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Welcome to the Risk Reversal Podcast on this Tuesday, May 13th. Guy Adami, always joined by Dan Nathan. I am back from the Florida Keys. How are you, Dan? I'm doing great. And you still have your, what would you call that, a salmon shirt on, for those of you on the YouTube there? Yes, I think I left
with the Salomon shirt, I came back with it. Well, there you go. You got a great little tan work in there too. I mean, even on top of your beautiful Sicilian skin that you have. Guy, we got some interesting things to talk about. You want to talk about the Knicks Celtics. The Knicks lost their first game at home and everyone thinks, okay,
The Celts are going to even it up in game four. And that did not happen, Guy Domi. No, but it appeared to though it would for a while. The Celtics, when the Celtics are shooting threes, they look like the best team in the history of the NBA when those shots are falling. But when they're not, well,
All of a sudden, they look a bit discombobulated. And the Knicks in the second half, led by Jalen Brunson. But, you know, don't... Mikael Bridges played a great game. O.G. Ananobi played a great game. Carl Anthony Towns, a lot of contributions. And the Knicks look to close it out tomorrow night in Boston. But people don't want to hear that. They want to hear about the stock market. Look, obviously, a lot's transpired since I left. And the excitement over this...
pause, 90-day pause, and potential deal with China's got people all geeked up. But for me, Dan, the overriding conditions are still, you know, the trade, I get it, where the uncertainty around trade was a big concern for the market, and the VIX has come down considerably. But you still have a market now that's rallied 1,000 S&P points off the early April low that is significantly now overbought and is expensive, almost as expensive as we were
around the highs that we saw back in February. Yeah. And I guess the focus for me is like, OK, I didn't think we'd be up three and a half percent on that sort of news. It was kind of like a problem of our own making, if you will. Right. It was also set up, I think, to be, you know, the sort of event, the sort of win, the sort of like, you know, headlines that you get about the stock market.
And they got it. I mean, like if this is what they want and, you know, you've said this on a few occasions over the last month is like, listen to them when they're telling you stuff. If they don't care about the stock market. Right. And they care about, you know, the 10 year yield. They care about the dollar weakening. Then you should have been proportionally.
prepared for the stock market to go lower. And then when he starts tweeting, buy stocks, right, you know, two days before this, you should probably listen to him. And so that's worked out. They've done the same thing with crypto. Now, does it sound a little unsavory? Well, it does to me. But on the flip side of that, the most important thing is that we have a U.S. 10-year treasury yield at 4.45%, right? So 4.45%.
4.5%. When we were at 4.60 in the first week of April after the announcement of these tariffs, that's what freaked out the White House. That's what freaked out Treasury Secretary Besant. So explain to me, Guy, at 4.45 that no one cares about that. Has something changed? Yeah, and we're doing this obviously in the wake of an inflation number that came out seemingly a
a little bit cooling, you know, cooling down a little bit. But with that said, you know, you still have yields to your point that are a lot higher than I think this administration wants. And what's changed? Well, a couple of things have changed. There was a panic move in the bond market a few weeks ago that got us up to about four and a half percent. I think it was a Tuesday night, if I'm not mistaken. That obviously scared the administration and rightly so. And they sort of backtracked on some things to sort of, I guess, ease the concerns of the bond market. But
here we are right back to those levels and we're doing it for seemingly different reasons. Now, the optimist will say it's because this tariff stuff is sort of out of the way and it clears the baffles a little bit and the economy is going to get back on solid footing. And that's why yields are going higher than the pessimist will say.
There's still some underlying problems here in the bond market and higher yields are not necessarily a good thing. And remember what Elizabeth Young Thomas said many, many moons ago. It's not the inversion of the yield curve that should scare you. It's the re-steepening. And that's exactly what we've been seeing
in a pretty significant way. And I think the fact that we're right around four and a half percent in the 10 year, nobody's talking about it because the stock market has recovered as well as it has. But I think people should be more focused on it. That's just me, but that's where my attention is right now. Yeah. I mean, it's just interesting that month over month, the concern was obviously the stock market and then it became the treasury market, right? And then the
dollars weakness and then what was gold making new highs telling you and it's almost exact opposite right now except for that U.S. 10-year yield and I guess you know we had that intraday move when you're talking about that move to four and a half and I think the next morning we got as high as 4.6 percent I think that's when the VIX was like at 50 that's when the stock market
was careening lower. And so, you know, listen, you know, history rhymes, but it doesn't repeat. And when we're talking about history, I don't know if that means five weeks either. You know, I think a lot of conditions have trained change. You know, the thing that and I had a great conversation yesterday with Peter Bookvar. It's going to be actually in the risk reversal podcast feed tomorrow. We're just kind of breaking down all
the headlines as they were really coming out we're recording it monday shortly um after the open and you know peter's take was pretty simple that even if we have now a 30 tariff on chinese goods you know we're in a situation where it's much higher than where it was two months ago
right the uncertainty for a lot of businesses is still there the pressure on small businesses does not abate we're already starting to see retailers you know we had dana telsey on fast money i want to say a week ago week and a half ago and we were talking about some of these you know big lots and some of these really
beaten down retailers that have gotten their asses kicked by Amazon and Walmart, and it feels a little bit like the death rattle for them. We were talking about Kohl's after that. I mean, think about what Timu and Sheehan have done to companies in America like Kohl's. And I get it. There's plenty of reasons why we should have certain trade barriers up, use it as leverage to kind of rejigger our trade sort of situation with one of our biggest adversaries.
but we still have higher tariffs. I don't think they're coming down. If they're coming down to 10%, Guy, then all of the disruption that we had in the markets over the last five weeks, but also the lasting impacts that we had in the economy, it seems kind of stupid. It was just kind of a lot of bluster, and we've been talking about this. The rollout of this made no sense. A lot of the reasons for it did, though.
People will say that the only thing that's been holding the market back is the uncertainty around tariffs. And that's one explanation. That's plausible without question. There are other people that will say that, you know, that's obviously grabbing all the headlines, but there's some underlying weakness that has been going on for a while that
i don't think the tariffs necessarily will address whether they're accelerated or whether they're ratcheted back i think that weakness is still there now maybe the uncertainty around tariffs is gone maybe i don't think that it necessarily is but you know that weakness that we continue to see in a lot of these numbers is still persistent and by the way as i mentioned earlier in the show
you know the market has gotten itself back to expensive what does that mean well you know he'll go to that buffett indicator once again and remember warren buffett just had his shareholder meeting a week week and a half or so ago and he's raised his cast position we can talk about the reasons why but i think the the main reason is that buffett indicator which got to around 210 dan
Right now, as we're doing this, it's about 195%. So it really hasn't come down all that much in a meaningful way. And just so we understand each other, I mean, he gets concerned, he being Warren Buffett, when things go north of 125%, 130%, that's when his antenna starts to go up. And we're obviously a few standard deviations above that. So I think there's that. There are other indicators as well, just in terms of overbought conditions with the ramp that we've seen,
in basically a month, you just said it earlier, we've gone up a thousand S&P points, pretty much in a straight line over the last month. That's gotten everything to a pretty much overbought condition. So I understand the enthusiasm around this. I understand people's want to be bullish.
But the underlying weakness and the valuations, there's really no valuation cushion out there for the market. That should be concerning, I think. Yeah. And going back to, you know, the rollout of this trade war. And it's interesting that we targeted obviously our allies first, which would be EU, Canada, Mexico.
And we haven't come to deals with any of the three, but we actually had, you know, this China thing just doesn't make a lot of sense. Why give the sweetest deal to your biggest adversary before you negotiate? Listen, and it's not for me or you to kind of, you know, we are not the special trade envoys to these countries, but we're
What really annoys me is the chaos, as we just said, it has caused disruption clearly to the markets. But then you can look at the S&P 500 and say, well, you know what? We're well above those April 2nd levels, right? But the disruption within the markets, obviously the economy that's not done yet, who knows where the markets go?
There's an article in the Wall Street Journal guy this morning that kind of caught my eye. Why? Because it's really part of the thing that I'm so frustrated about. You and I do six pods together each week. We do Fast Money together. We're speaking to an audience. We're trying to call balls and strikes the way we see it, right? And a lot of folks who listen are self-directed sort of folks.
This article really stuck out to me. These investors cashed in by holding firm when markets slumped. Some of the biggest winners of the market's wild ride this year are the stock investors who stood their ground, and they were interviewing a couple different people who just said they don't panic and this or whatever. Now, you and I talk about this all the time. We've been talking about this podcast for years.
knowing who you are in the market. We talk about some of you just like the action, you like hearing about stocks, the day-to-day sort of thing, but you don't do much with your portfolio. Some of you outsource it, but you're still interested in the markets, the way me as a former lacrosse player who doesn't play the game anymore likes to watch lacrosse. You like to hear the tidbits here and there. But then there's those active sort of participants in the markets.
And there's a lot of people who got hurt when the S&P went from 61.50 down to 48.50 because somebody was selling. This article is saying that a lot of people held firm, right? And they're fine. No harm, no foul, right? But a lot of those stocks are still well below those prior highs. It's the folks that are invested in whatever sort of algorithmic trading sort of vehicles, which are basically part of a lot of passive investing. They got churned.
right? The algos did something. They got churned. So for all the buyers on the way up, there were sellers on the way down. And if you're chasing your tail like that. So that's the thing, Kai, that pissed me off so much. It didn't need to happen. It was meant to be this sort of populist sort of policy. But a lot of people got hurt and a lot of small businesses are going to continue to get hurt by the uncertainty that remains after we get through this 90 day reprieve.
Yeah, no, this is no question about it. And the amount of suras that it's created for, you know, not only market participants, but just the population at large, obviously can't be overstated, I don't think. But, you know, your other point with that said, you know, here we are on May 13th. And, you know, the market seems again, I'm not bullish. I don't want to pretend I am. But the market seems to be back on solid footing. You know, people seem to be encouraged by what's going on. And they say maybe we're through.
the worst of some of the rhetoric. That remains to be seen, by the way. In this 90-day moratorium, just about anything can happen in terms of U.S.-China relations. And there are other things out there to be concerned about as well. But if you think that this is just me, if you think the market's just going to go up in a straight line from here, from those early April lows, and just continue to move unabated,
You know, despite the valuations that we talk about and despite some of the underlying weakness in the economy and despite some of the other things that are out there, I don't know. I just don't see it happening. But, you know, your point is well taken. Over the last month, month and a half, you know, people have suffered without question, whether it's market participants or just the population at large.
Yeah. You know, one thing I want to be clear about, you just said, well, I'm not bullish. Okay. Your view for the, I don't know, from about April 9th, 10th, 11th was that the S&P could retrace back towards 5750. Okay. So we overshot that 5850. You've also been in the camp that you
thought yields are not going down, no matter what the CME Fed Funds Tracker was suggesting for Fed rate cuts. And it's interesting that the expectations for cuts did not move a lot. If you look at the June meeting, it looks like a near certainty that they're not going to cut. July looks like 55-45 in favor of holding. You know, that might change if you have this sort of inflation data that continues to come in. We will have another PCE, CPI before the next
Fed meeting. So that, by the way, guys, that's going to be a really interesting Fed meeting. It's June 18th. It's on a Wednesday. And Amanda, as she told, by the way, Amanda is fine. Oh, is this the wrong podcast? Is this the wrong podcast? No, you can do it now. I mean, everybody's concerned.
Amanda is fine. But then Juneteenth, the markets are closed on the Thursday, which is kind of interesting, I think. You know what I mean? To see this sort of price action. Usually we'll see a little volatility into the close and then maybe like a reversal if it was a big move that one way or another.
But so we overshot by 100 in your view. You thought 10 year yields were going to continue to go up. Fed fund futures are not suggesting more cuts than, you know, than we would think. And you have a VIX at 17. You have gold that came the way back down here. You know, the dollar move yesterday was significant, but it wasn't in the grand scheme of things. And, you know, I'm looking at the options market, guys. So NVIDIA is going to be one of the last names, important names to report. I'm looking at June expiration. The stock right now is 126.
50, if I look at, let's just look at the, let's go out of the money, six bucks or something like that. Those are offered at $5 in June, the 120 puts. And if I go up about six bucks, okay, I'm gonna get to 132 and those are offered at about $5. What is that telling me? The equilibrium is there. There's no skew, right? If you're looking down six bucks, you're paying $5. If you're looking up six bucks,
you're paying $5, that's not a bad place to be right now because oftentimes we've seen upside calls in a name like Nvidia are much more expensive than downside put, so showing no fear. So there's a little equilibrium right now in a name that should be really important when they report in a couple weeks.
And equilibrium in terms of just something we haven't seen before. I mean, the skew is obviously historic. Well, historically, the last few years has been to the upside. Now things are evening out. And you've had it. Listen, look at the bounce in NVIDIA just for just another stock. Just throw it out there. I mean, the bounces in some of these names have been dramatic in a word. But, you know, what are we setting up for now into earnings for that name? And I don't want to understate the importance of.
of Nvidia earnings as well. I mean, they have a lot to talk about and there's still these expectations of rising margins in the back half of this year that I'm sure they're going to have to address as well. So I think the importance of Nvidia, given the backdrop of this rally we've seen over the last month and given all the rhetoric out there is extraordinarily important. You know, what's their role in the whole China-US tariff negotiations? Well, how do they fall into this whole thing?
as well, which, you know, if you want to get into it, leads us to a name like Boeing and the quid pro quo that's been going on very quietly. Dan, you've had this little rally in Boeing. I don't think enough people are paying attention to. And listen, this is stock that is underperformed now for quite some time. But now there's some news around Boeing that I think has people at least
short-term optimistic about the potential for this stock. Yeah, and it comes back to who gave up what. You know, I was on MSNBC last night, Guy, and some guy, I don't know who he was, but we were talking about the tariff situation and, you know, is it real resolution? You know, there were three journalists on and then this stock jockey.
And, you know, one of the guys said he's from the bulwark. He said, well, what happened is and this is one of the things that's really frustrating. And I know you talk about this all the time, but when you're like we are on a nonpartisan network on CNBC, we kind of like try to keep it down the middle. You know what I mean? That's a little different of a story. But he said, you know, what was evident in this negotiation is that China had all the leverage. And I
I couldn't disagree more. That's not the case. We just negotiated poorly. You know what I'm saying? There are ways in which we really could have had so much more leverage, but we clearly have all the leverage. The Boeing situation is a good one, and I'm glad you brought it up because we're in a situation where it was easy for the Chinese to say, "We're going to put up restrictions. We're going to buy less jets. We're going to buy Airbus. We're going to buy the Russian," whatever the hell, right?
and then it was really easy for them to just kind of pull it back. So you have a stock that was in a range of 140 to basically 195 over the last year. It broke down on early April, went down to 130, and then it's been a rocket ship up to where 203. And I know that this is a name even prior to tariffs you liked,
I know that it was probably not acting as well as you would have liked, but what does it say to you that we go from 52-week lows to 52-week highs? Is Boeing out of the woods? Now, they got their own problems away from tariffs, but is this one that... You're not chasing it, though. That's the other thing, right? Well, I don't know if you're necessarily chasing it. I don't think it's necessarily out of the woods, but you could wake... This is one... Tim Seymour talks about it as well, if you watch Fast Money at all. This is one...
where when it just goes from really bad news to just sort of mesh news, this is when these stocks typically do the best. And now you've sort of seen that in Boeing. We sort of traded down in early April to the low, almost to the lows that we saw in early in the fall of 2022, which is staggering if you think about it. Now we've had this bounce. The question you have to ask yourself is how much more room is left at 203? I think there is some room left. By the way,
I believe this is a 52-week high in the stock, which is also amazing. I don't remember the last time we said something like that, but I don't think it's out of the woods. But this is one that I think he continues to surprise the upside. It would not be unrealistic to wake up one morning and see the stock trading north to $225 and say, wait a second, what's going on with Boeing here at $204?
Yeah, and some of the other names that bounced really hard were consumer discretionary, as you might have expected, Lulu, Nike. They had these big moves. Even Disney, there's been a lot of news since you left. You saw there was earnings. And the way they gave guidance, I was just surprised that they had that sort of visibility or they felt comfortable enough, given all the places where they play, given what's going on with streaming and the like. ♪
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We got to talk about this one really quickly here. UNH, okay, it's been a tough run for them over the last few months. The horrible execution, if you will, of one of their execs by a disgruntled patient who was denied coverage. That was a few months ago.
And then we had, and you know, that wasn't a huge disruption to the stock. And I don't mean to be insensitive about it. You know what I mean? Like the stock gapped down for a little bit, but then it filled in that gap. It went from, you know, like 550 to 450, broke down from 500 to 450 on that, you know, on that incident. And then it went from 450 up to 600. Well, here we are. The CEO is out. They had a really poor quarter, a massive guideline.
and a really disappointment. I think it went from 600 down to 450 in one day. And now we're making new lows. The stock's down 14% as the CEO's out. Talk to me about this. This was one of the biggest stocks in the entire market. Now it's down 45 or so percent in about a month.
Yeah, well, I mean, at one point, I think it was the largest market cap stock in the Dow. I might be mistaken, but at one point, I think it definitely was. And this stock has been cut in half almost since the all-time high of about 630. And that wasn't that long ago, Dan. I mean, that was probably in, what, November of last year or so. So within the course of six months, to see a stock of this magnitude cut in half is pretty interesting. I will tell you,
We have been sort of wary of this one for quite some time for a myriad of different reasons. The headwinds are tremendous. And when you see these huge sell-offs, no bounce, followed by another sell-off, I mean, that's got to be troubling for people because if you really look at it, and you can go back and look for the last, I don't know, month or so, I mean, every sell-off, there's really no bounce here at all, Dan. And as we're sitting here at 325, it's UNH specific.
to a point, but it's got some industry ramifications as well. And obviously, it's not necessarily impacting the broader market. The Dow is lower with the S&P up 18, 19 handles and in large part because of this move in UNH. But
You know, when a stock of this size can move like this, it should open some eyes, I think is the overriding point. By the way, you say this all the time about construction of ETFs. And when you just said like the biggest stock in the Dow, I mean, when this stock had a price of $600, it was the highest weighted stock in the Dow Jones Industrial, despite Microsoft, Amazon, Apple being in there. This is the dumbest situation.
Well, price-weighted, yeah. I mean, it's just, yeah. Yeah. I agree with that. But by the way, so we talk about, I think you and I are like almost single-handedly like responsible for, at least on Fast Money, I don't know where else, like we don't quote the Dow anymore.
like no like 10 years ago the fact that we said dow jones industrial average gained you know 100 points today like oh my god this is like not reflective of the u.s stock market you know what i mean if you think about how it's constructed from a price weight weighted i think more and more people come to that realization i mean again that was the easy thing to look i think most people that's what they did look at 10 15 or 20 years ago i know in terms of our show and you're right i mean you as well you single-handedly but the
point that the Dow is sort of irrelevant in terms of what it's going on in the broader market. I think more and more people come to that realization. Yeah. You know, Guy, there's a couple of things like there was there's been so many single stock headlines. You saw the one with FedEx and the deal with, you know, Amazon and they redid the deal. And it's like it seems like
there's a lot of that going on right now where, you know, there's a lot of draconian sort of headlines, you know what I mean? And then stocks are moving one way or another or markets moving or risk assets are moving. And then about a month later, you know, you get this thing that fixes it.
You know what I mean? And I just think that's a bad place to be. It doesn't speak to right now with a VIX at 17 and a half or so, if that's the way things are going to do. You know, think think back to and I don't I don't know if it was January or after the inauguration. Remember when Trump is in the White House and he's got Masa from SoftBank. He's got Larry Ellison from Oracle. He's got Sam Altman.
From OpenAI and they're announcing this like Stargate, this, you know, half a trillion dollar investment amongst these companies. And it was really interesting at the time. Do you remember that Elon Musk tweeted out almost immediately after this, who was obviously a huge ally to the president? He's like, this is not going to happen. They don't have the money. Well, they've already pushed out.
a bunch of that they got the you know the press well they pushed out the time in which this the money is going to spend you know tim cook over at apple you know he made some big announcement it was going to be a half a trillion dollar investment over the next four years well that's going to be pushed out to some degree right their cash flow isn't like it's not what it was because they have to absorb you know increased costs of reshoring and possibly eat a bunch of the cost of um
of the tariffs, you know, even with a 30% tariff, if you don't have an exclusion in your Apple, you know, this is a problem. And I don't know if you saw the journal headline yesterday, but they were saying that the company, you ready for this?
Company is going to be raising prices in the fall for their new iPhone, not because of tariffs, but because they have pricing power. This company has no pricing power. Yeah, they have 80% of all the gross margin in the smartphone business overseas, but they have not grown units in like three years. So you don't have pricing power if you don't have AI on the phone and the like here. So a lot of goofiness like that.
There is no question that people are going to look to take advantage of the environment. I mean, that just goes, that's just capitalism and that's just the way corporate America and business works. So if you could take advantage of some of the, I don't know, um,
quirks that the last couple months have provided you with. Companies are going to do that without question. And whether or not they're able to raise prices remains to be seen. But just before we get out of here, in terms of the broader market, Paul Tudor Jones was on CNBC a week ago. And he said something that resonated with me then, and I think it makes sense again today. He basically said,
Trump could announce, the president could announce, you know, they're going to lower tariffs on China and the market will still make new lows. And I encourage people, maybe we'll put it in the show notes or something, to go back and look at that interview. And to a certain extent, in terms of what we've seen on the tariff front, that's taken place. Now we'll just see if the market
behaves in a way that Mr. Jones thinks. And again, you don't have to agree with him. When somebody like Paul Tudor Jones makes comments like that, you absolutely have to listen. You know, it's interesting. So he said at the time, I'm pretty sure even if tariffs go down to 50%, okay, that was from 145%.
So I wonder guy though, if they're, because they're going down to 30%, you know what I'm saying? And you know, this is one thing and you and I talked about it in the podcast last week. We're like, when a guy like that comes on, he doesn't do it particularly frequently. Maybe it's like once a quarter or something like that. He and Tepper and a bunch of the other guys, and they make some big proclamations. Tepper did that in September about China. You remember he came on the network. He says he's buying everything. That's not bolted down. It had already been going up. He was probably already buying.
a lot prior to that. And I'm not saying he's, you know, they ask him what he's doing. He's like, well, I've been buying China stocks for the last month or so, and they've already rallied. And that makes sense for a guy of his acumen and the like and his track record. But, you know, it's funny. Remember, it retraced the whole move after like a month. So the same thing here with PTJ, you know, saying, OK,
Like I would love to see these guys come back. I know this is not what they do. I know that they don't live to be on, you know, they're not fast money guys. You know what I mean? But it would be interesting to hear if he's rejiggered his thought process. And if you're a guy like him and I know you've tracked him because he's this commodity legend over the last 50 years and you've been in that market,
They changed their mind a lot. You know what I mean? So it's a really tough spot to be when you're going out, you're making this proclamation, you know, it's going to be picked up all over the place. But here we are, the market's up five, 6% since that interview. And are we still going to new lows? Have you kind of, you know, raise that downside target? Is it not 4850 anymore? Is it, you know, 5250? You know, that that's what's really hard to follow these guys.
No, it is. I think his point, though, and again, you're right. He said down to 50% and it's down to 30%. Does that change the calculus? I don't think it does. But, you know, that's, again, in the commodity world, in most trading worlds, you know, you have the right to change your mind. But I don't, I think his point was sort of the,
point I was trying to make at the top of the show that tariffs are obviously grabbing all the headlines, but there's some underlying things that should be concerning people. And I think his point was, yeah, he could lower them in the market or probably rally. But with all that said, you're going to have a retest or a test, not a retest, but a test of the lows that we saw. And I agree with him. Now,
here at 58 and three quarters, 58 75, it doesn't look like that's going to come to fruition, but you know, things as you've seen have a way of changing pretty quickly in this market over the last six months. All right. So one of the last things, and I know we're going to get out of here a sec that we talked about before you left, um,
was that the pain trade was still higher, right? And so the whole idea is, okay, listen to them. If they're telling you, you know what I mean, to buy stocks on Twitter, then maybe it makes sense to buy stocks. And if they're saying they don't care about where the stock market is going, then maybe it makes sense to just be careful. One of the things that you and I have said routinely, um,
over these last, you know, whatever, six months volatile, we get questions all the time from folks who don't stare at screens all day long, but they see the headlines, right? And our view has always been just dollar cost average. You know what I'm saying? Unless, you know, you are really into trading in the markets, but that's a hard way to do it, especially if you're not, don't have a system, you don't have great risk management on a day-to-day basis, that sort of thing. So here's a good example that if you just dollar cost average, you know, investors,
who've done that have been rewarded by all the V reversals that we've had. You know what I mean? And I guess that's the thing. And so if you have a part of your investable assets that you like to play around in air quotes, you know what I mean? The stock market, well, it's been a great market for that. You know what I mean? But most people who do that are doing it on the long side and you got to make sure that a trade doesn't turn into an investment.
You've said that for years, and it's true. We obviously try to do the day-to-day stuff, but in sort of the broader sense, in the macro sense, you try to sort of get away from the noise. And you've pointed out the importance and the power of dollar-cost averaging for a while. And I think for most people, well, I mean, for most people, for everybody, it clearly works. The problem, of course, is
Those down days, and they're few, but when they do happen, they're extraordinarily scary. And that's when people start to zig when they should zag. So again, we try to sort of navigate the day to day. We try to be respectful of the month to month, year to year. And somewhere in between, that's where we sort of find our sweet spot.
All right, man. Well, we had, um, we missed you last week. The viewers, the listeners missed you. We had a lot of great content. Um, this week we got a lot of good stuff. The, uh, Peter book for our conversation is going to be in the feed tomorrow morning. Guy and I are both doing a little travel. He's heading to Chicago to work with one of our sponsors. I'm heading to
LA to work with another one of our sponsors. We love doing these live events. We love getting to meet investors and operators and the like here. So we're going to be doing a bit of that the rest of the week. We'll also be doing some fresh podcasting. So stick around. Right, Guy Dommy? Absolutely. We will see you soon. See you later, as a matter of fact. Bye, folks. We'll see you later. Thanks.