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tv   Making Money With Charles Payne  FOX Business  October 15, 2021 2:00pm-3:00pm EDT

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neil: my buddy charles payne with more on the dell rally, to you. five yields up and five stocks up. >> she is amazing. charles: good afternoon i'm charles payne this is making money i always say earnings are the mother's milk of stock market rallies, they change the narrative this week and really i think there are reasons it inflation crisis is not climbing in stock market we have to make that connection, netflix isn't going to report next week will
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squeak games give that the red light with the green light i said it would be a hint i hope you listen, september retails rush the estimates, department stores sales grew faster than the internet, maybe there is a trade, i'm talking from the war on fossil fuels, at this rate may be the future is driving more like fred flintstone the george jetton all that and so much more on making money. ♪ all about earnings this week, they continued to beat the market this week their fuel even higher, goldman's results move the needle on the broad market more than the retail sales, all the talk of inflation which is a killer tax and 70 households and people, households in general are sitting on huge piles of cash unlike past periods where you saw inflationary spikes, this is the first time we've
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ever seen a gdp per person rising faster than the prices them consumers in the meantime if you have strong demand that could be a huge windfall joining me now stock picker, you have to start with earnings, goldman knocking off the ball, right off the bat, you counted the table on banks, you were one of the first that i heard, here's the thing the financial index hit an all-time high on january 7 in a pommel to great recession, took a long time and new regulations it broke out this january and it's on fire by how much more on the upside? >> it would not surprise me too see the financials in terms, let's go another ten to 15% higher, it would be a bit of a grind from your and their hitting it out of the park, some of the loggers will catch up and as long as the economy continues to grow we will see financials to really well. charles: it is early, it's only
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a week in the earnings season but what i'm intrigued by is a reaction we see earnings all the time, what is the reaction, the positive reaction? >> you made a great point moment ago the stock prices ultimately follow earnings we had a terrific second quarter earnings are up 90% year over year, we were expecting earnings to be a 25 or 30%, a great quarter but not nearly as great as the last quarter which is probably the peak in the cycle, we early were only about 10% into the third quarter earnings season but earnings are up 41% and three quarters of the companies are beating like 14% that is to six consecutive strong beat rate, revenue up 13% so you look at the stock market, stocks are up 3% in the last 30 days, they are ignoring the other noise, focusing on earnings and for the
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last couple of days things have been pretty good. charles: in your october note i read it and it began with a line, equity market strategist mark twain wrote to october's most dangerous month to speculate in stocks we all started off rocky, was he talking about may be forestalled the congestion and chaos in capitol hill, what is going to get us out of october smoothly. >> 's crystal ball is not that clear what's going on in washington right now is one thing that scares us the most on the physical and the monetary policy side, monetary policy side you have inflation of the fed on november 3 on the verge of starting to pull that accommodation back, you have the leadership transition issue hanging over the fed on the monetary and fiscal policy side we have 1.2 trillion dollars
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hard infrastructure, the reconciliation bill and the debt ceiling in the continued resolution is been suspended they have not been solved, there is a lot of stuff in front of us and a lot of wood to shop. charles: on the spending bill in study $2 trillion i hope that means that the tax hikes will be less aggressive, that is one thing we haven't heard a lot about, the other side of this equation are you concerned the taxes could be the thing that put a speed bump in front of the move in the market? >> that absolutely could be a speed bump i don't know that congress will approve anything that the president wants obviously the battle will be hard-fought 2 trillion is ridiculous were talking about social spending infrastructure not ridiculous i would like to see. infrastructure spending would not just amount to another but
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see what congress has in mind and where the money will be spent we see this in administration wanting to throw money at everything to get votes but i think consumers are smart enough and if we see rallies and spending will see rising taxes and that's worrisome for consumers and businesses. charles: is ironic with the supply chain on main street and president biden talking about it it'll make a real infrastructure bill, seriously infrastructure eisenhower type stuff that we need, have a great weekend. i want to bring in the ceo cross mobile investment. there is lost opportunity with respect to the slowdowns in the debate how much will be delayed and lost permanently people are
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paying up with all the retail sales number, a fatter bottom line what does that mean for the market? >> it's hard to say that's not good news on the back of the earnings consumers had more money than usual because they did not spend in the pandemic some of that is to be there live government loan them a bunch of checks that is still sitting there now you see wage increase, they have buying power and we saw that with retail sales more reasonably in the months to calm the question will be can corporations continue to pass the pricing pressure the evidences yes but we'll see how long that last the biggest statement so far how much better than expected many expected double-digit beat to go down to
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small single digit but that's not the case be when we saw a rapid decline ahead of earnings season wall street blinked and panicked your specialty throughout your career has been the russell 1000 roaches outperformed small caps over the past six weeks is this about investors seeking comfort they wanted to be a net but more security and well-known names? >> was probably the case now as you know it is a big stocks it did so well then within that the fabulous five were the favorite term did really well that has
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come over the summer and i think the jury is out i think will have malt under more rotation live between big and small, small stocks the russell 2000 have done well, today is the other way around i think were in a choppy trend and we moved straight up. charles: sideways does a bias shift it certainly shifted to the downside but is this fear of an certainty that we lived with for a couple months turning into fear of missing out and cannot drive this market? >> i love that goes along with gina there is no alternative indefinitely some of the and play your 70 is money to invest, cash not really interested at 0 return, bonds, interest rates are creeping higher again that's not good for my bonds i guess i'll stay with my stocks or sell these and by those, the fear of missing out certainly part of the ballgame as we move along
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earnings will tell the story eventually and it's about the margins that we have to watch carefully. charles: they have been up huge on the operating margins, record highs, always great to have you want i appreciate your expertise, have a great weekend. >> you the same. >> good economic data that's improving with the retail sales telling us about the state of the consumer were they really zeroing in, were also getting closer to a compromise spending bill which sounds like a drop in the bucket, only $2 trillion, our next guest will love the number, congressman tom massie joins us live from capitol hill. ♪ at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan
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♪ charles: so this morning the michigan university consumer sentiment report came in, and it was well below consensus, particularly the part where they ask about expectations for six months from now. that took a huge hit. the main culprit was a monster drop in confidence of government economic policies. it was up to 31% back in april.
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i'm sure this is adding even more pressure on lawmakers as the white house signaling at least to the press that maybe a deal is close. i want to bring in republican congressman thomas massie of kentucky. congressman, you know, a cnn poll found only 25 trt of americans believe that they and their families will be better off if both of president biden's bills are passed. 32% say they would be worse off. golly, this is definitely going in the wrong direction. i remember three or four months ago president biden said it was extremely popular. how's he going to get -- a few of these lawmakers are going to give up their career if they vote for this, what do you think? >> oh, yeah. nancy pelosi's going to make her members walk the plank. the 35 trillion, 2 trillion, whatever the number is, that's actually over ten years. it's a $200 billion increase this spending. now, the bad news is it's automatic, mandatory spending.
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this is stuff they're going to put on autopilot, so it's going to add like a percent. we spend about 20-22% on the government of our gdp. well, that's going to add a percent to it now and forever, basically. we're going to creep closer to a socialist country. the people know that their taxes are going to go up when this bill passes too. charles: you know, and to that point, some of these things i think the calculus is that once people live with these things, after a certain period of time, they just come to expect it. so, you know, this new thing with the earned income tax credits, you know, for children which is far different than the name sounds, right? you don't have to work, you don't have to earn it, you don't have to be the looking for work, but it would become such a part of what we think we're entitled to, then you'd never be able to get rid of it. >> yeah. and they're going to tax things, look, they're proposing taxes on fuel as if it's not expensive enough. the democrats promise that it
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won't affect farms, be -- but there was a vote on the amendment, and all the democrats voted against the amendment to clarify that for us. so these taxes are coming. americans know it. and by the way, charles, when we raised the debt limit last week, they used a bill called the promoting physical activity for americans a act -- [laughter] that's the title of the debt limit increase. charles: yeah. >> what they did, this is one of those classic things where the house concurred with the senate amendment to the house amendment to the senate bill which was supposed to promote physical activity for americans. charles: right. >> but it became a $480 billion increase in our national debt, so -- charles: well, you do have to admit we're going to have to do some heavy lifting in the future, so maybe it's appropriate. [laughter] >> we're on a treadmill. charles: we are, we're not going anywhere fast. i feel like we're falling off the tread mill. you brought up inflation, right?
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president biden really nailing away right now, and -- flailing away, and he's threatening businesses. this is what amazes me. we've got, you know, higher taxes, onerous regulations on the way, all of that money that was poured into this economy, owl of that really -- all of that has added to the inflation situation and the supply chain. and here we are with the president of the united states wagging his finger once again and threatening american business people. i don't -- just the notion that you always have to have a bogeyman, and it's always got to be someone out there working to make things better. >> you know, it's pretty simple, and you had me on your show back in march of 2020 when this all started, when we paid people not to work. i said this is going to catch up with us, we're going to have inflation. now, pete buttigieg's solution is longer hours for truckers: take the people who are working and make them work longer. i don't think that's going to work. and, yeah, it'd be great to have some solid infrastructure, you know, like you were talking about, eisenhower type infrastructure, but who's going
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to build it? we're paying people in some states not to work and forcing them to stay home if they won't take the vaccine. charles: yeah. it would be great to really invest in trades, craftsmanship is, construction workers. and, by the way, this is not new. we've had a dearth of truck drivers for a decade. we've needed 60,000 welders for the last five years. it's amazing we have these grandiose things they want to do, and we're not doing it the smart way. congressman massie, always appreciate it. far too long. >> thanks for having me on. charles: we'll both stay on the treadmill in the meantime. the biden administration is pushing for green energy, they're putting even more pressure on refiners. we're going to give you those details in a live report coming up. also inflation may be skyrocketing, but americans for now are still spending like crazy. we're going to kentucky into that retail -- dive into that retail sales report. stay with us. ♪♪
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♪ >> my name's douglas kennedy, and i have been at fox news channel for 25 years. i think fox news had a culture that said we're going to take chances that other networks were not willing to take. he wants a government investigation into the anti-depressant industry. i am obtained internal documents from clinical trials of a drug that was supposed to prevent depression but was, in fact, can causing suicide. >> no doubt medication did this. >> what was amazing at that point was that most of cable news was getting most of their did advertising from the pharmaceutical industry, and we were exposing the pharmaceutical i industry. this was an incredible act of courage that no other network would have taken.
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charles: all right, retail sales out this morning, a huge beat. it's a nominal number, so that limits really how much we can dive into and measure individual demand,er say, but we know folks made up just as experts thought they were going to shrink away, a negative number in terms of consensus. i want to bring this managing director misha papa tell. last -- patel. last time we were on, you told me not to worry. so i guess you were right. but what do you make of today, this big beat that we saw today. >> yeah, look, it was great to see, especially on the heels of some weaker consumer spending numbers, sentiment weaker, jobs and payroll figure last week. i think it's a step in the right direction, something that was to
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be expected. and it sets up a really strong, pretty strong momentum going through the fourth quarter and heading into the holiday season. one caveat about this is, you know, at what point do supply chain issues, higher pricing cause retail sales and spending to be stag and a half. i'm optimistic, but until supply chain issues are corrected, right, that's going to be an issue. so i think you have to take the numbers from here with a grain of salt going forward. charles: is it inevitable that whatever that level is you curious about, we're going to get there at some point? >> i cothink so. i think the fourth quarter, again, as cases fall we are, you know, not normal but more normalcy in terms of an economic environment. we're heading into the strong holiday season. finish i think we're set up to have another fairly strong retail sales number, and we certainly could test that. but again, supply chain issue is
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going to be an issue. demand is not the rob here, right? it's meeting that demand that is the problem. charles: so in the meantime, people are quitting the labor force this droves. one thing we see job switchers are getting paid a lot her money. that's always been the case, but i don't know that the gap has ever been this ride. how long can this last and, ultimately, what's the impact? i talk a lot on this show about small businesses struggling to keep up with the chart we just saw and, of course, a lack of workers helping to fuel these very issues of inflation and supply chain. >> yes. i think it's a very tough situation especially exactly for small businesses. eats into their profit margins, right? and there's a lot of revenue uncertainty still. so it's a very tough situation and, unfortunately, we've seen many small businesses close. unfortunately, we may see more of that if this issue continues. now, higher wages, you know, sure, you can pay higher wages,
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but as it eats into profit margins, if and how you pass it on to your consumers, some of that we've seen. but, you know, it's simply not sustainable. charles: right. >> i will say that in certain sectors, right, wage inflation is welcomed. it's the something we haven't seen many quite some time. but again, i think you need to have kind of the revenues come back, you need to have the certainty there a business perspective for businesses to really feel comfortable long term to pay out these higher wages. charles: i've got less than a minute to go. the market's up, buying yields are up, oil is up, what's the message here? >> yeah, look, i think the message is good, and think about the summer, right? bond yields rallied hard. we, with the delta variant, more of that uncertainty was back in the picture. it was a strain that was spreading a lot quicker. there have a lot of uncertainty
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coming into the fall. we're headed back into a normalcy environment. from a bond yield perspective. stocks being up, look, there's so much cash in the system, and there's still this positive feeling of growth momentum being sustainable. you know, equities being up, i'm not sure that's a surprise. while many are calling for a correction and whether the fed's tapering plans cause that or weaker economic data or some change in the variant, it's unsure. on the bond yield side, i do think we're headed back to some sort of normalcy. not a two-handle, but i think this was expected given the more positive news in recovery that we've seen. charles: i'm glad to hear nowhere near a two handle because that seemed to freak people out. earlier in the year it was end in the world even in the grand scheme of things, that's still relatively low. always appreciate being able to
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tap into your expertise. have a great weekend. not want to bring in my friend hitha herzog. it's not the retailers, right? marriott, penn game, expedia, that reopening, you know, fear of missing out, it's back, right? that's going to get a big chunk of consumer buying, isn't it? >> it's been back for a while now, charles. i think people as soon as we started seeing the economy open up a little bit more, people pelt a little bit more comfortable going out, traveling for leisure, traveling to go see their family across the country. i know i did. and i was reading a study from oracle, they were saying 76% of consumers within north america want to travel within the next six months, and that's only going to increase as we see the holiday season take effect and, obviously, going into 2032. charles: i guess concern 2022. i guess that might be one of the big reasons that department
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stores broke out, by a big margin, internet sales. is this people saying, hey, i've got to get to a mall and a department store? >> last time i was on with you, i said i'm so desperate to see people, i just want to go to a mall. [laughter] i think we're certainly seeing that sentiment also carry over to the department stores too. we did see a little bit of an uptick in online but nothing compared to what people were doing in department stores. and, you know, people -- the online factor is never going to go away, charles. charles: sure. >> the consumer spends differently now. we've seen that over the last five years. we've been covering this together for -- i don't want to date ourselves, but more than a decade. so we've seen the change and the shift in the way that the consumer behaves. on line's never really going to go away, but people are certainly wanting to go back out and see people. charles chas now, the one thing is about going to the store, the other problem is will they have anything on the shelves, right?
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[laughter] it's a nail-biter. which retail thers do you think are best positioned? they'll actually have stuff to sell us? >> listen, i was speaking to leslie over at the doniger report, and she was saying that the retailers in the best position are the ones that are really betting on product that will have a long lasting effect much past the holidays. so retailers that are stocking their schells with home goods -- shelves with home goods, things that will last well into february and march, not just focusing in on holiday. charles: real quick, 30 seconds, the hottest item this christmas, i'm going to say it's going to have something to do with squid games. >> i mean, i want to say that too, charles. but again, i was talking to leslie, she was saying, you know, going out and gifting, seeing people is that first line of defense if. people are going to want to give that alcohol, and i've been hearing rumors that there's a --
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on casa me goes. if you're going to give out wine or champagne, tequila especially, that supply chain really -- [inaudible] producers. so get out your tequila. charles: and at the beginning of the pandemic, we saw alcohol sales go through the roof. we should celebrate as it wanes a little bit by going back and knocking a few back but for the right reasons. hitha, thank you very much. talk to you again soon. in the meantime, refiners are really pleading right now, asking the administration please give them some leaf from these regulations, these energy prices are soaring. that could be a solution. one refiner is begging for help. you'll hear his story. also why has the media stopped talking about covid-19? maybe because cases are dropping and dropping pretty quickly. we're all over it, and we'll tell you what it means for the economy next. ♪ ♪ -- children hurting, hear them crying. ♪ can you practice what you
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♪ muck. charles: president biden's green push threatening to push refiners out of business. jeff flock is live at a new jersey refiner with a hedge from the white house. if -- message for the white house. jeff? >> reporter: they need help from the president, they say, this is the pbf oil refinery, getting an up close and personal look today. it is one of the green initiatives in place for a while, that is one that requires refiners to blend in earth medical school, 10% of -- earth thol, 10% of the gasoline that they sell. if you're not abled to do that, you've got to pay for credits for that.
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those were not designed to cost much, maybe 5, 10 cents or so. take a look at these numbers. right now -- or i should say in 2019, those credits cost about 16 cents a gallon n. 2020, 33 cents a gallon are on average. thousand they've ballooned to over a dollar a gallon which is essentially driving up the price of gasoline and potentially putting refiners like this one out of business. listen to the president exclusively on fox business. >> it's devastating to not only our company, but to thin that fills up their gas tank. program is broken, has been broken, and thousand it's reaching a point where we're just in lunacy. >> reporter: charles, you know the rfs program, the renewable fuel standard, which requires this 10% blend. now, the owners here, mr. lucy, said i don't care about blend, i'm happy to do that in there, but the cost of these credits has just ballooned because they can be traded on the open
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market. it's kind of a complicated process, but it has really been driving up the price of gas, the cost to these refiners which gets passed on to you and to me. sir. charles: yeah. don't i know it. jeff, great seeing you. hopefully the next story will be a little bit more upbeat. i want to bring in donald luskin. don, i want you to take a look at these covers. this is the economist last september, jubilant, right? suggesting clean energy, ready to power the world. and now, of course, the magazine acknowledging there's a, quote, energy shock. and it just makes me wonder just how bad is this winter going to be? >> well, i hope it's not as bad as the last winter. i'm talking to you from dallas, texas, and we know a little something about oil and gas here. on the other hand, over the last couple of decades, we've made a ridiculous and regrettable investment in solar and wind. last february we had a record cold snap, and you know what
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happens when it gets really cold? the wind doesn't blow. you know what happens? those turbines don't blow around and what happens then, your home doesn't get heated. you know what happens when your home doesn't get heated? people die. so the greenies are are hedging their bets because their policies are turning out to be downright lethal. charles: and those wind turbine didn't even work in the scherr in the u.k. -- in the summer in the u.k. energy stocks have been the best performing sector this year, not even close, in fact. and i think it's somewhat ironic that private equity investment has dried up since the mid 2000s, and it just makes you wonder, oil, is it going to go much higher from here? >> well, there's a case to be made on both sides. you know, certainly in terms of domestic production, domestic exploration production is being held back because producers and explorers are waiting and seeing
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just how bad this biden policy is going to bite. so you know the administration's policy, it's to discourage and add costs to the production and transportation of our oil and gas in this country while begging producers in the middle east to ship more to us as though somehow it's a better idea to send billions of dollars to terrorists than it is to texas. so if that's what you've got going on and you're deciding whether you need a couple more dollars to drill a new well out in the permian, you're going to wait. that means higher prices because of less production. charles: and as tone deaf as that sounds or seems -- and it is, by the way, don -- everyone's worried about inflation except. maybe white house chief of staff ron klain because he suggested in a tweet that these sort of economic problems that americans are facing, that they're just high class, you know? those who fly around in private
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jets, you may think it's a high class problem, but what do you make of the tone deafness of it all? it makes me worry whatever the worst case scenario is, we might meet that. >> ron klain just needs to stop tweeting, right? i mean, isn't that what the democrats kept telling couldn't trump for -- donald trump for four years? the more you tweet, the more tone deaf you're going to be. yeah, that was a really dumb thing for him to retweet. charles: i've got 30 seconds and, you know, you do some amazing work, your firm on covid, the cases and the deaths and some of the projections. looks like it's coming down pretty good, and the thing is the media's not talking about it at all. and i think it's a the the kind of good news the people would like. what could it mean for the chi? >> i think it's time for the media to learn that people love to hear good news. it is great news. it is an a amazing story that we have survived the dell that wave with -- delta wave wave with as
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few deaths as we have. and, of course, the problem for the next couple months is now the cases and the deaths are rolling here and everywhere else in the world, now come the vaccine mandates. always fighting last war. well, i think if the media just did its job and talked about this fantastic, optimistic story like you are doing, we'd be in a different and better world, my friend. charles: we would. don, it's always great to see you. thank you. >> thank you, charles. charles: someone who is happy, bitcoin investors. they're laughing all the way to the digital bank, this this is in the face of doubters. guess what. >> not a chance. and here's the thing, what's going to half after these -- happen after these etfs get the green light? we've got more right after the break. ♪ west coast mouth to mouth -- ♪ i'm going to shine, homey, until my heart stops ♪♪
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♪ charles: well, tokes, bitcoin continues to dazzle as fires, well, we know the old saying, more folks certainly jumping on the bandwagon. some believe others will
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probably have to get in, right? they want to get in before the experts or the pros because they think etfs are going to start trading. we want to get the read a right now on this from coin story's podcast host natalie burnell. first of all, this etf speculation has been around for about a week, but it got a real good bump from this investor ed tweet. before investing in a fund that holds bitcoin future future contracts, carefully weigh the risks and benefits. sounds like they know the e, fs are going to become a reality real soon. how does it change the game? >> thanks so much for having me. the etf is a huge legitimacy. and this development means there essentially will be no ban. there'll be regulations like we all expected, but they will be in the same order as we have for all financial assets which will
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only further entrench bitcoin into the mainstream. there are birth coiners who are skeptical because they feel people should buy and own bitcoin directly, which i totally support, but others feel9 that the e, fs will be a simple away -- etfs will be a simple way to own their own bitcoin. there are no technology hurdles or wallet risk, so it sort of de-geekifies crypto, if you will. and i think it also provides legitimacy for pension funds to own bitcoin which could be a savior to underfunded pension funds. but the most important thing is etfs provide this four-lane highway with multiple onramps, and it could enable bit coin to get over that $1 trillion valuation hurdle we've been struggling be. charles: you had me at de-geekifying. [laughter] all these hurdles that they've been able to clear, one thing i saw this morning that was
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intriguing, it was news from bit mining that they were leaving china. in the premarket the stock rocketed higher, 10%. golly, this is essentially investors saying, china, you tried, but you can't stop the movement. we've had regulators try, they can't stop the movement. are we past that now that now these great governments, that somehow they can stop this? >> i certainly think so. bitcoin is head in america. i'm not sure if you saw that tweet there michael baylor, but the bitcoin mining news, this solidified china's decision, reestablishing in the west which i think stabilizes the network and also demonstrates the resiliency of the bitcoin network. half of the mining was eventually taken down, offline for a short period of time, and the network didn't crash, it didn't suffer any service disruptions, bitcoin didn't go to zero like peter schiff wants. and the bitcoin wants to assert itself as the first network designed to survive a global
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war, well, this is a proof of concept test because a distributed network can't be -- while keeping the internet on. charles: i know you started this economics passion if project a few months ago, you're teaching people about investing in crypto. i think it's fantastic. i urge everyone to check that out. check you out on twitter, you are absolutely fantastic, and i hope we can get you back again real soon. >> thanks so much for having he if, charles. charles: see ya. folks, if you want to make a lot of money in the stock market, there's one secret ingredient9 you must have. we've got the market bros up next right after the break. ♪ ♪ as a dj, i know all about customization. that's why i love liberty mutual. they customize my car insurance, so i only pay for what i need.
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flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. charles: so historically october's the mt volatile month for the market, but also the month that sees september weakness morph into a launch pad for a year-enrally. i want -- year-end rally. scott loeb, mark luna. both of you guys are passionate -- rob luna. something struck me, my mission is to mentor anyone who is willing to put in the hard work to secure their own investment
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for their tush. you know, i think that's -- for their future. you kind of rely on social media, you yet these tips, and we used to call them water cooler tips. you've got to put a little more elbow grease in, isn't that true? >> exactly, charles. and being a cuban-american, yourself african-american, the numbers are horrible charles. less than 10% of latinos are invested in the market, 13% of african-americans, and my academy, minorities represent over 75. i'm really proud of that. we need to start educating these people. there's a lot of wealth that's being built and created in this market, but people need to get in. but they immediate to spend the time to do it the right way. it's not reading news clips, it's really understanding how to analyze, manage risk and invest in good, quality companies. charles: and we've had this record a amount of money pour into this market, and this is one of the biggest tests the last few weeks for them. what is the key thing they should take away from pit, that they should understand?
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>> i like the term hard work, charles. and rob's been great at that mantra his whole career. the hard work for me is the emotional aspect. you talk about the new investors, rob talks about the minorities that these to trust the system which, you know, it's hard, number one. number two, think about your emotions when you invest. people too many times compare themselves to other investors, to compare themselves to that half brother, that half sister, that half cousin that has that great idea, investment oil or cannabis that went crazy. you've got to understand your own psychology. you know what you expect out of it, what you can take on both the upside and downside and how you're going to deal with it. charles: let's go to nexts week because we talked a lot about this week. squid games, will that make netflix a buy before the earnings, scott? >> we already own it, man, and i got raked over the coals in may when we took over our managed stock portfolios this favor of
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amazon. so we took out amazon which was taboo to ever sell and bought netflix. let's look at the chart, that was actually a pretty good move. you know what's funny too? i don't like squid games. i don't think it's that good. but i think a lot of the concept, their numbers should look pretty good this past quarter, so i like netflix going forward especially into q4. charles: rob, are you a buyer or other than, and if not, what do you like right now, rob? what's a fresh idea since we spoke last? >> i think scott's a better stock critic than media -- stock picker than media critic. i've been binge watching it all week. all these companies are good, not trading around them. what i wanted to bring, i know i was coming up, i wanted to bring a fresh idea. that idea is symbol tigr, it's
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up fin-tech. look, there's some controversy surrounding this. it's a chai these-based company -- chinese-based company. take a look at this though, a big move into to give it another shot over the weekend, and i do like netflix. guys, have a great weekend. liz claman, what a way to end the week. you've got an hour to go -- liz: i head it through two episodes. i was forced in a tradeout with my husband and son. they have to watch mare of easttown, and i have to watch squid game. i'm getting there. charles: all right. liz: thanks, charles. it is a friday free-for-allen on wall street. it's the first week of earnings season, the market shooting higher. the dow, s&p and nasdaq are all up dramaticically, but the past two days have been absolutely insane. with the dow up 404 points, that is a

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