RUSH TRANSCRIPT Thank you ░░░░░░░░ Charles I just saw ░░░░░░░░ next guest last week ░░░░░░░░ it V talking about ░░░░░░░░ market melt up It ░░░░░░░░ interesting He was on ░░░░░░░░ man tell with seasoned ░░░░░░░░ I bring in the ░░░░░░░░ of payne capital management ░░░░░░░░ Payne I m not ░░░░░░░░ with the firm by ░░░░░░░░ way I m watching ░░░░░░░░ show Ryan yeah yeah ░░░░░░░░ is a melt up ░░░░░░░░ were digging it You ░░░░░░░░ were saying red flag ░░░░░░░░ danger but you felt ░░░░░░░░ melt up was ready ░░░░░░░░ go for a ride ░░░░░░░░ people in the industry ░░░░░░░░ have 20 years under ░░░░░░░░ belt I have scars ░░░░░░░░ my back to prove ░░░░░░░░ Charles those dudes believe ░░░░░░░░ they have been around ░░░░░░░░ 50 years You ve ░░░░░░░░ in the business I ░░░░░░░░ not dissing you They ░░░░░░░░ been around a little ░░░░░░░░ longer than you I ░░░░░░░░ t know if youthful ░░░░░░░░ had anything to do ░░░░░░░░ influencing your position but ░░░░░░░░ do want to ride ░░░░░░░░ up By the way ░░░░░░░░ m reading zerohedge this ░░░░░░░░ right They re saying ░░░░░░░░ is pumped too There ░░░░░░░░ all kinds of euphoria ░░░░░░░░ there 90 billion they ░░░░░░░░ will go into the ░░░░░░░░ this week alone We ░░░░░░░░ the waves but on ░░░░░░░░ street they think that ░░░░░░░░ a negative Are you ░░░░░░░░ at all Yeah I ░░░░░░░░ the contrarian view still ░░░░░░░░ bullish right If you ░░░░░░░░ at the average consensus ░░░░░░░░ strategists on Wall Street ░░░░░░░░ target for the S ░░░░░░░░ 500 Charles that 4600 ░░░░░░░░ is less than one ░░░░░░░░ away They pack it ░░░░░░░░ for the rest of ░░░░░░░░ year The consensus is ░░░░░░░░ bearish You said it ░░░░░░░░ is all about liquidity ░░░░░░░░ the Fed artificially created ░░░░░░░░ They started buying those ░░░░░░░░ dated bonds You have ░░░░░░░░ very very flat yield ░░░░░░░░ Banks don t want ░░░░░░░░ lend or making money ░░░░░░░░ the margins You have ░░░░░░░░ the money in the ░░░░░░░░ The proverbial tina trade ░░░░░░░░ is no alternative There ░░░░░░░░ isn t Return on ░░░░░░░░ stock buybacks dividends going ░░░░░░░░ this year and stock ░░░░░░░░ is doing phenomenally well ░░░░░░░░ re sitting in cash ░░░░░░░░ nothing inflation is 4 ░░░░░░░░ 5 You have to ░░░░░░░░ return on money that ░░░░░░░░ the phenomenon you will ░░░░░░░░ here Money funnels its ░░░░░░░░ into the financial markets ░░░░░░░░ is why everybody has ░░░░░░░░ wrong Charles this year ░░░░░░░░ had this intriguing phenomenon ░░░░░░░░ rolling pullbacks in individual ░░░░░░░░ n the S P ░░░░░░░░ think the average stock ░░░░░░░░ pulled back 18 from ░░░░░░░░ high It has been ░░░░░░░░ lot worse NASDAQ about ░░░░░░░░ Russell about 35 Even ░░░░░░░░ all of this excitement ░░░░░░░░ the broad market hitting ░░░░░░░░ highs you just can ░░░░░░░░ throw a dart right ░░░░░░░░ do you stay ahead ░░░░░░░░ the crowd here Ryan ░░░░░░░░ days you feel like ░░░░░░░░ could just throw a ░░░░░░░░ but you have a ░░░░░░░░ point Charles Especially tech ░░░░░░░░ have been very sensitive ░░░░░░░░ year what is going ░░░░░░░░ with inflation We saw ░░░░░░░░ big selloff in tech ░░░░░░░░ when we had the ░░░░░░░░ year treasury move up ░░░░░░░░ We saw that in ░░░░░░░░ with the 10 year ░░░░░░░░ 1 7 The thing ░░░░░░░░ talked on your show ░░░░░░░░ lot is the cyclical ░░░░░░░░ Ed said financials and ░░░░░░░░ have been king here ░░░░░░░░ have done the best ░░░░░░░░ other thing I would ░░░░░░░░ about that they re ░░░░░░░░ cheap versus technology right ░░░░░░░░ so that has a ░░░░░░░░ runaway energy stocks financials ░░░░░░░░ cyclicals and I espouse ░░░░░░░░ international markets on your ░░░░░░░░ Charles I know they ░░░░░░░░ t done as well ░░░░░░░░ they re so cheap ░░░░░░░░ have to have them ░░░░░░░░ your portfolio You have ░░░░░░░░ be careful of valuations ░░░░░░░░ the music does stop ░░░░░░░░ it will the higher ░░░░░░░░ stocks will get hurt ░░░░░░░░ most We saw that ░░░░░░░░ in 2000 when the ░░░░░░░░ bubble burst Charles pryian ░░░░░░░░ covered a lot of ░░░░░░░░ my man You re ░░░░░░░░ a young whippersnapper but ░░░░░░░░ as old as some ░░░░░░░░ these other dudes I ░░░░░░░░ take it Charles I ░░░░░░░░ it From one teen ░░░░░░░░ another Charles taking control ░░░░░░░░ your financial independence that ░░░░░░░░ what this network is ░░░░░░░░ and this show is ░░░░░░░░ The reason I m ░░░░░░░░ a investor revolution town ░░░░░░░░ November 9th 2 00 ░░░░░░░░ M Eastern Ask questions ░░░░░░░░ invested in you fox ░░░░░░░░ We re talking about ░░░░░░░░ driver shortage for a ░░░░░░░░ This looming vaccine mandate ░░░░░░░░ upend the industry a lot