What is the new format for the "Investing with IBD" podcast?

The podcast will now be broadcast live on Wednesdays at 2 pm Pacific, 5 pm Eastern, starting September 2024.

Who is the guest on this episode?

Matt Caruso from Caruso Insights is the guest on this episode.

What market trends are discussed in the podcast?

The podcast discusses volatility in the market, the impact of inflation, and strategic approaches using relative strength indicators.

How important are indicators in investment trends according to the podcast?

Indicators like relative strength are crucial for identifying which stocks to focus on based on current market cycles.

What stocks are analyzed in the episode?

Nvidia, Tesla, and Palantir are among the stocks analyzed for their impact and potential roles in the market.

What sectors show promise according to this episode?

Utilities, REITs, and sectors related to electricity generation and AI are indicated as promising.

How do the hosts suggest handling volatile stocks like Palantir?

They suggest stepping lightly with small initial positions and building up as profits accrue.

What insights are shared about the use of relative strength?

Relative strength helps indicate which stocks are gaining favor in current market cycles, offering insights into changing investor preferences.

What historical market parallels are drawn in the episode?

The 1990s internet boom is used as a parallel to the current AI wave in terms of market cycle phases and company roles.

What are some investment themes discussed for the future?

AI advancements, electricity generation for AI infrastructure, and the strategic positioning of energy companies are discussed as future themes.

How To Stay Ahead Of The Market & Find New Winners | Investing With IBD Podcast

00:55:25

https://www.youtube.com/watch?v=MAgtXe9T_lA

Summary

TLDRIn this episode of the "Investing with IBD" podcast, host Justin Yelson introduces a new live format, starting September 2024, where listeners can engage with the show live every Wednesday at 2 pm Pacific. This episode features Matt Caruso from Caruso Insights who discusses the impact of market volatility, particularly in tech stocks such as Nvidia, Tesla, and Palantir. They explore how different market cycles favor certain indicators and the importance of relative strength in identifying stock potential. The discussion also covers inflation's impact on stock performance and the dynamics of large-cap versus small-cap investments. Future market themes such as AI advancements and strategic energy generation for AI infrastructure are considered as pivotal investment opportunities. The hosts delve into individual stock strategies, emphasizing caution with volatile stocks and the importance of understanding market indicators to adapt to economic shifts.

Takeaways

📊 The podcast is transitioning to a live format, airing Wednesdays at 2 pm Pacific.
🧑‍💼 Matt Caruso discusses market trends and the importance of adapting strategies to current cycles.
📉 Market volatility and its impact on tech stocks like Nvidia and Tesla is a focus topic.
💹 Indicators like relative strength are highlighted for investment insights.
💡 AI and electricity generation for AI infrastructure are noted as future investment themes.
📉 Inverted yield curve briefly mentioned as part of economic context.
🔄 Rotation between large-cap and small-cap stocks discussed as a market dynamic.
💼 Strategic shifts due to inflation's persistent impact are examined.
🔍 Stock analysis on Nvidia, Tesla, and Palantir for investment potential.
🗣 Viewer engagement encouraged through the live show format.

Timeline

00:00:00 - 00:05:00
The host, Justin Yelson, introduces the September 4, 2024 episode of the podcast 'Investing with IBD' and announces the new move to live broadcasts on Wednesdays. He also welcomes guest Matt Caruso, president and founder of Caruso Insights, highlighting their history on the podcast together. The discussion plans to cover current market challenges and indicators.
00:05:00 - 00:10:00
Justin and Matt reflect on the turbulence in the market, particularly focusing on the NASDAQ and significant events such as Nvidia's stock decline, described as one of the biggest market cap drops in history. The conversation pivots to discussing market indicators and the importance of choosing the right ones for different market environments.
00:10:00 - 00:15:00
Matt explains the performance disparity between market cap weight and equal weight indexes, noting the recent changes in midcaps and small caps performance. He expresses hope for midcaps and small caps to lead as inflation rates potentially come down. Mention of market conditions around July 11th CPI report disrupting earlier trends is discussed.
00:15:00 - 00:20:00
They discuss the role of inflation and bond markets in recent market dynamics, comparing it to historical periods like the 1970s. Matt provides insights into how the inflation-driven disparity has influenced market cap performances, suggesting a shift back to a more typical bull market might be on the horizon, dependent on inflation trends.
00:20:00 - 00:25:00
Conversation shifts to bonds and interest rates with discussion of the inverted yield curve and potential Fed rate cuts. Matt talks about the implications of these economic signals, drawing contrasts with past cycles. The impact of interest rate changes on market sectors and growth stocks is also explored.
00:25:00 - 00:30:00
Matt emphasizes the importance of relative strength as a tool for identifying market trends. He introduces his approach to analyzing market strength using beta-adjusted metrics, offering a nuanced analysis of Starbucks. He discusses the importance of adaptability and understanding market drivers.
00:30:00 - 00:35:00
Further elaboration on Matt's methodology for identifying market trends using comparative analysis against indexes. He highlights the significance of nuanced understanding between different stocks and sectors, providing a comparative examination using BCE as an example to demonstrate market readiness.
00:35:00 - 00:40:00
Utilizing tools like relative strength and industry comparisons, Matt describes how to navigate through market environments and seek new opportunities. He emphasizes the significance of catching market trends and derivative sectors, seeing utility and REIT sectors as currently favorable given economic conditions.
00:40:00 - 00:45:00
The discussion transitions to thematic investing, drawing parallels with the 1990s tech boom, and explores how infrastructure developments in AI might follow a similar evolutionary path as past tech innovations. Matt discusses the importance of anticipating future industry leaders as the sector continues to evolve rapidly.
00:45:00 - 00:50:00
Matt highlights specific stocks like Tesla and GE as part of strategic investment in anticipation of technological advances and infrastructure needs like electricity for AI. He discusses Tesla's potential role in autonomous vehicles and considers the broad market implications of these innovative technologies.
00:50:00 - 00:55:25
The session wraps up with Justin and Matt discussing Palantir's potential in AI and defense sectors. Matt advises caution in high volatility stocks but sees promise as Palantir gains market traction. Finally, they discuss the experimentation with live podcasts and welcome audience participation.

Mind Map

Video Q&A

What is the new format for the "Investing with IBD" podcast?
The podcast will now be broadcast live on Wednesdays at 2 pm Pacific, 5 pm Eastern, starting September 2024.
Who is the guest on this episode?
Matt Caruso from Caruso Insights is the guest on this episode.
What market trends are discussed in the podcast?
The podcast discusses volatility in the market, the impact of inflation, and strategic approaches using relative strength indicators.
How important are indicators in investment trends according to the podcast?
Indicators like relative strength are crucial for identifying which stocks to focus on based on current market cycles.
What stocks are analyzed in the episode?
Nvidia, Tesla, and Palantir are among the stocks analyzed for their impact and potential roles in the market.
What sectors show promise according to this episode?
Utilities, REITs, and sectors related to electricity generation and AI are indicated as promising.
How do the hosts suggest handling volatile stocks like Palantir?
They suggest stepping lightly with small initial positions and building up as profits accrue.
What insights are shared about the use of relative strength?
Relative strength helps indicate which stocks are gaining favor in current market cycles, offering insights into changing investor preferences.
What historical market parallels are drawn in the episode?
The 1990s internet boom is used as a parallel to the current AI wave in terms of market cycle phases and company roles.
What are some investment themes discussed for the future?
AI advancements, electricity generation for AI infrastructure, and the strategic positioning of energy companies are discussed as future themes.

View more video summaries

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Subtitles

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00:00:02
[Music]
00:00:10
hello and welcome everyone to another
00:00:13
episode of the investing with ibid
00:00:14
podcast it's Justin yelson here your
00:00:16
host and it is September 4th 2024 we've
00:00:20
got quite a show for you today and it's
00:00:22
worth mentioning for some of you you
00:00:24
might notice we're doing something a
00:00:25
little different here I tweeted out this
00:00:27
uh morning that we are actually going
00:00:29
live this was something something that
00:00:30
we're trying out we're going to be going
00:00:32
live on Wednesdays starting at 2 pm
00:00:35
Pacific 5:00 pm Eastern uh so if you're
00:00:37
regular listener uh you can actually get
00:00:40
your information earlier now uh so we
00:00:42
will be live on YouTube um something
00:00:44
that we're going to try we're still
00:00:46
going to be posted on all of our usual
00:00:48
channels afterwards so if that time
00:00:50
doesn't work out for you never fear uh
00:00:53
we're still going to be there uh for you
00:00:55
to watch whenever you get a chance uh as
00:00:58
as your schedule dictates but um yeah
00:01:00
this is just something where we can talk
00:01:01
kind of live and uh you know do
00:01:04
something a little bit different because
00:01:05
we're just having a lot of great success
00:01:07
with our live content so uh that's one
00:01:09
of the exciting announcements I have for
00:01:11
you another exciting announcement I have
00:01:14
is Matt Caruso is back on the show so
00:01:17
president of Caruso insights president
00:01:19
and founder I should say um of Caruso
00:01:22
insights uh Matt has a special place in
00:01:25
my heart because the very first time I
00:01:27
ever did the podcast uh as a solo host
00:01:31
uh Matt was my guest and so of course I
00:01:33
had a little bit of the nerves going and
00:01:36
everything but then after I got done
00:01:38
Matt you made everything so easy and so
00:01:40
every time I every time I have you on
00:01:41
it's like oh it reminds me of the first
00:01:43
time uh
00:01:45
so great to have you on the show again
00:01:47
Matt how are you uh thanks for having me
00:01:48
Justin and see now it's something new
00:01:50
again with the live and I'm glad to be
00:01:51
back and to get things tested with you
00:01:53
and yeah exactly and and I I was telling
00:01:55
Matt look you know I feel like he's the
00:01:57
guinea pig he you know helps helps us
00:01:59
out things out for us um but you know if
00:02:02
this doesn't work out then I'm okay
00:02:05
calling him the scapegoat no no shame
00:02:07
there so uh that's fine but uh we got a
00:02:10
lot to talk about here because this
00:02:12
Market really kind of uh threw folks for
00:02:15
a loop I mean we had the start of August
00:02:18
really kind of ugly for us uh last month
00:02:21
September man uh yesterday was no fun uh
00:02:24
on our swing Trader status update I
00:02:26
called it the Terrible Horrible No Good
00:02:28
Very Bad Day uh kind of likening it to
00:02:31
the the children's story um and it's
00:02:33
gonna be great to get your insights and
00:02:35
also one of the things that I think is
00:02:37
going to be interesting to talk to you
00:02:38
about Matt is this idea of indicators
00:02:41
you know everyone has kind of their
00:02:42
favorite indicator but you kind of
00:02:43
notice that some indicators work better
00:02:45
in certain markets than others and so
00:02:47
we'll talk about how you determine which
00:02:49
indicators to use and when but um let's
00:02:52
go ahead and uh pull up some charts and
00:02:54
start with this Market um do you want to
00:02:56
start with the S&P 500 or the NASDAQ
00:02:59
sure uh we go with the NASDAQ I think
00:03:00
it's probably the right one to take a
00:03:02
look at it's definitely a little bit
00:03:06
harsher at least yesterday was well I
00:03:09
mean I think you know Nvidia was the
00:03:11
gift that kept giving and now it's the
00:03:13
you know the uh the stock that's taking
00:03:15
a little bit and I think we're just
00:03:16
seeing that back and forth where it led
00:03:18
for so long and this concentration in
00:03:20
large caps I mean was phenomenal for
00:03:22
General indexes throughout you know
00:03:23
20123 and 2024 now that Trend I think is
00:03:27
leveling off my opinion is I think we at
00:03:29
least in the intermediate term of
00:03:31
probably the leadership phase of of
00:03:32
nvidia's passing and so as you get that
00:03:35
back and forth action it's Weighing on
00:03:37
indexes I mean I think yesterday was the
00:03:39
biggest single largest market cap drop
00:03:41
for any one stock ever in history on
00:03:43
Nvidia so was it was a big drop and it's
00:03:45
normal as you know stocks it's always
00:03:47
stairs up but it's the elevator down and
00:03:48
so we're seeing that a little bit here
00:03:50
yeah and in some ways it felt like uh
00:03:52
Not only was this an elevator down it
00:03:54
was kind of like the elevator was
00:03:55
missing and you just took a took a drop
00:03:58
you didn't even have the elevator
00:03:59
bringing you down floor to floor you
00:04:01
just kind of skipped some uh skipped
00:04:02
some floors um so in terms of when
00:04:05
you're analyzing the market you know
00:04:07
there's certainly that element of you
00:04:09
know the the bottomup approach and
00:04:11
looking at the stocks and Nvidia is such
00:04:13
a good gauge I mean for a while there it
00:04:15
seemed like as goes Nvidia so goes the
00:04:17
market for a while there it was Tesla
00:04:20
was kind of the stock that gauged where
00:04:22
the market was going um but in terms of
00:04:24
the technical action are there any
00:04:26
levels that you're you're kind of
00:04:28
looking at you know moving average lines
00:04:31
things like that that kind of really uh
00:04:33
help provide guard rails for
00:04:35
you I think instead of just looking at
00:04:38
averages what i' like to do is really
00:04:40
and this year has been specifically a
00:04:42
big outlier like the spread between
00:04:43
equal weights and the market cap weights
00:04:46
have been so huge so for the longest
00:04:48
time I mean all all year long everyone's
00:04:50
saying hey Market's doing great but that
00:04:52
was really either you were sitting in
00:04:53
the market EF or in those individual
00:04:55
stocks that were running and running and
00:04:57
running but uh most stocks were it was a
00:05:00
terrible Market but they just weren't
00:05:01
running at the same Pace or anywhere
00:05:03
close to it so I think we're starting to
00:05:05
get that that shift now where we're
00:05:07
seeing some like the QQQ equal weight
00:05:09
has been doing better even the kind of
00:05:11
midcaps mdy has been holding in a little
00:05:13
bit better which is a nice change of
00:05:15
pace we haven't broken out yet I I think
00:05:17
in terms of levels um taking a look at
00:05:21
something like the midcap
00:05:23
ETF you know we've had this pullback I
00:05:25
think it was dragged down a little bit
00:05:26
with Nvidia yesterday we've been in this
00:05:28
range you can see even the pattern wreck
00:05:30
is is showing it it's been a really up
00:05:32
and down range for the past several
00:05:33
months I think as long as we stay in
00:05:35
this range we're safe we're nowhere near
00:05:37
kind of a bar Market but really my focus
00:05:39
My Hope with rates coming down and some
00:05:41
rotations out of maybe the mega caps is
00:05:43
that you know the midcaps small caps are
00:05:46
kind of just pausing here at their highs
00:05:47
and as soon as Nvidia catches his breath
00:05:49
from falling they'll be able to push out
00:05:51
to new highs and they'll take that
00:05:52
leadership
00:05:53
torch so one of the things that I think
00:05:56
was very notable and this is something
00:05:57
that we've been talking about for a
00:05:58
while here is that um July 11th you know
00:06:02
this was a a CPI report that came out
00:06:04
and it really kind of seemed to change
00:06:07
uh the market temporarily where midcaps
00:06:10
all of a sudden uh were were all uh all
00:06:14
a flutter um iwm the Russell 2000 small
00:06:18
caps uh huge move uh there and this also
00:06:22
coincided you know back to your point on
00:06:24
Nvidia um Nvidia had actually kind of
00:06:26
topped yeah um a little bit before that
00:06:28
with this down side reversal was trying
00:06:31
to get back to New highs and then had
00:06:32
another downside reversal and the NASDAQ
00:06:35
um you know also you know had this kind
00:06:38
of ugly day right here on you know on
00:06:40
July 11th so it it really kind of seemed
00:06:44
like there was a change happening but
00:06:46
then again getting back to the small
00:06:48
caps you had this kind of come down uh
00:06:52
just as hard as everything else on those
00:06:54
three days starting August 1 through
00:06:57
August 5th um and it it it just seemed
00:07:00
like it was kind of back to the back to
00:07:03
the old guys the Old Guard um and small
00:07:06
caps seemed to lag a little bit you see
00:07:08
that with the relative strength and so
00:07:10
it almost felt like there was a rotation
00:07:12
in play then people were like no wait a
00:07:15
minute let's go back to the other ones
00:07:16
and now it seems like they're going back
00:07:18
so is this like an indecisive Market is
00:07:20
this kind of a function of Summer uh
00:07:23
what what do you kind of attribute all
00:07:24
of this rotation to I I think there's
00:07:26
two important elements that's driving
00:07:28
all of this so it you know obviously
00:07:30
inflation the past few years has
00:07:32
impacted all of us like in daily life
00:07:33
but in terms of markets we haven't
00:07:35
really seen anything to this severity
00:07:37
unless you went back to the 70s I mean I
00:07:39
I didn't live through it myself so you
00:07:40
have to go back and study all of that
00:07:42
but a lot of the relationships were
00:07:44
really different during that
00:07:45
inflationary period like it really it
00:07:46
really threw a loop like you know a lot
00:07:48
of the standard um relationships between
00:07:51
markets so you know one thing for
00:07:53
example is is uh as soon as inflation
00:07:55
kind of peaked back in the 70s started
00:07:56
to Trend lower markets bottomed and they
00:07:58
started to take off
00:08:00
this cycle here because of that
00:08:01
inflation um it really increased
00:08:05
disparity between the halves and have
00:08:07
knots in the market so you know if you
00:08:08
look at the mega cap uh tech stocks not
00:08:10
only were they kind of a place of safety
00:08:12
because they were liquid not only were
00:08:13
they a place of safety because they had
00:08:15
a big market cap they had a huge
00:08:17
customer base they also had you know uh
00:08:20
lower financing costs they could borrow
00:08:22
at at better rates so like everything
00:08:24
was working in their Direction usually
00:08:26
most
00:08:27
cycles that that's spread between large
00:08:30
and small is not as big so I I think
00:08:33
going into really at the end of last
00:08:35
year the end of 2023 we really started
00:08:37
to see that broad-based move in November
00:08:40
December and then we got kind of that
00:08:42
that sticky inflation beginning of this
00:08:44
year I don't if you remember that kind
00:08:45
of like things were picking back up
00:08:46
concerns came back so I I think it's
00:08:49
really been the story and we as stock
00:08:50
investors we tend to always look at
00:08:52
stocks first but I think it's really
00:08:54
been a bond story that's that's causing
00:08:57
all these relationships under the
00:08:58
surface that people aren't noticing and
00:09:00
with that if you sprinkle on like the
00:09:02
modern algorithms where the longest time
00:09:04
they they do it works right it was you
00:09:06
know be long large cap Tech short small
00:09:08
caps and everyone when they get two
00:09:11
positioned in one trade that you know
00:09:12
that everyone running for the door at
00:09:14
the same time caused these very fast
00:09:16
dislocations so I I think like all that
00:09:18
in and out it looks so confusing but I
00:09:20
think it's really if you look at from
00:09:21
the big picture and you kind of
00:09:24
understand what's driving it which is
00:09:25
bonds and inflation these rotations
00:09:27
sprinkle in algorithm trading and it
00:09:30
starts to make sense so I think we're
00:09:32
back at maybe a turning point like we
00:09:33
were last fall it was put on hold I
00:09:35
think because inflation uh brought you
00:09:37
know came back up but should that
00:09:39
finally you know go to rest and the
00:09:41
economy holds in there I think we get
00:09:43
back to more of a normal bull market
00:09:45
where most stocks go up and broader
00:09:47
participation yeah and that's kind of
00:09:49
what seemed like was happening for a
00:09:51
little while there yeah it seemed like
00:09:52
we were finally getting the small caps
00:09:55
going up you know again we had what we
00:09:56
call a follow through day um on August
00:09:59
13th and it just seemed like you have
00:10:01
the S&P 500 going up the NASDAQ going up
00:10:03
the Dow Jones Industrial Average going
00:10:05
up the small caps going up the midcaps
00:10:07
going up it was like everyone's
00:10:09
everyone's participating uh and then
00:10:12
again it just seemed like it uh the rug
00:10:14
kind of got swept out from under you now
00:10:16
you mentioned bonds and it it brings up
00:10:18
a few things um so I I've got kind of
00:10:20
three points that I want to throw at you
00:10:22
you can decide which order you want to
00:10:23
take them in so uh number one uh got to
00:10:26
talk a little bit about the inverted
00:10:27
yield curve it almost went uninverted
00:10:30
today at the close uh you know so we
00:10:33
have kind of the longest you you
00:10:35
mentioned the 70s and um this is from
00:10:37
Dow Jones data um some of the folks
00:10:41
there at Dow Jones were saying this is
00:10:43
uh the longest streak since 1978 to 1980
00:10:47
where the yield curve of the two-year
00:10:50
and 10e has been inverted so we're at
00:10:52
544 days right now uh started July 1st
00:10:55
2022 um almost you know almost got there
00:10:58
it's gotten there few times intraday uh
00:11:01
to uninverted but didn't didn't make it
00:11:03
at the close today um so we're at this
00:11:06
very long streak and and this data goes
00:11:08
back to 1977 I should add so the the the
00:11:12
inverted yield curve going uninverted or
00:11:15
getting close to it um that's one thing
00:11:18
um let's let's talk a little bit about
00:11:20
Bostic uh today uh the Atlanta fed
00:11:24
president who is a voting member uh
00:11:27
typically known for his hawkishness uh
00:11:29
he was saying look we don't have to wait
00:11:31
for 2% or we we can't wait until 2%
00:11:35
inflation Target is reached before we
00:11:37
make cuts um and then also just the
00:11:40
whole idea of cutting in general where
00:11:44
it almost feels like is is the market
00:11:47
going to have a temper tantrum if we
00:11:48
don't get 50 basis points uh this month
00:11:52
uh it seems like more and more
00:11:54
especially after the joltz report today
00:11:57
um you know there was there was kind of
00:11:58
a a a quick little uh jiggle as the
00:12:01
joltz report missed estimates um lower
00:12:04
than expected
00:12:06
and it seemed like the the odds of a you
00:12:09
know kind of spiked up to like 50% or
00:12:12
something of a 50 basis point cut now I
00:12:15
want to say that those fed Futures have
00:12:16
been off the mark for a while I mean
00:12:19
they've been uh you know according to
00:12:21
the FED Futures we got Cuts coming like
00:12:24
last year and they didn't materialize
00:12:26
and then it was seven Cuts this year
00:12:28
which not gonna happen um so what is
00:12:31
what is kind of your take on those uh
00:12:34
three topics take whichever one you want
00:12:37
well so you know you speak of you know
00:12:39
like the data points going back to the
00:12:40
late 70s and that's really to my point
00:12:42
it's the inflationary Playbook so I know
00:12:45
some people also kind of uh point to
00:12:47
recently as soon as the FED started
00:12:48
cutting such as 0708 it led to a big
00:12:51
crash because they were they were late
00:12:52
they were behind the curve that that was
00:12:54
really driven by um many under under the
00:12:58
surface problems maybe the FED wasn't
00:12:59
aware of they're just too late or they
00:13:01
didn't they didn't realize the intensity
00:13:02
of it all how big it would be but again
00:13:05
if you go back to like the 70s and the
00:13:06
rest when the FED started cutting rates
00:13:07
markets really lifted off um so and if
00:13:10
you take a look at what stocks are
00:13:11
leading now and how you're getting
00:13:13
better breath and you're seeing um
00:13:15
interest rate sensitive stocks lifting
00:13:17
it's interesting there's a lot of this
00:13:18
action that's in my opinion still
00:13:20
typical of early stages of a bull market
00:13:22
that that what you typically see so like
00:13:24
a lot of the stuff that you us usually
00:13:25
see early bull market hasn't
00:13:27
materialized because I think the AI
00:13:29
trade and the mega caps like just took
00:13:31
all of that flow of capital soas I think
00:13:34
some people can look at as a little bit
00:13:35
more as a a worry that all the fed's
00:13:37
going to be cutting rates in the past
00:13:39
sometimes has led to a peak I think you
00:13:40
have to always look at in context of
00:13:42
what you know what the reason is that in
00:13:44
past times that led to a decline so the
00:13:47
way I'm trying to position is I'm always
00:13:49
a growth investor first but there's some
00:13:50
trades that I'm looking at for example
00:13:52
you know if we expect both inflation to
00:13:54
come down and interest rates to come
00:13:56
down that means real interest rates so
00:13:58
you interest rates adjusted for
00:13:59
inflation should really drop off so like
00:14:01
I mean and to to what you know bosk said
00:14:03
today the fed's restrictive right now I
00:14:06
mean their their rates if you look
00:14:07
versus the two-year yield the FED is you
00:14:09
know maybe starting to become late to
00:14:11
cut here I think if they want to listen
00:14:12
to what the market thinks so there's
00:14:14
some groups and you can see like like uh
00:14:16
gold has been very strong and what's
00:14:18
interesting about gold is we're sitting
00:14:19
at highs if if you were to compare gold
00:14:22
to like
00:14:24
um interest adjusted um sorry an
00:14:27
inflation adjusted Bond you know usually
00:14:29
there's there's that very strong
00:14:30
correlation if you bring up like gtip
00:14:32
which is like the Goldman Sachs um like
00:14:35
tip Bond it's not a it's not a great
00:14:38
looking chart but uh the way in my
00:14:39
marketsmith the way it comes up but
00:14:42
typically yeah because it's not it's not
00:14:43
a very high volatile type of it's pretty
00:14:45
flat looking right you put a daily chart
00:14:48
you'll see it'll look a little bit
00:14:49
better uhuh yeah so uh it's the
00:14:52
logarithmic scale of course that does
00:14:54
that you know kind of um you know
00:14:55
flattens it out but on the arithmetic
00:14:57
scale which we do have on The Daily um
00:14:59
so typically this is very correlated
00:15:01
with gold and so it's interesting that
00:15:03
this is putting in if if the chart was
00:15:04
larger a really big head and shoulders
00:15:06
bottom which if this goes up means that
00:15:08
you know real interest interest rates
00:15:09
are falling that should really support
00:15:12
gold that should really support
00:15:13
companies that are high growth because
00:15:15
you know they're dependent on Capital
00:15:17
they they're not you know big earnings
00:15:19
uh drivers right now most of their
00:15:20
earnings are in the future so it always
00:15:22
helps when rates are falling for those
00:15:23
kind of companies so it makes sense if
00:15:25
we are at that inflection point um
00:15:28
whereas people think the bull Market's
00:15:30
over just because looking at what the
00:15:31
indexes have done yeah because the large
00:15:33
caps have led but uh I think if if like
00:15:36
gtip can break away and start to Rally
00:15:38
you're going to start to get more of
00:15:39
that classic acting bull market where
00:15:41
it's small mids high growth those kind
00:15:43
of stocks that are really lifting off
00:15:45
and leading the charge versus just the
00:15:47
mag
00:15:48
seven so I mean that that kind of gives
00:15:50
us a good sense of your expectations for
00:15:52
the market so if we can kind of switch
00:15:55
gears because to a large degree
00:15:59
feels like every Market has its kind of
00:16:01
differences right um it's like oh uh I
00:16:04
remember in 2018 uh we focus so much as
00:16:07
growth investors sometimes on the
00:16:08
earnings and it was like the market
00:16:10
doesn't care about earnings that's you
00:16:12
know oh that's so you know a decade ago
00:16:15
it it was all about the sales and the
00:16:18
the huge increases in sales and and
00:16:20
everything like that and look we saw
00:16:21
sometimes where people say oh it's the
00:16:23
new economy like you know famous last
00:16:25
words of uh you know 1999 and 2000 where
00:16:28
oh oh business uh plans don't matter you
00:16:31
just throw dotcom at your you know at
00:16:33
the end of your name and that's your
00:16:34
business plan um so there there's all
00:16:37
these indicators sometimes that people
00:16:38
can look at um and sometimes it's hard
00:16:41
to figure out you know where where do I
00:16:43
go which indicator should I use now
00:16:45
because this indicator is best for this
00:16:47
type of environment this indicator is
00:16:49
best for this type of environment so how
00:16:52
do you kind of cut through you know the
00:16:55
noise really because there's all these
00:16:57
different indicators you have available
00:16:58
to you
00:16:59
how do you figure out which ones to use
00:17:01
you know so to the discussion we had
00:17:03
before every cycle there's some kind of
00:17:05
different driver right so this time
00:17:07
around with inflation the rest earnings
00:17:08
were more important than other Cycles
00:17:10
when rates were at Z percent I mean you
00:17:12
know who cares if earnings are five
00:17:13
years from now there's no no cost for
00:17:15
you know for interest anyways we'll just
00:17:16
sit and we'll wait so that that it
00:17:19
changes based on cycle and that's what
00:17:20
can get confusing sometimes because you
00:17:22
know if you look at just the past let's
00:17:24
say you know the whole Co bull market
00:17:26
all the stocks I took off were just
00:17:27
anything that had Topline growth and it
00:17:29
was all about the new trends and so each
00:17:32
cycle um you need to adapt now there
00:17:35
there's always every cycle going to be
00:17:36
some stocks that are true to form let's
00:17:38
say you want stocks with earnings You'll
00:17:40
Always Find a couple of stocks that lead
00:17:41
but if you really want to nail a market
00:17:44
cycle it always helps to understand what
00:17:46
investors are focusing on and and and it
00:17:49
may not seem like um it makes a lot of
00:17:51
sense that that their preferences would
00:17:53
shift but again because of the economic
00:17:54
Dynamics it does cause a shift in
00:17:56
preferences so if you know that's why I
00:17:59
think relative strength as a tool is the
00:18:01
most the most important tool because it
00:18:03
really helps you to um look at all the
00:18:06
data that's coming in say okay these are
00:18:08
the the data points we know are
00:18:09
important we're always trying to figure
00:18:10
out which companies are growing
00:18:12
sustainably what investors are willing
00:18:14
to pay but at the end of the day those
00:18:16
that are leading in the market are the
00:18:17
ones that are being rewarded by
00:18:18
investors right now in this cycle yeah
00:18:21
so as you're looking at all these
00:18:23
different stocks and these potential
00:18:24
stocks again this is always shifting if
00:18:26
you can always kind of have that
00:18:27
checklist and be like okay are they at
00:18:28
least showing relative strength if yes
00:18:31
it soon starts to become apparent that
00:18:32
hey they're rewarding either large cap
00:18:33
or they're rewarding small cap or
00:18:35
they're report they're rewarding High uh
00:18:38
Topline growth or earnings growth so
00:18:39
that relative strength is really the
00:18:41
important way to kind of double check
00:18:43
what the theme is this cycle yeah and
00:18:46
what I what I like about that approach
00:18:47
because I couldn't agree more but what I
00:18:49
like about that approach is you know
00:18:51
sometimes you don't know it's not
00:18:52
obvious until after the fact right it's
00:18:55
you know so your signal is kind of like
00:18:57
okay this is telling you where the money
00:18:59
is going now you can kind of build a
00:19:01
thesis as to why but you know look at
00:19:04
what's happening first um and and react
00:19:06
to that before you start coming up with
00:19:08
the why it shouldn't or why it should or
00:19:11
you know because because again you can
00:19:12
rationalize yourself out of anything and
00:19:14
I I often use the point that look you
00:19:17
can give me some of these headlines
00:19:18
ahead of time and it wouldn't help me
00:19:20
the chart helps me but the headline
00:19:22
doesn't because I I would think it would
00:19:24
do something completely different um so
00:19:27
Matt you kind of came up with uh your
00:19:29
own little twist on on relative strength
00:19:32
so I've got the Nvidia chart up uh and
00:19:34
and this is from cuso insights um
00:19:37
explain a little bit about what we're
00:19:38
looking at I mean everyone knows kind of
00:19:39
what's happening with the price but you
00:19:41
have these blue shaded areas and and for
00:19:43
people that are maybe listening to this
00:19:45
you might want to go uh to the video and
00:19:47
kind of check this out um again for
00:19:50
those listening to the archive and you
00:19:51
can find that at ww. investors.com
00:19:54
podcast um or of course you can go to
00:19:56
the YouTube um you know check out check
00:19:58
account Matt's thing uh you can find it
00:20:00
on our Twitter handles and uh everything
00:20:02
like that but Matt C could you explain
00:20:04
what we're looking at here uh much
00:20:06
detail as you can this came back came up
00:20:09
to me when I was I was a market maker
00:20:10
early in my career and and a lot of
00:20:12
stocks I worked with were precious metal
00:20:14
stocks so gold stocks are interesting
00:20:16
because gold itself is probably one of
00:20:18
the least volatile instruments on the
00:20:20
market whereas gold stocks are probably
00:20:22
one of the most volatile in instruments
00:20:24
in the market so if you just kind of
00:20:25
looked at any Up Cycle anytime gold went
00:20:27
up on the way up gold stocks will always
00:20:29
outperform gold on a percentage basis
00:20:31
and on the way down they'll always
00:20:32
underperform so trying to run a regular
00:20:33
relative strength analysis never really
00:20:35
gave me that that good kind of
00:20:37
information so what I started to kind of
00:20:39
do every day was say okay what is the
00:20:40
typical um you know volatility for these
00:20:43
stocks that I'm tracking and I'd watched
00:20:45
them very closely and so if gold was
00:20:47
down on the day and the stock should
00:20:48
let's say fall 3% but only fell 1% I say
00:20:51
oh this is interesting it should have
00:20:52
fallen a lot more given how volatile it
00:20:55
was so by studying that sector in that
00:20:57
weird spread between the the stocks and
00:20:59
the asset gave me that interesting
00:21:01
Insight so I kind of took that a step
00:21:03
further and really it comes down to kind
00:21:04
of studying Alpha instead of just
00:21:07
relative strength so basically you take
00:21:09
the stock and you look at how it's
00:21:11
related to the index and you also adjust
00:21:13
it for how volatile it is how jumpy it
00:21:15
is and what I do is I look at a few
00:21:17
different time frames I like to look at
00:21:19
between three to six months to have a
00:21:20
more recent reading but the blue shaded
00:21:22
area is basically when there's like a
00:21:24
critical threshold is passed where based
00:21:26
on its relationship to the index and its
00:21:27
volatility is it is it outperforming
00:21:30
base for its uh based on its uh
00:21:33
temperament if that's the case have a
00:21:35
blue shaded background if not I don't so
00:21:38
if you look at Nvidia here interestingly
00:21:40
you can see in January it started to
00:21:42
turn blue background it had a great run
00:21:43
up even though we're still pretty close
00:21:46
to the highs as of now this bad break is
00:21:49
kind of telling us like hey you know
00:21:51
given nvidia's you know relationship to
00:21:53
the market and volatility this is this
00:21:54
is a bad break so it's it's kind of lost
00:21:56
that leadership role right now whereas a
00:21:58
traditional ranking tool like an RS
00:22:00
which just looks at percentage returns
00:22:02
over the past 12 months Nvidia still
00:22:04
looks great so this is kind of an
00:22:05
interesting tool where it adjusts for
00:22:07
the specific nature of the individual
00:22:10
stocks and and so you you're using kind
00:22:13
of a comparative at is what what's your
00:22:15
bogey what what is your comparison that
00:22:17
you're using because you mentioned gold
00:22:19
versus gold stocks are you getting that
00:22:21
minute or are you going broad just S&P
00:22:24
500 so by default I found interestingly
00:22:26
enough I I even found that I I said stud
00:22:28
the same gold stocks versus the S&P it's
00:22:30
really it seems to be whoever is
00:22:31
outperforming the S&P is really getting
00:22:34
like the money flow so if you want to be
00:22:35
if you're a really nich investor and you
00:22:37
say I just invest in gold stocks or in
00:22:39
oil stocks or whatever you know you can
00:22:41
change the point of reference you can
00:22:43
see I'm GNA compare just to Gold but but
00:22:45
by default I still always like to refer
00:22:47
against the S&P 500 that's the the
00:22:50
default index Everyone's Watching and
00:22:51
that really helps to show where the big
00:22:53
money is really rotating to and and why
00:22:57
why do you use um for instance because
00:22:59
there there's a lot of different
00:23:00
measures of volatility um if you want to
00:23:02
get into the options Market you can look
00:23:04
at implied volatility looking forward
00:23:07
you can look at historical volatility
00:23:09
which people usually use standard
00:23:10
deviation um you can look at uh some
00:23:13
people like to look at the ATR the
00:23:14
average true range over a certain number
00:23:17
of periods to kind of say oh this is how
00:23:19
much this stock tends to move um why why
00:23:23
beta because beta has kind of two
00:23:26
components to it it looks at both the
00:23:28
volatil of the stock but it also looks
00:23:30
at how much it's uh related to the index
00:23:33
you're comparing it to so for example
00:23:35
let's say you look at um a telecom
00:23:37
company it may have low volatility so an
00:23:40
ATR you know average true range or any
00:23:42
kind of historical volatility would also
00:23:43
kind of uh bring you to that conclusion
00:23:46
but it may not be very correlated with
00:23:48
the index so by kind of measuring versus
00:23:51
the S&P but using both those components
00:23:53
you really get interesting Insight so
00:23:55
you just brought up uh BCE which is a
00:23:57
Canadian uh Telecom company and they
00:23:59
have a really high yield I think at
00:24:00
their lows was like a 9% interest rate
00:24:03
yield dividend yield okay which it
00:24:04
sounds crazy but I mean they're they're
00:24:06
I think probably the largest Telecom in
00:24:08
the country so they're a sizable player
00:24:09
with that yield and you can see they've
00:24:11
underperformed the entire cycle and
00:24:13
before people you know start saying
00:24:15
blame Canada or you know bad things
00:24:17
about Canada Matt is you know he's in
00:24:20
Canada right now so it's you know keep
00:24:23
your comments uh very very friendly okay
00:24:26
to to our Canadian neighbor
00:24:29
so so this is a large Telecom so large
00:24:31
Telecom uh High div yield this has just
00:24:33
been completely out of favor because you
00:24:36
know with with rates going up if you can
00:24:37
get 5% with the government you know why
00:24:39
take the risk of an individual stock and
00:24:41
that's what's led to this dislocation
00:24:43
but it's interesting you can see that um
00:24:45
coming off of the bottom even in this
00:24:47
chart here if you look at last fall you
00:24:49
saw there was a rally from you know
00:24:50
October into January but the blue
00:24:52
background never came on because the S&P
00:24:54
was still pretty strong during that
00:24:56
period however if you look at right now
00:24:59
coming off the bottom we're starting to
00:25:00
get the initial signs that hey we're
00:25:02
starting to outperform here I mean a
00:25:04
traditional chartist would look at this
00:25:05
and be like whoa this is a still in a
00:25:07
strong downtrend but there are signs
00:25:09
that we're improving on a relative basis
00:25:12
for this stocks volatility versus the
00:25:13
S&P so this when going through a lot of
00:25:15
charts uh especially at turning points
00:25:18
in the market where Nvidia has been the
00:25:19
clear you know dominant king of this
00:25:22
market and you're looking at this you're
00:25:23
saying hey this is fallen out and you
00:25:26
know who's falling into relative
00:25:27
strength and it starts to kind of again
00:25:29
like we said you know figuring out for
00:25:31
the new cycle it seems like every three
00:25:33
to six months there's a new kind of
00:25:34
cycle that will take you know uh
00:25:36
investors attention you help to kind of
00:25:38
build that thesis like you said okay
00:25:39
well what's driving is is it more
00:25:41
interest rate sensitive stocks is the
00:25:42
market finally pricing in rate cuts for
00:25:44
real again you know they dialed it back
00:25:46
earlier in the year if that's the case
00:25:47
it's going to lead to new winners uh you
00:25:49
know this is a maybe a a value type of
00:25:52
play but again going to even individual
00:25:54
grow stocks you'll start to see that hey
00:25:55
wow this is really kind of uh hitting
00:25:57
new groups that weren't participating
00:25:59
before well and you know to your point
00:26:01
sometimes that can let let you know
00:26:04
growth isn't being favored value is
00:26:05
being favored you know a lot of times uh
00:26:08
on our general markets page for for
00:26:09
folks that aren't aware of this uh we
00:26:11
have our general markets indicators page
00:26:13
and two uh two Graphics that bill used
00:26:16
to really like to look at one was um
00:26:19
basically growth versus value you know
00:26:21
he used a a simple growth fund versus a
00:26:24
value fund when the line was going up
00:26:26
growth was outperforming when the line
00:26:28
was going down value was outperforming
00:26:30
um you know or you could also do that
00:26:32
with big caps versus small caps it kind
00:26:34
of gives you that sense you know because
00:26:36
again at the end of the day a relative
00:26:38
strength really is just a ratio right
00:26:40
it's just with you know this this number
00:26:43
over this number which one if it's going
00:26:46
up the top number is outperforming and
00:26:48
you know opposite the other way um talk
00:26:52
to me a little bit about like especially
00:26:53
on
00:26:54
BCE you know this seems like it had
00:26:57
these short blips you know recently a
00:26:59
short blip and then oh not not not quite
00:27:02
a short blip not quite now we're in
00:27:04
another one of these blue shaded areas
00:27:06
how do you know how how long is enough
00:27:09
time to say oh this is really catching
00:27:11
on now as opposed to oh you had one bad
00:27:14
day people kind of like were you know
00:27:17
were scared a little bit or a few bad
00:27:19
days they went defensive how do you know
00:27:21
it's a real Trend how many days I guess
00:27:25
yeah so that's why this tool looks at
00:27:27
like both kind of one- month readings as
00:27:29
well as six-month readings so it's it's
00:27:31
a blend of time frames but another like
00:27:33
way I like to use it as well to kind of
00:27:35
get again is the theme broader or is it
00:27:37
just one stock story if you bring up
00:27:39
other chart uh AMT which is an American
00:27:42
um uh you know provider of antennas and
00:27:44
all all the other kind of Telecom
00:27:46
infrastructure if you can start seeing
00:27:48
it you know that those kind of turns
00:27:50
happening in other stocks in the group
00:27:52
as well so say oh I think there's a
00:27:53
little more of a broader stock uh group
00:27:55
move here than just one individual stock
00:27:58
so that's a nice thing kind of being
00:27:59
able to compare different stocks within
00:28:01
the same group will bring also different
00:28:03
insights as well instead of just looking
00:28:05
at the stock by
00:28:06
itself and you know to your point like
00:28:09
in terms of one of these areas that does
00:28:11
seem to be favored right now REITs are
00:28:14
are a big area um you know xlre if you
00:28:17
look at the sector spider funds or uh
00:28:19
one of the things we did with David Ryan
00:28:21
today on IBD live is he was just like
00:28:24
okay look at look at the market surge
00:28:26
growth 250 and you know percent off high
00:28:30
and the stocks that were the least off
00:28:32
their highs filled with REITs filled
00:28:35
with financial specialty filled with
00:28:37
insurance um filled with utilities uh
00:28:40
electric power so those you know there's
00:28:43
just a lot of different ways to come at
00:28:45
this in terms of what's holding up best
00:28:48
um that's one way I think this is
00:28:50
another great way of doing it kind of
00:28:52
again making that adjustment uh you can
00:28:54
use Market surge charts and look at the
00:28:56
relative strength line again a very simp
00:28:58
ratio uh you can put me moving averages
00:29:00
on them um so there there's a lot of
00:29:03
different ways to come at this but at
00:29:05
the end of the day once you figure out
00:29:07
okay something's happening then what
00:29:11
what's your next step how do you how do
00:29:12
you use this information to again does
00:29:15
this kind of go to that bottomup
00:29:16
approach you say okay here are the areas
00:29:18
that I'm
00:29:19
noticing that are moving the money is
00:29:21
Flowing to them this is my list or I
00:29:25
mean if you're a growth investor and
00:29:27
growth is isn't working do you just say
00:29:29
okay I'm going to St cash for now you
00:29:31
know I think that comes down to again uh
00:29:34
Bill's methodology which is always Rings
00:29:36
true is is you have to find the leader
00:29:37
of the cycle no matter what it is so you
00:29:40
know last cycle was Nvidia this time
00:29:42
around we're seeing these different
00:29:43
stocks kind of move higher and you know
00:29:45
who's the leader of of this cycle even
00:29:47
if there is this trend taking off it's
00:29:49
interesting even looking at like all the
00:29:50
you know the REITs and the rest of the
00:29:51
stocks we're looking at like you
00:29:53
mentioned it brings out I think what is
00:29:55
like um a key principle of the market it
00:29:58
it doesn't matter what you did in the
00:29:59
past it's all about what's coming next
00:30:00
so yeah you know earnings and sales are
00:30:02
always a great tool to see it's kind of
00:30:04
like a um you know your track record
00:30:06
right a company's track record and it's
00:30:07
just a way to figure out know are you
00:30:09
gonna keep being this winner if you've
00:30:11
done it before chances are you'll do it
00:30:12
again but at turning points sometimes
00:30:14
and usually driven by bonds because
00:30:15
bonds are you know have a big impact on
00:30:17
so many stocks and and their earnings
00:30:20
sometimes you know by the time the ccal
00:30:22
by the time they have great earnings the
00:30:23
move is over because then after they're
00:30:24
back to fully they're priced fully back
00:30:26
to to normal so these turns you know
00:30:28
sometimes you're seeing these reats in
00:30:29
in different companies and you're saying
00:30:31
you can't understand they they don't
00:30:32
have great numbers yet what's going on
00:30:34
it's investors anticipating that falling
00:30:36
interest rates are GNA you know boost
00:30:37
their earnings in the future it it's
00:30:39
also going to make them more attractive
00:30:40
as their dividend yields relative to
00:30:42
interest rates are going to be higher
00:30:44
and so those are some key themes now you
00:30:45
can take it a step further and say okay
00:30:48
well I I don't want to just invest in
00:30:49
the utility I who's growing that has big
00:30:52
growth numbers that's in that theme who
00:30:55
who's exploiting that theme and also has
00:30:58
a long-term kind of secular growth Trend
00:31:01
uh that's benefiting so if you're you
00:31:02
know talking utilities those utilities
00:31:04
you know towards energy generation
00:31:06
that's gonna support AI growth that's a
00:31:08
way you can kind of tie in two themes
00:31:10
together to try and find true leaders
00:31:12
versus just a beaten up stock that's
00:31:14
bouncing off the bottom so really kind
00:31:15
of building this Mosaic picture looking
00:31:17
at different things that maybe at first
00:31:20
glance aren't related but trying to kind
00:31:22
of build that thesis with all these
00:31:23
different data points if you can catch
00:31:25
on early in the trend what's going on
00:31:28
then that really allows you to get to
00:31:29
those key leaders which is again looking
00:31:31
at Nvidia in the past year all you had
00:31:33
to do was be in Nvidia and you you had a
00:31:34
good ride right um so you know to that
00:31:38
point uh one of the things you and I
00:31:39
were talking about earlier is you know
00:31:41
again when you're kind of approaching
00:31:42
this this theme uh thematic approach um
00:31:47
you kind of were likening this back to
00:31:49
the the Heyday of the internet right the
00:31:51
1990s where you did have a lot of this
00:31:54
infrastructure starting things out um
00:31:57
you know what what what was it Ascend
00:31:58
with the switches Cisco you know with
00:32:01
the networking capabilities and then um
00:32:04
now you you know after that you got kind
00:32:06
of the consumer products like Yahoo and
00:32:10
AOL and you know and and the search
00:32:12
engines um you know at one point
00:32:15
remember we were it was all about Yahoo
00:32:16
and ask G's right I remember that yeah
00:32:19
things like that you know and again you
00:32:21
never know sometimes who is gonna be the
00:32:24
winner of of some of these um you know I
00:32:26
mean Qualcomm was the by far in a way
00:32:30
the chip leader because of what they
00:32:31
were doing in phones um you know and you
00:32:34
just you you just sometimes don't know
00:32:36
so I guess there's that um Balancing Act
00:32:40
of being early enough to kind of catch
00:32:43
the majority of the trend but not being
00:32:46
too early to where it's not apparent who
00:32:50
who's going to lead or or what's going
00:32:52
to lead sometimes it's a little bit of a
00:32:55
mismatch as people are trying to figure
00:32:57
out the theme still so how do you kind
00:32:59
of learn from that past uh that past
00:33:02
experience in the 90s and apply it to
00:33:04
something like AI today I think I think
00:33:07
we're fortunate because um if you were
00:33:10
in you know trading in the 90s there
00:33:11
there wasn't a perfect parallel like
00:33:13
like a um a growth industry that was
00:33:16
going to grow that fast so we can look
00:33:18
back at the internet and what you had
00:33:20
was the initial infrastructure wave that
00:33:22
then led to Consumer products like you
00:33:23
mentioned like the yahoos and the rest
00:33:25
and then you also had a secondary
00:33:27
infrastructure wave like Qualcomm you
00:33:28
mentioned that they only had their big
00:33:29
move like way late in the 90s yeah and
00:33:31
also you know originally you know Cisco
00:33:33
was the big winner but late on late on
00:33:35
you had like um uh Lucent Nell networks
00:33:38
where ethernet people demanded faster
00:33:40
internet so um looking at the current
00:33:44
cycle nvidia's been that initial leader
00:33:45
but if you get too fixated on the leader
00:33:48
from one part of the cycle you sometimes
00:33:50
you know the opportunity for that leader
00:33:51
gets fully priced in and then there's
00:33:53
these new upstarts that come around that
00:33:54
have these incredible advances so I
00:33:57
think we had wave one uh even with
00:34:00
Nvidia I think there was news recently
00:34:01
about the antitrust and all the rest so
00:34:03
it's kind of you get so big so fast and
00:34:05
you run into some other different issues
00:34:06
but there's always going to be someone
00:34:07
who's new who's coming to the market
00:34:09
who's going to provide a new angle to
00:34:11
make the chips even faster or what I
00:34:13
think is the next stage is we're going
00:34:15
to start to see the fruits of all this
00:34:16
massive capex so you know you're looking
00:34:19
at companies like Tesla where musk is
00:34:21
deploying these AI clusters yeah Nvidia
00:34:24
benefited now because he bought all
00:34:26
these thousands of of chips from them
00:34:28
but at the end of the day if you can't
00:34:29
turn all that into a profit you know
00:34:30
they Nvidia won't keep selling those
00:34:32
chips so you know someone's going to be
00:34:34
generating some incredible products and
00:34:37
that's going to create a whole new wave
00:34:38
of opportunity so we need to be we can't
00:34:40
just get too fixated on one leader
00:34:42
because as that theme unfolds if you
00:34:44
look at the 90s there's always you know
00:34:46
each person will build on the person
00:34:48
that came before and you know Joe fam's
00:34:50
been on the show often I always like to
00:34:51
listen to what Joe says and and he talks
00:34:53
about how nowadays investor sentiment
00:34:55
shifts faster than before I feel also
00:34:58
you know um again with AI and all the
00:35:01
rest techn technology grows or changes a
00:35:04
lot faster than it did before so maybe
00:35:05
saying that the internet was a 10 12
00:35:07
year rollout we're probably G to see a
00:35:09
lot faster rapid change going on to new
00:35:12
names than we did in the 90s as well so
00:35:14
I think it's gonna be really interesting
00:35:16
the next few years yeah and and to that
00:35:18
point I mean there were so many in 2021
00:35:22
right there were all these IPOs spaxs
00:35:25
the special purpose acquisition
00:35:26
companies and and then 2022 that spot
00:35:30
dried up it was like nothing and it did
00:35:33
remind me of you know the internet kind
00:35:35
of thing where you saw the late 90s
00:35:37
everyone was coming out with IPO and
00:35:39
again slapping doc on their name and
00:35:42
that was their business plan and then
00:35:44
nothing it was just like this desert IPO
00:35:47
desert for a while so um how how closely
00:35:51
you're are you watching that IPO Market
00:35:53
as kind of like oh you know now the now
00:35:56
the next wave is kind of starting yeah
00:35:59
I'm watching that closely and I'm also
00:36:01
watching what companies uh that are a
00:36:03
little bit larger because if if you look
00:36:04
at all the you know Nvidia and all the
00:36:07
leaders so far are the biggest market
00:36:09
caps of the market there's going to be
00:36:10
rotation to new names IPO Market's going
00:36:12
to be really interesting because it's
00:36:13
been so quiet but at the same time you
00:36:16
know the money that's going to rotate
00:36:17
out of Nvidia won't necessarily want to
00:36:19
rotate into a very small cap or micro
00:36:22
cap you know IPO type of opportunity so
00:36:25
I think trying to look at who the key
00:36:26
winners are going to be have more
00:36:28
substantial market caps I think that's
00:36:30
probably going to be the next wave
00:36:32
because you know from from a consumer
00:36:34
perspective and an investor perspective
00:36:36
there's that trust Factor people have to
00:36:37
feel like okay you know we're actually G
00:36:39
to get something for this capex you know
00:36:41
this person's actually able to come to
00:36:42
markco with a a product that's gonna be
00:36:45
a real earnings driver in the future so
00:36:47
I'm looking at you know I think Elon
00:36:49
Musk again even something like the robo
00:36:52
taxi which he's going to unveil or
00:36:53
supposed to unveil October 10th that's
00:36:56
really an AI problem
00:36:58
and and you know if there's anyone who
00:36:59
has kind of that finger on the pulse of
00:37:02
a a future Tech I mean I think musk is
00:37:05
someone who could possibly solve that
00:37:07
it's a lot of wh ifs because the
00:37:09
products are not around yet but AI is
00:37:10
moving at such a Breakneck Pace um you
00:37:13
have to kind of start to anticipate you
00:37:15
know who could really be the big Winners
00:37:16
and and I think robot tax it could be
00:37:18
one uh Uber could also benefit they
00:37:21
recently signed a deal where they're
00:37:22
going to be um with GM as one of the
00:37:25
places where people can kind of uh hire
00:37:28
these uh autonomous vehicles to pick
00:37:30
them up or whatnot uh there's there's
00:37:32
some you know some small upstarts like
00:37:33
serve SCV they have like these kind of
00:37:36
Last Mile little delivery robotic type
00:37:38
Vehicles there's a lot of different kind
00:37:39
of interesting ways these real world AI
00:37:42
is going to start to come into play H
00:37:44
but I think musk is probably going to be
00:37:46
the first one that's going to be big
00:37:48
liquid and an opportunity for scale that
00:37:50
people are gonna be looking at so I
00:37:51
think that October 10th is going to be
00:37:53
really important to see how this AI is
00:37:55
coming to fruition in the real world
00:37:57
instead of just in theory so let let's
00:38:00
let's dive a little bit more into the
00:38:01
into the stocks and I I think it's again
00:38:03
such an interesting point that you're
00:38:05
making here um because um you know I
00:38:08
mean I think back to again if we use the
00:38:10
90s as an example it was it was very
00:38:13
different uh then because you had your
00:38:17
your market cap leaders were things like
00:38:20
Exxon Mobile you know I mean it was it
00:38:23
was uh it's hard to you know it's I saw
00:38:26
this um
00:38:28
I I I don't know where I saw it but it
00:38:30
it was really interesting it was kind of
00:38:31
like your your market cap leaders uh
00:38:34
your top 10 or 15 or something like that
00:38:36
over time and I was I was stunned to see
00:38:40
how many of the market cap leaders in
00:38:43
the 9s I mean it was it was a while
00:38:45
before you had like the the IBM the
00:38:47
Intel you know uh and again like the Dow
00:38:50
Jones Industrial Average even sometimes
00:38:52
it's kind of late to the game in terms
00:38:54
of oh we'll add you on and it's like oh
00:38:56
okay well yeah after the move is done
00:38:59
yeah but um let's talk about a little
00:39:02
bit more of the stocks I mean you you
00:39:04
you mentioned Tesla already and and I I
00:39:06
gotta I gotta say like there there are
00:39:08
certainly some of the things like um
00:39:11
even with SpaceX where when when I when
00:39:13
I first saw that like Falcon 9 like land
00:39:16
I I was like I got goosebumps I was like
00:39:19
oh my gosh you know how how does this
00:39:21
change things going forward and uh I
00:39:25
think you know some people were thinking
00:39:26
that with you know AI uh the the chat
00:39:29
GPT um and and starting to think of oh
00:39:32
what kind of different things can I do
00:39:34
with this and and seeing some of the i i
00:39:38
my my daughter is going to college and
00:39:41
I'm thinking of some of the ways in
00:39:42
which she can use AI to study that are
00:39:46
so I mean she can just hit record on a
00:39:49
lecture have ai come up with a whole
00:39:52
study guide for her um flashcards you
00:39:55
know all these different things it's
00:39:56
just you know I mean sometimes I think
00:39:58
unfair you know I wish I had that but um
00:40:01
so so back to Tesla a little bit so I
00:40:04
guess part of the problem sometimes is
00:40:07
the story can be so enticing you know
00:40:10
it's sometimes I get sucked in it's like
00:40:12
oh this is amazing I mean I was a I was
00:40:13
a big sci-fi fan when I was little you
00:40:16
know I I read hline and azimov and um
00:40:19
and you're you know I loved Back to the
00:40:21
Future when they go to 2015 and it's
00:40:23
like oh my gosh look at look at how the
00:40:25
future is you know so cool and stuff um
00:40:29
how do you kind of separate the story
00:40:31
between oh it's it's really happening
00:40:33
the investors are rewarding this and
00:40:36
it's not just
00:40:37
hype well first of all I know you know
00:40:41
obviously just hype alone is a negative
00:40:43
you have to produce something but if you
00:40:44
look at every cycle the really big
00:40:46
movers are always stocks that somewhat
00:40:49
kind of capture the imagination of
00:40:50
people for good or for bad like in in
00:40:52
the let's say going back to 1970s it was
00:40:54
really worry about OPEC and you know gas
00:40:56
lines and was what was on people's minds
00:40:58
or you know the the 90s the internet I
00:41:00
mean it was computers like a computer it
00:41:02
was it was really dramatic kind of stuff
00:41:04
so I I think Ai and looking at things
00:41:07
like an auto an autonomous vehicle does
00:41:09
capture the imagination and it has
00:41:11
incredible real world applications but
00:41:13
you know you can't just fall for hype
00:41:15
it's it's important so that I think
00:41:18
relative strength plays a part of a role
00:41:20
but I think this is also where you have
00:41:23
to understand what management is you
00:41:24
have to hear what they're articulating
00:41:25
if if they can't really show path to
00:41:28
profitability it's probably a stock
00:41:30
that's going to have a quick run and
00:41:31
then drop I mean the reason Nvidia you
00:41:33
know went up so far and is retained its
00:41:35
gains to date or got you know companies
00:41:37
like Microsoft and the rest is because
00:41:39
they've delivered those earnings
00:41:40
eventually so you know that's I think
00:41:42
where you have to dis delivered but like
00:41:44
went Way Beyond like smashed
00:41:48
expectations you but if you look at in
00:41:50
apple early like 2003 with iPod it was a
00:41:53
new invention like no one knew iPhone
00:41:55
was going to come around and iPad and
00:41:56
all this kind of stuff so at first it
00:41:58
was really okay we can see how music can
00:42:00
be changed and we can instead of a CD be
00:42:02
in a you know a a hard drive device
00:42:04
basically and and then after but you
00:42:06
know Steve Jobs was able to kind of do
00:42:07
it at scale profitably so again having
00:42:10
your pulse on what key themes could be
00:42:12
sometimes the move is enough it's
00:42:14
substantial enough where hey maybe they
00:42:16
never get to you know profitability but
00:42:18
it's a still a 200% move and that's
00:42:20
that's still a good enough of a trade
00:42:21
depends your your wheelhouse but I think
00:42:23
if you're more concerned this is where
00:42:25
again you can use relative strength to
00:42:26
find different winners and I think
00:42:28
another interesting stock is gev GE
00:42:31
Renova which is an energy generation
00:42:33
company there was a recent split GE
00:42:35
recently split into three companies
00:42:37
right and um I think that they're the
00:42:39
highest growth um company of the three
00:42:42
and they're just focused on electricity
00:42:44
generation they have the oil gas um
00:42:45
segment they have Renewables and they
00:42:47
also have small modular reactors which
00:42:49
is nuclear so they really basically
00:42:51
whatever whatever segment is going to
00:42:53
win in the future they have a hand in it
00:42:54
already and they're already profitable
00:42:56
they have big earnings uh growth coming
00:42:58
down the pipe and I just love a company
00:43:01
you know this goes back to um the book
00:43:03
you could be a stock market genius too
00:43:04
by uh Joel greenblat where he talks
00:43:07
about how you know spin-offs are a great
00:43:10
sign that management cares about
00:43:11
shareholders you know most CEOs just
00:43:13
want a bigger company to manage if they
00:43:14
went out of their way to break up a
00:43:16
company and have a smaller Kingdom to
00:43:18
rule over it's because they really think
00:43:20
it's in the best interest of what the
00:43:21
stocks can do so GE splitting into three
00:43:24
gives it more Focus uh it's young stock
00:43:27
but I think a lot of flows are going to
00:43:28
come its way I think it was just was
00:43:29
upgraded today by Jeff if I'm not
00:43:31
mistaken and I think there's a great way
00:43:33
you can play AI as a theme in regards to
00:43:37
it's just going to be more and more
00:43:38
electricity generation whether it's must
00:43:41
that pulls it off whether it's Invidia
00:43:43
selling more chips or whatever it is if
00:43:45
AI is going to be what people think it
00:43:46
will turn into we're going to need more
00:43:48
electricity and so I think G ver NOA is
00:43:50
an interesting way you can focus on
00:43:52
earnings and still be in that
00:43:54
Trend um yeah it's it's interesting that
00:43:57
you say that because you know I I I feel
00:43:59
like for a while there spin-offs were
00:44:00
kind of given a uh a short shrift
00:44:03
because it was kind of like oh you're
00:44:04
you're really trying to get rid of the
00:44:06
junkie stuff and you know it's it's like
00:44:09
okay this this this is just we'll look
00:44:11
better if we get rid of some of this
00:44:12
junkie stuff but in in the case of GE it
00:44:14
really was kind of like these are such I
00:44:17
mean GE was so many things I mean it was
00:44:20
in Diversified operations because it had
00:44:23
jet jet engines um it had uh NBC it had
00:44:28
you know light bulbs it had like you
00:44:30
know all these different things and now
00:44:31
it's kind of like oh you can kind of
00:44:33
understand a little bit more like oh
00:44:35
this is what this company does instead
00:44:37
of like oh it just does a little bit of
00:44:38
everything um yeah but uh you know to
00:44:41
that end um M 3M seems like it's kind of
00:44:45
taking a uh taking a page from the the P
00:44:48
the the the the Playbook of GE and you
00:44:51
know it just recently did a a spin-off I
00:44:53
do have a position in 3M myself um and
00:44:56
uh yeah it is interesting to see how
00:44:59
this kind of plays out from oh let's
00:45:02
consolidate consolidate and get as big
00:45:03
as possible and yeah you know now there
00:45:06
is some of these concerns as you
00:45:07
mentioned with Nvidia antitrust uh
00:45:10
Google antitrust right um is there kind
00:45:13
of another wave of hey you know you guys
00:45:15
are getting too big and you know if you
00:45:18
don't break yourselves up someone else
00:45:21
will uh kind of thing I'm thinking of
00:45:23
back in Theodore Roosevelt's days with
00:45:25
the you know with with with a STI you
00:45:27
know um but well you know going back to
00:45:29
the original uh trust that was broken
00:45:31
which was Standard Oil I mean it was the
00:45:32
big initial of case and and when those
00:45:34
companies were broken up all the big
00:45:35
oils we know today were all Standard Oil
00:45:37
originally yeah once they were broken up
00:45:39
they were much more valuable if you
00:45:40
added them all up broken up than when
00:45:41
they were conom that really unlocked a
00:45:43
lot of value that was kind of one of the
00:45:44
first case studies of how that worked
00:45:46
out and um so I mean but you know
00:45:49
whether it's Nvidia whether they're
00:45:50
broken up whether it's uh not that it's
00:45:52
going to happen tomorrow or anything but
00:45:53
whether AMD comes up with a competing
00:45:55
chip or or so if the end result is more
00:45:58
electricity generation because AI is
00:46:00
really solving real world problems then
00:46:03
someone like gev has the opportunity to
00:46:06
supply that electricity and you should
00:46:07
get continued earnings growth over the
00:46:09
coming years so I think gev is an
00:46:10
interesting way to play both a move into
00:46:12
utilities and that more secular AI theme
00:46:15
yeah um one more stock uh to cover and
00:46:18
and you know what I I really appreciate
00:46:20
the folks that did join us live um there
00:46:22
there's a few names that I recognize uh
00:46:24
you know from our ibid Live Crew uh so
00:46:26
some regulars there um you know some
00:46:28
people giving comments about uh looking
00:46:31
at Dan IES uh you know saying that hey
00:46:33
the AI theme you know Dan IV saying it's
00:46:36
bottom of the first top of the second
00:46:38
inning you know that's a lot of game
00:46:40
left to play here um uh you know folks
00:46:43
mentioning your your point about the
00:46:44
monetization I mean let's think about um
00:46:47
you know meta someone brought up you
00:46:49
know Facebook and you know this this is
00:46:51
an example we've used before but you
00:46:53
know if you go back to the original IPO
00:46:57
here it was you know it was a it was an
00:47:00
ugly start you know from the IPO even
00:47:03
though they had such market share yeah
00:47:04
it didn't matter until right here oh
00:47:07
guess what we know how to monetize this
00:47:10
now right and that that kind of changed
00:47:12
everything um so kind of a a big AI name
00:47:18
um is paler uh pltr and to your earlier
00:47:22
point about volatility I mean this you
00:47:25
know paler i' played it a few times and
00:47:28
I have not done well because right the
00:47:31
volatility a lot of times Shake shakes
00:47:33
me out if if I if I buy it on a pullback
00:47:36
I do much better if I buy it on a
00:47:38
breakout I'm I'm toast it's it's not
00:47:40
gonna happen uh because the volatility
00:47:42
just shakes me out so what what is it
00:47:43
about paler that you like so to your
00:47:47
point about volatility sometimes you
00:47:48
come to Market and the valuation is just
00:47:50
so excessive kind of like a meta it just
00:47:52
takes time for that to catch up and and
00:47:54
and as new Tailwinds build if you look
00:47:56
at at what paler has been doing uh they
00:47:58
partnered with the unit UK's Health uh
00:48:01
system a lot of other hospitals the way
00:48:03
they've been able to reduce weight times
00:48:04
and increase efficiencies in hospitals
00:48:06
those are real world case studies of how
00:48:08
AI can take big data and bring really
00:48:11
meaningful results and if you're going
00:48:14
to be bringing AI to a lot of companies
00:48:16
yeah upstart there's always going to be
00:48:17
room for new upstarts but if you're
00:48:19
large organizations and you want to
00:48:20
incorporate AI it's not like the
00:48:22
internet era where it at first was just
00:48:24
a website if you're going to have
00:48:25
something with your data you want
00:48:26
someone you can trust someone who can
00:48:27
get the right insights you want someone
00:48:30
at paler scale to pull that off um so I
00:48:33
think they have a big opportunity
00:48:34
they're already showing how they're
00:48:35
extracting real value from using Ai and
00:48:38
another Tailwind which is you know it's
00:48:40
it's not always what you want to see but
00:48:41
you know going back to um you know
00:48:43
what's going on around you in the world
00:48:45
the Peter Lynch Theory see what you see
00:48:46
in front of you if you look at the kind
00:48:48
of Russian Ukrainian War so much of that
00:48:51
has become like this drone Warfare oh
00:48:53
yeah and paler has just signed some
00:48:54
recent contracts with the US defense
00:48:56
department if you listen to the CEO I
00:48:58
mean he's very cognizant about which
00:49:00
countries are even allowed to use their
00:49:02
software for defense purposes so I mean
00:49:04
if you have a software that's in such
00:49:05
demand that you can choose who your
00:49:07
customers are going to be think of you
00:49:09
know race a Ferrari uh that's a good
00:49:11
example of someone who gets to choose
00:49:12
who their customers are that that really
00:49:15
uh yeah that really signals that you
00:49:17
have a product that brings value and so
00:49:20
again looking forward I think paler has
00:49:21
its fingers on both kind of consumer
00:49:23
applications and defense applications
00:49:26
and again if you look at that war and
00:49:27
how it's become kind of like a drone War
00:49:30
um and everything that everyone's
00:49:32
developing you know AI is going to be
00:49:34
needed for defense and consumers I think
00:49:36
paler is touching multiple themes I
00:49:38
think it's caught up a little bit in
00:49:40
terms of the valuation which was a
00:49:41
little bit overhot at um at the IPO and
00:49:45
also I think just AI is starting to grow
00:49:47
in a more mature way where they can
00:49:49
finally now you know kick off on new
00:49:51
trends and Lead that space whereas maybe
00:49:53
that was still a newer concept even
00:49:56
three or four years years ago so I think
00:49:57
paler and again in terms of relative
00:50:00
strength you're seeing this is leading
00:50:02
now this is still sitting near its highs
00:50:04
whereas stocks like Nvidia have broken
00:50:06
lower off of their
00:50:08
highs yeah um and and this is this is
00:50:11
one that really kind of seemed like it
00:50:13
um got a lot of institutional following
00:50:16
very very early on um you know it was
00:50:20
just not not that this matters that much
00:50:23
but I I'll share with you that one of
00:50:24
the things for a while there um if if
00:50:27
you wanted to write an article and you
00:50:28
wanted it to get a lot of hits paler was
00:50:31
the clickbait like I mean put paler in
00:50:33
the name and it didn't matter how bad
00:50:36
the chart looked you put paler on the
00:50:37
name and it was like your article's
00:50:39
gonna do okay you know kind of thing um
00:50:41
so to the point where you almost don't
00:50:43
want to bring up the symbol but when you
00:50:44
really see like a change of character
00:50:46
you know it's not bringing up the symbol
00:50:48
just for the sake of the symbol whereas
00:50:49
you can see like other times it was
00:50:50
clearly lagging the General market this
00:50:52
is one versus NASDAQ versus AI names
00:50:55
like you know this is holding up
00:50:57
stronger now recently so it's one one to
00:50:59
watch is I I do think they have like the
00:51:00
potential here so um in that regard do
00:51:04
you again because of its higher
00:51:07
volatility um how do you how do you kind
00:51:10
of do your entry on something like that
00:51:13
and I'm asking for a
00:51:15
friend you need to step lightly and
00:51:17
there there's never really a a perfect
00:51:20
solution but the way I build into um all
00:51:23
stocks is I never put on a full position
00:51:25
all at once I'll always uh you know if I
00:51:27
think it's a proper breakout I'll start
00:51:28
with a breakout or or you know paler I
00:51:30
bought this just recently on the
00:51:31
pullback at around 30 and a qu 30 just
00:51:33
around $30 a couple of days ago um and
00:51:36
so that's kind of like the first step in
00:51:38
if it's working and your profits are
00:51:40
building if this is going to be a big
00:51:41
big winner you're gonna have a lot of
00:51:42
opportunity so because the volatility so
00:51:45
high I I wait to get some profit cushion
00:51:47
then I use that to my you know to to
00:51:50
unlock the ability to add more money to
00:51:51
the stock just kind of plunging
00:51:53
aggressively in a stock like this can
00:51:55
can be a little bit more difficult so
00:51:57
that's kind of where a gev is where you
00:51:59
can get a little more aggressive out of
00:52:00
the gate with a stock like that versus a
00:52:02
paler yeah and um uh one one of our one
00:52:05
of our listeners right now was
00:52:06
mentioning that Joe fi kind of said a
00:52:08
similar thing you mentioned Joe FY
00:52:10
earlier and it was just basically like
00:52:11
yeah if you're gonna do follow if you're
00:52:12
going to do more volatile stocks you
00:52:14
know like paler uh you got to step
00:52:16
lightly you have to you know start with
00:52:18
smaller position sizes and um a few a
00:52:21
few people were also mentioning that
00:52:22
paler is one of the few stocks that have
00:52:24
caused them to use vow language um
00:52:28
I just break keyboards I just my closet
00:52:30
have like a bunch of keyboards take one
00:52:32
out plug it back in and we're good to go
00:52:34
right okay well hey Matt I gotta say
00:52:36
it's it's been a pleasure having you on
00:52:38
I really appreciate you being the guinea
00:52:40
pig it was great having uh having the
00:52:42
the comments up here I could kind of you
00:52:44
know check where people were at and um
00:52:46
what kind of things that they were
00:52:47
looking at so I really appreciate our
00:52:48
audience that tuned in live appreciate
00:52:50
the audience that's going to be looking
00:52:51
at this at the archive version too um
00:52:54
next week we're going to do this all
00:52:55
over again with a live showing we're
00:52:57
going to try this a few times uh see how
00:52:59
this uh plays out but uh Matt really
00:53:01
appreciate you coming on um and uh
00:53:04
joining me for this uh where can folks
00:53:06
get more information uh I I know that
00:53:08
you you put some great stuff out on on X
00:53:11
uh so uh please share your Twitter
00:53:13
handle with folks yeah I'm uh Trader M
00:53:17
Caruso and there's also my website
00:53:19
Caruso insight.com we actually just
00:53:21
relaunched this week with a mobile app
00:53:23
and a whole bunch of new features Market
00:53:25
alerts and all so put a lot of work into
00:53:27
that that past few months which I'm
00:53:28
excited about so plenty of information
00:53:30
there as well in the resources section
00:53:32
free uh free articles and just general
00:53:34
thoughts and I I should mention that
00:53:36
Matt some of your some of your videos
00:53:38
that you've done your educational videos
00:53:39
are are phenomenal uh there you know you
00:53:42
were a finance Professor for a while
00:53:44
again you already made the comment about
00:53:45
how 70s I wasn't even you know around
00:53:48
for that I you know that's that's
00:53:49
history to me but you know you you have
00:53:52
a great uh great Professor uh mentality
00:53:57
in terms of how you explain things and
00:53:58
it's something I really appreciate and
00:54:00
I've gained a lot of uh information from
00:54:02
you so thanks for sharing it with our
00:54:03
listeners um I really appreciate you
00:54:05
coming on and thanks again for being my
00:54:07
guinea pig anytime Justin thank you so
00:54:09
much I appreciate it okay that's gonna
00:54:11
wrap it up for us uh this segment um
00:54:13
this this this show uh I'm used to doing
00:54:15
segments typically but uh thank you so
00:54:17
much for watching uh next week we're
00:54:19
gonna have Harold Morris one of our
00:54:21
senior market surge product coaches he's
00:54:23
going to be on we're going to be doing
00:54:25
it live again next week so make sure you
00:54:27
kind of Mark on your calendar uh 5:00
00:54:29
p.m. Eastern 2:00 Pacific uh we can do
00:54:32
this all again I'm going to be watching
00:54:34
in the comments um and uh yeah we we're
00:54:37
gonna have a good time so Harold on next
00:54:39
week um Arusha is gonna be back uh a
00:54:41
couple weeks after that so uh he's he's
00:54:44
you know few people were asking about
00:54:45
him he's going to be back in a few weeks
00:54:47
um and also don't forget to like And
00:54:49
subscribe that really helps us out and
00:54:51
kind of lets us know that we're on the
00:54:52
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00:54:55
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00:54:57
archive version at
00:55:00
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00:55:01
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00:55:05
And subscribe of the podcast venue that
00:55:08
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00:55:10
watching this time around we'll see you
00:55:12
next week take care