Revolution. Equities totally ignored a spike in fed fund rates. Bonds look vulnerable, meme stocks wont go away. Jim rikards is here. Im in las vegas with the money show. Will this be the tune has another huge event. Im talking about zuck versus musk. A cage match for the ages. Tweet me cvpayne. Who have you got in . I tell you who i have later. War against fossil fuels. They were talking about it on the big money show. May be a point of no return. That would be economic suicide. I cant wait to share my take on that. That and so much more on making money. Charles all right, so on friday the market was finally showing some signs of exhaustion, right . We saw what they called a outsized session. What that means for the day the market actually went to a higher high than the previous session but then turned around, came down hard and took out the low from the previous session. That is what gets you on outside day. A chart with two arrows. The second outside session weve had in as many weeks. Two factors sparked that selling. The constant chatter on Financial Television about this humming economy pointing to things like apples earnings were by the way, u. S. Sales were actually down. The jobs report that in my mind leave as whole lot to be desired, particularly if you drill beneath the surface a little bit, subcutaneously a little bit below the headlines. Also a few issues with the report that i have. The plunging fulltime workers, spiking parttime workers, more and more people relying on multiple jobs. There was a headline that jpmorgan has become just the latest wall street firm to throw in the towel on its recession call. My hunch much, sellers quietly getting out of market, said headline would provide cover. They could ease out but buyers really didnt take the bait. We saw the market looked strong, closed very weak. There is the other side of the pendulum, all of that cash that keeps flowing into the economy keeping it afloat, many are saying what they call a echo inflation spike for a smile. The cleveland fed, see big pop in headline cpi and pce inflation for this month over july. Thats huge. Meanwhile real rates for your 10year bond remain negative which might also keep the fed in play longer than current conventional wisdom a lot to decipher there. Ii want to bring in piper sandlr chief investment strategist, Michael Kantrowitz. It is getting lonely. You have to start feeling gary cooperrish in high noon and holding the fort down. Here is the irony. The market does, at least not today has been acting toppy, i saw where you wrote this is not a 2019 style soft landing scenario. So share those thoughts with the audience. How are you doing, charles . There is quite a bit of difference both on the positive and negative side compared to 2019 with the most clear differences what is going on in terms of policy with the fed and continuing to tighten and really unlikely to ease anytime soon which i think is key because historically the fed started easing pretty quickly after past tightening cycles. I dont think anyone thinks we get any rate cuts this year. Certainly not unless things get really bad. And you know, youve got commercial bank tightening lending standards when in 2018 they were easing lending standards into between 2019. Those are the two stark differences and i would say the market in 2019 rallied because powells pivot, people were afraid that the powell was going to send us, rates skyrocketing, and so that was the problem that went away. This time it was inflation and markets are fully priced out that risk but we just dont have the upside catalysts that we had in early 2019 today at least for the markets in terms of an earnings recovery. Charles so you know i want to also talk to but the data that were relying on. Im not a fan of the jolts report. A lot of government data. One that was interesting, one major firm believes the adp number is better than the bls number and so many revisions. Last time this was this many negative revision es with we were heading into a real tough time for the economy and the Housing Market. What else should people be looking at to understand where the true health and trend of this economy . You generally have to look at a broader set of data. Too many people rely on one data point like the unemployment report or nonfarm payrolls report or adp. It is nonsensical to say which one is better than the other. Theyre all different data sets that are measured differently, have different algorithms how they come up with the data. There is problems with all of it so the only real solution to get as many data points from as many different sources as possible and when you look at a broad scope of employment data, nfib hiring plans, average hourly work week, compensation plans, you know, the labor market continues to slow and, like you said weve seen six consecutive months of negative payroll revisions. You trend to get streaks in revisions at inflection points in the economy in a downturn and upturn. Last time with six in a row was 07. Charles before i let you go youve had some excellent long positions. Are there individual names, do you have any new names . What do you like now in this market . What we dont like is the, market has gotten full soft landing so we would be selling higher beta stocks that have been bid up in the last 2 1 2 months due to that. What we still like, continue to like because whether youre recession person this year or early next year you know i think the highest conviction, our highest conviction well continue slowing. At some point we do think, yeah, the labor data will continue to get peoples attention and get worse but we still want to own companies with tangible, realized profitable growth, high cash flow, profitability, good balance sheets. So across sectors even Something Like cyclical like deere and caterpillar, those have been on our long model most of this year. So you kind of want to look up the market cap, up the quality at bestofbreed. Microsoft, broadcom are two tech names. Msci and Charles Schwab are financial names in our long model. Were not necessarily picking one sector versus the other. It is looking to attributes investors move toward as earnings continue to slow. Charles all right. Michael, good stuff. Always appreciate starting off the show with you. Thanks a lot. Take care, charles. Charles coming up my takeaway on the Energy Policy that may be too late. We may have lost the advantage of having all the fossil fuel beneath our feet and the result will be economic suicide. Meanwhile my next guest has been very bullish and now he Sees Opportunities to broaden out your portfolio. I want to bring in Stock Market Mentor founder, ceo, dan fitzpatrick. Dan, youre starting everyone is starting to see, right, a little bit of weakness in these juggernaut names. Heres the thing, Michael Kantrowitz was saying maybe sell the high beta names into strength and weve been hearing that from a lot of people right now. If you do own these names, you recommended some of them, does it mean close them out or ride any kind of choppiness . I think apple would be the one i would be more tending to close out or at least reduce. Theyre down quite a bit even before their earnings and they have kind of imploded ever since. They have been one of the leaders and had a heck of a run. You mentioned at the top of the show their u. S. Sales are down. I think it is kind of time to take profits on that. I would hold microsoft from a technical standpoint, i know you follow these, charge, it is down below the 50day moving average and hasnt recovered. That is a classic rotation sign. Things like meta, certainly nvidia, i would hang on to those. While nvidia is a megacap stock it is an a. I. Trade and a. I. Is still going. It doesnt have the froth some of those other companies do from the a. I. Trade, that focus on that. I think thats really good. I think were good on that stuff. Also bun other thing, it is important to remember the tops are processes. So i think its really foolish and it is going to cost you money if youre just looking at the market and saying oh, it is topping right now. We got to sell. We got to sell everything. Charles right. I think it is a rotation. Charles all right. I like that. Were not just going to get to a point, we ring the bell and we all orderly exit the building. Right. Charles im also reading where youre saying okay, industrials, home bidding, energy, before you get to specific names i want to know what those names are telling us with respect to the economic front where you still have a large camp in recession a growing camp in inflation and everyone in the middle scratching their heads . Well, i think those in the middle are probably the right ones where theyre scratching their heads because we do have a lot of conflicting factors going on with respect to the homebuilders. As you know because you and i talked about this in december i think, they have been going up opposition to Interest Rate rises and that was kind of puzzling to me. Now i think the homebuilders are continuing to be strong because the housing supply is down. You know they did pull back their horns with respect to Land Acquisitions and processing. With respect to energy i think a lot of that is because of the production cuts by aramco and russia, et cetera. Et cetera. Charles let me jump in here, dan, i know you like energy. Sure. Charles i got to ask you about bonds. The bond yields have spiked. 10year is above four. The 30 year has gone crazy but history suggests if the fed is done hiking the bond yields should come down and there could be money made there. Im a little worried about bonds. But youve been a buyer, right . Well, im a little worried about them too which is why we just bought a bunch six months as opposed to 10 years for that same reason. Charles right. I feel like that we are kind of at inflection in the market but if it just persists a few more months that is rotation we can make out of bonds and into equities if we do get, if we do get a correction. Charles gotcha. I dont see a big decline in bond rates. Charles dan, hey, great, great stuff. Congrat, youve been spot on my man. Thanks. Charles can the fed live up to the hype . I dont know. Think about this record breaking streak of Interest Rate hikes. Is the mojo gone . Can we get that soft landing or are think going to wreck the economy . Jim rickards has thoughts at 2 25. My next guest says Tech Companies are not getting a fair shake after reporting their earnings. Beth kindig, she is in this for the long term. She made gobs of money. I cant wait to hear her thoughts on one of the most unknown stocks in the market. Somebody would ask her something and she would just walk right past them. She didnt know they were talking to her. I just could not hear. I was hesitant to get the hearing aids because of my short hair. But nobody even sees them. Our nearly invisible hearing aids are just one reason weve been the brand leader for over 75 years. When i finally could hear for the first time, i started crying. I could hear everything. Call 1800miracle and schedule your free hearing evaluation today. Wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. Goli, taste your goals. Charles all right, folks, the big tech names have reported and lets say for now the market has spoken but i dont think we know the real story until we get to speak with my next guest. Joining me oi fund lead tech analyst beth kindig. Beth, i was reading amazon, google are big winners. Im looking through the amazon report. I feel like it more about very low expectations. What was so spectacular about their numbers . There was low expectations, youre absolutely correct, around cloud and cloud is still decelerating. Where amazon did come in strong is the margins and as you know weve had a historic tech rally in the First Six Months of this year. The nasdaq outperformed any other year in its history since it was founded in the late 70s. So, the reason is that big tech was able to pull so many levers and show its strength on the margins and amazon finally got up to its piers in the last report. It has been really dragging on its margins. Came back to the historic margin of five to 6 especially on the bottom line. Was important critical for amazon to replicate what the big tech piers were doing this year. Charles for jassy, this was a makeorbreak moment. Three quarters going into last week amazons stock got hammered when they were reported. Conversely apple shares went through the roof when they reported. It was the exact opposite. The Service Numbers look phenomenal. The margins on the service business, rate of growth on service, how come the street doesnt seem impressed . The stock has been under a lot of pressure. Those are great questions, getting a lot of questions about Apple Services as you pointed out was phenomenal. I think where the market is nervous is that across the board we keep hearing the consumer is weak. These are from other companies bellwethers such as taiwan semiconductor, broadcom in their last report. Semisaid automotive is very strong. Consumer week. Microsoft is saying consumer is weak. We keep hearing consumer weak, we have a very exposed Consumer Company with apple. Iphone missed. You have the perfect ingredients for the market to get a touch nervous. Charles let me ask you about some other names that are not wellknown name. You put out a list of 10 tech stocks with Gross Margins above 75 , doubledigit growth, a doubledigit profit margins. A lot reported. I got crushed on rambus. Farther at this net lost 25 on friday alone. How do they have mag any of sent growth and get waylaid like this . This is makes people nervous about investing in tech . It can really make people nervous. I think the missing piece when the cpi number kept coming in, lower and lower, the market moved into in a growth quadrant. So the companies are strong on the bottom line, strong margins but they missed on their top line or management basically said deals are getting pushed further out. There is nothing worse in tech than those words, deals getting pushed further out. Charles right. I have to ask you about a name, and i got to tell you on june 7th on this show i feet tured super micro computer. Ive been watching videos. Good friends of ceo of nvidia. Youve been pounding the table on this but you still think this could be, this still has more upside potential . Yes. And this is what i love about your show is that you always ask about the gems. Youre very, very good about that and i love the opportunity to talk about them. The thing that is unique about super micro, it was valued as commoditized hardware play. This is like your dell, your hp. This one forward price to sales, very low valuations. Once it started offering liquid cooling to a. I. Servers, super micro moved into different valuation. A. I. Valuations, modestly speaking, marvel, amd those companies are six. Move from one forward price to sales to a six you have Massive Gains and returns. Were about halfway in between. Super micro is trading at a three. Well see if it catches up to the other a. I. Related stocks now that the product is more a. I. Related. Wow. Gollly i remember that stock. I think somewhere in the past traded it as a singledigit stock, amazing. Beth, youre fantastic. Always appreciate these conversations. Youre killing it. Appreciate it. Thank you, charles. Charles folks, coming up, Hedge Fund Billionaire dan loeb is so fed up. He admitting Retail Investors have been a lot more formidable than the masters of the universe thought they would be. Well talk about that with ken fisher with his reaction at 2 35. First has the Federal Reserve lost its mojo . My next guest said they never had any. Jim rickards will be here. Jay powell and company are in a pickle. Gobble gobble. Ive seen bigger legs on a turkey rude. Who are you . Im an investor in a fund that helps advance innovative sports tech like this Smart Fitness mirror. Im also mr. Leg day. 1989 anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. I go through a lot of pants. Before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. 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Charles all right. So the big question and confusion on wall street remains, can jay powell engineer a soft landing or does he really have to go out and break the economy. Fox businesss lydia hu will break it all down. It is a sticky situation, lydia. Reporter sticky indeed, hey, charles. These days we look at everything through the use of jay powell and the Federal Reserve and that is especially true of the jobs report. It saw fewer jobs but higher wages than expected. Now the goal of the fed has been to push Unemployment Rate higher. That is following the blueprint of paul volcker. He was appointed fed chair back in august of 1979. In october of that year the volcker fed hiked rates four Percentage Points to 15 1 2. You can see here, rates they peaked in the summer of 1981. Then unemployment peaked the following year in 1982, higher than 10 . Meanwhile jay powell hasnt had much luck moving the unemployment needle although it is probably not a coincidence that hourly wages and job opens were both blunted when the fed funds rate hike happened back in march of 2022. But now, despite of all of this, how talk how robust the economy is, take a look at real gdpt has yet to get back to its prepandemic trend despite solid consumption were seeing here at 68. 2 . Charles, the Housing Market is struggling. Mortgage rates popped so fast that nine out of 10 owners still have a Mortgage Rate that is under 6 . Those folks now reluctant to sell and thats put a floor on prices. Theyre sitting still. They dont want to sell. That is limiting inventory. This is all leaving the fed in a bind because demand remains strong. Inflation might not hit its target rate, the feds target rate until 2025. So, after botching the initial inflation call, pushing it back, it seems jay powell didnt have the right stuff to follow the volcker model. Jay powell desperately wants to engineer a soft landing here but it seems, charles, breaking the economy, it could be inevitable. Well send it back to you. Charles great, great stuff, lydia. Thank you very, very much. All right folks i bring in strategic intelligence editor jim rickards. All right, jim, has the fed lost its mojo . Powell, looked like powell went according to the same script as volcker but he is not getting the same result. Not sure went through the same script as volcker, if you do the volcker thing keep going. I do expect the fed to raise Interest Rates 25 basis points on september 30th. June, the dots, projects said two more before the end of the year. They did august 1st, sorry, july 27th, right on time. Look for one more in september. That is what you have to do if you want to get this inflation under control. As far as mojo is concerned the fed doesnt have any mojo. Control the short end of the yield curve absolutely, trading repo market, buying tbills, funding them overnight you care about that. That is not the economy. The economy is in the 10year note. Greenspan invented this thing, yield to maturity on 10year note is the present value of a strip of shortterm rates. There is no empirical evidence. The 10year note goes where it wants to go. It can be volatile. Nothing to do with shortterm rates. The fed is mostly pixie dust and really good pr. We pay a lot of attention to it. I do. Im a fed watcher like everyone else but the things driving the economy have nothing to do the fed. Charles what about the things that are driving those 10year yields . 10year through the roof, 30 year is through the roof. How do you explain what is going on there . The 10year is through the roof, youre right, but it is below the fourweek bill. That is the point. The yield curve sin verted. That is a very powerful sign. People who play in the market, big money sovereign wealth funds and institutions above all and eurodollar banks what they say they expect Interest Rates to stop like a stone because were heading into recession. Negative yield curves are a sign. Downward sloping, basically old eurodollar futures, negative swap spreads some of these are a little technical but theyre all bad. Last time they were all negative was just before 2008. Charles right. I guess weve had this inverted yield curve for so long. At this time, it felt like some of the ramifications would be easier to see. I do want to ask but the overall economy. You brought it up. There is new research out. The cost for a middle class family of four now significantly outstripping the median male income. So of course were hearing about both parents working, two people in the household working but you know, the spending part of this, jim, i feel like as americans well keep pushing the envelope until it all falls apart . I think youre absolutely right, charles. You go back to the pandemic, everyone said the fed cut Interest Rates to zero and i think it was march 2020. That was irrelevant. What was relevant were the trump and biden handouts. In other words Monetary Policy is not stimulative at all but fiscal policy is. And so i think trump did 1400dollar check. Then in december of 2020 a 600dollar check. Biden came along. I can stop that. Here is a 1600dollar check. They kept going, infrastructure bill. Multtry trillion dollar deficits that is separate issue that would come on whack to haunt us. They hand out checks. A great deal was spent. The socalled taylor swift economy, ticket prices are up, theyre pretty high but people went to the credit cards. There is no more checks, no more checks are being handed out. Congress is not in the mood. No nor big bills. Wont be any until the next administration. Basically the fiscal stimulus is over. Credit cards are tapped out. Costs are still going up. Inflation has come down but there is still inflation so were still paying more for gas at the pump et cetera. Charles right. I think youre right. The consumer tapped out. That is very big deal. There are other technical indicators. We dont have time to go into them all in depth but theyre there. That is what theyre telling us. Charles yeah. Jim, i always appreciate being able to tap into your knowledge for sure. Thank you very much, jim. Thanks, charles. Charles lets bring in market gauge their managing director michele schneider. Let me pick up on the conversation with the Federal Reserve. Jim made great points with respect to the pixie dust. We pay a lot of attention to the pixie dust. Maybe the fed cant control everything. The yield curve is inverted for a long time. They did a lot of Interest Rate hikes. It doesnt seem, i feel like jay powell is enam mored with the thought of a soft landing. Maybe that is what he would love to see but if they really are to get down to 2 do you think they have to go further, a lot harsher than they have gone . Well most likely, yes, especially if we look at history as any kind of lesson but were in a very different point right now because the inflation is not just here in the u. S. People still have not talked about what happens globally and right now we still have a lot of countries that have super high inflation with all kinds of problems that can keep it persistent and can powell do anything about that, not to mention our own situation with wages . I read today that shipping rates were starting to go back up again. So he would have to be so super aggressive it is almost hard to believe that he is really capable of doing that, and especially in an Election Year. Charles yeah, yeah. I think maybe his hands are getting tied in that respect as well. A lot of talk about commodities. Oil now catching a bid. You are fantastic trader in these areas. Are you getting more aggressive there . Well, i wouldnt say more aggressive. Weve actually taken some profit into the run but we got long a few weeks ago before the thing really started to explode in the oil marks kits. What were looking at right now interestingly enough, i dont think the proof is totally there, because weve seen some fakeouts but natural gas might be bottoming, particularly from a seasonal standpoint. Last year europe got a big pass because it had a mild winter. This year theyre predicting a colder winter. Natural gas at 2. 80 sounds very cheap. That is where it is trading now. We may do rotation into that area instead of just pure oil. Charles so, jim and i were just talking. He talked about the fact there arent anymore stimmie checks going out but there is a bunch of money going out for manufacturing, construction. Those numbers are through the roof. Record breaking numbers. Theyre not creating the jobs out there. Are they creating the Investment Opportunities . Well thats really basically from a discretionary standpoint that we believe the opportunity is right now. If you are looking at Companies Like chemmers or International Paper or dow chemical theyre doing very, very well. The whether or not the fundamentals will really be there to support it right now the charts are certainly saying these are good opportunities based on whether it is illusion or not the fact that manufacturing, particularly infrastructure in the u. S. Will continue to increase with Government Spending and we certainly have seen a lot of testified for that. That is where were putting some money to work right now. Charles all right. Michelle, thank you so much, appreciate it. Thank you, charles. Charles all right. Listen, allifrayer move over were talking elon musk, mark zuckerberg, this highly anticipated fight may go down and streamed on x. Gary kaltbaum is a huge sports fan. I want to get his take. The latest moves in the stock market. He will be here around 2 50. Well talk to ken fisher for a message from the investing audience. Im here in las vegas for the money show. I want to tap into his wisdom. Rt you will hear it get decision tech from fidelity. Next. Before they happen. And insights on every buy and sell decision. With zerocommission online u. S. Stock and etf trades. For smarter trading decisions, get decision tech from fidelity. I have type 2 diabetes, but i manage it well. Its a little pill with a big story to tell. I take oncedaily jardiance, at each days staaart. As time went on it was easy to seee im lowering my a1c. Jardiance works 24 7 in your body to flush out some sugar and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. 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Thousands of Retail Investors are here looking for education and wisdom. Certainly i cant wait to speak with them. My next guest has always been a proponent of both. In fact i think one of the key reasons he has been able to build one of the most money managing businesses ever. Joining me now Fisher Investments founder ken fisher. Ken, as the market is acting a little toppy here. It is up big today. I listen to wall street, the experts. They seem to be in a guessing game. A lot of the stuff they said would happen didnt happen. So Retail Investors not sure where to take their lead. What do you tell someone . They see this market, they sense the opportunity but theyre not sure . Well, first, charles, i would say thanks for having me back, it is always fun to be with you. You know, here and now is always iffy because markets in the short term are regularly volatile both ways. People think of volatility when its down but it is just both ways. And the reality is, in the summer we get a lot of funny stuff, particularly in august. This is a month traditionally of slow news. So other things can push things around. Its the beginning of when we come to the end of vacations. It is a good time, of course when people are off on vacation theyre not in the marketplace so much. Its a good time to remember that the longer trend is what you want to focus on and not the here and now. Market may seem toppy. It is really not. It is a bull market. It has been a bull market since the beginning of that last october october. It is moving around in the long term. People need to slow down and be patient with it. Charles to that degree dan loeb, who i call one of the masters of the universe type guys on wall street saying that meme stocks have won. Fundamental analysis has now taken a back seat to the options that expire in 24 hours and message boards. Sounds a little bit like sour grapes. What is it about wall street hating the fact when Retail Investors might buy a stock on their own and it goes up . I mean what is the problem with this . So trends and phenomena happen in the marketplace all the time, always have and theres periods where Retail Investors get more assertive, times when the reverse happens. The fact is that the notion that markets and their fundamental basics change is basically ridiculous. When i hear someone say, fundamental analysis takes a back seat to blah, blah, blah, blah, i say, well, maybe temporarily but i think all of this is fun, and when i think of fundamentals, the mentales are those hundred tall cases that thinks basics of markets change. They dont. Markets are really a wonderful phenomena. Charles hey, ken, before i let you go, were starting to now heat up. The election thing is starting to heat up to your point. Well come back from holidays and in september, that is all well be talking about more and more. Polls matter more, policies matter more. You talked about the sort of midterm miracle, what do you see as we transition into the Election Year itself . We had the midterm miracle. It worked perfectly. Number one. Number two, that ends this last june 30th. We had a great nine months period, the most consistently profitable nine months in history are those nine months but the back half of a year after a midterm miracle is also heavily consistently profitable not as the First Six Months other those nine months. Then the following year, the Election Year, is also really heavily positive, 83 positive with average returns of 11 . Only a few years they have been negative going back to the beginning of the history of the s p 500, including the Great Depression period. So the reality is, we get a surprise in 2024 which is we always get a winner and we always like a winner more than we thought we would when we started because we juxtaposed that winner against what ends up being the loser we liked the least or less. And that will be the way it will be. Politics is moving in favor of this bull market as i have written about since last year. Charles ken, appreciate it. Thank you so much as always. Folks, well be right back its not just a comfortable interior. Its a quiet refuge. Theyre not just headlights. They light the way forward. The new fully electric audi q8 etron models. Your record label is taking off. But so is your sound engineer. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire this is Spring Semester at over 13,000 us school districts, which have become top targets for Ransomware Attacks. 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Powered by the next generation 10g network and with 99. 9 reliability. Plus one line of free mobile for an entire year. Its the mobile made free eventhappening now. Get started for just 39 a month. Plus, ask how to get one free line of unlimited mobile. Comcast business, powering possibilities. Charles all right. Alli versus frazier, move over we might get close to the next fight of the century. Were talking musk versus zuckerberg. Look at the tale of the tape. Zuck is down on the hype. Little bit light on weight. He is in great shape a lot younger. On other end of the spectrum, elon musk has height advantage, but his net worth is about 120 billion more. He may have that going for him as well. Lets bring in kaltbaum capital management, gary kaltbaum. I know youre more after baseball fan and sports span in general, if it goes down who do you got . You have to give me someone who you think wins this thing . In case you dont know im a gigantic professional wrestling fan, as the rock i would say, i suspect would lay the smackdown on mr. Musk simply because he is lighter, he is younger and i dont know if you have seen him training but the dude is jacked right now. I suspect when the match ends, musk will take out a foreign object hit him in the head and society up a rematch for wrestlemania next year. Charles [laughter]. Why not . That baseball brawl the other day was amazing. I dont want to digress too much but i know you saw that. The one dude, he took boxing lessons but wasnt ready for the counterhook to the jaw. As one of my favorite seinfeld episodes, serenity now. I couldnt believe what he saw on the baseball field. Charles lets talk about the market. There is a sea change happening with respect to styles. For instance, last week, you saw value, small caps did better than growth than growth and large cap names this is starting to happen. Everything was down but value, Small Cap Value down. 6 of a percent versus growth, large cap growth down almost 3 . Looks like were getting a little bit of a sea change. How do you take advantage of that . Two or three weeks ago i said to you, charles, i was worried about a lot of tech. That has come to fruition here. I am out of apple. Half before earnings and half after earnings. That is basically the last of it. I have to tell you i love the reaction in amazon, i love the reaction in google, i love the reaction in lib wray and some other techs. I think there are points on the scoreboard there. Leave no doubt the value area is definitely getting more in vogue. It started june 2nd, and when i do my screens, you put up my lists things like boeing and caterpillar show up and United Rentals is breaking into new yearly highs so i think thats the place to be right now. How long it goes i dont know and i have to you know, go to what mr. Fisher said and he is right, when all said and done it will be fundamentals that do the trick. It seems to me companies that for the most part, not all, the good fundamentals are working the day right now. Charles yeah. I love it. You know, ultimately that is how it should work out, right . Companies that execute, take market share, have pricing power, those things we can measure and understand they should be ultimately rewarded. I think they are. Have a great time in vegas, charles. Charles thanks, buddy. Folks, well be right back the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . The day you get your clearchoice dental implants makes every day. A lets dig in day. Mm. A chow down day. A take a big bite day. A perfectly delicious day. Mm. [ chuckles ]. A love my new teeth day. Because your clearchoice day is the day everything is back on the menu. A clearchoice day changes every day. Schedule a free consultation. Im so glad we did this. Im so glad we did this. Im so glad we did this. Im so glad we did this. Im so. Glad we did this. [kid plays drums] life is for living. Lets partner for all of it. Im so glad we did this. Edward jones [narrator] Wounded Warrior project helped me find the strength to go further than i ever thought possible. [narrator] i was able to come outta my shell and really connect with others. [narrator] so i can feel like part of a team, part of the community again. [narrator] its possible to live better. [narrator] its possible to have a voice and to be heard. [narrator] to feel understood. [narrator] to find peace. Because ive experienced firsthand that anything is possible. inspirational music charles the war on fossil fuels is a war on american prosperity it is getting tougher and tougher as the administration wants to make sure there is no coming back for the industry. Apparently vehicle fe Academy Standard 58 Miles Per Hour gallon by 2032 they need to make fleets where cars are to be safer in a couple of punkers that get a lot of models to get the average up. It looks like in the Strategic Petroleum reserve the lowest point since 1985. The administration has confused look a week china start up a warm want to intrude thousand 22 in 2023, the industry cannot raise money and wall street and young adults are being swayed away from the industry. The College Enrollment is down 75 since 2014. Think about that even though the occupation pays 40 more to Computer Science grads these are youngsters that fossil fuels are evil and a limited supply but thats what is a limited supply may be more limited copper, cobalt, lithium and a demand there is a rafting because the ev push in the most intelligent form the First Nuclear power plant and been ignored by the media no one is sharing it and we should look for more and chief market strategist, there is enough crew to last humankind for many decades and im not sure we can save it much about the materials and why are we swapping one for the other. The matter is the fact we dont know and what we do know were going to need 300 more miles in evm Energy Storage by 2035 and theres not enough projects in the pipeline and fortified new lithium alone to reach these goals and we dont know if that exist because we havent even discovered it yet and if we look at copper we have declining or problems and were getting more than weve ever mined in the history of modern mining to get to the schools and we havent found the product yet its good to be difficult and we know where the oil is and we dont know where these products are in heaven found that amount of material, it could be a problem. Its good to be a problem may be that mining will happen sooner than later. Let me ask you about the administration refilling the spr the Strategic Petroleum reserve, crude came down a lot, they got lucky and the demand was not there that everyone thought would be there but have they missed their spot do they get turns back down if you like it wants to go higher for here. Higher for longer at the tight market and we have not seen the demand of the recession everybody was anticipating in this year were at alltime highs for demand higher than 2019. In addition, whats going to happen with the Biden Administration at this point hes already canceled 3 Million Barrels a buyback already, the offer came into high and we will see higher for longer at this juncture in addition hes going into an Election Year and no way he will fill the spr and risk higher oil prices. I dont think we will see anything refilling the spr by any credible means. Charles were extremely vulnerable. I have less than a minute to go in the entire show Something Else speaking of Domestic Energy feels a going to need foreign engineers the same way and we need technology we dont turn them out of her own grade schools and colleges, kids dont want these jobs is heartb heartbreaking. Is there any way to make it more appealing to him Young Americans who gives up that kind of money . Absolutely thats a great paying job and were starting to see this hit the labor market as older generation starting to retire and that is a problem for the industry and that affects how much we want to produce if we dont the workers in reduction, i dont what is going to take to get the new generation. Charles we have to leave it there. I have to hand it over to my colleague liz claman. I am a little choppy in the handoff because im in vegas. Any place you want me to say hi to some your friends . Liz i like the encore tower suites