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don t bet against progress that s the lesson for today s stock market where the gross name came roaring back the nasdaq surged 3.85%. i know what you are thinking. it feels like the whole republic fringes. well, excuse me. we are having one of the greatest rallies i have ever seen despite all the worries, the woes about the market tanking if election night was in indecisive indecisive like it or not, the people spoke. whether biden or trump ends up on top, it looks like buy den right now. the democrats will have the house and the republicans will have the senate. at least two years of boring do nothing government even with the pandemic and the high unemployment and of course just kind of anger, americans seemed satisfy with the status q quo. they certainly don t want higher taxes. something that would have been on the agenda if the so-called blue wave has washed in. that s a big deal. i know based on the polling, i was worried what may happen to stock with a blue wa ....
that michigan will go to biden that brings biden s electoral votes to 253 but there are still six uncalled races too close to call. pennsylvania, georgia, north carolina, arizona. joe biden issued a speech. diana? he issued a speech last night about being patient. but now he is on the offensive he said respect and he talked about achievements, talking about garnering more votes than any other president in history then he used his fighting people we the people will not be silenced we the people will not be bullied. we the people will not surrender. my friends, i am confident we will emerge victorious part of that was the launch of a new campaign that bide enl tweeted he was starting a fight fund because donald trump doesn t get to decide the outcome of the election, the american people do it made the point. and then he left presumably to start the fight. thank you, diana. as the trump campaign launches a legal campaign they have indicated they will fight this l ....
you know what, there has been a persistent bid as we call it underneath this market for months, despite the virus and the unemployment it is a puzzle enigma. i am trying to figure out why people keep buying i had an epiphany last night i was going over preparations for my monthly club talk this time looking at it through the lens of the election, it is only 20 days away. you know what? of the 32 stocks we own for the trust, fully two-thirds of them would do better under a biden presidency that caught me by surprise we were trying to bail out the election honestly i have been under the assumption that the market may take a hit if biden wins he wants to raise corporate tax and capital gains tax and rich people pay your own stocks. is that good policy? i don t know given biden has been getting some incredible poll numbers the last few weeks it has become a real possibility. many of you assumes it is bad for stocks that s what i thought or at least what i thought before my ....
after a hideous day like today where the dow plunged 923 points and s&p plunged and the nasdaq down 3.73% would it be liberating to dump the shot shoot match and cash in your ira and take out your 401-k and sell funds to preserve some cash perfectly sensible emotion sure, that s the problem emotions whether trading or investing, you can t make decisions based on your feud you want to vanish the pain, i totally get that you are probably making a mistake. look at the tsunami of selling that we have today i may tell you to stand there and let the wave crushes you, i am simply telling you not to panic. i know from experience and i have been doing this for 40 years and i am not a calm guy. every time i panic, it costs me money. in four decades, i can remember one moment when panic was a strategy that s why in the fall of 2008 i made a rare sale everything call at the time it was collapsing. the incredible call to get back into the stock market. 2020 is not 2008 we got a run ....
nasdaq lost 1.65%. the reality is it depends, there are thousands of stocks for earnings still matter and matter a lot. there are a handful of high-profile names where they don t seem to mean a thing i have a list of the most i impervious ones. these are seven companies where buyers don t care how the underlying companies are doing they just want to own the stock. in each case the thesis so powerful that it overwhelms any mundane. what matters is everyday seems like a buying opportunity where the stock is up or down. the first magnificent seven, netflix. i saw a story today how new york is opening up theaters today 50 per showing who wants that why not stay-at-home and watch netfl netflix. no one is going to go to the movies around the world which means netflix must be true regardless of what the company says on its report when it reports and reports tomorrow, i want you to wait until it reports if the stock goes down after it reports tomorrow, history says buy it anywa ....