RUSH TRANSCRIPT Josh Brown ░░░░░░░░ still with us and ░░░░░░░░ etheridge from cic wealth ░░░░░░░░ the conversation Gentlemen thank ░░░░░░░░ very much Malcolm since ░░░░░░░░ re just joining us ░░░░░░░░ want to give you ░░░░░░░░ first crack at your ░░░░░░░░ on what happened here ░░░░░░░░ and here this week ░░░░░░░░ do you think Have ░░░░░░░░ put the bottom in ░░░░░░░░ us now that we ░░░░░░░░ with certainty what has ░░░░░░░░ with Russia and Ukraine ░░░░░░░░ invasion has happened so ░░░░░░░░ least that card has ░░░░░░░░ played It s really ░░░░░░░░ days I agree with ░░░░░░░░ I saw Josh just ░░░░░░░░ done saying which is ░░░░░░░░ it s too much ░░░░░░░░ into the weekend uncertainty ░░░░░░░░ next two days could ░░░░░░░░ very pivotal in what ░░░░░░░░ in the market I ░░░░░░░░ just say the last ░░░░░░░░ hours or maybe the ░░░░░░░░ three trading days let ░░░░░░░░ call it have taught ░░░░░░░░ anything it s that ░░░░░░░░ to perfectly time the ░░░░░░░░ are a fool s ░░░░░░░░ If you logged into ░░░░░░░░ brokerage account and decided ░░░░░░░░ make changes because the ░░░░░░░░ was down crazy at ░░░░░░░░ open yesterday you missed ░░░░░░░░ on the swing back ░░░░░░░░ you didn t jump ░░░░░░░░ in at the open ░░░░░░░░ morning which means you ░░░░░░░░ also a 2 5 ░░░░░░░░ coming into this close ░░░░░░░░ anything the last couple ░░░░░░░░ should have proved to ░░░░░░░░ that trying to perfectly ░░░░░░░░ the market just doesn ░░░░░░░░ happen that way Yeah ░░░░░░░░ the fact that every ░░░░░░░░ P sector finished markedly ░░░░░░░░ in the green we ░░░░░░░░ treasury yields tick back ░░░░░░░░ today We saw gold ░░░░░░░░ off we saw crude ░░░░░░░░ back off So not ░░░░░░░░ a full risk on ░░░░░░░░ but still quite quite ░░░░░░░░ rally in general where ░░░░░░░░ you see the opportunities ░░░░░░░░ as we go into ░░░░░░░░ week and starting next ░░░░░░░░ another month Well I ░░░░░░░░ to just tell a ░░░░░░░░ very quick story from ░░░░░░░░ legendary Art Cashin who ░░░░░░░░ about early in his ░░░░░░░░ in like 1960 in ░░░░░░░░ run up to the ░░░░░░░░ missile crisis one day ░░░░░░░░ rumor hits the floor ░░░░░░░░ the missiles are in ░░░░░░░░ air Like they re ░░░░░░░░ for the continental U ░░░░░░░░ He s running around ░░░░░░░░ sell orders he s ░░░░░░░░ to get sales done ░░░░░░░░ his boss collars him ░░░░░░░░ says oh arthur what ░░░░░░░░ you doing He said ░░░░░░░░ do you mean what ░░░░░░░░ am doing the missiles ░░░░░░░░ in the air I ░░░░░░░░ selling He said no ░░░░░░░░ you buy the missiles ░░░░░░░░ the air because if ░░░░░░░░ actually happens don t ░░░░░░░░ about it right It ░░░░░░░░ over Game over But ░░░░░░░░ it doesn t happen ░░░░░░░░ re going to get ░░░░░░░░ massive relief rally You ░░░░░░░░ to be long the ░░░░░░░░ in the air and ░░░░░░░░ think there s something ░░░░░░░░ that even to this ░░░░░░░░ 50 60 years later ░░░░░░░░ told me that story ░░░░░░░░ years ago I never ░░░░░░░░ it That s a ░░░░░░░░ one especially given the ░░░░░░░░ we have seen unfolding ░░░░░░░░ week everyone stay with ░░░░░░░░ because we re going ░░░░░░░░ get to Washington now ░░░░░░░░ Eamon Javers has the ░░░░░░░░ on Ukraine Eamon Morgan ░░░░░░░░ House press secretary Jen ░░░░░░░░ confirming in the past ░░░░░░░░ minutes the United States ░░░░░░░░ impose sanctions on Russian ░░░░░░░░ Vladimir Putin himself emphasizing ░░░░░░░░ U S is following ░░░░░░░░ leadership on this Following ░░░░░░░░ telephone conversation that President ░░░░░░░░ held with European Commission ░░░░░░░░ and in alignment with ░░░░░░░░ decision by European allies ░░░░░░░░ United States will join ░░░░░░░░ in sanctioning president Putin ░░░░░░░░ foreign minister lavrov and ░░░░░░░░ of the Russian national ░░░░░░░░ team So Putin and ░░░░░░░░ now facing sanctions as ░░░░░░░░ as well as all ░░░░░░░░ the additional sanctions that ░░░░░░░░ United States has put ░░░░░░░░ place this week meanwhile ░░░░░░░░ companies across America are ░░░░░░░░ watch for cyber blowback ░░░░░░░░ the Russian invasion the ░░░░░░░░ company nvidia confirmed to ░░░░░░░░ just moments ago that ░░░░░░░░ is experiencing a cyber ░░░░░░░░ incident unquote but not ░░░░░░░░ many details on what ░░░░░░░░ happening so it s ░░░░░░░░ to say who if ░░░░░░░░ is behind it at ░░░░░░░░ point Says a spokesman ░░░░░░░░ business and commercial activities ░░░░░░░░ uninterrupted we re still ░░░░░░░░ to evaluate the nature ░░░░░░░░ scope of the event ░░░░░░░░ don t have any ░░░░░░░░ information to share at ░░░░░░░░ time so guys it ░░░░░░░░ be premature to necessarily ░░░░░░░░ this nvidia incident is ░░░░░░░░ any way linked to ░░░░░░░░ expected cyberattacks a lot ░░░░░░░░ people have been focused ░░░░░░░░ from Russia but they ░░░░░░░░ confirming something at least ░░░░░░░░ going on back over ░░░░░░░░ you There s an ░░░░░░░░ lot to sort through ░░░░░░░░ I want to start ░░░░░░░░ the new information you ░░░░░░░░ been providing us about ░░░░░░░░ United States s decision ░░░░░░░░ sanction president Vladimir Putin ░░░░░░░░ and the assets why ░░░░░░░░ we wait for Europe ░░░░░░░░ make this move first ░░░░░░░░ s an interesting it ░░░░░░░░ an interesting question I ░░░░░░░░ there may have been ░░░░░░░░ this is a littlebit ░░░░░░░░ speculation on my part ░░░░░░░░ there may have been ░░░░░░░░ concern the Europeans were ░░░░░░░░ fully onboard with that ░░░░░░░░ because of how intertwined ░░░░░░░░ oligarch money is in ░░░░░░░░ lot of European economies ░░░░░░░░ once the Europeans were ░░░░░░░░ to come along to ░░░░░░░░ you could see where ░░░░░░░░ United States would want ░░░░░░░░ to go first and ░░░░░░░░ them sort of full ░░░░░░░░ politically for doing that ░░░░░░░░ then present the United ░░░░░░░░ as following on but ░░░░░░░░ administration is not saying ░░░░░░░░ what you heard from ░░░░░░░░ Psaki just there is ░░░░░░░░ followed a consultation between ░░░░░░░░ U S and EU ░░░░░░░░ the U S is ░░░░░░░░ following the European Union ░░░░░░░░ think the sequencing of ░░░░░░░░ may have some political ░░░░░░░░ but we ll have ░░░░░░░░ wait for more reporting ░░░░░░░░ bear that out Eamon ░░░░░░░░ thank you Turning back ░░░░░░░░ our panel now Malcolm ░░░░░░░░ want to get your ░░░░░░░░ on some of these ░░░░░░░░ currents where geopolitics are ░░░░░░░░ How do you navigate ░░░░░░░░ as an investor especially ░░░░░░░░ you are talking about ░░░░░░░░ potential for cyberattacks on ░░░░░░░░ infrastructure how the concept ░░░░░░░░ critical infrastructure is changing ░░░░░░░░ so many industries now ░░░░░░░░ to figure out the ░░░░░░░░ picture as well Yeah ░░░░░░░░ it makes it very ░░░░░░░░ to predict whether this ░░░░░░░░ is the bottom that ░░░░░░░░ is hoping for everyone ░░░░░░░░ traders who are looking ░░░░░░░░ moving money from safe ░░░░░░░░ into the market It ░░░░░░░░ it tough to predict ░░░░░░░░ but for context we ░░░░░░░░ back at what happened ░░░░░░░░ 2014 February and March ░░░░░░░░ 2014 when Russia did ░░░░░░░░ similar thing to crimea ░░░░░░░░ by the July 1st ░░░░░░░░ the market had sort ░░░░░░░░ roared back The S ░░░░░░░░ I mean had roared ░░░░░░░░ about 5 or 6 ░░░░░░░░ from where it fell ░░░░░░░░ when we initially heard ░░░░░░░░ announcement Russia had decided ░░░░░░░░ invade crimea so history ░░░░░░░░ t necessarily guarantee us ░░░░░░░░ about future performance but ░░░░░░░░ we just looked at ░░░░░░░░ for a second it ░░░░░░░░ smacks of similarities where ░░░░░░░░ we re overreacting a ░░░░░░░░ right now to how ░░░░░░░░ of an impact this ░░░░░░░░ going to have on ░░░░░░░░ markets here more broadly ░░░░░░░░ S and even in ░░░░░░░░ But I think it ░░░░░░░░ really important to make ░░░░░░░░ that we understand that ░░░░░░░░ just really have no ░░░░░░░░ just yet because we ░░░░░░░░ no idea how many ░░░░░░░░ Vladimir Putin has left ░░░░░░░░ play Josh there seems ░░░░░░░░ be an awful lot ░░░░░░░░ volatility this week I ░░░░░░░░ not the last session ░░░░░░░░ a half where we ░░░░░░░░ seemingly went straight up ░░░░░░░░ after hitting the lows ░░░░░░░░ the last two days ░░░░░░░░ the volatility here present ░░░░░░░░ for you or more ░░░░░░░░ because earlier on when ░░░░░░░░ were answering our questions ░░░░░░░░ where we stood in ░░░░░░░░ market today you sort ░░░░░░░░ acting like yeah the ░░░░░░░░ is nice You didn ░░░░░░░░ feel super confident to ░░░░░░░░ Do you like this ░░░░░░░░ or are you more ░░░░░░░░ and see Well whether ░░░░░░░░ like the volatility or ░░░░░░░░ it s a permanent ░░░░░░░░ of what we do ░░░░░░░░ you have two choices ░░░░░░░░ can let the volatility ░░░░░░░░ your emotions and your ░░░░░░░░ and keep you from ░░░░░░░░ what you re supposed ░░░░░░░░ do or you can ░░░░░░░░ you know what I ░░░░░░░░ a forced buyer of ░░░░░░░░ for the next 20 ░░░░░░░░ years I m a ░░░░░░░░ term investor I have ░░░░░░░░ choice but to put ░░░░░░░░ excess savings in stocks ░░░░░░░░ ain t going to ░░░░░░░░ it done so why ░░░░░░░░ t I make volatility ░░░░░░░░ friend there are a ░░░░░░░░ of ways to do ░░░░░░░░ ranging from simple to ░░░░░░░░ The simplest thing you ░░░░░░░░ do is not change ░░░░░░░░ at all continue to ░░░░░░░░ your 401 k Contribution ░░░░░░░░ to rebalance into bad ░░░░░░░░ buy more stocks and ░░░░░░░░ versa And then there ░░░░░░░░ more complex things you ░░░░░░░░ do We run a ░░░░░░░░ allocation asset sleeve for ░░░░░░░░ net worth clients It ░░░░░░░░ ruled based my opinions ░░░░░░░░ t go into it ░░░░░░░░ think it s a ░░░░░░░░ tool There are other ░░░░░░░░ you can do like ░░░░░░░░ the options market you ░░░░░░░░ take these volatile moments ░░░░░░░░ make hay in the ░░░░░░░░ of selling expensive premiums ░░░░░░░░ I think everybody has ░░░░░░░░ figure out their own ░░░░░░░░ to that but the ░░░░░░░░ thing that we don ░░░░░░░░ have a choice of ░░░░░░░░ the fact this is ░░░░░░░░ it is you don ░░░░░░░░ get 13 5 average ░░░░░░░░ returns for the last ░░░░░░░░ years for nothing The ░░░░░░░░ you pay is having ░░░░░░░░ gut wrenching moments And ░░░░░░░░ can t really dance ░░░░░░░░ and out of it ░░░░░░░░ either have to say ░░░░░░░░ accept this or maybe ░░░░░░░░ aren t for you ░░░░░░░░ well your opinions do ░░░░░░░░ to us here Josh ░░░░░░░░ s why we have ░░░░░░░░ on so much before ░░░░░░░░ let you go we ░░░░░░░░ you to zine in ░░░░░░░░ your best stock ideas ░░░░░░░░ boy Josh we re ░░░░░░░░ with you Okay I ░░░░░░░░ bought restoration hardware I ░░░░░░░░ it for like 50 ░░░░░░░░ than its all time ░░░░░░░░ that it reached last ░░░░░░░░ The stock has been ░░░░░░░░ creamed I think I ░░░░░░░░ in good company here ░░░░░░░░ hathaway now owns 8 ░░░░░░░░ this company And it ░░░░░░░░ only an 8 billion ░░░░░░░░ cap like it s ░░░░░░░░ tiny in relation to ░░░░░░░░ all of Berkshire s ░░░░░░░░ holdings I don t ░░░░░░░░ if this is Ted ░░░░░░░░ Todd or warranten buffett ░░░░░░░░ or the guy who ░░░░░░░░ up at night but ░░░░░░░░ occurs to me this ░░░░░░░░ a perfect Berkshire type ░░░░░░░░ the membership fees that ░░░░░░░░ customers pay keep their ░░░░░░░░ loyal to the brand ░░░░░░░░ re catering to the ░░░░░░░░ high end of consumers ░░░░░░░░ s not quite as ░░░░░░░░ as you might think ░░░░░░░░ is I think there ░░░░░░░░ a secular tailwind for ░░░░░░░░ housing relates And I ░░░░░░░░ luxury goods stay big ░░░░░░░░ as long as there ░░░░░░░░ this much liquidity in ░░░░░░░░ current economy I like ░░░░░░░░ stocks at half of ░░░░░░░░ former price and I ░░░░░░░░ I m going to ░░░░░░░░ okay with this one ░░░░░░░░ don t have a ░░░░░░░░ of it but I ░░░░░░░░ plan to continue adding ░░░░░░░░ Ma Malcolm what s ░░░░░░░░ pick We re big ░░░░░░░░ of Amazon The runt ░░░░░░░░ the litter of the ░░░░░░░░ mega cap tech stocks ░░░░░░░░ year because the outlook ░░░░░░░░ Amazon they announced their ░░░░░░░░ share buyback in over ░░░░░░░░ decade last month and ░░░░░░░░ that we also see ░░░░░░░░ company s recent decision ░░░░░░░░ disclose advertising revenue and ░░░░░░░░ capital expenditures by category ░░░░░░░░ a prelude that maybe ░░░░░░░░ jassy will begin to ░░░░░░░░ out the numbers on ░░░░░░░░ which some analysts estimate ░░░░░░░░ have an enterprise value ░░░░░░░░ up to 1 5 ░░░░░░░░ on its own So ░░░░░░░░ context Amazon right now ░░░░░░░░ enterprise value is estimated ░░░░░░░░ 1 6 trillion as ░░░░░░░░ entire company if they ░░░░░░░░ unlock the value that ░░░░░░░░ has in there that ░░░░░░░░ spell a pretty strong ░░░░░░░░ for Amazon shareholders All ░░░░░░░░ two names with consumer ░░░░░░░░ businesses attached thank you ░░░░░░░░ and Josh.