South, Dan. Monday, Monday, Monday. Greetings and salutations, good people. Yup, yup, yup. Welcome back to another episode of Market Mondays.

So now we go back to where we now have the legendary Bob. We do. It's going to be a it's going to be a big, big show today. Big, big, big show. But everybody can shout out to everybody out there all over the world. The theme of the shout to you to shout out to Yale University Chancellor Ernest.

Yeah, yeah, this is this is this is a big one. I mean, we got to clean on the side of you to do anything other than clean. We got to we got a special guest. We have Fabara. We have, of course, Mr. Dunlap, that. And he says it's going to be some special so. Let's get right to it. This is a big week for Alysha, we have none of the is in yet.

We have none other than the legendary killer. Mike will be our guest tomorrow for the for the show. What's going on, brother?

Happy Monday. Thank God it's Monday night. Looking sharp, man. This guy's looking clean right on the look on YouTube and the man is trying to make it out.

It may just try to make it. I'm out to get all my hoodie and jogging pants orders in the sun with the emerged. You got commerciality way out there showing love on the merge. Yeah, that's something that we work hard on. And we're going to release some new things coming soon. So, yeah, just to give you a quick rundown of all week. It's crazy. We got to kill it Mike tomorrow. That's a dope dope episode.

Somebody legendary the legendary situation for sure. If you kill my shot by a shot to as many people as you can imagine that a man that as the legendary historic Edgewood man was out the instant that was it. That's that's interesting. I feel sorry for the guys that you're coming. I got to ask what happens before we go anywhere for interview, man before we go anywhere, we travel and equipment travel, too.

So shout out to my black barbershop. We got that done. That was it. That was really, really shots. Mike Manchester. Really, really authentic. Good, good. Do me solid, solid. Two shots.

His wife, she came to also at the end of killing my man. Very, very smart, smart guy. So I'm a historian. I do a story like that. Do you like an encyclopedia when it comes to the information and especially when it comes to the city of Atlanta in the state of Georgia? Man, he's the go to guy for he loves Atlanta, us legendary family, too. Yeah. I mean, like you said, he's been he's been an activist since he was 15 years old.

And like, when you hear him speak and we got an interview, it'll be very evident that he's he's 100 percent authentic about that.

He's a real damn shot. Film starts tomorrow. And then we have we also have a legendary in his own right in Senegal from from your neck of the woods. Houston, Texas. Oh, yeah. He's doing a show once a month. We do like every last Wednesday in a month, we do a open enrollment while university, which is open to the public. And that's all Wednesday at eight o'clock Eastern Standard Time. He's going to he's going to give a presentation, teach a class about how to buy back the block.

Everybody says that is real trendy. But he's actually has done that in Houston.

It's like, you know, cheap prints and then he's right there. They're the first in like this. Do what? The buck shot to the floor.

So that'll be on YouTube at eight o'clock, always with your check that out. And, yeah, we're going to get into it. We got we I don't guess, borrowing ayson. So this is the first time that we've done anything with somebody from CNBC. If anybody watches, you obviously know that we're all real big fans of CNBC. I've been watching CNBC for four years. I followed it there. A lot of content. So bottom line is, I'm a contributor.

They contribute to the fast money, one of the most popular shows on CNBC. And he's also a managing director of equity derivatives at Investments. So, you know, we'll have a long, long conversation with him. But I'm excited about having that conversation and bridging that gap with CNBC and with him. And I'm sure it's going to be a legendary conversation. So what we bring him in over to the CNBC family and everybody, NBC Universal.

Hey. Hey, hello. How are you doing? So with what's going on, brother, I'm going to happen to be I'm very excited about tonight because I don't think they know how long he's been on CNBC. Nothing's been on. It's a year or so. I'm a a full Tavis promo, so everybody is over at about twelve or thirteen also. Don't tell me, but I promise I'll ask some good questions to give. You got some good answers, especially since we dropped hard today, which I said we were to ago.

But yeah, I'm happy to be here. I think today's show is going to be record breaking and it's a big week too. So yeah, it's a big week in the stock market. We got a big things reported this week, so that's always interesting. Yeah, for sure.

So we'll go over the disclaimer. Yeah.

Yeah. We spoke about this yesterday actually in our book shop, the other areas that were in the book where we started running of the game. Do your own research, please. Do your. All homework is so vitally important, our content is intended to be used and must be used for informational purposes only. It's very important to do your own analysis before making any investment based on your own personal circumstances. We should take independent financial advice from professional in connection with or independently research, verify any information that you find on our show and wish to rely upon whether for the purpose of making an investment decision or otherwise.

This message is brought to you by the folks at journalism showing Shout out to Louisiana, shout out to drink on on the album cover as it is a cat.

It was a birthday shout out to the great one. Change the game a whole lot. Oh so yeah. Let's, let's get into it. Let's get into it here. Let's, let's jump right into it. And let me share and I promise I won't Killzone moving slow and a mouse, everybody knew to what? I love you guys. Shout out to the Red Panda family. You guys are absolutely amazing. All right, let's go. Let me know if you guys can see my screen and then I'll start you guys.

We got to go. OK, perfect. So, of course, we had a drop today. And I want to give you some context of where we are right now in terms of the market cycle that we are going through as far when the market is going up. But when it slides down, everyone's like, oh, my God, I hate this part of investing, but it is a part of the game that we all are going to go through.

So I want to give you some context. So. Where exactly are we? The thing I need you to take away from today, as I don't want you to confuse a bad week for a bad day in a market with an actual bad performing market, we're really just coming off highs. But of course, covid is kicking back up. Election concerns are right around the corner. We're not exactly sure who is going to be our leader. And that is making the market a little bit timid.

And that's the part of the reason why we slid down today. And I said two weeks ago we were going to come down. These are the levels that I'm watching. So for everyone watching at home, please get out your camera and screenshot this. As long as the S&P future stays between thirty two or five. Fifteen to thirty three.

Ninety seven. Kudos to Kayla. Happy anniversary to you, Dow, as long as the Dow stays above twenty six thousand five hundred. And as long as the Nasdaq futures stays above ten thousand six, twenty four, seventy five to eleven thousand five, forty four seventy five, we are OK. Somebody just said it in you to five to 10 years from now, we will not care about any of this, but if the Dow drops below 30 to 50, that's what I'm going to say.

OK, we may be in for a wild ride, so if you guys have that screenshot, I'll go to the next slide and just say yes for me. But these are key levels to watch, and for those of you on E-Trade, TD Ameritrade, please send an alert here. So if we fall below, you know that some of the stocks that we've been waiting to load the boat on will be on sale. As for my new investors, this is a key lesson, the market will not run up indefinitely to the upside.

I know it was fine in April, May, and I know it was fun in August when the market was running like crazy. But this is the after effect when things are not certain, when the economy is not strong. So the stock market has done great, but the economy is not doing well. The slide begins to happen for my traders. Now you have to start to look to short a little bit more as well, so the market will in time go back up, but every single week is not going to go up week after week.

And if we crash before the end of the year, what should we do? We should recover in the first quarter of twenty twenty one. So I want to give you some dates and give you some facts to tell you when this has happened. So in nineteen eighty seven, nineteen ninety, October of nineteen ninety nine, the market fell apart in the last quarter of the year and they recovered the following year. This also happened in the end of 2015 and of twenty sixteen and it was really scary in twenty eighteen when we had a sharp dip and then January of twenty nineteen came around and ran off to the upside and it was quite amazing.

So for those of you that are new, that are experiencing this for the first time, the route will be rough for a couple of weeks and then after that everything will smooth out for us. When have we not recovered? So I want to give you context for that as well.

So when you tie in the dotcom crash of two thousand paired with the tragedy that happened in 2011, that's when we did not recover in the first quarter of the new year. And then also in a great recession, I think we there's enough historians and documentaries about that, about why we did not recover. But those are the two only two instances in modern history where if we drop a lot in fourth quarter, that we won't recover in the first quarter of the next year.

So typically with a question that people have, how do I feel about gold? Gold is good, but gold, as we talked about, has been running up with the rest of the market. So it's too high. You can look at the ticker gold, which is the most popular ETF tied to gold. Gold is going to slide down as well. The bond market is a good hedge, even though we'll talk about it later. And I'll let Richard Troy and our special guest talk about the bond market as well.

But the bond market was too high as well. The only true. Inverted correlation with the market is the VIX. So I'll save the answer for that later, but gold is a good hedge. Thank you for this question. What do you do? When you buy low, it's a great question, but you want to buy more or you buy more than your average price keeps increasing. There's only one or two things you can do. You can dollar cost, average.

And you are going to see your average share price increase or you can completely just load the boat, wait for one particular area and only buy if it gets to that spot. Now, if you have the ability to buy two thousand, one thousand shares, three thousand shares, it will be great to load the boat trapper waiting for Tripoli, as he calls it, for for I think three years to get to a spot. And that's fine. If you have enough capital, you can wait for the market to drop to an exact area.

What happens is a lot of times is when people do this, you end up missing the mark or it's short or when it gets to your level, you're afraid because now it's dropped 15 percent, 20 percent, and now you think that is going to be down 10 percent more. You don't do it. And what happens four years later? You like man, I was waiting for the stock at two 20. Now that's six hundred. So. If you have the discipline to wait for one spot, great, but there is nothing wrong with dollar cost averaging because it's better to be in the move than not.

What are my thoughts on robo advisors? I think they're great. We talked about this before with Vanguard. I think the most important thing is to make sure you're getting into a good index is a good ETF to have low expense ratios.

Don't buy into the hype of any particular company. Just make sure to do your research. And for those of you in Canada, you guys can look into what simple they have some good options for you. But robo advisors are very good if you select the right things. Another amazing question that I received this week with uncertainty in the housing market due to lack of stimulus and homeowners heading into foreclosure, do do I see this affecting homebuilders and retail, short term or long term?

The stock market excuse me, that the housing market is so hot I don't see any issues of a housing crash any time soon. Commercial is going to be the thing that I'm worried about for anyone with properties. They will tell you this is one of the greatest markets that we've seen, and because people are moving out of urban areas and going back into the suburbs, there's not enough inventory. So even with the housing market being the way that it is and the stimulus market not being here, there are people this feels like 2007 all over again with some of the hype and some of these cities, Houston and Atlanta being one of them.

So I don't think the housing market will be greatly affected or will do the exact opposite as it has been doing. What are my thoughts on compound interest, I think we all have heard the, quote, compound interest is the eighth wonder of the world. But I think one of the things that we neglect to talk about is compound interest on the negative side. So this is why you'll hear a scream not to buy back companies, because let's say if you're averaging negative twelve to twenty five percent, let's just say negative 12 percent.

What is the compound interest if you do that for three or four years and bad companies now for those of us that have traded, we all know we can draw down negative 12 percent and a week, a quarter sometimes in a day. But I think compound interest is great. We all have heard of the rule of 72. If you haven't let that be your first homework assignment for tonight to Google that. But I want us to play defense while the market is falling so we don't have compound interest working against us.

And what's the best place to learn about different sectors, we talked about that before, but here are some homework for you. There are 11 key sectors. The homework item that I want you to do is from a numerical order. I want you to tell me which sectors have performed the best over the last 20 years. So this is the part where everyone says, hey, I want you to teach me how to fish. This is our first lesson for tonight where you have to get into the boat and kashrut.

Should I focus on quarterly goals? No. No, I know earnings are very popular. They provide some volatility, but I think one of the biggest mistakes that corporations have made and they have to play this Arnon's game, but I think it's trifocals or Stifler's excuse me stifles innovation, because when you're trying to keep up with your competition on a quarter by quarter basis, I think it leads you to make some decisions that you would not make if you had a year or two to flesh out a full idea.

So for all of you that I'm looking at month to month or quarter to quarter is not the best judge. That's why I tell you the first metric, if you have a good company, is you should be looking five years out to see what the potential return could be. Thoughts an. So I can't tell you what to do, but when we and it happened today, I want you guys please type this chat 10 years any time that you want to get the perspective on.

If a company is doing well, look back 10 years. Someone is not doing well and has not done well. So if we if I look at the chart real quick, we type it and we go and look back over time we can see and I'll just do 20 years really quick and pull it up. The high for that company was fifty nine, ninety nine. Back in twenty fourteen and it's now twenty five bucks. Is that an asset that you will want to hold in your portfolio?

Put yes or no? I want my assets to rise over time, and it's interesting, like we all hate something that gains seven to 12 percent per year, but if something is down 30 percent or 40 percent, we think it's a good investment, good company, just not a great stock to invest in. And we'll talk about this with our amazing guest tonight about what do we think about what happen after the election? I know these next two weeks would be scary, but if we look at history, history tells us what happens after an election.

For those of you that are voting for buiding, Democrats have historically done well in the stock market, Barack Obama, Bill Clinton being two prominent examples, although the taxes are dramatically higher than 50, I don't know which side you have on that.

Yes. Well, thank God 50 percent of those stars subscription was going to be canceled.

So but then under Republican leadership, there's usually a spike and then we settle back and we end up in recession and we have economic pullback. And there are pros and cons to both. But I want you guys to historically look at those, take the political stuff away, just look at the numbers, look and see what happens when each person is under administration and how it affects the market.

But I think after election is settled into the next year, even though the economy won't be the best because of it, and then we'll do a smaller version of shutdowns, not at mass scale, how we did in March and April, the stock market would do well. I know you guys have asked me a lot about trading plans, but since we have a great guest tonight, I'll wait until next week to cover that.

And I want to highlight this. So real estate. Excuse me, the retail investors pushed the market up after stimulus because. A lot of us that missed out on 2008 and 2009 did not want this opportunity to pass for those of you that are new for first time listeners. I appreciate you. But what I want to make sure I deliver to you tonight is that your chance to get into the market will not pass. The great thing for you is that since the market is at a high and it's sliding down, you will have opportunity to get in.

All you have to do is wait. I know it can be Fumo inducing to watch CNBC or even watch us and watch everything online. And it's like, man, I missed out. I can't believe I missed out on March, but you will have your chance. I just want you to stay disciplined and wait for your spot regardless of what you see other people doing. But I want to remind you, the purpose of investing is freedom. Can you guys please put in Frida?

Go back to some of our things that we talked about last week, so I want to ask you guys a couple of questions, because freedom, it sounds good and it's a financial freedom and generational wealth is a hot talking point in our community. But I want you to make a decision like tonight. If you had all the money in the world, what would you do with that time that you have? Whatever that is, you need to give your life to be able to do that, that I want you to take a moment to put it in check.

Go ahead. That's that's crazy, because we this is a conversation that we just had yesterday. It was like, where are we spending our time and are we overvaluing ourselves? Right. Because if we overvalue ourselves, then we're saying that our time is not worth what we're saying it is. And if it isn't, that we need to focus our time on what is going to bring value to us and people around us. Yesterday, when a book called Everybody in the book, there was no it was dull, but this is exactly what we were talking about, was the freedom price.

And I think me and she was going back and forth that he was saying, is it a value thing or is it a monetary thing? Which is I mean, that's off a debate. But like, everybody should start having that thing and that that kind of mindset, it was like, all right. Well, and I use the example of being a teacher. I was like, look, are we going to work to sixty six and we're in our thirties.

That doesn't even sound fathomable to me and maybe to other people. But it's just like that sounds crazy to me. And so retirement to me was an age. It was more of like a value like what is the value I have to get to in order to retire? Not like you. I'm sixty five and I can get it. So I'm close to Social Security. And now my pension will be the average of the last three years that I work.

And I just like, you know, that type of game is being played in. It's like I wanted people really realize that. So I'm glad that you brought it up because we spoke about freedom and the freedom.

So this is dope, because if you have all the money in the world and you just sit at home and do nothing, you're going to be bored. I know some people are like, hey, give me the option to do that. But if you've ever been off for a month or two after three weeks, you're bored as hell. You've been on vacation for two weeks. You like, OK, I need to do something else. So this Frayn's your motivation and helps you define it.

So even if you don't know whatever comes to your mind first. If you were not just write that down. Because that's going to push you on the days when it's tough and you don't feel like sticking to a plan. The second question, who would you spend time with? I know a lot of people to say kids, family, friends, significant other spouses, but you have to decide, OK, after I know what I want to do, who are you going to spend your time with?

So when we're done with tonight, I want you to go call those people. I don't want us to get so busy that we forget that our family and it's why I always say on my deathbed, I'm not going to care about any conference call that I miss any email. I try to pick up the phone every time my mom and dad calls my friend call like because if something happens and then I've been to so many funerals, I've never been to the funerals like, damn, I wish I was on zone talking about business.

But the people that are most valuable in our life, we often can take for granted for monetary pursuits. I don't want you to make that mistake. So please write down three or four people that you will want to spend time with if you have the freedom that you want it. And this is a question that really gets some clear answers if you only had two years to live. What would you do? Now, I know what they would do if you had 24 hours to live.

I want to know. I want to know what you would do if you only had two years and my dad that I never knew of.

Kudos to them that you have to know this.

This will frame. What freedom is for. Because getting to a monetary goal alone, a great once you get it, but money with no friends, no family, you don't want to turn into Uncle Scrooge. That's not what we're aiming for. And then finally, I posted this to early on Instagram, but what is your perfect schedule on a day to day basis? And kudos to Tiffany and what is your perfect day blueprint look like? Whatever that is, do that because some of these things we can start to do now.

If you choose to. So and once you map out your life, it's amazing when you start to stick to the schedule, the freedom that you want and sticking to a plan, some of those dreams that you have began to manifest. So even like all of you, I know you guys have, ask me about the Future Free Futures program. We'll talk about that tonight. But it's not that I am ignoring you, but I want to soak in every moment I can with my family, my brother and Zander, like everyone that I love.

So it's not that I'm avoiding it, it's just that I follow my own personal personal schedule. So I've really been racking my brain like, what the hell don't people want to stick to easy plan? I think like indexing or ETFs, combined with some of the sectors that we talked about, whether they're consumer discretionary or tech is like one of the easiest plans. But I've talked to probably three hundred people in the last like 20 days about this. And it pares down to people invest for three different reasons, because everyone is investing for freedom.

Some people are investing for safety. So type and chat.

If you are investing for safety, you want to put your money into a vehicle and what you do not lose money or you are doing better than inflation. Bucket two is some people are investing for growth or freedom. So you're trying to get to freedom or retirement early. Right, and then the third one is one of the most dangerous some of us are investing for excitement along. That's where the overtrading comes from, the Overinvesting, having too many companies in the portfolio and we've all been there, we hear of a hot stock.

So a guy decides to take hydrogen and put it into a truck and said he's going to be the new Elon.

And hey, I think this is the one man I've missed out on Tesla. So this one I'm ride with and then it falls apart. So you have to pick out of these three are investing for safety. Are you investing for growth or freedom or are you just investing just to purely be excited? I think there are a lot of other things you can do to have excitement in your life besides investing. Grab your pen and the sheet of paper or grab your phone and I want to tell you something to help me.

I talked about my cousin Rick last week. Ariel, how are you? I love you, Tammy. I love you. I love you.

There are four key areas in life that we have to focus on. And there are these. So I want you to write down. Mentally, on a scale of one to 10 one day and 10 being not so good. How do you feel? Physically. Same thing, one to 10, how do you feel? Emotionally, one to 10, how do you feel and then spiritually, one to 10, how do you feel? And tonight, I want you to make one goal for each of these.

So for me mentally to meditate and pray every day and then be disconnected from the Internet for hours a day is key physically.

Guys already know the working out every day because if I don't beat this goal by December 24th, I'm up to about 2500 scholarships.

That that gives me a good challenge emotionally is not to take in any toxic media or have any unpeaceful conversations. And then spiritually, to grow and learn one thing in this area each day so I can become a better person overall. And it's probably gonna be my favorite subject tonight, because I know most people fear the VIX. And when you see it come up on CNBC, you're like, oh my God, the market is falling apart.

But the VIX is the easiest way to measure where the market is. And I'm going to give you a key level tonight that will help you.

But so if we look at Vioxx is just measuring how afraid people are in the market, the key level that you have to keep your eyes on is forty seven dollars for Vioxx. So we came up a little bit today, but until we get to 47, we're not really in a dangerous territory. Please write this down. And please keep your eyes on this and the 30s is uncomfortable. Great. Forty seven days and I'm sorry to say I smell smoke.

I think the house is on fire. That's a key level, and then if we look historically, you know, I love to go back and look at the entire scope of things and twenty eight got to eighty nine. Fifty three. And then even during the COVA crash, you got to eighty five. That is the entire block is on fire. No, the 80s. That's when everyone is uncomfortable, even seasoned investors in the 80s are uncomfortable with the big sister, but if we break forty seven, that's when you would need to start to get worried a little bit and ask me to stop so we can get our guests on the owner of the four percent rule.

So Richard has talked about this before. Whatever you have a retirement, you live off four percent a year. The guy that made that famous, you said we should adjust and go to five percent a year. And then I want you guys to screenshot this and the six laws of wealth that you have to follow, because the thing that I want to give you is all the blueprints that you need. Structure, so you don't have to think because a lot of times on our investing journey, we're searching for the answers, but if we have the answers in front of us, it puts all the accountability on us.

So first thing first, I need you to decide how much of your income you're going to save. I'm going to be very honest with you. 10 percent is not enough and never has been. So you pick between 20 to 40 to invest consistently. So even when the market is bad, you have to continue to invest. We talked about this earlier today, but avoided at all cost because that is a cancer to your financial freedom. Number four, Soki, get rich slowly, I know we all want 40 and 50 and 80 percent gains, but they don't last always.

So invest in businesses that are solid, no matter how tempting the other companies may be, whether it's in the stock market or MLM or the opportunities that you have. Learn something new every day because the things that you are absorbing will give you an extreme competitive advantage against other people that you're investing against and then insurance and protecting the downside of your business, because I think it's easy enough for us to make money. The biggest threat that we face are the roadblocks that we've run into that could potentially strip that away.

So if you're not a professional, stick the indexing for first time users, please keep it simple. And this is why. If you try to beat the market and fail, you're going to usually lose or do two to six percent worse every year after fees. So we talked about this before with negative compounding. And for those of you that are down 20, twenty percent like imagine if you do this three, four years in a row, how you are going to feel so.

This is my blueprint for beginning. So if I have to start Zander all over and have to talk to him, this is exactly what I would tell him. Step one, invest in index funds first. Step two. If you want to go outside of that, look at the top three companies in the world and pick the best out of those three and at that. Three invest every month, unless you just have a big bag of money that you're hiding underneath your bed where you can throw it all at one time, but it's going to be a lot more comfortable emotionally to invest every month.

For this is key, please write this down, if you're looking at a particular sector, pick the top two players in the space. So on the retail side, Amazon target pretty damn easy picks, top to credit card companies, Visa, MasterCard, everybody type in chat, the type two video game platforms. You can make your own little mini index if you look at the top two and then number five is so important, you have to avoid all distractions because not everyone is giving you advice and saying, hey, you should invest in this is looking out for your best interest.

Some people are investing for purely excitement, not outcome. No outcome, so. This is your homework item of the week, I want you to hop on Google, there is an article on media. I want you to read all the Amazon shareholder letters from nineteen ninety seven to twenty twenty. It's only seventy two pages. And right down the top three lessons that you've ascertained from. The shareholder letters that Jeff has written over the years, and then you get to see the evolution of the business, this is a part of your fundamental research, because when you start to read all of the letters that a CEO has written, you can see his thinking from the very beginning and very key.

We talked about fundamentals, I think, through for four or five weeks ago. But how? Has the founder or founding team stay on track with that initial vision? And then when things went bad, how did he adjust so you get to see in real time. Decades of research and time invested into a business and how he's adjusted, and I think you'll be very fascinated to see some of the thoughts. So my question for you as I wrap up.

Are you going to invest for safety or are you going to invest for freedom? For those of you, if this is your first ride down into election. You'll never forget these next four weeks, and it will make you a better long term investor, and for my traders, even if you do bad and you draw down 20 percent, I'm telling you the lessons that you gain from election night trading and up until election, you will never forget and it will prepare you for the next crashes and strong pullbacks that we have.

But I need to know, are you going to be an investor for the long term for safety or for growth? Because I don't think any of you are here purely for excitement, because we're not here to gamble. So thank you. And I love you so, so, so much. Thank you. And I will not in the zone, I promise you. Talk about a masterclass.

Appreciate that, brother. Appreciate that. Yeah. Somebody missed the first assignment. The first assignment was to go figure out all 11 September and see how they perform over the past 20 years until somebody was like, what was the assignment? That was the first of all other sectors. I followed the past 20 years on the top performers this episode. So tell you about YouTube, if you can like this video that would please like help the algorithm and we would greatly appreciate it.

So without further ado, we're going to bring on our guests, our pristine guests following Ayson said his last name. What? Can we bring them on? Yeah. Yeah. All right. So you just got to amuse yourself and canvasing Dagos going on, gentlemen.

So how are you doing? Great, man.

Before I get into the meat we start cooking up, I just want to say thank you, man. It's an honor and a privilege to be here. And what your brothers are doing for the community, like pushing the culture forward, educate people by communicating at a level and making like investing fun and to Liverpool and actionable and relatable as powerful man like I am. I am thrilled to be part you. Consider me someone at your service. I'm down for the cost of money.

And as they say, oh, I appreciate that, man, I really do appreciate that means that there's a big difference on fast money, I believe, at five o'clock. Right?

Yeah. Do the options action hit today. So I just like to watch and spar and I'll be back on full time Wednesday and Friday.

So we talk about my baby real quick, what you said about Microsoft. I'm going to go ahead. So anybody that, as I said, want wanna win is a managing director of Equity Derivatives Investments, which is options. I believe that's options trading. Right? Yeah. And he's also a contributor. And CNBC, you probably to watch CNBC. I'm sure you have seen them. So, you know, we took one of the brightest talents to come up with this other playoff.

And so he's got it. He's got a job a lot a lot of times. And we to talk about we don't talk about stock markets, about the best variety of different things. So, yeah, once again, thank you. Thank you for joining us. This is going to be fun. I'm looking forward to it. So, Ian, I'll let you know. I'll let you I'll let you take it off even if smiling tomorrow. He has a long list of questions.

I mean, I've been watching you always been on CNBC ten years. Oh, man, so, wow, I've been watching for a while, so I'm so I did an online segment for them. Yeah, maybe about eight to 10 years ago. Yeah. Fresh out the diapers to you.

More of an online segment. They were trying to I mean, as you know and you can see from all the retail companies and every other industry, like you need to have some type of digital brand. Right. And I and I get CNBC, NBC Universal, a lot of credit will get into some of the other companies that I think have fallen behind there. But like, the way that you communicate through media has got to evolve and change. And I think they were kind of you know, they were leaders in that right.

Like, clearly they were looking to pivot or try new things, given what they have already in their television brand and brand equity there. If I was doing an online segment talking about options and different companies and then it just got tough work. I work I used to work with one of the guys that's one of the anchors there, Dan Nathan. And so he kind of got me involved. And then I did like a couple of sports shows or something, but it was really I was young in my career, didn't have the flexibility.

And so I just kind of had to make a decision that this and fortunately, I will say the people at CNBC have been very good to me, continue to like groom me and bring me along. That can be a little nerve wracking, but I definitely feel like not only did they put me in the game, they put me in a position to win, which hopefully I can help our audience here tonight. That's amazing.

So my quick follow up with rates rising and of course, everyone wants to know about the election, about who wins, what are some good sectors to invest in. And then if Trump wins. What's your take? I'm going to deconstruct that or decouple those questions, I think the real question for correlated with the Democratic Party, I think is slightly different. So if Biden wins, I think he's been very. Very transparent, which unfortunately, we're not really used to getting that from politicians the last four years or so, but I think he's been pretty transparent in his intention as to move away from fossil fuels into renewables.

I think he's also been very, very transparent in terms of saying that he wants to invest into infrastructure. It's been one thing I'll get into this later. It's been one thing that helped to have this liquidity fueling this market. It's another thing to see real economic input, sorry, economic output. And you're seeing that breakdown right now. And some of the consumer spending numbers, some of the industrial production numbers like you're seeing for the term of recovery.

You're seeing some people that are bouncing back, affluent people to have access to the market. That really only affects a small modicum of people in the United States versus the real economy. So sorry, I to answer questions simply blue sweep. I think you want to look at companies like alternative energy companies as a way to kind of play the ETF for Solar is a name that I pitched earlier. I look at companies like Roku and Cat and that those are like you you just mentioned.

Right. Like if you're going to go to a sector of the industrial sector, pick the winners, pick the leaders in those categories. And I think those companies speak to infrastructure of building that will be going on, the cats, the Roku's, the engineering companies of the world. And a Trump situation, I think I think energy does less poorly, it's been a beaten down sector. It's your traditional fossil fuel energy. So any any type of sectors that are correlated to deregulation.

So the banks right now, buybacks are restricted, dividends are being scrutinized. I think you'll see some easing easing up there. I think you'll see some easing or more accommodative type of type of policy towards energy. And I think that you might want to watch out for companies like Apple, because if we don't get this international relations and international policy right, I think that the blowback of that seemingly underestimated in a lot of these companies. And then on the flip side, Nike, if you just want to get into like the tax break down, if you assume corporate taxes are going to go up, you want to look for companies that have more of an international type of revenue distribution to a company like McDonald's or Nike, very global in scope in terms of where their revenue streams are coming from.

So bottom line, in the event that Biden wins and we talk about international, especially with foreign exchange and foreign policies, specifically a country like China, and by the way, is a good time to be looking at stocks and companies that are coming from China specifically, like maybe in the semiconductor field. Yeah, I mean, that whole region actually, I think think Vietnam is kind of an overlooked area as well. I mean, just to keep it simple, I think a lot of times we overcomplicate things.

Right? Pick up something that you see has been manufactured. I would say 10 years ago, everything was made in China. Half the stuff I picked up actually made in Vietnam. I think Vietnam is the Vietnam ETF can kind of track the performance of that. I think it's kind of it's rebounded nicely. What I think is that in the case of a blue slip or just biting, I think I mentioned blue sleep because it's harder to push through policy side with the Obama administration.

And you can have the best of intentions, but you have these bipartisan wars. It's just hard to actually move things across the finish line. So in the event of a Biden win or lose sleep, I do think you'll see a more diplomatic approach with China. I want to I want to call things fairly both sides. I do think that the Trump administration has made some proper steps in terms of cracking down on. On the way, China does business right, like they have a very protectionist economy, while we're expected to be very expansionist.

Well, I think also in terms of some of the scandals that you've seen in terms of like gap accounting standards, they have not met those standards. So my point is I'm all about like a transparent market that allows you to really see what's going on. I think there's going to be a level of protectionism that's decreased. And I think Biden would probably be better at getting to that in a diplomatic way. You're not going to go in anyone's home and dictate the terms on which they're going to behave.

But hopefully that answered the question, you know, for sure.

Let me jump in. Speaking about the energy sector, because we have this is a sector that we really haven't focused too much energy on, no pun intended.

And I know I know that this is I know this is just your specialty, one of your specialty. So you had mentioned the stock before my first solar stock or solar or he talked about that before a solar. So I mentioned Tan, which is an ETF way to play it, if you don't want the stock specific risk, I think a lot of the gems you got, you guys have been dropping out. People are are great. Right. So, like, if you're not as comfortable with the space and you want to play an index or.

Yeah, it's a great, great way to get exposure to an overall theme rather than taking the idiosyncratically risk of that particular company. So with that in mind, in terms of why I want exposure to the sector, I mean, you're kind of already seeing the trend away from fossil fuels. I mean, you know, the IEA came out and I believe twenty five percent, twenty eighteen, I believe. Twenty five percent of our electric output was from renewables.

They're expecting that to increase by 50 percent by 2020. And that's just like ridiculous right now. If you look at the performance of Tesla, Neo or any of these other companies, like you're kind of seeing this area around the space. Hell, you have GM coming out with was like an electric Hummer Hummer like you see.

Yeah. Massive investment into that space, what I particulate. So that explains why I like the sector. First Solar in particular. I like the company just because I like the way that they go about funding. Now this company has been around, right. But if you look at their balance sheet, you look at a lot of other balance sheets. Of course, in that space, they use that as a method to fuel operations. Right. They have more positive free cash flow, but they have this debt balance, so much higher enterprise value vis a vis their market cap.

But if you take a look at at at First Solar, they have like half a billion dollars in debt versus about one and a half to two billion dollars of cash. Right. So they could literally pay down that debt with cash if they so if they so choose, they do have they are burning cash, as you've seen a lot of other companies going through through covid. There are things you can do, whether it be layoffs or pressing binders, to kind of achieve operating leverage there.

So for me, they're more in control of their own destiny. Being that one, it's not really not really in this rate environment. But they can actually earn interest on on their cash balance as opposed to drawing more interest like the debt. And I just think they're well positioned. So the pain points and I mentioned this on CNBC, revenue growth and gross margins. I would like to see those things higher. But I think what that company specifically.

That being that they are like their position to be like utility or are output energy on a grand scale. The moves that the Democrats are saying they want to do directly speak to the pain points, I think they're just perfectly kind of situated for uplift, if you were to get that to. So if we see an uptick in alternative energy, do you think this is like the beginning of the end for Exxon and traditional fossil fuel based companies that have had an 80 to 100 year run?

The beginning of the end as we know them, and you've seen that across a bunch of industries. I mean, there was an article out talking about a merger or acquisition of Chevron and Exxon. I mean, if that doesn't kind of tell you where we're at, I don't know what does. I mean, you talk about the bits and how that points to trends. I think a lot of times we want to see what's going to happen. But like, again, like trust your gut, you see these massive secular shift.

I mean, that's like if you would ask someone ten years ago, OK, Ford and GM, you think what's going on with these these manufacturing behemoths, do you think they're going to change? Probably half the people would have said no, but but they have just gone bankrupt. They've been bailed out. They've been restructured. I think you're going to have to see the same thing. I mean, whether it's the medical industry or the the traditional energy industry, they have a large lobbyist group.

So, like, you're always going to have to kind of fight for that. I, I just I don't think you can fight science. There's no way you have companies. No.

Wave and space, you have all this exploration now on the next frontier, because we are quite literally destroying our our planet. So I don't I don't think there's a way around it. I think you saw a bit of a head fake 2005 when you had, like the solar crisis and saw a lot of subsidies in Germany, here, Australia. But I would I would like in that to the tech bubble in that ninety nine. Two thousand. Sometimes you're a little bit too early for the secular trend.

And I think sometimes the second time around gives you an opportunity to kind of learn from.

We saw Tesla obviously with the solar solar panels and obviously in every market. I want to talk about the other place of expertise for the financial sector. And I want to know your thoughts on how long you think it's going to take before they recover because they've taken a hit, obviously, since chromes has taken over the world. Really? Yeah. I think you have seen some. So generally speaking about finance, the finance ministry. Yeah, I mean, I think what you're seeing is tell it to Karen Finerman.

She's kind of like mentioned this a few times on the show. I think that you're seeing these companies trade lockstep with yield curve flattening and steepening for one.

Secondly, I think in in certain regimes, when particularly when you have interest rates as low as they are, it's very difficult to earn freakery. I'll get into that a little bit later. That's in terms of in addition to the stimulus that we're seeing, where money managers got have to put money to work, there's no way around that. I'm not paying you two and 20 for you to sit on that. You better find a way, generate some returns for.

I get it. Well, let me ask you let me ask you this, and I appreciate once again, this is this is a very high level education, everybody. So I hope you guys really appreciate this, you two fifty three hundred. We're fast approaching our regular news alert, so please hit the like button.

You are you going to skyrocket on social media if it is by far away, but the format of the hype is over and please don't DMI guy, but I'm prepared to actually invest in the world.

So tech we saw we saw a tech run up crazy since since April. By all time highs on the Nasdaq. So I said about a month ago I thought that tech was overinflated and then right after that it started to go down. But it's still relatively high. Like if you look at the Dow Jones, we're not at the high, but Nasdaq was still like close to the heart. So I understand I a stay at home economy. And, you know, the virus has helped tech companies.

But do you think that tech is overrated? And what's your overall thoughts on on tech as far as stocks are concerned, like in the broader industry, the Nasdaq things you. If you're honest, think to sorry, no, I say go ahead, give your honest take.

I think the entire market is overrated. It's not not a tech specific, specific thing. So, yes, I mean, I guess, you know, the short answer is yes. I think it is overrated in terms of your paying such a high premium for what you're getting there. But you could have made this argument for the past five years in terms of PE ratios on the S&P, like you would have missed tremendous growth. And that's why there's like the old adage of not being able to time the market.

So, yeah, but I mean, where else are you going to deploy capital? Right. So you have sovereign interest rates that are at zero or below zero. You have. Monetary policy that's extremely accommodative if a fiscal policy that's pumping trillions upon trillions of dollars into an economy, you have a Federal Reserve that's buying, literally buying the debt of these companies and then you have a banking industry kind of circling back to what you mentioned before, which are making the majority of their money right now on the generation, whether that be in a lot of that is called the market generation.

Right. So these companies know that they're going to be able to go back and either have one, have their debt backstop to the yield that it's going to demand in the open market is going to be lower because you have infinite liquidity behind you and then you're going to be able to go to the banks, which are getting squeezed on their net interest margin, which are going to trip all over themselves to issue your next issue. So for me, it's kind of a self-fulfilling prophecy.

But that said, I'd much rather pay these type of multiples for technology than I would for. Cyclical names like without a doubt. Now, that's just me. I don't want to push my views on anyone else, but it's to me it's not just about the work from home. It's the fact that these companies. Bikes are still growing. Generate massive amounts of free cash. I'm talking about 30, 50 billion dollars of annual free cash flow and they have more cash back.

Their cash balances are the sizes of other companies. Market cap? I mean, it is it's like it's a phenomenal thing to see. And for me, technology fuels every every aspect, whether it's new technological advancements in the health care industry, whether it's new technological advances. I mentioned new technological advancements in terms of engineering and how you're actually like going through your data science and breaking down the efficiencies of how you're actually operating. I think it just permeates through all of those sectors.

And in a lot of cases, Amazon, for example, whether it's cloud computing in the retail space, transportation, logistics, you just see it like they're becoming vertically integrated behemoths. And it's like it's to me, it's just hard to compete against that. But sorry, a little long winded there. But yes, I do think they're overinflated, but I just don't really know what the what a viable alternative is.

Can you tell the story of how you got into the business and if anyone was looking to follow in your footsteps? Absolutely. Guys, if I'm going to lock these just like Stobie Short, I know, keep going. I love the stuff. So, like, I don't think anyone's going anywhere. How did I get started in the business?

So I did this program. My junior year of college got a sponsor for educational opportunity, and it was an internship program, so I think it's S.A.S., USA Dog is the website, I believe. And essentially what it did is it took. Excuse me, sophomores and juniors from undergrad and hook them up with internships on Wall Street and in addition to the internship, we had our own education process like it was like pretty grueling summer, but it definitely got my foot in the door because I knew nothing about investing.

The whole reason I even wanted to get into the industry was like, I'm I'm from Stockton, California, too, or not. I mean, I think it's Detroit and Stockton are the only places that were, like, bankrupt through the whole downturn. Right. So. I'm very appreciative for my upbringing, but like I just didn't get the knowledge at home and I didn't even really know where to begin to get it. I went to college. There was a guy that a guy by the name of Sean.

He was into finance and economics, and I always noticed this dude have like my stuff, but he was from a humble upbringing but always was able to kind of make ends meet. And I just ask him if he broke and you kind of let me know what kind of things I should study or whatever. So he got under his wing. It was only, listen, you should go this economic route. If I did that, made a couple of other buddies are telling me about these internship programs, got to got to Wall Street, do the internship program, California kid that came up to New York and got my butt kicked.

And I just not understanding. Just the aggression that one needs in the city and then one needs in that industry is like street cut-throat dog Givati Street is the amount of work and time that one must. One has to invest at a young age, I just wasn't necessarily prepared for that, but I met some mentors. A guy named the Dean's gave me my first shot group, and Jacob kind of mentored me by guys. I just I just got fortunate man.

I didn't I did not drink, I was not the kid that was like in the investment club and doing all these things, I just kind of I I wanted I wanted that knowledge. I felt like that was my way out. And once I mean, as you all know, once, once you can taste it. Once you let me get my hand on it, man, you don't have to kill me to to get my hand off.

Take it away. Shouts out to stop in California. Boy, that was a real quick shot to M.G. So I got a shout out. I did my cousin in it, which I appreciate over that. Oh, I got real quick. Real quick, because I obviously options is your thing and we're growing in that field as well. Two questions too far, really. I want to know, how long have you been trading options? And when you do, is it typically a short term?

And if so, I guess it's three, four. And so what is the typical time frame? Are we talking for an option today? Is it a month to month typically? What are you looking for?

I started trading twenty five, so fifteen.

And in terms of in terms of typical ten year of action, I mean, I don't want to like skirt around any questions. That's just like there's no straight answer to that. Right. It's like what would have been. Am I trying to play for. What like what I do now is essentially I'm like more advisory and brokerage or institutional client, right. But what I've done my whole career is take positions for the firm, provide liquidity, the kind of liquidity, make markets for from the most simple call, put vanilla stuff to like more bespoke type.

So it really depends on the strategy. Sorry, I want to give you a straight answer, but I don't want to like, simplify it in a way that's not helpful. What I will say is that I've heard and seen a lot of retail investors that are that like in cheap options to bargain options. That is not the case. So just to break down again, let me know if I'm running a little late. Keep going to what's up right now, like the way you buy, how you're going to make money and operate.

So you're going to have your intrinsic value, which is what it actually is worth. So you have your strike in terms of a call. How much is that call strike in the money? So stocks a 30 year strike is 20 million dollars of intrinsic value. Now you're only going to pay that intrinsic value. Right or fair about what over long term, about longer term and longer tenure, I think you're going to have that intrinsic value and you're also going to have that time value that you're paying for.

Now, I can get into like the Greeks, Delta and whatnot, but your delta is essentially going to be your probability of being in or out of the money and your rate of change. So, OK, so if you have a Delta 50 or 30 or whatever it is, stock moves X, Delta options are going to move Delta Times X. Then you have your gammer, right, which is your sense of your slope, which is the rate of that chain.

So think speed versus acceleration, your delta is going to be your speed distance over time. Your gammer is going to be the rate at which that speed change and with short term options that gamma is very high, a short time to maturity. Your rate of change is very high. So you can go in and in the money to out of the money to at the money very quickly. And you don't have a lot of time for that to reverberate and being reversed over a longer period, over longer periods of time.

What you have is even though you have these massive oscillations, just statistically speaking, you have much, much longer observation and so you have much more time for there to be mean reverting. Now, stocks aren't mean reversed, but the volatility of stocks are mean. So any of you like for you mouthless out there, like your squares, your integrals, those are going to be mean. Reverting the linear path won't necessarily mean the company can go bankrupt, come back and get taken out.

There's no room for that to go back. But I look over the maturity of a company. What happens is in its nascent its you'll see it, you'll see it in their earnings reports. Right. Their revenues or gross margins, all those things as they're kind of finding their path become more and more balanced, more and more volatile. They don't really know. But as you get more and more visibility, they have more and more observations, that's for sure.

Your statistics really start to kick in. So to answer your question, the short term options, if you really want to play for a event and you have a high amount of conviction in terms of whether this thing is going to finish higher or lower or somewhere in between, that's your sweet spot if you want a lot of time for that to play out by longer dated option. Now, something that I like doing, I like spreading my position. Right, because when you are just buying a call or buying a put or selling a call or selling it put, your risk isn't necessarily to finance or you buy call your risk is defined.

But if you insist on doing that, you need to have a stock the same way you have a stock when it comes to stocks. Right. How much premium might willing to do? You've got to walk away when you get there live to fight another day. It's all about maximizing the probability of success because none of us, none of us are smart enough to make a right decision each and every time for the longer term options. What you can do is you buy that kind of give yourself a base.

And then against that you can write options in the shorter, shorter periods of time. The kind of fun that long term purchase, because that's the last thing I'll say is the options. Don't I want you to, like, differentiate between ownership and control. And a lot of like my mentors have told me, listen, once you get to a level you want to own nothing that you want to control everything. But like likening that to opt right options gives you control of a position.

You don't necessarily give you ownership, but you own calls. You have control of this company, but it pays a dividend. You don't own that. Right. So what you want to do is. Is this pair off your right to control by writing of their rights to control, and that allows you to kind of like. Pick up and fund your trade over a longer period of time, the short stuff. There's just not enough time for it to snap back.

So I think there is there's a there's a right of balance you should have both in your portfolio. Are you can I take it you can have both in your portfolio, but just the way like you really need to understand what it is that you're that you're playing. Because, you know, the long term stuff, you can be right, but it can move back against you. Yeah, so I just wanted to ask a question again. So you're saying just with clarity, like if you have a long term option calling like a cap or whatever, short term cause during that duration, at the same time, you have a long term cool.

Sorry, I was reading the comments. I saw someone say, I want everything under control, everything I own that.

That's not my that's not my advice on life, you know, the other way. There's no good answer to put your whole value up in the company. Oh, no, he can't handle.

I know he's not endorsing that. No, I would say is that by a long term option, what you trading short term options are best sellers like Apple. You have Apple twenty twenty three core like the jewel of twenty twenty one call and mark 220.

That would you say likely. Right. So that when a calendar spread is what we'll call it. So when you, when you own the longer dated option you own control over a longer period of time. Right. It's like basic negotiation. Right. The person who has the longest time to wait probably in the better negotiating position. So you've done a good job. I know we talked about this briefly. I have an affinity towards more longer dated options that gives you control.

But against that, you can be selling people option options that may or may not expire in the money. And if they if they do, you just exercise your control. But I would suggest rather than putting all that money sell out of that to close that position, rinse, repeat. I have a two part follow up, so we talked about risk, so the futures trader hedging risk is the most important thing. What's your favorite risk to reward ratio?

And then you trade in size. How do you overcome a loss and deal with that emotion when you have a trade that does not work out?

OK, I got a story for you on that one. I do risk reward again. It's going to depend on the tenure. But all if I said I like trading, whether it be vertical or horizontal, vertical is straight. Horizontal is going to be through extreme if I can put something on. Where to think about the spread between the distance of the spread, right, if I can put something on where I'm paying one to get something three to five back, I like that risk reward.

OK, conversely, if I'm riding option and I'm riding an option and I can collect 40 percent of that sprint to give them, and in the event that I lose, I pay. I pay 60. I like that. I like this type of situation. OK, that I answered, I don't know. Great answer, great answer. And on the ones when we I know we don't want to talk about losses, but they happen to everyone.

How do you emotionally recover when you have a big loss since you are trading?

Sighs Killing Hennesy for real. I love that. I love that.

This as a quick thought. Well, what was one of the biggest losses that you may have experienced? Let's see, so this is when I first started, I was trading. I'm going to leave the ticker's out. This is in the past, but this is so I'm safe. I was trading the home builder portfolio through that crisis leading up to that crisis, and they were instruments there. These are Oktay instruments called Burián swaps. So you talk about calls or puts.

Those have like linnear payout ratio. And so we talked about a little bit and I, I don't want to like I hate when people get down and, like, bogged down in technical speak to try to sound intelligent. So I'm doing that until three. I want this to be like a family type of discussion. But you have these Burián swaps. The whole point of them is essentially replicate a constant gamma profile. So if you buy an apple two hundred and thirty straight call and the stock is at two 30 maximum gammer, but as a stock runs away from two 30, you don't have as much of an exposure there.

Right. This is like something that was created to kind of replicate across the portfolio. So you've got to hedge a bunch of different options against this one structure. So I had this decision and I had been like buying some gammer and some of the single names versus these variant spots that I was getting that were getting purchased from me. And I marked a variant swap and I was still kind of learning some of the thought I was a market variant man and this thing was down a few million.

I got up from my seat, excuse myself, went to the straight on spot. Fortunately, I had like had some other stuff. So I marked those positions and I made a lot of it back. But that was kind of like the first gut punch where I was like, man, I can't I've never seen that much money in my life. I can't even count that high. I'm I'm pretending you doubt yourself. It starts, Doug. It's like, yo man about it exposed.

What that taught me was. And I've treated a lot of high volatility. Like, if I have done my due diligence and my conviction, like me, like taking over every stone and being a jerk and demanding answers, that happens before I get myself into a deal. So once that deal is there and it goes against me, if my fundamental thesis hasn't changed, I'm not panicking. Or if it were if something hasn't changed, that makes me acknowledge that, hey, you just got this wrong.

Now I can stick it out. Now, keep in mind, I'm going to have some stop losses. And there's a level of which with no matter how long, how much you think you're right, you have to get out of the position because you've got to live to fight another day. But the due diligence process that goes into putting on a position is critical, at least for me, that along with the quantitative metrics that I use, that gives me something to lean on when.

When it hits the fan, as they say, yes, and then not following the crowd. When I'm and we're all guilty of it, like when you momentum trade and you think you can just ride the way human psychology flips on a switch so fast, there are. And so, I mean, at your question, man, like it's really the due diligence and the research and the questions and the rigorous lead up to that gives me the ability to kind of ride that out.

I mean, I just I know I'm not going to be right all the time. It's about being right. Fifty one percent of the time. And when I'm wrong, mitigating those losses so that those losses are much lower than my and might win. But what percentage are you putting your subset. Again, it depends on on the situation, but I mean, OK, in a normal OK, I'm glad you asked the great question. So I'm going to go back to your metric.

The Fix the fix will give you a barometer that you should be using to determine how much volatility is going to be in that market. I think people kind of like there's a misnomer of it being a fear. It's not really a fear gauge, the volatility gauge, right. If you take the square root of so you have to two trading days and in a year. Right. Take the square root of that. Again, we're talking about. Option volatility here, so volatility is the square root of variance, so you have to deal with square squares are additive because their roots are additive.

So if you have like a case where it must be square, you can't that's not a square, right? Square would be open, so you take your your square root of two fifty two, that will give you fifteen point eight for call it 16. Divide that fixed number by that, that's the percentage move that the market is pricing in to the general market. OK, that's that's. There you go.

The that for those of you not listening, please don't let go of your please write that down in one more time, please.

Well, not bad.

All right. So your fix is telling you what the implied mood of the S&P over the three month period is. It's a splendid move. Right. But this is for any option. If you look at the implied volatility, you take the square root of two fifty two, which is a number of trading days in a year because everything is normalized for the square root of time. And the reason why I'm telling you that is because, again, variance is a square, volatility is a square.

But you've got to normalize things so you can compare apples to apples. If you take a square root of two fifty, then you calculate right now you're going to get like fifteen point eight four eight five, what they call it 60. If you take the implied implied volatility or implied the VIX, which is volatility index, call it about thirty five. Right. But you take that and divide that by roughly 16, that output will give you the first to move the implied move of the S&P in percentage terms.

So when you see a day like today, the markets move just under two percent, I can see the VIX at thirty four and this is just the normal range.

That's a great equation.

The problem the problem is when you said take the square root and you lost 90 percent of the market, but this is a part of this.

So I guess I guess that's what I thought it would provide tomorrow.

Yeah, I'll tell you, it's 16. It's roughly 60. I apologize. That's a lot. Yeah. I gave people that information about not having to go to math, trigonometry and geometry, trigonometry, algebra, calculus. They go, you name it, shot that shot everybody on YouTube. We have breaking news. Alert is we had a tie at a time right now for an all time high. Fifty four hundred people. You're right up there with what was means measly.

I'm sorry, you're talking to me. What name again? But it needs to get good company. Thank you guys so much. Are you a new. I am, yeah. What college did you go to?

Stanford University Lab, the new living nightmare chapter. Spring of quarters.

But OK, shout out to all of the fraternities out there to tell you about it.

You know, like they ask you to step brother just by hand. And I guess this is this is very enjoyable.

All we're going to try to get some questions. Only just one of the earnings is what it's about. This is what we used to do at the nine o'clock hour. But there was a massive class going on. We said we just can't let it run. So I'm going to give up some big earnings that are coming this week. Obviously, we spoke about before that the things that will be reported. So that's obviously checking Twitter you reported today. And if you follow some of this, the stock that we spoke about early on, like earlier, was that like May we spoke about.

Yeah, checking. Twillie reported today. Tomorrow morning, Kat will be reporting. And tomorrow afternoon, another two stocks that we've been talking about having and be of will be reporting as well as Microsoft and then Wednesday as Boeing and Sony. And then one day once they have to go, man, it's a big one. We got some fast. And Chiliad, well, here it is. Teladoc will be reporting Visa and ServiceNow, all stocks that we've spoken about before.

And Thursday is the big one. Big one a.m. before opening, we got shapefile rememberer. And in the evening, right at the close, we got Apple, Amazon, Facebook and Google. I mean, you don't get bigger than that. And then Friday, we got Honeywell, which was added to the Dow Jones in August, and charter communications as well. So those are earnings for this week. It's a big week.

I got a quick follow up before we go segment. Tavis Smiley or Quid Pro. What what indicators are you using to assess where you want to get into the market or what quantitative tools if you're not able to share what indicators you like?

Oh, no, that's fine. Actually priced earning. Definitely 200 day moving average, 50 day moving average, previous lows and highs volume, I mean, all of your technical indicators, I think when you see like a stock gap and then fill in that gap, I see a stock start to base for a while. I see that as an upside indicator. Previous support and resistance levels are like very technical indicators, particularly when they're coupled with a bit of a volume.

And then, as I mentioned, I look at percentage moves first, the implied volatility of a stock. And that will give me an idea of whether or not it's a normal kind of like when I start see two, three Super Bowl.

Start, I mean, you got to got to kind of change or you shouldn't be riding those type shouldn't be riding those type of way promulgating just turn the volume up just a little bit until you've got to do that.

All right. Yeah, should be. Should be. You know, let me know if it's the thing. I think it's back to the way it was before. I apologize to all the mad geniuses out there. It was a joke, was a joke with people still. And I'm not looking down on anybody's mathematical brilliance. Many take don't take it too seriously, ladies and gentlemen, over what time?

Because I'm asking you to because I mean, you told us both you could kind of answer. You said forty seven was the number one. We're looking at the biggest. What would tell us that we're OK? Right. It does. The VIX seem to be in the teens or early 20s. What numbers would indicate that. No up. We're OK.

I like to try to give you a straight answer. I mean, man. Recent regime, you see the pics of 14, 12, Ro-Ro, like less than a percent, that's like normal. I mean, we're still rich. It's just that, like, I think this is the new normal, like, I think and if I can kind of go off on a tangent, I think people have to have to understand that this is not a normal trading or investing environment.

And what I'm seeing and a lot of questions I get is that people are like chasing the next hot thing. It's selloffs like that happen in March, should not happen routinely, that's gone.

You've got to move on to the next. OK, what's the next thing is it's like people are like, yeah, man, people are chasing these moves as if they're they're a new normal. And I really want to caution against that. This is not a get rich quick type of game. This is a stay in your seat. Keep your shirt. Maximize your odds of winning game like anything else, right? You're not going to just hop in here to all types of markets.

I mean, I'm I'm just a guy, right? You got all types of like. Super quantitative bots that you're trading against that are like Skype, Twitter for news and like, you know, moving things around and micro milliseconds, like you're not you're not going to compete in terms of bet trying to get rich quick. You have to find your lane, your area of expertise and exploit that. But trying to just ride the next hot thing, I, I mean, best of luck.

Maybe you can get up here and tell me about it, but.

I appreciate it. Shot the Wall Street traveler, we have been speaking yesterday and he was like he was like that was a once in a lifetime opportunity. He said something to the effect like that was historic, like what happened from March to September. That wasn't that wasn't normal. So that was legendary. Yes. So I mean, I literally waited for twenty nine for that move. And to be very honest, no one fully took advantage because when we did that heart still fearful you to know what was going to stop printing.

I don't have any inside information. So the reason why I give so much reverence to you, because not many times we get a chance to talk to someone who's on the pro side. So these rules are so key. And once again, they're like, thank you for sharing some of your insight. If I could actually what some of the best what's the best piece of advice you've ever received about investing from anyone you've met or maybe a mentor?

First of all, thank you. But and I respect what you do. I've got a chance to look into your stuff, like I said, and I'm honored to be here with you guys. So I'm just sitting there on it. I mean that technically in terms of best advice and there's a lot and I don't want to cut anybody out a few quick anecdotes. We'll get rich, parents get rich, pigs get slaughtered. Don't catch falling knives, don't step in front a freight train.

Man, I feel like I've been told that so many times. Yeah, it's a great lesson.

I think everyone's heard cut your losses, write your winners, but I think it's harder to do psychologically, which is why you put in stop loss. It's like take away all of the emotional response, like we are emotional creature wire that way for our survival. Trading should not be emotional. Need to make that as clinical as possible. Get to a level. That's where it is. That's it. That is it. Another thing that I like is like if I have a stock right, and we've seen a lot of stocks, double triple C, you're in a stock and it's double or triple.

Take that same inverse ratio so that amount and your interest rate. So I've heard so I've heard like and I think you guys are right and I've heard people say, OK, you owned Apple, never should have sold it. Now I'm with you. Don't sell good company. But risk management is also key. So if you're up double. If you sell half or a quarter decent half, you're in the trade for free. If you have owned half of your Apple position from 2005 till now, you're still pretty, you're still minty and you sleep well at night.

What else? I will say there's that the the advice that I've gotten from investing versus trading is different. Trading is much more about being calculated, the standing trend, but it stops being super. It's just it is an unemotional, boring game of just making sure that you do the same mundane task over and over again. It's being very rigorous on the investing side. And you guys have really hit the nail on the head. Again, kudos to you all.

I think it's more about like understanding that you should be in both the indexes or indices, because at the end of the day, like the basic or tenets of finance, our time value of money. Our time, accretion and compound interest like that's that's your basic Holy Grail, right? OK, give yourself time. You're not going to do this overnight. Keep these to a minimum. Establish a core position and then like when you want to do some short term option trade or you want to hop into the next hot stock or whatever, you can, like, allocate small portions of capital to do that, I think you should.

I mean, I'm beginning to as I was saying this, I think you should have some stock choke off money. Right. Like better than going to the club and loan bottles or doing something else stupid or buying a Chanel bag like that.

If you don't take it safe, because we just broke a record. We just broke regular news alert to be 500, some big fat. No, not amazing that part of history.

But when you have a history that if you if you want to if you want to see bottom the back sometime in the future, drop a one drop of one in the comment section. I mean, legendary. Oh oh oh. You're going to break the Internet.

We're going to go. Are you going to come back. I've got to put your bio, your Monday contributor, ABC, CNBC one day is like any book recommendations. I know you love money. Best game. That's obviously what you right now. Do you have any are you going to go with that.

No money master. The game is coming. And I'm telling you, I read that as someone who's like and yo, that book is fire breaks it down in like such detail. If you want to get more into like options trading and some of the more technical aspects of it. There's a book called Options, Volatility and Pricing. By that, this was the first book I was given to read Price Volatility. Last name Knappenberger. And that will go through like that, will break it down for you and for you math.

Plus out there, there's a book by Paul HLL. Oh yeah. That will get into more of like the nuances around the map. I don't know if you necessarily eat it, but like, you know what, I don't want to put limits on you guys, like go out there and be like there's nothing that you can't like, understand or do. You might as well, I mean, do big or has some amazing indicators to assess that.

I've had it for a while. I was banking. But are there any banks if you can't touch on it, you don't have to that have good trading operations that you think could last through it and election?

Yeah, I do actually. So like I like the money center banks that have trading operations. I mean, you're sharp too, man, all over it now. I just put his blessing.

So let's go straight to my brother. Just text me, say, yo, yo, I got Montana and Brady on at the same time. This is great.

So banks, right. I'd like the money center banks that actually still have trading operations because if you looked at their you looked at their previous earnings. Right. You had all these write downs for a possible consumer debt crisis. Think about banks like there in the core business, borrowing short, lending long. That's just what you do. Talk about the overnight rate or the repo rate. They borrow money. They have like a one to nine or one to ten ratio where they have to have hold against your deposit and they literally come out.

And then it is like the oldest trick in the book. Right. And then on top of that, you know, they have credit cards and fees and everything else. Right. But what you've seen is when the consumer is damaged and again, I'm going to go off tangents like this economy, this American economy, make no mistake about it, is fueled by consumer spending. Point blank, point blank. And I'll take that a step further and say it's fueled by debt induced consumer spending like the worst.

Yeah, that's how these companies are getting rich off people. Your credit buying liabilities instead of assets like that's the stuff here. So once you understand the way these banks are making money off, you all say it like you're seeing now a trend towards more of the retail banking. You just have Morgan Stanley. They just buy a company that they that they just bought, but essentially giving them exposure to more retail, more each generation. Listen to your your show last week.

You liken it to a tollbooth. OK, go the state. I mean, I'm keeping my flipping my coupon. Sorry to ask your question succinctly. JP Morgan, Goldman Sachs, if Morgan, Goldman Sachs and Morgan Stanley are the kind of companies that are on my radar, I think JP Morgan is topping class. Goldman Sachs, specifically to your question, is renowned for their trading acumen. Yeah, Morgan Stanley is just a hell of a equity house, and I think they have kind of kind of diversified into lower volatility or bizarre or extreme.

And then I wrote this down, I think. But I can tell you off of my head, I think what you're seeing now is a lot of these banks are trading at like one times price to book. Which means like the assets that they have on their balance sheet level at which they carry their stock is trading one for one. With that, I think JP Morgan Chase like one point two times. I think Goldman Sachs might trade like point nine or one time.

I think Morgan Stanley's trading down like eighty five percent of what. Now, keep in mind that they have already went and written down billions of dollars. So you're getting companies that are trading at low ratios to book after said book has been put down. So I feel you in terms of not necessarily liking them for stocks, the dividends might come under scrutiny. But like, I think you buy good companies at cheap level. And I think some of those.

What was the injury industry consensus of why BlackRock has outperformed Goldman at such a wide scale in terms of stock price, even though BlackRock offerings, I mean, think about how many ETFs they offer, creation, retention, business, like they're just it's it's each generation.

OK, I'm sorry, like I can give you a longer with an answer, but I'm trying to like kind of cut down on my proposed list and I want to shout and try to jump in because we're five hours.

This is a list. Some people, they want to hear what is like 700. Well, I was going to maybe take what's wrong with the guidelines tonight. So go ahead with you. I'm trying to instruct all I can. You I really wanted you to ask the one. What can you do that? I really like that one. That was a good one. We'll see what we'll say. I would say, yeah, let's try let's try to get to let's try to get to questions and sorry there.

This is obviously a very special episode and we have a lot of questions and it was a lot of information to cover. So we to get to questions and so make these questions under a lot of pressure. Actually, as a newcomer, you go through. Yes, I am going to say congratulations. Is it was is it Martha? It's like your Martha.

You've been muted on yourself. I hope I said yes. Tell me, what are you. No pressure was going on. Listen, appreciate your thoughts. Appreciate all your do, gentlemen.

A question I have for you is, Ian, a question of the election and the certain pricing in certain numbers that I think the Dow has to get to. So we'll know who will win the presidency the way you're looking at it right now. But you see or are we going to reach those numbers or what? But what I will say this, though, I think with North Carolina being up for grabs in 2016 is they're going to 20, 20.

And I'll let the brother chime in. The landslide or the secret victory that Trump had in 2016 is different. 20, 20 watt cases spiking and the economy not doing as well. It puts the election up for grabs. So I think if we continue to slot for the next two weeks, definitely if we crack anywhere underneath, three thousand cases go up. And it may be a home run for Biden, but I'll let the brother speak and let him tell his perspective on if will drop in these next two weeks before election.

I'm going to I'm going to start as you should speak. I'm sorry, I'm I have to point out one more play.

Yeah, I'm good.

In terms of my view of the market over the next couple weeks. Couple I to keep it up later. Thank you. Oh yes. I got to start the political talk. I'm not going to condemn anybody, but I will say, as I think the risks right now aren't necessarily a Trump or a Biden when it's like a contested or disputed win or as we've been on record saying, not since. I'm not going to leave this one. Yeah, like and I think what people.

That's that fear is still very much in the market, and I think I'll say the second thing is kind of like fiscals, the size and scope and where it's going to be target is going to be two and a half trillion. It's going to be eight hundred billion. It's going to be one trillion. Are we going to bail out blue, straight, blue states or states and local governments, especially municipalities that are kind of under pressure? I think so, yeah.

I mean, I don't see much upside for the next. It's like, why what? Like from a risk reward standpoint, why would you put money to work right now? Because we're back near all time highs, maybe you make another three percent, maybe, maybe five percent, you might drop. I don't want to, but my point is the risk reward is now asymmetric. I don't have a crystal ball. I can't tell you whether it's up or down, but.

If I'm if I'm purely, again, taking out the emotion and I'm looking at expected value, right, then I say, OK, it might be up, it might be down. If up and up by how much? If down then down by how much. Now attach a probability to the situation. I'll tell you, the expected value is zero, which we don't. That's just like No. And that's a good question. I was actually planning on actually in that question as well, based off of that, where is it going?

And it was looking like it was going up, which would have favored Trump. And then he started to come down and it's been like on a spiral. So based off of the numbers that we did previously ended it, I don't know.

I mean, from a technical standpoint, for us to beat back down to the seventy six base off the five year earnings will have to be terrible all week. And in case basically we have to double. Every three days for us to dive down that far. Anything's possible, but the probability of it is lower. I hope I said that correctly.

I mean, you yourself, you've been unmuted got it from a technical standpoint for us to be back down to the 70s.

Are you guys that you actually going to want to go to that place basically have to double every. He wasn't ready for his crazy.

You got to be watching the probability of his. No, no, no.

No, look. Look what I can do that I'm not going to do besides.

Sorry, sorry, sorry, sorry, I took up all the time I was trying to get the most out of daily St.Louis coming.

You want me to stop you being unmuted.

Still, I don't.

Oh, come on, Sweets is not going to want to go to the Oscars, this on a macro scale. What's the insight that or how long will it take for the economy to recover, not the market, but the actual economy in the end? Like, I hate AT&T for a long time because I think the business model is inferior. Does the industry think that like legacy companies like AT&T, GE, IBM, we're seeing the beginning of the end, or once again, do you think they'll start to rebrand and become powerhouses again?

Was it the second question first, because I think it was like a more straightforward answer. I think I'm on record with my views on AT&T. It hasn't participated in what has been an era of tremendous growth and upside seen. And again, man, I realized running companies are difficult. I'm not here to smash anybody, but you seen mergers and acquisitions that have failed. I think when you see yourself paying ex selling companies for halfbacks or pennies on the dollar, and then if you look at like the ballooning debt balance and AT&T, now I get it.

I understand why they're selling this. They need to shore up finances. They need to get some cash on the balance sheet.

But I think they're just behind the eight ball right now. To their credit, I will say, I think like 90 percent of their revenue comes from services as opposed to, like, are in this country. Wow. So at least that's like service business. But the issue was that there's still a couple of kids that's got satellite, got in-home infrastructure. It is fiber optics. All those things are like capital intensive. Like businesses, you need actual artwork.

So now you're looking at, OK, now I have to like have some type of return on equity or return on capital, just a much more difficult business that kind of pushed through as opposed to a data center or Netflix or really they're like, OK, well, we need to do this. We just need to go and get content. Content on the hard drive to store content, you need some distribution channels. And so I just think they've kind of they've they've kind of that as opposed to granting these things organically.

They create these acquisitions and pay premiums for them repeatedly. And they haven't worked, which really, I think triples your ability to kind of report on the IBM side. I think you have seen them kind of pivot a little bit from personal computers to more of like a consulting type of service. I think there's some I think there is something there.

But like, clearly that wave has made it Big Man part. And then you asked him about price tells you all you need to know there. It's it's like, are they a financing company? I mean, so they've gone from a hardware company, you know, financing to being more of a financing company. And now they're kind of trying to pivot. I think these companies don't survive or they'll just get. But I think IBM has done a decent job.

AT&T, I give them credit for like attacking a weakness. But I just I feel like they're they sure. As far as I was the first question you asked me in terms of how long it will take for the economy to bounce back. Yes. I'm glad you decouple the economy from the market. I think a lot of people get that get those two confused. And I think that our our current administration is eroding our economy and likening that to our heralding the market, inviting that to our economy.

So if you break down if you look look at the economic indicators. Right. Like so you have still record unemployment to still record unemployment. You have industrial production, which still shows that there's slack in the economy. I realize that we got to jump in terms of consumer spending numbers, but again, a lot of that was spent on goods and services. So those are not going to be recurring revenue stream. We have a consumer that's had high savings rate that it's had in modern history, and you have the end of benefits.

And you have what, in my opinion, fiscal policy that is geared much more towards large mega cap bracket from buying their debt, issuing liquidity, access to capital markets, all of those all of those things only really apply to publicly traded company, 40 percent of the US economy, 40 percent of the workforce are small and medium sized business, as you've seen how the carers act and keep trying to get those loans, having the the administrative wherewithal paperwork to actually go and be able to get approved.

I think that aspect of the economy is still very much damage. And I don't see I don't see that coming back any time soon. What I will say and what I think is great about this, this country is the innovation. I think what you're going to see is some of these companies are gone. They're done. Right. When you talk about vertically integrated businesses and some of the big tech names with small mom and pop shops, sometimes they only have one trick.

They can squeeze bindert so they can increase costs. The customers are going to go to somewhere else. And they also have to compete with the likes of other well capitalized competitors. It's like they they don't have the ability to pivot or move to a different revenue stream. So I think those businesses are going to kind of be impacted. And to an extent, we'll come back and still seeing it in the travel and leisure sector and hospitality restaurants and we're going into winter.

I don't know how how we're going to get through that. You can only sociably distance and sitting outside for so long. I mean, I'm on the East Coast come December, man. I still feel like up north in Game of Thrones. You're not going out there.

There's nothing else out there. So. Yeah, man, I think, like I said, you heard the term recovery, I think you've seen it, or people that have disposable income to invest in the market, people that can afford to buy a home. People that have credit or haven't had their credit impacted because of not having a job so that they can go get a loan. So you have rates at all time lows. If you look at the banking standards, the hurdles to actually get those rates, those are at cyclical heights.

So you're just not seeing the liquidity actually dispersed to the part of the economy. And in my opinion, each of the most I think you're going to see is a rebirth of sorts. But I think this this rebound is going to be protracted.

You know, I got my mortgage. Thank you for being so patient shots. You want to read those comments.

And so you guys are funny that YouTube is hilarious and this is all fire to this. Out to the shots that Marcus was going.

Oh, you've been on YouTube challenge showing. How you all doing today? How are you doing, brother? Good. A book club was fire. Good, good. And loving it. Loving it. Brother is a Bonifant look. English is my second language essay. Right, Botulin Funland. You know, a lot of jazzmen really appreciate. I actually got a question for you because on a beginning you started talking about China and the relationship that Biden would have if he gets elected once is in that it will probably be a lot better than it currently is with Trump.

I mean, there's also a lot of companies right now that have been in a stock market, like looking or whatnot. Is it smart to even think about investing in any sort of Chinese brand company? Because in the end of the day, if you really think about it, it's not really owned by the CEOs, is owned by the government. So is it smart to invest in any companies at all, like the NEOs and and whatever ETFs that's predominantly ran or owned by Chinese?

Is it smart or is it to just stay away from that? Great question, Marcus, I appreciate it, my man. Yeah, I mean, listen, state run enterprises are nothing new, and they're not only trying to do the same thing. It's a lot of emerging market countries. Petrobras is state run. Follet, there's a state there's a state run aspect to that Petrobras all day. It happens. It's not just China. Yeah, I mean, companies like Baba.

Alibaba, I wouldn't care who owned it, that thing right now, you look at the size of the Chinese population and you know, I'm not here to debate international diplomacy. That's way over my head. Studied are in school, but I forgot everything I studied just out of the fab, but. Companies money is green everywhere you go. Companies are in the business of making money. State run companies just like private enterprises, are in the business of making money.

And that Chinese economy has bounced back and has been exemplary. And I'm not but I'm not rooting for or against anything but purely by the map. China has bounced back from this economic downturn in ways that is exemplary and we should probably take how they did it. I'm not saying to force people in their homes or whatever. I'm talking purely economic data output, production, GDP, they have bounced back. You see the economy growing. They do everything from manufacturing.

They're there. They're protective of their companies. Yeah, there's censorship and all those other things. But keep in mind, people are going to never doubt the propensity of the global consumer to spin. People want to spend their money on something, whether you're Chinese, Brazilian, American, Mexican or everything middle. I think that that shunning an entire population because of some diplomatic issue, I think that's old school not targeted at you would like I think it's ignorant.

We've seen in the past in World War Two, people didn't want to buy cars from Japan or whatever that the world is way to global or that type of protectionist type of mentality. So, yes, good companies, no matter where they are, I think keep in mind, yeah, they got something very similar.

So if anybody's paying attention, but they have one of the largest deals in history, the largest, the anti IPO is going to be, I think. Thirty four billion are really ridiculous. So, you know, that's on the other hand, IPO.

Yeah. Mad, crazy. Saudi Aramco, also another massive IPO.

I mean, just follow and appreciate you, brother. It was a pleasure, superstar. I appreciate you, man. Your man. Pleasure.

He spoke. So I'm glad we was able to make this happen. Like I said, any time you want to come back, you always got to hold it and look forward to just fostering a relationship with you. So how can the people follow you, the media? Would you like to tell the people? How can they watch you on CNBC, like with all the information you like to give out?

I appreciate it. First and foremost, if you have me back, I'd be thrilled to come back. Come on. As I told you, I can't tell you enough how much I expect I'll do it. And it is awesome. It's awesome to even be tangentially associated with it.

Like I'm proud of what we can contribute in the biofuel's easily.

Yeah, I'll let you know what's my November schedule comes out and we can we can. Look, I know things kind of slow about the holidays, but I'm happy to pop on and do that in terms of simplicity. I do the show Fast Money. That's on Monday through Thursday, five to six on Friday, five to five thirty. I'm not on every day. I'm usually on about two to three times a week this week. I'll be on Friday, Wednesday and Friday for the entire show.

I stopped the action segment today in terms of social media and I'll admit like I'm not the biggest social media person and ask people to do stuff for me at Bonnyman, just my first name at following, be in a W White and Instagram, Twitter, LinkedIn, it's all there. I have one of those names where nobody else wants it, I guess.

Know I appreciate. Appreciate it. Oh, a really big shot to kill a mike. We got Killer Mike symbologist to remind you guys. You say when we met Killer Mike, he said he found this on Instagram. He thought he was a Navy zombie. Who who these lights talking about finance. So this for what do you call a quintet like when it's for four people, this is like the Supremes or something like this is crazy. Like I'm reading the YouTube comments.

A lot of great. You guys are funny and you two.

Hey, so what's up? So I know that was the main target is there was no way and they took the second episode out tomorrow, five o'clock you movement audio platform Wednesday. We're back with Chris. Send it off the ledge. Yeah. The legend himself had a flashback to Block eight o'clock. We've been taking a look what we've said we've taken over this whole week right now. So we appreciate letting them get the last word of work at some point.

Yeah, I'm looking at his numbers, man. Let's move on to his numbers up. He's almost thirty thousand people, and that's when this guy's numbers. Let's get those guys. Let's get the numbers up. CNBC I can't do that for you, but we you see and we universal family support and please give this.

But like I said, I mean, that's testament to you guys, Brand, that's that's just incredible. Man, that's that's what it's about.

And I know a lot of people get up like, yo, give it back to a third man. Yo, yo, put in both hats off to your brother.

You know what I would like to encourage people to do? I like people because it is the holiday season. Obviously, we know Thanksgiving is approaching and I'm doing this a couple of schools right now, but just donating money to families in need, those right now is a tough time. Obviously, we know with the economy, we're talking about it, but there are a lot of people that are in need. So even if it's the school in your neighborhood, you have kids that go to reach out to the principal, see these families in need and see if you can donate anything.

Money will probably be the best gift cards. Obviously, we're bringing. Having a can drive is probably not the most optimal thing to do right now. So I encourage anybody to do that and find a family that that's in your neighborhood that could use the fund some some funds or something just to help them along with this holiday season. So please, I encourage people to do that as a fact and give you the last word. Well, I've had the word all night so I could call someone that you love after this.

For everyone who is asking about the program, if you go to the link in my bio, I'll put it in there and be free. You can put in your name and email and to sign up there, but try shot. Thank you for allowing the platform bottom of my brother and follow him for a long time. And I had a blast. And I thank you for being on that and your expertise because there's not many brothers in the industry that are willing to share that information.

So from the bottom of my heart, thank you for coming on the platform and sharing your insight with us tonight. Man, you're amazing. A battle and breaking news, they got to two thousand right now. Let's see what we got. And by the end of the night, those numbers are going to be crazy to say, yes, we've already.

So they brought it up. All right. All right, ladies and gentlemen, thank you guys for and what we will see you next week. Not afraid to tell us it.

It was it we don't want to talk about tomorrow. But remember, despite the podcast will be audio outlets at 12:00 midnight Eastern Standard Time. So subscribe to Apple, Spotify and leave a comment reader. And if you missed any part of this, it'll be it'll be available on YouTube. Playback will be available on YouTube within like 40 minutes, something like that.

All right. This is one of them that you probably going have a couple of times. And next week I won't be all in a video with all the questions. And if you want to balance the CNBC way bigger about playing, you know, like kudos to to everybody on CNBC, NBC Universal.

Yeah.

I love you guys for all. We love you all. We'll see you. Peace. Thank you, Matt.

Then Monday night, Monday.