What are your thoughts about the third quarter here that just ended, and what's your outlook here for the fourth quarter?

Well, the two previous quarters, of course, even though the war with Iran was cemented right in there, as I say, at the end of February, so two-thirds of the way through the first quarter, We still put up pretty phenomenal double-digit numbers out of all three major indices.

We slowed down a lot in the summertime quarter, if you will, as we went July, August, September.

We were up about 2% for the S&P 500 during that timeframe and about 2% also out of the NASDAQ.

The Dow was down about 2%.

2% to 2.5% during that same time frame.

And it's, of course, based on what the composite is of those three indices that I just described.

What do you think is going to happen tomorrow when we get that jobs report, which the Fed will be watching along with the recent inflation reports you cited? And what do you think is going to happen tomorrow?

Profits are the mother's milk of stocks.

Sure, we do care about the Fed, but I think the issues that came out this week from the Census Department, Larry, and I know you were talking about this on air, on Fox, is basically just blow-away numbers.

I mean, the lowest poverty rate in history, in history, for minorities as well as broadly in the population.

The highest...

Wealth, in history, the Dow is up, what, 10% on the year, the S&P even with a week like we just endured this week after the Fed and so forth moved that quarter point.

We're still up, what, 14% for the QQQ for the NASDAQ for the year.

And then you talked about the profitability of companies and The record revenues, so many of them are posting.

I mean, what does this tell you about the AI story? Are people going to buy? When Anthropic goes public, what are they going to do, $100 billion? I mean, what does that mean? Are people going to buy it or not?

Profits are the mother's milk of stocks.

Sure, we do care about the Fed, but I think the issues that came out this week from the Census Department, Larry, and I know you were talking about this on air, on Fox, is basically just blow-away numbers.

I mean, the lowest poverty rate in history, in history, for minorities as well as broadly in the population.

The highest...

Wealth in history, the Dow is up, what, 10% on the year, the S&P even with a week like we just endured this week after the Fed and so forth moved that quarter point.

We're still up, what, 14% for the QQQ for the NASDAQ for the year? Yep.

And then you talked about the profitability of companies and the record revenues so many of them are posting.

I mean, what does this tell you about the AI story? Are people going to buy? When Anthropic goes public, what are they going to do, $100 billion? I mean, what does that mean? Are people going to buy it or

and I

know you were talking about this on air, on Fox, is basically just blow-away numbers.

I mean, the lowest poverty rate in history, in history, for minorities as well as broadly in the population.

The highest...

Wealth in history, the Dow is up, what, 10% on the year, the S&P even with a week like we just endured this week after the Fed and so forth moved that quarter point.

We're still up, what, 14% for the QQQ for the NASDAQ for the year? Yep.

And then you talked about the profitability of companies and the record revenues so many of them are posting.

I mean, what does this tell you about the AI story? Are people going to buy? When Anthropic goes public, what are they going to do, $100 billion? I mean, what does that mean? Are people going to buy it or not?

Sure,

we do care about the Fed, but I think the issues that came out this week from the Census Department, Larry, and I know you were talking about this on air, on Fox, is basically just blow-away numbers.

I mean, the lowest poverty rate in history, in history, for minorities as well as broadly in the population.

The highest...

Wealth in history, the Dow is up, what, 10% on the year, the S&P even with a week like we just endured this week after the Fed and so forth moved that quarter point.

we're still up, what, 14% for the QQQ for the NASDAQ for the year? And then you talked about the profitability of companies and the record revenues so many of them are posting.

I can't believe that people are trying to sell us on the idea that Americans aren't happy.

I mean, what does this tell you about the AI story? Are people going to buy? When Anthropic goes public, what are they going to do, $100 billion? I mean, what does that mean? Are people going to buy it or not?

Well, I think Meta, a stock,

among those behemoths that are trillion dollar valuations, I think this one is probably too cheap, even with this massive settlement that they have just signed up for.

I think the stock's too cheap, Frank.

And I would bet that when you and I are speaking about this in the next few months, if I'm lucky enough to be on your show, we will be talking about how This was a shrewd deal by Meta to indeed cop a plea in this case and give themselves up to basically turning things around, trying to keep kids from seeing some of the things that the addictive nature of social media in general.

And you'll notice, of course, that the only one who wasn't tagged in this And this lawsuit started years ago.

But the only one that wasn't tagged was Elon Musk.

X was not one of the platforms that was tagged here.

What about SpaceX here? Are you doing anything with SpaceX?

Tell me about it.

Well, you nailed it.

And it's one of the reasons, Larry, that I always think.

whether it's the Michigan Sentiment Index or anything else, that those are complete jokes.

They do not track what money tracks, which is where are people putting their hard-earned money? It's obviously a lot of institutions, but ultimately many of us are investors with those institutions, whether it happens to be State Street or Vanguard or Schwab or whatever.

But the money has been pouring in So you can occasionally get somebody that says, well, you know, the economy, it seems like it's weak, or it seems like people are not happy.

That's BS.

Gentlemen, I don't really think we need a socialist takeover, do we? I mean, what are they going to do for me besides destroy this?

Tell me about it.

Well, you nailed it.

And it's one of the reasons, Larry, that I always think.

whether it's the Michigan Sentiment Index or anything else, that those are complete jokes.

They do not track what money tracks, which is where are people putting their hard-earned money? It's obviously a lot of institutions, but ultimately many of us are investors with those institutions, whether it happens to be State Street or Vanguard or Schwab or whatever.

But the money has been pouring in So you can occasionally get somebody that says, well, you know, the economy, it seems like it's weak, or it seems like people are not happy.

That's BS.

Gentlemen, I don't really think we need a socialist takeover, do we? I mean, what are they going to do for me besides destroy this?

Tell me about it.

Well, you nailed it.

And it's one of the reasons, Larry, that I always think.

whether it's the Michigan Sentiment Index or anything else, that those are complete jokes.

They do not track what money tracks, which is where are people putting their hard-earned money? It's obviously a lot of institutions, but ultimately many of us are investors with those institutions, whether it happens to be State Street or Vanguard or Schwab or whatever.

But the money has been pouring in So you can occasionally get somebody that says, well, you know, the economy, it seems like it's weak, or it seems like people are not happy.

That's BS.

Gentlemen, I don't really think we need a socialist takeover, do we? I mean, what are they going to do for me besides destroy this?

Take it from the top and give us your reaction to the action here today.

I love that Dr. Fauci had to take the fifth as many times as he did.

there are a few people that have ruined their legacy as much as Dr. Fauci has, uh, LeBron James might be one.

I hate to say that LA, but nonetheless, it is probably true that, uh, um, LeBron, um, hasn't done himself any favors by, uh, uh, sticking around as long as he has and doing the load management and saying the NBA is faster now than it was when Michael Jordan played.

Um, That may or may not be true.

I really couldn't say, but I think there are a lot of skilled players every year in the league that don't take as much time off, but nonetheless, that's not what you called me about Frank.

Um, we're talking about, uh, uh, the markets in general Fauci, uh, and others.

Anything in that space that looks attractive, given what's going on?

69 SpaceX, by the way, which we've been tracking since its epic IPO rebounding today, up nearly $3 to $118.24. What are your thoughts on SpaceX and also on Tesla, with a lot of speculation swirling around whether SpaceX will ultimately absorb Tesla?

At some point in the future, they could make a run at them.

Obviously, both of them are trillion-dollar companies.

They're almost identical in market cap at this point.

But I'm not sure that it's in the cards this year for that to happen.

But obviously, because Tesla is where those Optimus robots, the IP or intellectual property, as well as all the production of those is on the Tesla side.

So could they, for instance, spin Optimus, those robots again, out of uh tesla and not take the whole company they could um a lot of companies have been parsing out various uh parts of their business that aren't uh as uh directly responsible for revenue at least not yet those robots will be very dear i think once they're able to produce them in the numbers that elon says and he's in fact closed down one of his lines uh production out in california So that he can indeed produce those in scale at scale That'll be interesting to see but again, this is like a potential merger of equals as far as market cap Tesla and SpaceX that is I don't know that it happens this year But I do know that it makes a lot of sense given that he'd like to be building these data centers in space and one of the ways you can do that without as many humans as up there is to do it with robots.

Before I let you off the hook on oil, where do you see oil go from here? And what about the oil stocks, which have been in rally mode this week?

What could happen that would rattle the stock at this point?

Well, you know, when Blue Origin blew up on the launching pad perhaps three weeks ago, maybe it's been as long as a month ago, It basically took them out of the game.

They can't fly without a launch pad.

They can't get up into space anymore.

So a lot of their customers had to come back over to SpaceX to try to get lift, if you will, back out into space for their satellites and so forth.

So the fact that Blue Origin, you know, spin out of Amazon, if you will, is struggling right now and has to do that rebuilding.

That's something that's a tailwind for SpaceX right now.

What about Tesla here?

Why is that?

Well, the Clarity Act... is basically just fluttering on life support right now.

That's of course the act that would, if Congress approved it and the president signed it, would basically make a lot of those digital assets available to institutions that otherwise don't quite feel the comfort level of owning those assets, those digital assets.

And Bitcoin, of course, being the king of those, has suffered among the most in there.

But you've also got Ethereum.

This was up close to $5,000 per coin.

And right now, I believe it's closer to $1,500.

What should we glean from this?

Why is that?

Well, the Clarity Act... is basically just fluttering on life support right now.

That's of course the act that would, if Congress approved it and the president signed it, would basically make a lot of those digital assets available to institutions that otherwise don't quite feel the comfort level of owning those assets, those digital assets.

And Bitcoin, of course, being the king of those, has suffered among the most in there.

But you've also got Ethereum.

This was up close to $5,000 per coin.

And right now, I believe it's closer to $1,500.

What should we glean from this?

But describe what it was like there when all this was going on.

Sure.

Well, you know, the funny thing is that it was listed as Elon's first really big company, the one that was a solo event, Tesla, obviously with PayPal listed.

He was part of Peter Thiel and the rest of the PayPal mafia.

But with Tesla, that was an Elon Musk stock, no doubt about it, and so is SpaceX.

Even though it has Peter Thiel as perhaps one of the largest shareholders behind Elon, I think his stake from the Founders Fund is worth in the neighborhood of $100 billion.

I mean, even Andreessen Horowitz, their stake, I think, is worth $10 billion.

This particular IPO, your thoughts generally about IPOs, how you approach them, and what do you see ahead for SpaceX, Doc?

me out here.

Yeah, you are correct.

And Jeff is, as always, spot on.

We have the SpaceX in front of us next Friday, and that's when the stock will trade.

We don't know if it'll trade at 10 in the morning, 11 in the morning, or when it finally trades, but we know that they're going to bring it out at roughly $135 a share, and that's after the one-for-five split, and pre-market, before it trades.

And I think that what happened yesterday was, As, again, you and Jeff have been talking about, the move was so big in the semiconductor stocks.

What do people tap when they need money to go into something like SpaceX? Even if that money isn't going directly into SpaceX, a lot of people anticipate what's going to happen in the market because that's what the market is.

I would not bet against him.

What, and they panic? Too many people working? Americans are working and I got to sell my stocks? Help me out here.

Yeah, you are correct.

And Jeff is, as always, spot on.

We have the SpaceX in front of us next Friday.

And that's when the stock will trade.

We don't know if it'll trade at 10 in the morning, 11 in the morning, or when it finally trades.

But we know that they're going to bring it out at roughly $135 a share.

I would not bet against him.

Mm.

That's right.

You heard that right, folks.

Over the last four months, the, we have, uh, uh, seen record new highs for gross margins, and what is that...

What's the, what's behind it? Some of it is clearly AI, Larry, uh, that companies are making do with less, uh, as far as expenses.

Um, some of that's great, and some of it's, hmm, short term, not so great.

I mean, the...

Hmm.

I'd love to just start with your thoughts on the market action we're seeing not just today with this green that we've got across the board, but this week in the wake of the events that we saw unfold in Iran over the weekend.

Sure.

And thanks for having me, Marlee.

I think when I see disruptions like this in the market, especially if the disruption was anticipated to be much larger than this, I mean, most of the people, whether bullish or bearish, would have probably said, oh, if we have to close the Straits of Hormuz or if there's a significant threat to it, we are likely to see a $50 to $80 jump in the price of crude oil.

That did not happen.

And an 8% upside move, Marley, is very, very calm for that market.

It's also great because it's not going to affect Americans at the pump.

So what's the move here?