CIO Scott Martin Interviewed on Fox Business News 3.24.21 Part 1

Kingsview CIO Scott Martin discusses increased taxes and the Treasury Department’s record revenues.

Program: Cavuto Coast to Coast
Date: 3/24/2021
Station: Fox Business News
Time: 12:00PM

NEIL CAVUTO: All right, what is fair share for those of a certain age, I’ll probably be just leaving you out on this one, but it does remind me of a Luke Costello skit with Bud Abbott where he’s trying to explain something or understand something. So, for that audience, I’m just saying, you said FairShare was thirty-nine-point six percent and then we got it. Then you said it had to go up another few percentage points to forty two percent to pay a Medicare surtax. So, forty two percent was a fair share. Then it had to go up another three percent to pay for the Affordable Care Act. That brought it up to forty five percent. Then a number of states like New Jersey, they said, I’m going in and out of this, but they all of a sudden, we’re adding it to bring it over 50 percent and it’s still not a fair share. So, what is it? What is it? Let’s go back to two people who cannot remember Abbott and Costello, but they’re smart, nevertheless. Danielle DiMartino, both Scott Martin. Scott, what is i. I really don’t know. I mean, we can kid aside and do the you know, the whole Lou Costello thing about what is fair share, but it keeps changing. I don’t know if it’s going to go over 40 percent. And with all these other things over forty five percent where it stops, where it goes, what do you think?

SCOTT MARTIN: Yeah, maybe it has to do with the fact that the Treasury Department is receiving record revenues in taxes from the American people, so that may be something. Look, as far as the rich folks go, they don’t pay their fair share. Neil, they actually pay more than their fair share. And that’s really what worries me about how we treat the folks that are productive in society and create jobs and do the spending. I’m sitting here thinking about how to answer this question. I’m looking at this one point nine trillion exorbitant stimulus package we just passed a couple of weeks ago, the American Recovery Act or something like that plan. You know, that’s the amount of money that the Treasury Department gets in either income taxes just about to the dime, either in income taxes or payroll taxes. So why don’t we take that spending money? And why don’t we give people like a tax holiday and one of those two buckets? Because that’s where money is going to go. Best spent or best treated, not by taking it away from people to pay for some stimulus package that we didn’t need. That doesn’t go to good places. And I may be way off. I’m glad Daniels here because I might be missing something, but that seems to make a lot of sense to me.

CAVUTO: Well, I do know this much, Daniel. They’re very creative coming up with ways to get more money into Washington, not not to go to, you know, slowing down the amount of money leaving Washington. And that’s what worries me. I mean, we can talk about the rich and many of them can afford these higher taxes and all. But what is a fair share for them to make it right to stop saying that they’re not doing enough, that they’re hosing the system or whatever else is being argued on the part of those who say that they’re not doing enough when in fact, they’re paying the lion’s share of the taxes.

DANIELLE DIMARTINO BOOTH: You know, it’s hard to say, Neal, I don’t know that they think that there is necessarily a limit, but I can say this much. You know, the CPAs of across America are licking their chops right now because they’re like, oh, goody, they’re going to make the thousands and thousands and thousands of pages of US tax code even more complicated than they are by putting little things here and there, as you were saying, two percent, three percent. Look, I’ve got this great idea that would actually make it to where the IRS didn’t have to have as many people on their payroll so that we didn’t have to replenish it. Why don’t we simplify the tax code and make things a lot easier than they were then rather than just try and nickel, dime, nickel, dime, nickel, dime. If you are wealthy and you make the tax code that much more complicated, you’re just going to pay your CPA a little bit more money so that he can get you out of it. And if you really, really, really try and soak the rich, that’d be a that’d be great for other countries. For other countries. Neil.

CAVUTO: Yeah, everybody’s got a skin in the game, obviously, the rich should be paying more of that skin that I understand that’s the nature of our progressive tax code. But this is all out of whack here. I just have no idea what this moving target means and where it goes. But I have a good sense that neither of you are paying your fair share. So, you’re gonna have to pony up. Guys, I want to thank you both very, very much. Is the IRS, which, of course, is watching. We have a lot more coming up.

4:32

CIO Scott Martin Interviewed on Fox Business News 3.24.21 Part 2

Kingsview CIO Scott Martin discusses digitized currency, its possible trade behavior, and what government involvement could mean.

Program: Cavuto Coast to Coast
Date: 3/24/2021
Station: Fox Business News
Time: 12:00PM

NEIL CAVUTO: With Danielle DiMartino Booth about the Intelligence LLC CEO, Chief Strategist, former Dallas Fed advisor as well, the Federal Reserve got kind of leery of this, too, I should point out. Scott Martin Kingsview Wealth Management, Fox News contributor. So, Danielle, we heard from Jerome Powell. He might take up this issue yet again today. We’re studying it. We’re looking at it normally. When you hear established US authorities talking about Bitcoin in that frame of mind, it’s their way of saying they can’t ignore it. Where are you on this?

DANIEELLE DIMARTINO BOOTH: I don’t think that there is a way to ignore the advent of digital currency. Know, we’ve heard from China that it’s very possible that the Beijing Olympics next year, that the only form of payment that’s going to be accepted will be a digitized yuan. So, the world is definitely moving in this direction. The largest economies are going there as well. There is no way to ignore Bitcoin. There is mass adoption going on right now, as we’ve seen today with Tesla. But as you mentioned, many financial institutions are truly legitimizing this form of currency, which is really a refutation of the trillions and trillions and trillions of dollars of debt being taken on, not just here in the United States, but globally. We’re pushing three hundred trillion dollars of debt. And this is this is kind of something that says, you know what, I reject where this is going. And this is a reflection of my rejection of that. That is, I think, the way Bitcoin is viewed throughout the world.

CAVUTO: You know, Scott, they say that investors in this class of assets are largely young or younger because they grasp the technology to grasp the potential. They just think it’s cool and they’ve seen people become instant millionaires investing at this thing when it was a few hundred bucks a coin and now north of fifty-six thousand bucks are gone and they want in on that party. I’m just wondering how you describe it as an investment that might now be going into the next level. This is just me wondering about this, where established players are more inclined to at least have it in its arsenal. And again, I’m talking beyond Tesla and Microsoft, Home Depot. We were showing that list. We’re going to rifle through some of the players again. What do you make of that as a young man yourself?

SCOTT MARTIN: Well, I was going to say I hate to ruin the premise, but I’m in it and I’m almost 80 years old, so that kind of ruins that whole deal, doesn’t it? But you know, what you’re right, Neal, about is that it’s just a lot of good face cream over the years. The result of that, Neal, though, is funny because as investment advisers, we have clients at all age ranges. And you’re right, a lot of it is the millennials, the younger generation, but a lot of the older folks, quote unquote, myself included, I am over 40. Let’s just put that out there. Do you want to get involved in that? And the institutions you mentioned? Why? Because to Daniel’s point, they see the opportunity here, whether it is talking against all the debt that we’re raising, whether it is talking down the dollar interest rate policy from the Fed, the fact that it is kind of this new neat digitized currency, the block chain process behind it is a little bit safer than what we deal with our own currency so far. I mean, there’s a lot of reasons to like it. I think the one thing that scares me a little bit, though, is it’s still in its infancy. And so how it trades and how it behaves over the next three to six months, five, you as you have all these companies pouring in like Tesla, that that put one point five billion of their balance sheet cash into Bitcoin. That still is risky to me because we don’t know what’s going to come of the government involvement or the Fed view of it. And when the government does get involved in this, I was hoping Danielle was going to say it, but I’m going to say it at risk here. That takes the fun out of it. Doesn’t I mean, that makes some of the upside, I think, kind of go away here. So, to me, as long as they stay out of it, that’s why I think it’s still an own.

CAVUTO: Well, they’re not going to stay out of it, I think they see this as a threat, or they certainly see it as a threat to the dollar and they’re not keen on that. They’re not going to say it as such, but they certainly intimated that. So, Danielle, the question then becomes what to make of this phenomenon here? Because with so many established players, at least including it in their list of assets, it is a sign that it’s getting mainstreamed a little bit, a little bit more. And I also think there’s another phenomenon going here where buyers can buy fractionally at fifty-six thousand. Sounds intimidating to you. What if you can buy in small doses and small takes and still have the same percentage run? I think since that started in a strong way, let’s say in the last six months particularly, that has contributed a lot to this rush of investors. Not they might all be getting hosed here. But your thoughts on that and how the authorities respond to that, or should they?

BOOTH: So, you know, there is indeed risk and you know what, you can put Bitcoin on a credit card. So, I think that there should be certain governors, certain limitations, certain guardrails out there, because it is still something that that trades all throughout the weekend. It can swing ten thousand dollars on any given day in value. So, you know, it is something that requires investor education. It’s the same as what we saw at the advent of the equity, a stock and what we saw with call options and put options that don’t require investors to put up the same amount of capital, but yet they do involve a great deal of risk. So, I applaud the adoption. I understand it, but I do see where governments do have a place in trying to look into it and make sure that that’s not someplace that they necessarily need to be. But to Scott’s point, that will take all of the fun out of it. But at least at least, Neil, you also have great hair. So that’s the upside.

CAVUTO: Well, there is some hope there. But, you know, one last thing before we move on, and I’m going to get you guys back to discuss watching the developments. But, Scott, this notion that a bitcoin can advance as the markets advancing it used to be the other way around Bitcoin would have a strong day when, let’s say the markets were not all the time, but a good deal of the time. Now they can move in tandem as if the markets see this not as a threat and vice versa for bitcoin. The markets and what they’re doing in a more traditional sense are not a threat either. Do you see that as a developed we should watch? Is it natural or they’re going to go their separate ways? They both can’t succeed together. What do you think?

MARTIN: I think it’s totally becoming a legit asset class and it hurts my old friend Gold to that degree, too, because as we see the government come out with these crazy spending programs, more infrastructure, more stimulus for everybody as they’ve killed the economy and tried to fix maybe their past mistakes, I think that’s really what Bitcoin is responding to. And so, you get a little inflation, maybe you get this economic reopening, you get more people using Bitcoin in different places. We already talked about Tesla. Now, I like how you put it, Neil Tesla. Maybe Bitcoin needs Tesla more than Tesla needs it, but maybe that’s just a symbiotic relationship. So, the reality is, is that as more adoption comes with the economic recovery, it’s good for the coin.

CAVUTO: Can you think about it? How you buy something with something that swings so wildly that as widely as it did before, is anyone’s guess, I guess. Danielle, that’s the thing that the regulators are going to look at, because you’re buying something that has value changes dramatically. Again, not with the 15 to 20 percent swings we used to see, you know, per day, but it does when. So, you’re buying, let’s say, a Tesla car. The price is one thing in the morning with this thing and quite another later in the afternoon. Right.

BOOTH: And that is at the very core of Bitcoin, again, something that Scott rightly says is in its infancy, in order for something to truly be a currency, it has to be a stable store of value, not just a medium of exchange. And on that count, it really does have yet to prove itself. So, it will take time. We will have to see it does stop moving in tandem with technology stocks, for example. I mean, that’s not that’s not necessarily the correlation that you want to see when go, go. Stocks are flying. So as bitcoin. And that is not something that you say to yourself, well, that’s you know, that that that that gives me a sense of peace. And again, something has to be a store of value. That’s why the US dollar retains its reserve currency. But it’s also why China’s trying to get into this realm, because China and Bitcoin both have their eye on the dollar.

CAVUTO: Yeah, and more like a target. So, we’ll watch it very closely. Guys, thank you very much. Don’t go away. We’re going to bring it back right after a report on what’s going on. Watch.

8:55

CIO Scott Martin Interviewed on Fox Business News 3.22.21

Kingsview CIO Scott Martin discusses the twenty-five-billion-dollar railway merger that will link Canada, the U.S. and Mexico, and its economic effects.

Program: Mornings with Maria
Date: 3/22/2021
Station: Fox Business News
Time: 6:00AM

MARIA BARTIROMO: Time for the word on Wall Street. Top investors watching your money this week. Joining me right now is Kingsview Wealth Management Chief Investment Officer and Fox News contributor Scott Martin, Michael Lee Strategy founder Michael Lee and Bulltick Capital Markets Chief Strategist Kathryn Rooney Vera. Great to see everybody this morning. Thank you so much for being here, Kathryn, kicking it off with you. Markets are mixed this morning, but the Nasdaq on track for gains. The tech sector certainly has been very volatile lately, with Treasury yields backing up bond rates amid ongoing fears of inflation. This morning, we’ve got the 10-year yield pulling back from the one-point seven percent number we saw last week. What’s your take on where we are with tech stocks, which seem to be much more sensitive to this move in interest rates than any other area?

KATHRYN ROONEY VERA: Absolutely, I think that tech, especially the Nasdaq, when we get a 10 percent pullback, Maria, as an opportunity to accumulate positions in the sector that is fundamentally strong and going to be going forward in terms of interest rates and inflation. Inflation is an inevitability. It’s part of the equation of exchange and economics that we all learned about. If we study economics 101 a nominal GDP equals money supply 10 times the velocity of demand over the past year, 12 months, 40 percent of end one which is base money, just all the money circulating in the system has been created, 40 percent has been created. And velocity of money, which is simply the number of transactions in the system, has collapsed. So, one of the two has to change. More likely than not, Maria, given the amount of deficit spending, higher, higher employment and improvement in the economy and higher leverage people taking on more debt and spending, we’re going to get more velocity of money, which means inflation is going to increase. So, what I’m recommending to clients is, yes, they want to stay long, the benchmark indices, because the Fed and the federal government and the Federal Reserve are going to continue to juice markets, but protect yourself, protect yourself with Treasury inflation protected instruments, protect yourself with gold, protect yourself with sectors and with companies that will benefit from a certain inflation, which I see over the 18 to 24 months rise. It may be sooner, Maria.

BARTIROMO: Yeah, well, we’ll certainly be seeing moves in a number of commodities prices, so you could expect that we are going to see some threat here, although the Fed doesn’t seem worried at all. Look, we’ve got a couple of things happening this morning, Michael. You’ve got a twenty-five-billion-dollar rail deal. And then global markets are also watching Turkey. The Turkish lira plunged 10 percent after President Erdogan replaced the country’s top central banker with a vocal critic of higher interest rates. Your reaction to the Turkish story and how that may impact markets today?

MICHAEL LEE: Well, it’ll be interesting to see the effect on other emerging markets, but this is big news for Turkey. This is the third central banker in the last five years. Erdogan looking, always looking to consolidate power and running the government as he sees fit. And so, society general called this the point of no return. Turkey’s running at about a 15 percent inflation rate right now. And after printing increasing loan growth by 50 percent last year to combat the coronavirus, their foreign reserves are dwindling. Their GDP’s about seven hundred and sixty billion dollars in us, and they owe about four hundred and sixty billion dollars’ worth of US denominated debt. The problem when you owe debt in another currency is you can’t print your way out of it the way that the US is doing right now. So, it seems the walls are starting to come in on the Turkish economy. Therefore, the way out of this for a company or for a country like Turkey is foreign direct investment. Foreign direct investment peaked in 2010 and now we’re at levels below that a decade later. And that’s what happens when you have leadership that’s essentially a puppet dictator looking to remake the Ottoman Empire. So, I’m definitely in sojourns camp here thinking that this is the point of no return. It’ll be interesting to see these knock-on effects of the money printing and a lot of these other emerging markets, a lot of countries that simply do not have the balance sheet strength of the United States to be able to stimulate their way out of this. Hopefully the United States economy can lead the rest of the world out of this recession, as it has done many times before. But that remains to be seen.

BARTIROMO: So, so you don’t so you don’t see the Turkey story, though, having an impact on US markets?

LEE: Well, look, there definitely is a knock-on effect on all the other emerging markets. So, you know, that’s going to create some additional volatility. But I don’t think it’s going to affect the U.S. GDP growth one iota.

BARTIROMO: Well, you also have some pretty good deals to talk about this morning, Scott, railroad giant Canadian Pacific and Kansas City Southern announced a twenty-five-billion-dollar merger. This is going to create the first railroad freight line that links Canada, the US and Mexico. Scott, the implications here, how do you how do you invest around this one?

SCOTT MARTIN: Love it. Merger Monday seems to be back, Maria, and full disclosure, I’m a huge trains fans played with model trains as a kid and actually chased them as an adult. And, yes, that is a real thing. So, this is a great deal for us. We own railroads. That’s a really, really real thing. So, here’s the thing, though. If you look at you mentioned USCA, hey, we talked about it a couple of years ago, passage of that, the revamp of NAFTA starting to show its fruition with respect to what it’s doing for businesses and generation of new, say, rail lines in this case. So, if you look going forward, though, look at how the merger Monday kind of thing could start going. I mean, look at hospitality, look at some other areas, hotels, restaurants, things like that that are depressed in value. You could start to see a lot more companies kind of getting together and putting together forces to take advantage of the current economic environment.

BARTIROMO: Yeah, you make a good point, because there’s also Crown, the Blackstone Group making a bid for the gaming business. And now this deal in railroads. Anything to say about policy with regard to its impact on the rail business, Scott? Because we know that the Biden administration cancelled the XL pipeline. Does that ultimately become a positive for the railroad sector?

MARTIN: It does in the case of, say, this merger, because, as you mentioned, it’s Canada, US and Mexico, the first railroad line that will have all three countries in concert there. But also, Maria, to look at this Green new effect that say the administration is trying to have on the economy, trying to clean up and green up some of our highways, take some of those same fuel, non-fuel-efficient trucks off the highways. The railroads should benefit from that transportation as far as freight.

BARTIROMO: All right, great to see everybody this morning, Scott Martin, Michael Lee, Kathryn Rooney, Vera, always a pleasure. Have a great Monday. We’ll see you soon. Thanks so much. Much more ahead this morning.

6:55

CIO Scott Martin Interviewed on Fox Business News 3.19.21

Kingsview CIO Scott Martin discusses increased taxes and the Treasury Department’s record revenues.

Program: Cavuto Coast to Coast
Date: 3/19/2021
Station: Fox Business News
Time: 12:00PM

NEIL CAVUTO: All right, what is fair share for those of a certain age, I’ll probably be just leaving you out on this one, but it does remind me of a Luke Costello skit with Bud Abbott where he’s trying to explain something or understand something. So, for that audience, I’m just saying, you said FairShare was thirty-nine-point six percent and then we got it. Then you said it had to go up another few percentage points to forty two percent to pay a Medicare surtax. So, forty two percent was a fair share. Then it had to go up another three percent to pay for the Affordable Care Act. That brought it up to forty five percent. Then a number of states like New Jersey, they said, I’m going in and out of this, but they all of a sudden, we’re adding it to bring it over 50 percent and it’s still not a fair share. So, what is it? What is it? Let’s go back to two people who cannot remember Abbott and Costello, but they’re smart, nevertheless. Danielle DiMartino, both Scott Martin. Scott, what is i. I really don’t know. I mean, we can kid aside and do the you know, the whole Lou Costello thing about what is fair share, but it keeps changing. I don’t know if it’s going to go over 40 percent. And with all these other things over forty five percent where it stops, where it goes, what do you think?

SCOTT MARTIN: Yeah, maybe it has to do with the fact that the Treasury Department is receiving record revenues in taxes from the American people, so that may be something. Look, as far as the rich folks go, they don’t pay their fair share. Neil, they actually pay more than their fair share. And that’s really what worries me about how we treat the folks that are productive in society and create jobs and do the spending. I’m sitting here thinking about how to answer this question. I’m looking at this one point nine trillion exorbitant stimulus package we just passed a couple of weeks ago, the American Recovery Act or something like that plan. You know, that’s the amount of money that the Treasury Department gets in either income taxes just about to the dime, either in income taxes or payroll taxes. So why don’t we take that spending money? And why don’t we give people like a tax holiday and one of those two buckets? Because that’s where money is going to go. Best spent or best treated, not by taking it away from people to pay for some stimulus package that we didn’t need. That doesn’t go to good places. And I may be way off. I’m glad Daniels here because I might be missing something, but that seems to make a lot of sense to me.

CAVUTO: Well, I do know this much, Daniel. They’re very creative coming up with ways to get more money into Washington, not not to go to, you know, slowing down the amount of money leaving Washington. And that’s what worries me. I mean, we can talk about the rich and many of them can afford these higher taxes and all. But what is a fair share for them to make it right to stop saying that they’re not doing enough, that they’re hosing the system or whatever else is being argued on the part of those who say that they’re not doing enough when in fact, they’re paying the lion’s share of the taxes.

DANIELLE DIMARTINO BOOTH: You know, it’s hard to say, Neal, I don’t know that they think that there is necessarily a limit, but I can say this much. You know, the CPAs of across America are licking their chops right now because they’re like, oh, goody, they’re going to make the thousands and thousands and thousands of pages of US tax code even more complicated than they are by putting little things here and there, as you were saying, two percent, three percent. Look, I’ve got this great idea that would actually make it to where the IRS didn’t have to have as many people on their payroll so that we didn’t have to replenish it. Why don’t we simplify the tax code and make things a lot easier than they were then rather than just try and nickel, dime, nickel, dime, nickel, dime. If you are wealthy and you make the tax code that much more complicated, you’re just going to pay your CPA a little bit more money so that he can get you out of it. And if you really, really, really try and soak the rich, that’d be a that’d be great for other countries. For other countries. Neil.

CAVUTO: Yeah, everybody’s got a skin in the game, obviously, the rich should be paying more of that skin that I understand that’s the nature of our progressive tax code. But this is all out of whack here. I just have no idea what this moving target means and where it goes. But I have a good sense that neither of you are paying your fair share. So, you’re gonna have to pony up. Guys, I want to thank you both very, very much. Is the IRS, which, of course, is watching. We have a lot more coming up.

4:55

CIO Scott Martin Interviewed on Fox Business News 3.19.21

Kingsview CIO Scott Martin discusses pullback and the bond yield story.

Program: Making Money with Charles Payne
Date: 3/19/2021
Station: Fox Business News
Time: 2:00PM

CHARLES PAYNE: And then there are US taxes. Yes, they are going up, but more than likely they’ll be held in check by some of the same forces that curb the more egregious proposals that could have really slipped into that last rescue package. I know the progressive wish list is frightening, but moderates are now flexing their muscle and pushing back. But the changes and who could see higher taxes from individuals earning four hundred thousand to households? That’s a tough one, folks. It’s a hard bombshell to swallow. Now, maybe overall I’m being too sanguine. So, let’s get the read from Laffer Tengler Investments Chief Investment Officer, Nancy Tengler, Kingsview Wealth Management CIO, Fox Business contributor Scott Martin and Wealth Enhancement Group Senior Vice President Nicole Webb. Nancy, you know, listen, I know the market buys right now still to the downside, but I don’t see where the big risk are. I’m feeling like now’s the time. You know, we always talk about buying the dip. Now’s the time to start looking to buy that dip. What do you think?

NANCY TENGLER: Yeah, Charles. I mean, we’ve been waiting for a correction. We may have gotten it in the Nasdaq, but if you look at what’s going to drive this market forward from here, it is going to be continued strong economic data and earnings. So, we think you buy the dips for a while. It’s not a forever strategy, but we’re pretty bullish and we sort of see this market is more analogous to the 1990s productivity driven growth than most recent years.

PAYNE: You know, Scott, I know buy the dip is not forever, but it’s worked pretty good since March of 2009. Now, of course, I’m not one of those guys who wants anytime everyone comes on and we’re down one percent, I’m asking if you’re buying a dip. But to Nancy’s point, the Nasdaq certainly looks like it’s run its course. What do you think?

SCOTT MARTIN: Yeah, fifty percent of the time, Charles. It works every time. And I think in this environment, like Nancy said, that’s what you need to do. I mean, that’s the weird thing, right? It’s like, you know, as investors, a lot of us were chasing these crazy stocks from last year. And I’m talking about the Zoom’s, the PayPal’s, the Squares, the Docusigns, the Invidia is the Teladoc, the Pelton’s. I mean, that could go on and on. And they weren’t pulling back, but everybody kept piling in. And so finally, we’re getting some pullbacks, not we’re getting what in our estimation is an overreaction to the 10-year Treasury note going up in yield. As you said, Charles, and I quote, the yields will go up. I mean, they do that in times when we’re going to have better economic recovery ahead. So when you get the gift, Mr. and Mrs. Investor of a pullback of twenty five, thirty five, maybe even 40 percent in some of the names I mentioned already, those are times when you’ve got to go in and hold these things for the next six to 12 months.

PAYNE: You know Nicole, it’s so interesting because for the for the last half of last year, there were a lot of skeptics out there who pushed back on the notion that we were in a V shaped recovery. Those same voices are now saying the recovery is too strong, it’s too strong. So, help me out. Are we going from here?

NICOLE WEBB: Yeah. You know, to piggyback on what Scott and Nancy just said, I think the rest of the year has a rosy outlook, a lot of optimism, a lot of money. We keep hearing the narrative about all the cash on the sidelines. There are a couple of risks that will create buying opportunities in the short term. And I think one of those is the lockdown’s that we’re seeing in France and Italy right now. And so that might create a little bit of uneasiness in the U.S. markets in the weeks to come. You know, additionally, I think one of the concerns that we’re going to hear brought forward is we really have great consumption numbers. So even if we go back to full employment, where does the growth come from? And so, you know, well, I do think that this year is going to be a buy those little dips you just heard. It is great advice; I think continued uneasiness until we do normalize interest rates. But at some point, they will. And so investors have to be quickly

PAYNE: Nicole let me jump in for one second. What about things we just absolutely could not do over the last year? I mean, certainly airline tickets or airline sales will go up, concert sales will go up. I mean, there are some unique things we could spend money on that we couldn’t spend money on for a whole year.

WEBB: Absolutely, and I think we’re all chomping at the bit to get back out there. We’re just waiting for the A. OK, let’s get going. And I do think there’s still value there. You know, I do also think there was a simple pause this week in the oil markets. And as we talk about that, get out of the house, return to travel, you can return to that normal consumption. You know, those fun days ahead are going to be profitable for this economy.

PAYNE: Put me down for every concert, if you know a show. Let me know I’m going, by the way, today

MARTIN: I’m playing.

PAYNE: FedEx is the big winner — Let me know– anyone, And Scott, I’m with you. Buy an extra ticket. Buy two. I’m telling you. Now, today we were reminded that earnings do matter. FedEx has some strong numbers, strong guidance. And Scott, I want to go back to you on this because Nancy just referenced it. What about earnings? Right. There was a time when earnings were the main thing, particularly guidance. The mother’s milk of stock markets, I think, is going to matter more than bond yields going forward.

MARTIN: It might I have this concern, though, Charles, because it’s just a better headline right now, that the bond yield story is going to overshadow maybe the next quarter of earnings reports, which frankly, is so funny. I mean, it’s right around the corner. I mean, April’s knocking on the door here. So, April, May, I still believe the headlines are going to be dominated by, oh, my gosh, the ten years at two percent like everybody used to freak out. So, we’re going to lose a quarter, I think, Charles, of that earnings potential, the earnings attention that it deserves. But what’s going to happen is. If you’re an at home investor and you’re missing some of those great indicators, you’re going to be left holding the bag of these interest rate scares and not paying attention to some of these great earnings out there, which by the time they actually do show up in the market, does turn its attention there. It may be too late to get into some of those stocks that have shown up so well in next couple of months.

PAYNE: Nancy, That’s a really interesting aspect about today’s session. First of all, the VIX is getting hammered, the VIX is down. We’re near the lowest point we’ve been in a year, the so-called fear index. So, bond yields have rocketed higher. That means value stocks should be up. No growth is rocking today. What is what is the message of this market for you, Nancy?

TENGLER: Well, day to day, it’s kind of head snapping. But for us, like Scott just said, we’re using the opportunity. The weakness is an opportunity to add to techs. We don’t think the tech story’s over. And I’ve said that on your show many times. We’re not buying growth at any price. We’re buying growth at a reasonable price. And our favorite investment theme is where consumer, which Nicole was mentioning, and it will be robust, where consumer meets digital and that those are some of the names that that we really look forward to add and weakness.

PAYNE: Well, today, Etsy is the number one performer in the market would that qualify?

TENGLER: That’s not one we’re watching. Unfortunately, it’s a little too lofty for us still. But other names like some of the traditional restaurants, Starbucks is.

PAYNE: I got you, I understand. That’s Williams-Sonoma. They reported in the digital. The e-commerce was 70 percent of overall revenue. And that stock is taking off like a rocket. Nicole same question to you… Do you find it intriguing? For the last five weeks, investors were told yields up growth down. Today, yields have rocketed higher and growth names, {INAUDIBLE} communications services through the roof.

WEBB: No, I, I, I think that growth is here to stay. And that story continues and the ecosystems are so sticky. You know, I think it’s going to be this conversational shift from work from home to cloud technologies. You know, I also think it’ll be really interesting and again, create buying opportunities when you’re sitting there watching these shifts, knowing very well that technology isn’t going anywhere, that this is disruption caused by changes in interest rates that will normalize. In addition to that, we’re going to we’re going to hit the one-year anniversary of the market lows in March. And I do get curious if we’re going to see some of that some of these momentum investments starting to pick up a lot of value as they rebalance and so picking up a simple value ETF may have a lot of tailwind in it in the weeks ahead. And I think that could be interesting. But again, it may also trigger that that buying opportunity.

PAYNE: I like what you said. The tech isn’t going anywhere. Imagine if we didn’t have tech. I could be doing this show from the house. All four of us would have a string and a cup and we’d be trying to get this thing done. Scott, Nicole, Nancy, thank you all very much. Appreciate it.

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