Join an insightful discussion with Eric Chemi and Peter Boockvar, Editor of the Boock Report. In this episode, we dive deep into the current market trends, future predictions, and valuable insights that every investor needs to know for 2024. From the impact of global economic policies to the secrets of savvy investing, Chemi and Boockvar share their expert opinions and analysis. Don’t miss out on this opportunity to gain knowledge that could transform your investment strategy and shape your financial future.
Eric Chemi 0:05
Welcome to wealthy on. I’m your host, Eric Chemi. Today we are focused on what happened in the markets this week, what is going on, we started the year with a bang. And now it’s starting to feel a little bit shaky, solid earnings coming out a lot of big names, big stories coming out of Davos this week. So we’re joined by Peter Boockvar our he’s the author of the Boock report. And, Peter, thanks for coming on with me jumping on today. I know it’s not been that long since you were on last. And is there anything keeping you up anything? Got you really worried since we last spoke?
Peter Boockvar 0:34
Well, yeah, it’s hard not to be worried about the geopolitics. On one hand, geopolitical worries really never lead to anything of economic significance. And its impact on markets are usually fleeting. I think this time around, we’re actually beginning to see some economic impacts. And that is really right now manifesting itself, particularly in transportation costs, which have jumped substantially since the beginning of the year, and running about double where they were pre COVID, they’re certainly well below the COVID peak. But it’s still notable, especially when people are sort of getting comfortable with this declining rate of inflation. And that maybe this is the start of a lift off again, at least on the good side. Then with respect to oil prices, which sometimes yes, sometimes no are sensitive to geopolitics, they haven’t yet been, which is good that there hasn’t been any supply disruptions. But in terms of keeping me up at night, you just never know what you’re going to wake up to. Especially if Iran and Israel get deeper into this, there’s will supply disruptions that can lead to a notable rise in prices. That’s something to worry about. And then the other thing is, is not necessarily something that’s going to be an event, but we are in higher interest rate environment. And yes, the Fed might raise interest rates this year. But that doesn’t mean that rates fall across the curve. In fact, we’re seeing lower short term interest rates, but higher long term interest rates. And in a very indebted world, you always have to wonder who’s going to get tripped up by a higher cost of capital, especially if you have debt coming due this year, and you need to refinance. And the lower the rates on offer are much higher than the rate on the loan you had maturing. So those are the things that I have my eyes out for. And it’s something that everyone should do as an investor, you got to always watch your back. And it seems that while there are definitely some positive with the resiliency of the economy, moderating inflation, there’s still a lot of risks out there.
Eric Chemi 2:43
So just that it’s just that right. It feels it feels like there’s a lot to be worried about. Is there anything that’s that’s that’s got you happy that was there anything that allows you to sleep easily at night thinking okay, I, I feel good about this. I understand this. Is there any? Is there anything on the positive side for you?
Peter Boockvar 3:06
There is but I do, I do want to say that that I find the macro landscape right now extraordinarily confusing with a lot of potential big time trade offs, and that one positive road we can go down is going to be offset by something else. Like I mentioned before, the Fed is likely going to cut interest rates this year because of moderating inflation. But maybe in turn, long term interest rates, which have recently risen over the past couple of weeks, continue to rise. One of the trade offs. The bond market right now is pricing in six rate cuts, the Fed is verbalizing through their words and the dot plot, only three? Well, if it’s only three, maybe that means because the economy is resilient. But the bond market then needs to reprice on the short end. If they cut six times, maybe the economy is not so resilient, and the unemployment rate is going to four and a half to 5%. With respect to the consumer inflation slowing down is a good thing. But inflation, consumers live their life on levels, not the rate of change. They don’t go to the supermarket and saying okay, it’s legal. Three,
Eric Chemi 4:21
It’s prices are going up no matter what the inflation rate is, right? I’ve never seen a negative inflation rate except for some weird, you know, COVID freak outs or in some other countries, but the inflation number is positive, which means prices are keep going up. They’re never coming back down. We’re never we’re never gonna get those pre COVID prices ever again, those are gone.
Peter Boockvar 4:41
Correct. And that’s why inflation is never transitory. The debate really is rate of change on the increase of inflation, not whether it’s going to go up or go down. The key for this year though is can wages still stay pretty good, which so far they are? They’re running four to 5% said, with inflation moderating. So there is some reason for consumers to feel better not necessarily feel good but feel better that their wage increases are beginning to mitigate the rise in inflation on the other hand, and get getting to the trade offs is we’re seeing a notable slowdown in the pace of hirings. And just over the past couple of weeks, it seems like we wake up every day. And there’s another announcement of firings, today Wayfair, Macy’s yesterday laying off people, Google Amazon recently announcing layoffs. So there’s a lot of crosscurrents here that it’s making the analysis here. pretty confusing. And I would feel more comfortable with markets if they were more reasonably priced. And that ties into all this to
Eric Chemi 5:49
what is reasonably priced mean to you, though,
Peter Boockvar 5:51
When you look at the S&P 500 which we know is still dominated by the big tech names, trading a 2021 times earnings this year. That is really rich. I know some people like to compare the P E ratio today versus the last 10 years, 15 years. But the last 1015 years we had zero negative rates. To me, that’s not really a good comparison. So I think the market when I say the market, the s&p is overvalued, there are other parts of the market that are much cheaper, but they’re really lagging. So there’s no real valuation safety valve to a lot of these risks. If they sort of manifest itself. There really is a smooth sailing belief in valuations that okay, inflation moderating. Feds going to cut rates, soft landing, everything’s going to be fine. And I just don’t think it’s going to be that easy.
Eric Chemi 6:48
So what do you tell people to do right now that, right? We’re looking at all time highs, but the sentiment that you’ve had, you could have been saying 12 months ago, right? And all of a sudden markets are moving against you and you’re moving against the person who’s being defensive. There. They are flying in the face of reasonable valuations, right? And people start to panic, start jumping back into jumping back into the all time highs, right? And then I see why you’re confused, because I’m confused, too. So what do you tell people? What are we supposed to do when sitting on cash, doesn’t doesn’t feel feel like a great thing, we’re looking at everyone else making money, and you’re not.
Peter Boockvar 7:28
So as a wealth management firm, we’re still long the market. So we are still trying to participate with what’s going on. But when you’re managing other people’s money, you’re still in the risk management business. And I still take the attitude that I constantly have to wake up and pay attention to the risks. And I mentioned earlier watching your back, because if I can do that, then I can feel more comfortable with maybe the upside, taking care of itself. So with respect to trying to maneuver the level of cautiousness, but still wanting to participate, it’s not an easy thing. But what we try to do is, is create some sort of shock absorbers in portfolios, some cushions just in case, the negative side plays out. So it’s yeah, okay, being long, the large cap tech stocks, but maybe owning some gold, owning some energy stocks, in case oil prices jump, still owning which I still very much like treasury inflation protected securities, if inflation does reverse and head higher, relative to conventional. So it’s still being long but trying to add some defensiveness to the portfolio and, and yeah, maybe we’re not going to capture every decimal point of upside. But I think we’ll it’ll do as well, in defending the downside like I do think we’re, we’re in a potential environment where the markets just chop around for years, as we sort of sort of have some payback of the extraordinary gains we saw coming out of the great financial crisis and seemingly annual double digit returns that may have stolen from some future returns, especially with the high valuations that we just talked about.
Eric Chemi 9:20
Let’s focus a little bit drilling in on this week’s moves. So here we are at the end of the week, what what stood out to you.
Peter Boockvar 9:27
I think just this love affair with technology stocks just won’t go away. And and just some real mixed signals. Underneath that with the economy, like you had a good retail sales number, but you had really crappy manufacturing surveys from New York and Philly. You had very low jobless claims numbers, but every day you’re hearing stories about layoffs. Adding to just sort of the general confusion, we had earnings season that is really getting into gear We had the big banks last week, we had a bunch more regional banks this week. And I think the overall theme is that loan growth is very muted. We’re seeing if you look at Discovery, a credit card, a rise in delinquencies, so it definitely raises the intendant with respect to the consumer, then the higher end consumer, you have Reshma that had a pretty good number, but then watches of Switzerland stock was down 35%, on Thursday, selling Rolexes, and all different types of watches, because concerns about the consumer. So it makes your head spin and trying to figure things out. Now, we’ll we’ll certainly get a lot more granular information on on the micro level, which will help us with the macro with more earnings over the next couple of weeks. But there is no clean level of visibility here at all, with respect to the broader economy.
Eric Chemi 10:56
And then if we let’s say they are weighing on uncertain things, if you look at you know, bonds, for example, I’m still looking at his tenure right around that four column 4.15. Right. 4.1617. It’s, it’s the tenure as we saw that 5% We got all the way down under for Bo battling back up here. And what do you make of that? Right? Because as these were in this environment, ours at these rates go up stocks tend to go down here, but you know, not not Friday, for example, right? Yeah. So how do you look at this?
Peter Boockvar 11:30
I think the tenure is behaving. Very interestingly, here. When you look at last July, the end of July, when the tenure started its trip from about three and three quarters in terms of yield up to 5%. It was It started within days, when the Bank of Japan announced that they were widening yield curve control, essentially almost ending it in a way. And here we are, we come back down again. But we’re still at 415. We’re still that 4040 basis points above that July level. But since last July, inflation rates have slowed. We priced in many rate cuts. We’ve not only priced in rate cuts here, but expectations for rate cuts in Europe, possibly the end of Qt in the US. But even with those potential benefits, the 10 year yield is still above. Now remember, wasn’t too long ago, at the end of last year. Last fall, that we were talking seemingly every day on worries about excessive Treasury supply, that US debts and deficits are getting so large that the supply from Treasury is going to overwhelm us. And that helped to explain the trip to the 5% in the tenure yield. Now all of a sudden, no one’s talking about that. But I do think that’s still an underlying influence on why yields have ticked up here. Particularly as the year got on, and that were all of a sudden at 415. Again, a far cry from three, three quarters 380. Again, even with the changes in the market and fed expectations since last summer,
Eric Chemi 13:09
Do you think the Fed really has their handle on what’s going on? Like if you were at the Fed? Would you be doing what they’re doing? Or would you be doing something radically different?
Peter Boockvar 13:18
So well, today? Well, I certainly would have changed, diff done different things of last couple years of the period of time going into inflation and how they manage it. But I think that today, just as you and I are talking about a level of confusion with how things are playing out, I think the Fed is dealing with the same thing is on one hand, they’re seeing the moderation of inflation, but they’re still seeing a 3% unemployment rate. They are still trying to figure out where should the level of Fed funds rate measure out at some point relative to the change in inflation? In other words, what’s the proper real rate that they should point to? Then they’re also thinking, you know, well, we’re having success on the downside of inflation here after the spike. But we don’t want to repeat the experience of the 1970s where inflation flared up, it came back down again, we got complacent, it spiked again, we tighten policy, it came back down, we got complacent and then went into double digits into 1980 1981. So I think there’s a high level of play it by ear sort of mentality when it with respect to the Fed. And that’s why I do not think they’re gonna raise and I’m sort of caught in March, because there’s still more information to be had. I think the main meeting will be the big debate on whether they do so but gets again to the question of what are they trying to do? They’re going to cut rates because they’re trying to get cute with Okay, inflation is down. We don’t want to be so tight. Let’s trim here, or is there something more macro ominous, where the unemployment rate is going to inflect higher this year, the consumer is going to roll over. And we’re going to go into recession because Europe is, is at best not growing. If we take a step back and look at the economy globally, China is seeing some very challenged growth. But on the other hand, Japan showing signs of life and Southeast Asia showing signs of life and, and Brazil is doing okay. So I think that the Fed is just going to be and they’ve used this word, I’m going to take it from them careful about how they conduct monetary policy from here, and I want to emphasize one thing with their attitude towards inflation. They are not celebrating because inflation goes up and it comes back down again, the celebration with the Fed begins as if inflation stays down. Like I see a lot of people spiking the football here on this drop down and inflation, which Yes, it’s nice. But does it stay down?
Eric Chemi 15:58
When it can bounce back up? I see your point. And that’s what we had in the past is, is you you think it’s down You think it’s dead? And it comes back to life? Right. You know, it’s like we were did they take when they bury people, but they’re not dead yet. Right? It’s sort of like, are we doing that with inflation? And he’s pounding on the casket get me out of here. I’m stormed back.
Peter Boockvar 16:17
Exactly. And the Fed. Some Fed members and speeches have used some specific words, telling the market what they’re looking for sustainable. They want to see a sustainable decline in inflation. And Raphael Bostic, the Atlanta Fed President who does vote this year, earlier this week, us to other words, does inflation fall surely and firmly. So it needs to stay here. And there’s some arguments to be had that services inflation will continue to moderate this year, but maybe goods prices, which are an actually on a year over year basis, back to its pre COVID trend of basically zero? Well, they’ve spiked, they came back down, maybe they jumped again, maybe this rise in transportation costs, clogs up supply chains, as everyone remember via COVID. And we get a lift in prices. We’re not out of the woods here when it comes to inflation. So getting back to services 2024. And it’s 2025 is going to see a notable moderation further in rental prices, rents being the biggest component of CPI. But and that’s because of all the construction that is going to be finishing up this year of projects that were greenlit when money was easy. And 2020 2021. Well now
Eric Chemi 17:40
You get a lot lags with that you get a lot of Google ads.
Peter Boockvar 17:43
And the next lag is by 2025. When these projects get done, there’s going to be almost no new building going on. Because no one’s green lighting projects today. So by 2026, or late 2025. And rents are gonna spike right back up again.
Eric Chemi 17:57
Speaking of breath, what do you think about that data point, we saw Friday morning, home sales falling to its lowest level in 28 years and 2023 at high mortgage rates, high prices, people are stuck,
Peter Boockvar 18:09
Right if people are stuck, and and we have to keep in mind that it’s not just okay, when you transact a home and existing home that does not take place. That means that that people are not when someone moves in, they’re not changing the carpet, they’re not changing the floors, not repainting the walls. They’re not doing a lot of things that people do when they move into a new home. Now, other people can say, well, the existing homeowner, they’re going to stay, maybe they’ll sink money into their home. But they did that. It’s 2020 2021. Everyone did the new kitchen, they put in the new deck, they put in a pool they did, they did all that stuff to their houses. So that stuff is already done. And if they’re staying there, there’s no reason for them to do it again. So there is a ripple effect to by having this reduced level of transactions. Now, the hope is is that mortgage rates have fallen. And maybe that can restore it some transactions. But yet home mortgage rates have fallen but they’ve went from seven last summer to eight and all they’re all they are is back to seven. And if the 10 year yield continues to tick up here, mortgage rates are going to inflect higher again. So it’s that gets to another level of confusion is that new home builds are doing okay because we need more supply. So this housing market again is sort of upside down with respect to very high prices, still high mortgage rates, but the high mortgage rates are not leading to lower prices which would help to stimulate demand. We have this high mortgage rate high price thing that is making it very difficult for first time homebuyers.
Eric Chemi 19:42
But then at the same time, right because we’re hearing these these difficult stories, but then we get that Michigan Consumer Sentiment Survey that came out Friday morning. Friday morning, right? Yeah, that was the showing 78.8 In January, its highest level since July of 21 up 21 percent from a year ago, following a big jump in December. Despite all this right peoples have not I’m not sure about the the nation’s direction. I’m not sure about all of this. And on a two month basis sentiment showed its largest increase in two months, since 1991. Right? Why the people weren’t even alive in 1991 33 years ago, right? If you’re born in 1981, you’re too old to play pro sports at the VA is a long time ago. What’s going on here? How does this work?
Peter Boockvar 20:28
So it’s definitely the moderation in inflation that has gotten people more confident. I think that that is that is the main story here. Also, income growth expectations rose and the employment number did. But certainly the slowdown in the rate of inflation, has gotten people more comfortable. And you can definitely attribute most of the improvement in confidence due to that. Now, there were some caveats within the commentary in the confidence number. And that and as we saw spoke about earlier, consumers are still struggling with the high level of prices, even though the rate of change has slowed. So there it’s not all. A bed of roses here, and consumers so sanguine, but it is a rate of change improvement. No question, at least right now. The question, though, is whether that translates into a pickup in spending. And that really remains to be seen, because some of the retail commentary we got from some of the retailers I mentioned, are somewhat soft, but then you had retail sales that were good. And time through that you have buy now pay later, which is helping to lift retail spending, you have in November, so the biggest one month increase in credit card usage since early 2022. So our consumer stretching, again to make things work is buy now pay later allowed people to stretch that eventually it’s going to come back to them. More confusion,
Eric Chemi 21:55
A lot of confusion. Did you Did you get any clarity from earnings this week?
Peter Boockvar 22:03
No, I think challenging macro economic environment is still what I hear from companies have transcripts and earnings calls that that I listened to. Generally speaking with the banks, I mentioned earlier that loan growth is very muted, flat to up one down 1% delinquencies that and charge offs that are ticking up. Some banks want to call that normalization since they’re still below the pre pandemic level. Others are focused on the trajectory of that and that consumers are getting tapped out, so to speak. And then on the manufacturing side, you know, you have Fastenal, which taps into and sells into that manufacturing sector, still talking about and you know, they’re subject to the manufacturing recession are going on. That’s that we’re experiencing globally. JB Hunt, which is transporting anything that’s made, they talked about the challenging fried environment, but gave some hopes that maybe it will improve. So a lot of crosscurrents. Not much visibility, and a very much a wait and see, I don’t think that CEOs are really looking to predict too much of what this year is going to look like because the visibility is still somewhat cloudy.
Eric Chemi 23:25
Yeah I think it’s a good point that predicting for the year in the past, you’d get a lot more talk, right? Here’s what we think is gonna happen this year. And maybe in 2024, it’s a little bit like, well, let’s just focus quarter by quarter, and we’re going to focus on our business because I don’t have a lot to say about what’s happening in the broader world. So you mentioned earlier, you talked about China drilling a little bit on that for us, right, what’s happening there? How does it really affect Americans? I keep hearing about the decoupling, right. Like what happens in China matters less to us right now. We have the Taiwan election. Does that really have a macro investing? You know, my dollars here in America? Does that really have an impact to someone like me?
Peter Boockvar 24:05
It’s doubt I mean, when you’re the second biggest economy is always going to matter to the global economy. And it’s going to matter to the US in particular, as we buy about $500 billion worth of stuff from them every year. We only sell to them, about $150 billion worth of stuff. So we have a huge trade deficit with how
Eric Chemi 24:26
Explain that works. I never fully understood like what happens in the trade deficit because there’s a money imbalance there Right? So how does that get evened out?
Peter Boockvar 24:34
Well it gets evened out globally, because some countries will have a surplus with other countries will have a deficit with now the US generally has a deficit with with most other countries. But there’s nothing wrong with having a deficit. I mean, we benefit from buying cheaper stuff in China.
Eric Chemi 24:54
But it means our money just keeps going out. Right? Like we spend money outward and we get stuff
Peter Boockvar 24:59
right but we We get that coming back to us, whether it’s foreigners that are buying US Treasuries, or they travel to the US or they buy our stuff. So, you know, Trump need the word deficit a four letter word, but it’s not because we do have benefits from that, like I said, you go into a Walmart, and the average, middle class family can afford to buy stuff, the lowering consumer can afford to buy stuff, because we import stuff that’s cheaper to make elsewhere than here. Yeah, we can onshore all this production, but, you know, it’ll, it’ll cost you a lot more to buy stuff, it’ll cost you, you know, $20 to buy something that ordinarily would have cost 10. It’ll cost you $3,000 To get your iPhone instead of $1,300. So there’s, there’s benefits to globalization. In terms of of making it I still believe in comparative advantage that we that we all learned in college and econ 101. I think with the Chinese economy, they took on so much debt that manifested itself in the residential real estate market, and the local government, side of the economy, and it takes years to unwind an excessive rise in debt. So the residential but but the China acknowledges this, I mean, they they wake up every day trying to de lever their economy. And they had a lot of success right now, with distress and bankruptcies in residential real estate. Now, at some point, I don’t know if it’s gonna be this year, but maybe next year, the housing markets gonna bottom there, and as will their economy, the consumer side has been somewhat uneven. We had a big pickup in consumer spending when they reopened, but it’s been bumpy since but then you look at the Macau casino numbers and gross gaming revenue is about where it was in 2019. So that’s recaptured its loss. China manufacturing, which is obviously a big piece of their economy, while they’re experiencing the same recession, as the rest of us are, because we’ve seen this shift to spending on services. And we’ve seen a lot of destocking going on with respect to inventories, but at some point, we’re going to see some evening out between spending on goods and services and we’re going to see a restock that would benefit China manufacturing as it will, Europe and the US. i The level of bearishness on China is extraordinary. It seems like every day there’s either bashing on China or another market sell off. I actually think that the situation has gotten so dour in terms of sentiment that I actually find the honks the Hang Seng Index. Actually one of the most attractive markets in the world and you have the potential hopefully when the selling is done, and that we’ve seen in January that the Hang Seng can do better than the s&p 500. This year.
Eric Chemi 27:55
Even we’re looking at this Hang Seng chart here. And this thing is dropped 50% Basically in two years,
Peter Boockvar 28:01
it’s almost back to where it was when their economy was locked down.
Eric Chemi 28:05
Yeah, it’s back to its back to the levels like the bottom back in, you know, 2009 it’s back to the the global financial crisis bottom levels.
Peter Boockvar 28:16
Yep. I agree. And I’m actually I’m bullish on Asia, looking at it broadly, looking out over the next 10 to 20 years and a lot of companies and trade in Hong Kong do business throughout the region. So you I do think that they’re that the Hang Seng is trading at seven and a half times earnings. It’s got a dividend yield of almost 5% there’s real value there for people that have some investing guts.
Eric Chemi 28:41
No I think I think you’re right, right. I think like looking at that chart, it’s pretty compelling there. We talk about China, obviously the impact on the dollar, right? If if rates are gonna start poking up, are you strong? Are you bullish the dollar right here or how do you play that?
Peter Boockvar 28:56
So I think it’s important to look at the dollar in sort of two different buckets you have the dollar index which is very heavy Euro Yen and pound. And to me the dollar against a lot of other currencies. The looking at the Dollar versus the euro yen and pound it when you look at the action in the dollar last three years when policy started to change, monetary policy started to change. It really was just an interest rate differential thing, the dollar bottomed in June 2021 When Jay Powell at the Fed meeting said they’re now thinking about tapering QE the dollar took off it topped out in October 2022 early November 2022, just as the Fed was slowing down their pace of rate increases from 75 basis points. So that’s all the dollar did was just follow the aggressiveness and the backing off from the Fed. So here we are now with a little lift with some tough fed talk. But the dollar doesn’t trade well against the Mexican peso doesn’t trade well against the Brazilian rial doesn’t trade well against some other Asian currencies. Excellent one. So I think it’s important to look at the Dollar versus a different, different baskets of currencies rather than it being used as the dollar up or down. And if the Fed does start to cut this year, meaning maybe the bond market’s expectations, I do think there’s a lot of risk to the dollar on the downside, particularly if they also slow down and start tapering QT.
Eric Chemi 30:23
And then how does that impact commodities overall, what’s your commodities stance here?
Peter Boockvar 30:28
Well, I’m going to I’m going to tie this into another trade off here, right, that starts to cut rates, because they’re, they’re comfortable with moderating inflation. But what happened? What if that leads to a noticeable drop in the dollar, which then leads to higher commodity prices like oil going back to 100. And all of a sudden, we start importing inflation again, that is a potentially big trade off that the Fed is going to have to deal with, and also ending QT. And maybe that leads to weaker dollar higher commodity prices, higher import prices, and infliction, higher inflation. And then the Fed is stuck again. I’m bullish on commodities. And we’re long energy. We’re long uranium, we’re long copper, and precious metals as a way to express that.
Eric Chemi 31:12
Why do I keep hearing about uranium? Everyone’s talking about uranium these days, what’s going on here.
Peter Boockvar 31:17
So the price for uranium on a per pound basis, a few years ago was in the 20s. And as of yesterday was over 100. So you’ve had ever since Fukushima, when uranium prices collapsed, you’ve had this growing supply demand imbalance that each year, last couple of years, and certainly for the next foreseeable future, the world is going to be consuming more uranium than producing it. Plus, people are realizing that that nuclear is the safest and most dependable form of energy 24 hours a day, seven days a week, this runs in a clean fashion. And with what happened with Russia and Ukraine, and Russia disrupting the world’s energy supplies, with the whole renewable craze. Nuclear is gaining renaissance and a newfound appreciation. And there’s a lot of nuclear plants that are being constructed around the world, particularly in emerging markets like China and India over the next 10 to 20 years. And there’s just not enough uranium right now being produced to meet this future demand. Now, at some point, there will be there’s a lot of projects that will come online in the next couple of years. But right now, it’s squeezing uranium prices higher. And if you’re a utility that has a nuclear plant, the price of uranium is actually a small percentage of your overall cost. So whether uranium prices are 50, or 100, or 200, you still need to buy uranium. So there’s still a lot of potential upside surprises to the price.
Eric Chemi 33:00
And then lastly, before we go, what are we looking at what are you focused on for next week?
Peter Boockvar 33:04
I think it’s going to be all about earnings for the next couple of weeks, and particularly the tech stocks that everyone loves again, it will be interesting to see how they are managing this this still uncertain economic landscape. Globally, as a lot of these tech companies do have international businesses.
Eric Chemi 33:23
I like it. Appreciate it. Peter, thank you so much for the insight. Gonna be an interesting week, especially when we see the big earnings coming out. There’ll be lots to talk about a lot more information about where we are certainly in seven more days. Thanks so much for joining me here. My thanks to Peter Boockvar for coming on the show today. Of course you can check it out at the Boockvar Report and bleakly financial as well. You can go to Wealthion.com Get more information about the episode if you liked this one, please like it, share it, subscribe, do all of those fun things there. And if you go to Wealthion.com more information if you need to get in touch with a financial adviser, a wealth manager, somebody like Peter for example, if you’re trying to get some advice a Pro you can go fill out a form there and we’ve got people we can connect you with that’s that’s no obligation of course as always. So thank you, Peter, for coming on the show today and appreciate the time good luck with the rest of your weekend.
Peter Boockvar 34:09
Thanks you too great to be here.