Marc To Markets

April is tax season.   On this episode, I'm joined by our Senior Investment Strategist Paul Robertson.   We take a deep dive into everyone’s favorite topic and cover the following tax-related issues: Why were capital gains comparably higher in 2021?  How do we think about loss harvesting?  Can trading be customized per client?   Are there stock portfolios that are designed to be ultra-tax-sensitive, and what are the pros and cons? 

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Many discussions about the future of finance and currency are focused on bitcoin, NFTs, and the Metaverse.  On this episode, I'm joined by Jonah Ballow,  Founder and Head of Content Strategy at Heartlent Group, to learn how it all comes together.   Heartlent Group is a social-first marketing collective that specializes in the digital world.  https://www.heartlent.com/   We discuss how to think about the digital world, how it will become more a part of our future, while getting into the specifics of what NFTs are, how to attribute value to them, and how these worlds collide with cryptocurrency. 

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

The bond market often doesn't get much attention from investors, but with interest rates on the move they are now a top of mind topic for many investors.   To have a deep discussion, I’m joined by Matthew Norton, a Senior Municipal Bond Portfolio Manager at Bernstein. We discuss the forecast for interest rates, how rates will impact bond prices, yields today and going forward, we compare bonds to cash, the state of municipal credit, and discuss if now is a good time to put money to work in fixed income.  

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Market volatility has picked up in the New Year with the NASDAQ, DOW, and S&P 500 all hovering around a correction.  Although Global Markets were up 18% in 2021, many investors feel on edge about the path forward.  Topics I cover include:  

• How the market can be up so much during a pandemic
• The impact of inflation and our outlook for the Fed’s response
• Whether stocks are overvalued and our projection for 2022
• How to think about bonds in a period of rising interest rates
• Whether Covid is still a story in the market & the economy

This episode is a replay of a client webinar from January 24, 2022.  With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

The Art Market has been going through a period of enormous appreciation and transformation.  To understand what is fueling both, I sit down with Hilde Lynn Helphenstein & Matthew Capasso.  You may know Hilde as @jerrygogosian where she satirizes and influences the art market amongst her many other endevors.  She is an artist and curator as well as art dealer. She studied fine art internationally beginning with a A.S. degree from Strykejernet Kunstskole in Oslo, Norway followed by a BFA in New Genres at San Francisco Art Institute.  She also writes Art World Reports via her private newsletter at www.larrysaltz.com.  Matthew is a Director at Fairchain, and previously worked at both Christie's and Goldman Sachs.  We hit on everything from NFTs, to Art Basel, to the state of the art industry today.

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On this episode I'm joined by Roosevelt Bowman, a Senior Investment Strategist at Bernstein.  We discuss all the hot topics in the markets today; fed policy, inflation, the impact of massive stimulus on the economy, market valuations, what to be worried about, and where to be opportunistic.   

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On this episode, I talk about the topic on everyone's mind: inflation. To have a deep discussion, I’m joined by Chris Brigham, a Senior Research Analyst in Bernstein's Investment Strategy Group. We discuss why inflation matters and how it impacts investors’ portfolios.  Chris shares the near-term outlook for inflation and covers how today's policies may impact inflation over the long-term.  We talk about which investors are most exposed to inflation and why, before concluding with the best ways to build inflation protection into your portfolio.

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On this episode I recap markets as we close out Q3 and look forward to the end of the year.   Topics I cover include:

• The outlook for inflation, who is most sensitive, and how to protect your portfolio
• The state of the economy and what to make of recent weakness in some of the data
• Should you expect a sharp and sustained market selloff?
• What could be an opportunity in the current market?
• Is covid still a story in the market & the economy?

This episode is a replay of a client webinar from October 18, 2021.  With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

With the new school year upon us I thought I'd take the podcast back to school for Finance 201.  Prior to the pandemic we did a Finance 101 episode so to continue the class I'm joined again by Damon Amendolara of CBS Radio to discuss some of the hottest topics investors are thinking about today.   We cover how to think about cryptocurrency, the impact of low interest rates on borrowers and savers, the employment picture in the US, and the impact of supply chain disruptions on prices and the economy.       

Any questions or comments, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On this episode I talked about how working with a financial advisor has changed during Covid.  I ponder what that might look like through the rest of the 2021, and how it changes when move through Covid and into the "new normal".   I also try to give you an insight into the genesis of Marc to Markets and look for ways in which in can improve going forward.   The episode wraps up with a quick outlook on the markets, and what has me most nervous as we enter the fall.

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

You may have noticed over the past few years that your local doctor has joined a larger medical group or a hospital system.  Why did that happen?  As a physician, or as an advisor to a healthcare practice, you may be considering  selling a practice as a retirement plan or way to increase reimbursements and decrease expenses.  In this episode I speak with Daniel Brunello, a Director in the Bernstein Wealth Strategies Group, to learn more about consolidation in the healthcare industry.   We discuss who the top buyers of healthcare practices are and what motivates them.   Daniel covers strategies for handling the real estate associated with a practice and the best way to prepare the business to maximize sale price.  We also give our top tip for physicians trying to save for retirement who are not considering selling their practice. 

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On this episode I look back on the 1st half of 2021  and provide an outlook for the path forward.  Topics covered include: 

• Why would the market go up from here?
• Our perspective on inflation
• What is happening in overseas markets
• Do fundamentals and research matter anymore?
• An update on the ever changing future of taxes

This episode is a replay of a client webinar from April 19, 2021.  With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

The Biden administration has proposed sweeping legislation, which would create major changes to the tax code and impact current capital gains, corporate, and estate tax treatment.  I'm joined by Bernstein's Director of Wealth Strategies Research Tara Thompson Popernik to make sense of the proposed changes.  We discuss how to manage your portfolio in this environment, when the policy would go into effect, the likelihood that it passes, how business owners and investors with large unrealized gains should evaluate the impact, and strategies to keep more money in your pocket.

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

The sale of a closely held business is often a defining moment for a family.   A successful transition plan encompasses not only financial consideration, but the personal, family, legacy, and gift/income/and estate tax issues that surround a deal.  To go more in-depth, I talk with two experts on the subject.  First, I'm joined by attorney Thomas Collura.  Tom is a Partner at Hodgson Russ.  Tom’s practice is focused on representing privately held companies and their owners in a wide range of corporate, tax and commercial matter.  Then, I'm joined by Andrew Jones, a Managing Director at Pipler Sandler.  Andy's practice focuses on advising private equity firms, entrepreneurs and corporate clients on mergers & acquisitions transactions.

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On this episode I look back on the 1st quarter and provide an outlook for the path forward.  Topics covered include: An analysis of the market 1 year since the start of the Covid crisis? Is the economic impact of Covid behind us? After a 78% rally in the US, what is left to drive markets higher?  Are higher interest rates, tax rates, and inflation a reason to be worried about your portfolio?  Are there any attractive opportunities at this point?

This episode is a replay of a client webinar from April 19, 2021.  With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Many investors are stuck with too much cash on their balance sheet and are paralyzed by how to put it to work in what appears to be a very unclear outlook for investments.  Stocks are high, interest rates are low.   Many are asking themselves the following questions: I de risked in March; that was a mistake…what can I do now?  Do I buy stocks with the market is at an all time high?  Will I earn anything in bonds with interest rates this low?  How do I advise my client who had a liquidity event, but wants to wait for a market correction to deploy the cash?
On this episode, Bernstein financial advisor Amanda Beebe and I discuss the answers to these questions and other related topics.

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On a special Marc to Markets episode, we go about as far away from finance as possible.  I break down College Basketball's March Madness Tournament with Damon Amendolara, host of CBS Sports Radio's The D.A. Show, and Dave Friedman, the Play-By-Play announcer of Winthrop Basketball.  We cover the landscape of sports during Covid-19 and the financial importance of March Madness.   We talk about how the tournament will look and feel different this year, and then Dave and Damon give their best tips to winning your family or office pool.   

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On this episode I'm joined by Roosevelt Bowman, a Senior Investment Strategist at Bernstein.  We discuss the impact of massive stimulus on the economy and stock market both in 2021 and long term, the far reaching impact of the recent stock movement in GameStop, how technology is changing the rules of investing, and we end with our thoughts on Bitcoin.     

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On this episode I talk with David Lieberman of Oxford Properties, Kim Shankman of DouglasElliman, and Michael Levinson of Houlihan Lawrence to discuss the state of real estate.  My conversation with Dave focuses on the commercial market, with Kim NYC residential, and with Michael the suburbs.  We cover how each has fared through Covid, the state of the industry today, and where we go from here. 

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

On this episode I discuss the market and economy as we enter the new year.  Some of the topics include: Our research into the future path of Covid-19, the most interesting opportunities in the market, are municipal bonds risky, and will there be a wave of large defaults, and the impact of the Biden administration on markets and tax policy.

This episode is a replay of a client webinar from January 2021.

With any questions or comments, or to discuss your own financial situation, I can be reached at marc.penziner@bernstein.com or 212-969-6655.

The information presented and opinions expressed are solely the views of the podcast host commentator and their guest speaker(s).  AllianceBernstein L.P. or its affiliates makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.