Jenine Garrelick:
Well, welcome back, everybody. And look who's back.
Brad Rutan:
It's weird, there's someone to my left. We've never started with someone here.
Jenine Garrelick:
No.
Mike Dembro:
Yeah, first two-time guest.
Brad Rutan:
First two-time guest ever, Mike Dembro.
Mike Dembro:
I feel so honored.
Brad Rutan:
Strategist with Strategy and Insights Group.
Jenine Garrelick:
Happy Father's Day, both of you.
Brad Rutan:
Thank you.
Mike Dembro:
Thank you.
Jenine Garrelick:
Did you have a good Father's Day?
Mike Dembro:
I had an awesome Father's Day. I went for a harbor cruise in Newport. Then I went out to dinner. My two nine-year-old daughters split a dozen oysters.
Brad Rutan:
Bougie.
Jenine Garrelick:
Yeah, nice.
Brad Rutan:
It's totally bougie, huh?
Jenine Garrelick:
Nice. And what happened to you?
Brad Rutan:
We don't do Father's Day, so we canceled Mother's Day this year and have Mothers and Father's Day on Father's Day because there's no lacrosse, no soccer, and the weather's better.
Jenine Garrelick:
I love it.
Brad Rutan:
Makes sense, right? But Mothers and Father's Day sounds boring, so we came up with Grantor's Day. We granted you life. Not a guarantee. We granted it to you. We can take it back. So, they have to celebrate Grantor's Day.
Jenine Garrelick:
Okay, Grantor's Day.
Brad Rutan:
They had to come up with a song for it too.
Jenine Garrelick:
I like that. You're hiding.
Brad Rutan:
I know. And I cut my finger on a knife. It was dumb, and I'm hiding my hand.
Jenine Garrelick:
Okay. We'll see how long you can hide your hand.
Brad Rutan:
Correct.
Jenine Garrelick:
So, we are recapping.
Brad Rutan:
Yes.
Jenine Garrelick:
Is that what we're doing? We're recapping and looking forward.
Brad Rutan:
Yep. Looking back to move forward.
Jenine Garrelick:
Looking back to move forward.
Mike Dembro:
Well said.
Brad Rutan:
Let's talk about this year. What happened this year that was surprising to you so far in the first half? What was the most surprising thing that happened?
Mike Dembro:
I mean, this first half of the year felt like every day was something catching you off guard. But I think the big thing to me was Europe, and Europe being up 20% on the S&P.
Brad Rutan:
Never would've thought.
Mike Dembro:
I didn't have it on my Bingo card, did you?
Brad Rutan:
I did not, no.
Jenine Garrelick:
A lot of people didn't.
Mike Dembro:
Yeah.
Jenine Garrelick:
And is it still having a run or we're not doing that yet?
Mike Dembro:
We'll get there, we'll get there.
Jenine Garrelick:
We're going back? Okay.
Mike Dembro:
Don't reveal the big surprise.
Jenine Garrelick:
Okay.
Mike Dembro:
What about you?
Brad Rutan:
I think it's just the amount of tariffs we had. I just don't think anyone expected to have that degree of disruption over and over again. I think we'll get to later on in the call about maybe the second half, what we're going to see from policy. But I'd say it's that, and I think it's Europe. I never would've guessed that Europe would smoke the S&P as much as they did.
Mike Dembro:
Well, I think the markets are surprised by the anti-growth agenda coming first before the pro-growth agenda. So, getting tariffs and deportations first versus deregulation and the tax cut extension because we felt like that was low hanging fruit. That felt like it was obvious.
Brad Rutan:
I think it makes sense though, right? Get that stuff out of the way well before the election.
Mike Dembro:
Yep, before midterms.
Brad Rutan:
Get them before midterms, get it done, and then move on.
Mike Dembro:
Yeah.
Jenine Garrelick:
Okay. So, what are we looking forward to?
Mike Dembro:
I think the pro-growth agenda, I mean, I think that ties it in and transitions us.
Brad Rutan:
So pro-growth agenda. See, there it comes.
Jenine Garrelick:
Yep.
Brad Rutan:
Just going to do this. We're talking taxes. We're talking a lot of the stuff from the Big Beautiful Bill.
Mike Dembro:
Yeah, Big Beautiful Bill Act.
Brad Rutan:
Let's talk about it. Okay.
Mike Dembro:
Yeah. I mean, I think there's a lot of things in there that are aimed at meeting campaign promises. So, you see things like the standard deduction for people over 65 went up, and that was to address the promise of lowering Social Security taxes. I think the underappreciated one is the direct expensing. So, I think we used the example of Jenine's high heel factory, and the example was, if Janine built a high heel factory, she would amortize that over the useful life of the factory and get a small write-off every year. But under the new guidelines, she would be able to expense that all 100% in year one.
Jenine Garrelick:
All right. Slow down. Back up. I have this amazing high heel company.
Brad Rutan:
You invested a bunch of money in it.
Jenine Garrelick:
Correct. And so, every year, without this, I would...
Brad Rutan:
Expense a little bit.
Jenine Garrelick:
Expense a little bit.
Mike Dembro:
Yes.
Brad Rutan:
You would amortize it over the useful life. Let's say it was 20 years.
Jenine Garrelick:
Yep.
Brad Rutan:
You in a high heel factory, I'm thinking the useful life's like two years, but let's say it's 20 years. Now you get to expense it all...
Jenine Garrelick:
At once.
Brad Rutan:
But, there is a but, it's only for domestic investment. So, if you, the high heel company, had a plant in the US and a plant in China, your US, you could expense, what you have in China, you could not. That would be a regular amortization schedule. Is that right?
Mike Dembro:
Yep.
Brad Rutan:
Yeah.
Jenine Garrelick:
Got it.
Mike Dembro:
And I think the important takeaway here is Trump campaigned on lowering corporate taxes from 21% to 15%. This brings the effective corporate tax rate down from 21% to 14%, so that's a nice tailwind for corporate earnings, potentially 3% to 5% worth of earnings growth just from that alone.
Jenine Garrelick:
That's great.
Brad Rutan:
I mean, the market's going to like it, right?
Jenine Garrelick:
Sounds good to me.
Brad Rutan:
I mean, if that passes, that's probably the biggest part of it. That and maybe the SALT taxes, just in terms of what that does for consumers.
Mike Dembro:
Yeah, no, I was going to say, let's remember. This is still in the Senate. They're still marking it up, so we have to wait to see what the final bill looks like. But in the initial phase, these seem like things that are going to stay.
Brad Rutan:
So, pick a date. When do you think we can get this passed by?
Mike Dembro:
July 4th.
Jenine Garrelick:
Okay.
Mike Dembro:
I mean, Trump has been ushering this through Congress.
Brad Rutan:
That's like three weeks.
Mike Dembro:
Yeah.
Brad Rutan:
Yeah.
Mike Dembro:
I mean, I think they recognize how important this is because going back to the anti-growth, pro-growth stuff, they're trying to change the narrative so that heading into... Campaigning for midterms starts in January and February next year, so they want a positive narrative heading into the campaign trail.
Brad Rutan:
All right, so we're heading into the summer, peak tariff is probably over.
Mike Dembro:
Yes.
Brad Rutan:
Right?
Mike Dembro:
Yes. I feel confident in that one.
Brad Rutan:
Deportations, time will tell on that. But now we're heading into the second part of the year. We're going to have some very positive things to talk about with expensing, maybe taxes. And then let's talk US equities just in terms of... Actually, let's talk the Fed first. What do you think about the Fed? Where's the Fed right now? Are they closer to cutting or not?
Mike Dembro:
Yeah, I think it's good we're talking about this first because I think the entire economy hinges upon this, and that's because if you think about the US consumer, this is one of my favorite statistics. The US consumer represents 4% of global population, but about 30% of global consumption. The entire global economy hinges on the US labor market. That's why they say, when the US sneezes, the rest of the world catches a cold. And right now, based on the last payrolls print and what we're seeing, things are looking pretty weak under the surface. So, this is kind of a choose your adventure.
Brad Rutan:
Are you talking about continuing claims?
Mike Dembro:
Not continuing claims, though continuing claims are important.
Brad Rutan:
Right.
Mike Dembro:
But I'm just talking about the actual headline number. If the Fed chooses to look at that, because we got 1.39, we were expecting 1.26, so it came in above estimates, so that would be interpreted as a good thing. Underneath the surface, the sectors jobs are being added are not in the cyclical sectors. The continuing claims continue to rise. We just hit a four-year high on continuing claims, which essentially says that companies aren't necessarily laying off in mass. We've seen Microsoft, Procter & Gamble laying off selectively, but companies are also not hiring, and that shows the softness underneath the surface. And if that gets worse, if the Fed chooses to look at the headline number and not the softness under the surface, they might not do anything. I am of the opinion that they need to cut at least twice, maybe three times, maybe four, just because financial conditions right now are too tight. What's your guess on the second half?
Brad Rutan:
I think they're at two. I think the bar is high. I do think the continuing claims is something we got to watch. It is a barometer, initial continuing, but that will give you some insight into how strong or weak the labor market is getting. What are clients asking about?
Jenine Garrelick:
So go back. You think that they are going to cut four times before the end of the year?
Mike Dembro:
I don't think they will cut four times by the end of the year. Because remember, two months ago, Jerome Powell came out and he said essentially that the risks to their dual mandate, being full employment and price stability, are essentially equal. And the reality is, since then, that's shifted dramatically. We've gotten a couple very modest inflation prints, and we've gotten a couple payroll prints that looked pretty soft under the surface. So, you would infer that the threat to that dual mandate would be greater to the waiver side of the equation, and so that means that they should act. And I think they will probably cut twice, but they could go more. The market would support it.
Brad Rutan:
But what do you think with inflation? Because we're about to enter a period where I think we hit three 0.0s or 0.1s on the base number from last year. So, the next three prints, if you print any type of monthly inflation, it's going cause inflation to go up at least for the next three months or so, correct?
Mike Dembro:
Yeah. But the Fed isn't myopically focused on that number going up per se, they're just watching the progression. And let's-
Brad Rutan:
Also, does it keep them from hiking, from cutting more, I guess is the-
Mike Dembro:
No. Chris Waller came out two weeks ago and said, based on the backdrop they're seeing, which is if you think back to 2022, we hit 9% on peak headline CPI. That was in an environment where consumers had their stimulus checks, companies had their PPP checks, average hourly earnings were growing north of 6%. We could absorb that inflation. Now average hourly earnings are growing just north of 3%, we spent through our excess savings. We can't absorb that, so then we make consumption choices. And so that drop in aggregate demand should keep a lid on inflation, and that's essentially what Chris Waller said, that they could hike in the face of increasing inflation because they feel confident that it's not persistent. I won't use the cringe word transitory.
Brad Rutan:
Please don't.
Mike Dembro:
I promise.
Jenine Garrelick:
So that might be what Chris said, but you know what I say?
Brad Rutan:
What do you say?
Mike Dembro:
What does Jenine say?
Jenine Garrelick:
I think you're going to get it wrong.
Mike Dembro:
I love the confidence.
Jenine Garrelick:
I do, I do. And you know why?
Brad Rutan:
I think because everyone gets it wrong.
Jenine Garrelick:
Everybody gets it wrong.
Brad Rutan:
You have a chart you can show up. We're going to just show you the history of the market guessing on Fed Funds rates. So the red line you're looking at would be Fed Funds rate, the actual rate, and then if you can't see this, every year, there's a blue squiggly line that starts on January 1st of '94, of '95, of '96. And that blue line goes out two years and states where the market thinks on January 1st, 1994 Fed Funds will be at the end of 1995, and what you'd see here is that the market is never right. You look at 2009, '10, '11, '12, '13, '14, '15, '16, the market saw Fed Funds rising 2% to 3%, and it stayed flat the entire time. So, it's tough, right? I mean, the market doesn't know. Even the Fed, I would argue, doesn't know. At the beginning of 2022, they thought they were going to hike to 1.75%, and obviously we know they hiked a lot more than that. All right, so three cuts is your base?
Mike Dembro:
I think they're going to cut twice. I think they should cut three times.
Brad Rutan:
Okay.
Jenine Garrelick:
Okay. So, if you're making decisions of your fixed income allocation based on duration, you should probably think again.
Mike Dembro:
I mean, I think the 10 years fairly range-bound from here. You remember the 10-year is priced off of growth plus inflation. We know growth has been slowing. That's what we've been pricing in. We'll touch on that when we get to US versus Europe. So, we know growth is slowing. So if we break out above, say 4.75% or 5%, something had to have gone wrong in the inflationary backdrop, which we already said why we don't think that's our base case. And then below, say 4% or 3.75%, that means something went wrong in the growth backdrop. If you look at the Atlanta Fed GDP tracker right now, they're projecting 3.8% GDP in the second quarter.
Brad Rutan:
So, “clip your coupon still” type of environment.
Mike Dembro:
Yeah.
Brad Rutan:
Maybe go out to intermediate. You probably don't need to go all the way out to long, long. You can probably keep it intermediate or what's your favorite area of-
Mike Dembro:
The belly of the curve, the intermediate part. I mean, if you're going out to the long end of the curve with the deficit spending from the BBB, that actually might be challenging, especially if you look globally. That's not a US phenomena. In Japan, the long end of the JGB curve is widening out. That's a global phenomenon, so I just don't want to hold long-dated bonds. But I think you could feel comfortable in the intermediate part, adds ballast against any potential equity volatility, and we think it's a coupon clip.
Jenine Garrelick:
I think it's really cute that you say BBB.
Mike Dembro:
It's like BB-8.
Jenine Garrelick:
Big Beautiful Bill.
Mike Dembro:
Well, Big Beautiful Bill doesn't roll off the tongue.
Jenine Garrelick:
Well I know, but BBB, you're assuming-
Brad Rutan:
I thought it was Better Business Bureau, BBB.
Jenine Garrelick:
I think we need to define what we're talking about. All right, talk about Europe. Is that what we wanted? Is this going to continue to have full steam ahead?
Mike Dembro:
Yeah, I mean, I've been on the road for the last seven weeks, and that's probably the number one question I've heard clients asking about is-
Jenine Garrelick:
Did I miss it? Is that what they're asking?
Mike Dembro:
Europe FOMO, we talked about it earlier this year. So, I personally think if you think back to the first quarter, if you look at the first quarter and the second quarter, in local currency terms, Europe outperformed the S&P by about 10% in the first quarter. In the second quarter in local currency terms, US outperformed EFA, so a lot of the outperformance in the second quarter was the currency translation. In the first quarter, what we were essentially doing was repricing growth in the US down to the rest of the world. Typically, in the dollar smile framework, where you talk about the dollar appreciating, it's usually that we're pricing in the rest of the world catching up on growth to the US. In this case, we were derating the US back to the rest of the world, but now we've gotten some stability there. So, for me, I think the US will outperform Europe for the rest of the year because I think we flushed out and-
Brad Rutan:
Not a popular view.
Mike Dembro:
No, very out of consensus.
Brad Rutan:
Which I appreciate.
Mike Dembro:
What's your opinion?
Brad Rutan:
Well, we're here for your opinions, but I can give you my opinions too, and I agree with you actually. What happened in Europe was sentiment. It was people getting excited about, but there was no rerating of growth. Our growth came down, got downgraded closer to where the rest of the world's growth is. But this whole US exceptionalism being over I think has been a bit overdone. It would be different if the rest of the world's growth was upgraded beyond ours, but it was more of a down cycle shift of ours close to where everyone else's is.
Mike Dembro:
Well, and that's that enthusiasm in Europe. I've been telling clients, look, this is your opportunity to close an underweight to Europe, but I'm not ready to go overweight because we haven't seen it translate through to earnings. So, there's certainly a lot of optimism around German fiscal spending, defense spending as they pick up the baton with the Russia-Ukraine crisis. There's a lot of reasons to be optimistic. The ECB has cut eight times in the last year, so they're much more dovish than the Fed has been. There's a lot of things to like, but we need to see that. I'm in prove it mode with Europe because we've seen too many head fakes.
Brad Rutan:
So maybe bring your weight up to neutral but not to overweight.
Jenine Garrelick:
I'm just thinking of Nick Paul, that was on the last Straight Talk, is just now he's going to want to come back and just totally refute everything you just said.
Brad Rutan:
We could bring two people on and have them debate.
Jenine Garrelick:
Just debate, debate. So, we'll see at the end of the year. This is the beauty of it. This is the beauty
Mike Dembro:
I'm out of consensus.
Brad Rutan:
I'm going to go online, sit back there, and just watch the debate. All right, let's talk US equities, obviously growth values, and then the mid-cap, small-cap. So, let's talk market cap and let's talk style. If you had to choose the rest of the year on style, what would it be?
Mike Dembro:
I think growth will still outperform. I know everyone's going to hate that simply because it's boring. But the reality is, if you look at earnings in the Mag 7, Mag 7 earnings are projected to grow 17% the rest of the year. They didn't forget how to make money, and they're going to continue. The CapEx cycle is announced at the beginning of the year, and it doesn't deviate, so they're going to continue to put up earnings. What I think will make a difference is I think earnings are going to come back into focus. So '23 and '24 were markets that were focused on just owning momentum or owning beta. In this case, I think quality and consistency of earnings is going to be back in focus. So, what I think the difference will be is I think value will actually hold up pretty well. Value is still outperforming growth year-to-date, and I think at the end of the year growth will probably nudge ahead, but I don't think it's going to be the disparate performance we've seen between growth and value the last few years.
Brad Rutan:
Well, this is going to matter because in the Russell 1000 value on the 27th, there's a rebalance happening. It happens every year.
Jenine Garrelick:
I cannot believe this is happening again.
Brad Rutan:
It's every year.
Jenine Garrelick:
I can't. It just doesn't seem right. But go ahead, remind people.
Brad Rutan:
Every year, Russell takes all the stocks in their indices. They basically reshuffle them, assign a few metrics to them, and then basically sort them. Growthiest stocks go in the R1G, value-est stocks go in the R1V, and then there's some that go in-
Mike Dembro:
Value-est? Did you just create that?
Brad Rutan:
I said value-est. Growthiest and value-est, right? It's like BBB. But this year, like two years ago, Russell 1000 Value is gaining some significant growth exposure with Google, with Meta, Amazon...
Mike Dembro:
It's Amazon, Alphabet, and Meta.
Brad Rutan:
And then Salesforce is getting significantly increased.
Mike Dembro:
And Salesforce, yeah.
Brad Rutan:
So then how does that play into it? Because a passive value strategy would potentially be gaining access to growth there and potentially benefiting if growth does better.
Mike Dembro:
Yeah. So, when did this last happen? Was it '23?
Brad Rutan:
It was 2023, June '23.
Mike Dembro:
So last time when this happened in 2023, it was a small weighting, and it still had a material difference. I think it was like 300 basis points because Meta went up about 160% after being added to the value index. I don't think we'll see that type of outperformance, but the weight is going to be greater this time around. So last time it was like 2.8% I believe, and now it's going to be somewhere between 5% and 6% in those names. So this is a meaningful change, and I think what's important is just to know what your value manager owns. I think it's important to make sure you pay attention to where the overlaps are going to be and how much exposure you're going to have to these names.
Jenine Garrelick:
Yeah, I just find it concerning because for a lot of people, it's increased their risk in a lot of a smaller weight of equity that they didn't realize they were holding. I'm all for reshuffling if you're putting things in the right categories.
Brad Rutan:
Because now you're looking at, let's just say you’re right Mike and growth does well, now you have your growth exposure and your value exposure leaning on that. And what if it changes mid-year? They reshuffle again next June. So, you have a whole year to go that you need those growth names to do well if they're in your value exposure without increasing your risk.
Mike Dembro:
And I think it ties in because now you're not getting as pure of the diversification from your value exposure, and that's where it comes into going down cap. I think you could look at something like mid-caps to help diversify as well. We obviously like mid-caps for a variety of reasons. The earnings story, earnings have been consistent and strong. The valuations tie into the earnings story. They're cheap because they've been growing earnings and the most attractive valuations in the style boxes. They're most insulated from tariffs because while we think we've seen peak tariff, tariffs are still going to be a part of our lives. The courts told this administration they couldn't do it through IEEPA, but there are a number of other ways that they can implement tariffs or levy tariffs. And I think Trump enjoys the fact that he can do it through executive order, so I wouldn't be surprised. The sneaky one is that I'd watch Canada and Mexico later this year just because we have the USMCA, which is a trade agreement between the US, Mexico, and Canada.
Brad Rutan:
That gets signed next year with [inaudible 00:21:12].
Mike Dembro:
It's up for renegotiation in Q1.
Brad Rutan:
Q1 of next year.
Mike Dembro:
Of next year, and so I wouldn't be surprised if we saw something announced on Canada and Mexico in the coming months to gain leverage ahead of those negotiations. So, tariffs are still here to stay, and owning mid-caps helps protect you because they derive more revenue domestically than do small-caps. The traditional wisdom is small-caps derive their revenue domestically, but it's actually mid-caps that derive more revenue. And if you're a small company, you're finding the cheapest inputs. That tends to be China, so they're going to hit on both ends. Mid-caps are much more protected from that.
Brad Rutan:
You've got deregulation, you've got the universe is better. I think a lot of the decline in listed securities in the US was small-cap companies being taken out by private equity. The mid-cap universe is still ripe with opportunity, I think more than even the small-cap.
Mike Dembro:
Yeah, it's a good point. A lot of the small-cap names that would have IPO'd are now staying private longer and IPO-ing as mid-caps.
Jenine Garrelick:
Well, how do you like that?
Brad Rutan:
I think that's... Anything else you want to talk about?
Jenine Garrelick:
For the market?
Brad Rutan:
Yeah.
Jenine Garrelick:
Not for me.
Brad Rutan:
I'm trying to keep these at 25 minutes.
Jenine Garrelick:
I do want to talk about something that we could actually control.
Brad Rutan:
What would you like to talk about?
Jenine Garrelick:
So I think for, we'll see at the end of the year-
Brad Rutan:
I keep trying to put this up there.
Jenine Garrelick:
I know. Just embrace it. Embrace it.
Brad Rutan:
Yep.
Mike Dembro:
Just going to hit it.
Jenine Garrelick:
You had an accident with a knife, and you sliced.
Brad Rutan:
Correct, yes.
Jenine Garrelick:
Yes, yes. Just embrace you fumbled.
Brad Rutan:
Yeah, that's it.
Jenine Garrelick:
So, we will see at the end of the year whether US outperforms Europe, the amount of rate cuts, growth, value, mid-cap. We'll see where everything lands. I think at the end of the day; there's only so much we can control. And what I love, and this is going to be a total plug for the fabulous firm we work for, but we do a lot to help advisors and their practice. And it is the month of June, and what just happened this past May? Probably a lot of parties out there for graduation.
Brad Rutan:
Graduation.
Jenine Garrelick:
Yes. And what is the best thing you could do to help a college grad?
Brad Rutan:
Buy him a new whip? Sorry, Jenine just learned what the word whip is.
Mike Dembro:
You beat me to it.
Jenine Garrelick:
I'm obviously...
Brad Rutan:
She didn't realize the word whip was what a car is called. Welcome to 2025.
Jenine Garrelick:
Okay, exactly.
Brad Rutan:
Go ahead. No, not buy a new whip.
Jenine Garrelick:
Not buy a new whip but help these college grads get jobs. And so, we have two things that I think, for anyone listening, if you want to take advantage, and I think it's in the console out there, but one is resume tips. Resume tips on how to get your-
Brad Rutan:
Structure your resume.
Jenine Garrelick:
Structure your resume, also interview tips, but we also have a workshop, a client seminar. So truly encourage everybody to reach out to their MFS sales representative to, this summer, take advantage of those college kids home, those grandparents.
Brad Rutan:
I think the value-add part of MFS is one of the best parts of this firm is what we do to help grow businesses. Yeah.
Jenine Garrelick:
I think so too. Yeah, so when you guys want to keep talking about currencies and markets and all the things...
Brad Rutan:
Right, markets. Can I just talk about college grads and whips?
Jenine Garrelick:
I think I'm going to talk more about how we can help your practice, so that's the big takeaway.
Mike Dembro:
Also, how is your new whip? Because you bought one right before the tariffs last time I was on, right.
Jenine Garrelick:
I did buy one, and everyone has asked what I got. I did get a-
Brad Rutan:
We were both figuring out who could bring out the word whip.
Jenine Garrelick:
Exactly.
Brad Rutan:
To show that you didn't know what whip meant.
Jenine Garrelick:
Well, I am excited. My son had his driving test this morning, and he passed.
Brad Rutan:
Nice.
Jenine Garrelick:
So, Tommy, great job.
Brad Rutan:
One more inexperienced driver on my way home tonight.
Jenine Garrelick:
On the road.
Brad Rutan:
Can't wait.
Jenine Garrelick:
Exactly.
Brad Rutan:
Thanks for joining us.
Jenine Garrelick:
Exactly. But that's actually all we got. Right?
Brad Rutan:
Yeah, that's it.
Jenine Garrelick:
And then we're taking a break this summer. Right?
Brad Rutan:
Just a little bit.
Jenine Garrelick:
Hopefully everyone does take advantage of the good weather, the summer months and we will be back unless something crazy happens.
Brad Rutan:
It's possible. We'll be back in end of August, September.
Jenine Garrelick:
We'll be back, yeah. But thanks for joining us.
Brad Rutan:
Thanks, Mike.
Mike Dembro:
Thank you guys.
Jenine Garrelick:
Mike, thanks for coming back.
Mike Dembro:
Can I come back at the end of the year, and we can talk about everything?
Jenine Garrelick:
Oh, you are absolutely coming back because we're going to have a scorecard.
Mike Dembro:
Okay.
Jenine Garrelick:
Sound good? Thanks for joining us.
Brad Rutan:
And thanks to the AV team. You guys are great. Appreciate it.
Mike Dembro:
Yeah, thanks everybody.
Brad Rutan:
All right.
Disclosure:
The views expressed in this presentation are those of the presenter. These views should not be relied upon as investment advice, as securities recommendations, or as an indication of trading intent on behalf of any other MFS investment product. MFS does not provide legal, tax, or accounting advice. Clients of MFS should obtain their own independent tax and legal advice based on their particular circumstances.
Past performance is no guarantee of future results. No forecasts can be guaranteed.
Unless otherwise indicated, logos and product and service names are trademarks of MFS® and its affiliates and may be registered in certain countries.
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