Webinar Highlights: Fundamentals Matter

One sort of like key point that I think we know, but I want clients and prospective clients to know that over the long run, it's really the only thing correlated to stock price return and portfolio growth are the fundamentals in your portfolio. So if you own world class businesses that grow their earnings power over the long run, the value of your shares in those businesses will go up in lockstep. If you own bonds that pay you and pay the par at the end, your value will go up in lockstep. So fundamentals matter over the long run. So point one that I want to hit and then I'll hand it to you guys is, look, there are, I think the way that, how did you exactly frame it, Michael? Cautiously constructive? Is that, was that? That was it? Yeah. Almost as wishy washy as you can get. I think the environment calls for it. Yes, that's right. I don't know that it's wishy washy. It is, we are constructive, but we're not all in by any strength. Right. Right. By any stretch. And it's prudent to hold some extra dry powder right now. We, we do that across all our strategies in the form of three things. Actual cash that's generating a reasonable yield. Short-term US treasuries that are a proxy for cash. And then gold and gold miners. So all of our strategies own at least one, if not more of those things. I think every of our strategy owns a gold or gold miners. Other than our treasury strategy. So we like those assets as, as a store of value. If we get into a market that dislocates when people are selling world-class businesses and assets at fire sale prices, we want to be able to pick those up without having to sell something else. So we want to have that, that opportunity.