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On this episode of On The Tape Guy, Dan, and Danny discuss Danny’s appearance on Fast Money (2:23), the yield curve inversion steepening (8:13), the conundrum in the jobs market (15:20), meme stocks going bonkers this week (20:06), Elon Musk selling $6.9B in Tesla stock (23:47), Disney’s quarter (26:39), and big box retailers reporting earnings next week (31:18). The co-hosts interview CNBC’s David Faber and talk about his nearly 30 years at CNBC (45:32), reporting during the financial crisis (1:01:11), Elon Musk (1:08:27), the media landscape (1:15:18), and hosting jeopardy (1:22:52).
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Show Transcript:
Guy Adami: [00:00:00] CME ad [00:00:01][0.4]
Dan Nathan: [00:00:30] iConnections ad [00:00:31][0.3]
Guy Adami: [00:01:21] John Woo. They say to yourself, All right, guys, I’m starting this podcast. John Woo! Some of you know who John Woo is, a director. He directed the movie, Dan Nathan, Face Off, 1997 with Nicolas Cage and John Travolta. Why do I mention that? Because Nicolas Cage played Castor Troy. I love Nic Cage, by the way, but the name of the movie was Face Off. And I got to tell you something, Danny Moses, this week has been a face ripper of a market. See what I did there? So we’re going to talk about that. We’re going to talk about Danny Moses, his appearance on CNBC’s Fast Money. By the way, we’re going to talk to David Faber, the brain in a little while. I love David Faber. He’s on the Mount Rushmore of CNBC, in my opinion. And folks, please leave a review. Don’t tweet us. Don’t what Dan got to [00:02:13][52.3]
Dan Nathan: [00:02:13] Do all of that. Just leave a review in the podcast or leave. [00:02:16][2.8]
Guy Adami: [00:02:16] A review in your favorite podcast store, which is one of the dumbest things I’ve ever said. And I’ve said a lot of dumb shit. By the way, this is on the tape. I’m Guy Adam always joined by Danny Moses. Breathtakingly handsome Danny Moses, by the way, and the brilliant Dan Nathan back from Rome, Italy, from vacation. All fired up before we get into the market, because I got to tell you something, today being Thursday is a fascinating day. But you were on CNBC’s Fast Money, I believe it was Tuesday night. And I was sitting next to you. And I could feel I could just feel you being tense. You weren’t Danny Moses. [00:02:52][36.0]
Danny Moses: [00:02:53] Not true. I walked in right to the lion’s den. Right, right before I came on. You play you guys play pretty good music, kind of in the waiting room. [00:03:00][7.0]
Dan Nathan: [00:03:00] Led Zeppelin or PJ? [00:03:01][0.8]
Danny Moses: [00:03:01] Well, David Bowie was on, and I don’t want to. I don’t hear anything first. [00:03:04][3.1]
Guy Adami: [00:03:05] Okay, I know, I know. But please hold on. David Bowie, it was prophetic. [00:03:09][4.4]
Danny Moses: [00:03:10] I’m going to tell you. [00:03:10][0.3]
Guy Adami: [00:03:10] What is not in my top. I don’t care. [00:03:12][1.7]
Danny Moses: [00:03:12] But some of his songs are, so I don’t care. Amazing artist. Anyway, it was Let’s Dance, right? And I was walking in and I’m like, Put on your red shoes and dance the blues. That’s what the market is. So I went in thinking, just putting red shoes and dance blues. The songs are playing on the radio. You got to dance, right? You got to dance. And that’s what this market is. And so you guys set me up fast money peppered me, put, brought me on as The Big Short guy. [00:03:36][23.8]
Guy Adami: [00:03:36] hold on [00:03:36][0.2]
Dan Nathan: [00:03:38] That’s the job. [00:03:38][0.5]
Danny Moses: [00:03:39] Hold on a second. I don’t know how you guys operate until I. [00:03:41][2.3]
Guy Adami: [00:03:41] Didn’t pepper you with. As a matter of fact, I put up I put a ball on a tee for you. [00:03:46][4.3]
Danny Moses: [00:03:46] I get it. But listen, I come in as the big short guy, whatever I’ve been saying all along that inflation was coming down. Right. I said, don’t obsess about a print. Well, the market’s obsessing about CPI. The market wants to obsess about PPI. And I was on there saying, listen, at the end of the day, fundamentals matter more and you can dance around. Am I shocked that the market went up on that number? Sure. At this point, I should not underestimate the power of the market at this point. And I you know, listen, the Fed I don’t think they’re done yet. But even if they’re done again, I’ll say the reason I said on fast money, why would they be done? I think it’s a combination of inflation ebbing and the consumer pulling back, which in turn makes inflation come down. [00:04:21][35.6]
Guy Adami: [00:04:22] So so the folks at home know we have I wouldn’t say we have a green room, we have a closet. That is our dressing room at CNBC’s Fast Money at the Nasdaq. And I brought Danny down there to get makeup on and everybody loved him down there. Then I brought him upstairs, remember that? And everybody saw that COVID tests and everybody fawned over him. But then about 15 minutes before the show, I go to take a leak, which I have to do before the show, because if I don’t, Dan Nathan, something bad is going to happen during the show. So and as I’m walking by, I see you reading your notes, talking to yourself. You were like mumbling. I’m like, What are you doing? I said, Don’t rehearse, don’t rehearse. [00:04:56][34.9]
Danny Moses: [00:04:57] Not true. I just want to get caught. And then you guys baited me. Mel baited me. Danny, I know there’s is there’s a particular short out there that you like to talk about every so often I see you guys smirk this the set up and so yeah I. [00:05:08][10.6]
Dan Nathan: [00:05:08] Had to bring it was funny. [00:05:09][0.8]
Danny Moses: [00:05:09] Bring up the Tesla. Yeah. [00:05:10][0.7]
Dan Nathan: [00:05:10] Okay so we got we got a hot on test. [00:05:12][1.4]
Danny Moses: [00:05:12] We got out on test. It was. [00:05:13][0.8]
Dan Nathan: [00:05:13] Great job and just, you know, my mom who is. [00:05:16][2.5]
Guy Adami: [00:05:16] Mrs. Nathan. [00:05:17][0.4]
Dan Nathan: [00:05:17] Guy Adami is her number one favorite fast money train. So you know, that’s matter of factly. She gave a quick review. She said Danny has a really nice way about him. You did a great job on the show and he subscribes to your wardrobe choices because I am jacket, buttoned up, no tie. And you know what that is? Guy, was. [00:05:37][19.6]
Guy Adami: [00:05:37] That that’s the OA outfit. That’s the OA uniform. [00:05:40][3.1]
Danny Moses: [00:05:41] I was just trying to fit in, guys. Appreciate you guys. All right. [00:05:43][1.9]
Dan Nathan: [00:05:43] So let’s let’s segway to the market here because the quote that was probably on CNBC Pro all day the next day was that investors, equity investors are whistling through the graveyard. Okay. So let’s talk about it. [00:05:54][11.0]
Guy Adami: [00:05:54] Well, first of all, whistling past the graveyard. Yeah, I don’t know where it’s through, but that’s okay. I get and you know, I happen to agree with you. I mean, I’m totally in your camp just to sort of set the record here, you know, this move, although later than I thought would happen, I thought this would end by middle late July. Here we are in early August. With that said, market’s done pretty much what it should have. I mean, Dan Nathan talks about this, the low of 3600. High of 4800. The midpoint of that, the 50% Fibonacci for you Italians out there retracement is 4200. Here we are. So it makes sense. I happen to think the next leg is significantly lower, but that’s what they say. Dan Nathan makes. [00:06:34][40.3]
Dan Nathan: [00:06:35] Markets. Yeah, no. And I do think it’s interesting. I saw Jim Bianco Bianco Research, he tweeted that and March 15th, the S&P 500 was at 4200. Okay. That was a day before the Fed started raising interest rates for the first time since 2018, 25 basis points at the time. So we have a stock market that’s flat in that time period. We have rates that are up considerably. I think the ten year is 2.75 or 2.8. As we talk at the time, I think it was probably one and a half, one seven or something like that. And then the two year is obviously much higher at 3.2 or something like that. So I think that’s really interesting context. Danny, you’ve been making the point though, even if Fed funds at the CME Fed Funds Tracker has just shifted, right in that September meeting, it was a very high probability of a 75 basis point hike in September. Now it’s a very high probability of 50. But your point is just wait because the QT is just kicking in. [00:07:29][54.4]
Danny Moses: [00:07:29] Yeah, I mean, it went from 66% chance of 75 and 3350. And it flipped. Right. It flips every other day at this point, if you’re telling me they’re still going 50 and the markets acting like this, that’s still not great, right? Because there’s a lag effect that we’re seeing now building its way into the market. And so I still think we have a lot of stuff to get through. And again, if the Fed fund futures start coming in and people expect either to stop raising, which I think they will and Dan, you and I have that bet that I’m going to go. [00:07:54][24.4]
Dan Nathan: [00:07:54] No, our bet is that they’re going to they’re going to cut. That’s different than stop raising. Okay. I just want to be really clear. [00:07:59][4.9]
Danny Moses: [00:07:59] I’m not sure what’s kind of but then again, as soon as that smoke clears, what are we left with? We’re left with earnings that are still going to be coming down, but left with a very expensive market. And we’re left more importantly still with consumers purchasing power coming in regardless. And so all these rate increases are just beginning to work their way into the system. [00:08:15][15.9]
Guy Adami: [00:08:15] Dan Nathan, you listen to a lot of podcasts, don’t you? Yeah, I do. Our friend Tommy Vietor, Pod Save America. [00:08:20][5.0]
Dan Nathan: [00:08:22] And Pod Save the World. [00:08:22][0.1]
Guy Adami: [00:08:22] Pod Save the World. Are they can they do both at the same time? [00:08:25][2.6]
Dan Nathan: [00:08:25] Well, I think he’s doing his best. [00:08:26][0.9]
Guy Adami: [00:08:27] My sense is if you save the world by almost by definition, you’d be saving America. But that’s probably for another show. What podcast? Over the last 6 to 9 months has been saying the 210 spread two years versus ten years would invert to the tune of 50 basis points, and it would happen somewhere around two and a half to 3%, two and a half into ten year 3% in the two year. [00:08:53][26.7]
Dan Nathan: [00:08:53] It was “On the Tape” Guy. [00:08:54][0.6]
Guy Adami: [00:08:54] Is well then note Danny most has been saying is now I don’t bring that up to pat ourselves on the back apparently people get a bit exercise to use that word again that we we don’t do that I’m not a big believer in that but we do point certain things out. I only mention it because nobody seems to care. Nobody seems to be bringing up Danny Moses. That ain’t a good sign. I don’t know. I’m not an economist, but a two stands going inverted to the tune of 50 basis points, which we haven’t seen in a considerable at a time, is not particularly bullish. My opinion. [00:09:25][30.4]
Danny Moses: [00:09:25] Yeah, we’re at 35 now or I mean, again, volatility is crazy in these. [00:09:30][4.2]
Dan Nathan: [00:09:30] Let’s just talk about this for a second. So the last time that we had 50 basis point wide to ten invert, it was early 2000. [00:09:36][5.7]
Danny Moses: [00:09:36] Okay. And then yesterday. [00:09:37][0.5]
Dan Nathan: [00:09:37] Yeah, and then yesterday. So when you think about that, we’re going back 20 years. We know that we were in a protracted bear market. We got went into a very deep and protracted recession. I guess the narrative about that rally after that CPI print, that was eight and a half percent, down from 9.1% the prior month. I love it. How are main man Dark Brandon DC went on hold. [00:09:57][19.9]
Guy Adami: [00:09:58] Biden What did you say before that? [00:09:59][1.6]
Dan Nathan: [00:09:59] You know, the mini the internet meme dark. [00:10:01][1.5]
Guy Adami: [00:10:01] Brandon I don’t even know what that oh it’s so good dark. [00:10:04][2.6]
Dan Nathan: [00:10:04] Brandon Google it people. It’s basically they’re just talking about how the guys kind of on a roll coming off of a very, very low approval rating, getting a whole heck of a lot of things, not particularly right now. All of a sudden they got a bunch of legislative stuff done. They have inflation coming down, they had crude oil coming down. Importantly, you saw that in the last month or so, we had crude go below $5. Now, gasoline, gasoline, excuse me at the pump. And then it just crossed below four. So like things are kind of coming around as we get into the fall in the midterms and just, you know, the aforementioned Tommy Vito, he’s be joining us next. [00:10:38][34.3]
Guy Adami: [00:10:39] Stop it. [00:10:39][0.3]
Dan Nathan: [00:10:40] On the tape. [00:10:40][0.4]
Guy Adami: [00:10:41] Stop. [00:10:41][0.0]
Dan Nathan: [00:10:41] We’re going to be talking about how listen, all of this legislative stuff, though. I know, Danny, you probably think a lot of this stuff, the IRA, the Inflation Reduction Act is not exact. [00:10:50][9.1]
Danny Moses: [00:10:50] Mr. Ryan The IRA is not in the business. [00:10:52][1.5]
Dan Nathan: [00:10:54] But pumping an additional $400 billion into the economy. [00:10:58][4.0]
Danny Moses: [00:10:58] Yeah, I don’t know. I just saw heavy tax credits and threw up. [00:11:01][2.5]
Dan Nathan: [00:11:01] We’re going to cover all of that stuff, what it means for the economy and what it might mean for the midterms. [00:11:06][5.0]
Danny Moses: [00:11:07] You just made me think of something. So the ten year yield I’ve said all along, I’d rather see the ten year old moving higher for a healthy economy. What if the economy is healthier than I think? What if it is a soft landing? Well, I’m going to tell you right now with. Quantitative tightening occurring. If we do enter a period where this soft landing two guys point we’ve made before about let’s go chase risk assets. Well if that ten year yield starts to make its way for sale, it makes a move to three and a half or four people are delusional. This economy is not set up. It just isn’t. You’ve seen what happens to it. It comes to a screeching halt. So the Fed does not have our back the next time the economy wants to make a run to keep these rates down artificially. And that to me, it’s not for today. Maybe it’s not for tomorrow. We talk about whistling past the graveyard. These are things this is what I’m talking about. You can take one data point and trade it all you want. Guess what? It’s coming right back. [00:11:56][49.0]
Guy Adami: [00:11:56] I’m very happy today. I’m happy that the three of us are together in this room. The size of the rooms in Rome, in Europe are very small. This could be a hotel room. Not that it matters, but question it. Danny Moses, quickly, you mentioned Patriot Games. You did a nice accent there. Yeah. Is that better or is it the Tommy Lee Jones in Blown Away with Jeff Bridges? Do you recall that movie and Lloyd Bridges? They’ll take. [00:12:16][20.1]
Danny Moses: [00:12:16] Patriot. [00:12:16][0.0]
Guy Adami: [00:12:17] Game. It’s a Patriot Games because the accent the Tommy Lee Jones. That was a little annoying, wasn’t it? It’s a good movie you take. [00:12:22][5.4]
Danny Moses: [00:12:22] However, fugitive. I’ll take Tommy Lee with Harrison Ford in Fugitive. Put those together right there. So, anyway, sorry. Yeah, it’s good. [00:12:28][5.3]
Dan Nathan: [00:12:28] Well, all right. [00:12:29][0.5]
Guy Adami: [00:12:29] Let’s see the way I throw Dan. I mean, I can completely throw this course. [00:12:32][3.0]
Dan Nathan: [00:12:33] No, you didn’t. I did. So. So every outhouse, henhouse house. You do that, Denny. You must have that with Foghorn. [00:12:39][6.0]
Danny Moses: [00:12:39] Leghorn. [00:12:39][0.0]
Dan Nathan: [00:12:40] Tommy Lee Jones and the Fugitive. What are you saying? That you find that man? [00:12:43][3.0]
Danny Moses: [00:12:43] I don’t care when he says it didn’t kill my way of you. It is. [00:12:46][2.7]
Guy Adami: [00:12:46] I don’t care. Tommy Lee Jones, by the way, he was Al Gore’s roommate at Harvard. Did you. [00:12:51][5.6]
Dan Nathan: [00:12:51] Know that? I didn’t know that. You saw that. All right. Sorry. And I also know that Al Gore invented the Internet. [00:12:55][4.1]
Guy Adami: [00:12:56] We have Al Gore on on the tape now. He’d be a good guest. Sorry, Dan, I’m sorry. I’m going to stop. [00:13:01][5.7]
Dan Nathan: [00:13:02] Market rips, soft landing. That’s what the stock market was saying the other day. That’s what investors were saying the other day. And so your point is, you’d feel much better if the ten year Treasury yield was back above 3%. It got as high as three and a half percent, what, two months ago. But the suppression of that yield is basically telling you that growth is not going to materialize. We do this thing called the market, call it you been on it, guy? Now we’re talking about today there’s a guy called the at Macro Alf. He’s on Twitter and he’s got the Macro Compass is his newsletter this morning. This is Thursday. He said, in short, the soft landing narrative seems misplaced. A soft landing implies a marked slowdown in inflation, while growth remains robust, while the direction of the travel seems right, lower inflation growth cooling towards trend. The evidence points to a rather steep drop in economic activity and not a measured and controlled slowdown consistent with a Goldilocks. There you go, guy adami narrative grim, forward looking economic indicators, negative real wage growth for the one and a half years and the reach of the credit card debt to bridge the purchasing power goes on and on. All right. So speak to that, Danny, because that’s your problem. Let’s wrap. [00:14:04][62.2]
Danny Moses: [00:14:04] It up. We can leave now. I mean, no. [00:14:06][1.3]
Dan Nathan: [00:14:06] Good, right? [00:14:06][0.2]
Danny Moses: [00:14:06] That’s exactly how I feel about every. [00:14:08][1.5]
Dan Nathan: [00:14:08] So you think the economic data starts to get much worse before it gets better here? [00:14:11][3.1]
Danny Moses: [00:14:12] We saw last week we are seeing credit churn for the consumer, end of story period. Is it horrendous? No. Banks are reserving. Look at subprime auto. Look at the amount of repos that are occurring. We haven’t even begun this cycle yet. So my point is there’s no such thing as that, just bottoming out quickly and coming back. That is a secular. Yes. Move. That is a big move. And the reason that’s happening is because, yes, the credit spreads come in a little bit. Sure. On this last round of rates coming in. Yes. But credit now, like I’ve talked about this before, they’re stock picking and there’s bond picking. And if you’re an investor in fixed income, you get to choose from a variety of assets that you want to buy. Right. You’re long duration type stuff, whether it’s auto loan, five, seven years, whatever, Mae student or whatever might be. Those prices have changed. And now they’re it’s not just about I’ll buy anything. It’s like, what exactly is that? So there is diversification and people are starting to take a look and that’s what you’re going to start to see. And I’ll end that by saying, Dan, is that I talked about this, I think on fast money when you guys set me up, which was companies that don’t have great balance sheets that are reliant on coming back to the debt markets for funding, they’re in for a rude awakening because there is real underwriting occurring for the first time. And I know Guy watches the AIG is an indicator of things and you can look at what it’s made up of. But at the end of the day, if you look at the AIG, you’ll see the top two names really tight and everything else, really. [00:15:27][75.6]
Dan Nathan: [00:15:28] It is interesting, though, that this week all the the worst shit rallied the most. Here’s one thing that going back to just the economy and how we kind of have this consensus view that it gets worse before it gets better. What about this conundrum in the jobs market? So we had that July jobs print and then we also have continuing claims. So continuing claims are starting to tick up a little bit. We’ve been documenting a bunch of just the kind of layoffs that we’ve seen primarily in big tech for the most part in media. So is there a scenario where maybe we’re wrong? You know, we’ve had David Rosenberg. Rosenberg research on a bunch and he’s been talking about if we had a pick up from 3.6 unemployment rate, 40 year lows up to 4%. What that would mean for the economy, is there a scenario where we don’t see unemployment pick up meaningfully and maybe that’s how all this stuff goes? [00:16:10][42.1]
Guy Adami: [00:16:10] Right, guys? There’s no question there are scenarios that exist where we’re wrong. Absolutely. I mean, can it happen without question. That last unemployment print, I think surprised. I see a lot of people. I think the White House clearly was thrilled. And I think to a certain extent, the market liked that as well. But I think it’s just a matter of time before you start to see a significant uptick in unemployment. It all makes sense in terms of what’s going on. Delinquencies are going higher. The next step is unemployment starts to tick higher. The next step is commodities start to tick higher, which, by the way, you’re starting to see after a precipitous sell off. So all these things are lining up. I agree with you, Dan, that scenario exist. I just don’t think it’s a likely scenario. [00:16:52][42.3]
Danny Moses: [00:16:53] Guy if they recast happy days, you are the natural. Not for Laverne, you’re the natural fit for Arthur. Fine, I appreciate that. And his famous quote, I was wrong. [00:17:01][8.5]
Guy Adami: [00:17:02] He never say said. [00:17:03][0.6]
Danny Moses: [00:17:03] He couldn’t say I was wrong. In this case, we’re not wrong. It’s hard to say. This is why again, in a vacuum. Show me that. Jobs number over 500,000. Oh. Show me CPI. Show me PPE. Right. Show me all those things. You can craft a scenario where you look within all those and we all know how unreliable the jobs numbers can be. But, Guy, you said it. The layoffs are just starting now. So those are backward looking things. So as pie so CPI, everyone knew that energy prices have come down. You knew that the numbers would probably be a little bit lower because those estimates are made a little bit ahead of time anyway. So just to try to piecemeal but take a step back, just go in the street, been in the city that you’re in and just ask people just to get their temperature on. How are things? I said this a couple of weeks ago. We underappreciated how good we had it, not even as an investor, as a consumer for so long. And it’s now it has changed and that’s not going back. [00:17:53][50.3]
Dan Nathan: [00:17:53] Well, that’s the thing that we just haven’t seen. You just mention this a couple of minutes ago. We’re starting to see like subprime delinquencies, you know, across the board. And so we’re seeing this rent spiral higher. I get all that, I think. Bring it back to the stock market, though. I see Apple is down less than 5% on the year. I see Microsoft is down less than 15%. [00:18:11][17.3]
Guy Adami: [00:18:12] A stop for a second on Microsoft. Let’s talk about Microsoft for 1/2. [00:18:15][2.9]
Dan Nathan: [00:18:15] So my point, country has five and a half trillion dollars in market cap and Apple this week was nearly 8% of the S&P 500, the highest that any one single company has been of that index of 500 stocks. So I guess my point is it’s like we’ve had this conversation plenty of times this year is that we could be right on the economy. We could be right on what the Fed has to do and when they have to pivot. But you could be wrong in the stock. [00:18:40][25.0]
Guy Adami: [00:18:41] On hundred percent. [00:18:41][0.2]
Dan Nathan: [00:18:41] Right? Let’s be clear. [00:18:42][0.6]
Guy Adami: [00:18:42] Say it all the time. [00:18:43][0.6]
Danny Moses: [00:18:43] But let’s I it’s clear to me. [00:18:44][1.0]
Guy Adami: [00:18:45] Let’s quickly talk about Microsoft. You brought it up. I mean, Microsoft had been trending lower. Microsoft obviously guided lower a month or two months ago or whatever it was late June on currency, which is whatever Microsoft, when they reported the stock closed that afternoon, I believe it was 254. If I go back and look, I’m sure somebody will at me. But ish, the knee jerk reaction, Dan, to that report because I was watching it, it traded down to 242 headed lower. And so they came out and said and oh, by the way, we’re not seeing a drop off at all in terms of demand. And that’s when the stock went from negative and it’s never looked back number what Apple for example you say great quarter yeah I mean huge numbers 2% year over year revenue growth. When was the last time you saw that from Apple market didn’t seem to care, but that wasn’t a great quarter by Apple standards by any stretch. The reaction was great. The reaction to Microsoft was great. The reaction to Google was great. They weren’t great quarters by their standards. In my opinion. [00:19:49][64.2]
Danny Moses: [00:19:49] People hide in quality. [00:19:50][0.7]
Dan Nathan: [00:19:51] But if they’re hiding in that quality, we’re talking about like $10 trillion in market cap. We’re talking about 45% of the Nasdaq 100. That could keep the whole stock market game in tact for a while. [00:20:00][9.4]
Danny Moses: [00:20:00] So we had this exact conversation nine months ago. This was happening, the market was and the quality was kind of and we said the risk is that the big guys will start coming down one by one. You know, soldier, soldier, soldier, they would start coming down and it did. [00:20:12][11.8]
Dan Nathan: [00:20:12] So Apple, Microsoft is also up 30% from their high. [00:20:15][2.4]
Danny Moses: [00:20:15] Right. And now what’s crazy about this last rally is I can live with an Apple rally, Microsoft. Those are good companies. Right. They’re not going. [00:20:21][5.9]
Guy Adami: [00:20:21] Anywhere. They’re great companies. [00:20:22][0.6]
Danny Moses: [00:20:22] But I mean, Foxconn just told us that things are slow, but that’s a whole nother issue. It’s this meme stock rebellion, again, that’s occurring and it’s just shit. But when you start to see even more so the violent moves, if anyone out there that’s looking at the market thinks that’s healthy, it’s not good for you. If you can buy AMC at 15 and sell it at 25, but you won’t. [00:20:39][16.5]
Dan Nathan: [00:20:39] I just don’t think anybody who’s listening to this podcast is buying AMC Bed Bath again. I mean that GameStop. I know I do not. They are. They just sent us. Send us a note. Tell us if you are, because I just don’t think they are really. I think it’s a bunch of kids in like the Reddit crowd or whatever. They’re still. [00:20:53][14.3]
Danny Moses: [00:20:54] Down. It put Melvin Capital out of business who’s now being investigated by this. [00:20:57][2.8]
Dan Nathan: [00:20:57] They were shorted, I. [00:20:58][1.0]
Danny Moses: [00:20:58] Understand, but it was a name that’s been front and center. People feel empowered. Let me just finish my thought here. Yes, please. Coinbase. Yes. Great. Let’s sign a deal with BlackRock to be on their Latin platform. Right to trade. Just Bitcoin. [00:21:08][9.9]
Guy Adami: [00:21:09] Went from 78 to 104 on the back of that ish. [00:21:12][3.2]
Danny Moses: [00:21:12] Quarter. Lost $1,000,000,000. Yes. Okay. It’s a joke. Yes. And I’m not even I have no position in the name, but it doesn’t take a rocket science to take. To step back and tell you that, you know, people get impatient. Hey, how the quarter go with Aladdin? What were your revenues associated with? Oh, didn’t happen yet. I mean, it’s the market has been about immediate gratification continuously. I’m not saying you have to go out and short Coinbase here. I’m just going to tell you it’s not a long. [00:21:34][21.5]
Dan Nathan: [00:21:34] Well, just you know, I mean, we were talking about it on the set of fast money that it was Tuesday night that they reported and the stock was down 10% in the aftermarket was a horrible quarter. I mean, the guidance was horrible. They’re laying off the work for the horrible quarter. But then we had that CPI print the next day. Market’s raging and it closed up five, six, 7%. Now, I will mention, though, today, I. [00:21:54][20.2]
Guy Adami: [00:21:54] Don’t mean to interrupt, but you think about the absurdity of that because the markets higher that mean all this shit rally that’s what your point is Danny Moses like knock yourself out go at it people that’s you. [00:22:04][10.1]
Dan Nathan: [00:22:04] Dead or have at it have. [00:22:05][0.9]
Guy Adami: [00:22:06] That or have at it go at it. [00:22:07][1.4]
Danny Moses: [00:22:07] Tonight in Madison Square Garden, Rage Against the Machine is playing tonight in the Garden. I think that’s, you know, kind of the. [00:22:12][5.4]
Dan Nathan: [00:22:13] They’ve been playing all week actually. Have they? I think the five shows just real quickly, though, but I think it’s interesting. Keep an eye. You just mentioned that gap that it had up to 104. Yes. It’s about to fill in that entire gap now. So we had this two way action all week. And I just think that’s really important. So if you see the stock Coinbase heading back towards that, I don’t know, seventies sort of level or something like that. What has been transitory this year has been the interest in memes and crypto and. Oh I like some of that stuff. No, I mean that’s it’s you’re right, I poo poo it a little bit Danny, because I don’t know anybody other than anonymous trolls on the Internet who are trading those stocks. I just don’t. But you’re thinking about it from a sentiment standpoint. It just it. [00:22:51][38.6]
Danny Moses: [00:22:51] Has been the perfect indicator for the mania on both sides. It’s been the mania for over. [00:22:56][4.3]
Dan Nathan: [00:22:56] This are there are good stocks on both sides. Danny, I see. [00:22:58][2.3]
Guy Adami: [00:22:58] What you did there. I see what I see what. [00:23:00][1.4]
Dan Nathan: [00:23:00] We have an episode title right. [00:23:02][1.1]
Guy Adami: [00:23:02] There. Oh, I thought face off would be. That’s why I mentioned Nick Cage. [00:23:05][3.2]
Dan Nathan: [00:23:06] When you were doing John Woo, I thought you were going to go with Mission Impossible two. [00:23:09][3.9]
Guy Adami: [00:23:10] It’s impossible to done that. [00:23:11][1.0]
Dan Nathan: [00:23:11] They bad, I think Brian De Palma, I think he directed the first Mission Impossible. [00:23:16][4.8]
Guy Adami: [00:23:17] You know, Tom Cruise just turned like 60 years old. He no, he looks great. I don’t know. I loved Tom. I say this all the time. I’ll watch anything he does. He’s brilliant. Sorry. I wonder if he listens to on the tape. [00:23:28][11.0]
Dan Nathan: [00:23:28] I don’t think so. I think I think you’ve said in the past that you’d watch him. [00:23:31][3.5]
Guy Adami: [00:23:32] Read the phone book. It’s absolutely true. He’s genius sandwich. I don’t care about the Scientology and all that. Is he wacky? I’m a little. [00:23:39][7.0]
Dan Nathan: [00:23:39] Wacky. Yeah, a little wacky. [00:23:40][1.0]
Guy Adami: [00:23:40] But the guy is a genius and he does all his own shit. [00:23:42][2.2]
Dan Nathan: [00:23:43] It’s funny about Scientology, and I know that all of our listeners who are Scientologists can get really pissed. [00:23:46][3.6]
Guy Adami: [00:23:47] At three of them. [00:23:47][0.5]
Dan Nathan: [00:23:48] Yeah, you could say you don’t care about it. It’s like a really weird cult. Yeah. No, I mean, and it’s dangerous. And some of us. [00:23:54][6.0]
Guy Adami: [00:23:54] Are a lot of that going. [00:23:54][0.6]
Dan Nathan: [00:23:55] Around. Well, yeah. [00:23:55][0.8]
Danny Moses: [00:23:56] So is owning. [00:23:56][0.3]
Dan Nathan: [00:23:56] Tesla. [00:23:56][0.0]
Guy Adami: [00:23:57] A speaking of Tesla, by the way, can we talk about no, let’s talk about it because today, again, we’re doing this on Thursday. Price action is really interesting once again. And we talked about that 900 level. You know what? Now you compare it to zero. If you’re betting long on Tesla, you know what? They’re probably better places to be. I think this stock may have exhausted itself. I think it may have happened this week that Dan is not going to be with those. You’re like, of course it did. Now, what are your thoughts? Because the price action is a little weird today. A little strange. [00:24:25][28.1]
Dan Nathan: [00:24:26] To any the other night. I think The Wall Street Journal broke this story late at night that Elon sold another 6.9 billion. What a juvenile little you know what? Okay, $6.9 billion worth of stock. And Danny sends me the FCC filing it’s text me, okay. And he goes, Nighty night. [00:24:43][16.6]
Danny Moses: [00:24:43] Dan hasn’t gone up since then. It’s actually it’s going. [00:24:46][3.3]
Dan Nathan: [00:24:46] To just say, all right, whatever with you on the short. [00:24:48][1.8]
Danny Moses: [00:24:49] Okay, there’s a senator and a House member now that are demanding the NHTSA open a hearing, have an investigation into this full self-driving. [00:24:56][7.0]
Guy Adami: [00:24:56] Hold on one sec. Yeah. I want you to talk about this. I don’t know. I want you to. Tom, I was watching the TV last night. I don’t know what. Oh, not on what? No. The Yankees two would lost in the afternoon. I’m watching this commercial. So this cat, Dan O’Dowd, a California software. What’s a magnet or a magnate? Is he spending millions of his own dollars in a brutal crusade to take down the. I must watch this commercial, Mike. I thought Danny Moses I thought I literally thought you were going to be in the commercial at any point. And I’m watch this. I’m like, I got to call Danny Moses. Then I fell asleep. [00:25:26][29.8]
Dan Nathan: [00:25:27] The guy’s not dumb enough to be short the stock. He’s just. He just wants to spend the money. What’s that like? [00:25:31][4.3]
Danny Moses: [00:25:31] Oh, he wants to out. And he doesn’t think the cars are safe and he’s had it with this whole game. But anyway, we’ll see what happens. [00:25:35][3.9]
Guy Adami: [00:25:35] Anyway, the stock the price action in the stock, I think is something to take note of this week for sure. [00:25:41][5.4]
Danny Moses: [00:25:41] I do too. We can move on from that. And I know you’re having a guest later that you’re probably going to talk David Faber. [00:25:46][4.3]
Guy Adami: [00:25:47] David Faber and Dan Nathan. You guys go out to dinner. What are you going to do? Like Port Charles? Isn’t that where they do General Hospital cheese? [00:25:52][5.8]
Dan Nathan: [00:25:53] What are we doing here? I mean. [00:25:54][1.5]
Guy Adami: [00:25:55] Fort Sharp, which the name the rules for they’re coming. [00:25:57][2.5]
Dan Nathan: [00:25:57] The night guy I know. [00:25:58][0.7]
Guy Adami: [00:25:58] For yeah. The number for Charles. Yeah. [00:26:01][2.3]
Danny Moses: [00:26:01] Well you got a guy to go. [00:26:02][0.8]
Dan Nathan: [00:26:02] Out tonight, so you know what we did? This is how we did it. This is. [00:26:04][2.3]
Guy Adami: [00:26:04] Underhanded. [00:26:04][0.0]
Dan Nathan: [00:26:05] Actually. Karen Finerman. [00:26:06][0.6]
Danny Moses: [00:26:07] Like me on Fast Money Guy. [00:26:08][1.0]
Dan Nathan: [00:26:08] And myself, we each picked our favorite child and we’re not. [00:26:11][3.2]
Guy Adami: [00:26:11] And don’t say that. Not that my sons listen to this. Now it my daughter’s home. That’s. And Dan knows Lily. Yeah. Louis actually worked. Risk reversal. Yes. [00:26:20][8.8]
Dan Nathan: [00:26:21] Anyway, all right. [00:26:22][0.6]
Danny Moses: [00:26:22] Well, I look forward to hearing about your. [00:26:23][1.5]
Dan Nathan: [00:26:24] Danny’s got his. You have a anniversary dinner tonight. You and your lovely wife, Allison, huh? [00:26:28][4.3]
Danny Moses: [00:26:28] Yeah, we do. [00:26:29][0.3]
Dan Nathan: [00:26:29] Where are you guys going? I don’t know. What are you doing? I don’t know. You know, I have no plans to make it or. [00:26:32][3.1]
Danny Moses: [00:26:32] I’m surprised to do anything. Maybe a little Home Depot, a little bed bath to me. [00:26:35][3.0]
Dan Nathan: [00:26:35] I don’t know. I don’t know. It tastes so good with. Touch it. Yeah. Yeah. All right. So we’re totally off the rails here. Let’s talk about some consumer discretionary, because when you hear people talk about XL, why the consumer discretionary ETF, it’s really important to understand that Tesla is what, the second largest holding in that. Okay, so let’s move on, though. We got big box retailers reporting next week. We had Disney last night report a good quarter OC parks were strong. Well, let’s get your take on that. They basically lowered guidance for subs, raise prices on Disney, plus subscriptions, generally a pretty upbeat sort of outlook. What’s your take? And then, Danny, I know that you have. [00:27:12][36.3]
Guy Adami: [00:27:12] So as you know, Dan Disney starts with the letter D, so that’s the D in my dawn trade. And I will tell you, if I’m being fully honest, I think at the time of this, when we put it on or talked about it in November, I think Disney was like $142 stock traded down in the eighties. It was an 80 to 80 handle at one point, which is too cheap. My point about Disney is this it for years warranted a premium valuation. It lost that over the last six months. I think this quarter suggests maybe they should have it back. And Parks were very good. I’ve always thought that Disney Plus was a bit of a loss leader in this spoken wheel business that they’ve created. And if you look at Parks Strong, their media business strong, I think if you give them a 25 multiple, which is sort of historically where it’s traded, then on the $6 ish that they’re going to earn next year, we can all do that math that’s $150 stock. So although it didn’t trade particularly well today on the back of those earnings, I still think Disney is okay here. [00:28:14][62.4]
Danny Moses: [00:28:15] I mean, they added 14.4 million subscribers. [00:28:17][1.7]
Guy Adami: [00:28:18] More subs now than. [00:28:19][1.0]
Danny Moses: [00:28:19] Netflix, correct? More than Netflix. That was impressive. They’re raising prices. We’ll see what the lag effect is if people cancel or not. But they’re still way cheaper than cable and they have better channels. So what happened? And the only reason that they lowered their streaming subs in the future was because they lost to Viacom on Indian cricket, which you knew that happened. And what? Yeah, people watch cricket die. You know how much Viacom paid for that $3 billion was the rates that they paid. So I don’t know how this math works. I don’t know how it works. [00:28:43][23.9]
Dan Nathan: [00:28:43] But this is why trading is hard, right? So I remember one night on Fast Money, we were talking about Disney like a few weeks ago. The stock was maybe, I don’t know, in the low nineties or 95. And I said, you know what? I would really look to start buying this thing with an eight handle on it and somebody like ask me is like do going to get it and the low during the pandemic it was a panic low in early March I think or March ish of 2020 was about 80. Right. And the high after that into 2021, I mean literally early 2021 was above 200. I know. And you’re saying put $25 on six bucks pre-pandemic? I don’t think this year they were supposed to earn six bucks. Okay. So it just shows you how frothy things got in 2021. Then you have a move from 200 down to 90. And I’m trying to nitpick whether I want to buy it at 93 or 83. And here we are. It got as high as 120 yesterday. And I’m just saying, that’s why this game is hard. My final trade on Tuesday, the day that Danny just lit up fast money, was that I would not be a buyer into the. [00:29:42][58.4]
Guy Adami: [00:29:42] Yeah but you didn’t shorted. [00:29:43][0.7]
Dan Nathan: [00:29:44] Shorted I didn’t say to sell it or anything like that but trading is hard right Danny. [00:29:47][3.2]
Danny Moses: [00:29:48] It trading is hard. And I will say that park attendance was very strong and now you know where all the money is being spent, $25 hamburgers and so forth. [00:29:54][6.4]
Dan Nathan: [00:29:54] But you said this go on the street. I’ll just say again, I was traveling over the last week. I’ve been traveling a lot this summer. I’ve been spending a lot on travel. And when you look around, a lot of people are doing those experiential sort of things. I mean, that is matter of fact. But I guess the point is, is like at some point, if we do start to see unemployment tick up, we’re seeing rents go up, we’re seeing all this. So even if you’re paying $4 a gallon at the pump, it’s still much higher than $3 a year ago. [00:30:20][25.5]
Danny Moses: [00:30:20] What Disney has now that they didn’t have before and it’s probably priced in at this point, is they actually have both sides of it. They have the stay at home side on the streaming, and then they got to go out and do stuff. [00:30:28][8.3]
Dan Nathan: [00:30:29] So you’re saying there’s good consumers on both sides? Yeah. [00:30:30][1.8]
Guy Adami: [00:30:31] Again, that’s. [00:30:32][0.3]
Danny Moses: [00:30:32] Why I say I’m just saying that they definitely have a defense mechanism that’s now built into the model that probably warrants a little bit higher multiple in the future. [00:30:38][6.6]
Guy Adami: [00:30:39] Yeah, I agree. And that was sort of the argument for Disney that they were able to sort of be on either side, the reopen trade. Hold on, hold on. [00:30:46][7.0]
Dan Nathan: [00:30:46] The parks business does not deserve to be at 25 times. And let me tell you it inside. And when you think about the hundreds, the hundreds, okay, this is not losing weight. [00:30:56][10.5]
Guy Adami: [00:30:57] Wait for it, then. Wait for it then. I don’t want to rush this. This is Dan is what we call in the business a blended multiple theory that they’re a blended multiple over the over their four ish different businesses. Back to. [00:31:08][11.0]
Dan Nathan: [00:31:08] You. Yeah, but I guess the point is, Dan, if you don’t think we’re out of the woods yet, it’s kind of hard to chase a stock like this. [00:31:13][5.6]
Guy Adami: [00:31:14] Oh, that’s fair. [00:31:14][0.3]
Dan Nathan: [00:31:14] Let’s broaden this out a little bit to big boxes. We know that we had that Walmart. [00:31:18][3.6]
Guy Adami: [00:31:19] Is that a Spinal Tap song? [00:31:20][1.3]
Dan Nathan: [00:31:21] Yeah, we had that Wal-Mart pre-announcement. The stock had that big gap, and then it proceeded to fill in that entire gap. So talk to us a little bit about what you’re expecting from some of these days. We have Lowe’s, we have Home Depot. We have a lot of big box retailers reporting next week. [00:31:34][13.4]
Guy Adami: [00:31:34] Why should they be resilient or why should they not be under the same guidelines as a target of Wal-Mart? In other words, they shouldn’t be impervious to the ills of a Walmart and Target. I think you’re going to see I don’t think to the extent you saw it with Walmart and Target, but I think you’re going to see inventory concerns for both those. And I think it was Citi, Dan, that downgraded Lowe’s today, today being Thursday. So I think that’s a good downgrade. I think valuations don’t make sense. And again, I don’t think they’re going to be impervious to the same ills that basically upset the people in Target and Wal-Mart. [00:32:08][33.8]
Danny Moses: [00:32:09] I think you have a different clientele in all of those and they’re obviously affected more. Lowe’s and Home Depot are obviously by the housing market. So this doesn’t take a brilliant scientist or an analyst to look and say there has to be a lag effect on what that looks like. Oh, we didn’t sell as many grills. We sold some umbrellas. So I think it comes down to merchandizing and what people are carrying and what they’re willing to markdown. Walmart’s going to be interesting again because we just got a snapshot pre fed couple of weeks ago. Now we’re going to get an update. Let’s see what they say. Let’s see if they are seeing any type of pickup. I don’t I. [00:32:38][29.2]
Guy Adami: [00:32:38] Don’t think Wal-Mart is a great company. It takes more than a couple of quarters to get out of that inventory problem that they have. The 32% inventory build we saw there was, in a word, catastrophic. 8% is typically catastrophic. 32 is four times eight. Is that right? So it stands to reason it’s four times worse. Back to you. [00:32:58][19.9]
Dan Nathan: [00:32:58] I think Danny just made a really good point because, again, you know that Wal-Mart pre-announcement a few weeks ago, they didn’t give us everything that we need to know to kind of take a look and get the health of the consumer under the kimono. But back in the spring, remember, we were remarking how companies like Snapchat had preannounced. I think it was a month after they had just reported in giving guidance and then Microsoft did the same thing. Well, we just got one from Micron to start this week. Okay. Micron reported on June 30th. And then I think at the time. [00:33:25][26.9]
Danny Moses: [00:33:25] It’s an August quarter. [00:33:26][0.6]
Dan Nathan: [00:33:27] The quarter the guidance was was deemed to be pretty good. They just preannounced and NVIDIA guided down for the quarter. Revenues down 17%, which is a massive guide. This was a company that was going to be the next trillion dollar market cap company late last year. Okay. Got cut in half or so. I just think that, again, we’re so obsessed and in economic recession and there’s all the semantics about what that is. The idea that the S&P 500 could go into an earnings recession, that seems a bit more likely than maybe an economic recession. However you want to. [00:33:57][30.5]
Guy Adami: [00:33:57] Define invidious took revenue from 8.1 billion expected down to 6.7 billion. To put some numbers you gave a percentage, I’ll give you some numbers. Number one, they blamed it on gaming. Okay, that’s fine. They said data centers are going to be fine. Maybe it will be. But I got to tell you something, gaming first, if they miss on data center and I think in video reports on the 24th, they just pre-announce. They didn’t give you the quarter. That’s going to be a problem. And it’s still an expensive stock and that’s a name that everybody universally loved a year ago. Now everybody starting to get a little wishy washy and the micron was the same thing. Micron is D ramanand. I guess it’s different, but this is one after another. We’re starting to see these guides. And I got to tell you something, at a certain point it becomes a trend. [00:34:40][42.6]
Dan Nathan: [00:34:40] All the problem that I have with Nvidia right now, I don’t mind seeing huge downgrades to guidance right there is that this is a 450 billion market company that’s down 40% on the year, down more from its all time highs. That still trades at 14 times. [00:34:54][13.8]
Guy Adami: [00:34:54] Sales, which is an expense. [00:34:55][0.8]
Dan Nathan: [00:34:56] That’s kind of I mean. [00:34:56][0.7]
Guy Adami: [00:34:56] As you say, that number should be hat size maybe it’s a guy Adami hats. [00:35:01][4.6]
Dan Nathan: [00:35:02] And 3/8. [00:35:02][0.1]
Guy Adami: [00:35:03] Thank you. [00:35:03][0.3]
Dan Nathan: [00:35:03] 738. [00:35:03][0.0]
Danny Moses: [00:35:04] So a name that we’ve talked about on the. [00:35:05][1.3]
Dan Nathan: [00:35:05] Show, you’re eight and 3/8. I’m looking at that dome right now. [00:35:08][2.6]
Danny Moses: [00:35:08] It’s three you know and I played football at a special was yeah. [00:35:10][2.4]
Guy Adami: [00:35:10] No you had a call like the NFL teams you. [00:35:12][1.9]
Danny Moses: [00:35:13] Get a helmet when my hair gets like this it’s crazy. I can even put on a baseball cap. But SoftBank. Right, which is the epitome of. [00:35:18][5.9]
Guy Adami: [00:35:18] Well, I made a stop for 1/2 on SoftBank. I mean, they say you don’t ring the bells on that. Well, guess what? With we work, they rang the F and bell. I remember that. I mean, they invested it. We work at like a $52 billion value. Is that right? [00:35:31][12.1]
Dan Nathan: [00:35:31] Then something was there and the thing blew up. [00:35:33][2.0]
Guy Adami: [00:35:33] And then they’re selling out of Sofi here because it’s the sell. I mean, these guys are horrible. [00:35:37][3.8]
Dan Nathan: [00:35:38] It was a disaster. [00:35:38][0.3]
Danny Moses: [00:35:38] Anyway, Danny Pi was thank you. Stood up. So, quote, the market is. [00:35:41][3.1]
Dan Nathan: [00:35:41] This year, right. [00:35:42][0.3]
Danny Moses: [00:35:42] Or no, whatever. Sure. The market in the world is in confusion. Okay. That’s like who said that with that? [00:35:47][5.0]
Dan Nathan: [00:35:47] My son. [00:35:48][0.3]
Danny Moses: [00:35:48] My son going to be more selective in what we put into thank you and use less hunches. So I had to write a year ago bunch about he goes by hunches and he does these things and you know what they lost 22 billion in the quarter and now they’re forced to sell everything that’s not nailed down because remember, he put up the Alibaba shares and borrowed against those shares. [00:36:05][17.0]
Guy Adami: [00:36:05] See, that’s called leverage. [00:36:06][0.8]
Danny Moses: [00:36:07] Yeah, it’s called leverage. And now it’s margin call time. So now he’s selling down. We saw that news today. Alibaba sold his Uber, right? He’s selling things that he has to now. And you know it also funny I was thinking about so. I’ll take my commentary for the live tour another time. But the reason people hate the live tour is because it’s backed by Saudi, while the entire first vision fund was backed by the Senate. But no one ever. [00:36:27][19.8]
Dan Nathan: [00:36:27] Jared’s new bang up fund is backed by the South Sides. [00:36:30][2.8]
Danny Moses: [00:36:30] So anyway, so I can go on and on. But he’s now out of the market. He basically said, I just have to wait now. I’m not going to basically invest in anything. And now he’s getting sued. So that same suit from Credit Suisse related to Greensill that SoftBank was using Greensill to prop up Katara construction in the U.S., that’s a whole nother lawsuit. So he has retrenched now. You would think the timing of that would mean that the market may have bottom because normally see those things but he’s out. So that was the largest one of the largest buyers of things we’ve seen in his private portfolio similar to we saw at Tiger and some of these other markdowns which have occurred in general. But to me, I think the market’s paying enough attention to that. People saw it was coming. They were short the name. I have no position in the name, but just look at it, read through that queue. [00:37:08][37.8]
Guy Adami: [00:37:09] So I’m going to say a couple of things here. Just allow me, please, Dan, please don’t do the eyeroll that my daughter typically does. Okay. So couple of things you mentioned on and on. Danny Moses, that’s a great song by Stephen Bishop, who is in the movie Animal House. If you recall, he was the guy sitting on the stairs. John Belushi took it and he didn’t know what’s going to happen. BELUSHI Oh yeah. It was a complete laughs. [00:37:28][19.3]
Dan Nathan: [00:37:28] And if you look. [00:37:29][0.4]
Danny Moses: [00:37:29] That was filmed in Oregon, you were there on set, I believe, when it was made. [00:37:31][2.3]
Guy Adami: [00:37:32] University of Oregon. The ducks. [00:37:33][1.1]
Danny Moses: [00:37:33] Yeah, the ducks. [00:37:34][0.2]
Guy Adami: [00:37:34] At number one. Number two, what we haven’t even brought up here is the Fed. We’re talking about the Fed, Fed, Fed. They’ve even started reducing their bouche. As a matter of fact, last I looked, balance sheets actually seem to have gone higher than higher. So what happens when they start balance sheet reduction? I don’t know. Doesn’t seem to auger particularly well. And the thing about SoftBank and I said it at the time, one of the many unintended or maybe it was intended consequences of easy money, it allowed people to do really dumb things. And now we’re seeing the after effect of exactly that. [00:38:06][32.2]
Danny Moses: [00:38:07] Was in investing in Alibaba 22 years ago was a smart thing. Give him credit for that. But he took that basically and some other small winners, you know, not that it wasn’t a small winner, but some other ones had it. And he just basically became what he thought was impervious, what he thought was invincible. And now you’re seeing the full circle. But there’s no one to oust him, right? He’s kind of the guy that runs the fund. And now the vision to fund lost a lot of its commitments and now it’s retrenching and going to play defense. [00:38:31][23.9]
Guy Adami: [00:38:31] So this was fun. I had fun. I have fun all the time. [00:38:34][2.9]
Dan Nathan: [00:38:34] They call it Earl. We’re all in the same room. We’re all in the same little closet. [00:38:37][2.5]
Danny Moses: [00:38:37] So, Dan, I got a question. [00:38:38][0.6]
Guy Adami: [00:38:38] Wait a second. Oh, it was a stop for a second. They called what I. [00:38:41][2.5]
Dan Nathan: [00:38:41] Earl the kids. Who’s that in real life? [00:38:43][2.0]
Guy Adami: [00:38:43] Oh, that’s what that means. [00:38:44][0.8]
Dan Nathan: [00:38:45] It means we’re not on Skype. [00:38:46][1.1]
Guy Adami: [00:38:47] Or I, Earl, I’m in real life. [00:38:49][1.8]
Danny Moses: [00:38:49] Now. We’re going to work away into the summer doldrums right after next week. It’s going to get you know, it’s kind of like people are in and out. Dan, what is the S&P up right now in August? Just curious what it is. [00:38:59][9.6]
Guy Adami: [00:38:59] What is it up in the month of August? [00:39:01][1.3]
Danny Moses: [00:39:01] Yeah, to date right now into the close here on Thursday. Just curious, how quickly is Bloomberg? [00:39:06][4.8]
Dan Nathan: [00:39:07] My FactSet machine says the S&P is up 1.9%. The Nasdaq’s up 3.2%. [00:39:10][3.4]
Danny Moses: [00:39:12] Shawshank Redemption. Oh, get up and disappear like a fart in the wind, because that’s what’s going to happen to this market. So I predict by the time we’re here next Thursday that we have given back, forget the Nasdaq for a second, we’ve given back the S&P are probably down 2 to 3%. I think it was all stand by what I said this August is going to be nasty. [00:39:29][17.8]
Dan Nathan: [00:39:30] I think you’re off by a few weeks. And I’m going to tell you why. If there’s no economic data, if there’s no big earnings preannouncement and there’s nothing geopolitical. Okay. Well, I’m just says I think we kind of probably sadly float up into Jackson Hole in two weeks and then, you know, what it feels like. Do you remember August of 2020? You remember the melt up that we had in a lot was remember the SoftBank whale buying? Remember the gamma squeeze? Oh, yeah. And the Nasdaq just melted up. I think we could probably do that into Labor Day. And then I think September and October are. [00:40:02][31.8]
Danny Moses: [00:40:02] Going to it was September. [00:40:02][0.4]
Guy Adami: [00:40:04] Morning. Neil Diamond. [00:40:04][0.7]
Danny Moses: [00:40:05] Hey, Dan, I let’s let’s bet we’re going to be very happy about your hundred dollars. Let’s just $100. That’s fair. By the time we’re here next week. Yeah, the S&P is down for the month of August. [00:40:15][9.5]
Dan Nathan: [00:40:15] Oh, okay, let’s go. It’s up 2% right now. Is red? Absolutely. [00:40:18][3.4]
Guy Adami: [00:40:19] 100 bucks as we get out of here. The great David Faber coming on love. David Faber, as I mentioned, I’m sure I’ll say it when he comes on. He’s on Mount Rushmore of CNBC. I love the guy. I think his intellect is unsurpassed and they call him the brain for a reason. So we’re going to speak to david faber. I’m looking forward to that. Keep an eye on commodities, people. Nat gas up about 10%. Soft commodities all rallying crude oil very quietly off the mat. I will tell you, the commodity market is saying, hey, federal reserve, look over here, your job ain’t done yet. Something to keep in mind over the next week or so, Danny Moses. [00:40:56][36.9]
Danny Moses: [00:40:56] And Europe is a disaster. [00:40:57][0.8]
Guy Adami: [00:40:57] Disaster. [00:40:57][0.0]
Danny Moses: [00:40:58] I feel horrible for people over there, but it is a disaster. Power prices are rising. There’s rivers that have lost so much water you can’t even transport what’s even there. And Putin’s using it as a weapon and it’s only going to get worse. So we don’t talk about that enough. It’s a big deal for humanity. It’s also for the market. [00:41:12][13.6]
Dan Nathan: [00:41:12] I was in London in early July. I was in Italy just last week, just going to tell you that it doesn’t feel like anything. That bad right now. And I mean that quite sincerely. I’ve been all over the country, you know, over the last couple of months, too. So I’m just saying purely anecdotal when. [00:41:25][12.7]
Guy Adami: [00:41:25] You’re staying at the for. [00:41:27][1.6]
Danny Moses: [00:41:27] I was going to say. [00:41:28][0.3]
Guy Adami: [00:41:28] He’s going to you’re staying in that comment the Ritz-Carlton when you’re in Positano. I mean it’s a whole day and. [00:41:34][5.8]
Danny Moses: [00:41:34] Everyone says I’ll serve you dishwater. You won’t know the difference in a foreign language. Dan just smiles and looks at him. Smile or vacation. Smile. Anyway, let’s go. Well, the market is about to take a big vacation, so. [00:41:44][9.4]
Guy Adami: [00:41:44] I like what you did there. Thank you. For a European vacation. Correct. By the way, Meet the Millers with underrated acres. [00:41:51][7.0]
Dan Nathan: [00:41:52] Yeah, he’s a funny guy. He’s really funny. [00:41:54][1.9]
Guy Adami: [00:41:54] He’s a really funny guy. I’ve seen. [00:41:56][1.3]
Danny Moses: [00:41:56] That. Not the big short. Anyway, wrap it up, guy. Let’s go. I can get out of here. [00:41:58][2.8]
Guy Adami: [00:41:59] When we come back, David Faber of Squawk on the Street of Jeopardy of Exxon Mobile, whatever podcast that was or doc that was. He is a badass. He is joining us on the tape. [00:42:12][13.8]
Dan Nathan: [00:42:15] CME ad [00:42:15][0.3]
Dan Nathan: [00:42:39] iConnections ad [00:42:39][0.3]
Guy Adami: [00:44:25] David Faber is an award winning journalist and New York Times best selling author. He’s the co-anchor of CNBC’s Squawk on the Street, an anchor and co-producer of NBC’s acclaimed original documentaries and long form programing. During the day, David breaks down news and provides in-depth analysis on a range of business topics with his Faber report. In his nearly three decades with CNBC. Faber has broken many big financial stories, including Disney’s deal to buy most of 21st Century Fox’s assets, the massive fraud at WorldCom and Rupert Murdoch’s unsolicited bid for Dow Jones. So, folks, as Dan Nathan will tell you, I’ve been with CNBC for the last 50 years. The reality is that’s not true at all. It’s probably closer to 17 years. And I get asked a lot of questions when people do, in fact recognize me, which happens from time to time. And one of the questions I get is, what are the people at CNBC like? And one of the people they always ask me about is our next guest, David Faber. What is David really like? And I said, I will tell you, he’s as brilliant on air as he is off the air and he is a wonderful guy. And despite the fact that his allegiance is to the New York Mets and the New York Jets, he is a wonderful individual. David Faber, welcome to on the tape. [00:45:47][81.7]
Speaker 4: [00:45:48] Thank you so much, guy. I always say the same thing about you. [00:45:50][3.0]
Guy Adami: [00:45:51] Bullshit. [00:45:51][0.0]
Dan Nathan: [00:45:52] Guy that he’s the first person that people ask about. [00:45:54][2.3]
Speaker 4: [00:45:54] No, he’s not. He’s not. But you do get asked and I do actually say that. Not about you, though, Nathan. [00:45:59][5.3]
Dan Nathan: [00:46:00] No, of course not. No. But let’s be frank here. Jim Cramer must be the guy that you get asked about. He’s been your what broadcasting partner now on Squawk on the Street for, what, ten years? [00:46:08][8.2]
Speaker 4: [00:46:08] I think it is almost ten years. And yes, I do get asked about him or I get comments. A lot of times I’m sure you guys get this, they just share with you what they think, right, guy? They tell you what they think about somebody. I think that guy Nathan is I think Melissa was great. I think, you know, who knows what it could be. But that’s kind of what you get. And I get that a lot about Jim is, as you might expect. [00:46:28][19.8]
Guy Adami: [00:46:29] There’s a mount Rushmore apparently out west. I’ve never been, but I’m sure it’s lovely. Apparently, they want to add a fifth head to that number 45 has his way. But in terms of the Mount Rushmore of CNBC, you’re on it, brother. I mean, you are absolutely on. It’s three decades now. You’ve broken more stories probably than the rest of the network combined. And you are CNBC royalty. And I think what’s great about it is I’m sure you’ve had a huge opportunity to do a bunch of different things, but you love CNBC and you love what you do. It’s clear when you watch you each and every day on the TV set. [00:47:03][34.5]
Speaker 4: [00:47:04] Well, thank you for saying that. And I do still enjoy it a great deal. And I enjoy being with Jim in the morning and Carl and being in the moment, which is a fun thing to do. And you guys know that. And I still enjoy the learning. We’re still coming up against things gets a little tougher every year to learn, but I’m still trying to do it. Well, let’s. [00:47:20][16.1]
Dan Nathan: [00:47:20] Talk about that. I mean, when I started in the business in 1997, your face was a mainstay breaking stories. I worked at a hedge fund that was trading stocks kind of intraday, but also like short term catalyst driven sort of stuff. And when the brain came on, Guy, you remember it back in the day, he usually had something to say. You were breaking stories. We were trading a bunch of the telcos back then that and Internet into the late nineties or so. Talk to us a little bit about how you became literally you were the guy that anyone had to listen to, whether it was telco, whether it was media. And you just as I said, you probably broke more stories than the network did combined. Like how did that all come about? How did you become this persistent reporter? [00:47:59][39.2]
Speaker 4: [00:48:00] Because that’s kind of what the way I was so-called raised, that was the beginning of my career that I guess I point to. And I don’t break news the way I used to. And I appreciate your saying that. [00:48:07][7.7]
Dan Nathan: [00:48:08] Well, when did they start the Faber report? Because you were probably up and coming with the network in the late 90. [00:48:12][4.5]
Speaker 4: [00:48:12] Yeah, yeah. I mean, I started in 93, September 93. So I’m coming up on 29 years now. And I think it was a year or so after I joined, maybe a year and a half where I started to get something going, maybe with Faber, it was a couple of years. When it comes to breaking news, it’s what I learned how to do with my first job in journalism, which was at a newsletter that covered the banking industry. It’s called The Bank Letter. It was owned by institutional investor, something you guys probably know back then. It was a magazine. It was known for the all star team of analysts, but they had these newsletters that were very focused on different parts of the financial services industry. I was hired knowing nothing. I was an English major, a college to cover corporate banking, to cover the competition between the then money center banks to land the big loan. Billion dollars, $2 billion. It’s hilarious because most of those banks are now one bank. They’re all JPMorgan Chase. But back then it was Chase JPMorgan and it was Manny Hanni. And you can go on from there about all the different competing, not just with U.S. banks, but also the Japanese banks were actually in ascendance for that brief period of time. Anyhow, they gave me an American Express card. They said, take people to lunch, develop sources and break news. And if you don’t, you’re fired. And that’s how I learned to sort of report. Obviously, I had a long. Way to go in terms of a learning curve, but the basics of sort of wanting to break a story, even back then, it was a weekly that you got in the mail and I started on a typewriter. Nonetheless, picking up the phone and making calls is sort of what I grew up with and I haven’t really stopped. [00:49:39][87.0]
Guy Adami: [00:49:40] Which is amazing if you think about the relationships you’ve built over that time, but talk about the relationships and sort of it’s a dance in a lot of ways, right? You have to be respectful of your sources, respectful of the relationships, yet obviously you’re looking for news as well. Talk about that dynamic because I think it’s fascinating. [00:49:58][18.5]
Speaker 4: [00:49:59] You’re completely right, guy. It is a balance. You do occasionally come up on some bad moments, maybe bad’s too strong a word. The only time when it really gets bad is if somebody lies to you and then it’s kind of over. And I have unfortunately had that happen a couple of times through the years, but very rarely. I mean, when you’re involved in a long term relationship, so to speak, with a source, you trust each other, obviously, and you know that you’re not going to burn either way. You’re not going to burn each other over one story. And so there have been times when I’ll back off on a story if I don’t feel like I’m completely there because a source sort of warns me against it. And somewhere in there are obviously been times my sources protect me as well from a bad outcome. It is a balance. There are occasionally times when you do have to have some form of conflict or say, Come on, man, you got to give it up here. But that’s rare. I mean, over time, you sort of develop a certain cadence and, you know, people know that they can trust you completely and you kind of know when they’re ready to play ball and when they’re not really in a weird way, if you come up against them on something. [00:51:03][63.2]
Dan Nathan: [00:51:03] Yeah, trust it seems like is the name of the game. If you’re going to develop a long term relationship, it has to happen that way. Talk to us a little bit about again, I go back to the late nineties. I remember you breaking these stories in telco, but then we saw all this stuff kind of smushed together and during the dot com thing, right? We saw AOL Time Warner. I know that you were busy on that. [00:51:20][17.3]
Speaker 4: [00:51:21] Didn’t break it, though. [00:51:21][0.6]
Dan Nathan: [00:51:22] It didn’t break. And are there stories like that? You were like you were that close and it was just like a relationship away, that sort of thing. And you’re very competitive about that. [00:51:29][7.1]
Speaker 4: [00:51:29] Oh, I still am. I mean, I still remember a lot of scoops that didn’t happen. I mean, I did a story on ExxonMobil, but it was totally rumor. I was hearing, you know, but back to what I was telling, I had a source who lied to me. But ExxonMobil just flat out lie to me, never talked to them again. But that one kills me because I. [00:51:45][16.2]
Dan Nathan: [00:51:45] Had it to us. How you triangulate that, though? Because is it an investor? Is it the company like there are other people within media? Like how do you build a scoop to a point where you’re ready to break it? [00:51:55][10.1]
Speaker 4: [00:51:56] You never know where it’s coming from initially. You really don’t, which is why it’s helpful to talk to a lot of people. It can be any number of places. It could be a hedge fund manager who at least thinks they know something or heard something from somebody that gave them a hint. Typically these days, by the way, 25 years ago was sort of different these days. It’s if it’s a hint at all sometimes, though, it’s from a CEO, sometimes from a board member, sometimes it is from a banker or a lawyer, but eventually you’re going to sort of hit almost all of them. And so when you get a tip on, for example, when I broke Disney Fox, that came to me from a longtime source and I knew it had to be true given who they are. But then I was able to obviously triangulate by also working my way through sort of some of the executive ranks. So it varies where it starts, but it always ends up sort of with concentric circles of making sure you’ve got it right and then go into the company. Typically, those are my favorites. A call that says, You got 10 minutes because in 10 minutes you’re never getting off this phone because it’s going to be ringing for the next 24 hours. So tell me now if there’s anything wrong with what I just told you, because I’m going and I love making those calls. I don’t make them nearly often enough anymore. [00:53:11][75.3]
Guy Adami: [00:53:12] First of all, you’re being modest. You do an amazing job. But let me ask you a question, because it’s interesting. I grew up as a trader and each day there was a report card. You know, at the end of the day, how you did and how you would do the next day and those types of things. There was an immediacy to what we did in your world. It’s much different. Things take weeks, if not longer, to develop. Are you wired that way? Is that okay for you? Because for a lot of people, there’s an urgency, especially in today’s world, where everybody wants that instant gratification. In your world, things take a lot longer. [00:53:40][28.8]
Speaker 4: [00:53:41] They do. And, you know, sometimes they can come together quickly. But you’re right, Guy, that can take weeks. I remember the first big story I ever broke for CNBC was British Telecom buying MCI. I remember the old MCI for 22 billion was an important story for CNBC because it was November of 1996. Nobody had ever broken a story on television before the stock went up, whatever it was. And and I think a lot of people like what? Because that was back in the day when stories were still broken in the morning’s Wall Street Journal. But in answer to your question, yeah, it can take weeks. What I would say is different now, guys, that you can work for weeks on something and you break it and then it’s matched within minutes and. Back in the days I was just describing in 96, like once you broke, the story wasn’t over, you owned it. You sort of were ahead of everybody else. They were always playing catch up. You had time. You could keep sort of advancing the story even beyond your initial break. These days, the half life of a scoop, as we say, is much, much shorter. And it does make it a little less emotionally rewarding to put in that kind of work when sort of lose it within minutes of having. [00:54:50][69.3]
Dan Nathan: [00:54:50] Broken it because the Internet owns it at. [00:54:52][1.6]
David Faber: [00:54:52] That. Exactly right. And every number of different news organizations will make their call to basically the whoever it might be, the spokesman at the company who will confirm it at that point, because it’s out. [00:55:01][8.6]
Dan Nathan: [00:55:01] Going back to your time on Squawk Box used to sit there, I remember you had stacks of newspapers in front of you. It was a big mess in front of you and you were always being called in. Mark Haines would have you on. You were this tremendous resource for the network. Now, flash forward, what, 25 years or so, you were sitting at the floor of the NYSE from 9:00 until 11 a.m., and you are just broadcasting. You’re also breaking news. We’ve all seen the pictures of you ducking out to take calls and that sort of thing. So how has that changed in a way? Because you spent a lot of your time for the first half of your career as a reporter. Now you are 100% a broadcaster. You still own the stories. I would say what’s different now is that you’re part of this ensemble with Carl and Cramer in the morning, but they’re always deferring to you when it’s stuff within media or Delco or M&A, that sort of thing. So how is that? I mean, it must be a lot of fun sitting there in the most interesting part of the trading day on the opening and just being able to riff for a couple of hours. [00:55:57][55.5]
David Faber: [00:55:57] Through all these years, right? 35 years. Now, as a journalist, I’ve certainly developed a certain expertize in areas in M&A. So whatever it might be, there’s shorthand I can sort of pick up pretty quickly what might be going on with the situation. Even if I’m just reading the press release, which more often than not is the case these days, I pick my spots in a way that I used to. I used to report endlessly. I mean, I was just constantly trying to break stories. I don’t do that anymore. I do focus more on some of the bigger things that we are all focused on as stories and sort of try to pick and choose where I can add some value to the conversation with my colleagues on air. And then when something comes along every so often that I either break or I know a lot about, or I know I can advance very quickly through a series of phone calls and I do it. [00:56:40][43.2]
Dan Nathan: [00:56:41] You don’t get caught up in the flavor of the day like I think back over the last couple of years. I don’t hear you talk about crypto. I don’t hear you talk about meme stocks, you’re not talking about cannabis and stuff like that. And so talk to us a little bit about that. I mean, what we do on fast money is it’s a little different. You’ve hosted it when Mel’s been out, that sort of thing. I mean, our job is to really opine on all of that stuff, everything. You just don’t get in the weeds with that sort of stuff right now. [00:57:02][21.8]
David Faber: [00:57:03] Well, I try to avoid things that I don’t really know a lot about. And so crypto for me, for example, is one, I just I’m not passing judgment. There’s so many smart people, but I’ll defer to you guys every time on that, you know, I just don’t feel like I fully understand it. And maybe shame on me at this point for not digging in and trying harder to understand it. But until I do, I just don’t feel comfortable really doing a lot of saying much about it. Sometimes I do like when that guy sailor comes on, I just sort of have to ask some questions, but I typically don’t participate as much on that just because I feel like more. My colleagues know more than I do, and I’m happy to do that. That’s one of the benefits of getting old. You’re a little less defensive about stuff, so where I know something great, but where I don’t, I’m happy to have other people take the lead. [00:57:48][44.8]
Guy Adami: [00:57:48] It’s funny you say getting old. People will say, and I’ve seen it on Twitter over the last couple of weeks, you don’t age. You actually look exactly the same now. I mean, I know you don’t die here. I’m not going down that route. What’s the secret? I mean, you’re not Italian, so you don’t got that working for you. Like, what’s the secret of this fountain of youth? [00:58:05][17.4]
David Faber: [00:58:06] I do not know. I don’t know. I’m sure on the inside, I’m like, I don’t know. I can’t. What do you. I mean, come on. You guys look great. [00:58:11][5.6]
Dan Nathan: [00:58:12] David and I, every once in a while, we’ll be texting, I think, during our show. And you will have just left the pool. So sometimes. Right, like so you swim every day right off. [00:58:21][8.9]
David Faber: [00:58:21] And I hopefully will go from here to the pool and swim. I’m trying to swim four days a week. [00:58:24][3.3]
Dan Nathan: [00:58:24] And you think that’s a big part of it here? [00:58:26][1.2]
David Faber: [00:58:26] I love swimming. I won’t ever give it up. I’ll still be in the water on my last day, I hope on Earth. But I guess it helps. [00:58:31][5.4]
Dan Nathan: [00:58:32] I guess I think Amanda, when we were doing a little research for this conversation, obviously we could have sat down with no research and just bullshitted with you the whole time. But the 25 year anniversary that they did on the floor of the NYSE for you, your family came down to talk to us about that moment. You said you weren’t getting it all teared up. Y’all teared up. That was a big milestone. Your family was down there. Had they ever been down there on the set with you? [00:58:53][21.2]
David Faber: [00:58:53] My mother, by the way, the other day says, I really want to come down and see that show because she wasn’t there that day. So I may have to have her come down at some point. But no, it was a surprise. I was very touched by the people who showed up for my 25th, which was is going to be, amazingly enough, 34 years ago, in particular, senior kids. And then it’s four years later. But the passage of time, you guys know that you just sort of like, oh my God, 25 years. And then look, look at them and look how big they’ve gotten. And it’s it is a little overwhelming from. [00:59:19][25.8]
Dan Nathan: [00:59:19] Yeah, but you were kind of like a punchy reporter, so they had a lot of video of you back in the day. In the nineties, you were kind of like really animated. You kind of had like this and that or whatever. And so was it back then. I mean, did you feel like TV’s changed a lot since then? If you think about it, you were trying to make a name for yourself a little bit, and you really did do an amazing job carving out, I guess, a brand on CNBC. But now it just kind of feels like, you know, you’re just going to let Cramer do all that stuff. Is that how it goes? [00:59:46][26.7]
David Faber: [00:59:47] No, not at all. He’s him on me. So we’re very different and it works pretty well, I think. But the early days of Squawk Box, we got very lucky, like you always have to in everybody’s career, I mean, in terms of the timing. So we hit the dot com boom pretty well in terms of when we started that show, Joe and I, Joe Curran and I had a good repartee and it kind of became a thing of its own, you know, with Heinz and then Maria on the floor. I look back very fondly on those days. [01:00:13][26.2]
Guy Adami: [01:00:14] And this is going to be really odd question. I don’t mean it to be, but you’re a journalist. I am not a I don’t pretend to be. I’m not smart enough to be. But I’ll say this, you love journalism. Do you love the markets? Because these days, at least the last two years, specifically, the markets have become a bit of a video game. Yeah. [01:00:32][18.5]
David Faber: [01:00:33] I have never been as enamored of reporting on the markets as I have about companies. I’ve always for me, it’s always been much more interesting for my own interests to report on industries and companies. And so that’s typically what I’ve done. I mean, you know, the markets, you can’t avoid them. And there are many, many times when obviously I’ll dig in on what’s going on through any number of the people I know and my ability to get a lot of people on the phone. But for me, the reporting that I enjoy more because you can get an answer, you know, the markets, nobody knows an answer. It’s like, what’s the answer? So we’re going up, we’re going down. Who knows? That’s always a difficult thing. Whereas with a company I can sort of make enough calls and asking tough questions that I probably can give you some factual information that’s going to help you understand the industry and understand that company’s place in it. So I much prefer that. [01:01:27][53.7]
Dan Nathan: [01:01:27] Talk to us a little bit about being there, national TV, 9 a.m. every morning for the last whatever you’ve seen a lot of crazy shit. I’m assuming 911 you were there. I mean, like some of this stuff that you just had to opine on that you never thought in a million years you’d have to do it. Talk to us a little bit about that. I mean, were there some things that stick out in particular, maybe 911 in some of your reflections about that? [01:01:48][21.1]
David Faber: [01:01:49] You know, on 911, I had Mark Haines, thankfully, who was far more experienced anchor than I. And he just as our viewers know from way back and we always hear about that whenever we sort of do a tribute for him. He was amazing that day. So I did not do much other than sit there and like everybody else and just shock the financial crisis, though I do remember a lot more seriously in terms of what the hell is happening and there because so much was happening constantly, it played to my strengths, which is let me make phone calls and let me see. And that night I’ll never forget being on air at Sunday night. [01:02:26][37.4]
Dan Nathan: [01:02:27] Doing a special we. [01:02:27][0.8]
David Faber: [01:02:28] Spoke about. Yes. You know, Lehman was going down. And then I was very much focused on AIG because for whatever reason, you go where your sources are. I had sources who sort of had been working on AIG, frankly, from the short side, so to speak, for quite some time, but knew it really well. And so I gotten much more focused on AIG. But I’ll never forget those days. I mean, those weeks. It went on for months and months and months. Obviously, I was always on the edge of like, is we is it coming to an end? Yeah. [01:02:56][28.3]
Dan Nathan: [01:02:57] Well, talk to us a little bit about the weight of responsibility, of being accurate in your reporting in these periods where really livelihoods were at stake. And I was at Merrill Lynch then and I remember that and I remember that Sunday night and the reports that were coming out and people didn’t know if their bank or the place where they got their livelihood was going to be insolvent is going to be gone. So talk to us a little bit about the responsibility. It also kind of weaves in a little bit about sitting there and watching these events go on that, you know, are just big Senate world events or so and everyone’s looking to you for that accuracy. [01:03:26][29.7]
David Faber: [01:03:27] Yeah, I mean, I think you have to be listen, you’re always aware of your responsibility, hopefully, to get things right during that period of time when so many people were so fearful, was, in particular, important not to in any way add to that fear unnecessarily. But I’ve always felt like the market is the market. You’re better off knowing everything there is that we can share with you then me somehow keeping something from you because we think it’s going to scare you. But there were plenty of people who we know have come on and sort of scare people without a lot behind it. But for me, again, it was sort of like, listen, AIG is going to lose $100 billion this quarter. That’s the number I just heard. And Jes is going to stop paying its dividend. And I mean, it went on and on. If you got it, you share it, including, of course, the interview that I did with Alan Schwarz back in March of oh eight, a few days before Bear Stearns was forced to sell at a deeply discounted price. [01:04:21][53.5]
Dan Nathan: [01:04:22] Two bucks. [01:04:22][0.2]
David Faber: [01:04:23] Then to ten. [01:04:23][0.4]
Dan Nathan: [01:04:24] Then to ten. [01:04:24][0.2]
Guy Adami: [01:04:24] Yeah. You know, it’s interesting you mentioned fear or being scared. I will tell you, there were times in oh eight, No. Nine on fast money that I was absolutely terrified to go on air because things were happening that obviously I had never seen in my career that I didn’t fully understand. Yet we were tasked with going on and talking about the markets. Now, obviously that was just a window in time, but have there been days where you came on air and you’re like, Holy shit. I mean, things are happening here because there is a huge responsibility and being on air that you were maybe not scared, but you were really concerned about how that show was going to go. [01:05:00][36.2]
David Faber: [01:05:01] Yeah. I mean, I think back to that period in time in particular and back to things like Alan Schwarz coming on with me that morning in March and or you can just pick your day. God, I remember the one I the CFA, I think was Keith Sharon, the CFO of GE came in when that stock remember go and that’s the when city when they were all hitting I don’t know three bucks. Was that march of that was March of oh nine. Right. That was a year later. And I do remember in particular that interview with him. He was shaking because he was so nervous because, you know, there are times when, you know, there’s so much at stake. They don’t happen often. They really don’t. But they’re great moments as a journalist when there’s something at stake and when there’s an interview that actually is of real importance. And so I embrace those. But, you know, obviously also realizing you do have a responsibility. So there’s plenty of those times when you get really nervous, sort of in a way, because, you know, this matters. How we conduct ourselves right now, what we say and or how we conduct this interview is of actual importance. We haven’t had those many. I mean, during the early days of the pandemic, we were all at home and I was, you know, at home as well. And a lot of us were like, what is going on here? And the market is going down every day insanely. That was a little scary as well, I think in a different way than a financial crisis. But certainly scary. [01:06:21][79.9]
Dan Nathan: [01:06:22] Guy and I throughout all of that, you know, we were doing fast money remotely. We were doing the stuff that we do. And it’s really hard sometimes when you think to kind of disconnect what’s going on on a humanitarian level around you. And I think that going back to 911, that was probably something. And I remember the idea of talking about the markets at a time where so much serious stuff is going on. It’s really hard, but that’s kind of what do you say, guy that like that’s what we’re charged with doing in a way. But it’s funny. I mean, hopefully we won’t have too many more of those sorts of situations. But for you sitting on that desk, I mean, we’ve had to comment on terrorist attacks and it really does seem weird. You almost want to tell the viewer, hey, why don’t you go turn on MSNBC right now? Because we’re not the right place for it. [01:07:04][42.5]
David Faber: [01:07:05] Yeah, we’d never do that, as you well know. But I do feel like you’re watching us for a reason. And if you are watching, it’s for us to talk about what we do know. And there are still plenty of people who have great concern and or interest in the markets even during those periods. But you’re right, there is something sometimes a bit of a disconnect when you’re talking about COVID now, particularly in that period where everybody was so fearful, not just for the markets, but for for their lives or even worse, 911, which just sort of stands alone. [01:07:32][27.2]
Guy Adami: [01:07:33] We did fast money for years. And if I mention President Bush or President Obama five times over the course of those however many years it was probably a lot. I mention that because seemingly politics have collided with our world in ways that, you know, never happened prior. I don’t want to have a political conversation, but how do you deal with that? Because you have to embrace that and talk about it in terms of what’s going on in the markets, in terms of what’s going on with the Federal Reserve. I mean, that’s a bit of a dance as well because you obviously want to stay agnostic, but it’s come to our theater almost on a daily basis. [01:08:10][37.1]
David Faber: [01:08:10] Yeah, I wish it didn’t and obviously it doesn’t nearly as much now as it did during the Trump years. I mean, you guys know that because Trump was tweeting and he was focused on the markets so much that you would invariably be drawn in somehow to having a discussion, not to mention China trade, which every day sort of felt like, where are we today on this? And again, back to sort of him interjecting himself via tweets into the conversation right in the middle of your show. Sometimes it was you were like, Oh my God, he’s watching because we just said this and I never liked it. You got to talk about it. To your point, guy, I’m much more comfortable if I can be just talking about companies and industries and what may be going on, and we’re sort of back to that a little bit more now. You know, obviously, we talked about the CHIPS Act this week. We got to talk about, but it’s legislation. That’s what you want to talk about. We’re not talking as much about a particular individual. He was unique in that. [01:09:10][59.3]
Dan Nathan: [01:09:10] Well, we are talking about one individual every day, the way we used to talk about Trump on finance. [01:09:14][4.2]
David Faber: [01:09:14] I know who that is. [01:09:15][0.7]
Dan Nathan: [01:09:15] You know, so you and I, you and I had dinner a couple of weeks ago and we’re walk it out. We had a nice meal. We talked about a lot of different things. And then I don’t even know how it came about. Elon Musk came up. Right. And you and I are standing there on Amsterdam Avenue and then you’re, like, pleading with me. Really? But you must think. And so you must have heard me. Maybe I said something on the air that day and you were like, Come on. Whatever you think about him, he’s still this, right? And I’m like, No. And then you and I were kind of going at it a little bit. Right. Let’s talk about him, because we don’t talk about Trump on CNBC anymore. But it seems like every day I mean, Musk has taken a page out of the Trump playbook because what is he doing? He’s setting an agenda every morning on Twitter, the company that he has agreed to buy for $44 billion that he doesn’t want to buy, that he keeps selling Tesla stock in case he has to buy it. You’ve been reporting on it a little bit. You said something that caught a little steam a couple of weeks ago, right? A little bit. I mean, it’s not like I’m bringing up anything. That was it all over. [01:10:10][54.5]
David Faber: [01:10:10] Thanks for bringing it up. [01:10:11][0.8]
Dan Nathan: [01:10:11] Right? Right. Yeah. But my point is, is like, it’s kind of exhausting in a way. And so the guy’s point, he never used to have to talk about presidents. We had to in it during the Trump administration. Now, we don’t really talk about a whole heck of a lot about Biden, but we have to talk about a guy who is Trump. A F, as the kids say. [01:10:26][14.7]
David Faber: [01:10:26] I disagree with you again and I’m happy to have the conversation. Elon Musk is the single most consequential business man on the planet, and I challenge you to tell me otherwise. Tesla is a $930 billion market cap company. Love it or hate it? That’s what it is right now. Roughly. I haven’t looked. They are by far the leader in selling electric vehicles around the world. Climate change is a huge issue. All right. Right there. He’s important. Space X launches rockets all the time. Real rockets. And by the way, have you seen when they come down that’s not sci fi. They’re actually landing. He’s done that. He’s done that. I’m sorry. He’s in a different league. Yeah, he seems childish, doesn’t seem to take advice when it comes to what he should or shouldn’t say via from a legal perspective. And he makes news in many other areas, but he’s also the world’s richest man. Yeah. And I again, I think he’s the most consequential businessman and he is at the helm of two incredibly important companies. [01:11:21][54.2]
Dan Nathan: [01:11:21] I don’t disagree with that. But I’m just going to say this and I started out by saying it’s Trumpy as far as the kids say. Right. And so here’s the deal. This is what happened to Donald Trump. He did the impossible. He got to the White House. Okay, then he lost the House. He got impeached twice. He lost the White House. He lost the Senate. He’s under investigation by almost every federal agency or every agency in New York. What I’m saying is, is that we might have seen peak musk. You’re going to get really busy, David, reporting, I think, on the Musk empire over the next few years, the way you maybe reported on Bernie Ebbers and some of these other situations. I mean that quite seriously. [01:11:56][34.9]
David Faber: [01:11:56] You really believe. [01:11:57][0.4]
Dan Nathan: [01:11:57] I think there’s a guy he’s a liar. [01:11:59][1.5]
David Faber: [01:11:59] You think he’s a liar? [01:12:00][0.4]
Dan Nathan: [01:12:00] He is a liar. A couple of months ago when he sold all that stock, he said, I’m done selling stock. Right. He just sold stock. [01:12:05][5.3]
David Faber: [01:12:06] That was in April. And then actually, he also said it was a buying opportunity the other day on August 4th. Okay. But he didn’t. [01:12:11][5.3]
Dan Nathan: [01:12:11] Only sell stock, he sold $6.9 billion worth of stock. He’s a child. Okay? Like the jokes aren’t funny, you know what I mean? And if you’re the asshole who bought the stock when he said that he’s done buying stock and then he sold it down and it sells off 10%, I just think that he doesn’t think the rules apply to him. And if he’s using the playbook of number 45, it didn’t end well for him and it only gets worse from here. That’s my personal. [01:12:35][23.9]
David Faber: [01:12:35] View. Well, I completely agree that he thinks the rules don’t apply to him. And I think it will be fascinating to watch in particular what happens with Twitter when it comes to that, because if the rules do apply, he’s going to end up owning that company. Now, maybe it ends in some sort of a settlement where he pays a bit less. But it does seem to me more likely than not if it does go to trial starting October 17th in Delaware, that the rules are going to apply. And again, he has a way somehow of figuring stuff out and always coming out looking okay. But that’s going to be really interesting. I’m expecting to have an actual front row seat. I’ve never been in all the years of covering M&A. I’ve never actually been in the courtroom in Delaware. I’m hoping they actually get there. We’ll see if they actually do, but it would be great to watch. [01:13:20][44.8]
Guy Adami: [01:13:21] In 1960, Richard Nixon debated John F Kennedy and a lot of people say the election basically turned on that debate because John F Kennedy looked great and Richard Nixon was sweating like Paris Hilton taking the SATs. I mention that because you mentioned consequential business people, and I would submit that being able to tell your story through our lens, through the lens of a CNBC and through the media is extraordinarily important. I would say that Jamie Dimon has figured that out and I think his bank is rewarded for it as opposed to some other people. So my question to you is, as a business leader, how important it is today to be able to tell your story effectively in our world, in television? [01:14:06][44.8]
David Faber: [01:14:06] It’s interesting question. I mean, you think Jp morgan benefits guy because Jp morgan because Jamie is a great communicator or. [01:14:13][6.6]
Guy Adami: [01:14:14] Lately I absolutely think they get part of their premium valuation is predicated on the fact that he tells the story extraordinarily well and he’s. Ordinarily media friendly as opposed to some other guys and gals that don’t do it nearly as well. And I don’t think they’re rewarded on the back of that. [01:14:30][16.4]
David Faber: [01:14:30] Yeah, I mean, I think I would agree to a certain extent that that’s true. And believe me, any any number of the professionals around them might encourage that same thought. I do know plenty of people who don’t regularly communicate with us in a way and who’ve had great success. But I do think there are others who would benefit from that. And then there may very well be, as you say, some companies and their CEOs who do benefit. But Jamie, sort of a unique don’t you consider them to be sort of a unique situation in his own way? I mean, he’s got he does have a lot of confidence in what he says. So many of these CEOs will choose to communicate, but then they’re not going to say anything. I mean, they’re instructed not to say anything. Yeah, go on CNBC. Go talk. But God forbid you should give a straightforward answer to a question. You know, they’ve got their general counsel in their head. They’ve got their head of corporate communications in their head. They’ve got their outside corporate communications person, all of whom are saying, just run out the clock. Just run out the clock. It’s only 8 minutes. It’s 10 minutes of live TV. Just if they ask that one question, just, you know, say something else. I mean, how often does that happen? [01:15:33][62.2]
Guy Adami: [01:15:33] No, they Dean Smith. It I totally get it. But I’ll juxtapose a Jamie Dimon with the John Thain who’s a brilliant mind, but he was miserable in the same medium. And I think listen, I think to a certain extent, the company suffered for that. [01:15:48][15.3]
David Faber: [01:15:49] I think being able to communicate effectively, both externally and internally is an incredibly important part of that leadership position, like a CEO. I mean, I think it goes without saying. And if you’re not good at it, I would think that there is going to be an implication for you and maybe you’re not going to be in your job as long as you might want to be. [01:16:06][16.8]
Dan Nathan: [01:16:07] You know, our friend Max Myers, he gets shoutouts on this on this podcast every once in a while. So he’s he’s always fascinated. He loves covering the media on his media. Right. He’s a producer on on Squawk and friends in the morning. And he was on Fox Money for years in front of all of us. So again, do you think it is interesting for the regular viewer of CNBC, right, to hear about all this media coverage? You’ve been reporting on it forever. We talked about all these stories that you broke and of late, I mean, all the AT&T reporting that you’d been doing. Talk to us a little bit about that, because in your career now, we’ve seen M&A bundling, unbundling, you know, like spin outs, all that sort of stuff. Where are we right now in this whole process, in the speed in which AT&T unwound the Time Warner deal? I’d never seen anything like that to that scale. And so did it usher in a new period of just the kind of media conglomerate, or are we start seeing all this stuff being unwound? [01:16:59][51.9]
David Faber: [01:16:59] I don’t know. I think AT&T is sort of a unique situation. It was, as you say, pretty stunning. We were talking at the very top sort of about scoops that in the last few years I haven’t broken that many stories. I sat there on that Damn Warner Brothers story for months, not weeks so long that I almost forgot because I could not imagine I had it, but I had it didn’t have it quite right. I couldn’t imagine that AT&T was going to get rid of all of it. I thought, they’re going to sell Turner, and that’s what it’ll be, including CNN. But I never imagined they’d part with HBO and everything else. Man, that still bums me out that I didn’t break that and they know it too. Even Zaslav knows. He’s like, I know you’re pissed off and that’s why you’re so mean to me when we did the interview anyhow, I don’t even know how I went there. But listen, we cover the media a lot more than we probably should. I think certain aspects of it, nobody cares when it comes to like streaming. I mean, it’s such a part of people’s lives that I think I enjoy covering it, in part because I do think it has. Everybody can connect to it immediately. Read it, say, what’s your favorite show on HBO? What’s your favorite? You probably don’t even know anymore. It they’re on that goes to sort of the bigger issue but everybody connects to it in their lives. So I like talking about it. We are in the midst of this unique moment where we have this huge shift going on that that I’ve been talking about, hearing about reporting on for ten, 15 years, which is essentially the unbundling that you talk about, the cord cutting. And the question really is and remains, you know, we had this amazing cable ecosystem that the three of us, by the way, have benefited from where you got all these people to pay you every month, almost none of whom watched. And that’s changing. We know that’s changing. And the question becomes, in direct to consumer, can you ever even come close to recreating the economic model that used to have? I think we’re starting to learn. The answer is probably no. And the question then becomes, well, where is the sweet spot in terms of what you have to invest in, which can actually expect an a return? And we don’t know the answer yet. So I am finding it fascinating. And we we’re sitting here it’s it’s a Wednesday afternoon my lot to say that. [01:19:04][125.1]
Dan Nathan: [01:19:05] And Disney’s coming out after closing dawn. [01:19:06][1.6]
David Faber: [01:19:07] Just these coming out we’re going to see what their direct to consumer looks like and their numbers look like. I think it’s really interesting to watch this transition report on this transition in the way people consume media. [01:19:18][11.2]
Dan Nathan: [01:19:18] It’s really funny. So this morning on Squawk on the Street you and Cramer were talking about. Out this in Cramer said they have to get away from plus and they have to talk about parks and all that. And you’re like, really? You’re like, do you think they’re going to be able to do that? And I love that about your relationship with Jim, because the way in which you are able to push back on him is really fascinating. It helps tease out some of these stories because you guys are both approaching these same stories from different viewpoints. You often as a reporter, him as slightly a market participant, would you almost say. And so it’s really interesting to see that come out because I hadn’t thought about that yet. And I guess by the time the listener hears this, we’re to know if they were successful in doing that. But your view very simply and Guy has been saying this guy, you’ve been annoyed with all the throw in the place on the end of the thing and saying it’s streaming and this it just seems like putting lipstick on a pig for declining or a melting ice cube that we’ve seen now for the last 20 years or so. So, again, thoughts on Disney, though, because this is a fascinating situation in which they pack in Iger. Any interesting insights there? My take is if you gave me the over under of two years on spec out I take the under in a heartbeat. You would. Yeah. [01:20:28][69.4]
David Faber: [01:20:28] I will not weigh in on that. Probably not a good idea. I will say, you know, people still say Iger, he’s iger’s gone. It’s over it. He’s totally out, not involved. This is Apex Company. Love him or hate him, the decisions he makes are going to are obviously going to be very consequential to his own future at the company. Right. It’s already 63 years old. He’s made these targets, 230 million to 260 million direct to consumer subs by the end of 24. Knows the parks really well. They’ve done a bunch of stuff there. This mess in Florida that he got themselves into, you know, it’s it’s tough. You guy, you’re talking about communicating and effectively communicating. You know, there’s another example of it sort of understanding how to navigate things like that. Disney is a perfect example. Would be interesting to hear from Chapek soon, and I hope we do. [01:21:11][43.1]
Guy Adami: [01:21:12] You mentioned transitioning. I’m going to do that now. For many of our audience members, these two years will have no meaning whatsoever. But I guarantee when you hear them, they will 1969 and 1986. And David smiling because he knows in 69 both your teams emerged victorious in the Mets in 86. So you have to pick one. Only the Jets can win the Super Bowl or the Mets can win a World Series for the remainder of your lifetime. Which way you’re going? [01:21:40][27.8]
David Faber: [01:21:41] Oh, that’s brutal. That is brutal. Strangely, because I have at least lived through a mets World Series victory, even though I was sadly alive in 1969. I have no real memory of the Jets winning the Super Bowl. I think the Jets winning the Super Bowl. I think that would be the one. And I think that’s the more unlikely one in my lifetime at this point. I’m starting to think. [01:22:06][24.8]
Guy Adami: [01:22:06] We mentioned earlier the way your team’s playing this year, the Mets. To me right now, they’re playing the best baseball in Major League Baseball. I think you got a great shot this year, and it pains me to say it as a Yankee fan. Also say this The thought of potentially playing the Mets as a Yankee fan in the World Series scares the shit out of me. The other thing that scares the shit out of me is appearing on Jeopardy! And I got to tell you, I’m going to throw a name out. Maybe this means something to you. Maybe it doesn’t. Harry Dean Stanton, does it mean anything to you whatsoever? [01:22:34][27.5]
David Faber: [01:22:34] Yeah, I kind of remember him, right? He was an actor. [01:22:36][2.0]
Guy Adami: [01:22:37] He was an actor. And one of his great roles was in Escape from New York. And his nickname in that movie was The Brain. People call you that for good reason. And I tell you, when you go on Jeopardy, you kick ass. And I was rooting for you to get that job. How close were you to potentially being the full time host of Jeopardy? [01:22:55][18.1]
David Faber: [01:22:56] It was a decent shot. I had a decent shot there. A lot of things didn’t cut my way, including a very strange decision making process and the sort of contests ending with the executive producer getting the job, however briefly. And that threw the whole thing off. And that, I think, scared some of the big shots at Sony in particular. He was on our air earlier. I don’t even care anymore. Tony Vinciquerra from making a decision. That should have been me most likely, but it wasn’t. And he still hasn’t made a decision. They’ve just got those two in there. Great. But I had heard some things that once they sort of brought a new showrunner in a new executive producer, that they were going to really move forward with a new host. And I had an expectation perhaps that was not realized. But but that’s Hollywood, baby. [01:23:45][48.6]
Guy Adami: [01:23:46] How much fun was it hosting? I mean, it seemed like you were having a great time. I think you did. If memory serves, you did five episodes. Am I right? [01:23:54][7.8]
David Faber: [01:23:54] Or was it that’s it. Just five episodes. You tape them all in one day? Yeah. [01:23:57][3.1]
Guy Adami: [01:23:58] How much fun was that? [01:23:59][1.0]
David Faber: [01:23:59] It was kind of nerve wracking, actually. I mean, there were moments that were great. They take you to their library at the back of a lot, the Sony lot, and it’s like the Jeopardy library. And there’s actual books. It’s not, you know, and you sit down with the with the writers of the show and you go over all the clues. And that was the most fun. I would look up. I was like, Wow, I can’t believe I’m doing this. And it was really interesting. You have questions on certain of the clues and how to pronounce things, of course, as well as an important component of what they’re actually pulling books off the shelf and like looking up answers or I should say excuse me, correct responses. You don’t say answer on Jeopardy. That was great. But the actual taping of it was, I have to admit, a little nerve wracking as long as I’ve been on TV. Nonetheless, they like things done the way they like them done. You want to get it right? I was trying obviously to do the best job I possibly could, and so I’d be lying if I said it was just fun retrospect. I’m so glad I had that chance. I wish it had been more than five shows. Even just two weeks would have been really even more fun because I think I would have got better at it and I always want to get better at things, but I’m very grateful I had that chance because it was a once in a lifetime. [01:25:05][66.1]
Guy Adami: [01:25:06] Before I worked at the network. I was a huge fan. I’ve become a bigger fan. I wish we saw each other more frequently, but I’m privileged to call you a friend. Thanks for joining us on the tape. [01:25:17][10.5]
David Faber: [01:25:17] It’s my pleasure. And I look forward to seeing you in the studio more often. [01:25:20][2.4]
Dan Nathan: [01:25:20] Oh, there it is. That must have come from me. See, that was a little message there. [01:25:24][3.9]
David Faber: [01:25:25] Listen, he’s got a great presence, a great physical presence to it. Don’t you think it’s important. [01:25:30][5.6]
Dan Nathan: [01:25:31] We say this all the time? I mean, literally, he he was an original fast money and that whole show. It wouldn’t have the brand that it does without Guy. And so I’m very fortunate to work with him every day and I do enjoy it very much when you are on set guiding me. But the other thing is I’ll just say, David Faber, you know, you and I have gotten to know each other over the last, I don’t know, ten years or so. And just your work is just remarkable, like the respect that we have. And I come at it very similar to a guy in a way. I’m not a media person, I’m a market participant. And I was watching you long before I was ever on CNBC’s air. And the amount of respect that you have in the investment community, the banking community, that sort of thing is just astounding. So I am very fortunate to call you a friend, a colleague, and we wish you another, what, ten years maybe on CNBC with that before. [01:26:14][42.4]
David Faber: [01:26:14] I mean, I’ll just take ten more years on this planet. Start with that and then we’ll take it. Yeah. [01:26:18][3.6]
Dan Nathan: [01:26:18] Hey, guy, he’ll look the same as he does right now, ten years from now, probably. Right. [01:26:21][2.9]
Guy Adami: [01:26:21] It’s remarkable swimming. And David knows this every day you’re out of the pool. It’s like two days not being in the. [01:26:27][6.0]
Dan Nathan: [01:26:28] Pool, so you’ve got to stay with it. I mean. [01:26:29][1.6]
David Faber: [01:26:29] I know, I know. I believe me, I’m moving a lot slower than I used to. It’s not it’s not pretty, but you got a half of it’s psychological, but you got to keep pushing, right, guy? I mean, you know that you still do. You do those triathletes or whatever. Yeah, I’ll stay moving. Guys, this was so much fun. Thank you both for that. [01:26:46][16.6]
Dan Nathan: [01:26:46] We hope you come back. [01:26:47][0.6]
David Faber: [01:26:47] I enjoyed it. Really fun. Thank you. [01:26:49][2.1]
Guy Adami: [01:26:51] Thanks once again to CME Group and I connections for sponsoring this episode of On the Tape. If you like what you heard, make sure you hit, follow and leave us a review. It helps people find our show and we love hearing from you can also email us at on the tape at risk reversal dot com any time. Follow and connect with us on Twitter at on the tape pod and we’ll see you next time. [01:27:14][23.5]
Dan Nathan: [01:27:15] Disclaimer [01:27:15][0.0]
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