Stoltzfus: U.S. assets still win on innovation, transparency, and governance
December 19, 2025 • 3m 59s
Frank Holland (Anchor)
00:00.070
john
want
to
come
over
to
you
one
thing
i've
been
talking
a
lot
of
traders
about
is
the
idea
of
japanese
bond
yields
rising
and
that
becoming
a
more
attractive
place
for
japanese
investors
to
put
their
money
and
maybe
even
other
asian
investors
to
put
their
money
do
you
agree
Frank Holland (Anchor)
00:11.590
with
that
thesis
John Stoltzfus (Chief Investment Strategist)
00:13.190
you
know
frank
i
i
would
think
it's
a
little
bit
overblown
at
this
point
the
the
what
the
benchmark
rate
for
japan
now
at
seventy
five
basis
points
that
compares
to
ours
what's
ours
three
fifty
to
three
point
seven
five
and
our
ten
year
over
four
percent
and
their
ten
year
and
John Stoltzfus (Chief Investment Strategist)
00:30.150
around
two
percent
if
i'm
correct
it
doesn't
look
really
like
a
big
competitive
attraction
away
from
the
US
treasury
that
said
we
think
it's
it's
a
healthy
move
to
diversification
related
to
global
investors
we
we
don't
see
this
as
a
dramatic
negative
for
the
US
if
anything
you
John Stoltzfus (Chief Investment Strategist)
00:53.150
know
when
we
say
the
US
currency
we
can
somewhat
although
i
think
the
yen
actually
weakened
versus
the
dollar
today
on
on
the
news
as
it
crossed
the
tape
effectively
a
dollar
that's
a
bit
cheaper
than
where
it's
been
for
the
last
couple
of
years
is
good
for
US
companies
and
we
John Stoltzfus (Chief Investment Strategist)
01:09.760
are
big
exporters
in
terms
of
services
and
and
it
helps
us
be
much
more
competitive
but
john
Frank Holland (Anchor)
01:16.550
totally
understand
that
but
we
are
also
talking
about
foreign
money
coming
into
the
US
the
idea
of
rate
cuts
coming
up
and
i
think
a
lot
of
foreign
investors
are
looking
at
the
situation
whether
it
be
lisa
cook
a
new
fed
chair
coming
and
expecting
to
see
more
rate
cuts
and
a
Frank Holland (Anchor)
01:27.950
more
dovish
fed
doesn't
that
set
up
the
stage
for
a
weaker
dollar
that
may
stop
a
lot
of
people
from
doing
their
hedges
and
carry
trades
and
things
like
that
and
again
another
factor
that
could
take
money
out
of
the
US
and
out
of
the
US
markets
John Stoltzfus (Chief Investment Strategist)
01:39.830
i
think
you
know
if
anything
it
it
it
what
what
we
have
seen
is
is
while
central
banks
around
the
world
are
most
certainly
looking
to
compete
against
the
dollar
and
some
of
that
is
related
to
the
the
gold
purchases
we've
seen
over
the
course
of
the
last
year
and
a
half
two
years
John Stoltzfus (Chief Investment Strategist)
01:56.310
by
central
banks
outside
of
the
US
but
in
effect
you
know
the
US
has
the
edge
that
the
US
has
is
innovation
accountability
transparency
and
governance
and
what
we
see
is
we
see
private
investors
and
and
and
corporations
still
very
interested
in
in
US
assets
this
is
foreign
John Stoltzfus (Chief Investment Strategist)
02:19.190
companies
and
foreign
investors
we
haven't
seen
anything
that
looks
any
kind
of
a
sea
change
that
would
be
detrimental
to
the
US
and
if
anything
it
sort
of
returns
that
again
that
global
diversification
of
portfolios
as
you
know
i've
been
in
this
business
forty
some
years
forty
John Stoltzfus (Chief Investment Strategist)
02:36.030
two
years
it
ebbs
and
flows
and
the
one
thing
it's
been
the
last
few
years
it's
been
so
concentrated
us
it's
nice
to
see
some
diversification
Frank Holland (Anchor)
02:47.870
by
the
way
john
over
those
forty
two
years
i'm
pretty
sure
you
never
used
an
abacus
i'm
not
gonna
let
you
off
the
hook
though
we
gotta
talk
about
quadruple
witching
day
about
seven
trillion
dollars
in
notional
option
exposure
set
to
expire
today
five
trillion
of
that's
tied
to
Frank Holland (Anchor)
02:59.430
the
S
and
P
does
that
mean
we're
gonna
see
some
volatility
does
that
in
any
way
in
your
mind
jeopardize
the
quote
unquote
santa
claus
rally
that
i
think
a
lot
of
people
are
hoping
for
it
and
out
the
year
John Stoltzfus (Chief Investment Strategist)
03:09.270
yeah
i
don't
think
it
it
it
it
jeopardizes
the
santa
claus
rally
because
that
even
runs
into
the
first
few
days
of
january
so
we
got
a
little
bit
room
to
edge
not
edge
but
edge
in
here
for
that
santa
claus
rally
but
you
know
we
go
through
these
we
go
through
these
witching
John Stoltzfus (Chief Investment Strategist)
03:28.710
fridays
on
a
regular
basis
and
thus
far
it's
always
going
in
there's
a
bit
of
trepidation
but
the
market
has
been
remarkably
able
to
digest
it
the
liquidity
in
the
US
market
and
the
opportunities
Autoscroll