Soundtrack to a Financial Advisor's Life Episode 15 with Andy Hyer
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Asset Allocation Roundup with Andy Hyer of NASDAQ Dorsey Wright for December 2021
CHAMBERS: Hey everybody. This is Trevor Chambers, from Olde Raleigh Financial Group. Once again, I am happy to have my friend, Andy Hyer, from NASDAQ/Dorsey Wright. He’s a guy who looks at the markets through a momentum, more technical look. And we love Dorsey Wright and we follow their – their research. Andy, how are you doing today? Is it sunny in Pasadena, brother?
HYER: You know, it has been so cold.
CHAMBERS: Really?
HYER: We’ve been down – we actually dipped below 40, which is pretty cold for Southern California. So, it’s feeling like Christmas out here.
CHAMBERS: Okay, well, there you go. It is in fact Christmas; you know what I mean? So that’s what happened there. But, --
HYER: It’s great to be with you again.
CHAMBERS: Good. I’m so happy. So, this is the Soundtrack to a Financial Advisors Life. We call it the Soundtrack and it’s a podcast we put out here at Olde Raleigh, in sunny old Raleigh. And I asked – I’ve been -- this is the second time we’ve done this. So, thank you for doing this. And it’s a little bit of a series. I’m really excited about it. But basic gurus kinda (sic) like doing a round up through more of like an allocation lens, if you will of the market. And we’re bringing in one of the best guys out there, especially to look at the market from a technical point of view with Andy. And, basically, right, Andy, we’re just going to kinda (sic) look at every month or so, maybe twice a month but at least once a month, we’re going to look at the markets and we’re going – we’re just kind of going to see what it looks like through your eyes. And this is research that we use to make some decisions about your investments. And so, I – we just thought we’d kinda (sic) share some perspective, so. So, Andy, you have control of this zoom call, okay. You control the thing. So, sir, is there some things that you would like to show us and if you would, please start with the – before you show – as you show it, could you just give us a brief sort of overview of what people are looking at?
HYER: Sure. I’m happy to do it, so.
CHAMBERS: Thank you.
HYER: I will start with – with DALI. It stands for dynamic asset level investing.
The relative strength strategy is NOT a guarantee. There may be times where all investments and strategies are unfavorable and depreciate in value. Past performance is no guarantee of future returns. Potential for profits is accompanied by possibility of loss.
This is our main asset allocation tool at Dorsey Wright. What this is and what you’re looking at is a ranking. So, we take six different asset classes; US stocks, commodities, international stocks, fixed income, cash and currencies. And we rank them top to bottom. So, we can see at any one point or currently, you know, where – where’s the strength, where’s the weakness? And if you look at, you know, number one, domestic equities, that’s been number one for most of the last decade. And that’s true today. They’re strong. They’re stronger than the other asset classes and so that continues to be the case and, you know, what is this momentum ranking all about? It’s really about measuring the performance of these different asset classes over an intermediate time frame. So, think of approximately the last six to twelve months, how these different asset classes had performed. And this is just telling you where the strength is, where the weakness is. You know, something that has changed a bit over the years, you know, there have been times over the last decade where commodities were near the bottom. So, they’ve moved up certainly and I think that speaks to, you know, some of the inflation that is – that is dominating the headlines and it’s certainly been, you know, the topic of conversation but US equities have just been a power house. They continue to be very, very strong. There’s been a ton of rotation underneath the hood, so, you know, different sectors have changed leadership. Different style boxes have changed leadership. But US equities have continued to be good and I think that’s a great thing for investors.
CHAMBERS: Well, we touched on this pregame but what’s the – do you have any macro comment on why the US/domestic equities are in the lead?
HYER: Yeah, so, you know, one thing about this is, you know, it’s a purely technical reason. So, it doesn’t answer the questions of why. Why is it –
CHAMBERS: Yeah.
HYER: -- this – why is it that US stocks are stronger than international stocks? You know, we can certainly guess at that. You know, and there’s –
CHAMBERS: Right.
HYER: -- a million different opinions. There have been some massive problems in some – some different parts of, you know, China in particular, that has certainly hurt international stocks as an asset class. But I think for all the problems and we tend to see all the problems, is the problems that dominate the headlines. But, for all the problems that there’s so many great things about the US. And there’s so many great things about what companies are doing here and the, you know, the profits are strong. And you know, people can criticize the fed and they do. But they – they stepped in, in a major way and they’ve taken action that has certainly buoyed the US equity markets. What does that say about the future? What does that – it doesn’t guarantee anything. It does not guarantee that, you know, any of this. But our view is that by simply measuring what is happening in the market, we can – we can make decisions about portfolios and asset allocations that are going to be intelligent. You know, or that are going to be informed decisions about where we want to be overweight and where we want to be underweight.
CHAMBERS: Yeah, so that’s, you know, so guys this is what’s interesting about this is that, you know, we – we run – our equity portfolios that we run here, you know, we – we do two kinds of styles. One is a more fundamentally researched, you know, portfolios combined with the research that we get out of you guys, which is more momentum based. And that’s how we do this. And you know this. You and I have talked about this. But guys, it’s a really different way to look at how to structure your portfolios. What Andy’s talking about is just much more – just people buying more of something versus something else. And right now, people feel the market, Mrs. Market, I like to call her Mrs. Market, right, feels that domestic equities should be in first place because that’s what most people are buying. And so, it’s a – it’s – just that’s all this is. That’s all really at the end of the day, right? That’s kind of all what this is and what this is telling us. And so, this is where the confidence is in this order. So, this is a great chart and we’ll look at this every – interestingly enough, talk about the bottom of that. So, you got cash. And then currencies. You got fixed income could be a little bit problem moving forward with rising interest rates.
HYER: Yeah and, you know, I think it – what this ranking does not say is it does not say you should not own anything at the bottom.
CHAMBERS: Right.
HYER: You know, that – that – that’s not what we’re saying.
CHAMBERS: Yeah.
HYER: But, it – but it’s suggesting maybe some tilts that you make in your asset allocation to take advantage of those asset classes that are in secular bull markets versus those that are in secular bear markets.
CHAMBERS: Right.
HYER: And, you know, this also is just a looking at really passive, from a passive approach. For example, someone might look at fixed income and say, okay from a broad asset class perspective, fixed income is not ranked. But if what if you have more of an active strategy. Can you do better than a passive? Yes. Could you do worse? Yes, you could as well. So, but – but this is simply meant to be a starting point for the conversation. It’s simply meant to be a way to – to cut through all the noise. You know, if you listen to CNBC all day long, and look I’m not saying that there’s not great people –
CHAMBERS: Yeah.
HYER: -- that go on CNBC.
CHAMBERS: Yeah.
HYER: And I’m not saying that there’s great – not great information. There can be great. But if you listen to CNBC 24/7 for a week, you’re going to be so confused about what’s actually going on.
CHAMBERS: Yeah.
HYER: Because everyone’s got different opinions and, you know, where we really focus is what’s actually happening in the market? Not what we think should happen, not what we think might happen. You know, it’s what is actually happening in the market. And it’s crazy how often what is actually happening in the market is different than, you know, maybe what your favorite pundit is saying, so.
CHAMBERS: Yeah. We have to keep in mind – it’s funny you’re bringing this up because we talk about this all the time. The influence of the media on people. And we have – you gotta (sic) understand people that CNBC, they sell ads.
HYER: That’s right.
CHAMBERS: That – that’s what they do. They sell ads. Everything else is secondary to that and if you think otherwise, so. This is more just like an adult looking at the situation is what I like to think, you know. So, anyway. Andy, other nifty charts that you would like to show us?
HYER: Yeah. Let’s go through some other things.
CHAMBERS: Okay, cool.
HYER: So, something else that we might take a look at, and this is visually and it’s going to be a little bit hard to see it on this, but visually, this is something that I like to look at and this is simply the sector – we refer to it as the sector bell curve. And what we are looking at is on a bell curve, we’re taking 40 different sectors. So, we’re basically saying we’re going to categorize all US stocks into 40 different sectors. Leisure, machinery and tools, media, oil, oil services and so on. We’re going to categorize all US stocks into these 40 different sectors and then this looks at the bullish percent chart of each of those sectors. What is bullish percent? It’s a short-term measure of trend. So, if for example, the bullish percent for the oil sector was 100 percent, that would mean that 100 percent of oil stocks are trending positively in the short run.
The relative strength strategy is NOT a guarantee. There may be times where all investments and strategies are unfavorable and depreciate in value. Past performance is no guarantee of future returns. Potential for profits is accompanied by possibility of loss.
CHAMBERS: Right.
HYER: If the measure was zero it would mean that none of them are – they’re all in a negative trend – a short-term negative trend. And what this does is looks at the percentage of stocks in a positive trend, or a short-term bullish configuration in each of these sectors. And so, and then it puts all these 40 on a bell curve. What are you looking at? So, on the right-hand side of the bell curve, you see like banking, savings and loan. The majority, you know, between 68 and 72 percent of stocks in those sectors are on a point and figure buy signal, just meaning they’re short-term trend is positive. But what I think is interesting, if you look up here, the BP average, 38 percent. This is to me just a gauge of okay how overbought or how oversold is the market? Sometimes you’ll get this – you’ll get this thing up to like 70 percent and you’ll see these sectors really skewed to the far right inside of the bell curve. And that’s an environment where, you know, everything is going up. All boats are rising. Everything is doing great. You might ask yourself and say, you know, the S&P’s up, you know, over 20 percent, year to date. Why is it that the average bullish percent for the sectors only 38 percent? And to me, that’s just a reflection of the fact that the mega caps, Apple, Microsoft, you know, Facebook, you know, you name it, the big mega cap names are – are generally and have generally been doing really, really well. But a lot of the smaller cap names, mid cap names have not been doing as well. The bullish percent of a lot of these sectors is – is pretty – pretty washed out. To me, I like looking at this visual. It gives me a sense again how overbought or how oversold the market is. How would you use this? You know, I don’t know that I would use this as a market timing indicator or anything like that. But what I do think is, you know, the – when the market gets overbought it can stay that way for longer periods of time. It’s not a, you know, if it gets over – if this thing gets 60/70 percent, to me that’s not an indication, okay, I need to get bearish. However, when this thing gets washed out, when you get this below 40 percent, if it gets below 30 percent, to me, that’s usually when sentiment in the market tends to be pretty negative. There’s a lot of talk about hey, there’s a lot of stocks that are not doing well. You know, you tend to get a lot of bearish sentiment. That also can be a great entry point for new money. So, to me that is how I use this. I don’t – this is not a short-term timing indicator. This is not – this is not a market timing indicator at all. But it does – when this gets washed out and it does every couple years, it gets washed out. When it gets washed out, it gets skewed to the left-hand side, to me, that’s – it’s just an indication that hey, you might – if you got some cash on the sidelines, putting some into the market right now, might not be such a bad idea.
The relative strength strategy is NOT a guarantee. There may be times where all investments and strategies are unfavorable and depreciate in value. Past performance is no guarantee of future returns. Potential for profits is accompanied by possibility of loss.
CHAMBERS: Yeah. Macy’s – I don’t know if you heard, Macy’s just picking that out, you know, but like Amazon, it doesn’t matter, they sometimes put on sales, right? And people just run over there and they say, hey I’ll take the sheets. I’ll take the sheets, 25 percent off all day long. It’s funny, people – they look at the market and they see – and they run in the other direction.
HYER: Yep.
CHAMBERS: So, they’re like oh my god, the sky is falling. But, --
HYER: Yeah. No, this, you know, the market, it really does and we’re all wired essentially the same way. We all get more bullish when things get stronger in the markets. We all feel more confident about putting money to work. When things are selling off, we project that in the future. We’re like, oh the markets down over ten percent over the last two months. I think it’s going to be down ten percent, you know, every month from here forward.
CHAMBERS: Yeah.
HYER: And it’s, you know, intuitively that’s just how we feel. That’s how we’re wired, you know.
CHAMBERS: Yeah.
HYER: And that’s part of the reason that I think having these objective technical tools can be pretty good and, you know, having – and one thing just to, you know, one thing about our analysts here at Dorsey Wright, that I think is fantastic. We got some people on our team that do just some incredible research and they will look at these indicators backwards, forwards, they will do just some amazing research on, okay, what happens when these indicators do X, Y, or Z? What’s – what are the forward returns look like or what did they look like historically. And so, you know, through that research, you end up getting a pretty good feel for, okay, these tools – here’s how I can use them and here’s how I can use them to counteract maybe our own worst instincts. You’re wired a certain way; I’m wired a certain way. Left unchecked, I would – I would do things that are really foolish for my personal portfolio, you know. So, it’s –
CHAMBERS: Yeah.
HYER: -- you know, you have to have that.
CHAMBERS: Yeah, and especially today in this hyper financialized world. I had someone tell me and a very nice person but just, this is just an – this is what’s going on out there. This person said, I have X number of a lot of money for this person, a lot of money. But a lot of money by any standards, okay. Say I have this money saved up for college. The kids are nine and twelve. I’m thinking about putting it in bitcoin or something – or – this is the world we’re in right now, right? And it’s scary. And I said, I’m not going to say what I said, but it wasn’t like yes, I think you should do that. Let’s put it that way. Okay. But it was more like something else. So, anyway, yes this is to your point, this is a really great kinda (sic) clean cut way to look at things. A cleaner cut way, I should say of looking at things. That’s for sure.
HYER: Yeah, you know, it’s – you were talking before about some fundamental sources that you go to for –
CHAMBERS: Yep.
HYER: -- research and I think that’s great. I mean, they’re various fundamental sources that I read and I do it because I’m interested in the markets. I do it because I want to – I genuinely want to understand things. I try to understand – gain a better understanding of the financial markets overtime. I generally am interested in the reasons why. But, you know, the – the technical side of it, you know, what it is and it’s – it’s just important to react to what the markets actually doing. I mean there’s so many things – I’m going to jump, you know, I’m going to jump – I almost want to jump the gun to – I know one of the questions you were going to ask is what’s –
CHAMBERS: Yeah, man. Hey, Andy this is your show too brother. You do whatever you want. I don’t care. I mean, guys, he’s in charge. I’m honestly, I don’t know what I’m talking about so, go ahead.
HYER: No – so I’m going to jump – I’m going to jump to a couple things that, you know, you were asking what is it that surprises me?
CHAMBERS: Yes. No, no hold on. Before we get into this, I just, this is a new section that we’re doing, Andy. This is called – and I – I’m going to – what’s surprising Andy Hyer now? Now, what I want you to know is that hopefully when this gets edited there’s going to be some lovely your own theme music rolling right now, okay. I just want you to know that’s going to happen and so, anyway. For the first time ever, I’d like to introduce What’s Surprising Andy Hyer?
HYER: Yeah, no this is great. It’s like when I roll into the office every day, what do I see in the market when I’m like, I did not expect that. There are – there are a couple things that I think are just interesting. One, you know, the last couple CPI numbers have been, you know, what over five percent. I think the last one was over six percent. Inflation is here. We’ve got some serious inflation going on. And – and yet gold is doing very poorly. And so –
CHAMBERS: Yeah.
HYER: -- that is one thing that surprises me. Does that mean gold can’t do well over the next – maybe it will over the next – I’m just saying, we’ve had some pretty serious inflation building. Gold is not doing well. And in theory, you know, in theory gold should be somewhat of an inflation hedge but it’s not doing so well lately. What are your thoughts on that?
CHAMBERS: Well, can I just – and I could be way off base on this because a lot of people are noticing this. Because I listen to, don’t know about you, but I listen to a ton of podcasts over the weekend on this stuff and I sometimes listen to the same one a couple of times but anyway, I’m just a nut about this stuff but is some of the money that would normally go in gold, going into digital assets?
HYER: Could very well be the case. Yep, that’s a good point. That could very well be a case – the case. And you know, to be fair, I don’t have the date in front of me to look and say every time inflation has been raging in the past hundred years, what did gold do? So, maybe this is not anomalous but –
CHAMBERS: Right.
HYER: -- it’s just interesting to me that, you know, that’s not doing as well. The other thing that, you know, another thing that surprises me is again, this is back to the inflation thing. You know, inflation is here. It’s higher than it’s been in the last forty years and the ten-year treasury yield index, this morning was 1.42 percent. So –
CHAMBERS: Yeah.
HYER: -- inflation, you know, we’re coming up on approximately forty-year highs and yet, interest rates, you know, the ten-year treasury yield index, not at forty-year highs and so what does that mean? Well, you know, to me, I just take it as, look the markets going to do what it’s going to do. You better follow this stuff from a technical perspective and react to what’s actually happening in the market as opposed to say oh, we got high inflation, therefore interest rates are going to go through the roof. They may or they may not. But they’re not right now. And then, you know, the last thing I was going to mention is, you know, something that, you know, is just the strength of large cap growth, it’s been strong for years. It continues to be strong. You know, small caps have underperformed large caps in four of the last five years. If you look at like the five-year annualized return between large cap and small cap, there’s about a five percent gap and that is a – that’s a very large gap and, you know, historically very wide gap. Which just tells you large caps have been doing incredibly well, so why does that surprise me? I don’t know that that one – it – it’s just interesting to me. It – to me suggests be ready for potential reversion to the mean. You know, what – what happens if some of the smaller cap names, you know, come roaring back. So those are – those are three things, Trevor, that surprise me. So, I thought I’d throw those out.
CHAMBERS: Yeah, the small cap thing is a theme that I’ve heard now twice in the past week from smarty pants people like you. So, I – I’m just putting it out there. I don’t know. But, yes. That right there, Andy, we just concluded our first formal, What’s Surprising Andy Hyer, okay. I mean, I don’t know what we’re going to call it. That’s what I call it. You want to come up with something else, that’s what I’m going to call it, right. That’s my – that’s as hot as it gets.
HYER: I think it’s – I think it’s – this will be fun. You know, the – why do people that work in the financial markets, why are we – why do we gravitate – why – you know, there are a million reasons. But at the end of the day, like one of the reasons for me, financial markets are interesting. You know.
CHAMBERS: Yeah.
HYER: They are just interesting and there’s, you know, everything factors into the financial markets. Everything impacts the financial markets. And there’s lots of things that are just surprising. I mean, you will hear, you have to be very careful about being too dogmatic in this industry because you know, you come up with a set of – the market behaves these twenty ways and this is like written in stone and this is how it’s always going to be. Maybe not, you know. And the markets are pretty good at humiliating people who are extremely dogmatic in how they think. And, you know, the way that we approach things, the way that we look at the markets is, you know, yes, I have my views on what the markets going to do. Yes, I have my views on all kinds of things. But I better invest based on what’s actually happening.
CHAMBERS: Yeah. Well said, brother. And, the other thing is, something bad is going to happen. To run through, I mean do you think – do you think that the people that are running the companies that are in, for example, the S&P 500. Do you think -- they plan for good days but where they really make their money when they plan for bad days which they know are going to come. Fill in the blank. I don’t know what’s going to happen. But surely something will happen.
HYER: Right.
CHAMBERS: And, what happens is markets often times over, right? Just like they go bananas. Great time to buy, if you can. So, back to your point about cash, let me just go back to one thing and then I’ll let you go. The bullish percent, can you go back to that chart? When – yeah, so here’s the bullish percent guys. So, when the bullish percent – you used the word washed out when you were looking at the – so would you look at this bullish percent, that’s washed out. Is there risk? Is there more risk actually in the market at this point or less risk?
HYER: So, let me explain what this is first.
CHAMBERS: Yeah, please. Thank you.
HYER: And then I’ll answer. So, this chart, what you’re looking at, it’s the percentage of stocks that trade on the NYSE that are – that are on a point and figure buy signal. What is a point and figure buy signal? It’s a short-term measure of trend. So, right now, this is saying, you know, about 48 percent of stocks are on a short term buy signal. So, about half are, half aren’t. So, right now, this is not extremely – this particular chart is, you know, and particular indicators is not washed out. But what it is, you know, it’s right kind of in the middle of the field –
CHAMBERS: Of the field. It’s kind of in the middle of the field.
HYER: Yeah. If you go back to like March 2020. So, this is right when COVID was breaking loose in the world. We got down to six percent, meaning only six percent of stocks that traded on the NYSE are in a short-term positive trend. Meaning, you know, 94 percent are not. They’re in a negative –
CHAMBERS: Right.
HYER: -- short term negative trend. If you think about what the market did following this period of time, it did extremely well. I – I would – I would suggest that this indicator also is not something that anyone should use as a market timing indicator.
CHAMBERS: Of course not, you know.
HYER: The way that I look at this is when this gets oversold, you know, below, down in this range. Thirty, you know, below thirty percent, it suggests to me, based on the data that I’ve looked at, you probably should start thinking about being bullish. You know, you feel terrible – you feel terrible down here. This is where, you know, you’re wondering if – if the virus is going to just destroy the economy forever. You know, I mean this – and we’re not there right now.
CHAMBERS: Yeah.
HYER: But it is – and again someone might ask, well don’t you just have a bullish bias. Like why – why not get bearish when it’s up here, you know? Up in the 80’s. And again, the reason to not get bearish up there is the market – this is a much better oversold indicator than it is an overbought indicator. The market can get overbought and stay that way for an extended period of time. So, if you get up here and get bearish or get bearish when this gets up above 70 percent, you might miss out on a three-year run, you know.
CHAMBERS: Right.
HYER: And so, that’s just something to be aware of. If it gets washed out, these tend to be shorter, sharper reversals and again, the way I consider this is, you know, there’s no way to mitigate, to lose all – I mean that’s – you hope to build a good asset allocation that you can live with. You’ve got some conservative things. You’ve got bonds. You’ve got cash. You’ve got stocks. You know, you try to build an allocation that people can live with. But, when that gets oversold and gets really washed out, to me the – it’s a good indication to say, man do I have a couple hundred thousand laying somewhere that I want to – that it might make sense to put back in the market or something. That to me is the way to look at that.
CHAMBERS: Yeah. Okay. Well, and so right now, it’s sorta (sic) in the middle of the field. You’re – you know, I – you know, a lot of – I also think that right now there’s a lot of tax laws harvesting going on, you know. At the end of the year there’s a lot of people – because of the tax laws changing, they’re taking chips off the table. You know, there’s a lot of that going on right now.
HYER: Yep.
CHAMBERS: You know.
HYER: Yep.
CHAMBERS: NASDAQ is down.
HYER: Yeah. No, it’s been a volatile – you know, we went for a good chunk of this year, it was pretty boring in a good way. The market just –
CHAMBERS: Yeah.
HYER: -- kind of grind – it’s gotten volatile the last little while. And so –
CHAMBERS: Yeah.
HYER: -- you know, it’s – the markets are always interesting. If they’re boring, they’re not boring for long. And there’s going to be plenty of opportunity and, you know, it’s – but generally speaking, 2021 has been a – a good year --
CHAMBERS: Oh yeah.
HYER: -- for equities and that continues to be the case as we move into 2022. There’s – there’s plenty of back and forth. There’s plenty of chop. There’s days where it looks pretty ugly but that’s where I come back to DALI. I come back to, you know, that long term asset class ranking, so.
CHAMBERS: Yep.
HYER: Anyway. Just a couple – couple thoughts.
CHAMBERS: Yeah, that’s cool. You know what we gotta (sic) talk about next time? New Year, New Us. You know what I mean? That’s what it’s – what we’re going to talk about is the importance of using something like either, that your advisor helps you with your 401k allocation. We gotta (sic) talk about that, right? Because looking at your 401k allocation is really important. Because guess what, it’s – your 401k is really, really important. And some of us have huge 401k’s, right? And a lot of us don’t know what we’re doing and don’t know what – so we should talk about that next time. The importance of that and you know, just indexing in general. I’d like to talk a little bit about that. I’ll probably forget what I just told you, and move on. I don’t know. So, maybe you could write that down since it’s your show, Andy.
HYER: Well, yeah. Who knows where we’ll end up but it was great to join you. I appreciate the invitation.
CHAMBERS: Yeah, man. Before you go, what’s going on for Christmas? What’s going on for – what’s shaking out there? What’s going on for the holidays? What – when is the Andy Hyer brood of wife and five children have going on?
HYER: Yeah, so we’re doing Christmas at our house and then we’re actually going to get in the car and drive up to Idaho and spend a week up there. We’re going to go skiing one day. Going to do some – and actually they just had a pretty good snow storm, so.
CHAMBERS: Good.
HYER: Hopefully, they’ll have some snow on the ground. How about yourself? What are your – what are your plans?
CHAMBERS: Well, before – back to you real quick. How long are you going for? A week?
HYER: Just a – we’re just going to be up there a week. Yeah.
CHAMBERS: Okay. I need you to come back with Andy Hyer’s best restaurant experience in wherever you are. Either to go or – I need a restaurant out of you and wherever the hell you are in Idaho. I don’t – is Idaho – is that part of the lower United States? Where is that? I don’t even know. What the hell. Anyway.
HYER: I can do that. I can do that.
CHAMBERS: I don’t know. What am I doing? Andy, what do I always do? I just – I don’t know. At Christmas time it’s great. I don’t know. I fall asleep hopefully early in the, you know what I mean. I’m getting old. Hopefully I’ll be asleep by 9:00. (Inaudible). Nah. I can’t. We just got a dog. We might be getting another so, you know. That’s where we’re at. We -- first Christmas in – we bought a home this year so we’re in this house for the first time this, you know, and it’s exciting.
HYER: That’s great.
CHAMBERS: We’re – yeah you got your tree up?
HYER: We do.
CHAMBERS: Nice. All right.
HYER: Yeah, we’re ready, so. Well, Happy Holidays to you and Happy Holidays to –
CHAMBERS: Yeah brother. Hey man, we’ll do this next – we’ll do this in about a month and see what’s – I really appreciate it. Happy holidays. Merry Christmas. Enjoy your family and thank you very much.
HYER: Thank you, Trevor.
CHAMBERS: All right.
HYER: All right. Take care.
CHAMBERS: All right, bud.
HYER: Bye.
(INTERVIEW CONCLUDED).
Trevor Chambers
Trevor joined Olde Raleigh Financial Services in January of 2015 and his primary role is new business development and marketing. Prior to joining the firm, Trevor spent 12 years working at his family’s restaurant, Raleigh’s Bella Monica Cucina & Vino. “Exceptional service, no matter the industry, is paramount and we attract clients who value and take comfort in being taken care of.” He also wrote the theme song to this podcast.
Andy Hyer
Andy is a member of the portfolio management team at Nasdaq Dorsey Wright and is responsible for sales and service of investment strategies across Dorsey Wright’s funds, ETFs and SMA accounts. Since joining Dorsey Wright in 2004, he has authored original research on the subject of technical analysis and speaks and writes regularly on the topic of momentum investing. He is a Certified Financial Planner, Certified Investment Management Analyst, and a Chartered Market Technician. He holds a B.S. from Utah State University with a dual degree in Finance and Economics.