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Mark Malek on the State of the Economy: Focus on Veterans and Long-Term Investments

Market Movers: The Opening Bell

November 11, 2025

Video Transcript

Now on the 41st day of the record long government shutdown, the US Senate approved a funding bill 60 to 40 to reopen the US government.

The bill would fund most government operations through January 30 and some agencies through the end of next September.

The House must also pass a bill before Trump can sign it into law.

Meanwhile, Fed chair Jay Powell says a December rate cut is not a sure thing.

Powell also noted some policymakers want to wait a cycle before cutting again. as we mark Veterans Day here at the New York Stock Exchange is Mark Malloch, CIO of Seibert Financial.

Mark, good morning.

Thank you so much for joining us.

Thank you for having me.

Good morning.

Good morning.

Well, first and foremost, we are looking at a mixed open this morning, but this does come after yesterday's rally.

So I do want to start out by asking you about tariffs.

Where are we right now?

Well, tariffs are still up in the air.

We see lots of negotiating still happen.

I think even overnight we saw some hints that there were going to be some some final.

Numbers coming out of the administration for another negotiation, but the fact of the matter is that these things are all being resolved, and that's positive.

Now we're still dealing with more tariffs than we had prior to this, so that is an issue.

But all of those really large tariffs that we were all concerned about earlier in the year are really coming down to something that's a little bit more tolerable, and I think a lot of us have already prepped ourselves and our portfolios and corporations as well for that eventuality.

Yeah, and Mark, 2025 has been quite the year.

You and I were talking ahead of the interview about all that has happened so far in the 1st 10 months of 2025, but today is Veterans Day.

So when we are talking about some of the economic pressures that are affecting service members as well as military families, can you tell us what they are facing right now?

Yeah, I mean that's a funny thing.

People don't realize that, you know, military personnel are people too.

So the pressures that we have when we go to the grocery store, the pressures that we have in terms of high housing prices, all of those pressures are affecting military personnel as well.

And so they're struggling the same way the rest of us are struggling with these higher prices, and they've got to make ends meet as well.

So inflation is a very real thing for military members.

They're frequently moving around and those costs are building up.

Up and there are a lot of challenges and a lot of people also forget that you know being in the military is really a 24 hour job.

It's not like, oh, I'll look at my portfolio tonight and figure things out.

Most of them are deployed.

They don't have the time to look at that stuff.

So the challenges are very real for them, and you know we're aware of those challenges, and I just want to say that of course we're talking about it on Veterans Day, but it's mission critical for us every day.

We focus on that.

So it's not just.

We're talking about a lot today as we should, but we're we're on that every day.

And if we zoom out, Mark, and we take a look at the US economy, a lot has happened this year and with the US government shutdown, we haven't had access to a lot of those key data points, especially when it comes to the labor market as well as inflation.

But when it comes to the policies that are expected to come into effect, how will this affect the economy as well as people who have served the nation?

Yeah, I mean, the challenges are there.

The challenges that we are seeing in terms of the sentiment numbers that we're getting, the labor numbers that we're getting, all of these, these headwinds that are sort of brewing right now are definitely going to affect again service members just like the rest of us and in some cases even more because again it's a 24/7 job and they're constantly, you know, they're under different restraints.

That we're under.

So it's very, very real and you know those challenges that are going to possibly come home to roost are going to affect them first.

So we need to pay close attention to that.

Yeah, and Mark, while I have you here, I think it's befitting to ask you about national security.

So give us your take on where we stand, especially on the heels of a lot of deals, a lot of M&A action that we've seen this year.

Yeah, well, the national security stuff, it's very broad.

If we just start with the defense sector, we know that, you know, the administration is more sort of supportive of that sector, right?

They're trying to move stuff along.

There's more of the pipeline in terms of their revenue side, but in terms of the companies that are in the defense sector, there are challenges for them, right, because not only the tariffs, but any of these sort of trade trade frictions that are happening.

Affecting their pipelines as well, so getting those those materials and to develop to develop the products that they ultimately develop is a challenge for them as well.

So there could be some challenges for that.

But talking more broadly in terms of security, you know, our nation's product is very much a securities issue issue right now.

We talk a lot about chips and Nvidia and will those chips.

Security problem and so this is really a developing environment where you know this sort of industrial security is now becoming something important to us right now.

So it's going to take a lot of focus to see how that plays out.

Yeah, and we're here on Veterans Day and that means the holidays are right around the corner.

So far where we stand right now, we're seeing double digit percentage gains for the major US equity averages, but when we Look at the commodity sector, whether we're talking about gold, silver, platinum, palladium, we're seeing gains of over 50%.

So for viewers out there, retail investors, Americans who are trying to separate the signal from the noise.

What would you tell them right now?

Yeah, right now the number one thing I'll tell everybody is focus on long term, right?

Markets can't only go up every day.

Sometimes they pull back a little bit.

The idea is to focus on what it is.

That you're investing in, make sure that the thesis you had for buying those investments still holds, and in a lot of cases, some of the leaders in the market today, they still have very, very strong outlooks and the thesis still holds in terms of what we can expect between now and the end of the year.

Look, we have, we have some of, we have somewhat of a fiscally stimulative environment right now and what the Fed ultimately does at the end of the year, we at least know they're heading in the direction.

Of you know, cutting, so they're going closer to accommodative monetary policy and we just we're almost through a really, really solid earnings season that really exceeded a lot of our expectations for earnings growth year over year and so we had a really good earnings season and all of those. are sort of tailwinds and hopefully the Fed will help us out a little bit in the in the questionable employment situation at this point, but this should sort of help markets go forward a little bit into the new year and certainly next year a lot of good things I think are in store for the markets and the economy as well.

And finally, you will be back here later today to ring the closing bell, Seibert Financial and Academy Asset Management.

So tell us why you're ringing the closing bell on this Veterans Day.

Yeah, like I said, you know, veterans and active service members are always a priority for us, right?

We've been involved in this for a long time.

We have an entire portion of our business just focused on education and services that are specifically directed toward those folks. that are working 24/7, understanding their requirements, education, awareness, and also special portfolios which we've created called our our patriot portfolios that are risk targeted portfolios that really are addressing the things that veterans and active service members are interested in, and academy is a perfect partner for that because they are very active in this space as well and they have a wonderful. that we're going to be incorporating in our targeted portfolios and now is a good time to make that announcement on a day like today.

But like I said, we work, we have been working with them and we're happy to finally ink something with them.

And so we're proud to stand next to them today and ring the bell for all the great work that they do, honoring the veterans and active service members today.

Well, congratulations, Mark, and thank you so much for joining me on this Veterans Day here at the New York Stock Exchange.

Thank you for having me.

My pleasure.

Remy Blaire engages in a timely discussion with Mark Malek, the Chief Investment Officer of Siebert Financial, as they explore the current economic landscape against the backdrop of a record-long government shutdown and the observance of Veterans Day.

The segment opens with Remy highlighting the recent approval of a funding bill by the U.S. Senate, which aims to reopen the government and fund most operations through January 30th, while some agencies will receive funding until the end of September. She notes the importance of the House also passing the bill before it can be signed into law by President Trump.

As the conversation shifts to the financial markets, Remy and Mark discuss the mixed market opening following a rally the previous day. Mark provides insights into the ongoing negotiations surrounding tariffs, indicating that while some large tariffs are being reduced, uncertainty still looms over the situation. He emphasizes that both corporations and investors have been preparing their portfolios for these changes.

Recognizing the significance of Veterans Day, Remy prompts Mark to address the economic pressures faced by military personnel and their families. Mark explains that service members are not exempt from the challenges of inflation and rising living costs, which impact their ability to make ends meet. He highlights the unique circumstances of military life, where service members often lack the time to manage their financial portfolios due to their demanding schedules.

The discussion then turns to the broader implications of the government shutdown on key economic data, particularly regarding the labor market and inflation. Mark points out that the challenges faced by service members reflect the wider economic landscape, which is currently experiencing headwinds that could disproportionately affect them.

Mark provides an overview of the defense sector, noting the administration’s supportive stance while also acknowledging the challenges posed by tariffs and trade frictions. He emphasizes the growing importance of industrial security, particularly in relation to technology and semiconductor production.

As the holiday season approaches, Remy and Mark examine the performance of the U.S. equity markets and the commodity sector. Mark advises retail investors to maintain a long-term perspective, reminding them that market fluctuations are normal. He highlights the positive earnings season and the potential for accommodative monetary policy from the Federal Reserve, suggesting that these factors could provide tailwinds for the markets moving forward.

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