Hi I'm downtown Josh Brown happy new year welcome to 2020 the first the first what are your thoughts of the year

I'm here as always with Michael Batnick Michael doesn't know what I'm gonna ask him about I don't know what he's going to ask me about.

Stick around, let's see what's going on.

All right, I'm going to go first. Nick Mad Julie wrote about rebalancing

within an asset class.

Corey Hofstein just did that big piece about rebalancing between asset classes.

I wanted to ask you two things about this.

The first is, isn't the takeaway on rebalancing not so much

that there is a silver bullet like this is the exact right time and right

a man but just that you want to stick to doing the same thing consistently and even if it's not

optimal that's better than moving your rebalance around throughout the year is like

would you say that's like the big takeaway with these things well it depends

who we're talking to but I think the first thing that you said is correct. There is definitely no silver bullet.

Rebalancing. We did this work years ago. Rebalancing timing luck is definitely a thing right so it matters I don't really have that well so it has an effect

Yeah, absolutely but it could change like you like in other words you could look at the last 30 years and say if you just rebalance in July

turns out that's better than August, September like you can do that or you can say the

optimal number of rebalances over the last 30 years has been to a year.

So I would say it matters but it's out of our hands for most people.

It's right it's almost like a lucky thing that happens but so then you don't want to keep changing what you're doing.

Well I think people like Corey that have the chops to really like engineer something

can probably take a stab at it. But for most people watching this they should step away.

Second part of that, why do you think there's so much interest in rebalancing?

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