Investor's Edge with Gary Kaltbaum - Quite The Whipsaw

Episode Date: December 13, 2022

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

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Terms apply. Lounge access is subject to change. See Capital One.com for detail. Investor's Edge with Gary Coltbaum. 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's December 13, 2012. We are pre-taping the show. The market's going to close in 10 minutes. We have lots to cover. The big news of the day is they arrested this piece of crap in the Bahamas. Thomas, whatever his stupid name is, with a stupid hair and these stupid Ponzi scheme.

So you're being told by many people now, what happened, how it happened, the whole works. We're just going to give you the truth. First off, magnificent job by the regulators, magnificent job by authorities. one issue, this piece of crap was about to testify to the House Financial Committee. I would have let him do that first. He would have indicted himself because the guy's just a big mouth moron. But they decided that. They didn't want to take a chance. I don't think the guy's going to have bail. I sure hope not. I don't know how it plays out. But let me just simply explain. And then the weird part of it. Well, I'll start with the weird part. And I've said to you again, we do scam shows

with you guys. We've done whole shows on scams, what to watch out for, what to be careful about, what to not listen to, what to ignore. If somebody's in temple or church and they walk up to you and say, well, they buy cigarettes in Maine and sell it in California and they make 300% on their money and they want to cut you in. It's a scam. You got that? If somebody texts you or calls you and said you won the mega millions, it's a scam. I think you know about the Nigerian prince thing, right? And the list goes on and on. This guy just happened to do it on a grander scale, and what I've said to you before, the amazing part about this is, brilliant minds, people that manage a ton more than I do, people that are worth a ton more than me, people that went to

all the great colleges, people that are a lot smarter than me, people that have a ton more analysts than me and fail safes than me fell for this guy yet as i said to you i really didn't know this guy till about three four weeks ago i started watching him on video and the only thing i was thinking to myself the first thing i was thinking to myself i would never give this guy a penny the guy was a moron So I don't know how the genesis of that went about and the belief system. And listen, you had people get endorsements. They got paid. They got paid.

What's his face? Some short tank got paid $15 million. Yeah, okay. Give me $15 million. I'm just amazed of the whatever due diligence was done wasn't enough. yet it should have been so easy. But I digress. This is all the guy did.

He raised a ton of money and stole a ton of money. That's all. That's all that happened here. Case closed. And he's been caught. And you know he did these interviews recently where you knew he was lying. he's now being accused of stealing it as far back as two years ago. Yet he's out there saying he knows nothing about nothing.

Looks like his girlfriend is dropping dime on him too. He's just a common thief, just on a grander scale and in a different way. That's it. That's it. He's also a sociopath, meaning if you're a thief and you're caught, You don't want to get in front of the world and talk. You want to hide your closet. But sociopaths love the limelight.

That's why he gave so much money to politicians, which every politician had better give every dime back. That's why he had Miami Arena was the FTX Arena. Super Bowl, I mean, everything to be in the limelight. Paid celebrities and athletes. For advertising, the limelight. He's a sociopath. Just a classic Ponzi scheme, thievery, sociopath, piece of crap that got away with it because of what we warned you all about.

And you all listen, right? Bubbles create these things. We told you three years ago, two years ago, one year ago, a half, half a year ago, three months ago, a month ago, three days ago, that the coins were just a gargantuan bubble that was going to pop and expose. We told you this years ago. And at the end, it exposes. What does it expose? Number one, stupidity. Number two, criminality. Happens every time. That's what bubbles do. A couple of people were indicted that did SPACs that lied.

One guy said, oh, they had all these contracts with electric vehicles and all that, and they didn't have squat. He was indicted. Whether or not the guy goes to jail or not, I don't know. There was another one that was indicted. And then there's the legal, what I call legal criminals. And I'm not going to mention names because I don't want to get sued. But there is a cast of characters in this bubble that touted the living crap out of you, made a ton of money on a bunch of bull crap,

sold, and left you hold in the bag. And again, I'm not going to name names because I'm calling them legal criminals and I do not want to get sued and I would get. So I'll leave that be. You can go investigate that yourself. And what they simply did was tout you

and tout you and tout you and tout you into dog crap. Actually, I should not put down the dog crap. and then they sold like crazy into it with the excuse of them moving on to the next one and let you hold the bag. And if you go back on the dog crap, a lot of these things had no sales. No sales. There was nothing except a bubble.

And what we have told you to do here time and time again, we're not, you know, blow and smoke up, you know, whatever. Go read the book, Extraordinary Popular Delusions and the Man, of crowds because bubbles happen in every decade, every century. It's all based on greed. It's all based on something called the Greater Full Theory. It's based on the, I don't care what it is, as long as somebody pays a higher price than I paid. And it was by no accident that on this show, we did the stupidest, most moronic comparison

analogy to this. But it was right. It turned out to be 100% right. We did this comparison slash analogy for you. If you were walking your dog and he took a crap and somebody walked up to you and say, I pay you five bucks, sure, here you go. Get a baggie and go scoop it up. And somebody walked up to him and said, I'll pay you 20 bucks for it.

Go right ahead. Next guy, 50 bucks. Go right ahead. I'm saying guy, but next person. And next guy walks up, I'll give you a hundred bucks. Jeez, okay, I just made some money. I can go get some. food. And the next guy is an investment banker or a guy with SPACs or whatever and sees this going on

and thinking to himself, man, this dog crap is in demand. I'm going to, you know what? I'm going to pay a thousand bucks. And then not only I'm going to pay a thousand bucks, I am going to go to my head of investment banking and we're going to bring a public via SPAC. And then they put it out there that, look what we got here and look at this, everybody was buying into it. And then guess what happened? The dog crap actually went up and kept going up and everybody kept paying

higher and higher and higher price. It went from a buck and it went to 50 bucks. Oh my goodness gracious. And then what happens? The bubbles pop. And then what happens? The dog crap goes back to Earth. Which is a zero.

That's bubbles. So it doesn't matter what it is how it is we warned you about every single one of them they were classic including the coins we even told you when it came to ethereum and bitcoin the reason why they'll probably stay for life is because they're owned by a select few people and if they sold they kill each other it turns out now a lot of people are being forced to sell why because of what you're seeing in real time so it is imperative it is imperative that going forward you remember this forever because it's going to happen again and god only knows

what vehicles up next more in the markets news of the day i'm gary this is the one only investors edge hi i'm gary colbaum 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.

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Investors Edge. The last bastion of quality programming. With Gary Coltbaum. better than this and welcome once again to investors edge so with all this guy was a criminal a thief he might as well have gone into a bank with a gun and stole from people he just did in a different way he used the bubbles to his advantage he used the greed not the fear of people even the brightest people amazing amazing it's amazing to me some of these people that got involved i am letting you know there's some of these people that are just magnanimous geniuses that somehow got caught in this bubble, all they had to do was call me. Because it happens every time. The bubbles expose. And the bubbles expose the side bubbles.

You know, the companies created to trade bubbles. Robin Hood, we warned you. Coinbase, we warned you. In fact, we told you these things are going to drop 70, 80, 90 percent, because they were born to trade bubbles. When I found out that Robin Hood, that like 75% of the trading was crypto, it was a gimmy, not to mention the short-squeeze stocks that we told you were all going back to where they came from. We told you. So we're going to let you know it's going to happen again.

We don't know what vehicle it's going to be. It's going to be a while before something new shows up. But then again, maybe not. Do you know why? Are you ready? I'm going to give you a symbol. M-L-G-O. You ready? It's called microalgo. I've never even seen it before. MLGO.

No, really? Have you ever heard it before? Because I haven't. It pretty much doesn't trade. Today it went from 7 to 72. Closed at 4. That's a little bit of a worry that this type of. of stuff is still going on, isn't it? Now that's not somebody coming up to you and trying to screw you but that's some of the market. So while we're on the subject and then we'll get to the today's market which was insane. I think people are nice. I think people are generous. I think people that if they knew they had things that they can do that

makes doubles their money in three days, I don't think they're generous enough to tell you and cut you in. I wouldn't. If I found out today that, hmm, there was an estate sale in Orlando, Florida, an estate sale, a bunch of watches that are being sold at auction. And I was looking at these watches and saying, man, oh man, I think I can get these 10 watches. They're expensive ones, but I think I get it for 70 grand. But I think I can sell them for $400,000. And I don't think anybody knows it.

I'm not telling you. You got that? So when somebody is trying to sell you riches, the next great thing, the next big thing, the higher the number they tell you,

the faster you run away. Oh, we're going to make 150% in three weeks. How are you going to do that? Well, your next question is so why you cut me in? What did I do so great? Why are you being so nice to me? Oh, by the way, how much money do you need? My old roommate in college, many years ago got caught up, did food diverting scam. He went to jail. You know, buy food in this state and sell in another state and make all kinds of money and they brought in all kinds of rich people. They all lost their, you know what.

They were told how much money they were going to make. It just doesn't work that way. So as long as we're going to be here, we're going to keep warning you about anything that pops up. But most of the bubbles have popped. There's going to be a few other things that show up. But on the big scheme of things, once bubbles pop, you've got to go through another cycle of stupidity.

We're just going to let you know if anything does, show up, we're going to let you know. But protect your freaking capital kids. Protect it. I personally know some people who are pretty darn smart that lost hundreds of thousands, if not more dollars in crypto and NFTs, which by the way I hear businesses down 90 some odd percent. We warned you about NFTs. What did we tell you? What did we tell you when we heard that somebody paid $18,000 for an invisible sculpture. What did we tell you? That is the attitude, that is the thought process of late stage bubbles that are about to pop,

and if you are not careful, you're going to be destroyed. And as we've said to you here, and we didn't want to name names, and we're still not going to, there's some pretty sizable funds that bought into crypto kind of sort of late. They're now dead, but they've been touting you all the... the way down. That's bad. And now they've shut up because they've lost all credibility and any faith that anybody had in them. And now everybody's talking about what we started telling you three years ago plus. And we timed it pretty good. We told you February 21st was the climactic run a bunch of things. You know, the straight up Eiffel Tower. So this

scumbag's going to go to jail. His girlfriend's going to go. go to jail. I gather there's going to be a few other people going to jail. Unfortunately, there's plenty of others that touted a bunch of crappy stuff to you that'll never go to jail. And they got away with it. They sold into you. And hey, what can I tell you? Again, stunning. It's stunning. And you can read about who lost money with this guy. And let me repeat. He just stole the money, bought a bunch of high-end real estate, spent it on this, that, and the other thing, sent the money over to his trading firm that lost bazillions, and screwed every person. That he keeps saying today, he put out, his speech today, the head of the whatever was, I didn't do anything wrong, and I want to protect people, and there's still money there, and we're going to do this, that. He stole people's life savings.

You know what the penalty should be, right? I'll give you the penalty up next and then full market. I'm Gary. This is the one only investor's edge. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X card.

What's in your wallet? Terms apply. Lounge access is subject to change. See Capital One.com for details. This episode is brought to you by Spreaker. The platform responsible for a rapidly spreading condition known as podcast brain. Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives, and saying things like, sorry, I can't talk right now, I'm editing audio.

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See Capital One.com for details. 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 gonna feel better if you talk to him

Is it wrong for me The penalty for this guy Let's say you had $2 million with him Your life saving is it's now gone Should you be able to smack them once in the head One in the pit And one in the grapefruits

shouldn't that be a good penalty before he goes to jail? Am I wrong for saying that? Is that mean, I can't imagine ever losing my life savings? Your whole life, especially if you're up in age. And you lost it to that. That goblin. And he's a goblin. Is that wrong?

Is that violent? I bet you most people that lost that money would probably would agree. I can't imagine losing my life savings that I built up my whole life to that guy. Go watch a video of him, that guy. Again, just stunned that anybody would give him a dime. Hey, the market wrap today, the unbelievable market wrap today, or not so unbelievable because we've seen it before. brought to you by Investment-Models.com.

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-Models.com. The Dow opened up 706 points. On November 10th, we opened up 900, kept going, and then we sat for five weeks. Today, we opened up 706 points. We only finished up 103. in fact a few times the low today we were down a hundred but in the three o'clock hour I think we were down like 20 or 30 points

remember we described yesterday breaking through the attic we described in resistance levels price and we said to you imagine you're you have an attic and you're at your ceiling and you open it up you bust through and you put your head through and you're in you know in between the roof and you're in the attic that's breaking above resistance. Today the Dow and a ton of other stuff broke into the attic and Jason from Friday the 13th was in the attic and took the door and slammed you back right down on the head. That's what happened today. Does that mean tomorrow? We just head lower because that's it, Not necessarily. We've got Mr. Bubble tomorrow.

Who knows? Anything's possible. We're just letting you know today the breakthrough through that attic. Jason a Friday 13th. That's the only one I can think of. Or Chuckie, how about he's up there too? He took the door and just slammed you down on the head and knocked you down. That's what happened today with Price on a ton of stuff.

Some worse than others, by the way. In fact, there are areas that look downright crappy, even though we still finished up today. The NASDAQ today at the highs. And the NASDAQ had a better bid most of the day, and the worst it was when the Dow was down 100. I think it was down 40. It was up 40. Finished up 113. The NASDAQ today, 315, was up 428, finished up 113.

The transports were up 11. The transports today, at one time today, hit, uh, whoa, whoa, 450 and was up only 11. That's the attic door shutting down on it for today. Today. And then we're just going to start with what doesn't look great. Remember we told you financials a week ago? They still look like crap. They don't look great. Some boundaries. today. Not the end of the world, but airlines, not good. Cruise lines, not good. Managed care looks in a little bit of trouble. Anything that's tried to break out doesn't. The auto parts retailers look like they've topped out today. Defensive issues were sold down today as the market

was trying to be more offensive. Oils did bounce pretty decently than on stronger oil prices. today but still don't look great for me the interesting story is the the financials the semiconductor index hmm that finished up 42 today that's good news it hit you ready for this it was up 134 and finished up 42 the attic door shutting on the head for today doesn't mean tomorrow normally when you have reversals like this it's not good news it means that there's too many sellers up there but we have j Powell to tomorrow so who knows and the story today was we came out when inflation number that was okay that was the story today it was better than expected but we told you months ago inflation had

peaked now people are telling you i saw some people on TV. Yeah, inflation peaked. Yeah, thanks. Oil topped in June, July. Other commodities topped. And then, you know, one by one. The problem is, though, A, does it stay down? And B, just because inflation has peaked doesn't mean inflation isn't still elevated and up there. I got news for you. It's still elevated and up there, but 100% better. By miles, 100% better. But we knew that months ago. Now everybody knows it. In the Dow today, Amgen was down five, McDonald's 2, United Health, almost 8. So some of the lower beta stuff, not so great today. And as we said,

defensive issues were on the weak side, but the most important part of the equation today, Think about it this way. The market had a chance. Price had a chance. Price had a chance to break through the attic and didn't. Tomorrow will be another day. That's the way we look at it. And then we have to deal, unfortunately,

with the whims of one man and what he's going to say and how he's going to say it. And if he says of or is, it's, ladies and gentlemen, just plain old nauseating for me. I want to go back to free markets. I want all the central bankers to shut up. I'd rather have, instead of, what is there a meeting every six weeks? Make it every, I'll even give them this. Make it every six times a year. There's just too much of them.

and of course the inflation was caused by them the bubbles were caused by him by the way an outcome of them is this yutz at FTX bubbles don't happen without central banks and ridiculous easy monetary policy that creates all the greed and the stupidity but they're a fact of life and we deal with them as best as we can

reading the tape as well as we can and most importantly staying out of trouble in every way, shape, or form and not to have the run downs and drawdowns and destruction that so many have had starting in February of 21.

Even the recent ones, remember Bed Bath and Beyond, they rallied that thing up to 30 bucks from 4 in August, and what did we tell you? You do know it's going back where it came from, and you do know there they have worries about bankruptcy. It's gone from $30 to $2.95.

That is just all. August we warned you about. That's just August. Up next. This, that, and the other thing, and whatever else. I'm Gary. This is the one only investor's edge. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit

for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X card. What's in your wallet? Terms apply, lounge access is subject to change. See Capital One.com for details.

This episode is brought to you by Sprecker. The platform responsible for a rapidly spreading condition known as podcast brain. Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives, and saying things like, sorry, I can't talk right now, I'm editing audio. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple. You record your show, upload it once, and Spreaker distributes it everywhere people listen. Apple Podcasts, Spotify, and about a dozen apps your cousins swears are the next big thing.

Even better, Spreaker helps you monetize your show with ads, meaning your podcast might someday pay for, well, more microphones. Start your show today at spreeker.com. Sprinker, because if you're going to talk to yourself for an hour, you might as well publish it. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X card. What's in your wallet?

Terms apply. Lounge access is subject to change. See Capital One.com for details. You're listening to. What are we waiting for? Well, what are you waiting for? One, two, ready, go. Investors Edge.

With Gary Culpa. And welcome once again to Investors Edge. Thanks for being with us today. And just remember, as we do this and we get a little, you know, know on certain things and we say the A word every now and then. Our one goal is for you to protect your capital. Our one goal is to keep you in good stead. Our one goal is to keep us in good stead. Doing this is like therapy for us. We listen back to us and if we don't like what we say we address it, but one thing we stand fast by is protect your capital at all costs.

I cannot begin to tell you how many people have emailed me throughout the years, how they got screwed for this, that, and the other thing, just from being a little too greedy, a little too crazy, a little too stupid. And when it comes to the market, same thing. I mean, in the last year, as we've said a thousand times, how stunning some of the losses have been in some of the most famous names. And you have people in the industry that fight against you. They're the opponents. And as we said to you a thousand times, we don't take on anybody in the industry.

We don't want anybody losing money, but we had to take on this Kathy Woodwoman who has lost a bazillion dollars and had the nerve. the nerve weeks ago to do an interview and say Bitcoin's going to a million by 2030 Really She is our headwind She is our opponent She is your opponent Just by saying that

And I'd say it to her face It's disgusting what she said It's lunacy In act of desperation I don't know but to say that on an entity what is it what is it it's 16,000 now she's saying a million she didn't say 100,000

which by the way 16 to 100,000 is more than fivefold in seven years more than six fold a million 60 fold in seven years it's lunacy if I was on her board of directors of her funds that day

I'd get together with the rest of the board of directors and fire her immediately. And of course, the interviewer did not follow up. She's our opponent of lunacy, of desperation. To even interview somebody that's down in the 70s and keeps averaging down into lunacy and then makes that statement, she's our opponent. She's your opponent. Just like we say these politicians, there are opponents, It's $31 trillion of debt.

There are opponents. And we take no joy in that. And we take on nobody else until somebody else comes up with stupid. Then we'll bring it up. So let's repeat again. Tomorrow's Jay Powell, another important day. Two in a row we get. Today had a great chance.

Listen carefully. To break above very tight range. And during the day was above the tight range. But from the open, they could not keep the move and throughout the day fritted away the move a little bit off the low. 200 points off the lows. But all that ended up happening today, we ended up range bound again for the indices. But with some warts, but on the good end, some things did stay up. And tonight I'm going to highlight them.

though most everything, I don't think anything finished at the highs today. Let's put it that way. That's the best way I can put it. One of the good-looking semis, ASML, finished above this range of the last few weeks. Finished up 18, was up 34. But still above, so it's something to pay attention to.

And then there are other things that not only broke out, but tucked their head in like frightened turtles and tucked right back in. So kind of meaningless move. Tesla finished at New Yearly Low Ground today on double the average volume on continued loss of confidence on Elon Musk. We worried about the Twitter thing. I think that's a component. His overuse of tweeting, I think that's a component. I think the fact that the left has now turned on them,

and maybe all those people don't even want to own Tesla stock anymore, I think that can be a component. And, of course, the market's pretty crappy for growth slash beta. That could be a component. Fundamentally, I don't see any issues, but we ain't touching a stock like that. We want to touch stocks that are in uptrends that the market accepts. Remember, the market is a beauty pageant.

Simple as that. It shows characteristics of the best-looking stocks at all times. And, of course, the worst. The best are at new yearly highs. The worst are at new yearly lows. And then there's everything else in between. So tomorrow, we get to deal with Jay Powell at 2 p.m. And this conference, blah, blah, blah, blah, blah, blah, blah, blah, blah, blah.

today was great news to have the market stay up. The dollar dropped, yields dropped. That's what you want to see. Couldn't hold it today. Maybe tomorrow. We're open to all outcomes. But opportunity fritted away today. For today.

I suspect tomorrow could be interesting also. Outcomes don't even have a guess. But I will say this. If tomorrow gets sold off meaningfully, that would be troublesome. That would be a failure of the move. Today, I'm not going to call a failure the move. Just maybe needs another try.

A sell-off from here would be the failure. I'll be on with Charles Payne tomorrow. Fox Business Network 2 p.m. hour. Until then, have a great evening. Drive carefully. I'm going to have a great evening because we're serving about 3 to 400 kids, a great holiday dinner. Care of the Colt Bomb family. So until tomorrow, have a great evening.

Drive carefully when you get home, do like we do. Quite simple. Make sure you hug your family, hug your children. They will feel better. You will feel better, I promise. Have a great night, everybody. Bye, bye. This has been Investor's Edge with Gary Cultbaum on BizTalk.

To listen to past episodes or to get in contact with Gary, go to GaryK.com. That's GaryK.com. This message is brought to you by the Capital One VentureX card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X card. What's in your wallet?

Terms apply. Lounge access is subject to change. See Capital1.com for details.