I turn to you first, laura set the scene first. How does the market look to you . What are you focusing on its really, really an interesting time in the markets right now. You have this dichotomy where were seeing some strength in the markets. I think were a little off today but youre seeing some read through or look through in the market to say, hey, were going to see optimism on the other side however the economy hasnt quite caught up yet to the markets i think we are going to need and we need to focus on making sure that the legislature realized we still need stimulus, we need the consumer thats twothirds of this economy back in full swing. Not getting it. Not right now what does that mean if i tell you were not getting it, were not getting it any time soon. Soon is relative as well, right . Theres a lot of levers that can be pulled here i think that were getting things together and, you know, i wish we could get it during december at some point youre right, it does not look like its going to happen. If folks could get their arms around it and got some things do, it would be more than prudent for this country even in january it wouldnt be too late but well be playing from behind the 8 ball for those plays pool farmer jim, unfortunately there are too many people behind the 8 ball, right . Were not getting stimulus any time soon. Im trying to figure out what it means for the market between the now and the vaccine. Because theres a lot of field that neelds to be covered befor you get to that point. Were not getting stimulus any time soon. You cant put your hopes around that how does that factor into what youre doing in the market basically im staying invested, im not fretting about it theres a hugeman tragedy goingn here i dont even want to talk about. Youve been all over it, scott thank you for doing that its terrible. When you look past that human fraj d tragedy, youve got a shortened runway to get to the end of this pandemic january isnt that long away january 5th, i think, is the Senate Runoffs in georgia. Once you get those out of the way, i think you get stimulus. I think you get it immediately thereafter both sides want it but they dont want to give the other side a win thats a month and a half away in the meantime, scott, look, a month and a half, youve got black friday coming up, youve got retail sales already at a record high poised to grow agai in the holiday season. There are some things to be positive about in addition to the negative theres a cross current of good and bad news im not fretting about it. Retail sales were a little light. They were light but still a record jobless claims were up, too lets not go overboard on that the other point i would bring up, john, in terms of where we ask, you no, is more turbulence ahead for your money, which we did right off the top of the program today, at least in the near term, tom lee raises his yearend target to 3,800 from 3525, pe expands by 1. 4 times to 19. 7 times, 7 up side from here, typical santa claus rally is coming, substantial up side for epicenter stocks, he said. We dont want to be jumping the gun. Those are his words. It does look like more and more covid19 wave three could be slowing. I dont know where he gets that from as much as i respect tom for being a good market viewer, hes not an ep deem yol skridemiologo going to give him the credit for that doc, does that sound reasonable to you, 7 up between now and the end of the year . That would be quite a jump. Hes looking at rolling over certain small demographics around the country and hopefully that translate to big demographics 7 by year end, wow, thats quite an up side target. Im looking right now, scott, at the stayathome stocks not being dead for a while, for quite a while, and that to me means that were rooting for the vaccine and now weve got two or even three because of of course the oxford one that we had news about today as well. So weve got several vaccines. Thats what we were waiting for, scott, between the last stimulus and the next one, which may hit news march, like we said, by the time it works ielts wts way thrh congress and everything dexter hates that. Thats four months were going on five months without additional stimulus. You go deal with dexter. Im going to talk to josh brown. Which is why were going to need more. This is it when we actually need john najarians microphone to stop working you deal with dexter, ill deal with josh brown. What the hell kind of dog is that that sounded like a wolf part wolf, part bernese mountain dog so you got tom lease target to 3800. You got Deutsche Bank saying we see room for equity markets to weaken towards our year end target of 3250 stop, stop, stop. One sec. Everyones focused on the wrong thing. I dont know what people are talking about right now. All im going to tell you is all im going to tell up is, okay, were going to have a yearend meltup we have positive data on two of the vaccines that could get emergency use authorization, like, within days, okay . We have another in phase two with good results. There might be a fourth when the Johnson Johnson formulation comes out. I hear that one may be no more tears. Cant argue with that i understand its a while the in the news before there are enough vaccine that doesnt matter. Its the fact that its here, t matters, it gets to the people who need it first and people feel emboldened its not flicking a switch but its too late were in vaccine mode. You have loaf tax rates for the ball of 2021 you have low rates, nobodys touching rates, i promise you. At least a year. I grief y i agree. Look at the housing markets this morning october existing sales are back at the peak, 7 million thats what we were doing in 05 during the housing bubble. Now we dont have the housing bubble because household Balance Sheets dont look like they did back then and loan quality is higher so we have this unbelievable change, 32 of the enough houses signing contracts for this month were firsttime buyers this is a new generation, theyre moving into new homes and they are spending money on those homes. This is one of the most important driving forces behind the economy. Then were not looking at stocks based on whats going on now if youre investing, youre thinking about six months from now. Six months from now a portion of the population will have already been vaccinated. People are going to be at concerts, traveling, doing things again outside of their homes, the restaurants are reopened, im at jones beach, double bill, pearl jam and fu fighters, the world comes back to normal in the coming year i cant wait for that earnings estimates are going higher that is big picture. Bill de blasio closes schools . Who cares about bill de blasio a lot of parents. I dont live in new york city but parents who live there do. Lets take him to heart and save we agree with it. Lets say we cant wait for these moments. I got out and i have American Airlines up 13 , i buy that, i delta up 23 , i buy that i got united up 19, i by that, too. Mgm resort because i want to gamble is up 31 this month and Las Vegas Sands and wynn and Royal Caribbean and is that my move . Its your move if you believe in not only this, quote unquote, i hate talking about this reopening as if its whats going to last during covid, if its a company and sector you believe in and you have the money, go do it. I also know my time horizon is very, very different than some other people if you can put the names in your portfolio, there are absolutely bargains across the board. I talked about we can talk about a ton of thames from the thin tech space from traditional banks to target, which i bought at a time when people were nervous as to whether it was a a high or not and up see you see t blowing through numbers. There are opportunities across the board to buy solid companies that will be growing from where we are today its a matter of the when, not the what aside from the fact you have to make sure youre investing in companies that are sustainable for the long term and management teams that can guide and lead them through this time and the times as we move forward josh i ask you the same question, as i was talking about references what you said do i want to buy all of the stocks that play into the reopen that you so optimistically spoke about or do i want to buy everything because the market is going to explode on the other side of this, once you get that vaccine into peoples arms and people get back to the type of normalcy you suggest is not that far away. Let me show you something pull up a chart of simon Group Property for me, please, spg this is what i want you to picture happening across many stocks and sectors Simon Property group this morning dropped a spot secondary, basically they were going to do 17 million shares at 72 a share. There was so much demand that they raised it to 19 million and theres an overallotment provision so the syndicate has more shares in they want them and they probably will look where its trading. The stock hoped down for 5 seconds. And then people said, wait a second, im not upset they raised money and are diluting. They raised money to complete the tallman centers deal at a more favorable, renegotiated price than what they were heres whats happening throughout the economy first of all, the fact that they can raise money is incredible. They should thank vjerome powel, but second of all, they can now work out a piece of business they had planned prior to the pandemic and put all of this new equity and this new capital to use. This whats going to happen like dominos across the economy because liquid is everywhere, expectations are low, things are gradually improving, people are feeling br, tax rates are staying low and people are pentup and theyre going to want to get back on with their lives and simon today opening down, now rocketing higher, is a phenomenal example of that i want you to chose your eyes and picture that happening across the country, not just in the united states, look at Global Equity indices, theyre all doing the same thing markets the china, europe. I got you farmer jim, what do i do with the squares and the shopifies, with wall street still wants me to buy square got a target price to a new high, shopify up to a buy. Sony best day ever, highest level since august 18, farmer jim. What do i do with those . Okay. All right, look, ill be the phil stein that says you might want to take profits theres a difference between Growth Stocks and hyper Growth Stocks we can look at nvidia, apple, call those gross stobs hyper Growth Stocks are the ones selling at 40 times this years sales. I understand the argument of theyll grow into it, but that argument lose as lot of wind when the rally, as it is broadening now to include much more of the market when you the edge only growth you can get are the hype erp pro stocks, and in six months, the economy is fully over, more of the stock market is participating, i dont want to be in the stocks that are 40 times sales. I dont need to be in the stocks that are 40 times sales. I can make a lot of money in the large cap tech and in the cyclicals, whether its airlines or how about media stocks . How about disney and viacom. Those are two stocks easy to make money in over the next six months but, scott, a square is a change in demographic movement. I think on how were lumping names together cup say that its expensive or could say you possibly are buying this very cheaply as we look forward and people that enrealize, wait a minute, i can buy stocks via squares, casha and thats how im going to continue to do it. Theyre going to tell their friend and youre going to grow. So i this i we have to be very, very careful as to the growth trajectory they to the a big boost because people were focused on this whole stayathome but it is not a storme trade this is going to be trend. Ive heard people talk about the docusigns or i agree with farmer jim a thousand percent but by same token, can you still get, i blow, 30 to 50 growth out of the squares and you could put a pen in that to me, scott its up over 200 theyre not workfromhome companies. Theyre not thank you, josh, my millennial friend i get it, josh. Ill come to you in a second. I promise, i will. Everything you saids true fundamentally theyre great companies. Theyre not stayathome companies, but they still pull forward, potentially, a lot of action in their business and stocks theyre not going away pu they still could have pulled forward a lot of the activity. Michael no they pulled forward adoption. Traditionally and we dropped it to 0 apr financing thats a negative. This is it not that. These are people that go on to continue to use and in many cases pay recurring revenue, which they wont stop paying just because they started paying now is it pull forward onetime transaction or mabb 5 million start using the fwrosry app they have had a appn, probably never in the history of cnbc has this stock been mentioned. Theyre doing 300 million a year they do whats called lowcode app development, which means somebody like john or me, who do not how to code an app but we have a business that we want to digitize and get on the internet, we can literally use low code to build an app and digitize some or all of what we do, regardless of what it is right . Food, bicycle repair, whaef. Low code app is not being pulled forward right now and theyre never to be heard from again its a whole new mega secular trend of people who are going to be taking their businesses online the pandemic sped things up because it told us that we have to do it yup and it created efficiencies in other places hold on, jim. Put your tractor on pause for a second kourtney, go ahead were both in agreement on this when you talk about the changes and trends that work from home have brought to society, whether its target and the driveup and you saw the huge boom there, ma macys digital sales, these are for companies that can adapt to the new normal are going to do incredibly, incredibly well. Weve created efficiencies we i think it is up to the marketplace to actually realize what is occurring here and step out of your shoes and think about what that means as we look forward. All right so im gom p coming right back to you, courtney before i get to you, jim, youre not going to run out of gas. I promise you. Dpli want to hear from jimmy what about a peloton, court . Thats not going away. Are people going to buy them in the numbers in which they have during the pandemic . I dont know you must think they are, though, because you bought peloton its an interesting time to buy peloton given the gains the stock has had money 135 in six months, 286 year to date. It is, it is. When you look at the back log of people who want this product, its unbelievable. My sister actually, i got a peloton, a treadmill my sister was like i love this so much, i want one, two she went on to buy one and she cant get one until december that is not a stayathome product. It might have categorized their growth but this is a product that is going to be here, whether youre going to the gym or not this is a product that is going to be in moments of people has we move forward. Are you going to see the tremendous amount of growth during the pandemic . Maybe not but maybe you do and if this Company Continues to innovate as it moves forward, i think youre going to see a lot more household looking to have this item in their homes but, again, its something that really kind of pulled forward their growth and as long as they can keep up with the trends and also keep up with the growth pipeline that they have built up, i think youre going to see this Company Moving forward and beyonce definitely does not ever hurt a brand all right, jim. Nows your moment. Okay. Thank you, brother. Kout and josh are doing a great job of explaining how fabulous these companies are and they are. What i dont hear us talking about is the price and the question of its up 200 year to date, square compare that to a visa or Fidelity National information services, which are up 5 to 10 and theyll have many of the same drivers point that i would drive at here and what im trying to say is that worked, that performance mismatched and square was the on place you could lock to amongst those three for growth as the economy looks to reyou have to ask yourself is it already priced in to great stocks thats what im saying about a peloton. Is that a secular change stock really is that a secular change stock go ahead. Peloton is not a great example of what i was trying to say. Because i actually think there was a lot of adoption of peloton that never would have forget about pulled forward it just never would have happened a lot of people belong to fitness clubs and they were just happy. I think thats an idiosyncratic case i dont want to spend much time on. But in the case of paypal and square and condition, all of that wassing if to happen no matter what. It was only a matter of time what the pandemic did was this companies to think differently about how that your interactivity with company but they had no choice to figure it out in the pan of six months ands that why nvidias done what it does. Jim makes a good point at a srn point were betting on more adoption than well ever take place when were talking about 5 times sale, its not going to work okay mayor temperature and look f for i think pay pal is one of them, i think crowd strike could be one of them look for those ka the gri killers that dont require a pandemic like maybe peloton does and i think youll be okay, even if youre paying on the high side of. There is a reason these companies have extreme valuations sometimes sometimes its justified because the investors see something bigger than what you would see looking at the next 12 months. And sometimes these valuations end up looking cheap in hindsight, even though they look inflated today it wont work for every stock, but in some cases it will. And if youre an investor, i this i thats what youre trying to figure out. Thats a fair point ap, i go back to pell ton the quintessential pandemic stock. You couldnt go to the people wanted to exercise so they bought the exercise bike. Thats what it is. Its an exercise bike. If you wanted to exercise and you could afford the bike because its not cheap, you bought a peloton on the other side of the pandemic, people are not going to buy pelotons at the same right theyre buying them now. Id be willing to bet on that. Youre going to want to go to the gym and be around people and just go to the gym you dont need to stay home and use a peloton. So you dont need to spend 3,000 to do that. The reason why its relevant is because kourtneys buying the stock today. Im not buying it today when did you buy it in. When it dipped down 100 its 105. What did you buy it at 99. 99 a little lower but a gain is a gain as my buddy john likes to talk about all the time but my point is is now around my point is now around these levels whether