YOU KNOW WHAT, IT IS PRETTY
OBVIOUS THAT PEOPLE ARE ON PINS
AND NEEDLES NOW IT IS TRUE THAT
THE FEDS SHOULD NOT MAKE POLICY
BASED ON WALL STREET EVERY NEED
AN ALL OF THE WINING OF WALL
STREET BUT LET’S NOT FORGET
JEROME POWELL SORT OF PUT THIS
SITUATION INTO PLACE AND NOW
HE’S PAYING THE PRICE SO IS THE
MARKET IRONICALLY, THOUGH,
INVESTORS THAT WERE HOPING FOR
OPERATION OTHER THINGS GOT
NOTHING AND NOW WE HAVE GUESTS
TODAY WHO THINK THAT WAS THE
BEST MEDICINE.
ANYWAY, WHOLE AFFAIR RIGHT NOW
FEELS LEAK A SWAN SUNG AND MAY
NOT BE SO DON’T PANIC UNTIL YOU
WATCH IS THIS SHOW.
AS YOU CAN SEE SUBSEQUENT
REBOUND MAYBE JAY POWELL DID THE
RIGHT THING AND MAYBE HE SHOULD
HOLD ON TO WHAT HE’S DOING AND
MAYBE HOLD TON WHAT YOU’RE DOING
ON THAT NOTE I WANT TO BRING IN
TWO OF MY --
OF FAVORITE GUESTS, ROB, SCOTT
MARTIN, AND I GOT TO TELL YOU
GUYS START WITH YOU ROB BECAUSE
YOU WERE A LITTLE BIT MORE
BULLISH THAN SCOTT LAST TIME WE
SPOKE.
THIS REACTION FROM LAST WEEK TO
YESTERDAY, EVEN TODAY RESOLVE
WHAT DO YOU MAKE OF IT?
>> I THINK IT IS ALL REALLY
HEALTHY ACTUALLY CHARLES IF YOU
LOOK AT THE MOVING AVERAGES WE
SAID LAST WEEK GO TEST HAD THE
50 WE DID THAT AND SAW THE 2QS
BUT YOU KNOW WHAT’S HAPPENING
CHARLES IF YOU LOOK AT STOCKS
YOU HAVE LEADING STOCKS YOUR
FACEBOOK, AMAZON WENT DOWN TO
200 BOUNCED OFF THAT AND LOOKS
AT THAT MARKET TURNED AROUND
THIS IS ALL HEALTHY WE NEED TO
WASH OUT WEAK HANDLE IN ORDER
SEE THAT NEXT MOVE UP.
CHARLES: YOU KNOW, SO SCOTT,
YOU’VE BEEN A LOT MORE CONSERVE
TEFF IF YOU WILL ABOUT THE
MARKET AND I KNOW YOU KNOW, IT
IS INTERESTING BECAUSE WE GO UP
USING THE STAIR STEPS AND WE
COME DOWN IN ELEVATOR AND THAT’S
WHEN A GUY LIKE YOU SAY HEY, YOU
GOT TO PAY ATTENTION TO THOSE
ELEVATOR RIDES SOMETIMES.
SO WHAT ARE YOU FEELING RIGHT
NOW ABOUT THE WAY THE MARKET IS
REACTING PARTICULARLY TO
INTEREST RATES OKAY 1.26% ON
TENURE STILL NOT THE WORST THING
IN THE WORLD.
>> NOT AT ALL AND IT IS
SURPRISING CHARLES TO SEE THE
MARKET REACT SO TERRIBLY TO THAT
BECAUSE WE KNEW THIS WAS COMING
MAYBE IT CAME A LITTLE FASTER
AND FURIOUSER THAN IT WAS
EXPECTED TO BE BUT THIS SUSPECT
A TERRIBLE THING RATES GOING UP
AND NORMALIZING MAYBE A LITTLE
INFLATION SHOULD BE GOOD FOR
STOCKS I AGREE WITH ROB’S POINT
IF YOU LOOK AT BEYOND SOME OF
THOSE BIG CAPS OUT THERE AND
SNOW FLAKE, PAYPAL, THE
TELEDOCK, AND THERE’S A HOST AND
FEW DOZEN OUT THERE THAT HAVE
TOTALLY REVERSED TODAY IN
BALANCE.
I HAVEN’T SEEN OPPORTUNITY IN
TECH LIKE THIS SINCE I WAS PROM
KING IN THE 90s.
THAT SHOULD TELL YOU SOMETHING.
[LAUGHTER]
CHARLES: THAT’S WHAT EVERYBODY
IS EXCITED ABOUT THE CALCULATOR
RIGHT THEY HAVE 5 WINDOWS --
SO THAT WAS A LONG TIME AGO MY
MAN.
COMMODORE COMPUTER REIGNING BACK
THEN SO LET’S TALK ABOUT THENT
CHANGES IN PORTFOLIOS RIGHT YOU
KNOW SCOTT POINTED IT OUT PEOPLE
ARE BEING OPPORTUNISTIC BY THE
WAY BUYING DIPS HAS WORKED SINCE
2009.
ROB HAVE YOU MADE ANY CHANGES
TODAY OR IN THE LAST COUPLE OF
SESSIONS?
>> NO, I KNOW YOU HATE THIS
CHARLES USING BARBELL BUT GIVE
PEOPLE THE STRATEGY.
LOOK --
CHARLES: OH, NO --
>> LOOK AT THE ARISTOCRAT INDEX
DEVELOPING PEOPLE AND YOU BEAT
ME UP RIGHTFULLY SO ABOUT
CHEVRON LAST YEAR BUT TAKE A
LOOK PAID OFF WE BOUGHT DIPS ON
THAT BUT WHAT WE’RE DOING NOW
HOLDING ON TO THAT CHEVRON POG
AND NOW TRY TO RELOAD ON TECH
NAMES LIKE SCOTT SAID PAYPAL,
ZOOM THESE ARE LONG-TERM WINNERS
YOU DON’T GET OPPORTUNITIES LIKE
THIS A LOT WE LIKE THOSE NAMES
RIGHT HERE.
>> HERE’S THE THING THOAG, AND
LISTEN, I’M IN OIL.
I’M IN THERE BIG AND BEEN
TALKING ABOUT COMMODITIES
SUPERCYCLE, IN FACT, FOUNDING
THE TABLE ON IT.
YOU KNOW, BUT NOW YOU’VE GOT
THIS INTERESTING THING, OIL ALSO
GETTING HELP FROM OPEC BUT BACK
TO POTENTIAL OPPORTUNITIES
SCOTT, YOU KNOW FOR SOMEONE LIKE
YOU WHO HAS BEEN RELATIVELY
CAUTIOUS THAT’S OBVIOUS YOU WERE
AWAITING YOUR TIME, SO WHAT
ABOUT THIS INFLATION SCARE?
IS THIS OVERDONE, I MEAN, YEAH,
OF COURSE, WE KNOW THERE’S GOING
TO BE SOME INFLATION BUT IS
THERE ENOUGH TO DERAIL AMAZING
POWDER WE’VE GOT FROM HOUSEHOLD
SPENDING TO COOPERATIONS, TO THE
JOBS REPORT IT THIS MORNING, I
MEAN, TO ME THAT SHOULD BE A
BIGGER MACRO STORY.
>> YEAH.
PATTERN WILL BE FINE AND LIKE
EVERYBODY IS FREAKED ABOUT
INFLATION, MAYBE GOING TO WHAT,
LIKE I DON’T KNOW TWO AND A
HALF, 3% OH, MY GOODNESS THAT’S
SO SCARY WHEN IF YOU LOOK IN
PAST DECADES INFLATION WAS A
REAL PROBLEM YOU’RE PUSHING
DOUBLE DIGITS IN SOME CASES
ESPECIALLY OVERSEAS.
SO, I MEAN, THAT’S NOT A CONCERN
LIKE THAT’S ACTUALLY GOOD
INFLATION, IN FACT, AS ECONOMY
REOPENS CHARLES MAYBE HOPEFULLY,
I MEAN, GOD WILLING WE PULL AWAY
FROM ALL OF THIS CRAZY STIMULUS
WHICH WE’RE GETTING WHICH I
THINK MARKET IS TELLING YOU WE
DON’T NEED AND RATES IN MY
OPINION ARE GOING UP SO MUCH
MAYBE A LITTLE INFLATION COULD
GO A LONG WAY TO KIND OF
REINFLATE STOCKS A BIT BECAUSE
THEY NEED A KICK WONINGS WE’RE
DONE WITH THIS STIMULUS THINGS
LIKE SO WITH RESPECT TO
INFLATION EXPECTATION KEEP THEM
COMING AS LONG AS THEY DON’T GO
CRAZY, AND 3% INFLATION IF WE
GET IT, ISN’T THAT BAD.
>> YEP.
CHARLES: I TELL PEOPLE WE LOVE
WHEN OUR PAYCHECKS INFLATE.
WE LOVE WHEN THE VALUE OF OUR
HOME INFLATES WE LOVE WHEN VALUE
OF OUR TOM BRADY WORKING CART
INFLATES SO THERE’S NOT --
ALL INFLATION IS NOT A FOUR
LETTER WORD RIGHT WE’RE UP --
>> NO IT IS TRUE SCOTT VIEGHT ON
WITH THAT WE NEED SOME INFLATION
BUT YOU KNOW WHAT NEXT WORRY IS
ONCE WE GET THE ECONOMY SET WE
ARE SETTING STAGE FOR A HUGE
RALLY IT IS TAXES, IT IS
REGULATION, ONCE YOU START
HEARING ABOUT THAT 40% LONG-TERM
CAPITAL GAINS RATE THAT’S OUR
NEXT WORRY WE HAVE TO OVERCOME.
>> WELL I’M HOPING TO HAVE
NOVEMBER, DECEMBER --
SO THAT’S --
IT COULD BE A LONG TIME SO BOTH
OF YOU GUYS BEFORE I LET YOU GO
THEN DO YOU SEE NEW MARKET HIGHS
AND WILL SCOTT WE SEE NEW HIGHS
IN MARKET AND WILL IT BE LED BY
BIG TECH?
>> YES.
I BELIEVE WE WILL DHARLS AND
WE’RE GOING TO GET SOME HELP AS
ROB SAID FROM ENERGY AND
INDUSTRIALS IN SOME FINANCIALS
TOO WHICH HAVE NOT BEEN THERE.
SEE THAT’S THE COOL THING I
THINK THAT’S HAPPENING WITH
MARKET SO FAR THIS YEAR THIS
YEAR AND LIKE WE’VE BEEN WAITING
CHARLES TO PUT MORE MONEY TO
WORK HERE ON PULLBACKS GETTING
OTHER AREAS OF THE MARKET YES I
KNOW THEY’RE SMALLER THAN TECH
YOU CAN SAVE E-MAILS TO ME ON
THAT HEALTH CARE AS WELL BUT
YOU’RE STARTING TO GET HELP FROM
OTHER AREAS OF THE MARKET THAT
HAVE COMPLETELY LAGGED IN THE
LAST COUPLE SAY YEARS AND THAT
WILL HELP THE OVERALL BREATH OF
THE MARKET STAY STRONG LONG-TERM
HERE THIS YEAR.
CHARLES: GENTLEMEN I HAVE TO
LEAVE IT THERE YOU ARE TWO OF
THE BEST I FEEL SO MUCH STRONG I
FEEL STRONG LIKE --
AFTER TALKING TO YOU GUYS.
>> HAD TO START IT OUT.
>> HAVE A GREAT WEEKEND.
AFTER THE BARBELL APPROACH --
SO MOST OF THE MARKETS ANXIETY
REALLY RESOLVED AROUND
TECHNOLOGY STOCKS.
ESPECIALLY THOSE REALLY BIG TECH
NAMES THAT CARRY THIS MARKET FOR
A COUPLE OF YEARS, HERE’S THE
THING, THOUGH, THEY REALLY
STARTED TO STALL BACK IN
SEPTEMBER, BUT NOW IT IS REALLY
AMAZING TO HEAR --
MARKET SAYING WE’RE BAILING OUT
BANG IS OVER WE’RE OUT OF BIG
TECH.
I THINK THESE NAMES HAVE BECOME
MORE ATTRACTIVE BUT I’M NOT THE
EXPERT I’LL BRING HER IN SENIOR
ANALYST LAURA MARTIN I WANT TO
TELL YOU RIGHT UP FRONT YOU’RE
ONE OF THE BEST TECH ANALYST ON
THE STREET I LOVE ANY TIME YOU
SPEAK I STOP WHAT I’M DOING AND
I LISTEN.
NOW, YOU HAVE GENERALLY BEEN
BULLISH ON TECH SECTOR YOU’VE
ALREADY BEEN ON RECORD SAYING
THAT NEXT FOUR YEARS ARE GOING
TO BE BULLISH SO DO YOU STILL DO
YOU STICK TO THAT CALL?
>> I DO.
TING THEY’RE DEFENSIVE.
THEY’RE HIGHLY LIQUID DEFECT TOE
MONOON LOUSE AND COME COME PLAYE
APPLE AS A MONOPOLY ON
WEALTHIEST INCLUDING CHINA THE
ONLY BIG TECH IN CHINA, AND
AMAZON MY OPINION, LEADS
COMPETITOR IN E-COMMERCE GOOGLE
AND SEARCH AND SOCIAL MEDIA
THESE ARE COME TO NIGHT THE
ECONOMIC IN THERE --
CHARLES: WHAT DO YOU MAKE OF ALL
OF THESE ANALYSTS THIS SORT
OF --
CROWD WHEN THEY ALL ABANDONED
SHIP RIGHT, APPLE FIND A GOOD
HAND TO TOOL TO MAKE LOOK I KNOW
STOCKS CAN HAVE THEIR DAY NEN
THAT ANY STOCK CAN COME ON ANY
TIME BUT TO ABANDON THESE STOCKS
TO ME SEEMS NUTS.
>> YOU KNOW, I THINK IT IS
REOPENING TRADE I THINK IT IS
FAST NONE MONEY SO I TALK ABOUT
MONOPOLY AND BENEFICIARY OF
STIMULUS DURING 2020, SO MAY NOT
BE AS LARGE IN 2021 SO PEOPLE
ARE SELLING THEM LIQUID TO
REOPEN TRADE.
BUT WHAT PEOPLE ARE FORGETTING
OVER THREE YEAR FRAME
FUNDAMENTALLY IS COVID DID FOR
CONSUMERS IS ACCELERATE THE PATH
TO DIGITAL GOODS AND SERVICES.
SO WE SAW DISNEY PLUS AS OPTION
THROUGH THE ROOF.
NETFLIX WHAT HAPPENS NEXT IS,
THE HARDWARE INSTALLED BASE AND
THE HABITS DON’T GO AWAY FOREVER
THINGS WILL BE MORE DIGITAL AND
GOOGLE, AMAZON, AND FACEBOOK
WILL ALL DIGITAL THINGS.
CHARLES: YOU MADE A GREAT CALL
ON SOCIAL MEDIA YOU SAID WAIT
UNTIL AFTER THE ELECTION.
AFTER THE ELECTION ALL THEY’VE
DONE WAS CATCH FIRE.
TWITTER, THE MOVE THERE.
FACEBOOK AND ITS RESOLVE.
SNAP, YOU STILL LIKE THE SOCIAL
MEDIA NAMES?
>> YEAH.
I LIKE WHAT S.N.A.P. IS DOING
BEST AND WORRIED ABOUT
REGULATORY FOR FACEBOOK AND VERY
WORRIED ABOUT THE BIG BLUE
FACEBOOK WHICH THEY SORT OF KEEP
TRACK OF FOR US EVERY QUARTER.
SO I PREFER S.N.A.P. AND WHAT IT
IS DOING.
FROM ITS, YOU KNOW, TEN BILLION
DOLLAR BASE OF MARKET CAP IF TO
FACEBOOK.
CHARLES: ALL RIGHT LAUREN THAT’S
ALL OF THE TIME WE HAVE I
APPRECIATE YOU COMING ON LIKE I
SAID ONE OF THE BEST AND WE