| 12 months ago the markets were absorbed | 4.64 | Jump to 37.28 |  |  | 
              
                
                  | have allowed cobit 19 to reassert itself | 5.6 | Jump to 68.24 |  |  | 
              
                
                  | real after the market surge in 21 which | 5.76 | Jump to 116.24 |  |  | 
              
                
                  | build on 2020's gains | 4.561 | Jump to 119.119 |  |  | 
              
                
                  | in the markets in 2022 | 7.201 | Jump to 164.879 |  |  | 
              
                
                  | we've got a team of 20 analysts | 5.841 | Jump to 180.239 |  |  | 
              
                
                  | our analysts cover approximately 500 | 4.079 | Jump to 186.08 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        approximately 500
                      
                     |  | 
              
                
                  | 1934 so | 5.399 | Jump to 223.56 |  |  | 
              
                
                  | p 500 are leading | 4.321 | Jump to 241.439 |  |  | 
              
                
                  | impressive market breadth here in 2021 | 7.2 | Jump to 256.4 |  |  | 
              
                
                  | again every one of these 11 sectors is | 6.48 | Jump to 271.04 |  |  | 
              
                
                  | each one of them and across the globe um | 6.64 | Jump to 283.44 |  |  | 
              
                
                  | in 2021 | 4.639 | Jump to 303.28 |  |  | 
              
                
                  | and now let's move on to 2022 | 6.88 | Jump to 304.96 |  |  | 
              
                
                  | and our eight fundamental forecasts for | 6.321 | Jump to 307.919 |  |  | 
              
                
                  | 2022. | 4.799 | Jump to 311.84 |  |  | 
              
                
                  | as we saw in 2021 which was a recovery | 4.24 | Jump to 336.32 |  |  | 
              
                
                  | earnings growth in 2022 | 5.921 | Jump to 342.639 |  |  | 
              
                
                  | but again not as strong as 2021 when | 6.0 | Jump to 345.36 |  |  | 
              
                
                  | stocks earnings increased to about 45 | 4.8 | Jump to 348.56 |  |  | 
              
                
                  | two-thirds of | 5.359 | Jump to 413.28 |  |  | 
              
                
                  | so for the u.s economy in 2022 | 6.481 | Jump to 418.639 |  |  | 
              
                
                  | about three and a half percent growth in | 4.72 | Jump to 425.12 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        about three and a
                      
                     |  | 
              
                
                  | come to in 2021 is about five and a half | 5.2 | Jump to 431.52 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        about five and a half
                      
                     |  | 
              
                
                  | impressive recovery in 2021 | 6.24 | Jump to 436.72 |  |  | 
              
                
                  | good growth in 2022 | 4.0 | Jump to 440.08 |  |  | 
              
                
                  | just about two percent in the decade | 4.479 | Jump to 449.12 | 
                      
                        
                      
                        PERCENT
                      
                      
                        just about two percent
                      
                     |  | 
              
                
                  | in 2022 it's just not going to be as | 4.16 | Jump to 457.12 |  |  | 
              
                
                  | as the rebound that we had in 2021 and | 5.759 | Jump to 461.28 |  |  | 
              
                
                  | one of the main factors driving the | 4.959 | Jump to 472.24 |  |  | 
              
                
                  | down to about three and a half percent | 3.68 | Jump to 480.0 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        about three and a
                      
                     |  | 
              
                
                  | up toward 15 percent early in the | 6.88 | Jump to 483.68 |  |  | 
              
                
                  | pandemic and rapidly falling down to 4.2 | 5.921 | Jump to 485.599 |  |  | 
              
                
                  | know here at the end of 2021 | 6.0 | Jump to 494.72 |  |  | 
              
                
                  | back to that three and a half percent | 5.599 | Jump to 514.56 |  |  | 
              
                
                  | four percent | 4.72 | Jump to 549.36 |  |  | 
              
                
                  | at some point in 2022 | 5.04 | Jump to 550.72 |  |  | 
              
                
                  | going back 40 years that average service | 5.681 | Jump to 570.399 |  |  | 
              
                
                  | payment as a percent has been 11 | 5.28 | Jump to 573.04 |  |  | 
              
                
                  | it's down to around 9 | 3.04 | Jump to 576.08 |  |  | 
              
                
                  | new variant of kova 19 emerges | 5.279 | Jump to 636.0 |  |  | 
              
                
                  | one is the housing market and there can | 4.32 | Jump to 672.959 |  |  | 
              
                
                  | the last three months according to the | 4.56 | Jump to 704.8 | 
                      
                        
                      
                        DATE
                      
                      
                        the last three months
                      
                     |  | 
              
                
                  | been increasing year over year at a 20 | 5.039 | Jump to 709.36 |  |  | 
              
                
                  | in 40 years | 4.56 | Jump to 717.2 |  |  | 
              
                
                  | the way that it did in 2021 and that's | 5.361 | Jump to 760.079 |  |  | 
              
                
                  | one of the reasons we anticipate | 4.801 | Jump to 762.959 |  |  | 
              
                
                  | uh the second chart here is a quick look | 6.56 | Jump to 769.04 |  |  | 
              
                
                  | are about 11 | 4.161 | Jump to 794.079 |  |  | 
              
                
                  | 60 | 4.399 | Jump to 801.68 |  |  | 
              
                
                  | 10 to 15 months | 4.959 | Jump to 824.24 |  |  | 
              
                
                  | over these last three months so | 5.44 | Jump to 842.56 | 
                      
                        
                      
                        DATE
                      
                      
                        these last three months
                      
                     |  | 
              
                
                  | going to be the problem in 2022 that it | 5.521 | Jump to 853.519 |  |  | 
              
                
                  | has been in 2021 | 5.68 | Jump to 856.56 |  |  | 
              
                
                  | through 2022 | 5.199 | Jump to 867.44 |  |  | 
              
                
                  | and you see those big swings in 2020 | 6.88 | Jump to 869.6 |  |  | 
              
                
                  | that was 30 down 30 up with the onset of | 5.601 | Jump to 872.639 |  |  | 
              
                
                  | growth go from six percent to two | 4.56 | Jump to 885.76 |  |  | 
              
                
                  | percent six percent in the second | 3.44 | Jump to 888.399 |  |  | 
              
                
                  | quarter to two percent in the third | 2.4 | Jump to 890.32 |  |  | 
              
                
                  | we're anticipating solid growth in 2022 | 5.6 | Jump to 904.56 |  |  | 
              
                
                  | 3.7 | 3.68 | Jump to 908.8 |  |  | 
              
                
                  | in 2021 uh but a lot of has to do with | 6.88 | Jump to 916.72 |  |  | 
              
                
                  | 2022 we think that a lot of the trading | 5.881 | Jump to 938.839 |  |  | 
              
                
                  | in 2022 | 3.279 | Jump to 973.92 |  |  | 
              
                
                  | at a healthy two percent growth rate | 3.76 | Jump to 998.48 |  |  | 
              
                
                  | the two percent line you can see many of | 4.16 | Jump to 1018.72 |  |  | 
              
                
                  | but with wages rising at about five | 4.159 | Jump to 1040.88 |  |  | 
              
                
                  | and the 10-year | 3.841 | Jump to 1057.039 |  |  | 
              
                
                  | averaging about 3.5 percent not too much | 5.36 | Jump to 1060.88 | 
                      
                        
                      
                        PERCENT
                      
                      
                        about 3.5 percent
                      
                     |  | 
              
                
                  | and one interesting anomaly here john is | 3.601 | Jump to 1097.039 |  |  | 
              
                
                  | now our third chart is on inflation | 3.68 | Jump to 1108.4 |  |  | 
              
                
                  | uh we our one year outlook for inflation | 4.32 | Jump to 1113.44 |  |  | 
              
                
                  | we're seeing right now by three year | 4.56 | Jump to 1119.2 |  |  | 
              
                
                  | at about the four percent range and five | 3.12 | Jump to 1123.76 |  |  | 
              
                
                  | around two percent | 4.159 | Jump to 1130.4 | 
                      
                        
                      
                        PERCENT
                      
                      
                        around two percent
                      
                     |  | 
              
                
                  | even inflation does run at two percent | 3.6 | Jump to 1132.72 |  |  | 
              
                
                  | periods in the us in the past 80 years | 4.0 | Jump to 1145.36 |  |  | 
              
                
                  | that's due to the first the | 5.12 | Jump to 1193.6 |  |  | 
              
                
                  | the fed buying 120 billion in treasuries | 5.281 | Jump to 1202.159 |  |  | 
              
                
                  | is above 8 trillion the fed has started | 4.88 | Jump to 1209.039 |  |  | 
              
                
                  | 15 billion per month | 3.921 | Jump to 1213.919 |  |  | 
              
                
                  | we believe that could double to 30 | 3.441 | Jump to 1215.919 |  |  | 
              
                
                  | billion per month and we might hear | 3.68 | Jump to 1217.84 |  |  | 
              
                
                  | with tapering by spring 2022 | 6.0 | Jump to 1226.72 |  |  | 
              
                
                  | to zero at the start of the pandemic and | 3.84 | Jump to 1253.44 |  |  | 
              
                
                  | reach four percent ahead of expectations | 4.0 | Jump to 1259.52 |  |  | 
              
                
                  | now look for two rate hikes in 2022 we | 4.319 | Jump to 1273.84 |  |  | 
              
                
                  | then look for perhaps two to three more | 3.921 | Jump to 1276.559 |  |  | 
              
                
                  | hikes in 2023 | 3.921 | Jump to 1278.159 |  |  | 
              
                
                  | lift the defense funds rate to the 1.75 | 8.24 | Jump to 1282.08 |  |  | 
              
                
                  | to 2 rate by say 2024 | 6.24 | Jump to 1285.76 |  |  | 
              
                
                  | another one that's an historic high it's | 4.64 | Jump to 1296.32 |  |  | 
              
                
                  | jumped to 120 percent and is set to jump | 4.161 | Jump to 1298.559 |  |  | 
              
                
                  | one expects the us to default on its | 5.361 | Jump to 1310.159 |  |  | 
              
                
                  | evaluation in the market in our first | 4.08 | Jump to 1353.76 |  |  | 
              
                
                  | after an earnings decline in 2020 | 3.6 | Jump to 1362.559 |  |  | 
              
                
                  | 2021 rebounded by over 40 percent | 5.841 | Jump to 1366.159 |  |  | 
              
                
                  | looking out to 2022 we expect solid | 5.36 | Jump to 1369.52 |  |  | 
              
                
                  | growth but in the 10 range as most | 4.799 | Jump to 1372.0 |  |  | 
              
                
                  | and the comps get a little harder 10 is | 4.321 | Jump to 1378.559 |  |  | 
              
                
                  | the two asset classes are at fair value | 4.079 | Jump to 1412.48 |  |  | 
              
                
                  | neither one is a screaming bargain | 3.36 | Jump to 1416.559 |  |  | 
              
                
                  | for instance over the past 10 years | 3.6 | Jump to 1421.52 |  |  | 
              
                
                  | see are the two valuation models | 6.0 | Jump to 1440.48 |  |  | 
              
                
                  | also the s p 500 is above fair value | 7.2 | Jump to 1452.64 |  |  | 
              
                
                  | 50 below fair value and stock prices are | 5.36 | Jump to 1459.84 |  |  | 
              
                
                  | as much as 50 above fair value based | 5.68 | Jump to 1462.72 |  |  | 
              
                
                  | value in the s p 500 at about 3 800 | 6.08 | Jump to 1478.24 |  |  | 
              
                
                  | which is 23 below the current level | 4.48 | Jump to 1481.84 |  |  | 
              
                
                  | 23 percent overvalued because the other | 4.719 | Jump to 1486.32 |  |  | 
              
                
                  | 2021 but was able to record strong gains | 4.839 | Jump to 1499.96 |  |  | 
              
                
                  | 2022 will begin with all those | 4.641 | Jump to 1510.559 |  |  | 
              
                
                  | challenges front and center and 2022 is | 4.559 | Jump to 1512.48 |  |  | 
              
                
                  | below average year for stocks in 2022 | 6.159 | Jump to 1525.52 |  |  | 
              
                
                  | 2022 | 5.04 | Jump to 1548.96 |  |  | 
              
                
                  | when um kovid first hit | 7.039 | Jump to 1558.64 |  |  | 
              
                
                  | 10 11 12 | 3.761 | Jump to 1574.559 |  |  | 
              
                
                  | and then it shot up toward 80 | 5.92 | Jump to 1578.32 |  |  | 
              
                
                  | and it's right about at 22 so | 6.159 | Jump to 1595.52 |  |  | 
              
                
                  | three times a year for a five percent | 6.24 | Jump to 1616.88 |  |  | 
              
                
                  | and we just saw one you know right | 5.12 | Jump to 1623.12 |  |  | 
              
                
                  | 18 months so | 4.559 | Jump to 1663.36 |  |  | 
              
                
                  | um 30 sell-off in stocks in march 2020 | 7.601 | Jump to 1670.159 |  |  | 
              
                
                  | so that should cover us for another six | 4.0 | Jump to 1675.12 |  |  | 
              
                
                  | to eight months | 2.799 | Jump to 1677.76 |  |  | 
              
                
                  | near 20 near 22. | 3.36 | Jump to 1688.24 |  |  | 
              
                
                  | of course be new variants of covet 19 | 4.88 | Jump to 1694.159 |  |  | 
              
                
                  | the initial onset of covet 19 | 5.92 | Jump to 1708.72 |  |  | 
              
                
                  | back in in march 2020 so | 4.4 | Jump to 1711.84 |  |  | 
              
                
                  | hikes you know maybe two into 2022 | 7.92 | Jump to 1774.08 |  |  | 
              
                
                  | and we'd only been thinking of one so | 5.521 | Jump to 1778.799 |  |  | 
              
                
                  | bond investors would put the 200 basis | 3.6 | Jump to 1802.799 |  |  | 
              
                
                  | would have a 10-year treasury yield now | 4.801 | Jump to 1812.159 |  |  | 
              
                
                  | of six percent | 5.279 | Jump to 1815.12 |  |  | 
              
                
                  | and it's below one and a half percent so | 5.12 | Jump to 1816.96 |  |  | 
              
                
                  | another risk for 2022 would be if oil | 6.079 | Jump to 1828.96 |  |  | 
              
                
                  | 2021 | 3.279 | Jump to 1839.12 |  |  | 
              
                
                  | out five to ten years | 4.479 | Jump to 1852.08 |  |  | 
              
                
                  | 2022 | 3.92 | Jump to 1861.2 |  |  | 
              
                
                  | as it did in 2021 | 5.28 | Jump to 1862.72 |  |  | 
              
                
                  | looks like about three trillion dollars | 5.36 | Jump to 1887.039 | 
                      
                        
                      
                        MONEY
                      
                      
                        about three trillion dollars
                      
                     |  | 
              
                
                  | i guess one of the things to think about | 3.439 | Jump to 1894.96 |  |  | 
              
                
                  | immediately and a trillion dollars was | 5.36 | Jump to 1903.12 |  |  | 
              
                
                  | spent in you know a matter of three or | 4.08 | Jump to 1906.0 |  |  | 
              
                
                  | four months | 3.439 | Jump to 1908.48 |  |  | 
              
                
                  | these three trillion dollar this three | 3.52 | Jump to 1910.08 | 
                      
                        
                      
                        MONEY
                      
                      
                        three trillion dollar
                      
                     |  | 
              
                
                  | trillion dollar program | 5.12 | Jump to 1911.919 |  |  | 
              
                
                  | is uh expected to be implemented over 10 | 4.959 | Jump to 1913.6 |  |  | 
              
                
                  | paid for and one of the | 5.039 | Jump to 1932.0 |  |  | 
              
                
                  | and nasdaq is down one and a half | 4.959 | Jump to 1971.2 |  |  | 
              
                
                  | in 2022 | 4.88 | Jump to 1978.159 |  |  | 
              
                
                  | year one is a good year we're wrapping | 3.921 | Jump to 1999.039 |  |  | 
              
                
                  | up year one you know we're probably | 4.72 | Jump to 2001.12 |  |  | 
              
                
                  | going to do better than that 14 average | 5.36 | Jump to 2002.96 |  |  | 
              
                
                  | in year one of a presidential cycle | 5.04 | Jump to 2005.84 |  |  | 
              
                
                  | we're heading into year two year two is | 4.56 | Jump to 2008.32 |  |  | 
              
                
                  | against what the 10-year treasury bond | 6.161 | Jump to 2058.879 |  |  | 
              
                
                  | one um | 4.159 | Jump to 2066.48 |  |  | 
              
                
                  | interest rates are higher and third when | 5.68 | Jump to 2100.32 |  |  | 
              
                
                  | the 10-year treasury bond yield is on | 4.64 | Jump to 2104.16 |  |  | 
              
                
                  | 1960 so 60 years of of returns | 8.721 | Jump to 2142.079 |  |  | 
              
                
                  | and on average since 1960 stocks have | 6.32 | Jump to 2146.96 |  |  | 
              
                
                  | returned 12 percent | 4.4 | Jump to 2150.8 |  |  | 
              
                
                  | and one out of every five years has been | 5.76 | Jump to 2155.2 |  |  | 
              
                
                  | so double digit returns but 20 percent | 4.08 | Jump to 2160.96 |  |  | 
              
                
                  | negative year in stocks since 1980 and | 6.48 | Jump to 2165.04 |  |  | 
              
                
                  | we point out 1980 because that's when | 5.12 | Jump to 2168.88 |  |  | 
              
                
                  | 13 on average | 3.76 | Jump to 2189.52 |  |  | 
              
                
                  | one out of every six years so | 5.76 | Jump to 2193.28 |  |  | 
              
                
                  | way down from 1980 better returns in the | 4.4 | Jump to 2199.04 |  |  | 
              
                
                  | years where the 10-year yield was below | 4.559 | Jump to 2205.04 |  |  | 
              
                
                  | 4 | 4.0 | Jump to 2207.92 |  |  | 
              
                
                  | was 16 | 4.96 | Jump to 2212.96 |  |  | 
              
                
                  | and only one of every 10 years was | 4.959 | Jump to 2220.4 |  |  | 
              
                
                  | outlook we think the 10-year is going to | 4.24 | Jump to 2229.04 |  |  | 
              
                
                  | you know two and a half 2.75 percent | 5.68 | Jump to 2233.28 |  |  | 
              
                
                  | in 2022 | 4.48 | Jump to 2236.72 |  |  | 
              
                
                  | year two of the presidential cycle | 5.76 | Jump to 2251.68 |  |  | 
              
                
                  | since 1980 stocks have returned 12 on | 4.639 | Jump to 2257.44 |  |  | 
              
                
                  | but our we haven't set a s p 500 target | 5.201 | Jump to 2269.119 |  |  | 
              
                
                  | settles in 2021 but we think returns are | 5.52 | Jump to 2276.0 |  |  | 
              
                
                  | eight to ten percent | 2.96 | Jump to 2281.52 | 
                      
                        
                      
                        PERCENT
                      
                      
                        eight to ten percent
                      
                     |  | 
              
                
                  | so one of the questions we've had coming | 5.601 | Jump to 2306.079 |  |  | 
              
                
                  | in and i'm going to take this one john | 5.199 | Jump to 2308.16 |  |  | 
              
                
                  | and i'll and i have one for you next and | 2.64 | Jump to 2311.68 |  |  | 
              
                
                  | it well i i would you know one one thing | 3.68 | Jump to 2320.8 |  |  | 
              
                
                  | uh looking looking at this four year | 4.08 | Jump to 2325.2 |  |  | 
              
                
                  | the election in the first year of the | 3.2 | Jump to 2329.28 |  |  | 
              
                
                  | um and then as the second year comes | 4.72 | Jump to 2347.52 |  |  | 
              
                
                  | this is not the first time the us has | 5.28 | Jump to 2363.52 |  |  | 
              
                
                  | when one party controls the white house | 6.321 | Jump to 2387.359 |  |  | 
              
                
                  | and one party controls the congress | 5.28 | Jump to 2390.079 |  |  | 
              
                
                  | the sitting president loses 50 or 60 | 4.32 | Jump to 2410.72 |  |  | 
              
                
                  | the normal pattern uh in 2022 you would | 6.72 | Jump to 2417.44 |  |  | 
              
                
                  | see the congress tip over to one side of | 4.72 | Jump to 2421.2 |  |  | 
              
                
                  | as well and that's one reason why the | 3.76 | Jump to 2438.72 |  |  | 
              
                
                  | is not uh necessarily one of the better | 5.52 | Jump to 2442.48 |  |  | 
              
                
                  | and i will tell you that for the past 10 | 4.32 | Jump to 2473.92 |  |  | 
              
                
                  | i guess 11 years now | 6.72 | Jump to 2478.24 |  |  | 
              
                
                  | however in 2021 you probably remember | 6.72 | Jump to 2543.44 |  |  | 
              
                
                  | fall from eight percent of the stock | 5.76 | Jump to 2552.16 |  |  | 
              
                
                  | market to two percent it was deep value | 6.32 | Jump to 2554.24 |  |  | 
              
                
                  | um through the first of the year | 3.92 | Jump to 2568.56 |  |  | 
              
                
                  | through the first half of the year but | 2.88 | Jump to 2571.28 | 
                      
                        
                      
                        DATE
                      
                      
                        the first half of the year
                      
                     |  | 
              
                
                  | in the second half | 3.839 | Jump to 2572.48 |  |  | 
              
                
                  | performer for about 10 years now | 5.2 | Jump to 2621.44 |  |  | 
              
                
                  | 10-year yields negative | 5.599 | Jump to 2638.48 |  |  | 
              
                
                  | that's really down like the the five to | 4.881 | Jump to 2655.359 |  |  | 
              
                
                  | ten percent range jim our our focus | 4.96 | Jump to 2657.44 |  |  | 
              
                
                  | chart we pointed out that our three-year | 5.04 | Jump to 2676.079 |  |  | 
              
                
                  | uh all 11 sectors but what are some | 5.201 | Jump to 2698.079 |  |  | 
              
                
                  | in 2022 as it was this year what what | 4.399 | Jump to 2733.44 |  |  | 
              
                
                  | well one jim was that ism supply chain | 6.0 | Jump to 2743.68 |  |  | 
              
                
                  | at you know something close to 70. and | 5.52 | Jump to 2754.64 |  |  | 
              
                
                  | anytime they're over 50 you know they're | 4.959 | Jump to 2760.16 |  |  | 
              
                
                  | 70 over the past three months | 5.039 | Jump to 2772.8 | 
                      
                        
                      
                        DATE
                      
                      
                        the past three months
                      
                     |  | 
              
                
                  | toward the 60 which is still a high | 3.841 | Jump to 2777.839 |  |  | 
              
                
                  | so so that's one factor | 4.72 | Jump to 2784.48 |  |  | 
              
                
                  | for the longest time let's say for 20 | 4.881 | Jump to 2801.599 |  |  | 
              
                
                  | years that was 63 percent | 4.48 | Jump to 2803.52 |  |  | 
              
                
                  | to 61 percent a lot of people have left | 7.2 | Jump to 2810.24 |  |  | 
              
                
                  | be important in in 2022 | 5.84 | Jump to 2904.4 |  |  | 
              
                
                  | so so jim let's take a second and go | 4.24 | Jump to 2908.079 |  |  | 
              
                
                  | through these last two slides maybe | 4.319 | Jump to 2910.24 |  |  | 
              
                
                  | here are the 11 sectors we like some of | 4.561 | Jump to 2945.359 |  |  | 
              
                
                  | um and those are two of the bigger | 4.72 | Jump to 2963.44 |  |  | 
              
                
                  | sectors in the market at 28 | 5.28 | Jump to 2965.2 |  |  | 
              
                
                  | and 13 | 4.88 | Jump to 2968.16 |  |  | 
              
                
                  | short-term rates in 2022 that takes us | 5.839 | Jump to 2998.72 |  |  | 
              
                
                  | and this is the themes for 2022 | 6.8 | Jump to 3020.88 |  |  | 
              
                
                  | and you can read in depth about any one | 4.561 | Jump to 3076.079 |  |  | 
              
                
                  | um and we're thinking about in 2022 | 4.32 | Jump to 3105.92 |  |  | 
              
                
                  | instance 5g goes mainstream well people | 4.0 | Jump to 3231.52 |  |  | 
              
                
                  | maybe think well gee 5g | 3.921 | Jump to 3233.599 |  |  | 
              
                
                  | i mean you know the first iphones it's | 3.28 | Jump to 3235.52 |  |  | 
              
                
                  | actually see that it's accessing a 5g | 4.401 | Jump to 3254.559 |  |  | 
              
                
                  | content per device in a 5g phone than a | 4.801 | Jump to 3273.599 |  |  | 
              
                
                  | 4g phone | 3.92 | Jump to 3276.24 |  |  | 
              
                
                  | if you're one of these | 4.159 | Jump to 3278.4 |  |  | 
              
                
                  | one of the service providers you're | 4.0 | Jump to 3285.2 |  |  | 
              
                
                  | uh jim i see one in here let's touch on | 5.28 | Jump to 3336.96 |  |  | 
              
                
                  | so argus covers the 500 stocks we cover | 5.921 | Jump to 3346.319 |  |  | 
              
                
                  | closely and we're watching it from three | 3.92 | Jump to 3363.04 |  |  | 
              
                
                  | one is from the angle of a consumer | 6.639 | Jump to 3366.96 |  |  | 
              
                
                  | uh so consumer is one area | 6.439 | Jump to 3396.4 |  |  | 
              
                
                  | sixty thousand forty thousand thirty | 4.64 | Jump to 3406.88 | 
                      
                        
                      
                        DATE
                      
                      
                        sixty thousand forty thousand thirty
                      
                     |  | 
              
                
                  | thousand it's it's it's been you know to | 4.32 | Jump to 3408.96 |  |  | 
              
                
                  | just in uh 2021 | 7.36 | Jump to 3413.28 |  |  | 
              
                
                  | it's about three trillion dollars | 4.48 | Jump to 3424.319 | 
                      
                        
                      
                        MONEY
                      
                      
                        about three trillion dollars
                      
                     |  | 
              
                
                  | fund uh you know maybe two or three | 4.0 | Jump to 3440.88 |  |  | 
              
                
                  | bitcoin is at 3 trillion gold is at 10 | 6.0 | Jump to 3451.52 |  |  | 
              
                
                  | trillion so bit the cryptocurrency would | 5.679 | Jump to 3454.64 |  |  | 
              
                
                  | i'm gonna say three or four years before | 5.12 | Jump to 3490.64 |  |  | 
              
                
                  | you know crypto starts to make a two or | 3.601 | Jump to 3493.359 |  |  | 
              
                
                  | three percent | 5.28 | Jump to 3495.76 |  |  | 
              
                
                  | and then the third way to play it of | 4.72 | Jump to 3501.04 |  |  | 
              
                
                  | know even at that you know kind of one | 4.24 | Jump to 3530.24 |  |  | 
              
                
                  | to two percent area so those are our | 4.961 | Jump to 3532.079 |  |  |