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it's so nice to see you this morning Peter good to be here so let's talk about by what you know I'm so curious these days how you're thinking about the economy well I think people they're investing in individual stocks it's it's sad they're careful when they buy a refrigerator or an airplane flight or they're careful of their money and they'll hear about a stock on the bus and they'll put five or $10,000 on it they have no idea what they do so you really got to be careful look at the company look at the balance sheet what is the reason the stock should be higher the suckers going up is not a good reason is your sense though that the style of investing uh that you pioneered is still doable and winnable today well I think looking for something different look me something that's a good story I mean who would have guessed TJX a local company would have gone up 50 fold or Stop and Shop would go up tfold or or Analog Devices or Nvidia I couldn't pronounce nid so you have to find a company that's either a turnaround or company is going to grow like Panera or you know Family Dollar stores I'm not saying they buys now but that's what's made our you know Sears has rolled over so you know so Kmart's rolled over IBM slowed down but we've had new companies come along that's the nature you have to be looking for new companies and look at the balance sheet if you can add five and five and get reasonably close to 10 you should be able to look at a balance you say here's two depressed companies they've gone from 50 to three one compan got three remain in cash and no debt one's got three remain in debt no cash which one are you gonna buy I mean that not too hard to do Peter I I watched watch you closely because I was in the business back then and I don't do you remember how many snls went from mutuals to stock trade that you made just Buu bucks on back then and I mean I don't know if you I don't know if you missed any of those and they were all big Winners they're all big winners they were all big Winners back then I just what do you think of the financial sector right now and what happened we saw with First Republic and uh I I just like to get your Insight there since you you were so good at that sector yeah we had a terrible financial crisis in 991 I think every almost every major Bank in Texas went under Bank in New England one of the oldest banks in the country went under it's like you know you know in ' 0809 the banks were doing these no do loans and second mortgages and home Improv loans and people are buying boats with it now the bank's being much more careful so we've gone through other crisises some banks will go under you know 400 went under after 089 now we have stress tests I think the banking system has improved there'll be some companies go under that's the that's the nature of it you know it's nothing like imagine 19881 we had double digit inflation double digit unemployment and people worried the Japanese going to take over the world I mean we were hopeless I mean you know there's always something to worry about I'd really my over 50 years of doing this I I think I'd be worried if there was you know something didn't bring up something to worry about that's what you natur I I I was joking because I'm a rean guy you know and I was there I started it at Marill in 1981 so I remember I remember what happened I remember my feelings in 1981 and I remember my feelings how I felt by 1985 and you had a Tailwind I had a Tailwind because of what we did we're not going to do that again we're not going to cut tax we're not going to uh stimulate the private sector we're we're kind of headed the other way did did you have a Tailwind will we ever have a Tailwind again with this generation well we've had 13 recessions since World War II and we've had 13 recoveries maybe we're going to have one if this is a recession it's probably the most predicted one ever you know I never know when we're going to go I'd love to know the future I think I'd give it would help I'd be a better investor I'd pay five extra dollars for next year's Wall Street Journal it would really help I cannot predict the future but this one this recession is so expected so predicted maybe it's coming I don't know
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