00:00 Speaker A

the sort of underappreciated areas of the market. For a a retail investor or somebody who’s looking at the composition of their 401K, where should they be looking then?

00:08 Brian

I think the most important thing I would I would advise a retail investor or any investor, retail institutional is, you know, look, I don’t know where the equity market ends. I don’t know where it tops out. It may I think it’s topped out, but it may be a lot higher from here. But what I would say is, remember, in bonds,

00:26 Brian

you’re only getting back par.

00:27 Brian

That’s it. It’s a loan. Like your your upside is is is is is basically what you lent, um, to the borrower. And so,

00:36 Brian

you know, keep that in mind. So you kind of want, you know, it’s not, it doesn’t really you don’t usually get paid to be in the, uh, in the parts of the economy and the bond market that everyone wants to talk about in the cocktail hour. You know, you you basically want to make kind of really good sound investments. And so from a fixed income perspective,

00:52 Brian

uh, you know, what what are we trying to do? We’re just trying to generate very good um income for our clients, good total rate of return. We want bonds to perform like our clients expect them to, uh, in their overall portfolio.

01:02 Speaker A

Mm-hmm.

01:02 Brian

Uh, and so that that’s my that’s my recommendation. Don’t you you can express those euphoric views maybe in your equity portfolio because you actually might have the upside.

01:11 Brian

You know, in your bond portfolio, you just want to kind of be straight down the middle, you know, like your four iron, you know, on the golf course.

01:15 Speaker A

Yeah.

01:15 Brian

Get your coupon, get your income, and keep your liquidity.

01:18 Speaker A

Brian, thank you so much. Really appreciate it.