>> ON THE FLOOR OF THE NEW YORK
STOCK EXCHANGE AND GOT THE
AMERICAN RED CROSS WITH A
VIRTUAL CELEBRATION HERE AT THE
NEW YORK STOCK EXCHANGE IN THE
FINANCIAL DISTRICT AND STAG
WELL UP THERE AT THE NASDAQ IN
TIMES SQUARE. LET'S TAKE A LOOK
AT HOW MARKETS CLOSED. THE
FIRST OFFICIAL TRADING DAY.
SEPTEMBER AFTER SAID IN
THE STREET WHEN THE MONTHS OF
GAINS FOR THE
MAJOR INDEXES AND WE SEE THE
NASDAQ HITTING A NEW RECORD
HIGH AS WE KICK OFF A NEW
MONTH, THE NASDAQ UP 3 TENTHS
OF A PERCENT IS A PRETTY STRONG
GAINS IN TECH NAMES AS THOSE
BOND YIELDS STAYING STEADY
AFTER SOME
>> INDUSTRIAL AVERAGE CLOSING
DOWN ABOUT ONE 10TH OF A
PERCENT REALLY AND A LITTLE
CHANGED RIGHT NEAR RECORD HIGHS
ACROSS THE BOARD WITH THE
NASDAQ CLINCH, A NEW
ONE TODAY AHEAD OF THE ALL
IMPORTANT JOBS REPORT THAT WILL
GET ON FRIDAY. WE SEE IT.
>> OUR CHRIS I'M GOING TO STICK
WITH THE MAJOR AVERAGES HERE
AND BRING IN MARK LEHMAN CEO OF
JMP SECURITIES MARK THANK YOU
SO MUCH FOR BEING HERE WANT TO
GET YOUR TAKE ON THE FIRST DAY
OF ACTIVITY IN SEPTEMBER WITH
THE DOW KIND OF PULLBACK
BUT INVESTORS SEEMINGLY PILING
INTO TECH WITH THE NASDAQ UP
AROUND 3 TENTHS OF A PERCENT
AND THE S AND P ALSO UP JUST
FRACTIONALLY.
>> WELL IT'S KIND OF WHAT'S OLD
IS TECH IS PERFORMED IN THE
LAST FEW.
HAD A LITTLE BIT OF A LESS OF A
PERFORMANCE OF THAT FIRST PART
OF THE YEAR AS THE QUOTE
UNQUOTE OLD ECONOMY TRADE WAS
ON BUT AS WE LOOK AT COVID
CONTINUING IN DELTA
VARIANT CONTINUING. THE OLD
ECONOMY IF YOU WILL IS BEING
OVERTAKEN BY THE NEW ECONOMY
AND HATE US TURNS I CAN SAY
THAT AGAIN AND WE'RE GOING TO
SEE THAT PLAY OUT I THINK
THROUGH THE REST OF THE YEAR
BECAUSE THESE TRENDS ARE NOT
GOING
TO ABATE AND THE BIG TECH AND
SOME OF THE THINGS THAT ARE
HAPPENING AND THE DIGITIZATION
OF OUR ECONOMY IS NOT SLOWING
DOWN. AND THAT'S WHY THE STOCKS
ARE WORKING I EXPECT THAT TO
CONTINUE.
>> YOU KNOW IN TERMS OF THE SNP
WE HAVEN'T SEEN A RALLY LIKE
THIS SINCE I BELIEVE 1997 WHAT
DO YOU THINK IS DRIVING THIS
ISN'T JUST A.
>> FEAR OF THE OF COVID VERY
THE DELTA VARIANT
OF COVID AND KIND OF A RETREAT
IN GOING INTO MORE DEFENSIVE
STOCKS OR THERE'S SOMETHING
ELSE AT PLAY HERE.
>> I THINK IT'S A BUNCH OF
THINGS I THINK WHAT THE PROBLEM
WHEN YOU HAVE TRENDS. IS TAKING
THAT THEY'RE GOING TO REVERSE
OR ANOTHER GIRL BACK IN AS WE
BOTH KNOW AS WE ALL KNOW
THESE THINGS GO ONE DIRECTION
THEY KIND OF ACCELERATE SOME OF
THE THINGS THAT ARE GOOD ON THE
ECONOMY. WE REALLY DON'T THINK
ARE GOING TO CHANGE SO.
WHAT WE SEE WITH PEOPLE
ORDERING ONLINE PEOPLE
OBVIOUSLY WORKING
FROM HOME PEOPLE GETTING MORE
COMFORTABLE DOING DIFFERENT
THINGS FROM THEIR PHONE TO FROM
THEIR COMPUTER BEFORE THAT JUST
MORE COMFORTABLE DOING TO
WORKING FROM HOME SHOT I THINK
CENTER ETCETERA THOSE TRENDS
ARE EXCELLING AND IT'S VERY
HARD TO SEE THOSE COMING BACK
IN ANY MEANINGFUL WAY SHAPE OR
FORM FOR NOW SO I WE CONTINUE
TO THINK THESE TRENDS ARE GOING
TO CONTINUE AND I THINK THE
INVESTORS ARE SAYING THAT FOR
THE LAST FEW WEEKS AND MONTHS
BECAUSE WE KEEP SEEING THE
STOCKS DO BETTER AND I DON'T
THINK THAT'S GOING TO
CHANGE COMING. FOR THE BACK
HALF OF THE YEARS IN FACT I
DON'T THINK THAT'S GOING TO
CHANGE FOR A LONG TIME.
>> SPEAKING OF TRENDS, I GUESS
OF SORTS THIS JOB MARKET AND
WHAT WE SAW TODAY OBVIOUSLY
WITH THE PRIVATE PAYROLL DATA
THAT CAME OUT SO IT SHOWED
IMPROVEMENT FROM
THIS MONTH COMPARED TO LAST
MONTH BUT AGAIN IT WAS QUITE
SUBSTANTIALLY OFF FROM WHERE
ESTIMATES ADDED AT WE OBVIOUSLY
HAVE JOBS CLAIMS COMING
TOMORROW THAT BIG JOBS REPORT
COMING ON FRIDAY.
WHAT DO YOU THINK THE PICTURE
IS GOING TO PAY THAN I'M
GIVING YOU KIND OF THE TASK OF
HAVING A BIT OF A GLASS BALL
AHEAD OF THESE 2 REPORTS COMING
UP, BUT IT'S BASED ON WHAT WE
SAW TODAY. WHAT IS THE PICTURE
THAT'S BEING PAINTED IN TERMS
OF THE LABOR MARKET.
>> I THINK THE PICTURE OF A
TIGHT LABOR MARKET CONTINUES.
I THINK A PICTURE OF WHERE BACK
TO NORMAL WHICH IS WHAT A LOT
OF US HOPE 4.
INCREASED USE IS THAT THE
VACCINES AS A VARIANT WHICH
OBVIOUSLY IN THE FIRST PART OF
THE SUMMER WAS NOT A STRONG WE
HOPE FOR THAT AND THAT'S
NOT HAPPENING. BUT WE'VE ALSO
SEEN AS A BIG DIMINUTION I
THINK IT BOOKINGS FOR HOTELS
BUT YOU DIMINISH AND TRAVELED
SOME OF THE THINGS THAT WORK
ACCORDING TO THE BACK TO NORMAL
TRADE. AND I THINK THAT'S
CONTINUING AND AS FALL BEGINS.
AND WEATHER COOLS WE START TO
MOVE
MORE INDOORS. SOME OF THAT
INCREASE THAT WE SAW THE FIRST
PART OF THE SUMMER WE'RE
STARTING TO SEE IN QUEENS OF
THAT CHANGING FOR SOME EXPECT
CHANGING RAPIDLY SO I WOULD
EXPECT THOSE THINGS ENGEL WE
COME THROUGH THE JOBS REPORT
THAT WE'RE GOING TO SEE
AND AGAIN THAT POINTS TO SOME
OF THE STOCKS THAT ARE WORKING
WITH THE WORK FROM HOME STOCKS
THE ORDER FROM HOME STOCKS AND
SORT OF WHAT WE SAW COUNTER
2021 AND THAT'S THE EARLY PART
OF THIS YEAR WE'RE GOING TO SEE
FOR THE REST OF THE YEAR.
AND I THINK THAT'S WHAT'S
LEAKING INTO THE MARKET AND
WHAT THE TECH STOCKS ARE
WORKING SO MUCH BETTER THAN
THEY WERE IN THE FIRST PART OF
THIS THIS YEAR.
>> YOU KNOW SOMEONE HERE NOTES
THAT YOU SENT THAT YOU SAY
DELTA FEARS WILL NOT WANE AND
THE TRAVEL WILL CONTINUE TO
HALT PERHAPS I WAS REALLY IT
DIDN'T KNOW AND IT'S IT OUT FOR
ME JUST
BECAUSE YESTERDAY A RYANAIR
OBVIOUSLY A EUROPEAN AIRLINE.
I THINK THE BIGGEST IN
NEW YORK CAME UP PRETTY BULLISH
SAYING THAT IT'S INCREASING ITS
EXPECTATION FOR THE NUMBER OF
PASSENGERS, IT SEES A
10.5 MILLION A MONTH THAT'S UP
500,000 THAN IT WAS BEFORE IT
ADDED KIND OF KNEW ROUTED
THINGS THAT THE REOPENING IS
UNDERWAY IN EUROPE AND IT'S
GOING TO CONTINUE TO SAY THAT
THEY'RE KIND OF PAST THE WORST
POINT THE DELTA AND I THINK
SOME PEOPLE ASSUME THAT'S WHAT
WE'RE GOING TO SEE HERE WITH US
AIRLINES IN THE NEXT FEW WEEKS
OBVIOUSLY BE US KIND OF LAGGING
BY A FEW WEEKS WHEN IT COMES TO
EUROPE, YOU'RE ON THE FLIP SIDE
OF THAT.
>> I THINK IN THE NEAR TERM
WE'RE NOT GOING TO SEE THAT
KIND OF INCREASE I THINK POST
LABOR DAY PEOPLE HAVE GOTTEN A
LITTLE BIT OF A I
HAVEN'T SEEN. MOM I WON'T SEE
MY GRANDPARENTS IN A VERY LONG
TIME THEY SORT OF HAVE SOME OF
THAT OUT OF THEIR SYSTEM.
BUT THEY'RE ALSO SEEING AND I
THINK I'M SEEING IN MY PERSONAL
LIFE IS PEOPLE ARE NOW KNOW
PRETTY MUCH EVERYBODY HAS GOT A
BRIGHT BREAKTHROUGH INFECTION
BECAUSE OF DELTA.
I THINK EVERYBODY'S CAN KNOW
SOMEBODY WHO KNOWS SOMEBODY OR
AT LEAST AS A FAMILY MEMBER WHO
HAS THAT THAT ALONE WILL STILL
PEOPLE'S TRAVEL. I THINK
FOR AT LEAST THE NEAR TERM AND
I THINK AGAIN AS IT GETS COLDER
AND IT GETS MORE INDOORS, WE'LL
SEE MORE OF THAT RYANAIR MAY
BE RIGHT.
OFFICE OFF BASE FOR COUNTER
TWENTY-TWENTY GOING TO START
RAISING CAPACITY AND EXPECT THE
U.S. AIRLINES TO HAVE DONE
THAT ALREADY. BUT I'M ALREADY
SEEING LOADS THAT ARE GOING
DOWN I'M ALREADY SEEING FLIGHTS
THAT I THOUGHT ABOUT TAKING AND
THE COSTS OF THOSE FLIGHTS
COMING DOWN AND THAT'S WHAT I'M
LOOKING AT AND THAT'S WHY I
THINK WE'RE GOING HAVE A LITTLE
BIT OF A DIMINUTION TRAVEL AND
I EXPECT IT TO LEAK THROUGH THE
NUMBERS THE NEXT FEW WEEKS AND
MONTHS.
>> AS THE SONG WE NOTE HERE A
PELOTON AND ONLY A BULLISH ON
THOSE 2
PELOTON I I GUESS A SENIOR BUSH
ON THAT JUST AT THE RATE IT'S
GOING OUT AND MOVING THAT WE
SAW IN LAST COUPLE OF DAYS.
IT SEEMS TO BE DISCOUNTED IS AT
THE CASE.
>> YEAH, I MEAN LISTEN THEY HAD
A LOT OF ISSUES THAT.
OBVIOUSLY WITH THAT RED AND
SOME THINGS SOME SLOWING GROWTH
BUT I THINK THE PRODUCTS ARE
ABSOLUTELY UNIQUE TO THE TOP
THE LINE I THINK THIS FITNESS
TREND FROM THIS KIND OF MOBILE
FITNESS TREND THAT PEOPLE CAN
DO ON THEIR OWN IS REALLY
ACCELERATING AND I THINK THEIR
MODEL IS THE BEST ONE OUT THERE
SO I EXPECT THAT SO YES THEY
FACE A FAIR AMOUNT OF
CONTROVERSY IN THE LAST
6 MONTHS. I THINK WE'LL START
TO LAUGH THAT A LITTLE BIT UP
AND ATTENDED AND I THINK
THEY'RE GOING TO REALLY GET THE
KIND OF GROWTH RATE IN THE KIND
OF USE THAT WE'VE SEEN ALL
ALONG AND THAT'S WHY I THINK
THE STOCK'S GOING A
LOT HIGHER.
>> AND THEN WHAT ABOUT DOMA
THAT'S ONE THAT EVEN I HAD TO
LOOK UP NOT AS FAMILIAR WITH
THAT, I KNOW IT'S KIND OF IN
THE REAL ESTATE SPACE WE
OBVIOUSLY HAVE SEEN JUST A RED
HOT REAL ESTATE MARKET BREAK
THAT ONE DOWN FOR US.
>> SO DON'T RECENTLY THE SPEC
COMPANY.
IT HAS BEEN TRADING ITS OWN WAY
FOR ABOUT A THEIR DIGITIZING
THE CLOSING PROCESS THE
TITLE PROCESS THAT FRANKLY FOR
ALL OF US, IT'S BASICALLY THE
SAME PROCESS THAT OUR PARENTS
AND OUR GRANDPARENTS HAD THAT'S
ONE OF THOSE THINGS THAT
FRANKLY HAS NOT CHANGED.
WHILE WE'RE BUYING CARS FROM
COMPANIES LIKE OUR BOTTOM LINE
WE'RE SENDING MONEY OR FRIENDS
AND RELATIVES VIA VENMO THIS
PROCESS HAS NOT CHANGE
THIS COMING. 2 TIES THAT
PROCESS FOR THE FUTURE AND THEY
HAVE SOME UNBELIEVABLE
ALLIANCES WITH SOME VERY
WELL KNOWN BANKS AND THEY'RE
GOING TO TAKE SOME OF THESE
THINGS THAT ARE SO TITLE.
WARRANTY. VALUATION.
ALL THESE ASSUMPTIONS THAT WE
ALL HAVE THAT THESE THINGS WILL
NEVER CHANGE THEY'RE GOING TO
CHANGE AND THIS COMPANY IS THE
BEST PLATFORM TO
DO SO AND WE'RE GOING TO
ACCELERATE THE PROCESS OF
CLOSING THEIR LOWER THE COSTS
OF IT AND YOU AS A BUYER GOING
TO
LOVE IT AND THAT'S WHY I THINK
THAT WILL BE A GREAT NAME TO
PLAY FOR THE NEXT 3 TO 5 YEARS
IT WENT PUBLIC TO BUY US BACK
SO IT WENT PUBLIC A $10 CHAIR
LIKE
ALL SPECS TRADED DOWN SOMEWHAT
SUBSTANTIALLY AS THAT KIND OF
CHURNING HAPPENED FROM THE NEW
SHAREHOLDER BASE. IT'S AN
EXCELLENT ENTRY POINT
MANAGEMENT IS FORCED ARE GOING
TO WANT TO WATCH THIS ONE AS
THEY CONTINUE
PLAN DIGITIZATION WHICH IS WHAT
WE'VE BEEN TALKING ABOUT HERE
FOREVER WHETHER IT'S GRUB HUB.
IT'S DOCU SIGN WHETHER IT'S
LEMONADE.
THIS IS ONE OF THOSE THAT
YOU'RE GOING TO BE TALKING
ABOUT FOR
A WHILE.
>> INTERESTING YOU KNOW I THINK
TO YOUR POINT THERE IT WAS A
JOY COMES THE REAL ESTATE
MARKET THE ARCHAIC PRACTICES IF
ANYONE WHO'S BOUGHT A HOME.
ANY AN LAST COUPLE OF YEARS
YOU'VE CERTAINLY
IS POSSIBLE LENNY ALL YOUNGER
GENERATION, YOU CERTAINLY FEEL
LIKE THIS COULD BE DONE BETTER
SO IT CAN SEE THIS COMPANY KIND
OF ATTEMPT TO STREAMLINE THAT
PROCESS CERTAINLY MAKES SENSE.
I WANT TO GET YOUR SENSE OF
SEPTEMBER
TRADITIONALLY STEM IS NOT A YOU
KNOW MOVEMENT MONTH, USUALLY
ONE THAT KIND
OF LAGS AUGUST SO WE COULD WE
COULD HAVE SAID THE SAME THING
IT AUGUST WE HAVE SO MANY
RECORD IN AUGUST. YOU KNOW
BETWEEN THE
MAJOR INDEXES. WHAT'S YOUR TAKE
ON THE ACTIVITY THAT WE'RE
GOING TO SEE OR COULD SEE IN
SEPTEMBER WOULD IT BE THE
NONTRADITIONAL ACTIVITY THAT WE
SAW IN AUGUST.
>> WELL SEPTEMBER HAS
BEEN A VERY DIFFICULT MONTH FOR
THE MARKET HISTORICALLY AND I'M
TALKING ABOUT THE COURSE OF THE
LAST 100 YEARS NOT THE LAST 5
OR 6 YEARS. SO LET'S REMEMBER
IF YOU TAKE THOSE HISTORIC
SINCE BEEN AND MARKET THAT HAS
NOT BEEN
I THINK WE'RE GOING TO SEE LOTS
OF DATA POINTS OBVIOUSLY FOR
THIS REOPEN TRADE AND WHAT'S
GOING ON WITH COVID I THINK
ALSO SEE A FAIR AMOUNT OF
CAPITAL MARKETS ACTIVITY YOU'RE
GOING TO SEE A LOT OF THE
STACKS ARE GOING TO SEE A LOT
OF IPOS YOU'RE GOING TO A LOT
OF QUESTIONS ANSWERED AND FOR
THE RE STILL YOUNES OF THE
MARKET I SEE THE PICS CLOSE IT
KIND OF IN THE MID TEENS THAT'S
A PRETTY BULLISH SIGN THAT
PEOPLE ARE EXCITED ABOUT THE
MARKET GOING FORWARD THE NOT
FEARFUL. I THINK YOU'RE GOING
TO A LOT OF DATA POINTS IN
SEPTEMBER THAT WILL TELL YOU
THE RECIPE HERE, BUT I THINK
WITH RATES WHERE THEY ARE THAT
KIND OF ECONOMY HUMMING IN TECH
WORKING WITH
THE WAY AS AND EXPECT A
CONTINUATION OF AUGUST TRENDS
IN THIS SEPTEMBER. SO THAT'S
WHAT I'D BE LOOKING FOR IF YOU
SEE RECEPTIVITY BY THOSE IPOS
AND SPECS THAT ARE COMING
PUBLIC. THAT'S A GREAT SIGN FOR
THE REST OF THE YEAR.
>> YEAH, I THINK TO YOUR POINT
SEPTEMBER IS GOING TO BE A BIT
OF A BELLWETHER FOR SO TO SPEAK
I THINK THE FIRST BIG REPORT
THERE ARE OBVIOUSLY GOING TO
GET IS ON FRIDAY WITH THAT JOBS
ARE PORT AND THEN A TON OF DATA
TO COME THAT YOU KNOW IT WOULD