Putting your money . Plus yesterday we brought you our america invests together virtual town hall. Well continue to answer your questions. As violence erupts across America Joe Biden tries to separate himself from the rye oats as he visits the ratest hot spot kenosha, wisconsin. His message of law and order is beginning to close the gap. All that and much more on making money. Charles the meek shall inherit the stock market rally. Dow jones industrial average, finally broke into the clear yesterday, out of the shadows of nasdaq and s p with a strong performance. It moved the index back above 29,000. Three major equity indices are floundering. It is clear money seeking out blue chip names. Within the s p 500, biggest losing sectors for the year, theyre coming on with h with gangbusters. They are universally loved. Stocks associated with reopening the economy are dominating the toppersage gainers, cdc there are reports out they want states to be ready for Vaccine Distribution by november 1st. There are haircuts on hot stocks in 20. The question is, is this an overdue pullback and will investors load up again . There is a lot to deal with. Keith fitzgerald, we have shana sissel and 1847 financials greg branch. Keith, let me start with you. For the last few weeks youve been a proponent riding out megagrowth stocks. You know from time to time they hit these big air pockets. Have you made adjustments the last 24 hours . I have not sold anything, charles. But i have gone shopping. Im not concerned because these are computer driven. These are bets that digitizing our economy and that will plow forward. Im very happy to buy at lower prices if i get the opportunity. Charles you know, greg, welcome to making money. Glad to have you. Thank you. At some point this has to happen. From time to time buying the dip has been a huge winner, but you can go back to 2009 particularly when it comes to technology. Is there anything different in your mind . No, it is not entirely different. With respect to keiths point agreed there is some sectors around some particular companies that have experience ad structural tailwind. By and large this is not different from what we saw in 2010. In 2010 and 12, what we saw as the economy rebounded other sectors outperformed tech. If you believe consensus, when we start to look at calendar year 2021 consensus is expecting the s p 500 outside of tech to grow at 35 and it is expecting tech to grow at 15 . Really hard to justify premium multiple when you dont have relative outperformance in earnings. That said, as keith pointed out there are go ahead. I was going to say on that point then, youre saying this time the rotation weve seen a lot of false starts the last few months, make this is the deal. And if it is the real deal what names should benefit the most . Feels like everyone on wall street loves the financials. Right, right, and for good reason, charles. When i look at 2021 there are a couple of sectors that are going to exhibit triple digit Earnings Growth. Financials is one of them. Consumer discretionary looks opportune as well and look at the financials theyre trading vast discount, some cases to typical price to tangible book multiple. When you combine cheap valuation what looks to be 100 Earnings Growth next year that provides an attractive opportunity. Charles shana, let me get your thoughts here. Again weve gone through this this is probably the most pronounced pullback weve seen in tech. It has been a heck of a run. We all kind of knew it was coming, when it happens, we start to ask what is the next move . What is your next move . Im not necessarily negative on technology right now. I still believe that there is a huge change going on in our economy and Technology Driving efficiencies. Im looking at not necessarily financials. Financials are challenged by the low Interest Rate environment. That puts a lot of pressure on their margins. Yes, they are undervalued. Yes, they should revert to the mean. In terms of longterm growth opportunities. It is not a place where i think has the tailwind that some other sectors do. For me one of the areas of opportunity were seeing is in some of the airline areas. When we think about this reopening trade, this rotation that is going on, you have to think about what is next for the economy. As we continue to move towards progress of reopening as virus news continues to be positive, i think that will be a positive for travel oriented names but airlines most definitely because theyre not as reliant on leisure and Tourism Travel to get more people on their flights. Charles they will have to see business pick up. Im glad you brought up that topic. We all know about the socalled wealth effect, right . Folks that is essentially stock market at alltime high, real estate at alltime high. If you have access to both, it feels great. It has a Strong Influence on consumer behavior. If we layer on the possibility of a vaccine last month, the combination of a health and wealth effect, that should be mon you monumental for the economy. How much would a vaccine change the dynamics of everything . It would change everything category, charles. When you look at the jobs number, it really demonstrated there is a sizable forges of portion of our fellow mention who are not feeling any of the wealth effect factors. We have 30 Million People still on some form of state or federal government unemployment and so what a vaccine does, it gives us a more robust recovery in jobs. In order for us to stave off the pain of the evictions and foreclosures that have been postponed until end of year, obviously with the hope that many of our fellow americans will, will obtain gainful employment and be able to work themselves out of that back mortgage debt but that all depends on a vaccine. It depends on the labor market more robustly. Charles sure. Keith, i would layer on to that the 3 trillion on the sidelines. You say where does the fresh powder come from . Even folks unemployed they have been spending a lot of money. As fiscal policies helped, congress is blowing it right now, but what if we get that . Ultimate onetwo punch would be the Health Effect combined with the wealth effect, say next month for instance, how does that change the dynamics of this market . I would add a third piece. There is wealth, health, and confidence factor f were confident and hopeful, we maintain the positive narrative, i think the market takes off like a rocket. You have optics Like Airlines and cruises that arent going to return to normal 2025. If you get vaccine on occasion, maybe that is next year. That is when the stuff really will go. The money is going to move. I think it will be amazing rally even from these levels if that happens . Charles i know people have taken like hundreds of cruises. They may go on one anyway. Everyone i know has been frustrated with the Financial Media sort of disdain, right . For what is happening with the market, to a degree though, theyre taking it out on the Retail Investor right . This morning, for instance, robinhood under investigation now apparently for selling order flow which is something that is it legal but they apparently didnt tell clients early on. Courts wrote a piece that tied to practice of selling order flow to bernie madoff. I think the robinhood crowd gets a bad rap. Shan narcs youre worried about the millenia investors and what they may be doing to this market . It is not so much i dont like them but as much im concerned when i see young investors who have never really invested before getting into the market. You have this tiktok investor crowd. You watch these videos and theyre concerning because they are wellmeaning but theyre not coming necessarily from a place where theyre educated and that leaves them open for being, being preyed on so that is my bigger concern is that the bad actors in our industry and they exist, take advantage of this and robinhood example is a good one. So i am a huge proponent of Financial Literacy for young people. I think its a good thing. But i am concerned theyre so into and enthusiastic about a market that is clearly overheated. Charles i follow you on twitter. That might be a little bit of a different issue, greg, the overall issue they will be met with doom and gloom. I think they have done extraordinarily well. We cant have it both ways. We want millenials in the market. But when they get in the market seems like a lot of people on wall street are upset. Have they changed the dynamics how you invest . I would say they have an impact and one of the things we need to watch and i think is a legitimate area of concern the high correlation in terms of the names theyre investing in. So when you look at market breadth it has narrowed very acutely over the last few months. That has often been a red flag when you look at the other periods of narrow market breadth. It has been met with severe periods of underperformance. On the individual level i worry about the amount of leverage they have been able to employ. Weve all seen really tragic anecdotes how this affected people on the individual level. Buff on the macro level, there is also shadow credit, right . Charles right. In the midst of a rotation or choppy downturn how does that affect Consumer Spending and Consumer Confidence if one has drawn down all their credit trading . That is something i think we need to be careful of well. Charles i think were going to find out. Greg, welcome to the show. Shana, keith, always appreciate it. All very much. Appreciate it. Joe biden as been forced out of the basement earlier than labor day as he and President Trump both visit battleground states trump Senior AdvisorKatrina Pierson weighs in next. We got a monster response from all of you for our town hall with barstool sports founder dave portnoy. You had a lot questions. Well try to answer more. I got my first parttime job, i was wondering how should i get into the stock market. Long term, i dont care what anybody says, amazons, teslas, i dont care how high they go, shopify, you cant go wrong with that if you have time on your side. Charles hang tough with those. Start to accumulate them on a dip. An army family who is always at the ready. So when they got a little surprise. Two . They didnt panic. They got a bigger car for their soontobebigger family. After shopping around for insurance, they called usaa who helped find the right coverage for them and even some muchneeded savings. That was the easy part. Usaa insurance is made the way liz and mike need it easy. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save 400 a year on your wireless bill. Plus, get 400 off when you buy the new Samsung Galaxy note20 ultra 5g. Charles another night of protests in portland. In fact7 97 flights. Owners forced to think if they do business there. Grady trimble in chicago where many businesses are struggling to stay afloat following unrest all over the country but particularly in that neck of the woods, grady. Reporter charles, in particular the city is hit with the doublewhammy of the pandemic. On top of that unprecedented unrest and violence. That is not just happening here in chicago but other cities as well. Lets look at numbers in San Francisco. The chamber of commerce says sales at restaurants are down 84 compared to a year ago. Many restaurants are still closed. Many people choosing not to eat out. Others left the city entirely. Looking more broadly, more than half of all storefronts in San Francisco are closed. The number greater than 75 for Entertainment Venues and bars. They attribute that to the pandemic, not unrest. Nonetheless many Large Businesses have been sent packing. Charles schwab, mckesson, among companies leaving San Francisco. Other companies are letting employees work remotely which means they could leave the city if they wanted to. Youve seen these images, overand over again in portland where coronavirus is part of the problem but the rioting has gone on for months. That has become a much bigger problem. One downtown developer blamed the lawlessness on city officials there. He said several Big Tech Companies left the city because of it, including google, microsoft, airbnb. That developer setting a letter to the mayor and portland city council, if you know a retail or office broker, give them a call ask them how many clients they have are trying to leave. The number is like nothing ive seen in 42 years of doing business downtown. Here in chicago, we dont know of any businesses that have left just yet but we do know that it is of great concern especially after the most recent round of looting just last month. Several local Business Leaders as well as local elected officials sent letters to mayor Lori Lightfoot urging her to do something or they fear businesses will get out of here as well. Charles . Charles thank you, grady. Meanwhile just a short time from now but joe biden will participate in a Community Meeting in kenosha, wisconsin. Following the Police Shooting of jacob blake. The visit of, comes as the democratic president ial nominee is slamming the Paycheck Protection Program claiming that the funds never made it to Small Businesses. So i want to go to Hillary Vaughn in washington with the very latest. Hillary that is not true but he said it anyway. Reporter thats right, charles. This is not the first time democratic nominee joe biden made the claim that the Small Business loan program did not help as many Small Businesses as the program was intended to. He said that back in may. He was fact checked again. He is pair losting the claims today. Look what the data from the Paycheck Protection Program shows. Analysis over five million loans were approved. Of that the average loan size was just over 100,000. 87 of loans were just for 150,000 or less. So really not a big money bailout to big business like biden claimed yesterday in his remarks in wilmington. Part of bidens trip to kenosha today is really about Small Businesses. He not only talked about how the Paycheck Protection Program did not help as many Small Businesses but he also talked about the president has not done enough to help Small Businesses that have been caught in the middle of these ongoing riots as their businesses are shuttered, many looted, many burned. Here is what he had to say about that yesterday. We should be dealing with those businesses that have been burned out and damaged. We should be finding federal help for those businesses to get back on their feet. But this administration seems to think it is all of sudden going to go away like angle dust will be sprayed around. Reporter President Trump met with businesses on the ground in kenosha earlier this week. He announced four Million Dollars in federal funds to help those businesses rebuild. Biden will also meet with Business Owners today in kenosha along with Law Enforcement there, we expect within the next hour. Charles . Charles hillary, thank you very much. Joining me for this, on this, gop strategist john burnett. You know i want to sort of get into what we heard from joe biden about the sort of, you know, whats happened with the Small Businesses. Lets start, im not sure if you heard grady trimble, his report out of the midwest. Really a mass exodus of businesses. Theyre fleeing liberal cities in droves in part because theyre seeing riots and before that it was the cost of living. But it feels like the plan that is already in place with these big progressive cities was already not working before 2020. Where a lot of people, including black americans were leaving and now of course with the violence, everyone feels, seems to be leaving. As you pointed out, charles, the business environment, i will use new york as an example was who are return does. Whether you talk about taxes, regulations, fees, it is really tough to do business. When you add a pandemic. But the ppp loans actually helped as you reported and Hillary Vaughn reported that it actually helped a lot of businesses but it was only intended for eight weeks, charles. Because at the time everyone thought that in a couple of weeks you know, a couple of months, well actually be back to business. Some businesses still havent been able to open. Charles, the best stimulus is actually revenue and profits. Open up. That is how we get back, you know the jobs. That is how we get backhoe call economies. Charles right. I again, it was a disingenuous comment from joe biden. However if he would have said a lot of money was generated and not all of it made it to the destination because there were some issues, right. To your point, they had to change the time frame. A lot of people got money that shouldnt have gotten money. So there is no doubt that the ppp could have been performed better but it is just not true to say there was nothing done for Small Businesses. Then you take a place like kenosha. According to their chamber of commerce there are 650 businesses there. 70 of them have less than 15 employees. We can help them.