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Video Transcription
"Just Another Short-Term Solution"
Host 1: Amanda Drury
Host 2: Martin Soong
Todd G. Everts: You know I started my career in 1986 and went through the crash of ’87 and I was fortunate enough to have worked for a company where I was taught that…about…not only dollar costs averaging but when there’s true opportunities you have to be able to seize those opportunities and fortunately that was an opportunity in 1987. It’s always different, it’s always the same. Cash is king right now and there’s certainly a lot of opportunities but this temporary uplift in the US market based on the dollar being a little bit stronger and this possible resolution trust company doesn’t solve the systemic problems that the US common person has. They have a difficulty paying their mortgage, they have a difficulty in going out and purchasing another American car that’s sub-standard to foreign manufacturers of cars. The consumer drives the US market and they’re probably not going to be spending anywhere near where they normally have spent in previous Christmases which drive Asian economies in manufacturing. And so this is a short-term fix. I don’t see it being a long term solution.
Host 2: Okay fair enough. We spent some time talking to the man on the street. Let’s talk about the big money, Todd, you’ve described what you do as you’re sort of a dating agency between big money and I guess people who can run that money very effectively for them. What is happening? I mean you’re the intermediary, what’s happening to the big money right now…you’re saying that there’s a lot of caution…cash is king…what is big money doing right now?
Todd G. Everts: Big money is moving typically back to their own country because that is where their performance and liabilities are based. They’re measured by their performance in their local currency, their local board and their local country. So we’re seeing a flight back to their own country. When we’re looking at places that they’re still looking to invest in, they’re looking to invest in asset classes that don’t correlate and many times you’re looking for asset classes that are now more safety-oriented. I think with the lowering of the cost of oil per barrel we’ve seen an almost equivalent lowering in commodities and with gold rising in the last few days I think we’re going to continue to see a push-back towards safety-oriented assets and typically those assets are going to be based on something relative to their own economy because that’s the yardstick.
Host 1: We have to leave it there. It’s been a pleasure to have you on the show, Todd. Thanks very much for your time. Todd Everts, President and CEO of Wall Street Global.
Host 2: Martin Soong
About CNBC's Squawk Box (Asia)
Squawk Box is CNBC Asia’s morning show which focuses on updates after the US market closes.
Host 1: Our guest host, Todd Everts, president and CEO of Wall Street Global,
live out of Hong Kong. You know investors are very weary, probably some of them
are quite a lot poorer than they used to be as well and we’re all very skeptical
of bottoms being cold and those bottoms just not holding anymore. Do you feel, do
you have a feel that we’ve reached the point earlier on this week when it just couldn’t
get any worse and the bottom was being cold and maybe…maybe things are going to
get better?
Squawk Box is CNBC Asia’s morning show which focuses on updates after the US market closes.
Todd G. Everts: You know I started my career in 1986 and went through the crash of ’87 and I was fortunate enough to have worked for a company where I was taught that…about…not only dollar costs averaging but when there’s true opportunities you have to be able to seize those opportunities and fortunately that was an opportunity in 1987. It’s always different, it’s always the same. Cash is king right now and there’s certainly a lot of opportunities but this temporary uplift in the US market based on the dollar being a little bit stronger and this possible resolution trust company doesn’t solve the systemic problems that the US common person has. They have a difficulty paying their mortgage, they have a difficulty in going out and purchasing another American car that’s sub-standard to foreign manufacturers of cars. The consumer drives the US market and they’re probably not going to be spending anywhere near where they normally have spent in previous Christmases which drive Asian economies in manufacturing. And so this is a short-term fix. I don’t see it being a long term solution.
Host 2: Okay fair enough. We spent some time talking to the man on the street. Let’s talk about the big money, Todd, you’ve described what you do as you’re sort of a dating agency between big money and I guess people who can run that money very effectively for them. What is happening? I mean you’re the intermediary, what’s happening to the big money right now…you’re saying that there’s a lot of caution…cash is king…what is big money doing right now?
Todd G. Everts: Big money is moving typically back to their own country because that is where their performance and liabilities are based. They’re measured by their performance in their local currency, their local board and their local country. So we’re seeing a flight back to their own country. When we’re looking at places that they’re still looking to invest in, they’re looking to invest in asset classes that don’t correlate and many times you’re looking for asset classes that are now more safety-oriented. I think with the lowering of the cost of oil per barrel we’ve seen an almost equivalent lowering in commodities and with gold rising in the last few days I think we’re going to continue to see a push-back towards safety-oriented assets and typically those assets are going to be based on something relative to their own economy because that’s the yardstick.
Host 1: We have to leave it there. It’s been a pleasure to have you on the show, Todd. Thanks very much for your time. Todd Everts, President and CEO of Wall Street Global.
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