CIO Scott Martin Interviewed on Fox News 5.13.22

Kingsview CIO Scott Martin discusses Musk’s purchase of Twitter, what’s been happening with the stock, and recent rallies in the market.

Program: Your World with Cavuto
Date: 5/13/2022
Station: Fox News Channel
Time: 4:00PM

NEIL CAVUTO: To Susan Lee on that, Scott Martin of Kingview Wealth Management. Susan, looking at that, if I’m a Tesla shareholder and I think the guy and the genius behind my company might not pursue or be distracted by by this other company, I’m going to be happy. Conversely, if I’m a Twitter shareholder, every company and I’m going to go the other way because this thing is looking dicey, or at least at its price. What are you hearing?

SUSAN LI: Yeah, and if I’m Elon Musk and I’m pledging some of my wealth in that $44 Billion takeover offer, I want the best deal, especially if social media companies are down 25%, discounted 25% since I made that bid. And you know, Elon Musk, he’s not just putting up this bid by himself. So he’s probably huddled with the Larry Ellison’s and other potential private equity, those other financiers in this deal, saying, should we be paying 54 to 20 when Twitter is trading at $40? I think there’s probably been a rethink, and especially in these times, by the way, where $1,000,000,000. Yes, that sounds like a lot for most people, for Elon Musk, not much. And especially if you can get the the property for cheaper for $10 cheaper, that might be a deal for him.

CAVUTO: You know, Scott, I wonder what the background for this could have been or backdrop and that is safe today. The selloff in technology shares, even Tesla shares to the point that, you know, he’s lost tens of billions of dollars on paper. Now he’s still the world’s richest man by far. I got that. But do you think secretly or privately he reassesses this? You know, that continues. I’ve got problems.

SCOTT MARTIN: Great call. It was a game. I think it was a game from the start, as we talked about on FBN a couple of times, Neil. Here’s the thing, though. Musk won because remember the libs that got freaked out about when he was coming in to even talk about buying Twitter and then when he made the offer and they accepted it. I mean, I watched the reaction of a lot of the left wing liberals and they got freaked out. I mean, they dedicated their

whole shows, their whole Twitter accounts to how this was a takeover and it was going to mess up free speech and all that stuff. So he laughed. I mean, he kind of got the reaction that he wanted. And to Susan’s point, the stock was probably the buy was probably too much, 54 to 20. Everybody knows why he did that. He’s probably going to come back in and say, hey, I’m going to offer 42. And if you don’t know what that means, go watch Dazed and Confused. All right. Because here’s the thing. He got kind of the reaction that he wanted for $20 billion.

CAVUTO: It’s a it’s a pot reference. It’s a family show.

LI: Exactly. April 20th recognized pot thing. So, you know.

CAVUTO: That’s right. But but on that point and it’s a very good one on Scott’s point, Susan, this issue with the technology sector in general, it had an extremely, extremely rough week and a lot of the stocks have been decimated. We can get off those boards, guys. I’m wondering here, talking about the markets now and talking about where they stand. This deal notwithstanding, I have a feeling that a lot of tech investors are debating, all right, I’m up a little bit. I’m going to cash out now when the getting’s good or how does this play, you think?

LI: And what’s the pain threshold? Is $11 trillion in losses enough? As Scottie will tell you, in these type of bear market sell offs, you have markets and sellers really exhausting themselves, meaning that they run out of things to sell and usually want to sell the things that you like the most lasts. And I think the fact that Apple fell into bear market territory down some 20% from recent peaks yesterday, probably the most widely held stock on the planet, the most liked since it’s a cash machine and returning a lot of cash to shareholders. And that’s why Warren Buffett bought in. I think that was an inflection point thinking, okay, well, I’m already selling my favorite stocks. What else is there to sell? And maybe there isn’t that much more in the portfolio and especially on a Friday. I think it’s indicative if stock markets go up, especially when you heard Jerome Powell yesterday talking about short term pain to get inflation lower and raising interest rates by one full percentage point, at least this summer and stocks in the week lower. Higher part of me and stocks rally into the weekend. I think that’s positive.

CAVUTO: If you have a rally, do you want to believe, Scott? You normally need to see it at least for a second day. And the rallies that we’ve seen have been one day wonders. I’m not dismissing this or pooh poohing it. I’m just saying that’s been the way it’s been going. How important will Monday trading be to you?

MARTIN: Big. Although today, to Susan’s point, was great. I mean, we actually held the rally most of the day in rally to beat into the close. I’ll tell you what, Neil, the only thing left in this market, though, there aren’t a lot of sellers left. It doesn’t look like, but there’s still emotion. And so as an investment manager for many of our clients and even my own account and both the Twitter hold her and a Tesla holder. So I need my medication this weekend. I’ll tell you what, when you’re buying stocks, when you buy something and you have to go to the laboratory afterwards, that’s probably a good buy. But if you’re buying something and it feels like it’s a surefire win, you’re complacent. This is a can’t miss. That’s when you should be selling. So take your emotion, flip it around, and that will tell you what to do.

CAVUTO: I could help you with that medication thing, young man, but that’s a whole separate issue.

MARTIN: Send it over. I’m out.

CAVUTO: Yeah. All right, guys. Thank you both very much. Have a wonderful weekend.

8:43

CIO Scott Martin Interviewed on Fox News 12.29.21 Pt 2

Kingsview CIO Scott Martin discusses the recent controversy around Elon Musk’s tax payment, and how small business owners are impacted by the current tax structure.

Program: Cavuto Coast to Coast
Date: 12/29/2021
Station: Fox Business News
Time: 12:00PM

DAVID ASMAN: Well, Elon Musk selling yet another billion dollars worth of Tesla shares nearing his 10 percent target, Musk is expected to pay what is likely to be the largest individual tax bill in U.S. history. It’s nearing about $11 billion right now. Let’s bring back Scott Martin and Hal Lambert. So Hal? Elizabeth Warren still calling him a freeloader. It’s hard to call $11 billion free, is it?

HAL LAMBERT: Well, absolutely, I think Elon Musk did this deliberately. He’s the richest person in the world. He made a conscious decision to pay the highest tax bill that’s ever been collected by an from an individual in the history of the world. This has nothing to do with his view of Tesla stock, in my opinion. And I think ultimately, you know, this calls out the hypocrisy on the left because, you know, if you look at what’s happening, he could have borrowed against these shares and never paid tax. He could borrow at one percent or probably less. And that’s what a lot of these guys do. They ultimately never pay tax. They didn’t turn around and give it to a foundation, their own foundation when they die, and that money escapes tax altogether. Great. I think we ought to start taxing this if we if we looked out and said, Look, you know, Bill Gates or Warren Buffett, Warren Buffett said he’s going to leave all his money to the Bill and Melinda Gates Foundation, so he’s going to skate off and pay no tax when he dies. I don’t think that should happen. I mean, maybe we had to look at anything above 500 million is tax. Just like an estate tax, you pay 50 percent on that and then the rest can be left to the foundation. But ultimately, these go to these far left foundations that then are turned around and used to change the policies of the country and destroy the country. Well, it’s a circular game.

ASMAN: It is a circular game. It’s got the thing is, I’m not going to cry for help for the richest man in the world. Obviously, he’s still got billions left over. But again, to use a lie in order to make an ideological point, it’s just it’s just bad. It’s bad politics and it’s bad policy because, as Hal said, sometimes it leads to just the wrong kind of policy.

SCOTT MARTIN: It opens up Pandora’s box where you find out what’s really going on. Now this is going to be a Fox News alert. I agree with Senator Karen. I mean, Warren in respect of Elon Musk and some of these billionaires. Oops. And small business owners David and Hal don’t pay their fair share of tax. They pay more than their fair share because if you look at the tax code and look at what it does for, say, half of American households where they don’t pay any federal tax, a lot of those folks are some of the freeloaders that are out there. So if Elon Musk’s is paying what he’s paying, we should be thanking him for doing that. And like Hal said, doing what he’s doing right now and having Senator Warren attack him for it is making her look bad because it’s coming out in the wash as to what’s really happening here.

ASMAN: The top one percent pay 40 percent of all the federal income taxes, and you just can’t avoid that.

MARTIN: And that’s 20 percent.

ASMAN: Yeah, well, we’ll see.

LAMBERT: It’s at the top and the top one percent only collect 20 percent of the income, so they’re paying double in taxes of what they collect.

ASMAN: HAL, that’s a terrific statistic. All right, guys. Thank you very much. Great to see you have a wonderful new year.

2:58

CIO Scott Martin Interviewed on Fox News 12.15.21 Pt. 2

Kingsview CIO Scott Martin discusses Elon Musk and Tesla, spending problems, and whether expenditures will come under control.

Program: Cavuto Coast to Coast
Date: 12/15/2021
Station: Fox Business News
Time: 12:00PM

NEIL CAVUTO: Scott Martin joins us. He always says controversial things, but you know, he’s good at what he does as is Susan

SCOTT MARTIN: By accident,

CAVUTO: by accident. I hear you, buddy. They it very nice hair, very nice hair. Scott The most important question, then, is with all the money. Why does why does Elon Musk cut his own hair? What do you think?

MARTIN: Well, from a guy that doesn’t cut his own hair, I think he feels like he can do anything he wants. And as Susan said, he’s the richest man in the world. A lot of that is stock options, but he’s created a lot of wealth for others to make money besides employees, also investors. So I think Neil, he kind of goes to the beat of his own drum and obviously, depending on who he’s attacking over Twitter on any particular day, he tends to win those arguments too.

CAVUTO: You know, and and you raise a good point when talking about, you know, we tend to look at these things linearly, like how much you’re paying a tax. It turns out he’s spent quite a bit in taxes. Thank you. But even if you were to take and confiscate all the funds of the richest, it wouldn’t come close to addressing, you know, the twenty three, twenty four trillion dollars in debt. We just pile up pile up. That isn’t the result of not taxing them enough. It it’s really the result. And this has happened to Republican and Democratic administrations alike of spending much, much more than we have.

MARTIN: That’s right. It’s not a tax problem. It’s a spending problem. And obviously, if you look at the Treasury Department receipts over the last several years, we’re at record levels. So that tells you they have the money, they just overspend. So will they ever get it together as far as the Democrats or Republicans no, because the government likes to spend and where they spend on things that are actually worthwhile or whether it’s or whether it’s waste fraud and abuse is up to anybody’s debate. But the regardless point is that they do overspend and they have the tax dollars to actually be a little more responsible. But they’re not, you

CAVUTO: know, long before you were born, probably when we had the the Bill Clinton internet boom going on and we were had surpluses for a while. It really took something like that to to pay our, you know, our debt down to size. Certainly, the deficits went away and started surpluses. But short of something like that was, do you ever think we’ll we’ll we’ll get this solved?

MARTIN: I don’t know, because it’s kind of funny money, I mean, the dollar is the world’s reserve currency to add an increase in the debt ceiling, as we just recently did, or to add numbers to a balance sheet that’s at the Treasury Department is a win. It’s not really anything that takes a lot of work. So there’s really no adult in the room when it comes to the spending that we get out of D.C. and therefore I don’t think they’re going to stop.

CAVUTO: All right. We’ll watch it closely. Scott Martin, thank you very much.

2:30