RUSH TRANSCRIPT Welcome back ░░░░░░░░ cheddar s opening bell ░░░░░░░░ futures are pointing to ░░░░░░░░ lower open this morning ░░░░░░░░ more insights on the ░░░░░░░░ before the bell I ░░░░░░░░ joined by George see ░░░░░░░░ is the CEO capital ░░░░░░░░ good that you re ░░░░░░░░ us this morning the ░░░░░░░░ and p 500 on ░░░░░░░░ for its 4th weekly ░░░░░░░░ following a record I ░░░░░░░░ yesterday s session 3rd ░░░░░░░░ GDP that grew slower ░░░░░░░░ saws strong 3 earnings ░░░░░░░░ least before the bell ░░░░░░░░ what you ate what ░░░░░░░░ you make of this ░░░░░░░░ s market activity And ░░░░░░░░ morning Brad I I ░░░░░░░░ it s all very ░░░░░░░░ to be honest I ░░░░░░░░ we ve had a ░░░░░░░░ of people saying our ░░░░░░░░ and to me as ░░░░░░░░ is it is an ░░░░░░░░ is entry for the ░░░░░░░░ to stagflation right now ░░░░░░░░ terms of prosperity for ░░░░░░░░ hitting all time highs ░░░░░░░░ the market s earnings ░░░░░░░░ still superstar But we ░░░░░░░░ 2 GDP growth for ░░░░░░░░ 3 and a lot ░░░░░░░░ people are blaming that ░░░░░░░░ the delta strain but ░░░░░░░░ s fair is much ░░░░░░░░ growth it irrespective of ░░░░░░░░ the cause was and ░░░░░░░░ you ve got 5 ░░░░░░░░ inflation so that s ░░░░░░░░ far cry from the ░░░░░░░░ said the knees and ░░░░░░░░ misery index in the ░░░░░░░░ of really significant stagflation ░░░░░░░░ is still alarming quite ░░░░░░░░ that s a 3 ░░░░░░░░ differential between growth rate ░░░░░░░░ inflation rate if that ░░░░░░░░ or continues really we ░░░░░░░░ the economic great growth ░░░░░░░░ down in the rate ░░░░░░░░ inflation continued to go ░░░░░░░░ That s really bad ░░░░░░░░ stock prices and corporate ░░░░░░░░ and the economy over ░░░░░░░░ that were everyone is ░░░░░░░░ a much stronger 4th ░░░░░░░░ than the 3rd quarter ░░░░░░░░ hopefully that comes to ░░░░░░░░ and this alarm that ░░░░░░░░ re seeing over stagflation ░░░░░░░░ least a bit Now ░░░░░░░░ missed revenue expectations for ░░░░░░░░ first time since 2017 ░░░░░░░░ supply chain challenges continue ░░░░░░░░ impact access to chips ░░░░░░░░ say the semiconductor shortage ░░░░░░░░ last late into 2023 ░░░░░░░░ are you concerned revenue ░░░░░░░░ will be an ongoing ░░░░░░░░ for apple and even ░░░░░░░░ just apple apple is ░░░░░░░░ of perhaps the strongest ░░░░░░░░ for many of its ░░░░░░░░ you know what does ░░░░░░░░ signal for the rest ░░░░░░░░ the industry I think ░░░░░░░░ signals that we as ░░░░░░░░ have gotten really spoil ░░░░░░░░ last 13 years wet ░░░░░░░░ it s Amazon or ░░░░░░░░ or Google or netflix ░░░░░░░░ Microsoft store on and ░░░░░░░░ and on earnings growth ░░░░░░░░ the performance of corporate ░░░░░░░░ has been starting especially ░░░░░░░░ the tech space And ░░░░░░░░ I I think that ░░░░░░░░ missing for the first ░░░░░░░░ in 5 years is ░░░░░░░░ something ironically these to ░░░░░░░░ as they miss so ░░░░░░░░ and they are going ░░░░░░░░ have problems with their ░░░░░░░░ chain and they re ░░░░░░░░ going to have problems ░░░░░░░░ inflationary costs in in ░░░░░░░░ their cost structure and ░░░░░░░░ so we saw that ░░░░░░░░ Amazon s earnings were ░░░░░░░░ know if you employ ░░░░░░░░ and hundreds of thousands ░░░░░░░░ people like Amazon does ░░░░░░░░ labor costs or that ░░░░░░░░ going to really hurt ░░░░░░░░ margins and in her ░░░░░░░░ profitability in I think ░░░░░░░░ is this has been ░░░░░░░░ overdue and it s ░░░░░░░░ to just make more ░░░░░░░░ for gross stockton passage ░░░░░░░░ decade historical run it ░░░░░░░░ could be a lot ░░░░░░░░ from here on out ░░░░░░░░ reported a miss on ░░░░░░░░ top and bottom line ░░░░░░░░ it was affected by ░░░░░░░░ chain issues labor shortages ░░░░░░░░ and higher employee costs ░░░░░░░░ does this change or ░░░░░░░░ term view on Amazon ░░░░░░░░ it really I think ░░░░░░░░ can argue Amazon is ░░░░░░░░ best business in the ░░░░░░░░ world and in long ░░░░░░░░ it s going to ░░░░░░░░ a much higher stocking ░░░░░░░░ stronger company 10 years ░░░░░░░░ now that it is ░░░░░░░░ but as for the ░░░░░░░░ itself in the next ░░░░░░░░ 2 years I don ░░░░░░░░ really have an opinion ░░░░░░░░ and I think it ░░░░░░░░ going to be a ░░░░░░░░ harder for the stock ░░░░░░░░ out former even perform ░░░░░░░░ line with the market ░░░░░░░░ they re to have ░░░░░░░░ lot of pressures with ░░░░░░░░ big they are And ░░░░░░░░ these inflationary cost going ░░░░░░░░ their cost structure is ░░░░░░░░ s going to be ░░░░░░░░ for them to satisfy ░░░░░░░░ street The street is ░░░░░░░░ ravenous the city expects ░░░░░░░░ to a mix of ░░░░░░░░ 3rd degree and when ░░░░░░░░ didn t get it ░░░░░░░░ a temper 10 And ░░░░░░░░ just last year while ░░░░░░░░ have you as well ░░░░░░░░ NASDAQ is pointing lower ░░░░░░░░ the premarket following It ░░░░░░░░ disappointing Amazon and apple ░░░░░░░░ however the index is ░░░░░░░░ pace to finish the ░░░░░░░░ above 8 tenths of ░░░░░░░░ percent I want to ░░░░░░░░ or contact for for ░░░░░░░░ rest of the year ░░░░░░░░ have not sold my ░░░░░░░░ stocks I still own ░░░░░░░░ and apple and many ░░░░░░░░ qualcomm but I m ░░░░░░░░ adding to know I ░░░░░░░░ just staying in place ░░░░░░░░ don t want to ░░░░░░░░ taxes cyclical stocks and ░░░░░░░░ market stocks and commodity ░░░░░░░░ stocks in times of ░░░░░░░░ and I think we ░░░░░░░░ here that this is ░░░░░░░░ transitory inflation The best ░░░░░░░░ sectors are commodities real ░░░░░░░░ and then there s ░░░░░░░░ equities are very distant ░░░░░░░░ sometimes they make money ░░░░░░░░ they don t so ░░░░░░░░ m very focused on ░░░░░░░░ stocks right now Perhaps ░░░░░░░░ real his words out ░░░░░░░░ you know I just ░░░░░░░░ t want to pay ░░░░░░░░ on them right now ░░░░░░░░ ve got to know ░░░░░░░░ industries are you avoiding ░░░░░░░░ this one time and ░░░░░░░░ perhaps on the others ░░░░░░░░ you are looking for ░░░░░░░░ growth Yeah I am ░░░░░░░░ very bullish on the ░░░░░░░░ oil and gas sector ░░░░░░░░ that move commodity prices ░░░░░░░░ there they re the ░░░░░░░░ road to the energy ░░░░░░░░ in the electricity sector ░░░░░░░░ I just think they ░░░░░░░░ got a very bright ░░░░░░░░ and they re very ░░░░░░░░ and I think they ░░░░░░░░ going to get a ░░░░░░░░ from the in season ░░░░░░░░ re going to increase ░░░░░░░░ dividends and lower their ░░░░░░░░ on their back sheets ░░░░░░░░ I think their future ░░░░░░░░ very bright the next ░░░░░░░░ to 4 years I ░░░░░░░░ really avoiding speculative it ░░░░░░░░ have little or no ░░░░░░░░ and incredibly high multiples ░░░░░░░░ and everybody s really ░░░░░░░░ about what they re ░░░░░░░░ to do 10 years ░░░░░░░░ now I think we ░░░░░░░░ too late market cycle ░░░░░░░░ those kind of stocks ░░░░░░░░ I I remember 1999 ░░░░░░░░ quite well and and ░░░░░░░░ don t want to ░░░░░░░░ a portfolio that would ░░░░░░░░ exposed the kind of ░░░░░░░░ the pro stock investors ░░░░░░░░ during that period of ░░░░░░░░ so I m staying ░░░░░░░░ from those kind of ░░░░░░░░ with some of the ░░░░░░░░ highs that we ve ░░░░░░░░ over Recent days this ░░░░░░░░ and then even kind ░░░░░░░░ looking you know what ░░░░░░░░ ve recently seen with ░░░░░░░░ dow as well I ░░░░░░░░ all the major averages ░░░░░░░░ touching some new highs ░░░░░░░░ form or another with ░░░░░░░░ in mind you know ░░░░░░░░ ve been having some ░░░░░░░░ with analysts earlier this ░░░░░░░░ around whether or not ░░░░░░░░ could potentially see some ░░░░░░░░ of gradual correction or ░░░░░░░░ there would be some ░░░░░░░░ selling that took place ░░░░░░░░ we go into the ░░░░░░░░ weeks of 2021 What ░░░░░░░░ you anticipating I think ░░░░░░░░ Santa Claus rally is ░░░░░░░░ hard over com I ░░░░░░░░ once once instant 2 ░░░░░░░░ and individuals finish their ░░░░░░░░ law selling for the ░░░░░░░░ Every once in good ░░░░░░░░ in a good mood ░░░░░░░░ it looks like we ░░░░░░░░ going to have strong ░░░░░░░░ 4th quarter I I ░░░░░░░░ still expect a rally ░░░░░░░░ if you re in ░░░░░░░░ a much more waiting ░░░░░░░░ us a correction that ░░░░░░░░ significant I don t ░░░░░░░░ if it s 5 ░░░░░░░░ 10 or 50 or ░░░░░░░░ worse But stop somewhere ░░░░░░░░ that kind of man ░░░░░░░░ next year But you ░░░░░░░░ predicting when the market ░░░░░░░░ going to correct that ░░░░░░░░ going to go to ░░░░░░░░ game It s impossible ░░░░░░░░ nobody knows the timing ░░░░░░░░ I m much more ░░░░░░░░ and costs on next ░░░░░░░░ I m I m ░░░░░░░░ that concerned that mark ░░░░░░░░ going to fall apart ░░░░░░░░ still think that there ░░░░░░░░ no alternative to stocks ░░░░░░░░ that we want to ░░░░░░░░ money in there so ░░░░░░░░ would be out there ░░░░░░░░ in the economy start ░░░░░░░░ fall apart in the ░░░░░░░░ term site maybe we ░░░░░░░░ get a big question ░░░░░░░░ in Europe but I ░░░░░░░░ be surprised George see ░░░░░░░░ is the CEO of ░░░░░░░░ capital joining us today ░░░░░░░░ you so much for ░░░░░░░░ time the insights context ░░░░░░░░ morning George appreciate the ░░░░░░░░ as always guys coming ░░░░░░░░ We ve got our ░░░░░░░░ episode of ched her ░░░░░░░░ around.
>> Cheddar’s