Transcript:
CAROLINE WOODS:
Joining me now for a technical look at the market is Gareth Soloway, Chief Market Strategist at Verified Investing. Gareth, great to have you back.
GARETH SOLOWAY:
Such a wonderful thing to be back. Thank you. And happy happy coming holiday.
CAROLINE WOODS:
Yes. Happy holiday. Shortened week here. Thanks for kicking it off with us. And we’ve actually had quite a few viewers request that you come back, Gareth, because the last time you were on back in March, you called for a 20% drawdown in the S&P 500 to about 5600 by year end. So we still have the whole second half of the year to go.
CAROLINE WOODS:
But the market has been remarkably resilient, less than 3% away from all time highs for the S&P 500. Gareth do you stand by that 5600 call.
GARETH SOLOWAY:
I do I do still think we’ll see that by year end. And I think the key here is that we got into this bubble mentality in the market where the eye trade was just people were climbing over each other, much like the.com bubble where you got these moves well, higher than even I anticipated in some of these stocks, the microns, the sand disks and even many of the others.
GARETH SOLOWAY:
But what we see now is, for the first time since the March late March lows in the market, we’re now seeing lower lows and lower highs being put in on the Nasdaq and the S&P. And that’s telling us there’s a change in direction. We’ve also broken the 50 moving average on the daily chart. That’s an indicator that we’re likely headed down lower in the coming weeks and months.
CAROLINE WOODS:
Yet if we take a look at the major indices, at least right now, we’re seeing a bit of a bounce back. The Nasdaq and S&P 500 are on track to end July lower. But as I said, not all that much off the highs. So what technical signals tell you that the next leg lower has actually begun. Or when will you know.
CAROLINE WOODS:
What are you looking for to know that it’s actually happening.
GARETH SOLOWAY:
Yeah. And and I think the biggest one is the eye trade phenomenon. Right. It’s where, you know, we had micron earnings last week and we had a 14% jump yet. Then the day after we gave back half of that gain. And today we’ve now given back the entire remainder of that gain. And so we’re seeing stand is down another 7% today after jumping on that same day about 20%.
GARETH SOLOWAY:
And then the day after down 10%. And so you’re definitely seeing this kind of worries starting to bubble up. Can these AI companies continue to produce at such a high level? And I think the key here is is understanding with a micron people scratching their head the last couple of days saying why is micron giving up its earnings gains when it had such phenomenal earnings and their margins and their projections were so good.
GARETH SOLOWAY:
And I would point to this, is that a lot of institutional money knows that this is peak demand or peak margins. And ultimately there are other basic factories producing or beginning to get to that point where in the next year we’re going to see production increase of memory. Even micron has multiple factories that they’re working on. And this probably means that this 80%, 86% margin on memory is likely going to turn down.
GARETH SOLOWAY:
And institutional money knows that and they’re starting to sell into it. So I think that’s one of the key factors here. I also think you just look at names like Nvidia. You look at names like Broadcom. The biggest players are already significantly off their highs. You just have these last few that are running. And now there’s more and more questions of you know we see so many players out there.
GARETH SOLOWAY:
Business is saying you know what? We’re running up millions of dollars in expenses using tokens for AI. We need to switch to other models. And lo and behold, who’s coming forward. China with cheaper models. And that’s going to really squeeze the margins not only on the OpenAI and other players, but then also on these hyperscalers and turning all the debt that they’ve taken on to into profits as well.
GARETH SOLOWAY:
And now we’re seeing this rotation of capital, as we know, from those AI stocks, into kind of the left behind. Microsoft’s in such.
CAROLINE WOODS:
Okay. So if memory continues to cool off, where did the charts tell you that that money goes next. Is it simply a rotation within AI, or do you think investors should be preparing for a much bigger unwind there?
GARETH SOLOWAY:
Well, I think the initial thing is we know institutional money doesn’t like to pull money out of the market and have it in cash because they can’t make any money that way. So the initial reaction is to rotate capital and you’ll see rotation into names like Microsoft. Potentially Oracle is another name. You know, these beaten down names that have fallen.
GARETH SOLOWAY:
I think Oracle’s down like 20% in the last month or so. So I mean massive, massive drawdowns. But then if we look at other names as well, look at a ConAgra look at a Kraft Heinz, all of a sudden these stocks are starting to see money flow that’s pushing them up and breaking out of key chart setups. And so there was always a bull market to be found.
GARETH SOLOWAY:
The question is is it chasing the eye trade late in the ninth inning. Or is it looking to some of these other names that have been hammered down and looking to retrace? Now the kicker is going to be this where we get to my end of year target is if we start to see the narrative of the economy is great and the president will always say, say what it takes to keep the market up.
GARETH SOLOWAY:
If we start to see those start to crumble, that’s when investors will start to get a reality check, and you’ll see the markets coming in dramatically towards the end of the year. And I do think the economy will weaken by year end.
CAROLINE WOODS:
Okay. So tell us a just dig into that a bit more. What actually gets us to 5600. Because at the time when we spoke it was what, a 20% drawdown? It’s even more than that now.
GARETH SOLOWAY:
It is. It is. Absolutely. And I think the kicker that’s going to get us there is that right now we’re in this mode of the jobs report is pretty solid, right? We have high tech spending that continues to be robust. What I’m anticipating is that by year end, we’re going to see some of these big names that continue to say, hey, we’re going to spend 150, 200 plus billion dollars on CapEx.
GARETH SOLOWAY:
They’re going to start to ratchet those numbers down because they realize that they’re not going to get the payoff that they need. And I do think that there’s cheaper alternatives starting to emerge. And once you see that which has been I mean, if you think about it, a trillion, almost $1 trillion in stimulus into the economy, once the market realizes that cap back cap has topped out and is slowly going to come in, you’re going to see a mass exodus and a worry that not only is the eye trade going to unwind massively like the.com, but then we’ll also see the economy weaken without that extra stimulus.
CAROLINE WOODS:
Which of the hyperscalers do you think will be first to cut CapEx?
GARETH SOLOWAY:
Oh, that’s a good question. I mean, looking at some of these charts, you’d have to think that, you know, maybe some of the metals, of the world, they’ve got to be getting a little bit nervous. One of the things I remember is that there was a while back where where Zuckerberg, he had talked, you know, they were going to spend so much money in the stock just tanked because he was spending so much money.
GARETH SOLOWAY:
And we’ve seen that kind of now to where there’s this concern, are we going to see a pay off as investors for all that they’re spending. And then he he toned that down and said, you know what. Now we’re going to go into efficiency and not spending as much. And the stock just ripped higher. And so I think there’s these these seeds that have been planted in the minds of a couple of these CEOs that say at some point we need to pull back.
GARETH SOLOWAY:
And I also think it’s interesting that Apple has just stayed on the sidelines for the most part. Everyone’s always disappointed that Apple has not come out and spent, you know, hundreds of billions of dollars on AI, but at the same time, are they the smart ones here? Are they waiting for the dust to settle for everything to crash, for prices to crash lower for memory and all this other?
GARETH SOLOWAY:
And we know that they had to raise their price for iPhone, but for the eye specific stuff, are they waiting till the dust settles after a collapse to then swoop in and then maybe utilize that at that point without spending so much money?
CAROLINE WOODS:
So it sounds like obviously you’re expecting more red arrows. But here’s the thing. Many of the dips that we’ve seen have been good buying opportunities, at least until this point. So how can an investor tell the difference between a healthy dip to buy and one that they should avoid?
GARETH SOLOWAY:
And that is the the million dollar question, right. Because we have seen this conditioning of investors, where every dip has been a pivot from Trump to now taking away a negative policy that then makes the markets just rip higher. And we saw that with tariffs last year. I mean, heck, we even saw that in Covid. It wasn’t as a result of him, but it was just the v bottom recovery that people have been so conditioned to see.
GARETH SOLOWAY:
And number one, that makes me so nervous as someone who traded through the dot.com collapse and remember that same mentality of the I can’t lose if I put money in the market, trust me, you can lose. And and I remember it. But investors have long forgotten that at least a majority of the newer, younger investors. And so you have this scenario now where we’re at a point where I’m just starting to look for breadcrumbs, right.
GARETH SOLOWAY:
We had for the first time since the March 30th lows, the Nasdaq and the S&P made a lower low, meaning that we had pulled back. We bounced, then we pulled back and made a low or low. First time that happened since March. And so really there’s no like one one single thing that answers that question. It’s looking for the breadcrumbs.
GARETH SOLOWAY:
It’s looking at the leaders like Nvidia that has started to stall out. And Broadcom that are no longer leading. It’s looking at how microns behaving after the initial pop. These are all little breadcrumbs that I used to kind of say okay I need to be more aware of what is going on. And I would even throw in like Bitcoin’s performance here.
GARETH SOLOWAY:
Bitcoin historically has been a multi-month leading indicator. And there’s something going on there. And granted you could go into MicroStrategy and all those other factors. But again, you can’t deny that there’s a kind of lack of risk taking in crypto. Granted, a lot of that’s going into the AI trade, but if that falters, at what point do we see the whole entire market have a bigger role over?
CAROLINE WOODS:
So what should investors be doing right now? Should they be raising cash today, or is there still money to be made before them?
GARETH SOLOWAY:
So I think a lot of that has to do with time horizon, as always. Right. So I mean, if you’re a shorter term investor and I can speak from my own perspective, is I certainly am raising capital. Right. I’m anticipating the I stock seeing a major correction. There will be a buying opportunity when those corrections come. I mean, I think if micron drops back to, let’s say $700 or so, I mean, there’s opportunities there, but I certainly am not chasing a space X.
GARETH SOLOWAY:
And by the way, speaking of which, that’s another breadcrumb that we just were talking about. You had the most hyped IPO. It went up for three consecutive days after the IPO as retail rushed in and is since then basically trading at the lows of since it became public. And we know OpenAI is now saying, hey, we’re going to pull back on potentially going public.
GARETH SOLOWAY:
So I look at those signals and I say, okay, institutions are advising OpenAI that it might not be the appropriate time anymore to go public. Right? I mean, it’s not OpenAI just saying arbitrarily like, oh, let me, let me yeah, I don’t want to go public. It’s, you know, Goldman or Blackrock or one of these big institutions that are advising them on their IPO, saying that to them.
GARETH SOLOWAY:
And so these are the types of things where I just take note and I you say for me, I’m going to start raising capital, I’m going to raise cash on the sidelines, maybe in the bond market picking up some in bond market. We’ve seen the dollar gain strength. I actually think that gold and silver, which I was so bearish on when silver was near 120, even above 100 and gold was above 5000.
GARETH SOLOWAY:
Those are now getting in the zone of where I’m actually interested in starting to accumulate, because I think those will be the resurgence trades later this year. Like, I would full heartedly expect gold to do well late this year as a safe haven asset again as the markets come back down towards those targets.
CAROLINE WOODS:
Okay. Both lower today. Gold’s almost 30% off the high. So you’re buying gold buying silver. Are you buying Bitcoin at 60,000.
GARETH SOLOWAY:
I’m not yet. All right. And same thing with gold and silver. Just to be clear my level on gold is 35 to 3600. But you know what I say is when it when it’s below 4000 it’s a rounding error. If you’re, if you’re someone like me that believes the precious metals and the U.S. government is going to continue to spend in the narrative of fiat currencies, then, you know, once you get within a few hundred dollars, it starts to say, okay, now we’re getting in this zone to start to accumulate silver, I still think is going to probably $50 an ounce, but at $58, it’s pretty darn close when you compare it to the high
GARETH SOLOWAY:
of $120 per ounce that it was. I mean, it’s really close at this point. So I think I think for the most part, we’re at a point where those are plays Bitcoin. Bitcoin is a little trickier because it’s obviously has this Michael Saylor overhang where one person or one company accumulated so much that they can influence the market, and now they’re getting in a little bit of trouble.
GARETH SOLOWAY:
Obviously, we heard today that MicroStrategy is essentially having a US dollar reserve to make sure that they can pay the dividends on that preferred shares. But I do think that Bitcoin, if it gets down to 50,000 or so, that’s my accumulation zone where I just start to tuck away a little bit and I’ll just dollar cost average as it comes lower.
GARETH SOLOWAY:
My only concern with Bitcoin is that historically it has gone with the Nasdaq. Now it hasn’t over the last six months frankly. But I do worry that if the Nasdaq dumps out does it take bitcoin down. Maybe that’s the move to 50,000 where it’s my buy level.
CAROLINE WOODS:
Are there any stocks that you’d be comfortable buying right now.
GARETH SOLOWAY:
Yeah, absolutely. So I’ve been nibbling on some China names. Alibaba and Baidu are two that jumped to my attention. Both have corrected about 30 to 40% off their recent highs on the Alibaba I believe is down around $95 now after seeing as high as a 150 to 175. And the idea here is these are names that have exposure to AI in China, but they’ve kind of been left for dead.
GARETH SOLOWAY:
And people have focused on the memory plays and U.S. related. And I think there’s an opportunity here in those names to see a resurgence or a bounce back over the next few months. So I think, you know, looking outside the U.S. again for kind of this exodus trade from USA I into other names, I wouldn’t go near an SK Hynix, for instance, that’s already had massive moves, but I think those are names.
GARETH SOLOWAY:
And then same thing like we talked about earlier, I look for names that are high quality, that are boring. And I know that sounds very Warren Buffett ish, but listen, he’s probably the greatest investor of all time. But I look for names like a ConAgra. People in a recession still need to eat, so people are going to go there.
GARETH SOLOWAY:
Kraft Heinz I know I’m still going to buy ketchup, regardless of if they have to raise their price $0.50 a bottle or something. So those type of names that pay 7 to 10% dividends, they’re not flashy. Most people turn away from them. But that’s when I actually want to look at those as good investments.
CAROLINE WOODS:
It’s interesting because the bulls come on and say that this rotation that we’ve been seeing, obviously the Dow right now is outperforming, the tech trade. The Russell is actually outperforming everything. The Bulls come on and say that that is a healthy broadening of the market. Are you saying that this is late cycle behavior and actually a warning sign then because you’re, you know, dropping recession.
CAROLINE WOODS:
And there at a time when we’ve talked about the economy being resilient.
GARETH SOLOWAY:
Yeah. And so and I agree with this very much so is that it is to me a late, signal of of a cycle. And the reason that is, is because generally, you’re what you’re seeing is the high quality names like in, in video and, and these other names and like micron, they are now seeing investors steer away from them.
GARETH SOLOWAY:
And the investors are saying, hey listen, we still want to be invested what’s been beaten down that hasn’t performed yet. And that’s where you’re getting the broadening trade, at least into the Russell and the small caps and some of these others. Now, there’s some great values in the small caps because they’ve been beaten down so much, but at the same time it’s kind of, okay, well, the Major Cycle news, the big the big kahuna, if you will, that’s played out.
GARETH SOLOWAY:
So investors are like, okay, we’re done with that. Now where else can we find a quick score? And that’s where the Russell comes in. And that’s my fear, is that it’s kind of telling us that people are now taking that final leg to just get a little bit more out of a few different spots, and then once that’s over, then everything comes down together.
GARETH SOLOWAY:
And I think that’s where we get into it. And by the way, with the Russell, obviously a lot of its regional banks, but the small cap side that also could be telling us that the market is now reading through Kevin Walsh’s kind of hawkish ness and saying, no, actually, rates are going to come in because if the economy weakens, which I expected to, rates will come in.
GARETH SOLOWAY:
And that’s actually a small positive, at least in the near term for the small caps, because they’re the ones that need to raise capital.
CAROLINE WOODS:
What would you need to see in the charts to tell you that you’re wrong? How long are you comfortable telling investors to really sit in cash before the opportunity cost of sitting in cash becomes too high?
GARETH SOLOWAY:
Yeah. And so just on a shorter term basis, we have a lower low and potential lower high in the S&P 500. You can see it very clearly on the daily chart. If we make a higher high again then it’s back to bull market on right. So again the beauty of that is is that if we go up basically 3 or 4% on the S&P or the Nasdaq, we know right away that, okay, the run is still intact on the S&P in the Nasdaq.
GARETH SOLOWAY:
If we don’t, then you really have to continue to be a little bit more careful. Now the only thing I would say is like, you know, you have to look at it and say, are we in 1999 or are we in early 2000 when we were making that top? And the question I would say to most investors is, in hindsight, did it matter when you had Cisco Systems dropping 85% and Amazon dropping 90%?
GARETH SOLOWAY:
And some of these names collapsing, people that stuck out of the market and maybe missed the last 10 or 20% upside. Were they still happy that they sat on the sidelines when everything crashed? You know, 75% on the Nasdaq. And so I think, you know, you want to be very aware shorter term traders are going to watch those lower lows and lower highs and see if they can get negated.
GARETH SOLOWAY:
But for me, as as my longer term portfolio, I just don’t feel comfortable knowing that we’re in this game of musical chairs and that at some point the music is going to stop. And again, we can we can say, oh, well, Trump will never let it happen or the fed will never let it happen. I disagree, I remember in 2008 and 2009 when some of these metrics they, they, they said you couldn’t short bank stocks and bank stocks dumped even more.
GARETH SOLOWAY:
And so there are points where even the most powerful people lose control of the markets. And I don’t want to be anywhere near mega cap. Overvaluation plays when that does occur. And just look at Warren Buffett. Well, he’s not there anymore, but look at how much cash is on the sidelines at Berkshire Hathaway.
CAROLINE WOODS:
So what about the everyday retail investor who has a lot of exposure to the S&P 500? Then what should they do?
GARETH SOLOWAY:
I think for the most part, you know, again, it’s it’s it’s not that you need to be out of the market, right? I mean, you know, no one says that you have to be. But there are alternatives, right? Do you need to be in the highest tech Deram ETF that’s run up massively, trying to get another 10 or 20% out of it when it’s up 300% since in the last couple months.
GARETH SOLOWAY:
And so for me at least, looking at that type of situation, I would just be rotating into, you know, dividend paying ETFs or more conservative moves or even just, you know, people are so shy about missing or they’re so scared about missing out on money to the upside that they forget about protecting themselves. There’s nothing wrong with taking a half off the table, letting the rest of it run.
GARETH SOLOWAY:
But if you have half off the table, if it does dump, then you have fuel in the tank to rebuy at lower levels. And so I think the money management really comes into it. We’re all so consumed of becoming the next billionaire trillionaire, so we have to bet the farm. But in reality when I used to do that on trades, I would get clobbered.
GARETH SOLOWAY:
I mean, I’d win 1 or 2 or twice and then blow my whole account up. And so what I found is that when I get in the money, I take a little off. When I get deeper in the money, I take a little bit more off. And you just do that, and it actually builds so much more wealth that way by just being smart about your own money.
CAROLINE WOODS:
Okay, so to wrap things up, if you’re right and we eventually get this major correction, well, not even correction. Major bear market. Really. What’s the first thing you’d want to buy or do you look at that is you think 5600 is bad. Wait till 2027. It’s going to look even worse.
GARETH SOLOWAY:
Yeah. So I mean, the great thing about it is that the buy the dip mentality that’s ingrained in this market, you will see huge bounces. Right. So as a swing trader like myself, I’m a much shorter term trader. Right. I’ll be looking to buy pullbacks to key technical level. Like I was just looking this morning 7000 on the S&P was the high from late 2025 to early 2026.
GARETH SOLOWAY:
So if the S&P pulls back to that level we should get a bounce. And I’ll play it. But if you’re a longer term investor and not a market timer, then you probably want to wait for that bigger pullback overall. But again I would strongly encourage just use common sense. Don’t get caught up in all the narratives being spun.
GARETH SOLOWAY:
You go on social media. I still remember in 2025 it was Bitcoin at 250 250,000 by year end. And obviously now we’re down 50% in Bitcoin since there. So just be aware that narrative is being spun. Think for yourself, think logically and kind of make decisions not based on how much money can I make, but how do I preserve what I’ve made?
GARETH SOLOWAY:
How is the smart move? What would a Warren Buffett do who’s built a huge empire with his abilities? And other big traders do?
CAROLINE WOODS:
Okay, so before we get to rapid fire, just leave us with those key levels that we should be watching outside of 7400 where we are right now. In 50, 600, where do you think we’re going? What our, for the everyday retail investor, maybe not the swing trader. What are the actual levels that they should be watching?
GARETH SOLOWAY:
Yeah. So markets technically should pull back to 7000. That stage number one, that’s the former all time high before this recent breakout that occurred in April, May and June. That is going to be your first test. And again, it’s what we call when you have a level that breaks out, it then wants to come back to that former level.
GARETH SOLOWAY:
And you have two options, right? One is to break through it. But the more likely scenario could be that we bounce off of it. So we should bounce there. The question is when we bounce, do we make a new all time high or do we make a low or high if we break through 7000? Now you’re talking about that move towards 5600 becoming a real reality.
GARETH SOLOWAY:
I think at that point deleveraging starts to take over below 7000 and you start to see again the narrative switch to a much more bearish, nature of the economy. So the economic factors so 7000 to me is the line in the sand. Now keep in mind this week is a holiday week. This is when institutions even myself I’m going on vacation.
GARETH SOLOWAY:
So you know in general I don’t look for a big drops on this week. It’s very unlikely when the holiday action is going on that you’ll see that big drop. But once we get past July 4th, keep an eye on that 7000 level. Do we come down and test it? And if we do, do we break it? That’s your trigger zone okay.
CAROLINE WOODS:
All right. Let’s shift to our rapid fire game of this or that. You’ve played with us before. So you know the rules. Quick questions, quick answers. Are you ready, Gareth?
GARETH SOLOWAY:
I’m ready.
CAROLINE WOODS:
Here we go S&P 500 new highs or 5600 first.
GARETH SOLOWAY:
5600 first.
CAROLINE WOODS:
Market broadening healthy rotation or late cycle warning.
GARETH SOLOWAY:
Late cycle warning.
CAROLINE WOODS:
I trade consolidating or cracking?
GARETH SOLOWAY:
Cracking absolutely cracking.
CAROLINE WOODS:
Buy the dip or wait for confirmation.
GARETH SOLOWAY:
Wait for confirmation. But remember, if you’re a swing trader, you can play these bounces. But that’s tough to do. Market timers only.
CAROLINE WOODS:
One eye trade you would or one I stock you would buy here.
GARETH SOLOWAY:
Oh my gosh. All right. If I had to play I would play Nvidia. Nvidia at least. Is it a reasonable forward PE. There’s still king of the castle. They’ve come down massively I know that’s not real quick but that’s what I’ll say.
CAROLINE WOODS:
Great small caps breakout or head fake.
GARETH SOLOWAY:
Head fake doesn’t mean they can’t go higher but head fake I think it’s a warning.
CAROLINE WOODS:
Bitcoin 100,000 or 50,000 first.
GARETH SOLOWAY:
50,001st.
CAROLINE WOODS:
Bitcoin or gold?
GARETH SOLOWAY:
Gold.
CAROLINE WOODS:
Gold or silver.
GARETH SOLOWAY:
Gold.
CAROLINE WOODS:
Precious metals or I.
GARETH SOLOWAY:
Definitely precious metals.
CAROLINE WOODS:
Cash right now. Smart defense or costly mistake.
GARETH SOLOWAY:
Smart defense.
CAROLINE WOODS:
One chart investor should definitely be watching right now.
GARETH SOLOWAY:
TTD, The Trade Desk, Dead lows AI narrative I think comes out for advertising and it’s trading at a 49 PE or a PE. It is a steal of a deal in my humble opinion. Oh, and the CEO bought 140 million in stock in March. No one’s talking about it.
CAROLINE WOODS:
Unpopular opinion about a stock that looks good in terms of the chart. But you wouldn’t buy micron.
GARETH SOLOWAY:
Absolutely. Micron I think it’s topped I think this is as good as it gets. And I think smart money already knows it.
CAROLINE WOODS:
What level would you buy micron at.
GARETH SOLOWAY:
Micron key level on micron. For me I’d be looking to buy around $750.
CAROLINE WOODS:
One word to describe this market insanity.
CAROLINE WOODS:
Recession in 2026. Yes or no?
GARETH SOLOWAY:
I don’t think we’re going to get the two consecutive quarters that’s required to claim it’s a recession. But I think the average person out there, all of you watching, we know it’s already for us. Most of us, it feels like a recession already.
CAROLINE WOODS:
Recession is a 2027 story. Then yes or no?
GARETH SOLOWAY:
Yes.
CAROLINE WOODS:
How many rate cuts between now and your end?
GARETH SOLOWAY:
Zero rate cuts between now and your end? Three at least in 2027.
CAROLINE WOODS:
All right. We’ll leave it there. Gareth Soloway, chief market strategist at Verified Investing. Always appreciate your perspective. Thanks so much for giving us the levels to watch as well.
GARETH SOLOWAY:
Hey, thank you so much. Wonderful to be here with you.
CAROLINE WOODS:
Even though you leave it on a downbeat note here, Gareth. Yeah.
GARETH SOLOWAY:
I know, but at the same time it brings opportunity. I always want people to understand, like like pullbacks are so good. Recessions are so good. That’s where you make the most money. Right.
CAROLINE WOODS:
So all right well we’ll leave it on that upbeat note then. If you enjoyed this three talk check out our full interview with Tiffany McGhee. She explains why concentration risk is rising and how she would position her portfolio for the second half.