Sam Wardwell, Pioneer Investments, on Investing in a Shaky Economy

Don't look now but the Dow Jones Industrial Average is down by -- 144. Appointments. Excuse me I break a look because it keeps getting worse yup every five or ten minutes though. Hey if everybody keeps telling me that it's all you're spot. And that we can blame here you get the S&P down fourteen NASDAQ down 24 oil down ninety cents to seventy. 886. -- US treasury down as well one point 63 gold trading up four dollars thirty cents to fifteen. 71. Are -- producer Dave found a sound effect for our copy contest and during this hour. We're going to be giving away eight coffee card so when you hear this clip later in the show. This is that. -- indication that you would call let me give you the phone number you don't wanna write down -- -- -- of -- what he's really good contest participant you putting your speed dial. The phone number is 888. 2052263. Don't do yet this is just the example. What you're going to hear. The actual sound clip will play later in the program -- take it away. -- the best cup of coffee break. Everybody very convenient. Okay so that's the sound effect when you hear that later in the program you know fifteenth collar fifteenth caller at 888205. 2263. That will be your calling number in order to participate in the copy contest. I do we have Sandler we had not yet okay -- talk about Social Security of those questions and so I mean yes we had a lot of really good questions now and now first of all -- what is the status of Social Security right now and why should we be worried. Well be the pick the question the we're talking about the that benefits being taxable on on Social Security. And -- tax the benefits are in fact taxable on your Social Security. -- to declare them on your tax return you file your tactics. So the they're they're taxable event now that. What's interesting is you know people get uptight about the tax ability of Social Security but I learned -- only 34%. Of people who are retired in collecting Social Security actually paying taxes on that dollar. So that they it's it's 34% of recipients are paying taxes on let's talk about. How it works -- do we have Sam was a camera go to Sam ward -- busy day for Sam worked well he's a fund manager pioneer investments Sam welcome to show -- -- ordered the morning with so what's causing the sell off and socks today Sam. Well I think if we had certainly the last week to stop economic news. Numbers up or picked up the worst of it European summit of the who is moving portrait solution. Spain have coming it would fill out that -- of the -- I think people were sort of hoping Ers are kind of a big prize. They did get but the prize the ball real the next couple weeks. We're waiting for all what I but in court on health care Germany's got a ratified -- yes. Really you know you're going to be ball -- a couple weeks while we wait for the real. And that the real -- you're referring to as the beginning of earning season what are your expectations. For earnings season that begins on July ninth. Companies. Our -- I think we know we're not expect an awful lot of quote -- doggedly company by company. But. It appeared at our -- -- beat duke duke were out there and people could be although the earth orbit or locally caught controlled going to be good. Well I think -- likely via muted shall respect. Okay and would you do -- about energy prices I mean we've got oil now at 78 dollars a barrel does it go. Significantly is this time to get in you start to bio oil stocks are what are you doing. I wouldn't work out of an ointment is that maybe so short but we'll look at. Inventories of oil. Pretty art production and pretty hard. But again the protection Iranian passport action. Are simple but in the -- it. First. So I think until and if if there's notebook -- that it -- 40 the world is what we. Know what pressure if something goes wrong at least present global. It was Sam thanks very much for joining us a -- -- busy day for you get back to work makes money for your clients and we'll talk to next time all right. Thank herb thank you at -- war joining us from pioneer investments giving us an update and you know he summed it up pretty accurately -- June. Nancy the volatility will be extreme one way or the other but on July ninth that's when we get our report cards right. The last three months you've been telling your mom and dad everything wanna hear. Starting on July ninth that's when earning season starts that's when the report cards go home that's when the stock prices really get impacted one way -- absolutely yeah.