00:00So, George, you say investing in the current market is a very risky bet. Explain why.
00:07Yeah, I'd say that from a short-term trading perspective, maybe not so much from a long-term investing perspective.
00:13If someone's got a multi-year time horizon on their investments or they're happy with their allocation to the stock market,
00:19I don't think there's any cause to be greatly concerned.
00:22The economy's still doing really well and earnings growth is very, very strong compared to the growth rate of the overall economy.
00:28GDP is supposed to go up just about 1.5% this year, which isn't great growth, but profit growth is much better than that.
00:35I think I'm reacting to the fact that in the last 80 trading days for the market, we've had roughly a three-sigma event.
00:41The market's gone up 26% in a very short 80 trading days, and that's a 0.3% observation over the last 100 years of the stock market.
00:51So, only less than 1.5% of the time have markets gone up that fast in that short a period of time and that highly.
01:00So, I just think a little caution's in order in the next several months, and this is usually a soft time of year, too, from mid-July through October.
01:08So, I would have some caution and maybe take some chips off the table if you're overexposed to the market at this point.
01:14So, I'd like to thank you for joining us today.
