You're trimming munis and increasing stock allocations, particularly in tech despite recent weakness.
Host
Richard Saperstein
These dislocations present opportunities for clients who don't have enough exposure to technology broadly.
Richard Saperstein
If you're a short term investor right now, you want to be in the non-tech names for the most part. If you're a long-term investor, you want to use this opportunity to add to some of these names.
Do you think the software selloff is overdone?
Host
Richard Saperstein
Yes, with software investors should look at IGV ETF.
Richard Saperstein
The market is discounting an outcome worse than is likely anticipated.
Richard Saperstein
Operating cash flow of the four hyperscalers is greater than that of the S&P 496 non-hyperscaler names.
What about the idea of passing of the torch with capital moving from growth to cyclical to value?
Host
Richard Saperstein
Short-term it makes sense, just short-term. But in the long-term, I want to own companies with higher growth, higher cash flow, higher margins.