Winning streak since december. Pete, im going to begin with you. I hope you and your family is well its been a while since we have seen you im thrilled to have kwyou balk im really surprised by what i see. I have the most exposure to stocks and the least exposure t options you have had in two years. Tell us why. Its something we talked about a while back a cup of months ago. When the volatility starts to spike and you see it in high level, i never interpreted this going towards 85 high levels being in the upper 30r 30, the low 40s. That move from 13 to those levels greats a great opportunity. The reason you have gone to the up side is people are selling off stocks which is what was happening. Not only are they selling off stocks but give you a great opportunity to look for those stocks that you havent owned for whatever reason. I hadnt owned certain names for Different Reasons. Some of them is because i thought they were too high i didnt like their pe levels. It gave mean opportunity to find those stocks that had been cut in half but cut more so, maybe 70, 80 in some cases to buy those stocks and use that applied volatility spiked into these with where im getting premium against owning the stock. Thats the trades i was finding. Give us an idea what are you talking about specifically there are name where is i added to and new names a great new name, lqd. Its Corporate Bonds it doesnt sound all that exciting stock was trading around 108 they sold huge numbers of puts we seen the big put selling. What i interpreted from that is these volatilities are so high, if i buy it at 108 and can sell calls at 115 or the 120, thats great trade. Thats exactly the kinds of trades i was finding im going to come back do you on some more specifics in a second josh, you were tweeting that amazon and netflix have hit new highs today. I was kind of half joking i was saying we all realized during this period that amazon is actually not really a Consumer Discretionary its more of utility i dont know that many middle class families can live without it because of the con tetent and amazon web services. Most business ta are trying to operate remotely are able to i dont know what this pandemic and stay at home order would look like in a universe where those things stopped functioning. Amazon i own the one i dont own is netflix in hindsight i should own it they vareally only had one big i show they had cosome comebacks like ozark. Tiger shark kind of dominated the conversation when nobody can go to movies or concerts and nobody pays attention to Network Television anyone. They need one or two to keep those subscription levels high its at a new high i referred to it as a pharmaceutical its kind of the panacea that we all treated ourselves with to cope with the mass anxiety i should own it. Doin i dont. If you look at the catalyst for one of the reasons why reare up to date and why you have been, perhaps, a little more optimistic than maybe some have been its this idea of the backstop its the backstop from the government and the fed all of this being a game charng even in an environment of so much uncertainty and so much pain in particular areas of the economy. You said at the to that the tone is changing from panic and fear to fiscal action to one of maybe well start to reopen the economy. We dont know when but we do know we have more tests. We have better tests we know we are seeing an improvement in some states in terms of the virus numbers all of that is good. It sounds like well open sooner rather than later. Is it may, june or july. We dont know. We still have a lot of unknowns out there. One of the names ive been buying is u. P. S. Its yielding 4 and still down about 15 on the year. I like the risk reward the whole story on owning this stock at this particular point is not necessarily business fundamentals but more on their strong Free Cash Flow generation thats what i have been doing. Kind of a cross between the two. Cant escape what Lee Cooperman told us yesterday. That is the fact the environment is not great, obviously. Its going to be struggling for a while. Some of the stimulants will be gone youll have fewer buy backs thats been such a Win Companies will be faced with different ways of doing their business different ways of dealing with their business the expense load of getting people back to work and the all the necessary things that have to happen. Lets listen to what Lee Cooperman told us yesterday. We can react on the other side my view is a reasonable s p of 17 times. I think normalize earnings, which we wont see for two years is about 150 if i take 17 times 150, i think the fair value for the market is 2550 all right everything that lee says, theoretically, make sense. The runway to get back normalized earnings is very long who knows exactly the length that its going to take. Put that against what steph has told us. Perhaps you want to call it optimism that the economy may open sooner than people think. First is the realism of earnings are going to be dislocated for an awfully long time yeah, i think like stephanie and leon offered two parts of the same story leon is walking through the next two years of everyonings and saying 2550 is my fair value hes putting math behind it and math works this is trae tia tremendous timt your buy list. If they have sold off, buy them again. I think you have to look at your time horizon also yesterday the backdrop of 2550, looking at 150 in earnings is juxtaposed to someone that came out yesterday and say a year end target of 3600 on the s p. I dont know that i can do to get there. Ill go with cooperman side to say that earnings normalize. When you look at jpmorgan earnings, its just as important of what you dont own as what you do own everybody felt comfortable with their dividend i know there had been a narrative theres a possibility that the u. S. Banks would go the trajector trajectory i think its interesting if you look at so many folks own from an Asset AllocationInternational Stocks in europe and japan dominated by banks the last ten years u. S. Banks in general is up about 70 . The european banks are down 35 over ten years i think its a good time to upgrade your portfolio and come back over to the u. S the u. S. Will reflat faster than every one else joe, you do have this disconnect we have been speaking about that in the past week how can the stock market will where it is at a time where the economy and great swaths of the economy are under so much pain and kramer has been talk about that for certain the market is empathy as for all of those businesses that are the nail salons and hair salons and the dry cleaners and the small mom and Pop Restaurants that are hurting, we all feel their pain. We all want them to get back on their feet as soon as possible and be able to survive this crisis that were under. The market isnt trading that. Thats why the market is where it is. Its trading the microsofts and amazons and the apples and these companies that are sol vevent t are Growth Leaders is that a good enough way to describe why we are where we are in the market relative to where the greater economy appears to be not only is it a good way, its a perfect way to describe whats going on in the market. Its an excellent observation by jim. I think it begins in excellent comments by all four members of the committee today. Beginning with what pete said and talking about the lqd, i think what youre describing is is the support thats been provided by the Federal Reserve. I urge every one to go on cnbc. Com and read what jeff cox posted last evening. He summarized the actions of the principal reser Federal Reserve and how powerful they have been what has been kraecreated be an incredibly e ly by bif bief bifercated stocks. You have them shaking the market higher you have energy and the financials lagging significantly. I dont see that changing any time soon. Pete, youre doing just that. I wanted to get back to you and talk about socme of the specific of the moves you have made in the market you talked about being opportunistic of buy things you didnt own and to add some things you already had taking advantage of the pull back in certain areas. Your sell off buys include citi. Tell us about hat. I think there are certain names. We see the pain they were under and the pressure they were under. Soc some of the names have come off the lows its made a nice move. Theres still a lot left in a bank of america at this point in time if the rest of the markets continue to move to the up side. I think the financials will probably still stall for a while. I look for opportunities this was a stock ill give you bank of america or city i literally added to both. The reality was bank of america was trading 35. Suddenly its trading in the 20 there are range and its now 25 and its a huge move it is a move off of 20 to 25 i still think theres plenty more there, scott. Its going to have to play out for us too well have to see how the economy reacts how things really get started when they do get started and started up once again. What kind of pain did the banks take because that sort of the area that i was focusing on because i thought some of these names, actually, quite honestly, really started to get up into the stratosphere as much as we think it have world of jamie dimon, you could see whats going on. People were very impressed early on this morning and sundayly you start to see that turn joe was talking about the sell off in certain areas financials being one of them thats just because theres so much uncertainty right now when looking at a jpmorgan. Part of that came with the conversations about dividend we all talk about dividend yields and buy backs how solid did it make you feel on what might happen with the dividend thats part of the reason were buying some of these banks youre adding to facebook and apple and micron and merck yeah. I just look at those names as they should be performing better and now they have. You look at apple. It was being sold off for the right reasons along with everything else. At some point was it over sold when you look at that Balance Sheet. I think thats part of what makes me intrigued by certain names. Facebook when you look at Companies Like facebook and apple where you got virtually no debt but you have all of this cash sitting on the Balance Sheets and they can with stand a lot of pain. They are positioning themselves right now very well for whats going on in the present economy. I look at facebook i look at twitter. I look at some of the social companies out there. Even go to some of these streamers. The netflix of the world and disney and the rest of them. I think there are possibilities that a lot of these various names where they were sold to the point where it was over sold and i think that created some of that opportunity all right lets bring in another voice now. Our weekly visitor hes the chairman of avenue capital. Always good to check in with him. Marc, welcome back always good to be on. Let me ask you real quickly, im seeing headline ons the tape from st. Louis fed president who says the u. S. Can have a v shaped recovery if the virus is handled well does that make sense to you . When you were with us last week, we had a bit of a debate on what this recovery would look like. You were in the slow and nonv shaped camp. Given where we are a week later, how the stock market has responded since then and were having a conversation about getting back to work, what do you think about bullards comments and how are you feeling it on your own look, i hope hes right i dont think he is. I apologize for that the whole key is how quickly do people come back thst great how quickly do we get back to normal i just think that will take a while. Im sorry. I dont think company that was making, whatever, if it had a Million Dollars ebitda, a month from now still have that ebitda. I think it will take a while for these things to get back to normal i think people are too optimistic id love it to do well i think it will take a bit longer sdp longer. What about the idea the fed, just to play off of bullard, given the seat in which he sits has backstopped everything for the most part. Do you at least believe that a floor, so to speak, has been put in to where we are not necessarily from a bottom in the stock market but just generally speaking that the actions that all of those entities have taken is Game Changing that i fully agree with i think it has put a floor its made people feel comfortable to end up getting back in the market, to invest and as given people the confidence to get out there and invest that money. I think thats all positive. I still think it will take a while. Yeah, i think a lot of people are in agreement with you. Stay with me for a second. Lets bring Steve Leisman in id love to get steves insight. It may be out of consensus at this point to have this idea from bullard of a v shape recovery if you heard neil over the weekend, you could put those on opposite sides of how this will work why dwroints put into perspective what bullard is telling us today yeah, you have to understand what hes saying, how we would goat a v shape recovery. He says its possible but it depends on how we conduct ourselves. Its important to go through economic calculus that hes making he says shutting down the economy is costing the u. S. 25 billion a day in lost output put that to the side put next to that what he thinks we need to bring america back, which is massive, widespread availability of testing. He says testing for businesses testing for govrt. Testing for individual households whatever that cost, it will be some magnitude less than the 25 billion dollar a day that its costing us in less output. He wants the u. S. To spend massively on testing he says quarantining is a massively inefficient way to go aboutsoev solving your problem. He understands its necessary for saving lives and keeping people healthy were keeping tens of millions of Healthy People at home. How do we solve the problem . We could goat a v shape recovery with this massive testing thing. Thats his whole not his whole thing but the gist of what hes saying making an Economic Cost benefit analysis of what we lose in the economy versus wa we ought to be spending on testing. Marc, how are you thinking about opening the offices new york city . What time framing for you and that testing will be the key to moving forward i think hes right about that you do need the testing. Wooeds love to get fwook our offices in the next 30 days. If you need to test somebody then people arent going to be worried. I dont see any of that testing around everybody keeps talking that its coming. Hoip et is until you have that and until you have it everywhere, its going to be hard for people to get back hes absolutely correct. We should be spending all the money that we have right now to have that. If were losing 25 billion a day to create the testing will be substantially cheaper than that. Steve, i want you to stay with us because i want to talk to you about the idea that fed buying high yield etfs which is an extraordinary move. As you said, the word unprecedented has been used so many times in the last month to six weeks. Its probably been over used im wondering how you think about that move. Theres some that suggest it was moral hazard disregarded tell me what you think about what the fed did i think the fed did that to continue to providing liquidity. Thats really it what the fed is trying to do is make people comfortable that the markets are liquid and that you can come in and you can trade. Thats the most important thing. I think thats what they did within that high yield market its close to two trillion youre going have companies that will have issues and take advantage of that. What the fed is doing is providing liquidity which is what Everybody Needs and makes people feel comfortable. Is it creating and will it create fewer opportunities for somebody like you . It will create it will be less it has actually been looked to great for the country. Its great for the economy you need that. You need that. Thats the positive. When you have Something Like this, youre trying to make sure people dont get hurt. You are going to have people that will get hurt how about china now that china is getting fwook work or attempting to, how does your business look today in. I think it looks pretty good. Its the same thing. People need capital. Youre still able to charge quite a bit for the capital that you have its coming back its coming back slowly. The bad news is its coming back slowly sgrp yo your lending business you had precrisis, you see an up tick its been a massive up tick Everybody Needs capital. I think thats all been very positive if you have money and you have money out there, you can pretty much you can charge somewhere around sort of 15 to 20 for the use of that capital. Steve, ill let you go. Do you feel the people you talk to, we had stephanie at the top of the show. Shes uses game changer when she talks about the activity of the fed. This idea the fed and as we talk about the high yield, the fed has backstopped the universe thats right. I think it was the other night on the 7 00 special where you and i ran out of adjectives. We were historic, unprecedented, never been seen before i think whats interesting here is you mentioned the concept of moral hazard i dont hear almost anybody at the fed looking over their shoulder wondering if any of theeds thi these things are the right thing to do. I think there will be time to have a discussion. I believe the Banking System has past the crisis test here. I think the shadow Banking System has failed it pretty miserably and the fact the fed had to come in and backstop every single credit market is maybe a sign that we need to look again at the safety and soundness of the shadow Banking System thats a discussion for another day. I think what the fed has decided is it looked around and said what places are failing. What places, if they fail will create lasting damage to the economy and jumped in with both feet to backstop them and say as long as congress and the treasury have our back on this and thats important aspect of this is we talked about which is theres huge political agreement on this, the feds will go in and go in with 81, 91, 101 leverage it will backstop these things. Steve, i appreciate your jumping on with us marc, you bought any bonds or anything since we spoke to you la last we bought the macys. He ended up getting involved in a couple other credits on the health care side weve been doing what we talked about. Steve is correct when talk about what the fed is doing. I think people will decide whether its right or wrong a year from now. Today, what they have done is enabled the markets to be where they are today certainly a different place than a hand full of weeks ago. Thank you. Well talk do you next week. Take care thanks to steve as well shares of commercial reach historic capital falling more than 50 in the past two months. The ceo will join us next. You heard josh brown talk about this name several times. He does own it well talk to the ceo, coming up next isnt just a department. Its a voice on the other end of the phone. A note to say youre on our mind. A willingness to come to you. The world and how we interact with each other is changing. But that will never change who we are at lexus. Now, more than ever, you and your needs come first. Find out what Service Options are available in your area at lexus. Com people first welcome back lets go to d. C. We have breaking news. Joe biden got an important endorsement from his former boss today. The former president , barack obama endorsing biden on a video release a short time ago scott, the interesting thing here is obama is positioning biden as the perfect leader for these virus times. Here is what he said joe gets stuff done joe helped me manage h1n1 and prevent the ebola epidemic from becoming the type of pandemic were seeing now he said democrats as a party dont need the same platform that obama ran on back in 2008 and positioning biden as somebody that can rebuild the economy saying that for the second time in the 12 years, the next president of the United States will have to rebuild a very damaged economy scott, back over to you. Appreciate that jim is speaking with glaxo smithklein about this i think this is a Historic Alliance the you tell us what each party brings to the equation we think its unprecedented between of the worlds biggest vaccine manufacturers. Two leaders who are both bringing proven pandemic technologies and scale to develop a vaccine against covid19 we also both bring significant manufacturing capacity and if were successful, were hoping to get to hundreds of millions of doses by the end of next year a lot of work to do. Were sure the world will need more than one vaccine considering the state of demand. S s you can see the full interview tonight. Lets get the latest headlines on the virus good afternoon. In his video endorsement of joe biden for president , former president obama says biden is the right person to lead the country as it deals with the Coronavirus Crisis and its aftermath. Joe has the character and the experience to guide us through one of our darkest times and heal us through a long recovery. I know hell surround himself with good people experts, scientists, military officials who actually know how to run the government. Canadian Prime Minister says it will be weeks before canada can reopen the economy he also warned the restart will happen in stages and that he will coordinate with dcountrys ten providences. A third of Health Care Workers are suffering from insomniinsoma depression was elevated. For more coronavirus coverage head to our website. Back to you. Thank you. Its a stock youve heard josh brown talk about numerously. Warren buffet is major investor. Welcome back good to have you back. Pleasure to be here your footprint is all over this crisis. When you look, youre 65 service. 20 retail and you have Big Box Stores bass proshops, camping world im assuming they have high rents giving the size of their own footprints are they paying those rents . I cant talk to you exactly about who is paying and whose not. 65 of the assets we have today is open, which is very important. We expect to have some payment disruptions that will happen which happens when you have an absence of powers. We started off before the coronavirus with about 700 million in rents and interests and income coming in the issue will be how much of that is lost in the near term. This is a short term issue, as far as were concerned the question is how fast do we ramp up on the other side. Without telling me any name, surely you can tell me what you say on april 1st, for example, in terms of payment of rents well, i cant get specific on that we are going to have a web cast on friday, just a few days from now where we will get specific about the rent collections for the month. I would say the rent collections are probably, as we would have expected them to be. Were encouraged by it we feel strong about it. We also think our tenants are very confident in terms of how they are positioning themselves and are encouraged to reopen, those who have been closed and those who are partly closed. Surely some of the bigger names maybe more capitalized than your smaller tenants. Let me bring josh brown in this is the company youve talked about so often on this show yeah. Chris, its good to see you. I appreciate the march up that you gave to shareholders when ever you own a stock or a reet with a dividend yield, quota dividend yields trailing, is first thing you ask is this too good to be true. Sold shares in january at about 36 which looks incredible. I think you drew down your credit line another 600 million. The you make us feel comfortable about the dividend, the Liquidity Position from the Liquidity Position were sitting on over 600 million. We had it recently where it will close out the month of march roughly 630 million in fashion. Thats about three times our combined operating and interest costs from last year we have lots of ten nanants performing well. Were diversified across 110 industries its important to do that. If you borrow money, it will be in cash a little bit our board will be evaluating dividend policy to get through the end of this quarter and then through the rest of the dwreyear it have built on strong dividend probably because we retain so much cash we can reinvest in the business you have a big yield. Im wondering how youre thinking about the return, getting back to work on the other side of this and how the businesses, wo are your tenants are going to manage themselves, what the stores themselves may look like and how that could impact your own business our expectation is its going be more of a u shape recovery than a v shape the virus wont go away overnight. Its everything we see and read. On the other hand our tenants are really raring to go. They are excited to reopen their properties there are stay at home in 42 states and every state has Early Childhood education closed, restaurants are closed Fitness Centers are closed these are ten nanants that are excited to be open they may not be using the same Square Footage restaurants may have fewer tables fitness clubs may have more cle classes with less participants im excited to go. We have been closed in this office for five weeks. Our whole employee basis has been working out of home im excited to go out to eat and go to a movie. What part is your office in scottsdale, arizona nice part of the country. What type of programs have you guys created to help with the ten nantants of maybe switc Security Deposit for a few months imagine this. We have been working since the middle of march with our tenant base and then when we do the Conference Call this coming friday we hope to have not only rent deferrals in place for ten nan tennantss that asked for them and then document it its taken a tremendous amount of empt or ffort and incrediblef in some cases we have been giving deferrals some places have been giving notes fp money is all being paid back one of the interesting things that will happen too is the most of our tenants are going to that are closed will be able to qualify for the cares act. We expect that also will start to pull in as the government stimulus comes into play and we expected that might be able to help us out in may and june. Ic wanted to ask you about something you said its down more than 50 . It would strike me that would be something most corporations would be doing you and two other executives, this year, have bought back a bunch of stock is that the way youre thinking about proceeding Going Forward would you change your mind about shrinking the share count or what are your thoughts about that theyre required to pay out 95 of their income in the form of dividend. That basically means that they dont have a lot of Free Cash Flow to be able the buy stock back last year Free Cash Flow was 140 million our equity cap at the time was 9 billion. Today our equity cap has gone down to about 4 billion. We have lost 5 billion and change i dont expect replacement cost will change any time soon. We have been buying at this for 25 discount for replacement cost its very hard to buy back stock. Im going to buy stock myself. My team got buy back stock we have done that. Chris, weappreciate having you on look forward to your update. Be well. I hope your employees are well Going Forward as well. Same to you thank you. More ahead on the half first lets check the s p sectors now. Its green across the board as we take you to our wall and show you whats going on except for the financials as they kick off earning season with jpmorgan, wells fargo. Everything else in the green s p up 73 points dow is up better than 2 nasdaq is the winner longest winning streak since december 3. 5 were back after this. You can always watch or listen to us live on the go on the cnbc app. Were back in two minutes. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. But right now, the world needs all the good that we can do. To everyone working to keep america strong, thank you. Theres a number of lists out today with stocks you should will looking at. One of them with rbc pete, obviously, disney is right in the center of this. The parks are closed there are other issues as well im wondering about how youre thinking about that stock today. We all have to look at this in a couple of different ways. The next growth area and the next growth area will be this whole streaming process. They are in the right spot when you look at roku and the rest and espn plus and all these various things i think thats a positive that Going Forward we dont know enough about cruise ships. We dont know enough about the parks. I think that now has been priced in that big sell off that we had, the stock has been sort of stair stepping become up i like what were seeing now i continue to own it thats one of those names that i like enough to try to add to it and then sell more calls against it the premiums im able to get there. We talked about this earlier the premiums that im getting give me that much more comfort when i am buying something that, lets be honest, the way the markets have been moving its been extraordinary the velocity of the moves and the absolute strength of the up, down, everywhere we could possibly go in the same day, it just makes me feel a bit more comfortable about a disney that its been punished enough and i think there are other names that have been punished enough. I think they are ready to start moving to the upside not all stocks are like that i still see many stocks that i dont know if we have seen the bottom in a lot of specific stocks that are getting hurt now. This list has a lot of names within or universe here for our Investment Committee joe, you still in verizon . I am. I believe in verizon i think from a communication standpoint and the ultimate roll out of 5g, this is an excellent investment to make we had that conversation before and verizon is similar in the Investment Strategy of a reet. I would urge investors if theyre going to explore, look at something that is similar to verizon which is sbac. Thats your telecommunications reet exposure. I would offer that in addition to verizon steph, wells fargo is on this list i knew you were going to come up with that name sflp its on the list i know. I own it i like it. You know ive been kind of pounding the table especially when it got to a yield of 8 its up 20 from its low the quarter, obviously, on the provision side and the reserve side theyre not out of the woods. None of the banks are. I think that if you look at some of the specifics as to why i own it, the company on the efficiency ratio side went from 78 to 73 and their goal is to get to 60. Most banks are in the low 60s. Theres so much low hanging fru fruit they can do there. I was encouraged that book value stayed flat. It did at jpmorgan as well the Net Interest Margin rose i dont think it was all gloom and doom i do think they are taking the necessary actions given whats happening many the economy youre at. 7 times book value. You have a new ceo in there buying stock himself i like it. Im going to stay patient. Which one dwroup like on this list . Ca do you like on the list . We still like apple we still like microsoft. You know those are the Big Companies with big cash balances. And so, you know we are going to stay in the companies. We think theyre safety at a reasonable price and they also have optionality on the upside as the economy recovers. Josh brown, pick one we dont talk about or know that you have liked in the past. A chevron, for example look at energy deal. Lee kuperman was talking about 50 oil yesterday. Merck may be interesting to talk about. I think pete probably still owns that with pfizer what about this, josh brown . Health care is the second best performing sector this year i would look Like Health Care to be the second largest component of the s p so names like merck make sense to me i want to backtrack to jpmorgan really quickly this was 1. 9 times book going boo the end of the Fourth Quarter 2019 it is now 1. 2 times book in addition to the share price being way down, the valuation is also way down. So a 3. 6 yield, 8 times earnings, i think you can buy jpmorgan under 100 all day ill probably own some more before this crisis is through so that would be my lion. Pete, theres one rar. One stock to ask you about. We havent seen you so long and a stock you mentioned in the past and just wondering what you think about what happened in luckin coffee. Yeah. Unbelievable story, right . Lets go back to january, scott, when we first started hearing something about this muddy waters said this whole thing is smoke and mirrors and on the same day i cant remember, i think it was shoot. Citron with almost an exactly opposite take. Its painful for me because i owned it almost through the time of the ipo and it was in the upper teens. Had a nice runup towards 50 and then obviously the floor fell out when the news came out an painful for me i own it the only thing i can hang my hat on a little bit is i sold calls the entire time against this that didnt help me all the way down to levels we are now, though clearly im like waiting like everybody else when are they going to reopen this thing it is going to be obviously there are lawsuits, pain but, you know, there was so many different opinions on this name that in terms of the negatives and the positives and the fact that they were supposedly growing as fast as they were just too much out there that was false. Thats why i asked you specifically about this today because i mean you have talked about it on the show in the past will i change the way that you think about owning chinese stocks in the future that is such a great call by you, scott, because, yes, it absolutely does. I know there are certain names out there i feel a little bit more comfort with the mega cap names but other than those, yeah, im very leary and this is exactly why. Thats a great question by you because i was thinking about this and i was going through a lot of the Different Reasons why did i hold on . What was i looking at . The news they were giving out is unbelievable they were feeling competition and the rest of that and there was all of that that seemed positive enough but yes. To your point, i definitely will be changing how i look at specific names from different parts of the world. Yeah. Appreciate you talking about that with us well take a quick break and come back for final tres, ad final thoughts and maybe your questions as well. At leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. Dont get mad get e trade and start trading dad, im scared. Its only human to care for those we love. And also help light their way. Its why last year chevron invested over 10 billion to bring affordable, reliable, ever cleaner energy to america. I will see you and i hope you join us 7 00 p. M. Eastern time lets answer some of the questions now. Joe, coming to you first from larry in illinois. What does quote buying the dips mean and how do you determine when to buy . I think the first step for this circumstance has been the compression of volatility and the treasury market. Thats been very supportive of buying the dips. Secondarily, it is quality i define quality as the stocks that never traded below their december of 2018 lows. How does quality trade on down days we got a glimpse of that yesterday with the amazon, apple performance and now you see the result today so thats incredibly important lastly, getting lot of gaps, it can call gaps in the market an if youre a fan of technical formations you could utilize 2550 on the down side and upside approaching a gap of 2885. Steph to you from edward in alabama. I im long berkshire bshares. What are the suggestions you would have i own microsoft and google . Two names in the portfolio on dips is costco its great recurring revenue fabulous Balance Sheet and enormous mote enormous moat in terms of the quality. Zoetis with an excellent name. A lot of people are bullish the gld. What about the slv yeah. We are also bullish on gld they have a ratio but over the last ten years golds up about 44 . Slvs down about 18 year to date it has a similar dynamic. We would stay gold as a play on fiat currency and we think silver is too tied to electronings and components the break out at this level. Pete, art in washington wants to know about paypal. Yeah. I like this name, scott. The combination of venmo, paypal we understand the platforms and under the circumstances of right now i cant see how these are not this isnt a play to want to be in steph loves this name. I love this name it is inexpensive because of the selloff. I just got one on twitter quick question for pete. He brought up covered calls a lot today. Given higher beta near term wonder if hes choosing near term weeklies or a couple months out. How would you answer that question today pretty easy mostly the weeklies because the premiums there are incredible and the contraction, joe talked about volatility coming out. Its so fast because of the shorter time span so yes using shorter expirations and i did one inspacex today owning the stock and selling calls against it because the volatilities are so high in the short term. A final thought from some of you. As much time as we have. Josh, why dont you give me your final thought today . I thought what lazri said was true about not having a vshape and not testing. He is totally right. We have tested. 6 of the population a joke to think were where we need to be for a vshaped recovery. Does that make sense to you where the market is . I think a lot of what goes on daytoday in the market is not necessarily driven by, you know, where the economy is at. So i always try to take a step back and say are things really Getting Better as quickly as stock prices are discounting no, they arent. Stephanie link, last thought . I would focus on fundamentals it is earnings season and j an j was a standout by a mile really like this company and they raised their dividend for the 58th consecutive name. Focus on fundamentals. Great having you all with us today. Pete, good having you back for sure. Thanks. Across the board, we have strong rebound going on for stocks kelly evans picks that up now. Thank you, scott hi, everybody. Im kelly evans. The nasdaq is leading the way once again remember, it was the only one that closed positive yesterday it is having the longest winning streak since december. Take a look at the levels. Up nearly 3. 6 on the nasdaq the dow up 2. 25 in the nasdaq, tesla, United Airlines and fasten al leading the way. Theres the positive tone for stock this is afternoon. It is a different story for oil. Back tsl