicked out you know most of

[00:19:55] it um sometime last year well then of course is when they finally started to get their act together you saw China recertify they started to execute better and it looked like um and I

[00:20:06] was watching it run up going run up going hmm I should have been a little more patient because the cash flow um they're looking at cash flow of about 10 billion estimated for the 25 26 time frame

[00:20:16] well of course then we have this door blow off you know on the a couple weeks ago or more than that at this point yeah and which really sent the stock down you know to about 230 at first

[00:20:27] and people thought okay we'll see this might be a one-off and then of course you know the Hounds you know saw blood in the water you know and just you know jumped on it and so there's more

[00:20:36] delays when the the FDA said they are not the FDA but the FC which one is it? FAA. Yes thank you the FAA one of them. Yeah yeah one of them one of the F's anyway that they would do even more

[00:20:49] thorough inspection I think people just ran for the hills and so the stock got down to 200 and I thought okay even though we don't know how extensive it will be it's not going to do

[00:20:58] rail the stock was off 23% from it's it's high at the start of the year so at that point you go more than it is more than discounting whatever bad news lies ahead so I think there was a good

[00:21:09] buying opportunity in there now you know I think what's going to happen you'll probably find in it but it would just be a guess that it's not a system a deep systemic issue that's going

[00:21:19] to ground all their planes forever and all that sort of thing so it probably still is a buying opportunity but that uncertainty will keep the stock under some pressure but I do expect

[00:21:27] it you know it's probably going to be good news and working its way back up you know probably should get backed at least 225 230 and then depending once people can analyze the extent of the damages

[00:21:39] in terms of long-term grounding it could get back to its its high and go even higher. Yeah that'd be a really nice gain of maybe 15% off of these current values. Yeah and I will say with Boeing

[00:21:51] the question would be whether you have these these companies that go out and lease these planes and they're the ones that are actually buying the planes if they start switching and saying you know

[00:22:01] what forget Boeing we're not going there we're going to Airbus then you that's that's a reason for concern but I think you're right though there's so many contracts and these contracts especially on the Defense Department site they're years out so a lot of these deliverables

[00:22:16] that are going to be happening will be going on for for many years and that can only help their their stock over also hopefully this is just a one-off I mean thank goodness the plane wasn't

[00:22:28] at that cruising out to 40,000 to be it definitely would have had loss of life then but but with that hopefully they did solve the problem and fixed everything and we'll see how that goes from

[00:22:41] there. So with that so you guys so that's on the travel and leisure side I am a big fan of the hotels I love Hyatt, Marriott I think those are your go-tos they almost like an exon for oil I mean if

[00:22:55] you're thinking of companies just want to buy them hold them put them away like baseball cards and then you know reinvest the dividends do the Charlie Munger way and you should be okay

[00:23:04] but what about other sectors though are you or other other industries other stocks I know you mentioned Starbucks on on CNBC it was enough for me to go and make a Starbucks coffee and so I have

[00:23:17] to ask I mean what makes you like this stock so much? We know I've it's been a poor holding for my accounts for a while but some have been a little bit underweight and I've been waiting

[00:23:29] to see because I really started buying it when you can see all the initiatives that they're doing you know Howard Schultz retired I felt and I think he retired he'd been called back

[00:23:38] into action because he felt the company was in good shape and being in good hands and they've had a number of really positive initiatives initiatives in terms of introducing food and innovative drinks

[00:23:49] and having custom ordering remotely so you can just come up and pick and not have to wait 10 minutes for some barista to make you coffee and drive-throughs in fact new Starbucks that they're opening and they have a very aggressive store opening plan you know will have drive-through

[00:24:03] almost all of them and they also had a big China plan you know because China was not so much coffee drinkers as tea drinkers but that has really changed and so you know you know what happened with the

[00:24:14] Chinese lockdown was so long and it was a while bouncing back and they had a very promising restart when things opened up but it's been a little bit disappointing since then and that's China has some deep macro economic issues but the government is not sitting there twiddling their

[00:24:28] thumbs they're obviously going to be doing a number of efforts to stimulate the economy and that should help Starbucks and so I think at this point when you look at their valuation and what the

[00:24:38] earnings projections are which is maybe 15% you know for the next two three years and beyond given a combination of new products store openings and all the things just talked about but it's also at the low end of its forward PE range it's about it's just under 24 it's typically

[00:24:54] been if you look at the last five years as high as 36 so it's been somewhere the average has been around 30 so I think the risk reward here is very attractive and I think that's a type of name that

[00:25:04] as we get into the year and people are looking you know where do we find you know attractive risk reward situations I think Starbucks you know any bad news or uncertainty is already discounted

[00:25:14] in the stock and there's real upside should things start to turn and you'll start to see same-store sales improve and that sort of thing so that's why I'm a fan and I've been adding to

[00:25:23] my positions and bringing them up to full waiting now yeah I'm a fan as well and not just because I drink coffee all the time but um but I do say I will say that they're the food side is great I mean

[00:25:36] obviously their their coffee margins are I mean I'm probably pushing 30 40% or I'm gonna say the apple of coffee coffee companies but when you look at the at-home items they these I'm

[00:25:49] not sure if you have one they're called an espresso machines you can't go to a store and find these Nespresso's and Starbucks is cornered the market you can't find a non-starbucks capsule I guess you

[00:26:01] could go directly to Nespresso but for the most part Starbucks has those and they're crazy expensive so I would imagine that the margins there are probably 30 to 40% and they are just selling

[00:26:13] off the shelves so I see that is a big thing the other side of it is their collaboration with Target they are a store within the store and yet they have target employees that have to go and hand

[00:26:25] deliver they actually just like a drive up you if you buy a vacuum cleaner you can have a latte walk somebody can walk it out to you and tar and now Starbucks doesn't have to pay for that

[00:26:36] labor I mean it's an incredible service and it's only it's only meaningful to their bottom line so I have to say that is definitely a winner not just this year I think beyond because nobody's ever

[00:26:48] been able to counter them anyway so I like that one what other stocks are you looking at what do you mean tell me because I mean we got we got the whole year and I know our audience you know they're

[00:26:58] they're foaming at the mouth they want to know hey what do I invest in now but what else do you like well you know I mean it is goes without saying the video you know and people go oh it

[00:27:09] was up 240% last year it's already up 20% year of date it has so much more to run Todd because earnings will keep coming up you saw the meta news you know yesterday talking about how many

[00:27:22] CPUs they are buying from them I mean just meta alone is huge and we are still in some of the early innings of implementation AI if you heard some of the reports from Davos you know there'd

[00:27:33] be a room of 100 CEOs they were asked well how many of you or you know where in of AI you know 100% of course and how many of you are going to be implementing this year 65% are already moving

[00:27:44] forward and we have even begun to see the app the applications and the tools and the things that will be dreamt up to make use of AI so you know that's why oh that you know that ties into Apple

[00:27:57] you know because Apple's been very controversial this year because you know their you know their handsets are slowing down and so you've had a couple downgrades on the street somebody I think

[00:28:07] two people upgraded in the last few days and for me it's a it's a clear buy you know the stock had sold off it's one of those core holdings and it's a couple reasons you know one when they

[00:28:18] talked about the handset market slowing or the handset slowing for them well that's temporary because you're going to have AI integrated you're going to have new uses and we're also heading into the replacement cycle you know for the for hand handset so I think that should

[00:28:32] help and the most important thing was probably the increasing percentage of revenues from services and services is usually huge high margin business and that's gone from 15% of revenues five years ago it's now 22% and climbing and you know it's the ecosystem I don't know about you Todd but

[00:28:51] you know I had bought an iPhone some you know some years ago then I was like you know it would be nice to have the computer and everything coordinated so I made the incredibly painful

[00:29:00] transition from Windows to Mac and then of course I now have my Apple watch you know exercise and all the health benefits which will continue to increase and so and you know people

[00:29:12] people are loyal and there's two billion devices out there so Apple ain't going away and as you know they generate huge cash flow that they return to shareholders and that's not going away so

[00:29:23] I just think it deserves a high PE you know no matter what's happening with handsets in any given period of time there's going to be lumpiness you know in that it just you know

[00:29:33] goes with the territory yeah I definitely agree with you on that one and we had Dan Ives on Buy Holds sell not too long ago and he did talk about how in 2023 the you'd have a number of S&P 500

[00:29:48] companies that really had 1% of their annual budget devoted to AI now the numbers close to 10% so when you start seeing those budgets that type of increase that type of commitment to AI just on the corporate space yeah we haven't even talked about on the individual space

[00:30:07] that's a whole other avenue right there so I do agree Nvidia is definitely going to be the winner not just this year probably for many many years especially with their growth rate it's just

[00:30:17] so eye-popping so and an apple you can't go wrong with apple I mean people don't wait out in line all night long for a Samsung product but they do for an Apple product so that tells me that's the stock

[00:30:31] you want to own yes you're not kidding so and then also it's not you know these names are not undiscovered but you know people say oh it's a crowded space but you have so much more to come

[00:30:41] in terms of earnings like Palo Alto is also a core holding and that's as we know is the cybersecurity play and we also know what's happening cyber security it is going to be a huge long tailwind

[00:30:52] in the secular space and they've got they are number one they've got the platform with best in class you know different security products on it and big enterprises are moving they want to consolidate they don't want something from this person that that doesn't talk to each other

[00:31:07] and so they are just gaining share and they still have minimal share I mean it's a very fragmented market so they've got growth per oh my gosh for the foreseeable future so that is also another one

[00:31:18] you know you look at what it where it's come from and the PE but it will continue to outperform yeah yeah I like that a lot I know the audience does as well so Barbara we're going to leave

[00:31:27] it there we uh we have a lot to look forward to this weekend uh my ravens are playing so go ravens will be rooting for the ravens and uh see what happens and hopefully uh when we come back for

[00:31:39] buyhold sell next week I'll be smiling so we'll see and I'm sure Toby will come back with a waste hand so Barbara how can how can the audience reach you um well they can call or write you know my cell

[00:31:55] phone number should I give that out you know don't do that but I'll tell you well what's your website I do have a website I do have a website that's probably the best way um bd8cap.com bd8cap.com

[00:32:08] we will have that in this in the description as well for you know what I should check that you know I don't even know my own website let me see oh my good but you're so busy as a CEO and CIO

[00:32:20] you're wearing two hats there's a lot of going on there so uh I can understand plug in plug in bd8 capital partners and they'll find it so bd8 capital partners google that I'll also look it up

[00:32:32] and I'll put it in the description definitely encourage the audience to go talk to Barbara she is very wise she's not on national tv for nothing she definitely knows her stuff so Barbara

[00:32:44] I gotta thank you for joining me on buyhold sell and next time hopefully we'll have Toby with us as well little bait and switch there where's Toby I loved it I'm glad to have you

[00:32:55] all to myself Todd thank you so much fantastic that's awesome so on behalf of Barbara Durand I am Todd Schoenberger missing Toby Smith today but thanks once again and please join us next week when

[00:33:08] buyhold sell we have Sylvia Jablonski CEO of Defiance ETFs will be coming back to the show and you definitely don't want to miss what she has to say she has some great products that are

[00:33:18] just hitting the market actually over the next couple of weeks but we'll get into that later everybody have a great weekend and go Raven take care now buyhold sell brought to you by cross check management

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