Say the least after a bit of a rebound the other day when i was on with you, yesterday i was not here for what was a decline overall in all the markets. I think we are in a new era of volatility. Every single time we get an up opening people say, okay, i guess that selloff is over and when we get the printed selloff people say this selloff is going to go on for ages. I urge people to step back and recognize we are in a period where theres a lot of vacuum, a lot of people trying to buy when its going up, a lot of people trying to sell when its going down and just interpret that as just being enthusiasm, greed and then fear and accept it that its here to stay because its really the undercurrent behind these moves. Okay. And what does that mean in terms of this socalled playbook that you often offer people who listen to what you have to say sure. It means that if you think that it is going to bounce today because it was down hard yesterday, dont make the first move wait to see whether the people who are smart enough to buy at the bottom yesterday flipped the stock, if they flipped the stock particularly on a friday you might get a better price i feel like the news itself and people care very positive, kroger was amazing, a good interview with peloton, oracle was really good, no one is talking about it, they should be, because it was an exceptional quarter. So youve got the backdrop of good earnings, backdrop of okay macro, but what i am most concerned about is just people i know im going to call them newbies not having any experience with the market going down and they are accelerants on the way down instead of picking at things that might be attractive so that does change the coloration of this market. David costa out with an incredible note about how if you think that youre diversified youre not because of this concentration. Really thoughtful note, got it at about 10 00 last night and Second Quarter of the game and it is very, very thoughtful. You know, he is a thoughtful analyst at goldman because we really are lacking in diversification. Weve got two markets, we have tech and we have Everything Else and tech is too big versus Everything Else. It is shocking sometimes. And its a point weve made many times over these last few months as well just in terms of the lack of diversification even in the s p 500, jim and i know many of thepeople w have on air have also made the same point of so many of the stocks that have been down and down substantially and yet you look at the index because it is so heavily weighted towards five or six enormously capitalized names and its moved a lot higher or a decent amount higher not like the nasdaq. We have a fulcrum moment, david. We have jamie dimon saying come back to work will it work i have encino, it makes Banking Software for the cloud and theyre saying, do you know what, they may think that jamie dimon has the sway here, but jamie is giving you that little could end up being big hole that if you are with your kids or if you are part of a protected class you dont have to come, but what i think is happening is, david, its not going to go back that way. Yes, they are training people who have to come in, but when you see the software that people have to work at home, when you see the productivity, when you see how little time is spent versus an hour and a half on the tube going to canary wharf, you know that as much as jamie might want people back, work at home is the driver of tech and its not going away no its not youre referring of course to the story in the journal and we can confirm that as well, but, you know, when you are on a trading floor, when you still gain a benefit from knowing what your colleagues know in a realtime way, by yelling at them, or being able to walk over them, there is a benefit to that, jim. By the way, theres a benefit to being in person with your colleagues generally, particularly if you are somebody who is younger, trying to get a culture at a particular company or corporation and trying to get ahead. I mean, i think we havent accounted for all those things, although as weve said many times there is going to be a percentage long after this that chooses to stay home and the bosses are not going to have a problem with that. Youre right. Look, i was a teacher at goldman, i would teach on friday night, i particularly liked to teach friday night 8 00 to 11 00 p. M. And then gave a quiz at the end of 11 00 and published the names of the people who finished bottom five on monday because that was the way i like to handle things, that was pre jimmy choo there is no way you can know anybody on your team unless youre there you can hide behind zoom you can be reading the sports pages. So i agree with you, its important to come back, but, david, the subway, they just discovered the concept of the mask i think there are a lot of people who are readjusting their lives. Do you think Michael Corbat resigned yesterday solely because it was the day to name ms. Fraser the ceo i think theres a lot of soul searching going on and we are not supposed to be soul searchers. He is 60 years old, mike i think people kelly cramer, the fabulous cfo at cisco, leaving. Why . Well, its time. David, theyre soul searching, people who we thought were soulless and theyre not and that also means no one wants to die getting to work. Look, i love the idea that weve suppressed numbers, but how many times do i have to hear cold and flu season i dont want to get in the subway cold and flu season to get back to work which may mean that were not going to be at the New York Stock Exchange for some time unless we figure out a different way to get there. Thats where im going. Although we can, i think, imagine all being together fairly soon in the studio as you and i have been of course and will be more and more often in the days to come i mean, it is a slow but potentially steady return, though, in some way. You know, i will be curious to see what percentage of the workforce does really return when asked to. How many people say, well, i just dont feel comfortable with that and how the Companies Respond over time or are we just really going to all have to wait until there truly is a vaccine i have an analog here look at peloton. The numbers from peloton are unbelievable the ceo was on earlier when you look at it he looks to measure it hes got some very good metrics he likes to measure it by the number the number of actual workouts, which is extraordinary. They do have the flywheel going, 76. 8 million workouts, 332 year over year. Why do i mention peloton because when people stay in their home, this is what they do. Yes. And, david, the gyms and the restaurants, they just may be things of the past i mean, they dont work without a vaccine. It is a hard enough day as it is, jim, without having to listen to you tell me that restaurants may be a thing of the past come on. I look at the p l. Come on they are not. I look at the p l. I know. I know, but the day is going to come when this is over and people are going to want to eat out more than ever in fact, im eating out all the time outdoors. Well, and hopefully there will be nice big heaters and maybe we can keep going. Try to get heaters. Dont say that. Did you . Yeah. My p l is such that ive got to be Stan Druckenmiller or dave tepper honestly. Of course i understand its got to be incredibly frustrating to be the owner of one of these establishments and it is a lifethreatening so to speak situation for your business including i would assume yours. Yes i dont want to take peoples temperature when they go in. I own a bar. Youre not supposed to sit at the bar. Well, okay, what do i do hi, i have i had 17 tables, now ive got three tables. But my costs are the exact same. I mean, what kind of business is that yeah. And, look, i have the luxury of making it so its a labor of love there are millions who dont have that and those are the people who want this bill passed or want something from washington. Right. And, david, washington is a loss. We seem to get closer and closer to nothing. The skinny offering made by mcconnell didnt even get out of the senate. No. You know, it just here we are, its weeks later. Its weeks now since we had mnuchin on and pelosi on that day, remember, jim obviously you remember, we were together on that day. Sure. Nowhere i dont know, the chief of staff seemed to, as he called himself what did he call him the skunk at the party he scuttled a deal, i think. Who knows. Who benefits from it i dont like politics. I do like the idea that unemployment keeps going down because thats the strength of what can happen. And i wait for, david, yesterday while you were away we had the convoluted story about astrazeneca which had been in pole position where in what i regarded as somewhat disgraceful disclosure at a jpmorgan conference that maybe it works, maybe it doesnt, maybe someone is sick, maybe not david, the vaccine i think when you find what happened, the recruitment i bet took a stunning decline when we heard about what was naturally going to be something that went wrong when you have hundreds of thousands of people trialing. Yes, but you have to find out and we have to find out whether or not that patient in particular was positive with covid and whether perhaps what they had was caused by the virus not by the vaccine or whether it was related to the spike protein which would be included in many of the vaccines. There are a lot of questions there still, jim, and certainly gave some people pause i do want to come back to i do want to come back to earnings and to the stay at home economy. Sure. You were talking about pell to be and then we kind of went off track for a moment or talked about some other things, but the ceo was on squawk box earlier and talking specifically about the companys prospects postcovid and here is what he had to say we believe whats happening here is a secular move from working out at a different location into the home when you have a choice of working out at home with fantastic instructors, with a very supportive community, with the incredible gimified and Network Software and best hardware in the world why would you travel we think that postcovid this is still an incredible growth story. I assume zoom would tell you the same thing in a different realm but similar. Yes zoom, by the way, integral to the exciting story last night and oracle that we will get to Planet Fitness down 22 . Planet fitness is probably the one that will be the survivor, most of these companies are thinly capitalized, lots of mom and pop gyms stay at home kroger last night kroger this morning reported a good quarter. Its not good enough because they only did same store sales of plus 14 when Rodney Mcmillen comes on later this morning i think people will be quite excited about the kroger story right now not running enough and there are people who say im sorry, hes coming on oh, sara has a close relationship with rodney, thats fantastic, sara eisen. Yes. We had kroger that was good, oracle that was really good, chewy that may not be good enough, peloton that just im crazy about, even as my wife uses it as a clothes rack. Then we have good stories. Dominos, good chorts chipotle we are filled with positive research and positive earnings today on a slow friday that does color things quite a bit the skunk in the party to use meadows term is nikola and we have to do more work on nikola because we can talk a bit about that later. Lets get to oracle, though, because i usually do have a good read on that, its a company that youve followed pretty closely, jim and it was a seemingly strong quarter, safra catz on the call saying any number of things and Larry Ellison as well about their unique position in the cloud market, the only cloud vendor that competes in both the Enterprise Applications market saas and infrastructure as a market as well. They just make a lot of money. 4. 2 billion operating number up 8 , margins 45 up 300 basis points means tremendous the oracle cloud. Lets talk about that. Obviously ellison is very proud about it but hes talking about going up and doing well against amazon, microsoft and Google Hardware was a positive this time, that was an acquisition. License is up 8 versus a consensus of an actual decline revenueacceleration to plus 2. People were thinking it might be down 4 this is the congratulations quarter that many people had been hoping that safra and larry would deliver. I urge people to listen to it. You need to know what ellison is like ellison is old school. Frank slutman from snowflake old school i like the quarter and i think the stock can go higher. Maybe theres room for everybody. Ive been saying that oracle has been a donor, a share donor to salesforce and sap i dont feel like that after last night another interesting thing just to note as well with safra catz was talking about shareholder value in a broad sense and how much stock they bought back. They bought back 40 of the company in shares over the past ten years. Spent 19. 2 billion to buy 361 million shares over the last 12 months thats a heck of a capture right there. 40 over ten years i know some politicians may have a hard time with that. You do wonder, jim, whether that i mean, i know they would say, listen, we have plenty of cash and were using it to benefit shareholders is there other ways they could have put that to work to generate a higher growth rate or do you think their Capital Allocation has been superb. I dont think so at all i look at the mule soft acquisition, the tab low acquisition that salesforce did. People think they paid a lot but look at salesforce market cap. Larry ellison is close with marc benioff and i just say, do you know what, you had to pay up in order to be able to grow salesforce is the modern day oracle, lets call it that, of course, because theyre cloud native and salesforce is 225 billion started well after oracle and oracle with all for all that stock they bought its 175 billion. David, i think that if you could grow to grow, thats the way to do it. I know every acquisition that marc benioff made including some that he came on our show to talk about has been ridiculed, but look at that look at the run that stock has had. Right. And those acquisitions have been integral to building a sweeter product that has made it so its an unassailable choice with amazing numbers oracle has low singledigit growth numbers, mid single digit. Were talking about 20s for salesforce. I know. This is a market to your point that rewards growth more than anything else. Indeed. Great to shrink the numbers shares outstanding and get your eps up but may be better off generating a higher top line to your point as you well know, jim, it is a somber day, its the 19th hard to imagine 19th anniversary of 9 11 today. And its a day of remembrance, of course, ceremonies under way here in new york, at the pentagon, as well as in shanksville, pennsylvania, this morning. Sden we return the nyc and naaq will both observe a moment of silence. Stay with us even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. That selling carsarvana, 100 online wouldnt work. But we went to work. Building an experience that lets you shop over 17,000 cars from home. Creating a coast to Coast Network to deliver your car as soon as tomorrow. Recruiting an army of customer advocates to make your experience incredible. And putting you in control of the whole thing with powerful technology. Thats why weve become the nations Fastest Growing retailer. Because our customers love it. See for yourself, at carvana. Com. The big events are back. Xfinity is your home for the return of live sports. Sack nagy. Conaghi. Both the New York Stock Exchange and nasdaq about to have a moment of silence to honor the victims of the 9 11 attacks. This very moment, jim, a moment and day that we will never forget, those of us, of course, who were there so many different things, you can think about, sometimes, though, i always remember those 343 firefighters who were lost firefighters from all over new york city, everywhere. The furthest reaches of the city rushing to get into a building that was burning and unfortunately would fall to the ground, both of them, jim. Amazing, its been 19 years. The recovery of course is something youve reported on very, very closely lets now take a moment to remember [ moment of silence john j. Corcoran iii carlos corte Kevin CosgroveDolores Marie cost les new offer on iphone 11 pro is even better on our most powerful signal. Switch and get two new lines of unlimited for only 90 and 2 iphone 11 pros on us. Only at tmobile. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Final trading session of the week coming up and it looks like we are going to open at least with positive. You can see the s p looking up almost 16 points we have jims mad dash coming up right after this our Retirement Plan with voya gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. With the icon that does the same. The rx, crafted by lexus. Lease the 2020 rx 350 for 409 a month for 36 months. Experience amazing at your lexus dealer. That helps you master your backhand. Then you should be able to get a bank account that helps you master your budget. Virtual wallet® for Digital Banking from pnc. Its time to get more from your bank. Announcer the opening bell is brought to you by nuveen. A leader in income, alternatives and responsible investing. Welcome back dominos is on the menu for the mad dash jim . David, when you have a stock thats up 32 you better be real, real, lets say evidence if you are going to go from hold to buy right here. Cohen has it cohens piece has the now digital 75 of 2020 sales are digital. That means you can do it by your cell phone, you can do it by your apple watch here is what i think is important to put into context what im saying and what mnuchin should be