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Text duration start ents sentiment
has 8 billion in assets under management 3.92 Jump to 20.56
    CARDINAL 8 billion
price sometimes a larger one as rates go 5.12 Jump to 46.48
500 it looks the highest quality balance 3.601 Jump to 122.399
    CARDINAL 500
subset of the s p 500 just owning the 4.24 Jump to 134.16
    CARDINAL 500
united airlines started with 7 billion 4.08 Jump to 146.08
    MONEY 7 billion
pandemic it's over 20 billion in debt 4.239 Jump to 148.08
by the fed is it two is it three is it 4.56 Jump to 167.2
    CARDINAL two
    CARDINAL three
four is it more nobody knows and as a 4.48 Jump to 169.44
    CARDINAL four
were down 20 to 30 in march of 2020 so 4.159 Jump to 255.2
    CARDINAL 20 to 30
    DATE 2020
of 30 fixed income and that's what i've 4.48 Jump to 294.96
    CARDINAL 30
done i've taken it down to 30 percent 70 4.721 Jump to 296.639
    PERCENT 30 percent
    CARDINAL 70
looking for eight percent 3.84 Jump to 321.28
    PERCENT eight percent
growth in 2022 plus one percent dividend 4.56 Jump to 325.12
    DATE 2022
    PERCENT one percent
yield for a nine percent total return on 4.639 Jump to 327.84
    PERCENT nine percent
power i do not think i will make nine 3.681 Jump to 336.479
    CARDINAL nine
i'll be happy to make three and a half 3.84 Jump to 340.16
    DATE three and a half
worked for 32 years is not working 5.2 Jump to 346.08
    DATE 32 years
that uh 80 20 stocks to bond portfolio 5.041 Jump to 357.919
    CARDINAL 80 20
is now the new 60 40. that nobody should 5.44 Jump to 360.96
be doing 60 40 stocks to bonds 80 20 6.32 Jump to 362.96
    CARDINAL 60 40
    CARDINAL 80
explain why 80 20 is the new 6040 i know 4.8 Jump to 369.28
    CARDINAL 80 20
    CARDINAL 6040
but just explain why 80 20 is the new 60 4.961 Jump to 386.639
    CARDINAL 80 20
    CARDINAL 60
40. it seems you agree with kevin here 4.64 Jump to 388.96
    CARDINAL 40
know one thing you can do is you can say 3.6 Jump to 403.039
listen if 6040 is sort of the standard 4.96 Jump to 404.16
    CARDINAL 6040
in that 40 percent of my money is dead 3.44 Jump to 409.12
    PERCENT that 40 percent
you're lucky to get three percent return 3.04 Jump to 414.24
    PERCENT three percent
60 40. one way to do that is to say 4.0 Jump to 427.759
    DATE 60 40
    CARDINAL one
having to invest 40 of our money in 3.6 Jump to 469.84
    CARDINAL 40
clients for the next three to five 4.56 Jump to 474.8
    DATE the next three
fund is trying to distribute six percent 4.4 Jump to 525.92
    PERCENT six percent
three years last 36 months volatility 4.48 Jump to 530.32
    DATE three years last 36 months
gamble doesn't have a 10 swing in its 5.44 Jump to 549.44
    CARDINAL 10
eddy for 40 years and so people buy 5.76 Jump to 554.88
    DATE 40 years
they've had pricing power in the first 4.24 Jump to 562.64
    ORDINAL first
the low vol mandate has moved up to 40 3.919 Jump to 570.48
    CARDINAL 40
at 401 in the afternoon and so you're 4.081 Jump to 586.959
    CARDINAL 401
getting 23 out of the s p this year i 5.201 Jump to 595.519
    CARDINAL 23
    DATE this year
think is impossible be happy with eight 4.64 Jump to 598.16
    CARDINAL eight
or nine 4.239 Jump to 600.72
    CARDINAL nine
mention eight percent earnings growth 3.841 Jump to 604.959
    PERCENT eight percent
one percent that's close to the historic 5.359 Jump to 606.16
    PERCENT one percent
historically yielded eight to ten 4.32 Jump to 611.519
    CARDINAL eight to ten
the s p has averaged 15 percent of 4.88 Jump to 617.68
    PERCENT 15 percent
return a year since 2009 that's rather 4.64 Jump to 620.16
    DATE a year
    DATE 2009
remarkable if you figure 10 is the 5.12 Jump to 622.56
    CARDINAL 10
eight or nine percent return would 3.2 Jump to 643.44
    PERCENT eight or nine percent
certainly make a lot of sense after 15 4.32 Jump to 644.88
    CARDINAL 15
percent uh average in the last 12 or 13 4.24 Jump to 646.64
    DATE the last 12 or 13
to be a 23 type of return year like we 4.24 Jump to 679.36
    CARDINAL 23
seven eight nine percent out of a you 3.44 Jump to 683.6
    PERCENT seven eight nine percent
2000 the raw russell 2000 which about 4.239 Jump to 718.72
    DATE 2000
two-thirds of the names in there have no 3.281 Jump to 721.519
    CARDINAL two-thirds
russell 2000 there's about a third of 3.04 Jump to 729.68
    DATE 2000
    CARDINAL about a third
they're more than four to five billion 2.481 Jump to 735.279
    CARDINAL more than four
the russell 2000 and the other zip code 4.639 Jump to 752.88
    DATE 2000
is europe europe has 50 names you'll 4.641 Jump to 761.839
    CARDINAL 50
nestle names like that they're in the 50 5.359 Jump to 770.16
    CARDINAL 50
so district i i do 40 4.16 Jump to 791.04
    CARDINAL 40
uh 30 4.56 Jump to 797.2
    CARDINAL 30
general uh this one might be a little 3.839 Jump to 829.36
uh so let's get one on inflation and 4.4 Jump to 878.16
that throws off a four percent yield now 5.6 Jump to 892.88
    PERCENT four percent
and why a triple net lease first of what 5.2 Jump to 898.48
    ORDINAL first
you know 12 to 15 percent annualized 3.599 Jump to 923.6
    PERCENT 12 to 15 percent
returns and dividend growth of four to 2.959 Jump to 925.44
    CARDINAL four
five percent 3.121 Jump to 927.199
    PERCENT five percent
rates sub two percent and not many 4.079 Jump to 930.32
    PERCENT two percent
portfolio already all 25 of these names 4.081 Jump to 943.519
    CARDINAL 25
highlighted 25 names that all do the 4.72 Jump to 951.6
    CARDINAL 25
revenue in ebitda and so all 25 of these 5.28 Jump to 976.72
    CARDINAL 25
day these are 25 equity companies 4.959 Jump to 1025.6
    CARDINAL 25
an average of 12 years but they also 3.679 Jump to 1034.64
    DATE 12 years
two percent kevin mentioned earlier 3.681 Jump to 1038.319
    PERCENT two percent
that have eight to nine percent returns 4.0 Jump to 1042.0
    PERCENT eight to nine percent
holdings of these 25 companies these 4.64 Jump to 1046.0
    CARDINAL 25
7-eleven for cap rates somewhere between 4.32 Jump to 1053.76
    DATE 7-eleven
you know four and seven percent was 3.28 Jump to 1056.24
somewhere between one and two percent of 3.28 Jump to 1058.08
    CARDINAL between one and two percent
10 billion dollar portfolio today it's 3.68 Jump to 1067.76
    MONEY 10 billion dollar
    DATE today
to the to the tenant at this point four 4.08 Jump to 1153.44
    CARDINAL four
beyond close 200 stores 4.399 Jump to 1170.64
    CARDINAL 200
four hours to the people in these dense 4.0 Jump to 1186.88
    TIME four hours
closing of the store was five and a half 5.68 Jump to 1198.72
    DATE five and a half
maybe six percent it might gap up to 4.8 Jump to 1201.44
    PERCENT six percent
maybe six and a half seven percent 3.759 Jump to 1204.4
    DATE six and a half seven percent
go right back down to a four and a half 3.52 Jump to 1212.72
    DATE four and a half
know 1200 square foot strip malls may 4.639 Jump to 1224.4
    QUANTITY 1200 square foot
big holding for me around 31 of our 4.16 Jump to 1232.48
    CARDINAL around 31
estate probably 15 of 17 years 4.88 Jump to 1278.08
    CARDINAL 15
historically has been less than 50 3.039 Jump to 1301.76
    CARDINAL less than 50
scenario your recoveries can push 70 80 4.721 Jump to 1304.799
    CARDINAL 70 80
value trading with dividends around one 4.16 Jump to 1313.2
two percent you know there's going to be 3.92 Jump to 1315.6
    PERCENT two percent
first and only of its kind and it shines 4.32 Jump to 1327.2
    ORDINAL first
is gone um but in an 80 20 portfolio you 4.88 Jump to 1335.84
    CARDINAL 80 20
uh to uh owning bonds it seems 4 is 4.88 Jump to 1350.88
    CARDINAL 4
and with uh with a four percent yield is 3.52 Jump to 1378.72
    PERCENT four percent
yeah uh and alexi just one final point 5.28 Jump to 1404.0
    CARDINAL one
year one of the big sectors uh they're 4.32 Jump to 1409.28
    CARDINAL one
know 200 billion dollars of bonds in the 3.68 Jump to 1424.72
    MONEY 200 billion dollars
reits were built over the last 20 years 4.96 Jump to 1430.48
    DATE the last 20 years
rates jump from five or six back to 3.199 Jump to 1446.72
    CARDINAL five
    CARDINAL six
seven or eight where they have been 2.88 Jump to 1448.799
    CARDINAL seven
additional yield and one thing that's 3.681 Jump to 1451.679
    CARDINAL one
payout ratios of about 80 percent and so 4.161 Jump to 1457.039
    PERCENT about 80 percent
yeah that is one of the characteristics 4.08 Jump to 1476.32
hottest trends in the nearly 4 trillion 4.24 Jump to 1508.64