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  • >> HAPPY NEW YEAR TO YOU.

  • CHERYL: WE HAVE 2 1/2 MINUTES.

  • THIS IS IT UNTIL THE END OF THE

  • TRADING YEAR, 2018 END OF

  • TRADING YEAR.

  • BRIAN KELLEY.

  • WE'LL TALK ABOUT NEXT YEAR.

  • DO YOU THINK THE MARKETS CAN

  • COME BACK NEXT YEAR?

  • >> I THINK WE'RE VERY GOOD

  • POSITION.

  • LOOK AT 2018 DID FOR US.

  • 22 TIMES EARNINGS.

  • S&P 500 OR THE DOW HAD A YEAR OF

  • OVER 30% EARNINGS GROWTH.

  • MARKETS ARE DOWN 7% OR SO ON A

  • PRICE POINT BASIS SETS UP 2019,

  • 14 TIMES NUMBERS.

  • THAT IS ATTRACTIVE PLACE TO BE.

  • THERE ARE A LOT OF RISKS OUT

  • THERE, UNKNOWN WITH TRADE WARS

  • AND RATE INCREASES BUT WE STILL

  • THINK THERE IS VERY GOOD

  • ECONOMIC BACKDROP.

  • AT LONG AS PEOPLE ARE EMPLOYED.

  • THEY'RE SEEING WAGE GROWTH.

  • THEY'RE INVESTING.

  • THEY'RE SPENDING WE THINK THAT

  • SHOULD SHOW UP IN STOCKS GOING

  • FORWARD.

  • CHERYL: REALLY QUICK, I WANT TO

  • TALK ABOUT FINANCIALS WITH YOU

  • BEFORE WE GO.

  • FINANCIAL SECTOR, GOLDMAN SACHS,

  • WORST PERFORMER ON THE DOW IN

  • 2018.

  • FINANCIAL SECTOR ONE OF THE

  • WORST PERFORMERS IN THE S&P.

  • SOMETIMES THAT IS THE BUYING

  • OPPORTUNITY WE'RE LOOKING FOR.

  • WHAT DO YOU SAY?

  • >> I WOULD SAY SO.

  • THAT IS TRUE.

  • YOU CAN BUY A BASKET OF

  • CITIGROUP, JPMORGAN,

  • BANK OF AMERICA, ALL BELOW,

  • BETWEEN SEVEN AND 10 TIMES

  • EARNINGS.

  • WE HAVEN'T SEEN THESE TYPE OF

  • VALUATIONS FOR QUITE SOME TIME.

  • RIGHT NOW THEY'RE STABLE.

  • WE WISH THERE WAS LOAN GROWTH

  • SHOWING UP.

  • UNTIL WE SEE ACTUAL ASSET

  • QUALITY DETERIORATION, WHICH

  • WE'VE SEEN NONE OF, WE THINK

  • THESE ARE NICE ENTRY POINTS FOR

  • LONG TERM INVESTORS.

  • CHERYL: REAL QUICK, ENERGY

  • SECTOR THAT WAS THE

  • WORST-PERFORMING SECTOR OF THE

  • S&P, WORST-PERFORMING SECTOR.

  • YOU LIKE ENERGY?

  • >> PARTICULARLY WITHIN ENERGY,

  • THERE ARE MORE UTILITIES.

  • THERE ARE NATURAL GAS UTILITIES

  • HAVE DONE VERY WELL OVER THE

  • LAST FEW YEARS.

  • BELIEVE IT OR NOT THEY'RE UP 53%

  • OVER THE LAST THREE YEARS,

  • DOUBLE THAT OF THE S&P 500.

  • THESE ARE COMPANIES THAT ARE

  • BENEFITING FROM THE GROWING

  • IMPORTANCE OF NATURAL GAS IN THE

  • UNITED STATES.

  • WE'RE AT RECORD LEVELS OF

  • PRODUCTION.

  • CHERYL: RIGHT.

>> HAPPY NEW YEAR TO YOU.

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