Investor's Edge with Gary Kaltbaum - In Praise of William O'Neil

Episode Date: May 30, 2023

Follow Gary on GaryK.com or http://garykaltbaum.com

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Visit turbotax.com. Only available with TurboTax full service experts. Real-time updates only on iOS mobile app. Investor's Edge with Gary Cultbaum. Straight talk about you and your money. Now from the BizTalk Studios, here is Gary Cultbaum. And welcome once again to Investors Edge. I'm Gary Coltbaum, your host.

A thanks of being with us today. Glad you're here, ladies and gentlemen, happy that you are listening. it is May 30th, it's Tuesday, it's 2023. Hope you're having a good day. Lots to cover is always, ladies and gentlemen. We are pre-taping the show, usually at 4 p.m. when the market closes, but today around 3.35 p.m. Got some things to do.

This is the standing up edition of Investor's Edge because when I sit, forget about it. We are now up to 371 emails from all of you out there, trying to help me out with whatever going on my back just so you know. I've had the same area since I used to play on college tennis, played a little bit on

the circuit. I sucked, but I still played a few tournaments on there. And every now and then it acts up. But one time in Europe, I was on a cruise, and I heard it go, and I was out for five days.

This time is worse. It's like a knife. I've already doing everything I need to be doing. but the worst thing is when you sit down and get up, so I'm standing up as I do the show. We know the market's insane, and we know you want to hear us talk about the market, but it's more important for me to start the show by letting you know that William O'Neill passed away at the age of 90. In case you don't know who he is, investors business daily, the daily graphs, investors.com,

The book How to Make Money in Stocks, How to Make Money Selling Stock Short with him and Gil Morales, as well as other books. Let me give you a little bit about me and bore you just a little bit. I was in this business for a bunch of years and didn't have a freaking clue what I was doing. Worked really hard at it. Always wanted to make people money. but had no discipline, no theme, no nothing. I had a friend by the name of Bill Kind, who lives in Tampa, Florida. I haven't spoke to him in a long time, and I really should.

He introduced me to what is at the time called The Daily Graphs. They were these green and blue books with charts in them. They weren't online at the time, of course. And what you would do, I would get the books during the week. and I would go through the charts looking for things based on technical analysis and learning what O'Neill taught. We used to pencil in the charts. I had to go through each one and pencil them each day on the moves because it wasn't online. I followed through with it a little bit, but it was not easy for me because markets are markets.

and if you're not sure of something, you're not sure of something. It was, I believe it was 91. I went to a William O'Neill workshop, and it really wasn't a, I don't know if it was a workshop, but it was a, it lasted maybe a couple of hours. It was at the Boca Raton Marriott. I met a very good friend of mine, Dan Schwartz, who I've stayed friends since. And William O'Neill and David Ryan were there.

And basically what they were doing was talking about their newspaper, talking about the daily graphs. I don't even remember what they were trying to sell. All I know is I kind of fell in love with the guy. And at that point in time, I said to myself, if I'm going to stay in this business, I got to get good at it. because when I started in this business, I started a penny stock firm. That's what I did for the first few years.

And I was out of the business for a bit. And when I got back in, I just promised myself. And I started studying. And I went to a few workshops of O'Neill, and then he had some bigger workshops. And, you know, as the process went on and on and on, I can't tell you how many times I failed. the reason why I failed because I didn't follow the footsteps. I was always trying to add wrinkles and you name it, whatever. I kept failing.

And I went to one of his big workshops and I sat down. I kept hogging O'Neill and his time because there would be a lunch period. And I asked them questions that I really needed answers on specifically, how the hell do you keep holding? holding is not easy the reason is because you can buy a stock and it goes up 20% and pulls back half of it

and I'm like do I want to give that much back because you don't know if it's going to keep coming back and he basically had stated well if you want monster winners if you want big winners you got to hold them and you got to hold them and hold them

and it's still not easy to this day as I kept going and going and going I added my own things to it to where I started doing the seminars. And I always asked them, I always in the seminars, people used to ask, so what do you think of this stock?

He goes, well, it looks like so-and-so from 1961. And I said to myself, damn, damn, imagine if I can study this stuff so much that I,

somebody can ask me about a stock and I can say, man, that looks like New Bridge Networks from 1996, and I decided that's how much work I was going to put into it. Thousands of hours later, thousands and thousands of charts that I have printed out, and have in folders separated by either dates or look, I'm still nowhere near how good O'Neill was, nowhere near. but I promise myself as I go forward, I'm going to keep working at it and keep studying it and keep trying to get better.

And keep being my biggest critic. Keep writing down my failings. Keep writing down my successes. Keep being introspective and put best foot forward. The man's an icon. the thousands and thousands, tens of thousands of people that have followed him and learned from him, the changing of lives, immeasurable. I know many of them. I've tried a pattern myself on that.

And all we can tell you here is we hope we are helping. It's all we want to do. is help. Your life, your money, your savings is not an easy thing. And you know all the interference that's been going on. And by the way, that's one of my failings. O'Neill, he ignored all the interference. Couldn't give a crap. Me? You know me. Anyway, he passed away at the age of 90. probably worth hundreds of millions of dollars and dressed like he was worth $5,000. Never went on vacation. I asked him about him.

He goes, what for? Was humble as humble can be, even though, for lack of a better way to put it, he's a god to us, a god of the reading of the markets. Technical analysis of the markets, figuring out the markets, doing the right thing by the markets. He taught about never losing too much, and I've added my own. He always said 7, 8%, I don't go that far, which is good and not good sometimes, because it's a little bit too tight. but all I know is it's a man that I looked up to and I didn't know very well. If I've spent personally two hours with him in my whole life, that would be a lot.

We interviewed him on this show once and I spoke to his assistant that said it was the best interview he ever had. and I could not tell you how thrilled I was that she told me that. I think I asked pretty good questions. And we heard that he has been ill, and we just hope he, we know he's in a better place in the great chart room in the sky. We promise you, we don't know how long we'll be on radio, how long we'll be doing TV, how long we'll be managing money,

but we are going to work our tail off. Up next, a little bit more. And then today, this is the one only Investor's Edge. Hi, I'm Gary Kalbaum, hosted a nationally syndicated radio show Investors Edge. We're not just handsome radio people. We manage investors money for a living, specializing in fee-based discretionary money management. No big commissions, just a fee on the assets that's managed.

We also provide a full range of personalized services, including retirement planning, fixed income, and educational needs, all to assist you in achieving your financial goals. Understanding not all individuals have the same needs, we'll carefully evaluate your personal goals to determine a proper investment strategy. If your current approach to investing is not getting you to where you would like to be, call us to make an appointment for a complementary portfolio review. The number to call is 888-4-22-55-9. That's 8-8-8-8-4-2-5-9. That's 8-88-4-2-2-5-5-9. Investment Advisory Services offered through call-bomb capital management. Hi, I'm Dr. Jay Goodman, host of Beyond the Script,

the podcast where I sit down with pharmacists to answer the health questions you didn't even know you could ask at the pharmacy counter. In this episode, we are diving into gut health with CVS pharmacist Victoria Motola, who explains why so many of us live with stomach issues we should not accept as normal. A lot of what I see is just like chronic bloating, chronic stomach aches. Like I get a stomachache every time that I eat. And it just becomes like a lifestyle where, oh, yeah, you know, I just have a stomachache every day. Or I'm constantly feeling like gassy. And all of those things are not something that generally, if you have a healthy gut, you should be living with.

So that's when we deep dive. We deep dive into your medication. We deep dive into your OTC medication. And then at that point, we can probably identify something that we can change. Hear the full conversation, plus some fascinating facts about how gut health affects so much more than just your stomach on Beyond the Script, a podcast from CVS Pharmacy and IHeartRadio. Listen now wherever you get your podcasts. Struggling to see up close, make it visible with Viz. Viz is a once daily prescription eye drop to treat blurry near vision for up to 10 hours.

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It doesn't get better than this. And welcome once again to Investors Edge. By the way, some of the greats that were spawned by O'Neill, Gil Morales, who we've got on the show a few times. And, you know, we're going to ask Gil to come on again and talk a little bit about it. Jim Ropal, you can go look him up, R-O-P-E-L. And there are other people that did books like John Boyke, B-O-I-K, go look it up. And just a bunch of people that are on Twitter that, you know, you can just

help follow this. There's still Investors.com out there. If you go on the website, you'll see, and they have a lot of things they put out, and they still produce the paper once every week on the weekend. I used to love those paper, those newspaper every day, but very tough to run newspapers these days, and you understand why the internet. But it's just, I have to tell you, I really didn't know him personally, a major effect on me today and long-lasting. I'm going to work that much harder in his name. As we tell you, when

wrong, be wrong fast and be wrong small and when right, hopefully let them run as far as we can be. And I've got to tell you, even in the last week, a couple of names I let go and didn't let them run and they had a good move higher afterwards. I mean, we made good money on him. I don't worry about the one, like, I'm not going to mention which, but one I sold right before earnings. I'm okay with that sometimes when you don't have a lot of cushion. But it's a constant, I wouldn't call it a struggle. It's just a constant learning, adjusting to market conditions and your own psychology. That's what comes with these markets.

Simple as that. Anyway, rest in peace, good man. and you know it's funny I found out it's going to be a private family funeral I was thinking to myself man every family gets to decide what to do I could imagine how many people would have shown up and maybe they're going to do something publicly I don't know I can only imagine how many people would show up to honor this man in his family and his life and he was a big time philanthropist also go get the books just Google William O'Neill and on Amazon how to make money in stocks is the main one and they've done different editions and there's a bunch of others get them all

and don't read them study them big time study them study them study them study them learn what what he taught that's no perfection everything but boy oh boy does it take a lot of the unknown out of it and believe me there are things things I've tinkered with. You know, they have this thing called the follow-through day. I follow that, but I have my own way of doing things. There's always adjusting to what you, a little bit here and there. And as I also tell you, Stan Weinstein, another great, the secrets of Stan,

live and kicking, secrets for profiting in Bull and Bear markets, read it, study it. It's many years old, so you're going to see the GM indicator in there, which obviously is not and part of it anymore, but same type of thought process. They look at charts a little bit different in that Stan looks at bottoming and stage analysis. O'Neill's about leadership and breakouts and his can slim acronym. Go look all this up and decide for yourself. Anyway, rest in peace. And now we have to segue a little bit.

I'm going to give this short shrift because they don't deserve my time. today after talking about William O'Neill. This debt deal is a comedy act, except it's no comedy because it's no laughing matter. I give compliments to a couple of people. Remember how I said there's nobody there? You can depend on somebody, and I don't know well, Chip Roy is one that's fighting a good fight. and a couple of others. This is a cesspool full of bull crap.

The funny thing, the Marxist party says it's not enough spending. They're just forget about it. But the Republicans that say, what a great deal and we're doing this, that is, let me be clear about my opinion. It's an absolute lie. What a great deal they've cut and how they're stopping this spending and that spending. This deal guarantees massive debt deficits and the growth of government going forward beyond the beyond the beyond the beyond the beyond the beyond the beyond to the point where

the first trillion plus of our tax dollars is going to go towards interest, if not more. and it's just going to feed on itself. The excuses, they have to do this because they already did the spending. I asked the question, then why to hell do you do the spending knowing you don't have the money? Which is a pretty darn good question, right? The next part of the equation is that whenever they raise spending, it never comes down. They're telling us the spending comes down. It's a lie.

the amount of spending they have raised during COVID, this is near those levels. And is a 50% increase from 2019. And this coming year, depending on which rusty abacus you're going to use, it's going to be somewhere in the neighborhood of upwards to $2 trillion of debt for one year, a record, even though the man who is now taking the championship belt away from Trump online, Joe Biden,

keeps coming out and saying, I cut the deficit 1.7 trillion and this cut spending, this cuts. I thought Trump was the abomination of abomination online. Biden is the guru of lying. And he gets away with it

because you don't see the Washington Post putting the list of lies on him every day. You don't see anybody talking about it as lies. The media is kissing his rear end on a daily basis unfortunately because there are a bunch of hacks.

We curry no favor with any of these people. We couldn't care less what party they're in. There are no parties at this juncture. they're all part of the cesspool.

I wish I'd better things to say. I would love to have better things to say. I would love to compliment our leaders. I just mentioned Chip Roy, but it takes a lot more than one, kids, at this point in time. We're headed to $50 trillion of debt, and let me repeat what that is. $50 trillion more than they were supposed to spend.

We're at $32 right now. and it's going to go quickly. They've suspended the debt ceiling into 2025. Do you know what that means? There's no governor. You know, the governor is on a motorcycle. It stops you from going faster than a certain. Well, that's what you get.

So just letting you know, we don't care what they're telling you. We have no bias. We're the people to listen to. You have been conned. Don't be a mark. Get pissed off. Up next, we'll head to the markets. Lots to say on that.

This is the standing up edition of Investors Edge. Hi, I'm Dr. Jake Goodman, host of Beyond the Script, the podcast where I sit down with pharmacists to answer the health questions you didn't even know you could ask at the pharmacy counter. In this episode, we are diving into gut health with CVS pharmacist, Victoria Motola, who explains why so many of us live with stomach issues we should not accept as normal. A lot of what I see is just like chronic bloating, chronic stomach aches.

Like I get a stomachache every time that I eat. And it just becomes like a lifestyle where, oh, yeah, you know, I just have a stomach ache every day. Or I'm constantly feeling like gassy. And all of those things are not something that generally, if you have a healthy gut, you should be living with. So that's when we deep dive. We deep dive into your medication.

We deep dive into your OTC medication. And then at that point, we can put it. probably identify something that we can change. Hear the full conversation, plus some fascinating facts about how gut health affects so much more than just your stomach on Beyond the Script, a podcast from CVS Pharmacy and IHeart Radio. Listen now wherever you get your podcasts. With the Venmo debit card, a taco in one hand, and ordering a ride in the other, means you're stacking your rewards. Nice. Get up to 5% cash back with Venmo Stash on your favorite brands

when you pay with your Venmo debit card. From takeout to ride shares, entertainment and more. Pick a bundle with your go-tos and start earning cash back at those brands. Do more stash, get more cash. Venmo stash bundle terms and exclusions apply. See terms at Venmo.com. Mastash-Terms slash stash terms. Max $100 cash back per month.

Struggling to see up close, make it visible with Viz. Viz is a once daily prescription eye drop to treat blurry near vision for up to 10 hours. The most common side effects that may be experienced while using Viz include eye irritation, temporary, dimmer, dark vision, headaches and eye redness. Talk to an eye doctor to learn if Viz is right for you. Learn more at Viz.com. You're listening to. America is talking.

Investors Edge. He's got to be pleased with that. The crowd is just on his feet here. He's a Cinderella boy. With Gary Colbomb. It comes highly recommended. You're going to feel better if you talk to. All right.

So, thank you for hanging out for the first half of the show. listening to my thoughts on William O'Neill and the great con out of Washington, D.C. And by the way, I'm back in Florida. I flew up to North Carolina, meet my wife, drive up to New York, spend a couple of weeks there, came right back to Florida because of, I mean, this is just excruciating pain. Once it gets better, I'll be going back up there and hanging out and all that. So, Envidia. know what you've been hearing and let me just tell you what we told our people today.

Before the open, keep a very strict discipline. The farther away something gets from the norm, the wilder the swings. Be careful about buying something that's really stretched and extended to the upside because you can lose a significant amount of money within hours. Think of it as You know you have a dog and you have one of those leashes that stretches out And it goes far and far and far and far Until it doesn't go any farther

And then you press the button it pulls back in Broadcom today AvGO was up $103 again today After a big move Thursday and Friday A hundred and three bucks First half hour hour today it's down $10 as I speak and as of right now it is 355 it is down a 110 dollars from the high today 12% it's a nine it was a $900 stock at the

high today so it's not like down 40% but 12% if you got crazy 12% and video was up 30 today is up 10 right now So that's 20 bucks. That would be about 5% from the high today. We're just bringing it up this way. We're not telling you they're not going higher. We're not telling you we're not in the midst of some sort of 1999 that lasts for a while. We're just telling you if you buy something that's very extended and already had a big move,

you must know there is bigger risk if things get back to the norm. That's all we're saying. Remember, and we've been saying this for ages, eventually, always, 100% of the time, eventually, a stock, a sector of the market will revert back to the norm. The norm is those moving averages that we always talk about. Sometimes it takes a long while. Sometimes it doesn't. Sometimes it goes straight up and straight down. Sometimes it makes a right turn.

It hangs out and catches up over time. We're talking price here. Just know the farther away you get involved, the bigger risk you have. And I had no idea Broadcom would be up 103 on the open and as I speak is now down nine this second. That's 112 bucks and we're not even at the close. I had no idea NVIDIA'd be up 30 and now only up well as this second 10 in change

but what we do know when NVIDIA was up 30 earlier even before was up 30 today in the morning it was stretched and extended to the upside and that's where risk comes in not knowing if tomorrow goes up 100 we don't know that we just know what the norm looks like and you'll have to assume when we say that

to you. We're not BSing you. We know when something stretched and extended from the norm, but just because price is stretched and extended from the norm does not mean it doesn't continue higher and higher and higher to get even more and more and more stretched. Like Broadcom did today. Stunning. Broadcom broke out at 650 bucks six days ago. It hit 900 today. This is not a small cap. This is not a meme stock. This is a bigger cap semi-contact. This is a that has been caught up in the artificial intelligence and just happened to have a hundred and some odd dollar spread today, that if you decided to get a little too cute today and you didn't trade it, you're down $112. And we don't want that happening to you. And we say that knowing,

maybe we didn't drop $112 today. Maybe be up $400 bucks today. I mean, anybody can say anything once it's happened. We're just making the point. We're just making the point. Know where something's come from at all times. The market's tough enough. Don't make it tougher. That's all. Now, I really don't want to say too much more about this invidia thing. You can call it what you want. It's a big move based on artificial intelligence. It's been in the semis, but the semiconductors, the socks today was up 100. As I speak, it's up two. So even that today had some issues from where it was on the open. I have no idea what's going to happen tomorrow.

I just know when something stretched and extended and overbought and where risk can pick up. That's all we're trying to tell you here. Nothing more. Nothing more. That said, I want you to listen carefully because this will be a little bit repetitive on the rest of the market. We have been stating to you that somewhere in the neighborhood of 65% of the market, maybe even more, are in their own private bearish phases of differing levels. That didn't change today. It worsened, though off the lows. We're talking oils, defense stocks, big biotech, managed kids. Managed kids.

You can throw drugs in there now. All the commodities, steel copper aluminum. You can now throw in the staples, consumer staples, which were acting okay. A bunch of the restaurants, a bunch of economically sensitive. We already know about the retail has been destroyed. How about the financials? The regional banks and the banks, which have been trying to do a little bit better relatively, but they really haven't done much.

How about the rails and the truckers? How about the Caterpillar Deer Agco group? You know, the farm machinery. How about the airlines? The casinos which just topped. China. The Chinese ADRs act like the south end of a northbound jackass. How about the 20 or so Dow stocks in differing levels of bearish phases?

I can continue. There are the smaller areas I can mention. we're just letting you know regardless of what you just saw in the Nvidia and the semis and maybe it's over maybe it's not don't know there is a bunch of trouble in a lot of areas

of the market and the Dow was down 180 today only finished down 50 but they're not acting well we'll keep you in tuned I will tell you this most of the hot stuff was real strong early came in hard towards the end of

day, some finish up, some finished down. And there were a few things that stayed up today in the NASDAQ, in the NASDAQ types. Funky market, ladies and gentlemen, it's the best way I can put it. Ain't no hill for a climber. And boy, they whipsawed the heck out of some people today. Now this week, a few more earnings of note. That can move things a little bit, but not much. Oh, by the way, Broadcom reports on Thursday. That'll be interesting. Dell reports.

Lulu Lemon been all over the map. Salesforce.com and the Dow, that's acting well. Some of these software names like CrowdStrike, Octa, and Viva Systems report. Retail, Dollar General, Macy's, they're in big bear markets. They report. Not much else. We'll be on it. And what do we do?

We look at numbers. More importantly, we look at reactions. And you know what we're watching even closer now at night? Aftermarket. A lot of insane thoughts. Up next, more in these markets. This is the one only investor's edge. Hi, I'm Dr. Jay Goodman, host of Beyond the Script,

the podcast where I sit down with pharmacist to answer the health questions you didn't even know you could ask at the pharmacy counter. In this episode, we are diving into gut health with CVS pharmacist Victoria Motola, who explains why so many of us live with stomach issues we should not accept as normal. A lot of what I see is just like chronic bloating, chronic stomach aches. Like I get a stomach ache every time that I eat and it just becomes like a lifestyle where, oh yeah, you know, I just have a stomachache every day. Or I'm constantly feeling like gassy. And all of those things are not something that generally, if you have a healthy gut, you should be living with.

So that's when we deep dive. We deep dive into your medication. We deep dive into your OTC medication. And then at that point, we can probably identify something that we can change. Hear the full conversation, plus some fascinating facts about how gut health affects so much more than just your stomach on Beyond the Script, a podcast from CVS Pharmacy and IHeartRadio. listen now wherever you get your podcasts. With the Venmo debit card, a taco in one hand, and ordering a ride in the other means you're stacking your rewards.

Nice. Get up to 5% cash back with Venmo Stash on your favorite brands when you pay with your Venmo debit card. From takeout to ride shares, entertainment and more. Pick a bundle with your go-tos and start earning cash back at those brands. Do more stash, get more cash. Venmo Stash bundle terms and exclusions apply. See terms at Venmo.com.

dot me slash dash terms. Max $100 cash back per month. Struggling to see up close, make it visible with Viz. Viz is a once daily prescription eye drop to treat blurry near vision for up to 10 hours. The most common side effects

that may be experienced while using Viz include eye irritation, temporary, dimmer, dark vision, headaches and eye redness. Talk to an eye doctor to learn if Viz is right for you. Learn more at Viz.com. You're listening to What are we waiting for? Well, what are you waiting for?

One, two, ready, go. Action! In the guest's edge. with Gary Culper. And well, once again, two Investors' Edge. Take care of your bodies. You know, I have.

I weightlift. I don't drink alcohol. I don't do drugs. I do a lot of cardio. I weightlift. I keep in shape. Real good shape. And I still have these nice.

my back coming out of nowhere. As you get older, you never know. Get yourself in shape. And you know why I say that. I just know a lot of people that didn't. And I got to tell you, every day that goes by, it gets tougher. Trust me. Every day that goes by, it gets tougher.

And then you fall into that rut and before you know it. Just words to the wise, because I'm wise. Words from the wise to the wise. So today's market wrap is brought to you by Investment-Dashmodels.com. Ooh, that was a big pain right there. That's Jim Rohraback, one of the great market timers. No gray areas with the man you're either in or out of the market. It's proprietary indicators.

Go check it out. Investment-mottles.com. Dow finished down 50. S&P was flat. NASDAQ 41 up. NASDAQ 156 up. Transport 62 up. Advanced declines.

1921 in New York, 1923 on the NASDAQ, about even new yearly highs to new yearly lows on both the New York and NASDAQ. Actually, more new yearly lows, because if I look at the new yearly highs, I guarantee I can take a bunch out. The semiconductor index was up over 100 early, finished up only three. As I mentioned, Nvidia was up 30 earlier, finished up only about 12. Broadcom was up 103 early, And I think that was a little bit of a short squeeze. I've got it down 10 on the day after being up 103. And there was a bunch of that. But there was still some things up today.

I will tell you, one of the stocks I came in today to buy Netflix, perfect looking pattern for me coming in. Barron's had some article on it this weekend, supposedly good. You know, they're doing a thing with the passwords. You can't share anymore, and that should make them more money. stock opened up 23 bucks so i couldn't buy it then before you know it was only up eight finished up 14 so i'll be looking at that tomorrow i have not bought it yet did finish up 14 invidia did finish up about 11 and change after being up 30 and then you had a few i mean you just

had some other strong names in the software areas the artificial intelligence areas I keep being asked about how big do I think it will be. I don't know. I'm not that smart, but I'm learning about it. And I'm reading people that I trust on it. And one would suggest some stocks are way ahead of themselves. Synopsis up another 20 today, AI-related. Super Micro up 15 today, AI-related.

HubSpot up 14, AI-related. Service Now 11, AI related. And you know the new gig, right? Everybody's going to be talking AI. You know that, right? And that's what we're going to have to be careful about. What do I mean by that? Back in 99 when we had the internet boom or whatever you want to call it at the time,

you had companies add dot com to their name and goose their stocks. and even had mutual fund companies that had the so-and-so technology fund, they would change the name of it to the so-and-so internet fund and bring in more assets. Remember, marketing, ladies and gentlemen, so you've got to be careful about that. I will tell you, NVIDIA, over the weekend, made like 14 announcements on artificial intelligence.

And I read a bunch of them, and I don't think they're BSing or anything, but we have to be careful about that. Why? They like their stocks going up. Shareholder value. But when all said and done, we're going to have to be very, very careful. Why?

Here's one of our other rules. At the end of the road, valuation will matter. You do know that, right? Always. We have an award we always use, eventually. What you need to know is always, eventually, valuations will matter. Remember what happened with the meme stocks, the marijuana stocks, the NFTs, the crypto, all the bubbles. We warned you, and we told you on each one of them, I just want to let you know, eventually, they will go back to where they should go to. Remember Rivian came public.

The ass clowns brought it public at ridiculous prices. They knew everybody would lose a ton of money, but they had to get their big fee, so bring it out at the highest price. Which, by the way, is their job anyhow. I got that. Anyway, they brought out Rivian. Within two days, its valuation was almost as big as GM and Ford that had $260 billion in revenues. Rivian had delivered 34 cars to employees. We told you that Rivian's stock is worth.

worth 10, 20 bucks. It went from 170 down. I think it's 13, 14, 15 bucks now. Eventually. And by the way, Rivian has a lot of sales now. Still not making any money. So we must remember that. So with this EV, this AI, I went from EV to AI. With the AI, artificial intelligence, I don't care what anybody says to you. They can announce AI. Every company can announce AI, McDonald's can say their burgers have artificial intelligence at them. Eventually, things will get back to the norm. If price makes their valuations unreasonable, ridiculous, whatever you want to call it, I don't think we're there yet.

It's only been three days since Nvidia and those big, gigantic numbers. It's going to be quite a. interesting going forward, but I will tell you this, that other 65% plus of the market, they better hold that baby up. You have a great evening, ladies and gentlemen, drive carefully. Go get those books, I mention. And when you get home, do like I do, it's simple. Make sure you stretch your back. Make sure you hug your children. They will feel better. You will feel better. I promise. Have a great evening, everybody. Thanks for joining us. We'll be on with Liz Clayman tomorrow. Fox Business Network, 3 p.m. hour. Don't miss it. Bye, bye, bye. All.

has been Investors' Edge with Gary Cult Bomb on BizTalk. To listen to past episodes or to get in contact with Gary, go to GaryK.com. That's GaryKK.com. Hi, this is Danielle Robey, the host of Bookmarked by Reese's Book Club, a podcast by Hello Sunshine and IHeart Podcasts. I'm partnering with Simple Mills,

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