lets discuss with the founder and chief investment officer at boko capital partners always good to see you there seems to have been a narrative for everyone here   absolutely the video you played at the beginning really amplifies that because some people are seeing the fed is going to have to continue to raise and some say we are already there theyre going to cut at some point the data was extremely messy on friday that reflects a lot of changes that are happening everyday in the market i love seeing data like this because it makes you think the first thing because i think we are in a soft landing if you over the last couple weeks weve been hearing from retailers and retailers regardless of who they serve the high come of low the medium consumer they are all saying it was a soft quarter and they are expecting softness to go on that would say the consumer feels like the products they are selling are not worth buying there are many reasons for that but secondly wage growth has slowed down so maybe we are having  i would not call it a recession maybe i dont know a soft landing a slowdown shery for an investor like yourself how much of a difference does it make it whether the fed hikes of this month or in the following meeting will the payrolls number make a difference and when you are thinking about your portfolio allocations does that matter   it does not matter to the portfolio allocations and we will get to that but i think well need to think about what the fed is going to do and more importantly what their peak price or peak interest rate is that determines what we discount our cash flows back and that determines what the companies are worth i think the fed has even said they are probably closer to done then not i think analysts like myself can determine fiveish sixish percent that is what we need to discount the cash flows back so looking forward what are those companies worth we are running a second or neutral kind of strategy and that means our picks line up the second your weightings of the  the sector weightings of the s  p 500 we are not taking huge growth or huge speculative bets on companies shery do you worry now we have a debt ceiling deal what might happen to the day lucia of treasury notes we are getting is that a risk for you   not really we are not super exposed to that should something we are concerned with and i dont know your ex us viewers will comprehend this but we have had a moratorium on student loans because most of the student loans are adjudicated or run by the government there are 48 million people with outstanding loans and that is 17 trillion over some number of years has to be paid back and i think the fed knows this too which is why i think they are done they do not want to raise interest rates to high because this is going to be another slowing effect on the economy shery does that mean the consumption side of things gets hit   i think so and i think you are seeing this in the jobs data i think people who had the second job to pay for their student loans in 2019  i think they are out there looking for work and that is why you so unemployment go up we have not seen continuing claims  the number of people actively drawing on unemployment  we have not seen that number rise i think people are lining up that job that is going to pay for their student loans if they are unemployed right now shery can we have a few rate decisions across the world including several in emerging markets do you play the rate divergence or the trend divergence at this point and international markets on the side of asia there is a lot of optimism about what might happen in china and japan because they are going the other way   right i think it is an important thing to keep in mind because most of the companies  i am usbased and i only select us companies that trade on our exchange but we do have a lot of large companies that have operations around the world japan is very interesting because they seem to have gone away from their long time zero interest rate policy as you said they might cutting and it looks like china might be cutting too china more than japan might force the us not to raise any more or maybe even to cut because we have to have our currency more or less in line with where it floats now and that is something the fed pays attention to when large areas like china are reducing their interest rates everybody else has to pay attention shery do you play some of the china names with some of the us names that may be exposed to the economy   no not directly we only do us companies i know some of them trade on the us exchanges shery what about those that get revenue from china from some exposure to the economy because now we hear asian policymakers may be opening because of monetary stimulus or at least that is the investor help now   names like amd you probably play in china as well we have companies with global reach and who have  who are concentrated because of the size and growth in china that is how we play that game shery do you play oil that sector lots of people have said there are lots of opportunities at the same time we are seeing this hesitancy when it comes to oil demand outlook not to mention what opec plus is doing   right i have to tell you i think a lot of the strategies around energy markets are best left to people that solely focus on that although we do have exposure to energy for sure because it is in that sector neutral kind of  we have to have  it is a sector in the s  p 500 so we have to have exposure we do own a very large integrated and global company exxon we are happy with that name