Business insider here. Market down about 51 points. Of course we are watching reaction to the debate last night. That showdown off the strip in las vegas as donald trump and Hillary Clinton took part in the third and final debate covering everything from the economy to cybersecurity. I personally believe that the steps that president obama took saved the economy. He doesnt get the credit he deserves. So what i am proposing is that we invest from the middle out and the ground up, not the top down. Shes been doing this for 30 years. Why the hell didnt you do it over the last 15, 20 years . The one thing you have over me is experience, but its bad experience. No idea whether its russia, china, or anybody else. I am not kwquoting myself. You have no idea. I am quoting 17 do you doubt 17 military our country has no idea. Are you saying youre not prepared now to stick to that prince snl. I will tell you at the time. Ill keep you in suspense. Let me respond to that because thats horrifying. T
Its nice to see you again. Good to be here. Lets get your view on the markets, weve had some Great Investors on this week who i say were decidedly cautious or negative on the market. Where do you stand . I think its tough to look at it as the market, and i think if thats the way youre looking at it, its hard to disagree with that. But the market has really divided into two groups. And those that are really in sync with the lower for longer philosophy that everybody has bought into, and you cant find a single one of those thats cheap, in fact, theyre at dizzying heights. And then those that are out of sync with the lower for longer Companies Like financial services, energy, basic materials, bthat are selling fo attractive valuations. Lower for longer plays like the yutilities and things the yield plays have gotten out of sync, too expensive . Its not only the utilities, its any stable low volatility, Free Cash Flowing stock, consumer staples, real estate. It includes some health care, s
Ewe g youve got time warner or qualcomm. These have been rumored coming to an end, but most of all we have microsoft. To me thats more messaging. Were giving a lot of credit to the ceo, which he deserves. A lot of the spending and a lot of the plan was put into effect when ballmer was there. Cloud is taking off. Thats the present and the future. Microsoft . I bought more of it yesterday. I was actually loaded up. Its been my biggest position this year. Going into the print . Going into the print last night. And was crossing my fingers that it was great. And indeed it was. He has done a fabulous job with the move to the cloud. In particular on the enterprise side. I love what microsoft is doing now. We had a number of folks saying should i get out now now that its hit another record high . No. Just roll it out and push it out to march of next year for the next anybody disagree with that . Microsoft alltime high. Maybe its time to hit the register. No, its not time. People who are watchi
Next year. This is a big, big call. Its a huge call, and i cant disagree with it when kevin plank came out and basically said, listen, the opportunity is too greedy. There youve got kevin plank, who is such a competitor. Just say, listen, the opportunity is too great. You have to stand when i was growing up, at one point we all fancy we could be great at tennis. Stan smith, what are the Gross Margins there . Comes back out of nowhere. The fighting words of kevin plank, he is your Worst Nightmare opponent because he was willing to hurt his own stock. This is a key downgrade, and its a right one. You know, im glad you bring up kevin plank who on this program last week said the following about the overall business right now. Plays into this story. Listen. I tell you, in our business alone where you have seen the consolidation where the previous five years before 2016 we had a total of 1 70 million of Sales Revenue disappeared from the Sporting Goods channel. In the last 12 months alone, w
Daughter sherri and the ceo and leader of viacom Phillippe Dauman. This morning he has filed a lawsuit just moments ago along with George Abrams in the massachusetts probate and family Court Challenging changes purportedly made to the trust arrangements by an attorney claiming to represent mr. Redstone. In a legal complaint, these two gentlemen, mr. Dauman and mr. Abrams who again have been removed from the trust that oversees the stake in National Amusements that in turn controls viacom and cbs, they are going to the court saying they want immediate judicial relief and a court ruling to invalidate the purported removal of them by mr. Redstone as trustees of the trust and also invalidate the removal as well as directors of National Amusements. They would assume then want him, that is mr. Redstone, to be deemed potentially incompetent and not able to make decisions. And very harshly worded language, guys, that accompanies this lawsuit. In a press release i just received Phillippe Dauman