SVP Paul Nolte Interviewed on WGN Radio 5.17.22

Kingsview SVP Paul Nolte discusses the best time to buy stocks, why corporations are increasing their prices, and how the increase of unit sales helps increase spending.

Click here to listen to the interview.

5:30

SVP Paul Nolte Interviewed on WGN Radio 5.11.22

Kingsview SVP Paul Nolte discusses declining stocks, the pace of inflation, and how much more interest rates could increase.

Click here to listen to the interview.

5:27

Nolte Notes 4.18.22

Download the PDF here.

April 18, 2022

Like the Easter Bunny jumping around the yard, the markets have been hopping back and forth for much of the past few months. There are many reasons to be skittish, from the continuing conflict in Ukraine to a still uncertain withdrawal of liquidity by the Fed. Following the pandemic, the Fed was forceful and quick to flood the market with liquidity. Now that inflation is running well over their 2% target, they are measured and careful about pulling back on the surfeit of money floating around. In fact, many of the indicators of “financial stress” still show the markets very stress free. The inflation numbers last week were in line with expectations. However, the core rates (excluding food and energy) were lower than expected, giving rise to the thought that “peak inflation” is here and the rate will begin dropping in the months ahead. Retail sales were up last month, but unit sales were roughly flat, with higher prices making up the “gains”. The coming week is relatively light, but earnings will get into full swing. There will (always!) be something to watch in the markets. Expect the unexpected in the weeks ahead.

The alternating excited and depressed markets have been a boon for traders, but not so much for long-term investors. Sentiment is getting very bearish, as evidenced by the Amer. Assoc. of Individual Investors (AAII) weekly data. The widest spread between bulls and bears since 2013, ahead of a seven-year run for stocks. Volume has been expanding on market declines, indicating investors are turning tail anytime there is a sniff of bad news. Interest rates drop a bit one day, and it charges stocks, especially the growth style. The daily market moves are relatively easy to determine a reason why, but that reason is exclusive to that day and does not carry forward to the next as investors focus on something new. When will the back-and-forth end and a new trend begin? The trillion-dollar question without (as of yet) an answer.

The inverted yield curve has not only re-inverted but has gotten relatively steep quickly over the past few weeks. So too, the difference between high yield bonds and treasuries has also declined from their recent peaks. Does that mean the recession call is off the table? Maybe. However, it will depend upon how aggressive the Fed is over the coming months and whether they stick to their inflation fighting mantra or revert to making sure the equity markets stay elevated. One component of the bond model is commodity prices, which remain near all-time highs and have been up over 40% on a year over year basis for more than a year. If we are indeed close to “peak inflation”, keep an eye on commodity prices to lend some additional credence to that claim. Hard to see inflation rolling over soon.

Year to date, there is at least a nine-percentage point difference between growth and value, whether looking at large, mid or small stocks. The divergence is a big change from the past few years, when growth was king of the market. Familiar names like Apple, Microsoft and Nvidia have all declined this year, while rather uncommon names like Abbvie, Duke Energy and pick an energy stock have all seen gains year to date. Investors have not given up on the familiar and embraced the “unusual”, but if the trends continue through the summer months, those smaller gains in the big cap names may come under pressure as investors lock in “any kind” of gain. The defensive nature of the market is not unusual given the turmoil of the past six months in stocks in general. Volatility is up, worries abound, so investors are looking at companies and sectors that can still do well no matter the outlook. If inflation continues to be one of those worries, look for commodity companies to continue their run higher as well.

Earnings season will be interesting as companies discuss employment, input costs and whether they can pass them along to their consumers. Inflation and the Fed are likely to be key themes well into the summer. Will interest rates ever come back down again? If the Fed can not contain or rein in inflation, look for higher still interest rates this year.

The opinions expressed in the Investment Newsletter are those of the author and are based upon information that is believed to be accurate and reliable but are opinions and do not constitute a guarantee of present or future financial market conditions.

2:30

Nolte Notes 4.4.22

Download the PDF here.

April 4, 2022

The first quarter was a tale of two periods. The first two months, when the markets fell over 10% and then late February when stocks rallied back to within 5% of their all-time highs. With everything that has been tossed at this market, it is a wonder that stocks have done so well. Higher inflation, the invasion of Ukraine, a Fed hiking rates and some discussion of Covid have all cycled through the headlines during the quarter. The employment report on Friday was indicative of the shift in the economic landscape. Last year spending focused upon “stuff”, as consumers remained in some semblance of “stay at home”. Today, with most all mask mandates gone, people are looking to get out and about. The shift in spending has moved to “experiences” as people realize that life is indeed short. Employment gains were in hospitality, restaurants, and retail. The amount of time people are unemployed has fallen to just under eight weeks, a low not seen (outside of the pandemic) since 2000. There remains plenty of folks on the sidelines, judging from the very low participation rate. What comes next? Could be anything from a ripping rally or a decline to retest those February lows.

The economic data over the quarter has been overshadowed by the geo-political environment and the market reaction to all the news. The quarter ended with two-year yields above ten-year treasury yields for the first time since 2018. What happens next, within the equity markets, could be a rally. Historically, stocks do trade lower, but have finished higher over the ensuing year save for the year following the 2000 inversion. The volatility within the market was among the top 15 quarters since 1945. Here too, history would argue that stocks should be bought following these bouts of volatility, as they have generally finished higher a year later. Even after a big rise in interest rates, stocks finished higher a year later. Monetary policy is not yet tight, and rates have barely moved from the zero level and remain very low from a historical perspective. Will Fed Chair Powell be more focused on fighting inflation, or will he keep an eye on the financial markets reaction to higher rates? The answer could provide the road map for equities in the months ahead.

The bond market suffered worse losses than the stock market. Unusual to be sure, and the worst quarter for bonds in over 40 years. The Fed has signaled they will continue to raise rates through the year and want to see rates above 2% (now 0.50%) on short-term bonds. The long-term implications will be interesting if rates are able to get to those levels and stay there for a while. Interest payments on the huge amount of debt will begin to squeeze out other forms of spending. The “inversion” of the yield curve discussed above does start the clock on a recession countdown. The timing of any recession is less than certain, as it could be anytime over the next three years. The bond market is already expecting a recession AND a Fed that will begin cutting rates by 2024. If the market is to be believed, interest rates will not get too high and ultimately will reverse lower over time.

The “two-part” market, falling, then rising during the quarter, was also reflective of overall sector performance. Growth was under pressure from late in 2021 until the market bottom in February. From there, it led the market higher during March. This was in the face of higher rates, which are supposed to hurt the technology sector. A flatter yield curve is supposed to hurt financials, as banks usually make money on the difference between short and long-term rates. Financial were among the better performing sectors in the quarter. Energy, of course, led the way as prices rose dramatically. Can it continue or will consumers shift spending away from gas? Historically, higher energy prices do not last long as additional supply comes onto the markets at high prices. The other “odd” sector were utilities. As interest rates rise, utilities tend to perform poorly as investors flip over to the safety of bonds to get income. Typical relationships over the past quarter did not seem to hold given the economic backdrop.

Historically, stocks can continue their March rally into the remainder of the year, even as the economic headwinds build. Higher rates and rich valuations could temper those gains, so expect more back and forth in the markets in the months ahead.

The opinions expressed in the Investment Newsletter are those of the author and are based upon information that is believed to be accurate and reliable but are opinions and do not constitute a guarantee of present or future financial market conditions.

2:30

Nolte Notes 3.14.22

Download the PDF here.

March 14, 2022

“The Bitch Is Back” was a top song in 1974 by Elton John. Why bring it back now? That bitch could be inflation, that is back and has politicians grabbing for the “WIN” (Whip Inflation Now) buttons. Buttons that President Ford used to acknowledge the high rates of inflation. Today the administration is pointing toward Russia as the cause of the inflationary problems that are staring everyone in the face. The seeds for inflation today were planted a couple of years ago, by cutting rates to zero and flooding the financial market and economy with money. Core inflation rates were at multi-decade highs beginning in April of ’21 and have been rising ever since. Russia has only exacerbated an already rough situation that the Fed is finally beginning to acknowledge. Their meeting this week will finally start the process of “normalizing” interest rates. Given the current rate of inflation, that level could be much higher than many are expecting. Complicating the situation, the economy is already showing signs of slowing. Additionally the Fed has never hiked rates with a yield curve this flat since the bad old days of Paul Volker, when he slayed inflation with rates well north of 10%. Yep, the bitch is back, and it will be difficult to get rid of this time.

Much of the economic data took a back seat to the news from Ukraine and the geopolitical news surrounding the war. Consumer prices came in just shy of 8% and may go higher still as the impact from higher commodity prices works its way into the economy. Not surprisingly, consumer sentiment fell last month as prices began to spike. Slowly there is a shift in psychology from “when will I get this delivered” to “how much am I going to pay for it”? Within the inflation data too has been a slight shift toward the services and away from goods. Used car prices dipped ever so slightly, while airfare and live entertainment are showing signs of rising as mandates are being generally lifted. Wednesday will be a big day, as the Fed will announce a hike in rates and the news conference following by Chair Powell will likely set expectations for future increases. Along-side the economic news and Fed announcement will be the ongoing war in Ukraine. For as long as that continues, commodity prices will likely continue to rise, albeit at a bit slower pace than the parabolic rise of the past month.

The bond index has fallen nearly 5% so far this year as interest rates rise. Even last week, as stocks fell, bond prices also fell. Is there safety anymore in bonds? Are they still an alternative to stocks? Yes, and yes are the short answers. Individual bonds have a certain maturity when face value will get paid out, so in those cases, the losses are temporary. For bond mutual funds and ETFs that do not have maturities, their losses continue to pale compared to stocks. Short-term bonds and those that are “inflation protected” have done well in this environment. The rougher part of the market has been those tied to corporate and high yield bonds which act more like stocks than bonds. Bonds are still a good stock market offset, if not always providing positive returns.

The themes of this year continue to play out. Technology related issues have struggled as investors shift toward more “value” parts of the market. Surprisingly too, small US stocks have performed well, likely due to their being sheltered from international trade issues. Companies that are providing improving cash flows, dividends and are valued near their long-term valuation ranges are also doing well. Of course, basic materials and commodities continue to rise at a crazy pace, as the energy sector within the SP500 has already jumped 35+% this year. Given the significant rise in a short time, it may be a good opportunity to begin taking some of those gains off the table. By selling some of the winning positions, it will provide some cash to take advantage of other parts of the market that have been beaten down to the point of providing good long-term value. Unfortunately, the geopolitical news will continue to dominate sentiment on Wall Street for the foreseeable future.

There are still some good hiding places to be invested while the storms of war and higher interest rates blow over. Some extra cash is not a bad thing, however selling everything and waiting until a “better time” may keep investors from recognizing the beginning of the next inevitable leg higher for stocks.

The opinions expressed in the Investment Newsletter are those of the author and are based upon information that is believed to be accurate and reliable but are opinions and do not constitute a guarantee of present or future financial market conditions.

2:30

CIO Scott Martin Interviewed on Fox Business News 9.17.21

Kingsview CIO Scott Martin discusses the amount of options in the market, using pullbacks to fortify positions, and the upward sloping yield curve in financials.

Program: Making Money with Charles Payne
Date: 9/17/2021
Station: Fox Business News
Time: 2:00AM

CHARLES PAYNE: Meanwhile, there’s an icon of dichotomy here between plunging investor confidence in amount of cash that’s gushing into the stock market. Individual bearishness that’s plunging. And of course, down at twenty 22 percent bullishness, rather the fear gauge moving closer toward extreme fear. So how can we come to grips when we’re personally growing fearful, but you still want to stay in this market? Believe me, I know it’s not easy. So let’s bring in our market experts Allan Boomer, Scott Martin and Mike Lee. You know, one of the reasons I’ve been bullish beyond the fundamentals is all the cash on the sidelines. Global investors took sixty two billion out of money markets. They put fifty one billion into stocks, forty six billion of that into US equities. So Mike, is this a reason you think for people to remain bullish?

MICHAEL LEE: Absolutely, Charles, I think any debate should be brought. I think the amount of cash on the sidelines is staggering. You have four and a half trillion dollars in money markets. You have over 700 billion dollars of buybacks amounts. And just keep in mind, OK, when that Fear Greed Index is up in the 80s and 90s, that’s what you want to sell when it gets down here. This is where you want to buy, and now it’s easier for me to say it than to do it. But that that historically proves the way it is when everyone’s calling for a correction. That’s where you want to be a buyer.

PAYNE: You know, Alan, you were a VP at Goldman Sachs and then you started your own firm in 2013 wasn’t a really great time, right? Most people hated Wall Street back then. So what’s the secret for you when you get investors to remain calm invested, particularly when they become fearful or distrustful?

ALLAN BOMMER: I hate to say it, Charles, but you got to tell them to turn the TV off, sometimes really focus on. Focus on the long term, you know, why are you investing in the first place? Is it because you want to know every minute, maximize your wealth or is it to really maximize your wealth over time? What are the things that you’re looking to achieve? Like, do you want to retire one day or leave money for your kids? Like days like today, weeks like these last few weeks aren’t really going to matter in the long run. You’ve got to keep folks focused on the big picture, right?

PAYNE: Scott, you know the amount of options. I want to get back to this old triple quadruple witching thing, the amount of options in this market. It’s got a lot of people concerned right there saying it’s really starting to skew underlying share prices. Also, it’s making people less respectful of risk. What are your thoughts about that?

SCOTT MARTIN: It’s wild, Charles. It’s definitely kicking up volume. I think it’s an opportunity like the guys have already said. I mean, any kind of drawdowns that we see because of options expiration or people say, repurposing or recalibrating their portfolios. If you’re getting pullbacks in names that you like, say, like airlines or restaurants, anything tied to the consumer, you’ve got to use those pullbacks or there’s triple which are not to buy in and fortify your positions.

PAYNE: So then let’s talk about resolve, market resolve again, for the most part, has been with us since 2009 on full display march of last year. This year, the S&P 500 has been holding that 50 day moving average like a champ, not just holding bouncing off it like a trampoline. So, so, Mike, you know, you’ve expressed a tremendous amount of bullishness. What happens if the 50 day fails and we start to accelerate to the downside?

LEE: Yeah, look, I don’t I don’t see any sort of acceleration from that, and again, I would be I would be a buyer on an I’d start start selling fixed income or finding other assets in other places to put more money to work. There’s so much cash on the sidelines, combined with the fact that while the economy, while the rate of change may be slowing, we’re an expanding economy. This is a bull market these last four years, not months. Markets don’t sell off because of valuation. There needs to be a catalyst for there to be a meaningful correction. And I’d say the more selling we get, the less likely the Fed is to be active, which in my mind is the only threat to the market at this point.

PAYNE: I do believe the Fed is hostage to the stock market, I think they’ve created a monster they will not be able to control other than keeping it going. Hey, let’s switch gears. We’ve been talking about stocks, but don’t look now. But that 10 year yield is really starting to build some momentum to the upside is right on the cusp of a big resistance point. Now, Scott, I know you like the financials. You talked about them. Obviously, they should do well as these interest rates are going up. Is this one of the areas to be in if we start to really break out?

MARTIN: I think so. Charles and we own JP Morgan and Citi. We have for about a year now, we like the upward sloping yield curve, as you pointed out. Also, the fundamentals on those two stocks are very good. So if you’re looking to expand your portfolio, looking at financials, I think those are the two top names. But obviously you can’t probably go wrong too much with Wells Fargo, given some of the pressure it’s had recently. But financials going forward here are going to take advantage of that upward sloping yield curve as the banks benefit from net interest margin expansion.

PAYNE: And, of course, if Elizabeth Warren gets her way, the by Wells Fargo, you end up with two companies for the price of one. Hey, Allan, at one point, were these higher yields change the way you’re investing right now?

BOOMER: Great question. I mean, I also like the banks, I like the regional banks as well as kind of the megacap banks, you know, you talk about JPMorgan. They. Made a lot of really powerful portfolio of businesses inside of JPMorgan like Citizens Financial, but you know, rates are going higher. I don’t think they’re going meaningfully higher. Like I predict in the next year, you’ll probably see a 10 year around 175. Like, that’s not enough to really, you know, turn us away from anything, you know, rates. I think rates will go higher. It’ll be a grind higher.

PAYNE: That’s like predicting the Knicks. That’s the playoffs, so I’m with you on that. OK. Let’s move on to gold because I got to bring this up. We talked about inflows. Well, guess what? Thirty seven million dollars winning the gold. It doesn’t sound like a lot, but that’s the most in five weeks. And getting it back to you for a long time, you’ve been telling us you got to be in gold. But is it time to throw in the towel in the sense that this is your best hedge against inflation?

MARTIN: No, not yet, Charles. I mean, we like gold and we have for many years because it’s not stock and it’s not fixed income. You mentioned the inflows on gold. It’s actually had a pretty rough week given those inflows. But the reality is this as I think interest rate starts backing up. I think as we see like maybe a little bit of a taper, actually an inflation that actually might help gold here. So we’re actually adding to our portfolios to build out that position a little bit higher.

PAYNE: Right, let’s talk about what you’re buying, Mike, because you got us pumped up, my man. We’re in a secular bull market. Nothing’s going to stop us. May hit a speed bump here and there. How do we take advantage of it? What’s new in your portfolio?

LEE: Hey, Charles, I’m on the other side of this. Interest rates, I don’t believe. I think interest rates are going to back up here. Maybe we get a little bit higher, but then they eventually rally like we’re in a low growth, low inflation world. So I just added some utilities on that trade just just as a low rate trade, as a kind of conservative anchor to my equity portfolio. And I also added a big position in REITS, I think the right sector, it’s done really well, but I think it’s going to be one of the last legs of this recovery. And I think the low lower for longer, low interest rates really help them lever up and rebuild themselves.

PAYNE: All right. You know, utilities, I mean, you’re a brave man. There’s one utility I like next there, and I tell everyone when Biden was elected by that stock, it did terrific under President Obama. All of these things are trying to do means cash in their pockets. But it’s a tough one, although defensive halves look pretty good. Over the last few weeks. All right. Real quick. I think I’ve gotten enough time, 30 seconds. And the last time you were on, you mentioned the FedEx. I don’t think we’ll get a chance to talk before they report. I think so. So stay the course there.

BOOMER: I love FedEx. You know, it’s linked to e-commerce, all the stuff that you ordered, it comes to your house. A lot of it comes from FedEx. UPS is another great name, but FedEx trades at a 24 percent discount on a valuation basis to two ups. So whether their earnings are good or not, and I do think they’ll be good, I think FedEx is a great position on.

PAYNE: All right, gentlemen, let’s leave it there. Alan, Scott and Mike, have a fantastic weekend.

8:10

CIO Scott Martin Interviewed on Fox Business News 9.15.21

Program: Cavuto Coast to Coast
Date: 9/15/2021
Station: Fox Business News
Time: 12:00AM

NEIL CAVUTO: We got Martin on this. The Kingsview Asset Management CIO. You know, Scott, it’s sort of like all dressed up, but no place to go. So is, you know, hot and very, very excited consumers who want to get their hands on a car, but they can’t find them, or at least the ones they want, and they wait and wait and wait. What do you make of this?

SCOTT MARTIN: They do, and they probably lose interest, Neil, and also don’t even mention the fact that there’s repairs out there that need to be done on some of these cars that folks have that they can’t get done either. So if you talk to a lot of these automakers, if you talked to a lot of the auto dealers? Not only are they having trouble getting materials, they’re actually even having trouble getting workers. So if you even get the materials into the dealership, having somebody to fix it, they’re if they’re actually coming into work is another story.

CAVUTO: You know, this problem doesn’t seem transitory, right? I mean, you and I have gotten into this before this notion that inflation and all these other issues are going to be short lived. Well, we’re past the short lived transitory stage just taking let his reported face value cars right now. This extends well into next year, maybe beyond. What do you think?

MARTIN: Yeah, I think it does, and I’ll tell you what else, Neil, if you just look at the effects that some of the issues have with the global supply chains on on all industries. In fact, if you look at how demand starts to wane because folks lose interest, folks find other things that they want to do or buy. You’re talking about a major effect on just the overall economy, but also in other areas of the economy than just autos. So if you look at the spread, that’s likely you had if this continues, that has a detrimental effect on future growth.

CAVUTO: How do you like the markets now? It’s been a bumpy September typically is, but we can’t get past our own way. Today’s game notwithstanding, what do you think generally has got a lot of bumps ahead?

MARTIN: Yeah, yeah. Yeah, look, I think there’s going to be a lot of bumps ahead. And if you’re a long term investor, you have to take those bumps in stride. Use some of those pullbacks and some of the Microsofts, the Amazons, the Adobe’s the Nike’s to buy in more on your positioning. Because if you see any kind of pullbacks five 10 percent in the market, you’re a long term investor. You have to take those opportunities to load up on some of the positions that may be weak in your portfolio because overall, a lot of those companies, a lot of those stocks I mentioned, I think, are going up into the right in the future.

CAVUTO: You know, you mentioned technology, it’s been taking it on the chin, say Microsoft today. You know, it’s buying back 60 billion dollars worth of its stock. It just raised its dividend 10 percent. It was flirting with the $300 a share before. I don’t know where it is now. If we can pop it up, guys, but what do you think of that?

MARTIN: Yeah, I think the buybacks are key. I mean, if you have a lot of these companies now that are preparing for higher taxes on the corporate tax rate coming forth, you have a lot of cash flow companies that are doing very well in the cash flow analysis. And so therefore they’re looking for something to do with all this. Cash buybacks is one thing. Dividends are another thing, and that actually intrigues investors to go out and buy shares of the companies that are doing that.

CAVUTO: All right. Scott, I want to thank you very much, my friend. Always good catching up with you.

2:57

CIO Scott Martin Interviewed on Fox Business News 9.10.21

Kingsview CIO Scott Martin discusses why great stocks pull back, and how investors should take advantage and buy in during those shifts.

Program: Making Money with Charles Payne
Date: 9/10/2021
Station: Fox Business News
Time: 2:00AM

CHARLES PAYNE: You know, I was between an uglier and a blob blob kind of week, right, the damage has been limited. We’ve been down a lot. I think the problem, the inability of this market to sort of get off the ground and gain any steam or traction. So what’s awaiting for us? What are we looking at for next week? I’m going to bring in the market pros Rob Luna, Scott Martin and Rob. You know, we’ve seen very low volume the lows volumes of the air this week, so I’m not sure what to make of it. But what are you bracing for? What are you getting out of this market message?

ROB LUNA: You know what I think’s going on right now, Charles? The trends, your friend. There’s a lot of momentum players in the market right now. Momentum ETFs. But think about the seasonality we’re in right now, September October. Those are bad months last year, a bad months this year. The question is why, though people have to pay taxes next month. I think they’re taking profits. Those names are in the momentum names. And with the lack of momentum in the market that we’re seeing right now, I think that’s going to keep money on the sidelines. I think it’s going to be this way a bit choppy for the next few weeks.

PAYNE: So, you know, one thing we’ve learned, Scott, when the market hasn’t had a five percent correction through August, it usually goes up for the rest of the year. It always does. Do you buy a dip to kind of dip their Rob’s talking about?

SCOTT MARTIN: I do, and I think Charles the Strong are going to survive this one, so what that means is it’s kind of like a heavyweight boxing fight, really. And even Mike Tyson in his best days did take some punches, believe it or not, and yes, delivered a lot more of him on his side. But the reality is this I mean, a lot of great stocks. I mean, the Workday’s, the Service Now is the Booking.com, the Adobe’s, the Amazons. These pull back, I mean, they have bad weeks or even in sometimes some cases months that as we believe at Kingsview and a

lot of these companies, long term, you’ve got to take the advantages of these pullbacks to add to strength. Strengthening stocks are strong stocks. They’re strong. So in my opinion, you want to wait for some of those things to come back into you right now because Rob’s right. I think we’re going to have a lot of chop going forward. I think there’s some concern over taxes. For some reason, there’s concern over what the Federal Reserve is going to do, and I think they’re just going to basically stimulate for the end of time. So take these pullbacks in stocks you like to add to your positions.

PAYNE: Not a lot of earnings next week, but we do get reads on manufacturing the retail sector in retail confidence. Less than a minute to go, Rob and we can get you in both Scott. What’s going to be the big mover? What’s going to be the big thing that perhaps moves the needle next week?

LUNA: Yeah, I know. I don’t think there’s going to be a big mover. I think it’s going to be a lot of chop next week. I think investors should prepare for that. And I think, look, you’ve got to look at individual stock selection right now. Charles, look at themes out there like the semiconductors, big systematic thing that we’re going to be seeing for the next year or two years. Look at names like C that are trading at a big discount right now. Pick winners. Don’t wait for momentum. Don’t wait for the news to tell you it’s time to get in and find some of those good names get ahead of the curve.

PAYNE: Scott, you got 10 seconds.

MARTIN: That’s too much. Darden Restaurants and Bloomin Onion too, I think Charles, those are companies that have pulled back restaurants to pull back because of worries about the virus. Well, those are great companies. So when they pull back, buy in.

PAYNE: All right. And Bloom has got one of the coolest symbols in. Hey, guys, have a great weekend, Liz Clemons at the New York Stock.

3:11

SVP Paul Nolte Interviewed on WGN Radio 9.7.21

Kingsview SVP Paul Nolte discusses Downside surprises including unemployment and low economic reports. He also talks about what’s expected over the next 5 years.

Click here to listen to the interview.

5:29

SVP Paul Nolte Interviewed on WGN Radio 8.10.21

Kingsview SVP Paul Nolte discusses the lack of movement in the market this week, inflation, the low-interest rate environment, and the likely path of reducing the amount of treasury purchases. He also talks about the bull market for stocks, and whether a correction is coming.

Click here to listen to the interview

7:06