Where does this leave us pete, good time to answer that question i think our viewers, investors everywhere are wondering we had this big comeback weve had a bit of unsettlement in week. Now what yeah, i think we have reached a point now where theres been some pull back and everybody is looking for that opportunity those that have missed a little of some of these moves youre look for something. We had a huge range. We started to change the what we have been seeing which is contracting range and that sell off late day im surprised we havent seen an acceleration to the downside i think theres nervousness in terms of a lot of things the retail number we knew about. We knew it was worse than we anticipated. Thats a big deal. You look at the smh. Thats a great reflection of what im talking about they are hammering those stocks. They have absolutely hammering those stocks today josh brown, what do we do with the fangs what do we do with the chips fang stocks have had such a great run. Today were talking about huewei theres some commentary about rotating into more value names that these things have run a good way maybe they need a breather i think its a good point one of these things you learn is you try to gauge whats happening in the market, you start focus more on things like weekly chart, monthly charts just try to pull the lens back and get a broader sense. When you do that, say weekly closing candles for major averages you see that really what we have been doing over the last few weeks is just flopping back and forth. Its hard to look at weekly candles and give an edge to the bulls or bears to your point, winners and losers beneath the surface have absolutely started to have asserted themselves. It seems like the trends continue to stretch even further and further for the winners and losers i dont know that can go on indefinitely or week after week. Its hard to want to get in way of that. Its a very difficult trade to make because of the timing gop kwlo when you look at this week, its a risk off week. Gold up 2. 5 tlt, which is long term treasury bond etf up 2 on the other side of the ledger you have the iyr which is real estate off 9 . One of the ugliest weeks we have ever seen for that particular etf. Energy loss ground more than 5 or 6 . Xlf is ugly. Again, that trend continues to persist both the downside and the upside and i dont know when it ends but i dont want to lay down in front of it. Risk off was pretty much reflected as well from our guests for most of the week. If you go back and you play off the stan wasnt on our program but his comments broadly resonated saying it was the worst risk we regard environment maybe in his whole career. Then you had nelson come on yesterday and lets listen to what nelson told us. I think investors are torn as to what they are supposed to be thinking today here is nelson peltz theres so much doom and gloom and this thing is not going to last forever. Theres still loads of value in the market because the market is primarily a tech market. Theres still good value out there. I do believe in america. I do believe when we get a vaccine and i do believe we are going to get a vaccine interesting comments there, joe from the great investor nelson peltz good value still out there he says if youre focusing on the fact the market has gone up as much as it has, you need focus because tech is so heavily weighted in the s p. Its not telling you the whole story and he initiated two new positions which he didnt reveal yesterday but the mere fact hes putting money to work and he doesnt put small amounts of money to work. Hes putting money to work when others are saying its a bad risk reward environment. Because of the elevated volatility, thats whats going on youre finding theres times when you can look at Quality Companies in the s p 500 and take advantage of them being priced significantly lower you take this week which is a very odd week. Since were all watching the last dance about the chicago bulls, i think you think about this week as you have a lead in a basketball game and its time to rest Michael Jordon and scott pippen and you got do put the back ups in. You say hold the lead. Dont get us too far behind. If you look at this week,its obvious that the 6 pull back that were experiencing in the market, a lot of that is because the Technology Names are beginning to not out perform as they previously were youre seeing the high yields in the Investment Grade market. Youre seei ining limited issuae in the market. Lastly, the economic numbers that are coming out are brutal theyre the reality of what covid19 is presenting and look no further than a uc. P. S. Or fedex which trades largely off those economic numbers this is an odd week. Try to find opportunities where you can and survive. Its interesting you use the word odd week. Did we think the market was going to go up forever maybe many of the other weeks were the odd ones where we went up to where we are now and seemingly so offsides in many ways with where the real economy is and that showed its ugly head again today with some of the data maybe its just this is the way this week is supposed to be. Give some back i dont know. I guess thats maybe your view on how would you look at the market i think theres others that would look at it differently i look at from the perspective of how do i react to the pricing as i see on the screen as i said to you, im reacting in a very defensive, protecting whatever risk exposure i might have i hear you. I hear you i thought your choice of words was interesting. Calling it an odd week as were we pulled back a bit. How do you see things here and where do you go from here . I think, this is rare for me to say i think everybody is a bit right. I think that the market overall is rich. I think nelson peltz is right, theres loads of value josh said something interesting. He said winners and losers beneath the surface. Thats true too. You dont need to look at the s p 500 overall and say the market is rich you can do deeper and make individual decisions on individual stocks, maybe individual industries and find some really astonishingly great value. I want to know where. Sorry to interrupt you if there are things are cheap, i want to know where i know our viewers do too. Theyre looking. For example, we brought three new positions in the last week we add intel and ca. These are stocks that have crept onto our screens some of them are trading at three and four times earnings. Say they dont hold up and get cut even more. Lets call it six and eight times earnings theres a lot of value out there and a lot of cash flow to support those earnings they have fallen out of the market overall what we have done to fund those is we have trimmed things like home depot which we still have large position in. We would say thats been a huge winner. I get the fact it has a nice yields on it but its been pretty ugly nonetheless. Really ugly but i think thats why its aattractive. I remember when i was on in november and i had nothing to say. Then it was at 50. Now its trade ing in the 16, . The margin of safety is much, much larger. Again, i think with significant decreased add revenues they should still earn probably close to 4 a share. Trading at 16 times, thats compelling joe, you have some interesting moves as well that i think we can have a pretty feisty debate about with the gang today you bought disney and you bought jp morgan. Tell me about both of those moves. Sure, scott as ive been talking about with jpmorgan, im kind of trading around that position where i step in as a long Term Investor and buy jpmorgan here with trading around 85, yes, i believe i would. I have been, as i said, selling it as it gets to the mid and upper 90s and buying it back when it gets down to 80 thats what i have done this week i have reestablished that position will i allow it to go beyond 90 if it does get up there. If the conditions as it relates to the yield curve would improve, yes, i would do that. Disney we talked about on the show the day of earnings i think at the time it was trading around 108, 109. I said i wanted to wait for a bit of a better pricing. I think you got a great pricing in disney as it fell back towards 100 thats a long term investment. Thats not something im going to trade around. S what do you think about both of these what i like is they are very, very easy trades because your down stiside is so clearly defid id go long right here i agree with what joe has to say. Its down 40 something percent from the high. The stock has found support over and over again at 99 a share. There isnt a lot of support beneath that level thats where i would want to be out on a trade its a good risk reward. Your stock goes right below. If youre trading these names, you dont have to take a ton of risk those are your exits be humble. Let the market tell you nice try. Were not done selling this thing. Im in jpmorgan without a stop because its an investment i think joe could make money with both of these its interesting the way you look at theese joe, sounds like you dont have too much long term conviction in banks at all this is a trading position in jpmorgan with well defined areas and you dont have a big belief in these bank stocks over a longer period of time and maybe for the way that Interest Rates are, its hard to have a longer term position. David tepper talked about the banks on our show this week too . Yeah. Thats a fair observation, scott. I certainly would agree with that one of the reasons for that and if you go and look back coming out of the great financial crisis, the opportunity, banks was in the debt markets. Not in the credit markets. I think were going to have that same experience right now. I think for banks the prudent behavior is the hoard cash not going buy back significant amounts of their stock if at all. They are in challenge environment as it relates to the shape of the yield curve im going to be very quick very quick in managing the risk surrounding that trade i am not looking lower in the banking chain, so to speak for other names that you might find. I dont think were at the point yet for banks. Pete, you have some interesting things youre doing too. We longed talked about the positions in pfizer and merck. Right thats the value side of what i added to, scott. I also mentioned to the guys that draft kings was another one of these names i realized its new and everybody is looking at this and trying to figure this thing out. I think its a monster i think its going to be a monst monster. That stood out for me. It hasnt participated add well as i would have liked it too i think this is name that could probably play some pretty nice catch up when it comes to merck and pfizer, you talk about value type names theres a lot of Different Reasons why i like those three particular stocks in this environment. I would also add to that disney conversation that joe was having last week when we were talking with Kevin O Leary knnobody wanted to touch this at 100 share. This is name that i love its moving away from that because as we dropped from the 50s and 60s and in the 80s for volatility, now that were in the mid to low 30s its less and less there are names where it makes sense to buy the stocks and sell calls against it because they still have inflated volatility my option positions have exploded in number the number of positions that ive got on because ive been rotating away from stocks and into those option positions because now is the time. Its like anything when you look at this and look at volatility, trading 33 from 83, you want to be a buyer closer to 33 it doesnt mean it cant go a lot lower but the opportunities are there and the opportunities for risk reward are off the charts and theyve been unbelievable in the last cup of weeks. Question for pete on draft kings. Go ahead. Yeah. All right thanks pete, its great to see you. Your living room looks dynamite, by the way i want to ask about draft kings. Ive been reading about the stock and i know its one of the most popular stocks on robinhood and people are excited about the company and maybe with good reason in is a 9 billion dollar market cap Free Cash Flow predicted to be negative through 2022. Revenue growth looks decent assuming theres sports next year dont you feel like this thing kind of came out at a pretty max valuation. There is. Youre 100 right. They did come out at the right time they did come out with an extremely bhen you lookts the valuation, thats always really difficult. I totally agree with you on that on all points. Theyre the king and they stepped in first they are literally the guys in front of everybody else and i think because of that, will they be able to develop some form of im not going to call it a mote but something where they are the first responders, so to speak in this particular case and they actually because of that when you look at Morgan Stanleys note, the price target is put out there. They are in front of everybody else and taking advantage of that that part will take some time like everybody else is waiting for now. I do think they are in front of everybody else by leaps and bounds right now i think they will be able to extend that in the short term. Okay. Good stuff there. That being said, its not cheap. Its trading at above market multiple of 24 times its a lot of expectation in that with respect to ross stores, we think when demand for Retail Therapy comes surging back, we think ross stores will be a big beneficiary of that. Joe, twilio reports next week that was one heck of a report from twilio last week. I said at the time when i bought twilio, you had to buy it thinking they would get to 200. Its reached close to that level but im going to stay with it. It was a fantastic Earnings Report just real quick on the draft kings, 10 national gaming. If you believe in theory that josh and pete are presenting, which i do i think Penn National gaming is the return of live sports. The gaming concept i think thats the right trade i might make that trade myself anything closely related to video gaming is on fire. We know that gaming cards and pc chips for gaming on and on and on thats really nvidias market. We know thats good. Here is what we dont know when does Data Center Spending resume its upward course a lot of capex on hold now you look at nasdaq, tech stocks, they seem to be doing really well stocks close to all time highs but you dont know what their Spending Plans will look like. If a lot of planned accumulation of the types of things make get put on hold. Pete, walmart, target next week along with tjx. Pretty excited about all those. I own calls in walmart i own stock in target. In terms of target and walmart, they have been knocking it out of the park for a long time. Every time we go over there, parking lots are packed. People are coming in and going through and picking up if he gets close to the stickiness hes talking about, i think they will be able to put up some monster quarters what about best buy i love the name i think they do an outstanding job. Its difficult of an environment for them right now. I think all of that will feed into best buy in the future. People are spending out the experience online has turned tout be something much better than they maybe even expected. I look at best buy i think its really i still think its an inexpensive stock despite the fact its made a run up of 20 . Josh brown, you have a thought. I look at best buy a little bit differently which is i think people are looking for it but they are also looking back and they know how much money they made as we did this huge work from home push id have a bit of pause on that to see if they can sustain those sales levels Going Forward you think sochl that was pulled forward. I think extension cords, electronics. Big screen tvs whatever you needed to work from home petes display back there. Maybe its from best buy there it is up next, hormel report next week buying minnesota stock is a Winning Strategy next week its still very inexpensive this is the perfect environment for hormel to do very well i think they will. We all know we heard about these shortages, all these other issues hormel makes spam next, skybridge founder. Hes betting on some very investors. Well tell you what i mean by that when we come back here is a check on the s p sectors as we head to break. Almost an even split you got Communication Service at thboomhee tt tre were back after this. Feed a healthy lifestyle, with pure protein. High protein. Low sugar. Tastes great high protein. Low sugar. So good. High protein. Low sugar. Mmm, birthday cake. And try pure protein shakes, with 24 vitamins and minerals. Welcome back joe, you were talking about Penn National gaming in our drafts king conversation. Its getting a little more expensive for you now. It is now its more expensive to buy it yeah, thats who i am i want to viewers to get in before i do. The ceo, scott, he made a purchase in this stock recently. I know pete like it when ceos step in and support their stocks good quality making a nice recovery pete, speaking of, other casino stocks, where are you right now along the casey now landscape . The only other casey now im involved in is in Las Vegas Sands. Its a because of the dominance they got there what would it take for you to buy a casino name . What would it take for you to buy those back well, i do own Las Vegas Sands. Ive got that position there in terms of wynn, i just love steve wwynn here is a guy who put his money where his mouth was guying his own stock. I remember going back. He bought it in the low 60s and the stock got up into the 200s this is a guy puts his money where his mouth is he put his money where he said it was u p underpriced he said it was time to buy pe put in huge buy orders. Im not seeing that right now. For now, if i want my exposure, ive got it in Las Vegas Sands thats good enough for me and draft kings. I should have been more specific too im thinking as you say, lvs is a buy because of mccowell. Im thinking about what it would take for do you buy a a casino stock with a huge amount of exposure to las vegas. We got to see the Airline Traffic pick up. The nervous there, we know how las vegas works in terms of people come from all over the world, the country to go there for a variety of reasons think of all the different folks that put on big operations those are all on hold. The travel to vegas is on hold i have to see that sort of that side of change for me to get excited about an mgm or whomever im looking at. Lets bring him in. Hes betting big now the founder and comanaging capital of skybridge welcome back nice to see you again. Good to see you the interesting news is that you are placing some pretty good sized bets with some pretty big name investors this is the first time you had exposure we switched in his fund added money there. What wasnt reported which i can now report, were putting 250 million with steve cohen at. 72 who is one of my closest friends in the industry and one of the more legendary investors i think he has the temperament and skill set and Unbelievable Team around him to do well at a post covid19 environment. I still love structured credit we talked about it and the Intrinsic Value there. I wanted to look at where markets are in a prevaccine economy and a postvaccine economy. We need some nimble people listen, we have been doing this together for 15 years. Ive got a tremendous amount of confidence in our team i think its the right thing to do right now in this point in the marketplace. What i love about this story, i picked up the phone and called on several of our friends in the industry and said we could use your help right now. Im thrilled to be partners with those guys one second on vegas. I think its important what pete was saying you know and i know after the 2008 crisis, vegas was a dead zone it feels that way right now. When it comes back to life, it will already be too late one thing josh made a big investment there he owns a lot of high yield bonds in gaming. Its an interesting way to play the recovery in gaming because you get a little bit of a defense. A little higher up on the Capital Stack in bonds versus equiti equities you mentioned march for you was rough. How did april shape up how do things look now we sold some of our lp interest in a few of our larger names to repositionthe portfolio. Weav were only up about 70 basis points in april. Were having a pretty good may i wanted to take the hit, if you will that one time charge. You get the portfolio positioned into these legendary investors wanted to get slots in there you mentioned these are starting balances we have a lot of great clients i want to thank our clients for their loyalty. We expect a lot of money to come in on june 1st i want to be able to add to the capacity in the slots that we got in those larger managers april was a strategic shift for skybridge at a result of which we took a bit of a charge there to prepare ourselves for next 12 to 18 months i encourage people to not think about it short term. Theres a huge opportunity on the other side of this theres tremendous amounts of stimulus coming in the economy will normalize what do you make of the hear and now. Since were talking about such legendary names in the investment community, we heard from some this week and on this very program whether it was david tepper talking about the second most overvalued stock market that hes seen. Nelson peltz yesterday, maybe you want to say on the other side of that saying he still sees tremendous value. Too much focus on tech driving the market higher. Hes put new positions on. Youve heard from them youre putting money with likes of people you said where are we now i had to rewind the tepper thing. I think hes one of the smartest investors out there. They might be right in the stock market last time i said the market is ahead of itself in terms of anticipating more and more liquidity from the fed the bond market is clearly lagged if you look at the investors that skybridge had added to, we have nimble investors, multistrategy, guys that understand the quantitative easing cycle josh friedman. We think the distress cycle will be terrific. David may be right on the stock market in the near term but i think longer term, as these things work out, were in the right type of managers that have great versatility. I cant think of a better equity trader as an example than steve cohen in my lifetime for me, im willing to place those bets, allow those great legendary managers to make those decisions. I also recognize those managers have great relationships with their banks and lending facilities and its for me, its very exciting for us to give our limited partners access to these names. Were now in the postcovid19 world. Were going to sfenter a prevaccine economy. Until you have that, there will be a lot of uncertainty about what people will do. Are they going to send their kids to school go to sporting events . Its why we need the Contact Tracing and the testing. In that postvaccine scenario when were back to normal, skybridge will be well positioned to take advantage of that robust economy ahead of us. Joe, you have something for anthony. Good to see you, pal. Same here have you taken a look at all, at the loan market, clos were distressed coming into this sigh sis, had a modest recovery really have not experienced the type of recovery, however that we have witnessed in Investment Grade and high yield wu would you go there we have some basexposure thee in some of the better names protected in the Capital Stack you have to get to 40 or 50 default rate before you crack into that clo structure, joe i would tell you and i think guys like daifrvid tepper will probably agree youve accelerated a lot of trends some of those are not great for southern mortgage ba some Mortgage Backed securities and clos i want you to manage what were all doing from our homes and the productivity level that we have. For me what im looking at the future, im worried about certain traunches its been induced by the fed obviously, retail suburban shopg malls, et cetera they will have difficulty here its unavoidable as we try to get lights back on in the economy. Josh brown. Great to see you, my friend it sounds like youre saying past performance might be indicative ov futuf future resus youre talking about legendary investors and they are but per s persistance is very rare ha a what are the pitifuls in saying look how great these people are already done how do you explain that to clients . Thank you. Its a good question. Its a tough question. I think were setting up to where we are in 09 and 10. I know if im allowed to disclose the audited results of those managers i think certain areas of the market have great long term Intrinsic Value. Certainly parts of the structured credit market where the cash flow is there but the fall rates are not there as spreads start to tighten, youll see that stuff go up a lot. I went through a very detailed analytical analysis. Its not necessarily indicative of future results but as a money manager and something thats been doing this for 31 years, 15 years since we founded skybridge with the same investment team, i would say to you, that i like the odds there i like the odds of their versatility. The strength of the personnel around these people and i think this is sort of a center for 2009 and 10 i would caution investors not to miss that. Dont sell in the middle of a crisis get yourself out on the sloppy bid side of the market try to think about who you can go to where you can enter managers like the ones im describing enter them on the bid side as opposed to getting out of things on the bid side. We both know we look at the markets all day the spreads between the bid and offer are quite wide right now fundamentals will improve. I get your point its what makes the business so tough. Otherwise everybody would be flying around in private planes. Its a tough business but we have been doing this now together for 15 years. Im very optimistic about skybridges future we wish you well. Stay healthy see you soon thank you our next guest today was an early investor in uber and robinhoods he got the very first tesla model s ever made. Jason, its been a a while welcome to halftime. Thanks for having me. I hope everybody is well im losing my mind i think to some extent everybody is in stay at home lets start with tesla you did get first model s. Number one. Are you a current investor in the company . No. Im a private market investor. I will hold a lot of the private companies that go public but i sell them along the way like i did with uber. Ive sold twice along the way. Just because you dont have an investment position doesnt mean you dont have an opinion i have lots of opinions i want your opinion on tesla. Musk lately and his battle with kra california and his tweets saying his stock is over valued im wondering how you view both events you know theres a huge cult of followers and investors in that name and who really believe in elon musk. What do you have to say about that hes a once in a generation entrepreneur and the products he makes are second to none they are the category killers, category redefiners. What we do in investing in companies and what you do in making bets on the Public Market is about World Class Products and service. When we look at the issues around reopening its very confusing for the business, for people running businesses today and i think for americans, generally. Were not allowed to go to the beach, take golf we can take the subway this is the incredible failure of our government from the federal level down to the local level to not give basic instructions and have a clear voice. Somehow this has turned into a political issue which is the worst of all outcomes to have youre a republican right wing person if you want to go back to work and on the left, if you let people go back to work, youre committing murder. Its ridiculous. We have to take a much more measured, thoughtful approach to letting people go back to work who want to. I understand people are cared. People can opt out of this we have a lot of people who work behind keyboards who wareally wn to tell people they cant go back to work when they have a six figure job clicking on keys on the keyboards its not very realistic. If people can ride the subway and go to trader joes and pack into all theeds different places, i think we can start to open factories it seems like they are singling him out for some reason which is a stupid mistake on the part of California California is doing everything they can in terms of taxes, regulation to get Great Companies out of here. Silicon valley is the entire conversation is why am i here . Why am i paying these prices why am i dealing with dysfunctional government on the local government and state level. People looking at texas, florida, nevada and tokyo. People want out of this town what will the future of Silicon Valley going to look like from an employee perspective. Twitter saying you can stay and work home for ever and youve had some layoffs at some well known companies as well. Is the valley going to be changed forever . Its going go through the boom box cycle that it did after the dot com boom we have a housing crisis because the local government is so dysfunctional they cant build units. Because of that, its probably going to stay the same in terms of occupancy you do still have all the amazing metric and so much talent i do think 100 of companies learning how to work remote, perfectly, what people have figured out is this 10 of my work force is crushing it. This 10 is phoning it in. Im going to cut that 10 . Im going to have a more fishts company and get rid of facility and real estate. Im going to let everybody work from home. Instead of trying to hire somebody in Silicon Valley which is about a 40,000 premium becau what theyre going to say is hire anybody who is great where ever they are. We know how to manage these people it used to be the old folks, gen xors and boomers didnt know how to manage people unless they the see them now everybody has gotten crash course in this they know how to manage people whats going to happen is you can hire anybody around the globe to position which means you fill a position five times faster the person stays three or four times longer so this collapse that im seeing where companies are laying off tons of people the sup vooupsid remote work, people having more efficient, wildly efficient workers. Twitter is out San Francisco is going to get demolished the tax base is going to get crushed and the commercial real estate is going to collapse. It is interesting im seeing this every day in the portfolio of 250 companies. Its interesting what you say about sort of talent, you know, can be found anywhere. Thats what Chuck Robbins on this network said to jim cramer the other day, so interesting the way he framed it that they didnt realize they could literally find talent anywhere around the world and hire people in ways they never thought they could prior to covid19. The future of work literally is changing if not overnight in a matter of months. It is completely revolutionized the game and people were telling us word press or envision who had 100 remote and saying this is the greatest thing ever but people, paradigms dont change, you know, people have to like from the last paradigm have to either get dragged kicking and kicking in a crisis or die this is a crisis forcing the paradigm shift and a lot of top talent saying why would i be in a high tax state, why would i pay that amount to not own a home and own a tiny little apartment . Im going to austin, miami, kyoto and japan and texas and miami are the top destinations, nashville. Well see the world flipped on the head and for Silicon Valley 10 , 20 cheaper apartments. Factors into, i dont have all the that much time so forgive me but yeah. Uber, for example, you are an early investor in uber. I am. You were. Number three. This conversation plays right into uber, as well, when you think about what it means to people to be an employee of something. For sure. To have benefits, access to health care, provided by your employer how does what change on the other side for a company like uber we were sitting here a year ago and there were a bunch of people saying uber has to drop uber eats. Have a pure play what a stupid position that was. The fact that uber has two really vibrant businesses and investing in the future what theyre supposed to do and the grubhub merger or acquisition, however it would wind up being framed might be great for the industry they have to make them profitable and as wall street taught us theres no appetite for money losing Silicon Valley companies anymore. If youre going to want the buy the shares and so, were operating in an ecosystem where you have two private companies, postmates and door dash, more than willing to pay the growth at all costs game and then grubhub and uber eats and dominos so consolidating a little of this would be good and again you have Elizabeth Warren and, you know, aoc saying we have to block these mergers. These companies will go away these services will not be available unless they can get to profitability. The game is over. Understand. Theres no more saudi money to underwrite the companies. I dont want to have a political debate. It has to pass through to be approved. Should uber consider its workers employees . Oh, very simple answer here our system is broken we have two definitions. Fulltime or 1099. It is a political issue. We should allow people to pick to be 1099 if they want to most people driving for the Ride Sharing Services dont want to wear a yuber or lyft tshirt fulltime they cant switch services so that would benefit uber to take all of that talent off the market and force them to work only for uber. So then the employees lose that 1099 status. We need a third status to be built by the republicans and the democrats and a definition if you pass 1,000 hours, pick halfway to 2,000 hours, you get x amount of benefits in a fund for you by the company days off, dollars for health care if you want to be fulltime, define a uniform, a code of conduct and what your car needs to be or provide you with a car. When 1099, you cant tell them anything other than heres the ride and dictate how they provide the service. That was always the magic and the achilles heel of the Services People say yuber is not consistent they need to be working on a sunday afternoon they get to pick the hours so its really just poor execution on a political basis interfering with the free market and that is really something thats a big issue that were going to discuss over five to ten years as a socialist anticapitalism movement infects every single discussion. Uber though on its own has a role to play, too. Sure. Being a good Corporate Citizen is perhaps more valued than ever on the other side of covid19 take all the politics crap out of it. Right . Yeah. Whos running the company now . Right . They put in somebody who is specifically designed to make peace and to be able to have those kind of discussions and create that kind of company. Uber is not the cut throat company i invested in for the first decade that changed the world. Now it is operating as many people would argue a little less like pirates and more polished. Yeah. But you are suggesting thats a bad thing. Well, it is a bad thing for growth you cant build the world changing companies because you will get demolished by the incup bents so the new model and the way to probably work is probably have like this pirate mentality here and then this aggressive rebellion, change the world, change compete with incumbents, make it cheaper for the consumer and then when theyre public then aoc and Elizabeth Warren come down heavy on them and having that kind of government we will never have mergers again and it will be slow growth for decade two of the companies. Maybe thats better. We have to decide to give the leading companies to china, no problem taking out all regulations and picking the winner or a vibrant free market here and just soul crushing to watch everybody think that the Companies Need to be overregulated but the free market is doing an amazing job we had record low unemployment far reason all of the gig working jobs created a floor and the floor was unemployment used to be off the books labor and then lifted. The people working for the ride shares companies can go to starbucks or target, walmart and the apple stores desperate to get them out of the cars and they couldnt because people want that flexibility and not stuck eight hours making drinks for people they chose the ride sharing jobs and got to a record low unemployment in my mind and now ripping it out be careful what you wish for you know there could be very bad consequences when you start putting your thumb on the scale. To be continued for certain. Jason, thank you for your time today. Appreciate it. Take care, everybody. Stay safe. You, as well. Pete, you have unusual activity. Ill give you a quick one stitch fix unbelievable the size. Started early going to next fridays calls, the 19 calls 5,400 of them. Way more than that now these are about 1. 50. The stock trading right around 19. 30. Something interesting to watch because a lot of activity out there. Jenny harrington, final trade from you unim. It is a small insurance xan out of nashville 8. 5 yield and got through 08 and 09 quite safely im certain they can do that again this time. Josh brown . Im long uber but not for that stuff i think it is a good opportunity. Do you, though, josh, think that the uber Business Model is ultimately going to change relative to the employee employer. Evolve. Dara is smart hand he wants to exist two, four years from now. Joe Digital Realty reit buying opportunity. Be well everybody, have a good week. See you on the other side of that lets just touch on the market as we head out on this friday. Been an interesting day and week we said the major averages on pace for the worst week in a month. We have the new hours looking ahead to next week enjoy the week kelly picks it up now. Thank you, scott welcome, everybody on this friday, the selloff is continuing today with the dow down almost 100 points and stocks on the pace for the worst weekly decline in eight weeks now. Why . Increasing china tensions, weak economic data. Take a look at oil rallying and nearing the 30 mark the june contract expires tuesday and expect a lot of volatility going into that on the economic front, retail sales plunged 16 in april, way worse than expected. Industrial production down 11
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