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>>News Anchor: And Venita Phillips is Vice President of Kanaly Trust Company, Saskia
Scholtes is the Financial Times joining me on this one as well. Venita what do you make
of todays sell off, is this just the market acknowledging maybe the Fed won’t be coming
to the rescue if we get more weak data here?
>>Venita Phillips: I think this is an overreaction today. This really should be a financial services
movement today and it has spelled over into the rest of the market and I think that’s
unfortunate. We view this as an opportunity to go in and look for things that maybe getting
sold off in the may lay of things that should be sold off.
>>News Anchor: You are looking to those international conglomerates that can benefit here in the
US especially from the lower dollar.
>>Venita Phillips: Well I think that is exactly right. When you look at the GDP numbers that
came out yesterday that 3.9 number, about 1% of the growth was from our exports and
you want to own the companies that are doing the exporting. Really some phenomenon things
over the last few years as we participated in buying consumer goods internationally.
We've enabled those markets now to develop their own internal markets not only to buy
their products but to also buy ours. And we thing that is very very benefically to us
going forward. Pretty much all of the offset that you see in the losses from housing were
taken care of by our export numbers and that's very very positive.
>>News Anchor: Saskia?
>>Saskia Scholtes: Venita, will that suggest that you are more cautious on small cap stocks
since the big caps are the ones that are poised to do well?
>>Venita Phillips: We do have a small exposure to small caps. We are very very focused on
large companies that drive the bulk of their sales from international growth.
>>News Anchor: Very good. Nice to see you both. Thank you for joining us.