okay like microsoft at 34 times which i own. i'm not sure what your point is. >> no, no, no. so you -- you're okay with the high valuation stock as long as it's growing earnings which is my premise stocks that are growing earnings fasterthan the market should trade at a higher valuation so you don't seem to have a problem with valuation with tmo, and i don't either, by the way the stock looks amazing, but i think you and i agree, actually, on this concept more than you think we do. >> i think that's probably right. let me concede that point that we do agree more than we concede. there's something in the way you and i interact which sometimes has a friction to it, josh, for which i feel bad, however, i will point out back to the top, i still own google at 26 times forward earnings and at the same time i own gm and here's another point of agreement you own it, too, at eight times forward earnings it has a lot to do with the growth rate, but i think where you and i disagree and i think this is important is i think you believe more than i do that the market gets priced right i st

microsoft's up 51.5% year to date and microsoft is the outperformer of the group, josh, at 69.5% rather than try to read into the minds of these big, famous investors, just what about the idea, as you view the market, josh, these stocks have gone up a lot this year. they've been the place to be in large respect. is it time to re-think these things when you look at a horizon where you see rates moving higher? >> so i don't -- i guess i don't look at it as a rates play up or down to own the best companies in the world, and i understand why you would see some money out of amazon and if you're running a hedge fund comp theetitively it's a lot of pressure in a large position in a mega-cap stock going nowhere. most people don't feel that pressure because they're not playing the same game. they shouldn't be reacting to filings of 45 days ago as though there is some requirement that they play along. a really great example of why this isn't important we would all agree that one of carl icahn's greatest trades of his whole career is apple. he correctly identified it was a way undervalued, mispric

that big tech is still underowned as you suggest it's over owned and she said it's not that apple, microsoft and amazon's active portfolio weights are one to two points below the s&p 500 waiting indicating shares are still under owned. >> right >> so, i don't know what you do with that, but this seems to be a very interesting piece of research not to mention the fact that it's almost like you can't discuss apple and microsoft in the same way that you talk about other tech stocks because yes, there are valuations from a historical standpoint may be higher or the highest that they've ever been. they're still deemed by some to be cheap, if not value stocks and at the same time, defensive, and that's why money's going continue to go there >> well, you have to say free cash flow. >> microsoft is 6.4% of the s&p 500 and that's a big, big weighting. >> apple say 6% weighting and i still own a lot of apple, but i'm not going to be overweight i don't think that's a prudent thing to do as a portfolio manager. i don't want to become a faang portfolio. that's just not my style, so yes, i agree that they

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actually exploded to the upside particularly in microsoft, scott. so i had to take them off. just trying to be disciplined. i was buying short-term options anyway they moved rapidly as microsoft fought against some of the moves other places so i just determined, you know what, i'm going to take both of these off then reassess this week. so i'm already starting to see some interesting paper in other unusual option activity in a monster big cap tech as well so i'll give that one for you when we do the unusual later on. >> meta platforms. still got to get used to that. all right. pete tesla. >> yeah. >> the momentum to beat rolls on another new high today up 45% in a month and you bought more calls just going to keep riding the momentum all the way up? >> i am. item i'm going to continue roll with with them. in october, it was 853 bucks and it's gone up every day the monster we've seen in there, buying more upside has been right, right, right. eventually, it will be wrong, but for now, they continue to roll up. last week, we had two monstrous hits in t

you bought microsoft and why take profits in the other? >> microsoft just got way too big. it has been our largest position for years. it just got too big and we had to trim it down. we are overweight large cap tech for just a host of reasons, you mentioned some of them, but the technology adoption in the post-covid world has only been accelerated and these are the leading companies that -- that are basically participating. collectively they've done about $130 billion in capex over the last 12 months so we should expect new innovations, new products, new markets coming out from that capex. if you look at their free cash flows, roughly 4% to 7%. that's against the market and the s&p, x, and these large cap techs is roughly 6.5%. so while they're trading at higher multiples of cash flow their growth rates are double the market the margins are double the market and every investor has to recognize that with the growth of indexing, roughly 25% of all monies going into the s&p are going into large-cap tech. so you have to have an overweight in these names. >> why did you -- why a

that supports my opening remarks in which i suggested that there will be a resiliency for the apple, microsoft, facebook, alphabet-type of mega-cap equity names. they are delivering double-digit revenue growth they are conducting their business with strong, operating leverage and margins and they're generating significant free cash flow so i would agree with that and that's where this kind of differentiation sets itself into place for technology, and i also think it kind of plays a little bit back towards what kathy was speaking about this morning, if you look forward over a five to ten-year period i don't think many of us would be surprised if i said kathy would enjoy a positive annualized return the question becomes is it a single-digit return or a double-digit annualized return in the here and now the problem that kathy has is that her strategy, unfortunately, is so highly correlated to whether deflation takes hold, inflation takes hold and the position of interest rates and that's a difficult position to be in right now. see i kind of fall back upon when you're in the environment and when

microsoft surface devices, orchestrated by cdw. they adapt to each user and deliver multi-layered security, so your workforce gets seamless experiences wherever they roam. for devices that fit your unique workforce, trust microsoft surface and it orchestration by cdw. people who get it. >>> well, my vision is to use disney plus as the platform for the metaverse. i think it really blends our physical beings with our digital beings and creates a three-dimensional canvas otherwise it's a park experience or a movie experience or it's a book experience. i think those all come together without boundaries, without borders, without constraints, and our creatives are just biting at the bit to get into the disney metaverse >> seems everybody's talking about the metaverse these days including disney's ceo bob chapek i want to find out to my committee members and find out if they're even thinking the metaverse. are you playing this yet >> of course i think first of all defining the metaverse is like defining transitory it's a different definit

and willing to buy oracle, you're buying software companies no difference in buying bitcoin than microsoft is my argument. it's a software. ethereum is a software people should take note. a lot of people don't know sitting around the dining table thanksgiving in the last 12 months, $3 trillion worth of economic transactions have happened on ethereum that's a lot of capital. and it's happening every second. ethereum is a little slow and i'm taking bets on other platforms and all software development. that's what this crypto thing is about. maybe you want to trade bitcoin. i buy these positions and hold them for the long term and leaving tonight to go to abu dhabi because all these leaders and development teams are going to be there and spend eight days talking to all of them this is going to be one of the largest gatherings of crypto in the world ever i have to be there >> okay. pete, no crypto for you or do i just not have it on my sheet >> i have some exposure, scott, but nuthing to the extend of what we're looking at when kevin is talking about some of these various names. i'm in specifi

it's microsoft it's apple and the other stocks like that, what do you make of that >> there are two parts to what i said one is the comparison to intel and ibm and i don't see the comparison there i see very long term business model problems like ibm and intel that i just don't see with cisco. i see a temporary supply chain issue with cisco, but you raise a very good point. when you compare this to amd or nvidia, obviously, it looks terrible i would submit to you that just about any stock in the world would look terrible when you compare it to nvidia and that's definitely not the metric that i would use. i have a portfolio of stocks and i have high-flying shoot the lights out stocks. qualcomm, for instance is one, but there are others that i'm looking to be my steady eddie returners. it has performed, including its dividend, just above its s&p 500. it's had some good years and bad years. as long as that demand is intact which i believe it is and there is a short-term supply chain issue which i believe it is, then it would continue to be a slight outperformance of the s&p 500. i cannot com

how do we define that the names and the largest holding is microsoft and other large holdings, google they tend to be service driven rather than hard parts and they're less geared to inflation mishaps and supply disruptions our view is that priced right, long term growth characteristics where they're building an enormous amount of book equity, that these type of companies are going to do well, and how can you be bullish about the market, and we think that after the fed yesterday we're in this melt up scenario for a little bit and as david tepper talked about on the show, if rates stay tethered you can get this kind of an environment and we'll talk about the fed later, i know, but how can you be bullish on the market given the construction of the market, on a market cap basis without still being constructive on these names there's going to be volatility around rates and there's going to be volatility around regulation and that's part of what we get in these >> that's what we've talked about and it's garth versus gap, the growth at a reasonable price versus growth at any price and the s

same thing with microsoft. obviously tesla has a deal with elon musk's tweets and his polls and occasional sales now, as well, but other than that, tech is just fine, scott, and i think we will continue to do just fine in fact, we just shot over to preshant and his team and the s&p 500 that just showed 73,000 calls being bought at the december 472 strike. that's only about 1.5, 1.7% out of the money right now certainly, we could get there like that, but that's a big $29 million bet because those were $4 options and they bought 73,000 of them and they're controlling $3.4 billion worth of stock for that purchase, so i would stack that up against some of the outflows perhaps that retail has taken versus a big institutional size trade like this that says we're going higher into december and like i say, that's a pretty big bet i want to ride with those big bets rather than people that are not dumb, but that are bakley balancing their positions, perhaps. this is the end of the year and i'll ride this thing higher and

not two seconds ago, gina francola e-mails that microsoft hits a new all-time high, and then i see nvidia is reporting after the bell today and that's been an incredible stock it's the best-performing stock in the nasdaq 100 this year. anastasia, i'll come to you in a second, but brenda, i noticed you trimmed nvidia are you thinking there's exhaustion in some of the highest of high-flying tech stocks >> i think with nvidia, as you mentioned, this is one of the best-performing stocks of the year it's up 40% just in the last month and really since we first established a position in march of last year, it's up more than 350% so it's clearly been a phenomenal stock we think the fundamentals of the company are still likely to be incredibly strong, and we have to ask ourselves where the expectations have gone here for a beat and the raising of expectations, so even though we continue to really like this company and really like the positioning within the semiconductor industry with the faster growing, innovative parts business, we believe this is the trim some areas of the market are a little ov

landscape i will happily take general motors at eight times earnings with the autonomous vehicle, that has microsoft as an investor walmart as an investor and oh, by the way, has a competing van in bright drop that has orders from fedex in this now huge space with a lot of competitors. i will take general mores over rivian any day of the month. >> this is a couple of days only after the infrastructure bill passes. >> sure. >> when you had all of the momentum post that vote and the money flowing into ev-related stocks >> you literally couldn't have timed this any better. >> fantastic timing and i don't know if you have the ability, scott, and there is a wall that we have created that shows the projected sales of electric vehicles in the united states. this gets to jim's comments about how much demand is out there. it is accelerating and it was expected originally by most that we would see 1 million in annual ev sales by 2025 take a look at the data now. the expectation is that we will hit 1 million in annual sales by 2023 2 million by 2025. so it is accelerating. that does not mean that rivian will b

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