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stocks worldwide are tumbling as investors worry that the US is headed into recession a weaker than expected us
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jobs report caused the Panic that seems odd um at the time of the taping the Dow
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was down 4.3% in the last 5 days the S&P down 4.8% and NASDAQ down 6.5% outside of the US big plunge the Nay uh in Japan
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dropped 12.4% overnight as big as fall since 1987 that's a long time in Europe the
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stocks 600 index is down 2.5% that's not so bad so what was happening here Scott
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you were just saying you know there was uncertainty with tech earnings because they're a little disappointing although
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they've been going like Gang Busters I guess they stopped gang bustering um we can just so people aware at the time the
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taping Amazon stock is down 133% in the last five days after missing expectations on revenues and sales also
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to blame Amazon says it plans to continue spending big in AI at the expense of short-term profit this is
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everybody Apple beat expectations for net sales and income but Revenue in the China region decline China is seeing a
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real problem with consumer spending as the company faces local competition and bans on governmental use also Intel had
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the worst trading day in 40 years announcing it would be cutting 15% of its Workforce and suspending dividend
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Pavements as part of a restructuring plan that uh uh guy who's running against or is having a real um I think
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that's his name um is having a real uh issue catching up in AI um tech stocks have overall seen their steepest
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three-week slump in two years but they were getting a lot of profit taken in that regard um I don't know th Scott big
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thoughts again I think this is a little bit you know CNBC or whoever it is or the Dow or name your digital media
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company wants to get as many clicks as possible as we stand here the Dow is down uh it's down
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1.9% and it's plummeted to levels not seen since July I mean this is not it's not that big a deal there there's says
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calm down but go ahead go well it it it's just true it's out a historic run I think this is I think this is a bigger
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deal in Asia they're worried about uh U what's interesting ponage Gat again another one of my colleagues uh at NYU
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always talks about trade is much more Regional than people think our biggest trading partner is Mexico I think our
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third after China is Canada basically comp countries almost always have their biggest trading partners based on
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proximity and when China is going in when the second largest economy is going into a Slowdown it's just going to
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impact the entire region the weird the if you look at the data un has ticked up the jobs report new jobs report was
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disappointing so the market seems to believe that we may be going into recession the other thing quite frankly
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is just stocks are um were expecting a rate cut and there's a fear that the rate cut has not come soon enough and uh
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the the expectation of a rate cut had been built into stocks but if you look at what's really gone on here it's just
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not it's more it's more spectacle than significant when you drill down on some individual stocks what I think you find
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is is just some incredibly um interesting stor so for example Intel I mean just to give you
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one stat Intel is now Worth or okay let me put this another way Nvidia is worth 20 times what Intel is worth right now
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Intel in the last 5 years has lost half its market cap I mean this is a company when I was in graduating from business
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school in 1992 the two premier jobs that everyone wanted to go uh yet companies were Intel and Dell which is get kind of
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marks the age and apple was a shitty company that might not come back it had kind of lost the script and everyone
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said it was underpowered and overpriced but everyone wanted to go to the best company in terms of reputation for
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growing management and had just kept killing it in terms of the stock price was Intel yep remember and and another
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thing these these CEOs need to stop tweeting the CEO Pat Uh Ginger posted a quote from the Bible on Twitter open
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quote let your eyes look straight ahead fix your gaze directly before you give careful thought to the paths for your
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feet and be steadfast in all your ways Proverbs 42526 here's another proverb Pat what
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the [ __ ] are you going to do to save shareholder value here uh said said the Jesus of all markets inquiring to CEOs
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who are doing stupid [ __ ] like putting Proverbs out on anyways I would agree I
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was just thinking this Jamie Diamond did another U I was like sit down Jamie Diamond just run your bank stop
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pontificating at us in your arrogant fashion but anyway go ahead sorry well there's a there's a difference
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between no serious his opinion was called the next president must restore our faith in America we got plenty of
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Faith Jamie Jesus sorry must restore our faith in America that's the thing we live in the first line is we live in a
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perilous time but go ahead wouldn't that be nice yeah okay fair that's hard to disagree with but what there's a huge I
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think opportunity for Tech CEOs not even techos CEOs to have very well orchestrated working with ir working
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with good production people to put out earnings releases or statements about their earnings out on YouTube I think
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it's powerful I think it's a means of meeting retail investors and it's signals Innovation but I'm almost at the
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point now where CEOs part of being a CEO is the follow a few of the following things one you don't talk about religion
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or politics you just give that up because no one because you're just going to alienate 50% of whoever right and
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we're not really interested in knowing about your views on Christianity or the president or or whatever it might be two
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you are not allowed to ever have sex with anyone at this organization doesn't matter if you fall in love doesn't
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matter if you're divorced doesn't matter if you've known each other when you're the CEO on a risk adjusted basis it
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means you make tens of millions of dollars which makes you sexy anywhere in the world take it off campus and then
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three I would have no social media from you it's just not worth it it's just not
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on a risk adjusted basis sure some people are good at it Tory bur was really good at it some CEOs are very You
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could argue Elon Musk has built a huge following on Twitter but the world does not need to know what the CEO of Intel
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is thinking at that moment it's just not a good idea right yeah well I agree with
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you I was I literally am so tired of reading like all of them like stop talking the you know and actually those
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that are causing danger like El SP tweeting these riots that are happening in Britain of this sad killing full of
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misinformation has caused all kinds of right-wingers to come out and attack Muslims and he was encouraging it it was
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oh just get sit down and do your jobs that's my so you feel okay about this Global selloff everyone's all like
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should fed's going to do an emergency cut that's what they think I I've well see I hate that because I mean a couple
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things one look panicky looks panicky right doesn't it okay but but my generation has convinced Louie and
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Alex's generation and the generation of people who mostly work with me the average age of Prof G or I would say the
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median is 26 the average is probably 32 because me and my me me and Katherine who run the company are both really
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[ __ ] old but the median the number of almost 12 of our 14 employees are under the age of 30 and what my generation has
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managed to do is convince them of a myth and that is that market highs and strong
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markets are a good thing and that it's worth mortgaging their f future in the form of debt and artificially suppressed
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interest rates to keep the markets high and they're not the markets touching all-time Highs are good for Caris
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swisser and Scott Galloway who already own real estate and already already own stocks because there's two phases in
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your life there's the investment phase where hopefully you've established professional currency you are spending
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less than you're making and you are investing that money there's the harvesting phase to a certain extent you
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and I are still making good money but we're kind of harvesting we're slowing down we have nice Lifestyles we want to
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give money away we want to take care of our kids we want to do nice things right
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we want to start spending money you want the Harve the Harvesters my generation wants markets at all-time Highs but what
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the youth don't recognize or that we've tried to evangelize this total [ __ ] myth is that they should have Market
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highs no when you're investing you want the markets to crash the reason I am wealthy I'm talented I've started
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companies I but but the reason I'm really really wealthy is that in 2008 we let the markets crash and you could buy
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Apple Netflix and Amazon for about 8 to 12 bucks a share Netflix closed at $640 a share so what will my generation do my
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generation will Panic if there's anything resembling a notion that my generation gets to be less wealthy and
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see my stocks and real estate go down so we will mortgage their [ __ ] future by
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issuing more debt and creating stimulus and pretending that it's good for everybody you should let the markets
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fall such that young people can take advantage of what is a natural part in a capitalist cycle churn disruption so
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they can have their shot at buying real estate at buying stocks at a reasonable price but instead you're already hear
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the newspapers the newspapers are freaking out you're already hearing this [ __ ] Narrative of oh we've got a
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we've got the government needs to intervene with stimulus or bring down interest rates no we let the we need to
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let the markets do their job and the next generation of people needs to appreciate how wonderful capitalism is
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and the other thing for people to realize it's always said it all the times whenever there's a crash it's a
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good it's a good reason to sit tight right like sit tight so don't you don't need the money you don't need a yacht
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that's right don't panic here it's already the market has already like recovered most of its its gains here and
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but what I hate is the notion that if you're a 30 year-old producer of a podcast and you're finally making some
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good money and you can invest 20 grand a year in a stock you want the markets to
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crash because you're investing you're an investing part of your life and this [ __ ] that we need to pull out our
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our kids and grandkids credit card to keep us wealthy it is it's a virus that infects our society we need churn we
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need disruption anyways thank you for my Tad talk yeah y yeah it's true I AG I like I like your take that's a take
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we'll see where it goes if everyone loses all their money they're G to call you Scott anyway um we'll see what
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happens