Yeah, Chris, you can go back to my Ann Arbor days and see inflation numbers like this back in the early ’90s. I think this is one reason again, while we continue to see stocks doing so well over the last few months, not just because of the unlocking from the COVID pandemic. But I think really when investors are looking at places to put money and looking for returns, the fixed income market just continues to look less and less attractive to so many investors who are trying to save for retirement building nest-egg and I think that’s just driven a lot of capital into the markets. You just think about like now if you’re trying to buy a fixed instrument, even going out years and years, considering where inflation is today, you’re just not going to make a good return on that instrument. Whether it’s five-year or 30 years, long-term, short-term. I think investors are just saying, that’s just not the place I want to be and so they’re piling monies into stocks. We’ve seen stocks just continue, they pulled back a little bit this week, Chris. But for the past five weeks, they continue to march higher and higher. You still see the price-earnings ratio on the S&P 500 is still less than right around 20 so it’s not unrealistic and it’s still a place to put your money into and hopefully have a return of maybe mid to high single-digits over the next few years, probably you’re not going to see the 12-15 percent per year we’ve seen over the last few years. But again, thinking about inflation and thinking about ways to be able to protect against that. The risk of inflation and not just this year, but may be higher than what we’ve seen over the last 10 years. Companies and stocks continue to be the most attractive opportunity for investors. Stocks and companies have pricing power, Chris, so they can fight off and inflation, but certainly better than fixed instruments can.
Chris Hill: But Jason, I’m assuming this doesn’t change your feeling about stocks in general but does the inflation news maybe affect how you look at certain industries or certain classes of stocks?
Jason Moser: Yes, I think that’s a good question. You’re right. It, generally speaking, doesn’t change the way I view investing, particularly in stocks. I’ve said before the correct response to inflation for investors is not to just stop investing. You want to keep investing. But I do think it’s worth being a little bit pickier. Looking for those markets where you feel like companies they’re selling those goods and services that people either need or really, really want. Companies with proven track records of pricing power over time. Those are the companies where I think investors should probably focus more attention during stretches like this. We’ll get into Disney later on in the show here. But I think Disney’s a very good example there but business is suffering right now in the near-term because of expenses, because of some inflationary pressures. But you can also argue that over time Disney does have some pricing power that they’ve been able to exercise. You start looking for some of those ideas where the market may be a little bit out-of-favor in the near term, but that could represent some long-term opportunity.
