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What to expect from the Fed's Jackson Hole meeting - YouTube
Channel: Fox Business
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federal reserve chair jay powell is set
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to speak tomorrow friday morning but
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most are not expecting an announcement
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on tapering instead they're looking to
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september's meeting for more clarity
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joining me right now is oxbow advisors
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managing partner ted oakley also joined
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the conversation this morning all
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morning long as fox business is jackie
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deangelis and strategic wealth partners
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president and ceo mark tapper great to
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see everybody this morning thank you so
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much for being here ted kicking things
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off with you i've been wondering if
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we're seeing the federal reserve become
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a little more cautious about beginning
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that taper program given that we've seen
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some weaker than expected economic data
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over the last couple of weeks what are
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you expecting at the jackson hole
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meeting today and tomorrow
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you know maria i would not expect a lot
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you know he just spoke a couple weeks
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ago and and the other side is that
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uh i don't think there's he's going to
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do anything drastic because
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uh he probably comes up for
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reappointment about two or three weeks i
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don't think anybody wants to shake
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anything up in addition you know we
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always look for what they're doing
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buying bonds in the open market and
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they haven't changed anything there they
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keep buying the same amount so we don't
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look for much in jackson hole
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very very interesting and meanwhile ted
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i want to get your take on the macro
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story what has changed from your
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standpoint we've got companies now
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implementing new vaccine and mask
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mandates with a new spike in covid cases
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what impact is the delta variant having
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on how you allocate money on markets and
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and the broad backdrop of the economy
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you know maria hasn't changed much of
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how we allocate but it certainly has
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given people a little bit of pause here
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because all of a sudden you know you
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look you're seeing someone in the
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numbers you're seeing it in restaurants
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few things that are out there
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there is some good news it looks like
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it's peaked in a number of places at
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least and started back the other way so
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i i i don't know how long that lasts i
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don't think it's as strong as it was
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obviously before
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but i we haven't changed much in the in
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the categories we invest in i'll say
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that
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so so tell me how you're investing right
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now
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well you know our two primary categories
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which are long-term growth in stocks and
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we're we're still in that area and then
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the second part is we have an aggressive
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income strategy and we're still we're
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both strategies are in the same mode
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we're about 25 liquid right now just
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because we haven't found the things we
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want to own in the in the past eight or
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nine months but but generally uh we
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still have the same two areas we're
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looking for growth on one side we're
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trying to find companies that grow it
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fifteen percent a year on the other side
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on the income side we're trying to beat
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the bar market by two to three percent
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so so where is the growth right now ted
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i mean i i the journal this morning is
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reporting that publicly listed american
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companies are now rushing to issue new
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stock uh obviously in a record market
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this is the time to do it whether
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issuing new stock or going public you
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want to do it now does that way you know
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play into anything that you're looking
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at and specifically where is the growth
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well if you if you think about it the
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companies that can grow at say 15
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percent a year over the next five years
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are are few and far between i mean if
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you look at the top 500 companies
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there's not many that fit that category
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that's what we particularly look for now
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we also think there are a lot of
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companies like you mentioned maria that
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are bringing these public offerings that
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really
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are not companies we would want to own
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at all a lot of them don't make any
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money or very little money and so that's
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not an area we're looking at on the
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other side we look at what can we where
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can we go and get income that is say
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two three four points over the bond
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market and so there's different
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categories we look at but with there's
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some growth there but it's
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it is in a minimal number of companies
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you know that's the one thing the the
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larger companies today uh that grow at
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that level are not as many as it would
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have been 25 years ago
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you know it's interesting because we
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continue to look at earnings estimates
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coming higher after what was a pretty
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good earnings season right ted in terms
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of the s p 500
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when you look at peak growth and the
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earnings picture
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in the future
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what does it look like to you do you
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expect that we will see
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tougher comparisons coming in the coming
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quarters
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i do
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i think you'll see tougher comparisons
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because if you just think about the base
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effects of last year and what they were
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comparing against now in the in the
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second quarter obviously it was easy to
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beat that number and so
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as you go forward you're going to raise
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up the number that they'll be comparing
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against and i think that's what you're
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going to get into over the next four
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quarters maria
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all right we will uh we'll we'll be
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watching that of course and we've got a
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market that is pretty flat today because
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we're all waiting to hear from the
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federal reserve any other catalyst that
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you look forward to ted in terms of uh
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driving markets in the coming couple of
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weeks
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you know the the biggest thing right now
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is there's a big war on of words at
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maria between the people that think
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we'll inflate and the people that don't
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think we won't
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and i think you have to look at that and
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see is that sticky inflation going to
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stay with us over the next say two to
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three months if it does it probably
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changes the markets a little bit
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yeah and and of course you want to i
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guess look for those companies that have
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some pricing power uh we're looking at
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markets roll over a bit right now ted
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it's great to get your insights as
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always good to see you this morning sir
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thank you
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thank you maria
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