RUSH TRANSCRIPT Outscustomers to ░░░░░░░░ off temu a shein ░░░░░░░░ us now chief investment ░░░░░░░░ Lee monson What do ░░░░░░░░ make of the 2 ░░░░░░░░ club Board there they ░░░░░░░░ on China for marginal ░░░░░░░░ to keep massive multitrillion ░░░░░░░░ things Think about what ░░░░░░░░ s doing I know ░░░░░░░░ sounds great temu shein ░░░░░░░░ s not just about ░░░░░░░░ products Amazon is competing ░░░░░░░░ sounds crazy when you ░░░░░░░░ it mind controlling algorithms ░░░░░░░░ see what happens with ░░░░░░░░ with TikTok that s ░░░░░░░░ the Chinese apps are ░░░░░░░░ It tells us two ░░░░░░░░ The algorithms they re ░░░░░░░░ products they re dangerous ░░░░░░░░ addictive Number two big ░░░░░░░░ firms are relying on ░░░░░░░░ relationship with China to ░░░░░░░░ into that market to ░░░░░░░░ that market share I ░░░░░░░░ very concerned because both ░░░░░░░░ candidates are talking about ░░░░░░░░ and heightened tariffs with ░░░░░░░░ It makes me nervous ░░░░░░░░ an investor Maria I ░░░░░░░░ We don t really ░░░░░░░░ what kind of information ░░░░░░░░ Chinese companies are getting ░░░░░░░░ the public right Aren ░░░░░░░░ they forced to send ░░░░░░░░ information in terms of ░░░░░░░░ data to the communist ░░░░░░░░ The government of China ░░░░░░░░ we have all these ░░░░░░░░ companies that are going ░░░░░░░░ be complicit in that ░░░░░░░░ they want to make ░░░░░░░░ quarterly numbers They want ░░░░░░░░ try to break into ░░░░░░░░ Just the general commerce ░░░░░░░░ I don t need ░░░░░░░░ Chinese government knowing everything ░░░░░░░░ re doing all the ░░░░░░░░ it makes me uncomfortable ░░░░░░░░ think we re going ░░░░░░░░ have to rethink how ░░░░░░░░ large companies continue to ░░░░░░░░ Same thing with apple ░░░░░░░░ same thing with Tesla ░░░░░░░░ absolutely fair point I ░░░░░░░░ it in the fox ░░░░░░░░ special underwriting the enemy ░░░░░░░░ Chinese stocks don t ░░░░░░░░ the same accounting rules ░░░░░░░░ every other public company ░░░░░░░░ want to get into ░░░░░░░░ banks this morning The ░░░░░░░░ Reserve conducted the annual ░░░░░░░░ tests for America s ░░░░░░░░ banks and the Fed ░░░░░░░░ all 31 banks would ░░░░░░░░ able to withstand a ░░░░░░░░ recession Federal Reserve vice ░░░░░░░░ for supervision my Barr ░░░░░░░░ large banks would take ░░░░░░░░ billion in total the ░░░░░░░░ losses and have considerably ░░░░░░░░ capital than minimum requirements ░░░░░░░░ did you make of ░░░░░░░░ stress tests and the ░░░░░░░░ from the major banks ░░░░░░░░ Encouraged it s only ░░░░░░░░ to cost us 650 ░░░░░░░░ and not multiple trillions ░░░░░░░░ it did 15 years ░░░░░░░░ Here s what I ░░░░░░░░ concerned about First of ░░░░░░░░ we can shrug this ░░░░░░░░ so easily that we ░░░░░░░░ such confidence but two ░░░░░░░░ we re going to ░░░░░░░░ bank earnings All we ░░░░░░░░ going to hear from ░░░░░░░░ major banks is that ░░░░░░░░ card balances are going ░░░░░░░░ and the rich can ░░░░░░░░ to pay fees and ░░░░░░░░ their bills What I ░░░░░░░░ t hear in the ░░░░░░░░ test is any talk ░░░░░░░░ all the private credit ░░░░░░░░ don t think we ░░░░░░░░ see hear major banks ░░░░░░░░ about loan books expanding ░░░░░░░░ As an a investor ░░░░░░░░ have to manage money ░░░░░░░░ people that are retired ░░░░░░░░ off their money I ░░░░░░░░ getting questions about what ░░░░░░░░ outside that I don ░░░░░░░░ think the Fed is ░░░░░░░░ enough time stress testing ░░░░░░░░ the private credit all ░░░░░░░░ money going into there ░░░░░░░░ that will have a ░░░░░░░░ down effect It s ░░░░░░░░ how that will affect ░░░░░░░░ It s a big ░░░░░░░░ Maria it s a ░░░░░░░░ point And the analysts ░░░░░░░░ there at td securities ░░░░░░░░ and company says it ░░░░░░░░ not all good news ░░░░░░░░ the banks before we ░░░░░░░░ to the exploratory scenarios ░░░░░░░░ we see as a ░░░░░░░░ term threat to bank ░░░░░░░░ returns he says it ░░░░░░░░ why we don t ░░░░░░░░ this altering the final ░░░░░░░░ for basel 3 end ░░░░░░░░ We have some questions ░░░░░░░░ the major banks Would ░░░░░░░░ buy the banks or ░░░░░░░░ out at this point ░░░░░░░░ want to bring Mark ░░░░░░░░ in We ve been ░░░░░░░░ for a while about ░░░░░░░░ market inability to broaden ░░░░░░░░ Lee Mark how do ░░░░░░░░ see it It I ░░░░░░░░ t want to sound ░░░░░░░░ a complainer the market ░░░░░░░░ up 15 we re ░░░░░░░░ at the halfway point ░░░░░░░░ yet It s been ░░░░░░░░ great year It s ░░░░░░░░ magnificent seven minus Tesla ░░░░░░░░ has been doing all ░░░░░░░░ heavy lifting small caps ░░░░░░░░ t been participating the ░░░░░░░░ 493 stocks in the ░░░░░░░░ P really haven t ░░░░░░░░ much from this rally ░░░░░░░░ do you think it ░░░░░░░░ going to take for ░░░░░░░░ rally to broaden out ░░░░░░░░ we see some broadening ░░░░░░░░ if the Fed ends ░░░░░░░░ cutting rates or is ░░░░░░░░ another catalyst that can ░░░░░░░░ of help this rally ░░░░░░░░ strengthen and broaden out ░░░░░░░░ and just be the ░░░░░░░░ club Here s the ░░░░░░░░ I was thinking we ░░░░░░░░ get 5200 by the ░░░░░░░░ of the year I ░░░░░░░░ that in January People ░░░░░░░░ their eyes We re ░░░░░░░░ 5500 We re expecting ░░░░░░░░ a share from the ░░░░░░░░ P and we have ░░░░░░░░ a high valuation now ░░░░░░░░ re not leaving any ░░░░░░░░ for next year Here ░░░░░░░░ my issue What am ░░░░░░░░ supposed to do as ░░░░░░░░ all star as an ░░░░░░░░ I m getting a ░░░░░░░░ that gets me to ░░░░░░░░ year I haven t ░░░░░░░░ the earnings trickle in ░░░░░░░░ the magnificent seven We ░░░░░░░░ had narrow rallies before ░░░░░░░░ don t like it ░░░░░░░░ think the only way ░░░░░░░░ re going to get ░░░░░░░░ other companies to come ░░░░░░░░ because I m not ░░░░░░░░ s going to sell ░░░░░░░░ I Stocks if we ░░░░░░░░ a little less demand ░░░░░░░░ chips from nvidia We ░░░░░░░░ to see the availability ░░░░░░░░ money or the idea ░░░░░░░░ it get better and ░░░░░░░░ ve got to see ░░░░░░░░ go down We re ░░░░░░░░ in an either or ░░░░░░░░ where you have widow ░░░░░░░░ orphan stocks the stocks ░░░░░░░░ love value stocks compete ░░░░░░░░ the magnificent seven It ░░░░░░░░ all about interest rates ░░░░░░░░ also let s be ░░░░░░░░ We ve got to ░░░░░░░░ past November Wall Street ░░░░░░░░ t want to talk ░░░░░░░░ November Maria great b ░░░░░░░░ Real quick on the ░░░░░░░░ read of GDP out ░░░░░░░░ morning 8 30 A ░░░░░░░░ Eastern The expectations are ░░░░░░░░ 3 growth We ll ░░░░░░░░ the pce index tomorrow ░░░░░░░░ economists are expecting core ░░░░░░░░ to be up one ░░░░░░░░ of a percent month ░░░░░░░░ month 2 6 year ░░░░░░░░ year Do these economic ░░░░░░░░ affect how you view ░░░░░░░░ second half 06 the ░░░░░░░░ Even more short term ░░░░░░░░ Trump does well tonight ░░░░░░░░ we see a market ░░░░░░░░ If Biden does well ░░░░░░░░ do we see a ░░░░░░░░ can impact Any thoughts ░░░░░░░░ on the debate Already ░░░░░░░░ in a Trump win ░░░░░░░░ corporate tax et cetera ░░░░░░░░ cetera I think when ░░░░░░░░ see GDP numbers I ░░░░░░░░ to see an an ░░░░░░░░ wallized 3 annualized 3 ░░░░░░░░ think tomorrow with pce ░░░░░░░░ we get any hot ░░░░░░░░ it s not going ░░░░░░░░ be good I think ░░░░░░░░ market at almost 5500 ░░░░░░░░ re pricing in nice ░░░░░░░░ prints I m worried ░░░░░░░░ sound bites tonight worried ░░░░░░░░ the perception not about ░░░░░░░░ is in the lead ░░░░░░░░ who wins I m ░░░░░░░░ about anything that would ░░░░░░░░ we re going to ░░░░░░░░ a problem when we ░░░░░░░░ up Wednesday after the ░░░░░░░░ It s all about ░░░░░░░░ and certainity of a ░░░░░░░░ I think it s ░░░░░░░░ about who wins But ░░░░░░░░ s priced for a ░░░░░░░░ win bottom line Maria ░░░░░░░░ right We ll leave ░░░░░░░░ there Lee good to ░░░░░░░░ you We ll be ░░░░░░░░ all of that Lee ░░░░░░░░ joining us this morning ░░░░░░░░ a great day Lee ░░░░░░░░ morning mover is micron ░░░░░░░░ down 5 and a ░░░░░░░░ percent shares of the ░░░░░░░░ chip maker falling after ░░░░░░░░ quarter revenue forecast came ░░░░░░░░ only in line with ░░░░░░░░ The company did however ░░░░░░░░ on