>> OK, THAT'S IT
>> YES, YOU KNOW VERY QUICKLY,
BRAD BEFORE I BRING IN MY
GUESTS, THERE IS SOME SENSE
THAT WE THE MARKETS ARE A
LITTLE BIT OVERSOLD LAST WEEK
WE SAW THE WORST WEEK SINCE
MARCH AS FAR AS THE MARKETS GO
A LOT OF THE NEGATIVE FACT
THERE'S KIND OF CONVERGING ON
THEMSELVES. THEY LACK OF
STIMULUS RISING CORONAVIRUS
CASES AROUND THE
COUNTRY AND UNCERTAINTY AROUND
THE ELECTION. BUT IT LOOKS LIKE
INVESTORS AT LEAST FEEL LIKE
THERE MIGHT BE SOME KIND OF
CLEAR WINNER COMING
OUT OF THE ELECTION TODAY OR
TOMORROW, SO DON'T BRING IN OUR
GUEST EARNING A SNAP TO BREAK
DOWN TODAY'S MARKETS ON THIS
VERY IMPORTANT
ELECTION DAY IS CALEB SILVER
EDITOR IN CHIEF OF INVESTOR
PDA CALEB ALL RIGHT GLAD YOU'RE
HERE WITH US TODAY BECAUSE HELP
US UNDERSTAND BEST FAR IT WAS
ABOUT VOLATILITY IS ABOUT
UNCERTAINTY INVESTORS BEING
NERVOUS ABOUT A CONTESTED
ELECTION. BUT THIS WEEK WE'VE
SEEN A LOT OF GREEN OKAY LOVE
WHAT IS GOING ON THIS WEEK.
>> WHAT DO YOU KNOW THAT TODAY
IS THE BEST ELECTION DAY RETURN
SINCE
1984 SO IT'S VERY UNUSUAL AND
THERE'S SO MUCH UNCERTAINTY
LAST WEEK THERE WAS A 6% DROP
IN THE MARKETS
LAST WEEK WE'RE BACK ABOUT 3 OR
4% SO YOU COULD CALL IT A
RELIEF RALLY, YOU COULD CALL IT
PEOPLE SAYING WE'RE FINALLY
GETTING TO THIS DAY AND WE WILL
HAVE
SOME CERTAINTY WHETHER IT'S
TOMORROW THE WEEKEND OR IN A
COUPLE OF WEEKS SO THAT'S WE'RE
GETTING OVER THAT HURDLE.
BUT THE RALLY WAS PRETTY BROAD
BASE TO BREATH AS WE LIKE TO
SAY WAS ACROSS SECTORS EXCEPT
FOR ENERGY BUT VERY STRONG WHEN
YOU LOOK AT FINANCIALS
INDUSTRIALS AND EVEN TECHNOLOGY
STOCKS WHICH MAY GETTING
BATTERED IN THE LAST FEW DAYS
IS THAT FAIR SECTOR HAS FALLEN
OUT OF FAVOR.
THE LAST 2 DAYS BEEN THIS BROAD
DAY SECTOR STRONG RALLY THAT
SHOWS YOU THAT INVESTORS WANT
TO PUT MONEY TO WORK AND THEY
KNOW THAT SPENDING IS COMING NO
MATTER WHO SITS IN THAT
OVAL OFFICE.
>> AND 3 MONTHS WELL CALEB JUST
HOW SHORT LIVED OR LONG LIVE.
DO YOU THINK THIS THIS RALLY
IS BECAUSE YOU KNOW AS YOU
MENTIONED THERE WILL BE MORE
SPENDING ACROSS DIFFERENT
CATEGORIES
REGARDLESS OF THE
ADMINISTRATION, BUT WE'RE STILL
IT SEEMS A WAYS AWAY FROM
STIMULUS WE'RE STILL SEEING
INFECTION RATES RISE IN CERTAIN
PARTS OF THE COUNTRY AS FAR AS
THE CORONAVIRUS SO HOW A LONG
GATED DO THINK THIS CURRENT
RALLY COULD ACTUALLY LAST.
>> WELL NOVEMBER IS TYPICALLY A
VERY GOOD MONTH FOR STOCKS
AS DECEMBER, ESPECIALLY IN
ELECTION YEARS EVEN IN ELECTION
YEARS AND YOU GET STRONG
NOVEMBER'S THAT SAID WE DO HAVE
THOSE OVERHANGS AND IF WE DO
GET THIS CONTESTED ELECTION AND
IT TAKES A COUPLE OF
DAYS TO TO SORT THINGS OUT AND
THERE'S A LOT MORE UNCERTAINTY
OUT EXPECT THESE GAMES TO
EVAPORATE VERY QUICKLY SO I
WOULDN'T GET USED
TO THEM AND WE SAW HOW FAST
MARKETS CAN TURN IN SENTIMENT
CAN TURN IN JUST THE LAST
COUPLE OF WEEKS, WE'RE HEADING
FOR A VERY
BROAD BASED RALLY COMING INTO
THE ELECTION UNTIL ABOUT 3
WEEKS AGO, BUT THAT
AS YOU SAY IS BECAUSE OF THE
SURGE IN CORONAVIRUS CASES THE
SHUTDOWNS THAT WE'RE SEEING IN
PARTS OF EUROPE, THE THREATS OF
THOSE COMING TO THE UNITED
STATES. ALL THAT WAS PRETTY
HEAVILY ON THE OTHER HAND WE'VE
SEEN VERY STRONG ECONOMIC
ACTIVITY IN THE MANUFACTURING
REPORTS CONSUMER SPENDING IS
HOLDING UP WELL PEOPLE ARE
BUYING TRUCKS PEOPLE BUYING
HOMES. THE TOP PART OF THE
CAPITAL MARKETS, THE FOLKS AT
MONEY AND THE HIGHER END OF THE
CAPITAL MARKETS HAVE DONE VERY
WELL HERE SO YOU DON'T KNOW
WHAT'S GONNA HAPPEN WE DO KNOW,
THERE'S STILL A LOT OF MONEY ON
THE SIDELINES THAT'S BEEN
HIDING IN GOVERNMENT BONDS GOLD
AND CASH SINCE THE BEGINNING OF
THE YEAR.
>> SO THAT MONEY THAT'S BEEN
HIDING ON THE SIDELINES THAT
YOU REFERENCE CALEB WHICH
CATEGORIES YOU THINK ARE RIGHT
FOR INVESTMENT WHICH SECTORS
ARE RIGHT FOR INVESTMENT AT
THIS POINT SINCE WE
HAVE SEEN A LITTLE BIT OF A
ROTATION OUT OF BIG TECH IN
RECENT WEEKS WHERE DO YOU THINK
THE MOST OPPORTUNITY LIES AS
FAR AS SECTORS GO.
>> SURE WELL IF YOU LOOK AT
WHAT'S HAPPENING IN UTILITIES.
IT'S VERY INTERESTING TYPICALLY
UTILITIES OR THAT CYCLICAL PLAY
BUT ALSO THE SAFETY PLAY
BECAUSE OF
THE DIVIDENDS PEOPLE ARE PILING
INTO BUT I UTILITIES NOW
BECAUSE THEY'RE EXPECTING
INFRASTRUCTURE SPEND NO MATTER
WHO GETS ELECTED. YOU'RE
OBVIOUSLY SEEING
THE GREEN, A RENEWABLE ENERGY
SECTOR SPIKE THAT MAYBE PEOPLE
THINKING THAT THERE MAY BE A
BLUE WAVE HERE YOU SEE THAT
HAPPEN, BUT IT ALSO HAS PARED
BACK IN THE LAST COUPLE OF
WEEKS AS THE POLLS HAVE
TIGHTENED A
LITTLE BIT. BUT WHEN YOU LOOK
BROAD BASE HEALTH CARE
OBVIOUSLY IS A PLACE IT'S GOING
TO GET SOME ATTENTION ONE WAY
OR THE OTHER THERE'S BEEN SOME
STOCKS HAVE DONE VERY WELL,
ESPECIALLY ON THE
PHARMACEUTICAL SIDE. WHEN YOU
LOOK ACROSS HEALTHCARE SERVICES
OBVIOUSLY THERE COULD BE SOME
MORE RUNNING ROOM THERE AND
THEN CONSUMER DISCRETIONARY
HAS DONE OK BUT MOSTLY FOR THE
ONLY THE E-COMMERCE RETAILER SO
WE KNOW THAT THERE ARE STILL
SOME SPENDING IF WE GET ANOTHER
STIMULUS BILL
WE'LL SEE MORE SPENDING IF WE
DON'T THAT SECTOR COULD BE VERY
RIGHT FOR
DECLINE BECAUSE CONSUMER
SPENDING WILL MAINTAIN ITS
STRENGTH AND AS WE KNOW THAT'S
2 THIRDS OF GDP.
>> CALEB YOU KNOW HONING IN
ON TECH A LITTLE BIT MORE WE
JUST SAW THE
CEO'S OF TWITTER AND GOOGLE AND
FACEBOOK OF ALPHABET AND
FACEBOOK AHEAD OF THE SENATE
COMMERCE COMMITTEE. JUST LAST
WEEK OBVIOUSLY REGULATION PRO
PROBABLY WON'T HAPPEN ANYTIME
SOON IN TERMS OF CHANGING
OR REPEALING SECTION 2.30 BUT
UNDER THE TRUMP OR BIDEN
THE ADMINISTRATION WHAT DO YOU
EXPECT FROM A REGULATORY
STANDPOINT THAT MIGHT ACT AS
A HEADWIND FOR THESE BIG TECH
NAMES THAT THUS FAR HAVE SEEN
THAT PRETTY INCREDIBLE RUN-UP
IN THE YEAR 2020.
>> AT THE 6 THAT THEY ARE THE
PEOPLE THAT FOR THE LAST WHEN
YOU'RE SO YEARS SO THEY'VE BEEN
ABLE TO TO USE THAT TO DO
ADVERTISING AND MAKE A BUNCH OF
MONEY AND A LOT OF PROFITS SO I
THINK IT'S IT'S I'M AMAZED AT
HOW THE DOJ HAS REALLY CIRCLED
AROUND HIS BACK TO BIG TECH
COMPANIES CLOSE TO THE
THE BECAUSE THEY HAVE BEEN VERY
STRONG IN THERE IN TERMS OF
THEIR MARKET RETURNS AND THE
TRUMP ADMINISTRATION LIKES TO
TAKE CREDIT FOR STRONG STOCK
MARKET SO THAT SURPRISED ME A
LITTLE BIT I DO THINK THE
REGULATION IS COMING THEIR WAY
NO MATTER WHAT NO MATTER
WHO WINS BECAUSE ON THE LEFT ON
THE PROGRESSIVE SIDE YOU SEE
PEOPLE WORRIED ABOUT THE WAY
THAT THESE PLATFORMS ARE USING
THEIR ADVERTISING AND USING
THEIR PRIVACY. IT
DANES INTO OUR LIVES TO GET
INFORMATION FROM US AND SELL IT
ON THE RIGHT YOU SEE THEM
WORRIED ABOUT PUTTING YOU
TAMPERING DOWN
CONSERVATIVE VIEWPOINTS AND
CONTROLLING THE MESSAGE THAT
GETS OUT TO PEOPLE SO I THINK
BOTH SIDES HAVE THEIR EYES ON
THE SECTOR AND IT COULD BE
VULNERABLE THAT SAID THERE ARE
MANY PEOPLE THAT SAY IF YOU
BREAK THESE COMPANIES UP
THEY'LL BE EVEN MORE VALUABLE
MAYBE NOT AS POWERFUL, BUT MORE
VALUABLE IF YOU LOOK AT THE SUM
OF THE PARTS YOU BREAK UP
AMAZON GOT AMAZON WEB SERVICES
YOU'VE GOT THE CONGRESS PARTY,
OBVIOUSLY WE ALSO HAVE THE
SHOPS AND YOU
HAVE THE YOU KNOW ALL THE OTHER
AREAS IT'S GETTING INTO GOOGLE
HAS A BUNCH OF DIFFERENT
BUSINESSES, NOT JUST
ADVERTISING SO IT MAY NOT HURT
THE SECTOR ULTIMATELY IT MAY
CAUSE SOME HEADWINDS AND
HEADLINE RISK. BUT I
THINK THAT REGULATORS ARE
ZEROING IN ON THAT DOESN'T
MATTER WHO'S GOING TO BE IN THE
OVAL OFFICE FOR THAT
TO CONTINUE.
>> YEAH, OKAY LET ME BRING UP
SUCH A GOOD POINT CONSIDERING
THESE COMPANIES IN DIFFERENT HE
SAYS THAT AS SOME BEING GREATER
THAT PIECE IS BEING GREATER
THAN THE SUM OF
THEIR PARTS. BUT I DO WONDER IF
YOU THINK THAT IS FEASIBLE DATE
DO YOU ACTUALLY THINK
REGULATORS WILL BREAK UP THESE
COMPANIES AND WHAT THAT MEANS
FOR THE SMALLER STARTUPS THE
SMALLER PLAYERS IS THERE EVEN A
CHANCE FOR THOSE SMALLER
COMPANIES WITHIN THE TECH SPACE
TO ACTUALLY CATCH UP.
>> WELL NOT IN SOME AREAS WHERE
AMAZON JUST REALLY HAS A
STRANGLEHOLD OVER
THE UN TIRE E-COMMERCE UNIVERSE
THERE IT'S GOING TO BE HARD TO
BREAK THROUGH THAT SAID A LOT
OF COMPANIES HAVE DONE WELL IN
ITS SHADOW AND GROWN
THROUGH THEM. SO WHEN YOU LOOK
AT THE COMPANIES THAT ARE
TAKING SHOTS AT APPLE AND
TAKING SHOTS AT GOOGLE EITHER
THERE IN THE ADVERTISING GAME
WEATHER APP CREATORS.
I THINK THESE COMPANIES ARE
LOOKING FOR MORE OPPORTUNITY
SOME OF THE BEST PERFORMING
SECTORS IN THE LAST 4 YEARS
UNDER THE TRUMP ADMINISTRATION
HAVE BEEN THESE APP CREATORS
AND OF ANY
AT MAKERS AND THE INTERNET
COMPANIES AND COMMUNICATIONS
COMPANIES THEY'VE DONE WELL IN
THIS ENVIRONMENT. I DO THINK
THAT THERE COULD BE
THOSE HEADWINDS AND THAT SO IF
YOU DO BREAK THEM UP THERE
MIGHT BE MORE OPPORTUNITY FOR
MORE GROWTH, BUT YOU CAN'T
ARGUE WITH THE FACT THAT
BECAUSE THESE THE MEGA TECHS
ARE SO BIG THEY CARRY THE
WEIGHT OF THE STOCK MARKET WITH
THEM STOCK MARKET RETURNS IN
THE LAST FEW YEARS ARE REALLY
BEEN ON THEIR BACKS. YOU BREAK
THEM UP YOU COULD HURT THE
OVERALL RETURNS OF THE MARKET.
>> CALEB I WANT TO ZOOM OUT A
LITTLE BIT AND LOOK AT FOREIGN
RELATIONS
TRADE RELATIONS PRIOR TO THE
COVID-19 PANDEMIC IT WAS US
TRYING TO TRYING TO TRADE
RELATIONS THAT WAS
THE BIG DRIVER DAY TO DAY IN
TERMS OF OF HEADLINES AND OR
LET'S SAY A BITE ADMINISTRATION
WHAT YOU THINK
WILL BE THE NEXT MILESTONE OR
CATALYST WHEN IT COMES TO U.S.
CHINA TRADE WILL WE SEE
MORE STABILITY WHEN IT COMES TO
THAT TOPIC IT GENERALLY BEING A
DRIVER OF MARKET AND INVESTOR
SENTIMENT.
>> SURE CHINA'S HUGE WILD CARD
OBVIOUSLY IT'S OUR BIGGEST
CUSTOMER WHERE ITS BIGGEST
CUSTOMER WE KIND OF NEED EACH
OTHER ON THE
COMMERCIAL SCENE IN TERMS OF
THE TRADE THAT WE DO TOGETHER
THAT SAID THE CONCERNS ABOUT
PRIVACY AND ABOUT THE USE OF
TECHNOLOGY AND USING THAT
TECHNOLOGY AND INTELLECTUAL
PROPERTY TO SPY ON WHAT'S
HAPPENING WITH US COMPANIES I
THINK IS GOING TO BE TOLERATED
BY A BIDEN ADMINISTRATION ANY
MORE THAN THE TRUMP
ADMINISTRATION TOLERATED IT WAS
TOUGH ON THOSE COMPANIES ON
CHINA ON THAT MATTER THAT SAID
WE DO NEED
A BROADER AND MORE FRIENDLIER
TRADE AGREEMENTS IF WE ARE
GOING TO HELP EACH OTHER GET
OUT OF THIS DEEP.
ECONOMIC HOLE THAT WE'VE BEEN
BURIED INTO CHINA'S BEEN ABLE
TO CLIMB OUT VERY QUICKLY ON
ITS OWN MORE CONTROL
OVER THE THE VIRUS MORE CONTROL
OVER WHAT HAPPENS INSIDE THE
COMPANY'S. BUT THAT SAID I
THINK YOU'RE GOING TO NEED TO
SEE STRONGER RELATIONS BETWEEN
THE 2 AND MAYBE A RELAXING OF
SOME OF THOSE CHAIRS AT THE BY
THE ADMINISTRATION COMES IN AND
IT HAS THE SUPPORT OF CONGRESS
WITH IT WHEN YOU LOOK AT
EUROPE. I THINK YOU'RE GOING TO
SEE MUCH STRONGER RELATIONS
WITH THE WESTERN BLOC IN THE
EUROPEAN UNION WHERE THOSE
RELATIONS HAVE BEEN VERY
A SEVERED UNDER THE TRUMP
ADMINISTRATION, HIS FAVORITE
OTHER COUNTRIES LIKE HUNGARY
AND AND OTHERS.
YOU MIGHT SEE A FRIENDLIER
TRADE AGREEMENT GOING BACK WITH
THE EUROPEAN COUNTRIES WHERE
WE'VE ALREADY HAD A LOT OF
TEARS BROUGHT ON ON BOTH SIDES
IN THE LAST COUPLE YEARS.
>> CALEB IF I MAY I'D LOVE FOR
YOU TO TOUCH ON
THE CRYPTO CURRENCY SPACE A
LITTLE BIT AS WELL WE HAVE SEEN
BITCOIN REACH ABOVE THAT
$13,000 THRESHOLD IN RECENT
WEEKS IT'S BECOME UNTETHERED
FROM REGULAR EQUITY MARKET
MOVEMENTS. WHY I THINK THAT IS
YOU THINK INVESTORS ARE USING
CRYPTOCURRENCIES NOW IS MORE OF
A HEDGE AGAINST INCREASINGLY
VOLATILE EQUITY MARKET
ENVIRONMENT.
>> I THINK BITCOIN AND BITCOIN
HOLDERS LOVE CHAOS AND WE'RE IN
A CHAOTIC ENVIRONMENT IF YOU
LOOK BACK AT ALL THE TIMES
THAT SPIKE OVER THE LAST
PROBABLY 8 TO 9 YEARS, IT'S
ALWAYS BEEN IN THESE AREAS OF
UNCERTAINTY OR AROUND SOME
CATTLE IS WITHIN
THE SECTOR BUT I THINK IT LOVES
UNCERTAINTY SO IF YOU LOOK AT
THE THE RETURNS AND WHAT'S DONE
VERY WELL THAT YOU'RE GOLDEN
BIG WINNER AT THE TOP OF
THAT LIST EQUITIES OR CASH
CERTAINLY
NOT SO GOLD AND GOLD AND
BITCOIN THE FLOAT FLIGHT TO
SAFETY IN THE FLIGHT THE
PERCEIVED SAFETY THROUGH A
CRYPTO CURRENCY BITCOIN
OBVIOUSLY HAVE TO FORK EARLIER
IN THE YEAR 2.
BUT I THINK THAT'S WHAT IT
LOVES IT LOVES THIS CAST LOVES
THE UNCERTAINTY I DON'T SEE A
LOT TO NEW MONEY
GOING INTO BECAUSE I SEE A LOT
OF PEOPLE HAVE BEEN HOLDING FOR
YEARS ADDING TO THEIR TO THEIR
POSITIONS. ALSO YOU SEE AN
INSTITUTIONALIZATION OF IT WHEN
YOU LOOK AT THE GREY SCALES AND
A LOOK AT THE OTHERS THAT ARE
PACKAGE CRYPTOCURRENCIES INTO
THESE INDEX FUNDS AND MUTUAL
FUNDS THAT THE THAT THE PUBLIC
AND BY THAT'S OPEN THE MARKET A
LOT BUT I THINK IT'S
REALLY THE THE FOLKS THAT ARE
LOYAL TO IT THAT I'M HOLDING IT
AND AND ADDING TO THEIR
POSITIONS THAT'S DRIVING THE