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Were learning in the wake of the shocking ipo yesterday where buyers seemed indifferent to the share price if you wanted to buy snowflake, you had to sell something else, which triggered a selloff in the nasdaq, and that spread today, with the dow dipping 130 points, and the nasdaq losing 1. 27 . A lot of people call into question what theyre doing paying such high prices. We saw the spectacle of a stock trading at more than 100 times, not earnings, but sales. Dont get me wrong, snowflake should not be about making money, it should be losing money. It makes sense for management to spend fortunes to dominate the cloud Data Management business you want to win, youve got to spend. Snowflake is not the issue, though the ceo will do everything in his power to deliver for shareholders hes got an amazing track record i totally understand why people are willing to pay for the nose for his stock. I liked it even as high as 125 but i jumd ....
Speakers have appeared before the club over the last century, and have established a very strong tradition of excellence. I would like to take a moment to recognize those of our 297 members as the Centennial Society attending today in the front of the room as their contributions continue to be the financial backbone for the club. They actually enable us to offer our wonderful diverse programming now and into the future. Wed also like to welcome students joining us today from Columbia Business School and Harvard Business school. In addition, we have attending members of the 2019 class of ecny fellows, a select cohort of next generation thought leaders sponsored by members of the club for our yearlong program. Welcome to all of you. [applause] it is both an honor and a privilege for me to welcome the 45th p ....
He will take a victory lap here. He will talk about trade. Will he talk about signing a trade deal . In fairness, before we get to the future, he has a point about the tax cuts. We have the longest recovery ever. He did not create, he sustained. More creditet much and blame for Economic Development then they deserved. The economy has done well. He does get credit for that. If you think the tax cuts worked as intended is a different question. David but yourself inside his brain, what does he want to get on china trade . What is the message he wants to send . Mike he wants the dow jones averaged to rise. He will Say Something optimistic. Its possible he comes in with a surprise, that they have agreed to sign an agreement. There has been no reporting to that effect. Hes probably not going to say that. Will cast it in an optimistic light. David will it in clued rollbacks inc ....
Meeting with, and of course better known as the new nafta. And the s and p and the nasdaq hitting new highs. Lets bring in our investment committee. Joe, stephanie and john, marg reet reed, union bank private bank, and rob of ubs private wealth management. So stocks, joe, pushing to new highs. Youve got the president who is probably going to tout a strong economy, high gdp, low unemployment is he going to give the market another leg up i think you and i used the phrase coiled spring here we are, we are springing higher, with very good reason. I think when youre looking at the steepening of the yield curve, the uninversion, if i could create a word, the uninversion of the yield curve, theres been a significant rebound in yields. And then earnings, and steph talks about earnings all the time eps gross was expected to be negative, 3 to 4 we came in down only 1 . So i think there is a lot to present a very fertile environment for the capital markets. Every asset class is higher. Where is t ....