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[music] >> Hello, I'm Greg Bonnell. Welcome to MoneyTalk Live, brought to you by TD Direct Investing. Coming up on today show, we will hear from TD Asset Management Michael Craig about the result of the USmidterm elections could mean for the markets. Emin Baghramyan is going to lay out the case for low volatility stocks in today's environment and James Marple is going to give us his view on the labour market strength we've seen recently ameans more rate hikes ahead. Plus, in today's WebBroker education segment, Nugwa Haruna will walk us to the difference between the primary and secondary market. But first, let's get you an update on the market. The TSX Composite Index, a pretty firm rally, of 674 points to the upside, 3 1/2%. On the heels of the US inflation report, we will do a deeper dive in a moment. It came in softer than expected and the markets are getting a big rally. You're seeing a lot of the risk assets clearly in rally mode. Shopify, let's check in on those shares. Tech is getting a big bid today and including on the side of the border, we've got Shopify at 4873, up almost 17% on the session. Barrick Gold, binders getting a bit as well, Barrick's up 4 1/2% to 2170. South of the border, there is a big rally on your hands, the broader read of the American market, the S&P 500 up 4 3/4 of a percent. The NASDAQ even firmer. Let's check out on the tech heavy indices. It's up 6%, 623 points. Some of those big tech names that really got beaten down this earnings season are seeing somebody move aggressively in their direction. Amazon has had a rough go of late, but as of today, that stock is up more than 13%. That's a market update. Of course, as we set off the top, we are going to take a look at the market action of the day. It was all about that US inflation print we got this morning and Did come in cooler than expected. joining us now is Anthony Okolie. What are we saying here? >> The most encouraging thing about this report, you mentioned, headline inflation is down from last month, 7. 7% down from 8.2% in September. I think most encouraging thing about this report was a pullback in core inflation. That fell down from September and less than expect it. We are starting to seesome movement. With the Fed's aggressive rate hikes, we are starting to see some movement in core inflation. Specifically, when you look at core good prices, things like used car prices were lower last month, clothing was also lower as well. We did see some gains and things like used car price, sorry, shelter costs, energy prices. Of course, gas prices were up 4% month over month, but overall, this is a very good report. >> We take a look at the market reaction, notably, one of the big stories of the year has been the unrelenting strength of the US dollar against a basket of international currencies, sort of mowing down everything in its path. There was a big step back and that dollar index US dollar strength again some of its trading partners, and now you are seeing gold search, oil a bit firm. This is a market that is really moving pretty dramatically off of this report. >> Risk appetite seems to be back today with the US dollar weakness, commodities are slowly pushing higher, equities are pushing higher. I think that the one concern obviously is that we saw this narrative in the summertime where we thought peak inflation is here, we saw markets rallying in summertime, the Fed came out and said, look, we are going to continue to aggressively hike interest rates. Inflation is still high. We are still at 7.7% year-over-year. The Fed wants to bring it down to the 2% target, there is still a long way to go. >> The big question of the year that we get from a lot of our guesses is this for real or what kind of rally is it? I guess you will find out in the coming days. Thanks for that. >> My pleasure. >> MoneyTalk Anthony Okolie. Another big item on the markets radar this week was the US midterm elections. Earlier, I was joined by Michael Craig, head of asset allocation at TD Asset Management to discuss his view on what the election outcome could mean for the market. >> Typically, when you have a divided Congress, which likely is going to happen, you get gridlock on a long policy going forward. I think for 2024, this sets up-- the Republicans massively underperformed last night. You've got a slowing economy, inflation being at multi-decade highs, and the fact they weren't able to do better, I think, is alarming for that party. It's also interesting to see where you saw traditional GOP politicians do quite well. . And some who are backed by Trump do quite poorly. I think the calculus for who runs for president in 2024 is shifting dramatically. And certainly the big winner last night was Ron DeSantis out of Florida, 20 point win in what has traditionally been a purple state. He only won by three points last time, so he is coming out as the clear winner last night. And if he's looking in terms of a springboard for his presidential ambitions, he's certainly got a strong one after last night's showing. >> That's interesting. So two years from now, we could have some different players and perhaps the ones that we had thought we would get in those two years going forward. And there's enough challenges for the economy right now. In this country, south of the border challenges with inflation. In this country, south of the border challenges with inflation. How do investors sort of view the political mix right now? Does it sort of mean a status quo until we get to those next two years? >> So I would say that one of the real risks is that Republicans will probably take the House, but not by as many as they thought. Now, if you think about the last 10 years or so, when Republicans ran the House, the leadership there struggled to kind of corral all the various sects within the Republican Party. You had the Tea Partiers and now you've got some of the MAGA candidates. And I think it's going to be challenging for McCarthy to kind of get that around a unified approach. And I would say for the markets, I think the biggest risk is that we go into one of these circuses with the debt ceiling and not funding the government and all that shutdowns and the noise and the nonsense and the risks of a default in US treasuries. I think that would be coming out of this, would be one of my kind of key risks that I'd be worried about just in terms of, do you have people who don't really fully understand the implications of going all the way, what that will do, and just the headache it will leave to the market. It also creates tremendous uncertainty. So that's one thing I think you need to watch for over the next couple of years as we head into 2024. >> So this political uncertainty, the votes still being counted. Obviously, there's still other concerns for investors, and, perhaps, tomorrow morning, as we still await some key votes to be counted, we're going to be dealing with an inflation report. >> Yeah, so a few things just to circle back on. Biden's push for a Build Back America, that's probably dead in the water. And so in terms of additional fiscal spend financed by tax hikes, not going to happen. I think on the margin, anything that pulls back government spending is probably a good thing in terms of inflation because you just need to take that demand off the economy. And so that will be a positive, although it won't take hold for some time. Tomorrow's report, these things are kind of crazy right now. The value of the data in the grand scheme of things, I don't think is huge. But the reaction tomorrow will be because we were so focused now on data point and data point and data point. And so these are things where, essentially at some point, you're going to see a downshift in inflation, whether it happens tomorrow or next month, next year, who knows? But these reports have created a tremendous amount of volatility. And quite frankly, if you told me right now what the report was, I'm not certain I know which way the market is going to go. And recall call in October, a terrible inflation print, much higher than expectations, markets sold off afterwards for about half an hour, and then, the rest of the day rallied higher. And so you're getting really weird kind of ebbs and flows right now based on technicals in the market and who's doing what, not a lot of liquidity. And so there'll be the number tomorrow and then the reaction, and it's really hard to cuff which way it'll go just because of that degree of uncertainty right now. >> They've been on the show a number of times, and depending on when you're sitting in that chair and the past shows, we're either in the middle of a market sell off, after we saw a surge higher, and just trying to gauge where we are right now. In the past, you have told me, and correct me if I'm wrong, that until the Fed changes directions, you're not going to see a really sustained trend to the upside. Are we still in that kind of market right now, like the Fed really hasn't changed where it's going, so if you get these rallies, you can't really trust them? >> Well, there's nuances. >> Okay, giving the nuances. That was my Cole's Notes version. >> First off, bank of England, Bank of Canada, Reserve Bank of Australia have all started to indicate that the path of hikes is going to moderate and that we are nearing terminal rate. Bank ended 50 last month, 75 is expected. The Fed has continued to drive forward. But what's interesting is that last week, their statement came out and they were saying, well, we acknowledge that there will be delayed impacts of tightening we've done so far. Basically saying, we know we've put the brakes in the economy. It's like trying to stop a locomotive, it takes a few miles, but will happen. So the market kind of saw that as a positive in terms of waiting at the end. Powell came on, almost, I think there's someone in his ear saying stocks are rallying because he said everything he could to make sure that both the bond market and the stock market sold off. Because he's terrified that financial conditions ease and they aren't able to get on top of inflation. So this is where-- days later, though, you see another Fed governors come out and kind of talk down that. So what I think you're going to see is three months ago, every Fed official was lined got to crush inflation. Now, they're starting to say, well, labor, things are softening, my district isn't as strong as it was. And now, you're starting to see it get a bit more nuanced. I think net net, we are within months before the end of this as we're into the end of this hiking cycle. I would expect to see material downshifts in economic growth next year. I think that's not a crazy idea. I think it's pretty consensus. And ultimately, I think you start to see some degree of stability in the bond market first. And so in our opinion, bonds offer better value right now than stocks. Starting to see that. And then eventually, the curve is fairly inverted right now. The two year rate is far above the 10 year. At some point, that reverses and you get a bull steepening where the short end rates start to rally. That will be, OK, we're now probably getting near the end of this equity market sell off. Doesn't mean equities are going to rally. There's typically a lagged effect. But once you start to see that, I can get a bit more comfortable that we're at the end of this bear market in equities. Everything right now I think is just churning, bear market rallies. I was looking at your charts. You're basically kind of going nowhere, but with an overall trajectory lower. . I think that still continues into next year, at least in the stock market side. >> All right, I like that nuance, that update on the point of view. Anything else that you're keeping a careful eye on in the near term? Or as you said, you get these jobs reports, you get these inflation reports. You get these outside moves in either direction. It's hard to even judge based on the report itself where the market's going. Is it just sort of a time of noise for the next little while? >> Well, this morning, I actually had about an hour of conversation with my group about both things going into next year. And one area where I think you could see a bit of a shift is in the direction of the US dollar. It would not surprise me, and it's interesting because some of our more quantitative work would support this, that the US dollar isn't topping process. It's a huge rip higher. US dollar versus everything has done phenomenal this year. But it is now in a bit of a topping process. A number of fundamental factors are starting to move against the dollar. And I think we need to be mindful that a weaker dollar next year will have huge implications on investment opportunities and risks for investment returns, and something we're kind of thinking openly about how to think about that going into it. So euro right now is trading around parity. The sterling has rallied off-- will likely be a multi-year low, but it's trading at one 115. Dollar yen, yen has just completely imploded this year. But is starting to see that topping process where you could see some strength in these other currencies. And relative growth in these jurisdictions, while not great, is starting to catch up to the US. And so I think there's not something for tomorrow, but going into next year, I think about the conversations we're going to have a year from now, a weaker US dollar, I think, is going to be part of that conversation. >>That was Michael Craig, head of asset allocation at TD Asset Management. now, let's get you updated on some of the top stories in the world of business and take a look at how the markets are trading. The continued return of moviegoers saw Cineplex grow sales by more than 30% in its latest quarter. The theatre chain is reporting a profit of $0.43 per share for the three months ending September 30, as compared to a loss in the same period last year. Cineplex says box office revenue has now reached 70% of the pre-pandemic levels. You can do the shares up a little bit more than 5%. Canadian Tire reporting a drop in profit in its most recent quarter. The retailer said earnings were down some 20% compared to the same period last year on lower retail income. Canadian Tire says that weakness was partially offset by strength in a financial services division. See those shares down to the tune of about 2 1/3%. Volatile financial markets and natural disasters weighed on Manulife Financials latest quarterly earnings. The life companies net income was down some 15% compared to the last period last year. Manulife says it took a $256 million charge related to Hurricane Ian. Stock is up to almost the tune of three and half percent, 23 bucks and four cents per share. Let's get you an update on the major indices, let's start here at home with the TSX Composite Index. We are in rally mode on both sides of the border. On the heelsof that softer than expected inflation print. Michael Craig and I discussed yesterday in terms of what we could get? Well, we know what we got today. Gonna market rally off of the back of a softer than expected print. 19,992, a little off the highs of the season, we saw us crack 20,000 earlier period of a firm 647.4 3 1/4%. Sales of the border, let's check in on that brought a read of the American market, the S&P 500, it is a 4 1/2% on the back of that inflation report, 170 points we will call that. In the tech heavy NASDAQ, some of those names really got beaten down, mega-cap tech in the recent earningsseason saw a disappointment. Money is moving that direction today aggressively, has the NASDAQ up 6 1/4%. Today's US inflation report did come in cooler than expected. The reason strong jobs numbers we had in both the United States and Canada do suggestslowing economic growth that central banks are trying to engineer an awfully taking hold yet. Earlier I spoke to James Marple, Senior economist at TD Bank, to get his outlook for the labour market. >> We certainly did not get it in October, especially in Canada-- 108,000 jobs created. That more than offset some of the weakness we had in previous months where we're positive on a five month, six month moving average basis. We seen now the level of jobs the highest it's been, so we're way beyond recovering from the pandemic shock. The really gains across sectors, across regions, across age groups, there was really nothing-- no weakness in that report. I mean, you see a lot of volatility in the labor force report, and you saw some weakness in prior months. But besides that, this was all go. The one thing-- even wages were up, 5.7%, accelerating, showing just how tight that job market is. So really, nothing not to like except that, as you said, we are hoping to see some gradual slowing. And the stronger it is in the here and now, perhaps the harder we have to step on the brakes later. On the US side, a little bit more of a mixed story. You saw really good payroll growth, 266,000-- again, strong across sectors, both services and goods sectors, creating jobs. Wage growth decelerated a little bit, and then on the unemployment side, that's where things were a bit more mixed. The unemployment rate edged up. The household survey, which they use to calculate unemployment, showed job losses of around 350,000, and so you got a 0.2 percentage point uptick in the unemployment rate. At 3.7%, though, it's still very low relative to history, and a lot of momentum there in job creation-- I mean, 266,000. In 2019, prior to the pandemic, we were running around 160,000, so you're creating jobs well in excess of what normal would be even, again, as we have levels of employment that are at all-time highs and unemployment basically at a historic low. >> On the back of those reports, particularly the American one, as you were laying out nicely some of the details there beneath the surface, saw some pundits opining about peak job creation. Just like everyone's been asking the question for the last several months, have we reached peak inflation, saw a few people asking, have we reached peak job creation. What will we be looking for if we're trying to gauge that? >> Well, we'd look at the monthly rate of job growth, and so far it hasn't shown any signs of really slowing. I mean, we'd like to see it come down somewhere in the neighborhood of 160,000, maybe even a bit lower than that. I mean, would be nice. Anything above 160,000, you're putting downward pressure on the unemployment rate, even if it doesn't show up in that particular month, given the differences in surveys. So yeah, I mean, we should be in terms of where we are with respect to the labor market and the unemployment rate. I would say the one caveat is that there is some scope for more people to return to the workforce in the US more so than we have in Canada. Unfortunately that didn't happen in October. The participation rate had a modest tick down. So maybe, if you could get people coming into the labor market, you could maintain a rate of job growth above that 100,000, 150,000 a month. But if you're not seeing signs of that, you definitely want to see job growth come to those levels. >> When we see trends like this in the labor market, is it suggesting that these are economies-- whether it's the Canadian economy or the US economy-- that can handle higher borrowing costs? I mean, they were slashed to historic lows throughout the pandemic, and it's been painful, the speed at which they've gone higher. But is the economy telling us we're comfortable with rates at these levels? >> Well, certainly seeing continued resilience, especially in the job market. I mean, now we've had rate hikes starting in February, and we're six months in. And we have job creation still pretty good. It's as solid economic indicator as you can get. I think it is a little bit difficult reading the lags and the leads in some of these things because we also, of course, are still opening up from the pandemic. We're still having some of that shock in terms of the structure of spending that hasn't moved back to normal. You still have a lot of jobs in service sectors that are not back to normal even in terms of the level of employment, even as others have moved well beyond it. So it is difficult, but I think it certainly suggests that, overall, there is some economic resilience out there, even as we have seen interest rates have an effect on the housing market, to a lesser extent on auto sales and other interest rate-sensitive sectors of the economy. But it's really hard to see an overall. Yeah, I mean, we're not in recession now, and probably won't be at least through the end of this year. The economy is showing some significant resilience. >> That was James Marple, Senior economist at TD Bank. Now, let's get our educational segment of the day. We know there are buyers and sellers active on the stock exchange, but some investors may not be aware that there are actually two types of markets when it comes to purchasing investments, primary and secondary. Here to explain the difference and how investors can access both in WebBroker is Nugwa Haruna, Senior client education instructor at TD Direct Investing. Always great to have you with us. A fascinating topic. Let's start with the difference between the primary and secondary markets. >> Hi, it's always a pleasure being here. So yes,one corporations want to raise funds, the it if they want to advance operations or expand business, they would do this typically by issuing new securities to the market and they do this using something called an IPO, which is the initial public offerings. So corporations may issue shares which allow investors to become part owners of these corporations or they could issue bonds which are a debt obligation and require these corporations and governments to pay back these items. Now, when it comes to the secondary market, we have talked a lot about it today because we talk about how the markets were up or down, so the stock exchange is an example of a secondary market and essentially, you are able to access certified preowned securities on these markets. So if investors purchase securities on the stock market, they are essentially, it's a transaction between investors as opposed to giving the money directly to the Corporation that issue that security. So that's the difference between the primary market and the secondary market. >> Now that we have that understanding and perhaps some people are getting more interested in this idea of partaking in the primary market, how can an investor actually access that markets are WebBroker? >> Investors looking to participate in the primary market can do that within WebBroker by clicking on the trading tab and under buy and sell going to new issues. There are several reasons why an investor may decide they want to participate directly in a primary market as opposed to the secondary market. And that's because there is the possibility that once a security is issued, it can see a significant increase in its valuation once it hits the secondary market. That is not always the case, but that's one reason why investors may consider this. Now, once investors review the different current offerings that are available, they can actually place an expression of interest, and I will mention that there is a variety of different issues that investors can find here. They may find new issues for new corporations that were private going public, and you may actually be able to find new issues for companies that are already established and that may be because some of these companies held back in the pre-authorize shares they could sell for later times if they needed to raise capital. Once an investor places an expression of interest, you must keep in mind this is a firm offer to buy. So once the investor does that, they will be required to make that purchase if their expression is accepted. Now if investors want to keep track of the different kinds of new issues within WebBroker, they are able to do that by updating their profile and actually adding your email address and when you do that, you can select what kind of new issue you want to be updated on, if you want to receive notifications of all new issues or on specific new issues, you are able to do that and that we will stay updated and decide what you want to participate in. >> Great stuff as always, Nugwa. Thank you so much for joining us. >> It's always a pleasure being here. >> Nugwa Haruna, Senior client education instructor at TD Direct Investing. Make sure to check out the learning section on WebBroker for more educational videos, master classes and upcoming webinars. Including how to screen for technical signals in WebBroker. Some of the big swings we have seen in the market this year might be tough for some investors to handle. If you are looking for a little more's ability, you might consider investing in low volatility stocks. Earlier, I spoke with Emin Baghramyan, Lee portfolio manager for global low volatility equities at TD Asset Management. We discussed the sector. >> So first let me explain what is low volatility stocks. So let me explain first what's low-volatility stock. These are the stocks that tend to have relatively low price volatility and relatively stable annual returns. So we can measure this low volatility, low risk of these companies in two ways. We can do it in standalone basis by measuring their historical standard deviation, or we can measure its correlation, also, with broad market. Low volatility investing is an investment style that is designed to invest in stocks with these characteristics and avoid companies that tend to be-- with the opposite characteristics, meaning higher volatility. So that is based on the whole idea of-- generating returns via low-volatility investing is turning the historically widely accepted market notion that you take more risk and you're rewarded with higher returns. So we brought a chart here-- >> Yeah. Myths versus reality-- let's take a look at this one. >> So, indeed, if we look-- it is very logical to assume if you're taking more risk, you should get more returns. And historical data has shown some evidence of that-- that kind of relationship exists between asset classes. If you go from cash to go to T-bills, from T-bills you go to longer-term government bonds, and then you go corporate bonds, and then you go to equities, that relationship exists. You take on more risk, and you are expected to be compensated for it. However, the relationship becomes a lot trickier when we go into within equity space by itself. So, after a certain point of time, investors tend to misprice the very risky parts of the market and then that is why that mispricing results in the fact that you are not being adequately compensated by investing in the most risky parts of the market. So what the low-volatility strategy means is that-- to continuously avoid these risky parts and basically be able to generate market-like returns but with less risk, basically improving your efficiency in equity investing. >>That's a great foundation. But the reason why we've seen all this volatility this year is because of the big macro concern, which is inflation, and what the central banks have been trying to do about it-- by giving us jumbo-sized rate hikes. So you have pretty sticky inflation-- trying to work it down. You've got central banks raising the cost of borrowing, setting off all this volatility. Do low-volatility strategies still work in that kind of environment? >> We actually argued that low-volatility investing right now is facing this Goldilocks environment. We are-- you are right-- facing this incredible battle between central banks and inflation. And inflation has, so far, had kind of upper hand, forcing central banks to catch up with jumbo-sized rate hikes. But we are saying that, regardless of who wins in this battle between central banks and inflation, low vol would do well. And if inflation comes in stronger than expected-- continues to do so-- and that will keep interest rates higher for longer, that will put pressure on a lot of tech stocks and a lot of growth stocks that tend to be very volatile. They tend to be expensive. Their earnings tend to be less profitable, especially a lot of components of them. And the valuations of these companies will continue to be suppressed, even if interest rates go sideways from now on. This is shown in this chart, where we're showing the valuation backdrop of IT stocks compared to interest rates. And if we look on the-- we have another slide. And if we look at the amount of tech stocks that is included in these still, in the benchmark, if you-- we have a slide for that following. That is showing that the percentage of tech stocks in the benchmark is still significantly higher than it has been, even at the peak of the NASDAQ bubble. It is higher than what we have seen during early '80s, when the energy stock bubble, and it is higher than financial stocks were during the housing bubble of 2008. So if rates keep staying high for longer, that will keep pressure on this growth in tech stocks, especially, and low-volatility strategies that tend to have very moderate exposure to these type of companies will do well. And on the other hand, if-- >> Goldilocks would mean two scenarios, right? That's the first scenario. What's the other side of the Goldilocks scenario? >> Exactly. The other scenario is what if inflation comes down sharply. We have seen inflation that almost reached 10% in US. It was 9.1% in the summer. It's coming down. The question is, how fast and how low will it get? And to expect it to go down to 2% in this very quickly manner, that means the-- unfortunately, the growth will be decelerate sharply. That would mean higher unemployment rate. That would mean slower wage growth. That would mean, also, a weakness in corporate earnings. And given its defensive qualities, low vol should do well, also, in that scenario. So that is why we say we are in a Goldilocks scenario. >> When I think about how the markets have behaved this year with all of these challenges in front of them and the inflation and the central bank action, obviously, investors seek return over the long term. In the short term, there has been discussions this year just around, really, preservation of capital, given some of the selloffs we saw in the market. A low-volatility strategy-- how does that work with those kind of concerns? They want to preserve some capital. >> Yes, exactly. So it's a very good question. If we look, there's the whole philosophy behind low-volatility strategy working over the long term by preserving capital. We can visualize it by looking at this chart here. If we have an investment that has gone down 50% in a period-- because we all-- we can face a situation where an investment goes wrong and we're down 50%-- in order to recover that, we need 100% return of that. You can see the green bar, almost 100% of that, to recover the money lost. However, if we reduce that downside so we don't experience a sharp drawdown of our initial capital, the recovery time and the recovery amount is significantly less. So, if we continue with that path when we don't have big, big drawdowns, the power of compounding will allow low volatility to generate significant returns through time by avoiding this type of big, big drawdowns in the markets. >> An investor perhaps intrigued by what you're saying right now, where do they begin their homework? If they say, OK, I want to start exploring a low-volatility strategy a little deeper, what should they be looking at? >> So low-volatility strategies, they tend to invest in less economically sensitive sectors and-- well, there are low-volatility stocks in every sector. We can maybe talk about that later. But generally, it is a lot easier to find low-volatility stocks in consumer staples, in utilities or telecoms rather than you find them in more economically sensitive industries such as materials, energy, or industrials. >> That was Emin Baghramyan, lead portfolio manager for global low volatility equities at TD Asset Management. Let's check in on the markets. We got some greed on the screen today on both sides of the border. We will start here at home with the TSX Composite Index. Making a 599 point gain at this hour, little more than 3%. Off the highs of the session, seeing the US dollar on the back of that US inflation report coming in softer than expected, a lot of asset classes are up. The US dollar has been a big part of the investing picture this year. today, it has pulled back dramatically against a basket of its international trading partners, see you are seeing gold surge, stability and the price of oil and a movement to risk asset. We are seeing some of that benefit here in Toronto. Let's check in on some of the names. With that risk appetite comes some money moving into beaten-down tech names. Lightspeed got hit hard after its last earnings report making a gain of 13% today off of the highs just a couple weeks back, but right now 20 1625, jumping 2 1/2 bucks per share. First Quantum minerals making gains today. That stock is up a little north of 12%, 30 to 36. South of the border, big rally going on in the market. Let's check in on the broader read of the market, the S&P 500, right now it is up more than 4% order 162 points. In the tech heavy NASDAQ which contains of those names that got hit pretty hard in this most recent earnings season, disappointment in the mega-cap tech names, there is a 6% gain and then time in the NASDAQ and one of those names includes Apple. Let's see how they are faring now. Hundred and 43 bucks and change for the stock, up a little bit north of 6%. That's all the show we have for you today. Stay tuned. On Monday, Peter Hodson, founder and head of research at 5i Research will be our guest, he will take your questions about big Stocks. You can get in touch with us ahead of time with your questions. Email moneytalklive@td.com. Thanks for watching today and all week. We will see you on Monday. [music]
