Jim Cramer

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Last quote by Jim Cramer

First, Five Below has a well defined regional-to-national growth story with a 20/20 plan for 20 percent sales growth and 20 percent net income growth, a plan it beat in 2016 and hopes to continue beating until, well, 2020. We are a desired tenant,' as they mentioned on the [earnings] call, which brings vibrancy and traffic, two qualities many a mall lacks these days. Even here there's a glimmer of hope, as management believes there would be a low-dollar exemption for imports. If that's the case, then Five Below will become one of the go-to names for retail in 2017.
NEW Mar 23 2017
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Jim Cramer is associated, including Donald Trump, American Airlines, and money. Most recently, Jim Cramer has been quoted saying: “Buy the heck out of the market, right into the teeth of the downturn.” in the article This stock could spike on takeover talk.
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Jim Cramer quotes

So if you think that higher oil correlates with economic growth, then you're most likely to set up a basket of stocks that does well when the economy is accelerating, and you can buy that basket every time oil goes higher. The simple fact is that the key metric itself and these algorithmic traders have made owning some groups of stocks beyond mystifying. You could literally own the stock of a company where the earnings estimates are going higher, yet its stock is going lower.

Much of the damage from the crash of 1987, where the Dow fell 508 points in one day ... and then plunged again the next day before an anemic recovery, was almost entirely due to the relationship between the futures and the common stocks in the S&P 500. We're never going back to those halcyon days where all that really mattered to a stock's price was the sector's interaction with the business cycle, along with the worth of the company and the executives who drove it.

What's the worst thing that can happen? The answer, of course, is plenty, and almost all of it bad. In fact, one of the chief reasons that I outperformed pretty much every manager in the business during my 14-year run as a professional money manager is that there were substantial blocks of time when I was largely in cash. I say some of the best stocks require some incubation.

If the stock is going to stay up here we'll need to hear a story of accelerating orders and estimate beating numbers on both the top and bottom line. Competitive gaming is booming and that's more good news for Activision Blizzard, Electronic Arts, Take-Two, NVIDIA, AMD, and Logitech. So do some homework and see if any of these names are right for you.

I think that ... the liberal media will be talking about how Merkel is a sworn opponent of Russia, and Obama and Merkel worked together.

Combine all of this info … and you've got a company with accelerating revenue growth, rising margins, and genuine profitability, a powerful winning combination that we rarely see among new IPOs. If Canada Goose can keep executing like this then I wouldn't be at all surprised if the stock ends up having more upside.

It's Oracle's turn to be hailed as a changed company that's accelerating its cloud business and migrating its existing customers, while aggressively poaching clients from its competitors. Oracle, Cisco, Intel and Microsoft, the old four horsemen of the tech apocalypse, are coming back. They had all slipped up. But they always preserved their balance sheets, they always recruited smart people, and they always were competitive. Now they're back, and all four of their stocks are buys.

This is more than just a Trump stock. It's a metaphor for exactly what's working in this economy right now, and I have to say that I like it.

The big-time portfolio managers don't see any real strength in consumer spending. They're just baffled because they know that employment is way up and more hiring is supposed to translate into much better than expected service revenues. If you follow that trail you'll know the consumer hasn't gone away. She's just not being counted because she's hiding right in front of your nose, in the last place the professional money managers would think to look.

We know this business has gotten a lot better because deregulation has given business people a much more optimistic feel, since they need no longer fear the federal government's intervention. This is more than just a Trump stock. It's a metaphor for exactly what's working in this economy right now, and I have to say that I like it.

Even getting in the car became inconvenient versus having what you want delivered to your door when you want it.

If you follow that trail you'll know the consumer hasn't gone away. She's just not being counted because she's hiding right in front of your nose, in the last place the professional money managers would think to look.

That's real cash that can't be spent elsewhere, but a smartphone is simply indispensable. An [Apple] iPhone is the most prized and cherished purchase any American makes after his car or home. So what does pry the typical consumer off the couch? Trips to theme parks, hence why Six Flags, Cedar Fair, Disney and Comcast's Universal theme parks are jammed to the gills. Or cruise ships, because they create experiences.

I am concerned that Dorsey's a rich part-time CEO. He is also the CEO of Square, which is really pretty ridiculous when you consider how poorly Twitter is performing. Maybe his buy is much ado about nothing. Let's put it this way: neither man needed to buy. But with both, I want to wait and see because neither company's making money and there's a lot more that could go wrong with these two companies than the others we have gone over.

He made a lot of money. You know there is an undercurrent to this. No one is saying this, so I'm going to say it. There were a lot of people on the left who said that they felt Trump wasn't really making any money at all and that he was one big phony. I have not heard this story.

It's been 12 years since we started this one-man show about business, and it's been quite a run. I could say it's because we've always been trying to find that bull market, but truth is that you are the real reason we keep doing this, and we intend to continue for many more years to come.

Teach more and pick less. These days we pick them almost as metaphors to show you how big money decides what to buy and what not to buy. We do segments like 'Off the charts,' something we didn't do at the beginning, because we want to show you how big institutional money managers think and how we can track their moves. We simply don't want a single stock or a single sector wrecking your entire portfolio. We don't want you buying individual stocks until you've put away some money in an S&P 500 index fund, so we know for sure that you're diversified.

You want to learn how they work, how to pick the best ones, how to avoid the worst ones. So I developed multiple rules that can help you avoid the losers. I've pitted bulls and bears together to try to get your conviction high enough so you won't sell the stock when it goes down.

People just got too bored or too antsy or too frightened to keep the ship afloat, so they surrendered when they should have kept fighting.

The scenario is a win-win, so you don't bail, you buy more.

Given that GM is selling its money-losing Opel division, I couldn't agree with Moreno more.

The only real power the President has domestically at this moment is to deregulate, and he is using that power with a vengeance to help the autos and the airlines and the banks and the oil companies. I bet they stay winners.

If I were president, I would be going after other countries for routinely ripping off our drug companies by jamming them with lower prices, which then causes them to charge more here.

Anything that would really impact drug prices would need to go through Congress, and I am telling you right now that Trump simply will not get his way on this issue. The drug lobbyists have too much sway and the GOP is too committed to free markets.

Chasing super high yielders is a dangerous game. A sky-high yield is almost always a sign that something is wrong.

A rate hike now affirms the growth that we have seen. If we get a weak jobs number, I think it will repeal a lot of the gains I expect to see next week.

Those who were shorting it ... they're already screaming. You can't short when you start these new deals by the way, but people do. That's going to be a wake-up call. There's going to be a lot of deals announced with media companies.

They are the unsung heroes of this earnings season.

None of these stocks are sexy. None makes you feel like you are on the cusp of social or mobile or cloud or disruptive technologies. Yet, all three offer terrific bargains to both their customers and shareholders.

A declining day following a rampaging bull run is a sign of health, especially when it is associated with a gigantic, yet well run IPO. It should ultimately bring out more buyers than sellers, and more initial public offerings of companies that had been fearful to tap the markets.

When one of these blows up, it makes you feel reckless trying to save money with these flimsy pieces of paper.

I am not saying we shouldn't be critical. I am saying that investors may be too negative right now about faster-growing tech. The impossible 24 hours ago now seems downright likely today, which is why we put on such a magnificent rally. Emcor and MasTec are quintessential Trump stocks, the kind that have a right to roar if the new, kinder, gentler Trump comes to the hill more often.

In this market, you don't convict–you give the defendant the benefit of the doubt.

This is great news for everyone who feels like they have missed the move, as none of these stocks are historically expensive and almost all can be bought right here, but leave some room in case this remarkable rally ever has a pullback.

I like Emcor as a value play here, and MasTec is on fire, although I hate to chase, so I suggest you wait for a pullback in that one before you do any buying. Or if you justifiably can't resist, then buy some now and wait to buy the rest until it comes in.

I feel like you might be chasing with this one, but Lang believes that Lilly's got more room to run.

We have to question the entire relevance of Target, particularly if prices go up 20 to 25 percent … Three-year plan? How about a survival plan. There is no long-game anymore.

Nevertheless, I think the good absolutely outweighs the bad here, at least for the near- and intermediate-term future. I could see it doubling pretty easily simply because big firms that got a huge slug of stock in the deal will go into the regular market to buy more, so their cost basis will be superb versus the actual closing price.

If Snap spikes really hard right out of the gate, I suggest waiting for a pullback before you buy or accepting that you missed it if the stock is more than doubled at the opening.

What is amazing about this is that Buffett did what literally anyone can do. The idea that we MUST have corporate tax reform and repatriation is something I no longer feel is as imperative as it once was. As long as we get worldwide growth like we are beginning to have, than in my view, we don't really need these two initiatives to propel this market.

As long as we get worldwide growth like we are beginning to have, than in my view, we don't really need these two initiatives to propel this market.

While our corporate taxes are significant for many businesses, the truth is that international growth is much more important and we are finally getting it.

What is amazing about this is that Buffett did what literally anyone can do.

It rang so true, and I was thrilled that he recognized the reality that Apple is not an expensive tech stock. It is a cheap consumer product stock. Bravo.

I found myself analogizing. ... He's in the NBA. There's LeBron [James], OK. Couple other guys. And that's it. And it's just another profession of superstars where you get to a level and there's only a couple of people who can play.

He really just said, Look, it really doesn't matter about the White House.

We've got two very ugly train wrecks here. Top calling, like loving, means never having to say you're sorry. I see this is your fifth top call during a period when the Dow Jones Average has gone from 18,000 to 20,000 … and I have read your investment letters for years and you have repeatedly said the market is dangerous and you were underexposed to the market each time, so are you still underexposed, or short?

Vitamin Shoppe is getting beat on pricing, convenience, product, promotions and innovation – just like GNC – as online retailers and just ordinary supermarkets and pharmacies take more and more share from specialist vitamin retailers. To me, they are having an existential crisis as in, why would these vitamin retailers even exist? Do they have a reason for being in this world where you can order all of this stuff online?

The Fed should still hike short-term rates to stay ahead of a potential burst of economic strength.

When you see the prime J.C. Penny, Gap stores, L Brands ... and you say to yourself, Wow, what would happen if the mall just has blank space, blank space, blank space?

The stock would have been up today if it weren't for these comments. Musk is prepping you for a secondary though, and it sounds like the street will be very ready after that last home run off an offering. In true Elon Musk style, he didn't exactly put to bed the notion of merging Tesla and SpaceX. Given Musk's legion of fans, they would probably cheer if he combined cars and rockets, too.

Give credit to this market where credit is due and recognize that the bull doesn't just reside at 1600 Pennsylvania Avenue.

At the end of the day, rental cars are a commodity. People are just going to go with what is cheapest, which, again, is a bad place to be.

Avis delivered a real ugly quarter last week, and it is hard to imagine Hertz doing well if Avis is doing badly.

If you look around the world, you are seeing green shoots, better growth and higher stock markets everywhere with nothing being held back by what many thought would be huge trade barriers erected by Trump immediately.

There seems to be no consensus between the White House and the Congressional Republicans on what the tax package will actually look like … I'm calling Mnuchin's observation optimistic, to say the least.

This is a Treasury secretary who is not only uniquely from Wall Street, but he speaks a language that is more sophisticated than most Wall Streeters ... That's new to have someone that savvy. [Mnuchin's team is] going to bring what is going to be the cheapest piece of paper they can for the government.

Companies keep beating the earnings estimates and raising their forecasts, rendering the current price-to-earnings multiples pretty much worthless.

It is not just earnings that is making it hard to bet against this market. While the stock market certainly seems expensive, individual companies can often turn out to be quite cheap given better-than-expected earnings, potential take outs or the possibility down the road of a better tax regime.

Every time you want to give up on a stock, any stock, something good seems to happen.

I was on the Wal-Mart call and Home Depot call ... and these quarters are so much better than expected that you may find out you're not paying as much. I think that's a key. Because if you listen to the commentary of these companies, you would say, You know what, it's a different game. Remember, Wal-Mart and Home Depot ? these are huge. Macy's wasn't even that bad.

They want to use the so-called greatness of globalization to steal market share because they think they can get away with it. That is a lot of growth from a lot of places. It may be under-recognized, but it is indisputable unless you are a central banker who wants to keep his currency than it should be.

Next week … has the weakest line-up of earnings season, and they can put downward pressure on the entire market, even as the real blame for the nasty numbers lies not with these companies, but the Washingtons – D.C. and Seattle.

Tuesday morning will set the tone for the rest of retailers, so keep track of what they will say as it will stay relevant throughout the parade of bricks-and-mortar road kill that weighs on us like an anvil for the rest of the week. It does seem that, despite a belief that his anti-fossil fuel bent and reliance on government tax credits could put him in bad stead with Trump, his build America mentality makes him the president's unlikely hero.

By the next decade, it is hard for me to believe they won't be standard equipment for all the automakers.

Moron sellers had their minds made up that somehow this was a true guide down based on slowing sales.

I think the market says, Look. We don't have Trump, we have Pence.' The markets really [don't] care which guy is leading.

We can't shoehorn what is going on with Flynn with what is going on with Cisco's price-to-earnings multiple.

If we looked at Apple through the same lens as Gillette, it might very well be the best stock a man can get. It is one of the oldest theories when it comes to stocks that the transports have to confirm the strength in the Dow industrials before you can trust a rally … that is exactly what is happening.

Copper's strength is part of the traditional metrics that define economic growth and it can be a part of the rational justification for what so many believe is an irrational rally.

I am still a bit skeptical because if copper is only rallying because of tighter supply … then that is a lot less significant for economies around the globe.

It is not a crystal ball. However, those who ignore history are doomed not to profit from it, so it would be a mistake to ignore copper's latest move.

It is the numbers themselves that are driving things, not the hoped-for-prospect of tax relief.

I can tell you that when the bank stocks roar higher and are good investments, then commercial lending and economic expansion aren't far behind.

They are basically, I think, not in a good quarter. But they are in a longer-term, let's crater the quarter, let's look at what can happen in 2018' mode..... but when a guy buys a lot of stock, I can't hate it as much as I did before.

The zeitgeist around this company's stock is so negative that – immediately – what's the takeaway? I've got three guys saying you've got to short Twitter, because now you know there can't be a takeover. Dorsey would have known. He is buying stock. It takes it off the table.

Billionaire battle. I do have to say that when you say that China was the problem, you got mainland China. Mainland China is very strong for Apple.

We have a billionaire battle we don't talk about enough. Carl Icahn, when he sold the stock, he really made it clear that Apple's best days were behind it and they had problems with China. Buffett clearly did not believe that scenario.

I would be a buyer, not a seller, of Autozone and Advance Auto Parts because of this flurry of Amazon auto parts news stories. I feel the same way about food chains. If Amazon's stock goes up on each of these stories, I would wait a few days for it to come down. Enough is enough. Amazon is not a false idol. It is not a golden calf.

Flynn is now part of the roadblock to getting it so we have corporate tax reform. ... Some people will sell stocks betting we're not going to get anything in 2017.

What is really driving the stock of Apple is something quite different. A realization that Apple's worldwide sales are coming in better than expected, its service revenue stream is on fire and its design and manufacturing supremacy is leaving long-time competitor Samsung in the dust. I say you can trade the metal stocks, but not invest in them.

Lots of investors still think Trump is the only thing driving this move and he can take it away with a tweet. Personally, though, I think it's about more than that.

I still continue to think it's undervalued. This is the first time that I felt that Apple has something that would make it so we really could be surprised by what it is.

This is the real enemy of retail and restaurants. You need to be very careful with this cohort because the forces against retail traffic are numerous, they are powerful, they are not going away and they can only rarely be defeated.

Remember, if rates are up and oil is up, then the tone of the tape will be positive. They need to keep taking share from the competition or they need to expand into other markets. In other words, they need trade.

The weakness in motorcycles seems to be an industry-wide phenomenon. I suspect the real issue here is that millennials don't have much love for the motorcycle.

Be aware that there have been occasions where T-Mobile has reported a blowout quarter and the stock has sold off.

The Dorrance family owns a big chunk of it, but the stock just acts too well for me to believe it's being propelled by itself.

You can make the case that no one is really in charge of Twitter, especially since their CEO is essentially a part-timer. Right now, in this market, companies that have taken destiny into their own hands are seeing their stock rally furiously.

It's like Iger was saying, you want to sell Disney off of ESPN? Go ahead … I'll make more money off of you than you ever dreamed of. The valuations are pretty darned reasonable, but I have a hard time proving it to people because we are in an incredibly visceral, polarizing moment stemming from the election of a pro-business president who seems to rack up an incredible amount of baggage on a daily basis.

You could argue that all of these companies were overvalued on past earnings and they turned out to be even more overvalued on future earnings. The question to ask isn't how did this current group of behemoths get so expensive. It's how did they get so cheap.

I would say, Listen, you know what, let the chips fall, but we know which way they should fall. No more tweets, Mr. President. You're killing the case here, man.

There is a lot of raw emotion when it comes to Trump and when people get emotional, even really smart professional money managers, they stop being able to analyze the situation objectively.

It has gotten to the point where even mentioning the mall on a conference call is the kiss of death. They are dying shrines to spending the old way. As far as I'm concerned, things are better and that, not Trump, might be the real secret sauce behind this extraordinary and very real rally. These old tech stocks may lack the sex appeal of the cloud, mobile, social and artificial intelligence names, but the charts of Cisco, Jabil Circuit and Oracle look good.

I wouldn't be surprised if he is right that they have got more upside here.

The new highs we keep hitting are real, they are based on earnings, even if the gains could be erased if Trump truly goes off the reservation.

It's been a pretty awful bet to sell since he got elected, and what you saw on the campaign trail is what you are getting right now, pretty much to a T. As far as I'm concerned, things are better and that, not Trump, might be the real secret sauce behind this extraordinary and very real rally.

The airlines are in terrific shape here, and if you like domestic growth, Alaska Air may be the best of the bunch.

The implications here are horrendous for a host of different companies.

This comeback is far from over as the company expands into new end markets and puts up a better fight versus Intel and Nvidia.

Selling itself to Hudson's Bay may be the only way out given the secular nature of the decline, and the fact that a quick turn in the company's fortunes seems highly unlikely.

I'm not even talking about the possibility of a border tax that would bang all of the retailers as they are all huge importers.

Just about every regulator in Washington is about to get more business friendly, and these will ultimately be estimate-raising events for so many companies. You should indeed sell what you don't like. But only so you can buy what you do like if we actually get the kind of political sell-off that so many expect but maybe, just maybe, won't happen.

And I think that when you have such a uniform protest and then you sit down, I mean, maybe this was the first example of there could be a compromise. I don't think this is going to be as left, right as people think. I think that there are people in the Supreme Court ... who are Republican who really aren't kind of backing the federal court system.

We have a process in the country where the antitrust division of the Justice Department decides these things and I can't think of an economic reason in the world why they'd block this one. But this administration is a whole new world and my instincts are to take the money and run.

They do have the right demo and they are a camera company trying to tell a good story. But at the same time I was like, wow, you're spending a lot of money. Are you ready to come public?

These are your chances to get in, not get out and don't be deterred with Facebook just because SNAP filed to go public tonight and its growth looks solid.

You can still pick stocks, but they have to be part of a broader theme, a theme solid enough that it can trump, well, Trump. Otherwise you will just jettison the stock when the 'Tweeter in Chief' frightens you into selling, at what will no doubt be an inopportune time. When you have an amazing product that is beloved and in demand worldwide and it costs very little to produce and has no serious competition. That's Facebook.

There aren't many of those and as it goes down over the next couple of days, which has been the pattern, I think you would be nuts to pass it up.

So, feel free to sell one of the cheapest stocks in the market, as so many people did today. Go dump one of the greatest stories of all time. I don't give a darn.

You can still pick stocks, but they have to be part of a broader theme, a theme solid enough that it can trump, well, Trump. Otherwise you will just jettison the stock when the 'Tweeter in Chief' frightens you into selling, at what will no doubt be an inopportune time. You sell a stock off Trump's Australian phone call? Then you will get an explanation, a bit of an apology and suddenly you will wonder what the heck you were thinking.

Sure, take some profits now if you know you can't take the pain. Know thyself. Understand, though, this is nothing like 2008. It's a heck of a lot better.

[A] very non-promotional call. They own this space. I mean, what should you really care about? Care about Instagram – 600 million monthly average users ... Facebook 1.23 billion.

When I say that Apple is the mall, I also mean that if you were actually thinking of going to the mall, you probably ended up using your iPhone to comparison shop to be sure you weren't overpaying. What has dogged Apple's stock for ages, what has kept its share price so low, at least in terms of its valuation, is the 'Blackberry-ization' issue. The notion that in the end, the iPhone is just a device and device companies eventually get wasted as Blackberry did.

While I think they have got more upside, I also feel like we might be missing out on some of the lesser-known, lower profile names in the sector.

Maxim Integrated Products has transformed itself into a much better company with much less exposure to the consumer, and I think we could still be in the early innings of this self-help story.

That is what happened this quarter. That is the switched narrative.

The convenience and power of the iPhone has probably taken away as many white collar jobs as the countries President Trump accuses of stealing our manufacturing jobs. Probably more so.

This is a company that may have the most powerful subscribers in the world with 150 million strong. Maybe we don't need to buy Netflix.

In other words, maybe it's zero sum. This is an important departure for a president who has been sticking to his guns on his campaign promises. That may not be true across the board, but I have got to tell you, after some of the numbers we have seen this earnings season, it is certainly true in some individual cases.

It is the ideal stock to buy when the market loses faith in the Trump agenda, but you still want to own an industrial that can put some big points on the board.

Right now avoiding these two sectors – retail and pharma – seems like a real good idea, unless you have special situations, even if Trump didn't put the wood to big pharma in today's now seemingly regularly scheduled executive pageant.

Even if the president is about to go to war with big pharma, this industry still has too many negatives to get in bed with.

If you believe that the Trump rally has truly gotten off track, than Coca-Cola is exactly the kind of stock you should be buying.

They are worried that President Trump may be willing to sacrifice whole international markets that our companies have fought hard to penetrate in order to further the jobs agenda that he campaigned on. In other words, maybe it's zero sum.

With business improving across the board, it is political risk that can hurt this market now more than anything else that I see. As long as we are ready for his comments, we can profit from them.

For now, I say it is too soon to get involved, although with a guy like Tim Sullivan at the helm, I may end up eating my words.

When you hear the president muse on trade and on steel pipe, immediately you need to be ready to jump on U.S. Steel, as long as the numbers away from oil country tube are looking good. This president attacks and parries and surges and negotiates in the open in a way that impacts stocks constantly, in real time. This president can impact stocks like no other in history, both positively and negatively.

Trump never backs down from a fight, so he might feel the need to retaliate, and that has got to be a factor going forward when you are thinking about buying these stocks.

Think bigger on both Facebook and Alphabet because these companies are doing everything they can to dominate the world, so you can't worry about a given quarter's spending as long as it has a clear path for a payoff. It makes more concerned and it should concern you, too, if it isn't resolved in a civil and lasting fashion.

I know we are not early, but I know that this stock will be bought on any dip and you want to be in there buying, too.

I recommend buying part of your position before the company reports next month, and then using any post-earnings weakness to buy some more.

I'm a realist; the stock has had a monster move. Be ready for some profit-taking.

The 20 percent tax, the idea that this is not about jobs as much as it is just a spat between to countries that have had very good relations. The spat should be about NAFTA. The spat should be about the way we set up trade with the Mexicans. I don't think the spat should be about not talking to each other, which is what Vicente Fox was saying.

Don't cheer-lead, but don't sow fear and don't dismiss: it is just as important to keep people out as it is to put people in, except the first one has been wrong and the second has been right.

It is the only healthcare Trump stock I know. I think it can go much higher.

CEO Bob Iger has multiple levers, including selling ESPN if he has to – although I think that would be a big mistake – in order to keep generating the 266 percent return that Disney gave you from Dow 10,000 to 20,000.

If you are riding the tiger, you need to know to get off it long before those new foundries start producing DRAMs. When these cycles are in the sweet spot, as they are now, you are riding a turbo-charged tiger. It doesn't matter who is president, as long as there is no new capacity, these stocks will keep roaring.

That says the risk-reward is still in your favor and the bulls are right to bet on the future.

Don't look for GE for help now that we have broken out above Dow 20,000. Look for this insurance company's investment portfolio to give you some real vig this year as rates go higher on risk-free securities. Travelers hates risk. If the numbers from the other 15 Dow stocks are even close to this good, we could have a lot more room to run.

It didn't just happen in a vacuum. These are real earnings that we are discussing right now that are moving stocks. And do not forget that therefore it is rooted on something.

I believe that small business will be the driver of growth going forward, not the big companies Trump has been meeting with, and Deluxe has solutions that they need in order to expand.

This is still one more reason why I think the pipelines are the best way to play the oil patch. Aside from the deregulation component, most of this rally would have occurred regardless of Trump's initiatives, which means this move might be a lot more sustainable than the doubters would have you believe. You can't have your protectionist cake and eat it, too. Meaning, when it comes to trade policy there is no scenario where everyone is a winner.

There is already too much capacity, so this is a sucker's game for all the auto manufacturers in the room. The next targets need to be the foreign car companies … which spend billions in Mexico to take advantage of the ridiculous currency differential.

Right now, Ford and GM are in a no-win situation that could severely impact the affordability of their cars versus those foreign automakers that weren't around the table today.

I'm not picking sides here. I am saying there is no free lunch in this business. As a stock guy – not an ideologue – I can tell you that I simply cannot recommend Ford or GM … if they are going to have to close plants in Canada and Mexico and bring back those jobs to America.

These stories aren't going to be delayed by Congress. They are independent of it. That is why the market vaulted higher today when so many people were expecting the opposite.

It is really clear to me that Trump is appointing regulators who hate regulation.

The total sum of the call was nothing short of a stinging rebuke to those who sold this stock to buy an industrial or go into cash to flee a feared Trump-led stock market Armageddon.

It is doing the best online of all the brick-and-mortar retailers. And this ugly quarter is what ultimately happens. That is a pretty grim fate for the group.

Or you can take the other side of the trade and use today's weakness in crude and interest rates to buy the banks and the oils at a discount. That requires some bravery, but sometimes bravery is what makes for the best investments.

A driller, a service company, an oil and gas company, I say go against the futures and buy.

I would tell you that from now on if you're looking at a company and you think that they can cut costs by moving offshore and you put that in your 2017, 2018 numbers, think again, that's over. What if you're Facebook? Where do you make your stuff? California, right?

You shouldn't take the President too literally when it comes to stock picking.

You will feel a whole lot more comfortable owning the Trump stocks than the non-Trump variety.

The...pro-business tripod are potent as we hit the heart of earnings season. But so are actual numbers. Be ready for real opportunities next week.

If the oil the gas industry had a wish list for what their ideal government would look like, you are looking at it.

Put it all together, though, and there is a lot more Trump stocks than there are non-Trump stocks.

I would buy Alphabet aggressively if the stock comes down after the quarter precisely because of that cash hoard's possibilities.

Anything that touches NAFTA could be considered to be good for people who are in the workforce if you're not looking at the later consequences of having to pay more for a certain product.

I expect an immediate assault on the price of healthcare. I think the details will be shy. I think it will once again be somewhat like what we saw against he autos, picking on companies.

They just don't understand the Amazon factor, meaning you may not see what is causing all the love for either company, that love is tangible and palpable.

That's lunacy. I am waiting for Netflix to get to 200 million viewers … If they can get to 200 million, then the stock is a bargain even up here at $138.

Both Netflix and Tesla, like Amazon, require you to think outside the box of traditional fundamental analysis in order to accurately value their stocks.

The fact that both the big picture economic data and the companies themselves are telling us that business in this country has turned a corner gives me confidence that a Trump sell-off isn't really warranted here, so if we get one we can take advantage of it to do some buying.

As long as the economic message from soon-to-be-president Trump remains consistent with what we heard on the hill, I think this set-up is a good one, even if there is pain before the gain.

This was a joyous note to shareholders. And then a fabulous arc of an interview that he does with the Q&A. I urge anyone who owns Netflix and owns it because they think it's terrific read his note.

Bank of America's shareholder base is not monolithic. You will always have investors, people who believe in fundamentals and listening to the conference call and figuring out what to pay for the stock based on how much the company could earn.

If you are trying to trade, the ideal moment to get back in would be when these short-termers get shaken out. But predicting this stuff is an art, not a science.

The key to being a trader is that you need to assess the thinking of all your other fellow shareholders.

Trump will be much tougher on our trading predators … which would be good news for Whirlpool.

The truth is, though, when you look at a breakdown of Whirlpool's international business, the company's unique footprint makes it much less vulnerable to a potential trade war than you might think.

I say let it happen. There is room for banks to fall. And then there is room to buy, but not yet.

Banks remain a great place to be after people ring the register.

They're using the dotcom and the dotcom is killing the brick-and-mortar. We saw this in Urban Outfitters. That was the first one you realize, holy cow, they're getting killed by themselves.

I am committed to this group and after some profit-taking, I think it runs anew.

Even with a greatly-expanded debt load, I think this merger would be worth it … the way to play this story is by picking up some Altria.

The president-elect can't help saying these things. He likes a deal. He puts out points and then he negotiates. It's very hard to believe that he won't get his way eventually and I think that interest rates will keep going higher here.

Come Friday, we will have the most pro-fossil fuel president in history. Don't be whipsawed … find something you like that is oil and gas and stick with it.

This stock deserves to be much higher, but the current management doesn't know how to unlock value. A lot of value was locked unfortunately by David Crane, the previous CEO who had a grand vision – not unlike [Tesla CEO Elon] Musk – had a grand vision for solar. But solar turned out to be not that great for any of these guys.

You have a new president coming in and all he does is he thinks the currency is important in Mexico and Europe, important in China.

Every analyst who covers DexCom immediately needs to raise their sales and earnings estimates.

I love the company, I love the stock, but at this point I think you have to say you missed it, simply because so many analysts have already pushed Netflix up. No, I don't think Apple will buy them.

Trump promised beleaguered coal mining states they would have relief from his White House. I think that is a big reason why CSX's stock has been so hot.

It may not matter because Friday is inauguration day … I don't know if anyone will care about anything else that day.

The issue that I have is that the banks stocks, if you give them price-to earnings multiple, they're the cheapest of any group in the stock market. I would sell Procter & Gamble and buy JPMorgan right now, . JPMorgan is a totally defensible buy because it doesn't sell at a high multiple-to-earnings.

This supermarket factor is off the charts. It is working to keep executives who might naturally be thinking of moving jobs offshore to keep them here.

What matters is when it comes to strong-arming executives into keeping jobs in this country, Trump's got the supermarket going for him.

This could be one of the most straightforward takeover stories out there.

It has worked so well that I think all sorts of acquirers could be salivating over this company at these levels.

It is a seismic shift in stock picking, and Amazon is the most extreme example. Say what you want about Trump's style or grace, if you think having business people surround the president will help us produce more jobs, as I do, than we are going to see a lot more growth.

The iPhone's are 10 years old and that's a long time. That's a very long time for a product that we still care about, right? Most products 10 years ago we don't use anymore.

I could see how a fresh spinoff like AdvanSix might seem enticing, but at this point, I think it's too speculative to recommend after such an epic run.

We are looking at a very confused environment for the health care sector, especially the health maintenance organizations that are so heavily impacted by the law.

We are all for the better for getting rid of this artificial, silly, infantile, immature trading.

The reason why we don't care about the morning futures fluctuations anymore is that there is none, exaggerated or not. The terror that the futures struck – rightly or wrongly – has disappeared.

UNH reports next Tuesday, so you might want to scale into this one slowly, just in case the market doesn't like what management has to say.

Repealing the Affordable Care Act would probably be a wash for most of the industry.

If you are picking individual stocks beyond just the S&P 500 index funds that I always stress for your retirement, you want to avoid mall-based retailers or drug stocks.

If you own healthcare stocks, understand that our incoming President has got a real blunderbuss approach.

I think if [Trump] says we're going to spend a lot of time talking about the repeal of Obamacare before we get to anything else, I think you'll see a downturn.

We are only in the second boom quarter, which means it is still early innings. The Nvidia umbrella lifts the whole space, especially these left-behind, almost forlorn and relatively cheap chip stocks.

I say nobody ever got hurt taking a profit, especially going into what could be a pretty tumultuous earnings season.

When the auto companies are targeted, I think they pretty much said, You know what, we're going to rethink taking things to Mexico.

This is a classic example of why I love break-ups. And even when you consider that Adient is almost the quintessential non-Trump stock, I think it's too cheap to be ignored.

When you look at how far stocks would need to rally to get back to their all-time highs, you will find that many of these Dow names have been much higher in less fortuitous circumstances. I don't think the other companies in the space are takeover targets, although I do think that Idexx can work its way higher over time.

If your dog accidentally eats a bag full of M&Ms – the company's largest marquee product – and needs to be taken to the vet, Mars now gets you coming and going.

In truth, IBM should never have been as high as $216. Its earnings were inflated by buybacks and the price was hyped by hoopla surrounding Warren Buffett's anointment of the stock.

The issue with these stocks, so vital to the next leg of the rally, is that they need interest rates to go higher if they are going to keep rising, and interest rates seem to have peaked for the moment.

I mean, there's 12 companies that need to increase double digits in order to get back to where they were. Why do we keep asking Goldman to do so much? First of all, they don't even have Gary Cohn anymore. They don't even have a repeal of the Volcker Rule yet.

Because interest rates are down big today. So, that's going to put pressure on the banks. If we're trying to get to Dow 20,000, you may see on the tape in the bottom a lot of good things, but you lose Procter, you close Coca-Cola and you lose Goldman Sachs and you lose JPMorgan, you're not going to get where you need to go.

Martin's stock is going to go higher because he freakin' bought the heck out of it when it was much lower, and now there is no supply.

If you have been riding these stocks up, I don't blame anybody who wants to take their cue from this negative research and ring the register up here.

Investors are worried that the company could get hurt if the Trump administration imposes some kind of cross-border tariff on Mexican imports.

A 500,000 share order of this $5 billion company would move its stock up $3. If that happens, then I bet one of these naysaying analysts upgrades the darned thing. It would only take one.

This is a market about the Agcos, the unsung, the metal bending companies that just soldiered through.

Sure, there are some unknowns in terms of a possible tariff on Mexican goods, but I think that is pretty much baked in at this point, whereas the positives from the company's continued strength are being ignored.

I think Amgen can go much higher, perhaps on comments coming out of this healthcare conference.

If you go to the state that I spend my time in Mexico in, it is BMW, it is Lexus, it is Benz. That's who makes them there.

Everyone is too cheap to shop at the mall. It's just too inconvenient unless you are uber-wealthy and need to see the ultra-luxury wares in person before buying them.

Macy's is the third-largest online seller in its categories after Amazon and Wal-Mart, but that doesn't pay the rent.

If Trump's own party is going to make trouble for the agenda that brought us oh-so-close to Dow 20,000, then we're going to have a sell-off.

This is the pause that I have been expecting, it's just that rather than unleashing a tsunami of selling, it merely caused money to flow from Trump stocks to not Trump stocks.

When everybody's bullish, it means there is no one left to buy. A healthy rally needs plenty of bears who can be persuaded to change their minds.

Don't let the analysts talk you out of oil stocks or natural gas stocks … This regime wants oil and gas companies to make more money, so I think they will.

Analysts who downgrade these stocks … simply aren't taking into account what a pro-fossil fuel president can bring to the oil and gas party. Republican presidents tend to be very oil-friendly, but Trump has taken this to a whole new level, and he hasn't even been sworn in yet!

Rather than being a genuine sign that we should be worried, it was more a factor of low volume, combined with some tax-loss selling and the fear of a New Year's terror event.

Cynics might call this government of, by and for the corporation. I say that is the stock market's favorite form of government.

They are the king of repatriation. You can repatriate those assets from overseas [and] that's $40 in cash per share overseas. It's hard to hate that stock given the fact that it is such a huge winner under the Trump regime.

Suffice it to say, I think JPM's the biggest winner of the five, and it's the one I would bet on if you believe that the Trump rally is far from finished. Some of the S&P's biggest winners from last year have run out of fuel.

A tweet about how the dollar-peso ration needs to be changed or be adjusted would bring back a heck of a lot more jobs than one-off attacks on GM, Ford or United Technologies.

I think that selling ice to Eskimos might be more lucrative than selling solar panels.

I think HAL's got a long way to go even after last year's 58 percent run, although I prefer competitor Schlumberger.

If you buy CAT here, you have to believe that numbers come up, not down, and as much as I have championed the stock, I think it has given you all it has to give, at least for now, unless Trump issues $500 billion in 50-year Make America Great Again bonds where the money is earmarked to purchase only U.S. made products.

All I can tell you is that Chevron is the one trading in lockstep with oil, but I suspect that oil is stick here for a bit … So I wouldn't bet on a huge run beyond the stock's current recovery.

One of the reasons why I think you might get a better opportunity to buy stocks than you had today is that I sense the Republicans may not be totally enthused about Trump's desire to pass corporate tax reform, deregulation and a tax holiday for the repatriation of foreign assets.

I think that played a very big role in the market's ability to rally today. It's a great sign that this trend continued despite, one, the big run in the market in 2016 … and two, many individuals who didn't sell in 2016 believing that capital gains taxes much come down in 2017 under President Trump.

In the end, there is simply not a lot of room for error in terms of the timeframe.

This is very different from going to a Ford plant – which actually wasn't about to move – and saying, Listen, we're going to keep these jobs here.' To bring those jobs back, you have to make it so it is punitive to make anything in Mexico. That means you either have to change the terms of NAFTA or scrap NAFTA.

It's not like Republicans are necessarily now going to turn on NAFTA. Trump will lose it. He will not be able to change NAFTA overnight.

It's a rare thing to see happen, but in my experience it is rarer still that this method of picking stocks doesn't work out.

This is a discipline that is incredibly useful, especially in volatile, crazy markets.

This formula has worked for me as long as I can remember. As far as I can tell, it works because the number of analysts on a stock is a good gauge of how much awareness and interest there is in a name.

The key to figuring out when interest has peaked and it is time to sell is by watching the analyst coverage.

A lot of people think that trading is incredibly exciting, and it can be, but if you're good at trading around a core position, you should be pretty bored. All you're doing is watching the stock move, and trimming or adding to your position accordingly.

Insider buying plus heavy short interest can equal a raging buy, as long as you avoid situations where the shorts are determined to crush the stock at any cost.

This is an explosive combination, and one that often leads to a short squeeze that sends the stock much higher.

You can think of shorting as like regular investing, only in reverse. We try to buy low and sell high. Shorts just turn that around, selling high and then later buying low.

Some of my best picks have come out of this process, and hopefully some of yours can, too.

Powerful moves can, and often do, elude those who are only focused on the underlying companies and not the action of the stocks themselves.

When you spot these highly unusual moves you may be able to strap yourself into a real moon shot.

I like to see all of these indexes move up in sync before I truly bless a market move. You get all of these indexes rolling higher, and you have to put the maximum amount of chips on the table.

You may not be a technician but you need to know what the charts are saying and you need to know how to read the internals to verify a real move or a phony one.

When you, either in your 401(k) or your IRA or just your discretionary investing account, put money into things like Treasury bonds or stable value funds, you're effectively taking that money off the table. You're saying, this money – I'm not going to use it to generate more wealth, I just want to keep it safe.

You can make a fortune in the market, but if you're hemorrhaging money everywhere else, than a healthy portfolio isn't going to do you much good.

As a home gamer, you can use the flailings of the hedge-fund performers to your own advantage by picking up best-of-breed companies.

I recognized that you can study, and you can pick worthwhile stocks that might be doing better than the average stock and that can, indeed, augment your savings provided you do it right, have some edge and stay current on the company.

Heinz was a staple with a good dividend and what I didn't understand at the time was when the economy heats up people dump these kinds of stocks for something more cyclical.

I want to show you that it isn't reckless to try to pick individual stocks and those who say it is just don't understand the process of first-hand experience, married with research and buttressed by skepticism. It all increases the odds of successful individual stock investing while minimizing the risks of single stock ownership.

All I can say is that I'm glad for two things: one is that Pop never borrowed money to buy National Video, and two that stocks blessedly stop at zero on the way down.

Ever since we changed the show, we have tried to leave behind the so-called 'new ideas' or 'hot ideas,' and instead tried to give you themes that allow you to invest in more fertile sectors versus others, themes that I hope I can make come alive so you can do the homework on them.

The show has changed over time from one where we pick stocks for you, to one where we educate you about stocks so you can understand why an index fund might be worth investing in.

Not even the lower taxes so many are expecting from the Trump administration can mitigate the kind of gross margin decline on true tariff like that would accord, since it's really just a targeted tax hike on importers.

Our banks are now so big with so much capital that the numbers being thrown around out of Europe's ailing financial sector, as large as they are, seem like a drop in the bucket over here.

In this country, those numbers would have led to a seizure years ago by even the most brain dead of regulators. Heck, a bank with 3.8 percent of its loans non-performing is pretty much insolvent. But 38 percent? I mean, please. This one has been a dead duck since 2010, when we first realized the magnitude of the situation.

That is what happens when responsible regulators demand better balance sheets, which is what we did a long time ago and what the Italians are just beginning to do.

As we have seen elsewhere, though, the recovery cannot begin until the crunch occurs and the problems are finally dealt with.

Not even the lower taxes so many are expecting from the Trump administration can mitigate the kind of gross margin decline on true tariff like that would accord, since it's really just a targeted tax hike on importers. We don't want to come into 2017 so vulnerable that we repeal lots of our recent gains. I don't think things are as negative as some of the retailers indicate.

When you see Western Digital go up and Micron [Technology] go up, you say how far can this extend? Well, if it extends to Microsoft, then Microsoft can be a big enough factor in this endless pursuit of Dow 20,000.

Promises that need to come true, or else we are in for a serious correction during the first quarter of 2017.

With oil prices back in the $50s and U.S. production set to rise dramatically next year, it is time to circle back to the pipeline plays, and right now my favorite one is Magellan Midstream Partners.

Costco seems poised for a major turnaround in its same-store sales, and when you throw in the potential for higher membership fees and a possible special dividend, this stock gets too attractive to ignore.

Frankly, if you are a retailer and you can only accept one kind of credit card, it is much better to be on Visa's network than on American Express.

Even without these two positives, Costco is suddenly doing very, very well.

This is the only pipeline company that truly didn't stumble during the down turn. It could be the one that does the best now that we are back on terra firma with a President-elect who thinks building new pipelines is a great way to create jobs.

Needless to say, this is a tectonic shift versus the Obama administration, which has been a lot more focused on fighting climate change and protecting the environment.

The generals that have led the Dow are only very recently promoted. They have few profit takers, and, more important, very little overhead resistance. That is why these winners are still the place to be, and that's why it makes sense that we have run this much.

The biggest winners here are a host of stocks that simply don't have a lot of flippers; there is not much profit-taking because at least so far there isn't much profit to take.

Teck Resources may be about to join the naughty list and get a lump of coal in its stocking, which would be doubly insulting for this metallurgical coal producer.

That, plus the likelihood of Trump's corporate tax reform and a possible rise in interest rates means the deal would need to be done now if it is going to happen at all. It makes sense when you consider all of the consolidation in tobacco.

I know that the split left Kraft without the growth it needs and I know that the Heinz people who are now running the show don't really care about whether the antecedents were together before. The breakup wasn't their idea, and I think recombining makes a ton of sense.

Excuse me for not knowing that this merger idea was even in the hopper, but apparently it's even hotter than the Kraft-Heinz Mondelez talk.

We have judged them to be superficial and we hunger for the kind of accelerated sales growth that could be created by deregulation and a faster expansion of the overall economy … Consistent economic growth could produce a very different mindset among business leaders, which would feed on itself.

Looking at the numbers, the market has actually done pretty well under Obama, but, again, this is not about the numbers, it is about the narrative we tell ourselves.

It would be one thing if this has never happened before. But Keynes wrote about these animal spirits overriding mathematical and evidentiary concerns back in the 1930s, and this is far from the first time the market has hit new all-time highs because of animal spirits.

But nothing for real, because we still haven't heard from a lot of the companies – We don't know what IBM is doing. We don't know how Wal-Mart is doing. Remember, in five weeks, we will know.

I think people say that it's overdone. Remember, there's always the wise guys who say, Now it's on the front page, so I've got to sell it.' I think it brings out some sellers.

The traditional department store seems to be in real trouble, and it's not just Nordstrom.

We are in the sweet spot where analyst upgrades can make any stock roar higher. Now that you see how the game is played, you need to 'get some'. I think there will be plenty more of these to come in the last two weeks of the year.

The decisions are getting tougher in the oil and gas space after the monster run these stocks have had in the past month, but when you consider both the pros and the cons, I still believe that a stock like Cimarex is worth owning.

They aren't sure what Trump really has up his sleeve. Tariffs? Outright recognition of Taiwan? Maybe even something military? Trump, I believe, is betting that all the Chinese will do retaliate against our businesses.

You just need to recognize that you can't pay as much for them knowing that Trump is willing to play hardball.

He contradicted a previous guest, said the guest didn't know what he was talking about. Look, you can say what you want. There's fake news, real news, there's Reddit, there's sites. Say whatever you want. I don't know. I'm stuck with the facts.

I think it is worth getting some exposure to these Trump-free bull markets, simply because you need to stay diversified.

I see the potential for another transformational deal that could create a semiconductor powerhouse.

Beware the department store, or at least the department store stocks ... If Nordstrom is hurting, and its stock fell nearly 9 percent today, they can't be alone.

I almost feel like we are being drawn to this number like zombies from 'The Walking Dead.' I wish it didn't feel so inevitable because it's stretching the valuations of way too many stocks.

Notice how so many of these are simply based on stories, not numbers. The truth is, I don't think we have the fundamental groundings to reach [Dow] 20,000–at least not next week–which means only these ephemeral stories can get us there.

Their businesses are doing incredibly well, ergo, their stocks are going higher. End of story.

These stocks have powered higher over the last month, but this is just the beginning of a brand new cycle and I bet they have a lot more room to run, especially Ciena.

It's holiday time, which has often produced very good performance. I wouldn't be surprised if it does so again.

I suggest you wait until Nike reports and then if it is weak, Foot Locker will likely go down, and I'd buy the stock of that retailer … if Nike misses, that could be good for Foot Locker as long as the shortfall was caused by price competition.

It's not that we have all become a bunch of genius stock pickers overnight. It is that we are in the right place at the right time, the stock market in this post-election era of good feelings.

That suggests that as much as we might want to believe that OPEC has discipline, the longer-term and in many ways more important markets are signaling that what you see is what you'll get, and no more than that.

So, just be careful here. Diamondback Energy is up 50 percent for the year ... the stuff its pulling out of the ground has to keep climbing before you can get too excited about participating in still one more equity deal from the oil patch. I'm not saying we should turn our backs on this company. I just want you to be cautious in case this FANG tries to bite you.

But we are in a moment where many of the big institutional investors driving this market don't seem to be that bright, to put it diplomatically.

You don't have to get involved in kids' games like leapfrog. Just own the stocks of great companies that are undervalued and let them go higher until they get so expensive that they need to be sold.

If, like me, you believe that the triple whammy of lower corporate taxes, deregulation and the repatriation of overseas assets will provide a big boost to employment here in the United States, then it's easy to see why Cintas would be worth buying.

Whenever I see something roaring, I ask myself, is it a potential takeover? Is it a revaluation, or the animal spirits of the market? Or is it Trump? That is the prism I use with stocks that have rocketed higher.

Apple might even benefit from a rate hike because it will be able to get a better return from its gigantic hoard of cash.

It's an atavistic index, but it's still top of mind and any money manager knows it will make the front page of the papers and your investors will see it and wonder what the heck you were doing if you didn't own an obviously winning Dow stock.

It would be a huge beneficiary of Trump's proposed lower corporate tax rates. It is a terrific play on a stronger economy, and IBM's got the backing of Warren Buffett.

These high-growth stocks go up when inflation is tame, and what tames inflation? Rate hikes, like the one the Fed is almost certain to give us tomorrow.

These are the rate hike stocks, and they are taking off exactly when you would expect them to. It is the rate hike playbook, and it gets dusted off every time the Fed tightens. This time is no different.

This has been one of the great growth stocks of the last decade, and I don't think it's done.

As we go into this environment with a rising economy accelerating growth that is good for our business. Our business is focused on U.S. consumption. The better U.S. consumption is, the better we will do.

He's not just a tweeter in chief, he's a negotiator in chief, and right now, at least, he seems to hold all of the cards.

If a company relies on the government for a big chunk of its business, that revenue stream is now in jeopardy.

All I can say is 'oops'... These guys totally missed eh fact that this market is seeing a wholesale re-rating of the financial sector, and all of the banks were ready to roar in advance of this week's Fed meeting … Turns out this market doesn't care about nitpicking when it comes to the bull market in the financials.

They could be the least efficient bank in America and they would still be poised to make a killing right now.

I think the regional banks can keep roaring simply because there are way too many hedge fund managers who still don't have enough financial exposure now that this once hated group has suddenly become beloved. These are classic Trump stocks, and they have more room to run.

As of the end of September, Hess remains Elliott's third largest position, and they're Hess's second largest shareholder, but to use less diplomatic language, this investment has been disastrous.

With all of the money pouring from bonds into stocks, I'm not sure if that source of funds argument is as central as I initially thought.

Silicon Valley is a Democratic Party stronghold, and many tech executives decided to play politics ahead of the election.

I think the post-election sell-off in names like Salesforce or Adobe or Facebook or Electronic Arts has been a gift, which is why these stocks belong on your shopping list.

Elliott Management's debacle with Hess is very enlightening, because at the time it seemed like Elliott knew what it was doing, but a couple of years later it became clear that they had put Hess in a really poor position to deal with the huge sell-off in oil.

Coming up we have the most fraught week since the election. So let's try not to let your giddiness get the best of you.

I believe the main reason the analysts got it wrong is because Lulu is, indeed, bigger than a brand. Lulu stands for something.

What is really dawning on people right now is exactly how frozen our economy was by this endless election and how unthawed it seems to be now.

Here's what these critics and their short-selling buddies missed: maybe all those missing sales from the other athleisure plays are going to their main competitor, Lulu.

People don't want tuna and good taste. They want good taste and tuna. And FANG represents those stocks they know are going to do numbers.

My problem with these is they're going to have really good earnings and didn't need Trump. I want companies with really good earnings that will be boosted by Trump.

With the market at all-time highs, but only some stocks taking you there, it's better to make a good deal than face the wheel without a Trump stock to your name.

Bank of America … This thing acts like it's the first national bank of Trump.

We need to watch all three in order to make sure the Trump rally remains on track.

If Moreno is right, bonds still have a long way to fall, and therefore rates have a long way to rise, because he thinks this ultra-short long-term Treasury ETF is preparing for another leg higher.

Either way, it is a brand new risk you need to be aware of if you own the defense stocks.

It's a brave new world. We have to be careful not to pay too much for those manufacturers that rely on the Federal teat. By maybe we should pay more for those that don't.

To me, that says maybe we shouldn't be paying as much for the defense contractors. Their stocks are red hot. I know they represent great value.

Just like United Technologies, getting on the next President's bad side could be a serious problem for Boeing.

Trump wants to drill baby drill and lay a ton of pipe to create jobs galore and give us energy independence to boot. It's not my job to make political judgments, but I can tell you the market cares a lot more about employment than the environment.

A trade war with the Chinese suddenly seems more likely, although I could argue they have been waging war against us for years, but still you recognize tough talk could everyone who does much business there.

Is that healthy? I would say not. But if you are selling off a strong dollar, you would have left this market a month ago at much lower levels.

Maybe we should start thinking again that what is good for the American people – growth – is good for stocks.

The bottom line is that real growth breeds a real shift in what stocks investors like.

I think people felt that maybe that wasn't sincere. Well, these actions are certainly sincere.

It does seem like right now we have two issues of Trump. We've got the repatriation lower taxation issue. And then we've got the, Listen, we're defending the working person.' And I think that Wall Street's going to be a little surprised about the real defense of the working person.

What I am saying is that when you are faced with a bear market … it probably makes more sense to start buying most stocks, rather than selling them, as long as you are willing to take some short-term pain.

If you want your children to become fluent in the language of finance, you are going to have to do it yourself.

In my view, the best way to make all of this dull personal finance medicine go down is with a spoonful of stock-picking sugar.

If you don't want to do this for your children, do it for yourself, because kids who can manage their own finances are kids who won't be begging you for moolah even after you have gone into retirement.

Depending on how old you are, there is a huge difference in how you should approach the very idea of putting your money in bonds.

But as one grows older, that bond exposure should grow. This will ensure the wealth generated from stocks is protected against the volatility of the stock market.

You're going to be living off your investments for the rest of your life, so some part of your portfolio should always be trying to create more wealth in case you live longer than you expect and need more money to support yourself.

All you have to do after you initially save that money is let it sit on the sidelines, ideally in a 401(k) plan or an IRA so that you don't' have to pay capital gains or dividend taxes on your gains.

Show me an asset class with a better average return. You can't do it! Stocks aren't just the best game in town, they are really the only game in town if your goal is to grow your wealth.

When I heard the news, I was immediately very disappointed because I love what Howard [has] done. He is iconic. But what Howard did subsequently in our interview is state, Look, this is how it's going to go. I'm still very much involved, but we do have technology problems.' Kevin's better than that, better at that than he is.

I need to warn you: this is a high-risk group and I have noticed a pattern that is less than ideal.

You might think this problem was Juno's and Juno's alone, but if CAR-T immunotherapy is more dangerous than we thought, then it calls the whole group into question.

I am not saying you shouldn't speculate on these stocks, but the pin action here is clearly one-sided, which means there is a whole other level of risk you need to consider.

My take? I want to go against the grain. I want to buy some of the stuff that has been thrown away … and take some profits in the stuff that is too strong.

But let's not get too cynical or even too skeptical. Donald Trump will be a pro-growth president. Combine that with some green shoots in the economy – of which there are many – should ultimately produce better returns for stocks, all stocks.

We basically ran out of new money to fund a healthy broad-based advance and instead went narrow into a couple of so-so leadership groups, which is not a positive long-term scenario.

I think he has done it, he's been on the board a long time. He's done a good job. I am sad to see Howard not be CEO.

Howard Schultz built an empire, a fantastic company. He has stepped aside once before and the stock did not do well.

I think that given that their main product has got to get through in the morning with lots of alacrity. Kevin can do that, and I like the fact that Howard is going on to the Roastery, which could be the next big concept.

This is a remarkable number for Ford. A lot of people felt November would be a weaker month because some of the retail numbers. That F-150 a lot of people were concerned that had been peaking.

Going into the meeting, the Saudis upped their production to about 11 million barrels a day, from 10 million, so they are simply going back to where they were last year.

Keep this list handy. It might grow over time, but these names are at the core of the new regime as represented by Trump and now by Steve Mnuchin and Wilbur Ross.

It's pretty much a no-brainer because if the other OPEC countries can't physically pump more than they already are, then the algebra works and oil stays higher for now.

Smart money got played and they got it wrong. The true believers? They got it right.

I would wait for the oil stocks to cool off. They are up too much in one day.

I think there will be bargains in the groups getting crushed because they are selling off too hard, as is almost always the case in this market, which exaggerates every single move in either direction.

This is another rotation in a long line of rotations that will run its course before another one begins anew. Not business as usual, but pro-business for certain.

Again this is not political commentary – obviously, what is good for business is not always good for the rest of America – but Obama seems to believe business can fend for itself, while Trump wants to embrace business, and that is good news for stocks.

I think the ultimate takeaway is, Mnuchin and Wilbur Ross are business people. I mean, pure business people who have done great business in their life, made a lot of money.

Today, I felt like he stands for bring that money back, repatriate nice tax cuts for the middle class and things will work out.

There is almost a whole generation of young money managers out there who have only ever experienced central bank intervention as a positive for the stock market. Call them the quantitative easing generation.

I think these guys have their work cut out for them. I like Honeywell a great deal and I think that its value was enhanced by the spinoff of AdvanSix. No need to trifle with this one, stick with Honeywell.

I think the future is too murky to own Tetra Tech up here, particularly when you consider how much the stock has run. If you own it, I'd say ring the register, at least until it pulls back to lower levels.

Especially when taxes may be lower for stock sales in 2017, courtesy of Trump's pro-capital policies. It might have been the opposite under Hillary Clinton, and that is why you need courage to let your gains ride.

In this scenario, it's not business as usual. It is about being disciplined enough to stick around for a bigger payoff than we have had.

I want to turn the central bank as a prop thesis on its head … We have been afraid of higher rates for six years and that fright, coupled with the worries in Washington, has made stocks an untenable investment class for a vast number of people.

I think that this recent rally isn't just about Trump. It is based on the presumption that the gridlock has finally been busted in a way that is positive for investors.

Whether you love Donald Trump or hate him, he wants to cut regulation that hurts earnings, he wants to put more money in your pocket that ends up in the stock market, and he wants to build things that increase orders for equipment, leading to more people working in higher paid jobs.

Do people start thinking, you know what, you can't cut employees or move factories? And when you move a factory, (you) raise earnings per share.

Do you think that Trump could ... slow growth? What if he says right now – he comes out and says – that Carrier plant, it's not going anywhere in Indiana.

I'm telling you this is going to create lots of problems for the market.

I don't think it is over. It is just morphing into other areas not yet picked over, which is what happens when much of the S&P 500 has jaunted higher and the Russell 2000 … goes up for an astounding 2 weeks in a row.

These companies don't report for a long time and I think it makes sense to buy them because they have fallen behind and they are doing better than people think. We are simply reacting to the decline in their stocks, as opposed to the decline in their businesses, which is non-existent.

Sure, you don't have perfect coverage on the dividend, but Coke is much more vulnerable than Pepsi because of PEP's fabulous Frito Lay exposure.

These bond market alternative stocks have been trashed. I think it is their turn to participate in the Trump rally. Why not? Everyone else has.

I think the only issue would be if companies genuinely stop offshoring and people begin to worry about what that will mean for the cost of pretty much everything … but I think that is very unlikely.

When you get a head of steam like this going into the last month of the year, you typically end up with a rally that will gain fuel because money managers won't look as negative as they may sound when they are off the desk.

In this business, greed is just plain bad. Don't let anyone on or off screen tell you otherwise.

When the VIX starts to rally along with the S&P, that is when you start worrying.

The expectations were high, but when Burlington reported this morning, it was astonishing.

The complexion and the complexity of the wording and the number determine how things go in a given session.

But were stuck in a world where President-elect Trump does not control the price of oil. Natural gas is very cheap. Coal, can you bring it back? Maybe to ship it away.

At the end of the day, there is a big difference between expensive stocks, and stocks that have run. These analysts don't seem to understand that distinction, but I think they are making a big mistake.

I think this turn is still in its infancy and the stock has more room to run, although ideally you should wait for a pullback before you pull the trigger.

Despite their monster moves, the banks stocks are so far behind the rest of the market it is almost laughable.

I don't want to fight that tide of potential good news for Apple or for any of these stocks.

That is proof of more money coming in, it is proof of a better attitude toward the assets class known as stocks … The Trump rally is still not over, it is just morphing into another form of a bull.

He wants to build more pipelines and drill as much as possible. And while that is probably bad news for polar bears, it is great news for the oil stocks.

People may be confused about what a Trump administration means for Apple, so let me dispel the confusion – the positives far outweigh the negatives.

We have too many retailers. Some are hanging on by a thread. Some simply aren't needed. Some seem atavistic and antediluvian and they are just waiting to be destroyed by Amazon. Then we have other retailers that could be saved by the, well, Trump.

Under the leadership of Oscar Munoz, United Continental has tackled many of the problems that had plagued the company for years.

The sheer lack of companies that didn't fall back on something or complain or wring their hands this quarter tells me that it is the macro. And when you have a company that doesn't complain, it is part of a rare breed.

Children's Place … has cracked the code and is winning both online and off. It's pure execution: the right styles and the right sizes. The Childrens Place is the NVIDIA of retail and a reminder that not only is the mall not dead, but you can make a ton of money in it if you have the right stuff.

This stock is back to its just won't quit days, although it did have a refreshing pullback today.

Given that the staunchly anti-immigration Senator Jeff Sessions will be our next Attorney General, I wouldn't be surprised if the administration makes this a priority, but I am less sure about Congress.

I think this tax holiday on the repatriation of foreign earnings is close to being a done deal.

We are still in the throes of Donald Trump's victory and an errant Cabinet pick could send us lower. But if he announces some experience hands at State and Treasury this weekend, then it might not matter what earnings we get.

They changed the perception of the asset class from negative to positive … and I think that could be exactly what is happening right now.

Wells Fargo has gone from worst to first, an amazing turn that proves, without a doubt, the bank rally is real and it's terrific.

I'm not exaggerating when I say that the CEO can make or break a business. I've seen terrific chief executives turn unremarkable companies into titans and lousy ones turn high-quality enterprises into absolute dogs.

When a CEO does a tremendous job of creating value, they deserve to be celebrated, and with this sale to Qualcomm, I think Rick Clemmer of NXP Semiconductors absolutely belongs on our CEO wall of fame.

Welcome back stock owners. We have missed you. Don't worry, it's not too late.

In retrospect, America needed Reagan because of a national self-esteem malaise … In this latest election, I think many people in states that went Democratic four years ago voted for Trump because of a similar sense of national economic malaise, even though the numbers paint a very different picture.

These were both specific instances where the federal government didn't just stand there, it did something. And those somethings were very good for the stock market.

Post-Trump, CAT is widely hailed as the stock to own.

After Trump's surprise victory, the private prison stocks roared higher, but I don't think a Trump presidency fixes their long-term problems.

The problem is, these regulations also made it harder for business to grow, and growth is what makes capitalism work better for everybody. So, the fact that we are about to get a wave of deregulation is good news for the stock market.

In the end, these companies have very high debt loads with not much cash, and they both have sky-high dividend yields, which I see as a big red flag.

While there is some logic behind the rally in the private prison names and hideous decline in the gun makers, I feel like this is a case where you don't want to you take your cue from the crowd's immediate reaction, because for me it feels very short-sighted.

Gun makers got slammed because everyone was expecting their sales would surge after Hillary got elected, but I say that's crazy – they may not get a short-term bounce, but they have got long-term stability.

Buyers just can't wait for this market to come down. They are stepping up each day for a host of stocks. The result? I always say there is a bull market somewhere and right now there are almost too many to count.

I need to give you the standard warning about trying to piggyback off of famous investors, because by the time you see their filings, it is often too late to capture the bottom.

I think that makes NVIDIA the defining semiconductor story of this generation, which is why I believe it's got more room to run. Although, ideally, you should wait for a pullback here before you pull the trigger.

They have become quintessential Warren Buffett stakes with only one caveat – they were a heck of a lot lower when he started accumulating them, so I would wait for a pullback because today's Buffett induced rally might not last, and lower prices could be beckoning.

Perhaps Buffett feels we are in an era of permanently lower oil prices, although, oddly, higher oil prices have often led to higher stock prices for the airlines as higher oil prices signal further gains in economic activity.

I think coal is down, not out, but it is only going to come back in fashion with the utilities if natural gas spikes tremendously because so many of them have retired lots of coal plants.

Now here is the riptide – we don't have enough money coming into this market to keep fueling last week's rally if inflation is going to rage.

When you see more money being borrowed, the economy is certainly going to grow faster than it otherwise would. Just as important, though, are the two offshoots of that growth – higher interest rates and inflation.

We have to stay close to equities, but a true Olympic swimmer knows that the real tide is the bond market, and today that tide turned bullish for both the post-election stocks and even the pre-election winners, too.

When you listen to the CEOs in retail, … they actually think the election's a sea change and they definitely think that now [that] it's behind us, people are going to start going out again.

Now, you can say, Well, isn't that everything? The paint aisle, the appliance aisle, and the cabinet aisle,' but … those companies aren't necessarily indicative of how Home Depot did.

Trump has stated repeatedly that Apple should make more products here. Apple might be caught between the proverbial rock and a hard place ... I know the Chinese picked the wrong day to single out Apple.

CVS has gone from a market darling to a total dog, as its once-vaunted pharmacy benefit manager business has become an albatross around its neck and the company loses share to its rivals.

Maybe Dimon was lucky. Maybe he's just good. Either way, he's obviously still optimistic about JPMorgan, or else he would have taken up Trump on his offer to be Treasury secretary.

Maybe they can turn things around, but for now, CVS remains in the penalty box until we see them take concrete steps to lessen their dependence on what was once the golden goose, now just a turkey headed for a carving.

I have to admit, it was pretty confusing given that management had just raised numbers three months ago – it made them seem clueless.

I think it is worth pointing out that, after today, we have a newfound risk to this market, one that can only be described as the big downside of helping to keep jobs here in America.

He's telling Trump to be more concerned about how Chinese trading chicanery impacts workers than about whether we lose their shampoo and soda market. In other words, a trade war might really be in the cards. That is certainly what the stock market was saying today.

We are beginning to witness the other side of the trade of the Trump rally and it might hurt as many companies as it helps.

You want to be the center of infotainment, which they've now brought it into the center for yes, cyber-security [and] autonomous cars.

With a Trump presidency on the horizon, I expect the oil industry to benefit from a wave of deregulation.

FANG and the other high-growth stocks get sold to raise money to purchase the likes of CAT and Wells Fargo, because they will have the highest estimate revisions, and that is what causes stocks to roar.

Managers are looking at what they regard as the incredible pro-growth, anti-regulation, lower-tax fueled economic vision they think President-elect Trump could be able to ram through, and they are thinking the economy is going to accelerate rather dramatically.

When you buy a growth stock, you are not betting on its current numbers, you are making a bet that the company will be able to grow its sales and earnings dramatically over time.

If EOG slips up and fails to meet those long-term expectations, the stock can get hammered as it has little dividend protection. But in this case, I very much like the risk-reward.

The thing that really sets EOG apart, though, is that it still has an ambitious agenda to increase its production, which makes this stock the best growth play in the oil patch.

I think everyone is ignoring the other big online travel play, Expedia, which isn't getting the credit it deserves for its smaller businesses.

I think this rally could be getting out of hand. There is no way that the velocity of these moves, both up and down, can last beyond a few days past the election.

I think it's possible that they are being a little too hopeful … but nevertheless, we need to accept that cynicism has been knocked for a loop here and cautious optimism has descended upon Wall Street in a way I haven't seen since Ronald Reagan won the White House 36 years ago.

What I'm seeing ... is a pile-on on what [were] considered to be, I think, the worst stocks in the world if Hillary Clinton were elected president.

When that group [of financial stocks] leads, that's a freight train.

The simple fact is there were a heck of a lot more people who wanted in after this election than wanted out, and a gigantic number of hedge funds who were on the wrong side of the trade and had to reverse their stance.

So, don't get cocky. Relief rallies don't last when faced with a new set of facts, unless they are positive. Otherwise, they just tend to fade away.

I'm saying that we will be stuck in a world of some unknowns that will be a source of anxiety, and therefore selling.

For the segments of the health care sector that don't have price wars, I think we need to get a lot more positive because these stocks have more room to run.

I've been telling you that we can figure out how to make money, regardless of who wins the White House. And with last night's surprise Trump victory, things are looking a lot better for the healthcare cohort.

The coalition of the willing buyers cobbled together to produce an improbable rally. But then again, wasn't this whole darned election improbable? What a fitting way for it to end.

Face it, rich people love it when their taxes are cut and they love capital gains, so they love stocks!

The people who sold everything last night, the people who said to sell everything, let's just say they aren't worth a bucket of warm spit … I've railed against these sell everything folks for months, but obviously pajama traders don't listen.

You don't want to own the currency of a man who was portrayed by the media as being, you know, a little off the wall. Because you would like to have some stability.

You have to believe right now that people really believe he's going to slash taxes, he's going to let the deficit grow, he's got the Republican Party, a majority. We're really seeing the facets of, Full speed ahead. Forget about fiscal responsibility.' Can he pull that off? After winning last night, who are we to tell he can't pull it off.

You have a lot of skeptics, you have a lot of other countries that are just waiting to retaliate ... and that is going to hurt a lot of the earnings. I would not buy this first dip.

Do you really think the Chinese Communist Party is going to sit here and say, You know what? We had a good run of the place but Trump's in, and now we're shaking and we're scared'?

Don't be complacent, because the big boys don't like this market for a host of reasons, not just the election, and while they might come back from the sidelines after today, the rest of the indicators say beware of any November rally.

They are reminders that when the nation faced systematic economic collapse, political insurrection, instability at the White House and military defeat at the hands of axis powers – there were opportunities to make money.

Look, this shouldn't be a surprise. Every election year, defense is always the one thing that the Democrats and Republicans agree on. No politician wants to be accused of being weak on defense.

Hillary Clinton and Donald Trump may not agree on much, but they are both committed to shoring up our nation's defense capabilities, and at the end of the day, that means more business for defense contractors.

Whatever happens tonight … We will find things to buy and sell if the House and Senate go Democratic. We will find things to buy and sell if Donald Trump wins the White House, or if Hillary wins and Trump tries to contest the election.

We don't have systematic risk with this election. I just don't see it under either candidate. But if we do, we will deal with it.

I couldn't find something else that happened in America that would make it so that they would talk about a dramatic deceleration in orders from restaurants in the last 90 days.

There was a conference call [yesterday] that was one of the most frightening conference calls I've been on. And it was Sysco ... which basically said restaurants – people stopped going out.

In my 35 years of picking stocks, I have always found this phenomenon to be the case: the favorite growth stocks stay favorites until they stop growing.

If he managed to pull off a surprise win tomorrow, you need to sell Kansas City Southern and the iShares Mexico Capped ETF. KSU in particular would make a terrific Trump short.

I would say that Cemex is the perfect example of the kind of company that gets hurt if Trump wins the White House, except for one thing – the wall.

The thing to keep in mind is that if we toss NAFTA down the train, it won't just be Mexican exporters that get hurt. Their whole economy will be put through the meat grinder, and the value of the peso is going to plummet.

If you look at where the money wants to go, and you figure that this election will pass …. I think that the above description of the earnings season to date will hold up until year end.

Mr. Park, I think, has lost any credibility and I think that Fitbit is now done. I think everybody who wants a Fitbit has one.

There were a lot people that kept hoping that this thing would be revised upward, and instead it went the other way.

You take a company, a premiere drilling service company like Baker Hughes and you merge the two and suddenly you get a very good rival to Schlumberger.

You need to understand that this whole industry seems to be under attack from within.

If you don't own any, I recommend putting on a small position in Avon before it reports next week, and then wait until after the quarter to buy more just in case it gets pounded on some imperfect numbers.

On Wall Street you don't spring unexpected plans about the need for major spending without expecting a backlash of skepticism.

That is why the decision Amazon announced on its conference call to beef up spending freaked out so many investors, and that is why the stock dropped 5 percent today.

Jeff Bezos doesn't want to cut off his nose to spite his face, or please Wall Street.

You either have faith in Jeff Bezos or you don't. You either buy into his amazing success or you stick with something less volatile. For me though, this decline is simply one more buying opportunity in the long upward climbing road that Amazon has been traveling.

If the drug wholesalers are getting into a real price war when it comes to the business of distributing generic drugs to pharmacies, all I can say is wow. It may not end here, so the numbers … might have to come down even bigger than they came down today.

In the past, when price wars have broken out in this industry, the stocks of these companies have been eviscerated, and it doesn't all happen overnight.

In that kind of situation, everyone gets hurt and there is no telling when the pain ends. Based on what we heard from McKesson today, I think this could be a very tough situation, which is why you should continue to steer clear of this group, and health care altogether, at least until after Election Day.

We can't just focus on the quarterly reports without thinking about the broader prism that keeps stocks in check or checkmate, depending on how you look at it.

While my charitable trust owns GE, if it gives away its oil and gas business at the bottom, where I think it is now, I believe that would be a colossal mistake that might make the stock no longer worth owning.

When you see the wild trading in currencies that we have experienced lately, coupled with all the bond activity … you have to start thinking that maybe the Brexit induced turmoil that brought such rich trading fees might not be so one time only.

I know that this one was one where they had debates, which is obviously one-time only. But everybody's been complaining about football. This time football was good – NBA good. Sports may not be so great for other guys. Sports is working for Twitter.

I think what people are going to say is that they have a niche here.

You know what actually paid to listen to? Tim Cook, who came right here in the low $90s and told you a darned good story. He was right, they were wrong.

I was stunned by the analyst community's lack of respect for CEO Tim Cook when I listened to the call.

Whoa! Apple just posted $46.9 billion in sales and $9 billion in quarterly net income, substantially better than people expected 90 days ago when we thought it would be a terrible quarter. By the way Sacconaghi asked that question, you would have thought the company has no future.

Apple is held to a higher standard, even though it has one of the cheapest stocks out there. I don't know what's wrong with these analysts with their faux buy recommendations, but I think they could benefit from some therapy.

It looks like there is stirring demand for money, that's right, money that is lent by banks.

But I say if they weren't interested in Netflix at $25 billion, I can't imagine them wanting it at $70 billion.

If you project this relationship forward given the recent strength in the dollar, Williams thinks that Costco could be on the verge of a significant rally.

To me, once again, the exceedingly profitable revenue stream is the one to watch, and it is still being relatively ignored, despite its 24 percent growth to $6.3 billion, and despite the naysayers' comments.

When the technical and the fundamentals align, that is often a sign that you've got a good idea on your hands, so if you don't own Costco, I'd recommend buying some at these levels and then waiting for the next market-wide pullback to buy more.

They are missing the big picture, which is no regulator ever got hurt saying no, particularly when both [political] parties are now aggressively anti-trust.

I am beginning to believe that the lawyers and investment bankers who advise executives about this process are either totally clueless or so arrogant it amounts to the same thing.

I think a case can be made that United Technologies is simply out-executing GE in more than just aerospace.

You see ... Procter & Gamble and DuPont putting up 3 percent organic growth in this environment, which is rather extraordinary. Particularly when you look at Kimberly-Clark yesterday–predicted no growth.

Particularly when you look at Kimberly-Clark yesterday–predicted no growth.

The truth is, vanity has always been the kind of theme you can bank on, but thanks to technology it has gone into overdrive.

If you are looking for a safe investment in the beleaguered food space, I think B&G Foods is the way to go.

It's a panoply, an upsetting one at times, but we are stuck with it. Rather than denigrating this market, though, I think today was a lesson in patience.

With the rise of the selfie, people have never been under more pressure to look their best, which is why it is worth investing in the companies that help with your appearance.

With a smartphone camera in every pocket, I think the aesthetic part of the business has a powerful long-term tailwind.

Don't buy the stock of either AT&T or Time Warner. Get income from steadier companies, get growth from growers. Both of these companies have now taken themselves out of the running for either, and that is no place to be.

I think AT&T looked at what Verizon was doing with AOL and Yahoo, looked at how well its own stock had been performing with DirecTV – again believing that the stock went higher because of asset and not interest rate comparisons – and I bet it didn't want to be left behind when it comes to building an ecosystem.

I wonder if that wasn't simply the case of AT&T paying a good dividend versus the low return from fixed income.

It's easy to make the political case that this could hurt Americans, and the concessions AT&T would need to make to get the deal done would probably be pretty unpalatable.

In retrospect, Wall Street completely misvalued Time Warner the enterprise. The stock simply did not reflect the company's true worth because the ultimate arbiter is another business swooping in to make an acquisition, not the incredible fickle nature of the stock market.

A fine executive like Jeff Bewkes should not have to wait for years before the value of his company is recognized on Wall Street.

...There used to be a Justice Department. It was independent, and it made rules.

...If I were AT&T I would say, Hey, the worse that happens is maybe we become like Comcast.

It's really incredible how quickly [Nadella] turned this company around. I would not want to compete against this guy.

Stock picking is the opposite of politics. If you change your mind in politics, you get eviscerated. But if you don't periodically change your mind in the stock market, your portfolio gets eviscerated.

I really don't care about politics and I am absolutely not trying to partisan here. I care about stocks, which is why I need you to recognize that the results of this election could require you to adjust your portfolio.

I think people underestimate just how much of an impact Washington can have on the course of business in this country.

For investors, unlike politicians, flip-flopping is a virtue, not a vice. When the facts about a stock change, you have to change your mind, too, otherwise you're likely to lose a lot of money and miss out on a ton of opportunities.

When I saw the number I realized, OK, I had overstayed my welcome on the negative side of the story and it was time to switch directions.

Given that we know Salesforce was in talks to buy Twitter … I'd say that is pretty bizarre. My guess is that Twitter's board must have changed its mind about being willing to put the company up for sale only after this list came out, and that is the reason it was omitted.

Until we know more, I can't get too enthusiastic … That might sound very odd, because for more than a year I recommended the old RR Donnelley as a breakup play with a juicy dividend.

Given that Kirby just left American, I don't think we are going to hear anything too contradictory about the industry when American Airlines reports tomorrows, so these comments could hold up for more than one day.

I suspect that United Continental will now be a 'go-to' name on any market-wide weakness, because portfolio managers who are hung up about sky-high valuations know that UAL is basically the antidote to owning expensive stocks that have had remarkable runs.

While there is definite value here – something not seen by the stock market – without some analyst coverage and more information, it is tough to pound the table, but I urge patience becuase I think the parts could be worth more than they currently sell for.

Part of me wants to say that LSC Communications is the part of RR Donnelley that RR Donnelley didn't want because it is in a secular decline, but Tom Quinlan, the CEO of the combined company, decided to stick with this part of the business, so obviously he thinks it's got potential.

If you believe the market is headed higher long-term, I can certainly see owning this one.

If the Glass-Steagall were to be revived – something that would become a distinct possibility – companies like Bank of America, JPMorgan and Citigroup would literally be torn asunder. They would be dismantled.

The most visible areas are banking, healthcare and the environment, where rules are made that can make-or-break a company's earnings per share.

The tepid action in the winners so far this earnings season simply does not indicate that the results are sub-par. It is a reflection of the fact that money managers are worried about a Democratic landslide come election day, so they are selling anything that the government could potentially squelch.

An energized Democratic Congress teamed up with a left-leaning President armed with a victory in Proposition 61 could just annihilate the group.

What's happened is, a lot of the bidders are looking at people with lots of followers and seeing the hatred.

With more people choosing to eat at home these days, I think McCormick is a natural winner because if you are going to cook for yourself, you need to buy your own herbs and spices.

I think that an individual investor picking a few stocks I a heck of a lot better than finding a money manager who is running a whole portfolio.

It's not like many of these commodities can go much lower. I mean, the price of corn is actually flirting with going beneath its cost of production. That's pretty much the floor, any lower and farmers will stop planting the stuff.

I think some of it is simply guilt by association, as McCormick gets tarred with the broader weakness in the supermarkets and the restaurants, even though we know McCormick is in good shape.

I think the recent pullback in this stock is giving you an amazing buying opportunity and I wouldn't be too worried about the valuation, given management's ability to execute.

Amazon Prime is one of the great bargains of all time and it is winning the war of retail.

I believe that fear of an actual terror attack is playing a role in staying at home … I think that staying at home has become something people would rather do if they have a choice.

I am not making any kind of statement about the election in November. But I do think that the rancorous nature of the debate is putting a lid on stocks.

I hate sliver deals. I hate them because they are setting you up for failure.

The key takeaway … this is not a niche business, it is a mass entertainment business and it's growing – not shrinking – despite what older people might think.

If we get that December rate hike, this whole group gets some terrific gains.

This lack of action is astounding when you consider that, with the country's largest deposit base, Bank of America is the biggest winner if the Fed does indeed raise interest rates at their December meeting, like everyone is expecting.

Rather than being a bountiful option, the stock market has become the lesser of two evils. The risk just seems too high versus the reward for so many stocks I follow. There seems to be only one cure for them: low prices.

Let's face it, there is something else at work in many sectors: too many companies.

I think we have to wait for more certainty, more clarity, and less risk before we start buying into this weakness.

These stocks are too visible to break down without causing the entire tape to look heavy. It is as if they have a grave responsibility to the entire market, and they are doing nothing but letting us down.

It is torture. It seems like none of these rallies ever get you back to even. Tantalize and then crush.

These secondaries, rather than creating opportunities for short covering, which is what happens in a healthy market, now look like opportunities for the shorts to double down on their positions.

For me, as a lover of growth, this is where the rubber hits the road.

We know that McDonald's has become a 'what have you done for me lately' stock, and the answer is not very much.

It's a fabulous company, but I do worry that Samsung will have to cut back on orders.

Wall Streeters accepted quickly that Sloan had nothing to do with what went on at the retail bank. We aren't even sure that Stumpf did, but it doesn't matter. When there is fraud at a bank, the head of the bank must always take the fall.

You put it all together and you can see how the loss of large areas of investible sectors can cause declines of the kind of magnitude we have been getting.

Obviously we are building in that hike with this multi-week sell-off right now.

I say some of the best stocks require some incubation.

Don't buy into the notion that you can't sell until it comes back, and then you promise not to do it again. That is how losers think.

In fact, one of the chief reasons that I outperformed pretty much every manager in the business during my 14-year run as a professional money manager is that there were substantial blocks of time when I was largely in cash.

What's the worst thing that can happen? The answer, of course, is plenty, and almost all of it bad.

I buy down when I am investing. I cut my losses immediately when I am trading if the reason I am trading the stock doesn't pan out.

Stocks aren't houses. You can't fall back and live in them if you have mortgages on them. They just get taken away.

When you see investors turning on the market's former leaders, that tends to spread doom and gloom and pessimism.

This is the most severe, devastating recall I have ever seen, much more than the automobile recalls because it is being handled so poorly.

We own this one for the charitable trust, too, and we would love to buy more at these levels, but you need to be aware that Moreno is not a fan. GE's got a lot of aerospace, which is today's big freak out, so I understand the weakness, but I still believe that $25 would be a huge and unlikely bargain.

Whatever you think of Disney's fundamentals, and I think they are terrific, the chart is clearly not friendly to the bulls.

Given that the Republicans will still be able to filibuster in the Senate even if they lose their majority, this seems like an extreme reaction, but I can understand the sentiment.

I think a lot of what happens in this market is that because there is no new money coming in, it just sloshes all over the place. On a day like today, there is nothing to slosh into.

It's important not to be too big a slave to any one day, because otherwise with the S&P 500 selling off badly and at a three-week low, you'd think 'who needs this?' The answer is someone who wants to make money a little longer term, that's who.

This makes me feel that perhaps we've been too bullish in aerospace, which means there are a lot companies that are about to report that are not going to be able to say good things about [a] line item that is very important for the U.S. economy.

[Twitter] is a company you could mine what individuals want on behalf of corporations, but instead it's a trash talking site about Kim Kardashian and whether the Thursday night football game is any good.

If you buy it, all of these large shareholders would just rebel because it wrecks your growth trajectory. ... It would even wreck Alphabet's trajectory if you spend $20 billion.

I think everybody feels like they need everything else ... I don't know why. It's certainly not helping Alphabet's stock.

The truth is Deutsche Bank was never in that much danger. So, why was everyone pretending like this company was the German Lehman, code-name for disaster?

I honestly can't understand what the Germans are so afraid of. They need it!

The exchange stocks are experiencing a renaissance on Wall Street, thanks to a huge wave of consolidation that has wiped out so much of the competition. And in this environment, I think the group can keep moving higher.

This move that has taken NXP from $82 to $102 in two days' time was totally gettable.

The next time someone tells you the sky is falling and we are facing a crisis that could be the next Lehman, please, I'm begging you, take it with a grain of salt, if not a whole box of Morton's.

It's the only European bank that my snob Harvard friends would have considered working at.

If this deal falls apart and it turns out that Justice wants more money, I still think Deutsche Bank will be able to find capital, either from another institution, or in the worst case scenario, the German government.

And what we keep hearing is the same thing that The New York Times said, which is that it's much faster and has a lot more storage. Those are what people turned out to like more than the [ear] bud[s], which some people don't like.

Believe it or not, millennials, this is what they care about: I'm talking about a GPU performance 50 percent enhancement, CPU 40 percent enhancement, two-hour improvement, on the wider one you get two-hour improvement.

The big brands are Nike, they aren't Under Armour. You need more than Steph Curry. You need kind of a big pan of players.

Maybe as great as Steph Curry is ... that he may not be in the league of people who really know how to sell.

It's very strange, I know that, because Curry is loved in this country.

The press ahead of this [event] is kind of like, Unless you've cracked your screen, you're not gonna buy it. This is the least amount of hype ... No one wants it. We haven't seen it yet, but, boy, do we ever not want it.

I'm giving Mark the benefit of the doubt ... because he didn't lower the year ... but more importantly, he literally did spell out it was his own execution.

I've got to say, aside from brooming the board and killing the new concepts, Marcato's suggestions are a lot more vague than what you normally hear from activists.

If I were the EU, I would say, Listen, from now on, every single deal has to be run through us. ... But to do retroactive is a little difficult. We've often criticized our government when they do something retroactive.

Until the real Donald Trump tweets and says she should give it away. And then [Hillary] Clinton tweets that 'I was unsatisfied.

As someone who is well-off-enough to have these ... and you don't need two, you need a store hold of them. This is one where you can get away with it. There's no competition, there is supposed to be competition.

You have to remember … housing punches above its weight. Meaning, when housing is strong it leads to all sorts of good things for the economy, including the desire to spend money improving your house in order to augment its worth.

I have to say that Ken Powell and his team simply aren't getting enough credit for reinventing this company on the fly as much more of a natural and organic play.

You'd better believe that a consistent buyback helped contribute to that amazing number.

Workday is in a dogfight with SAP and Oracle for clients, and the rap has been that there is too much competition. Long term, I know not to bet against CEO Aneel Bhusri, but I did find that downgrade disconcerting.

She's smart, so I'm betting Yellen simply argues we don't have enough data yet to draw a conclusion.

I don't know if they can turn it around, but if one were to be able to, I bet it would be Nordstrom because of its Rack outlet chain. The rest? Wait.

Those who think more short-term may end up trading this thing right into the poor house. I reiterate, though, that if you take a long-term view, Disney will be just fine.

When the best operators aren't sure what the story is, you have to be careful. But when it's good, you use the weakness of the other guy to buy the one that just gave you the buy sign.

To think that Fields didn't have the July numbers in front of him when he lowered the boom last week is to think that Ford keeps track of its sales using an abacus hidden in some utility closet, where management will never find it.

I would argue that the two camps are both putting their money where their mouths are.

You simply could not have the boom we are seeing in all sorts of tech stocks, particularly the semiconductors and the semi equipment makers, but also many of the tech services companies, if there weren't some sort of economic acceleration.

Maybe the better answer is that this market is like Washington: there is gridlock right now as we wait for things to resolve themselves one way or another.

You only buy stocks that have pulled back from the new-high list if you are confident they will make a comeback for substantive reasons not having to do with the market.

You would think investors would see the pattern by now, but they don't.

I didn't think we'd get through the gauntlet unscathed. I was not only totally wrong … I mean I thought one of them would screw up. I think the worst one was Amazon and that was pretty great.

I felt small when I listened to this conference call … I had fallen prey to those who believe that Facebook is merely a fad, that competitors can just come in and stomp on out of nowhere. That couldn't be further from the truth.

I believe that this company's product is the single best way for global advertisers to reach their customers around the world, and eventually that is going to lead to a substantially higher stock price.

What nobody thought about, what no one even imagined, is that maybe Apple didn't order enough chips because it underestimated the demand.

The bears masquerading as bullish analysts just got Apple wrong … They kept wanting to ask 'when is the funeral.' They left having to revise their estimates upward, not down. That wasn't in the plan.

Cover all five bases, and you'll have a portfolio that can win in any market.

Everything has to be perfect for this stock to rally after it reports, and I just don't think perfection is attainable. Just too much ratcheting up of the competition. I say be careful.

Believe me, it can be … I expect that this quarter could actually hurt the whole market – yes, Apple is that big – so beware.

This week of earnings season has historically produced sub-par results for stocks because we seize on the worst ones and we play a collateral damage game that can extend to the entire market.

Now that Danaher's break-up is in the rearview mirror, I'm sticking with my view that the new Danaher is the way to play it.

There are a lot of ways you can make money from this smoking hot pet care theme.

If you weren't dazed and confused, too, then you obviously weren't on the Netflix conference call.

It was unassailable. JNJ's quarter was a true or false test. I'm checking true to the line that says 'JNJ was fabulous.

Since Sebastian nailed the post-Brexit bottom, I am inclined to stick with him and let it ride.

He believes that the bull still has legs, at least for now. Why? Because everything is behaving normally.

Perhaps you were listening to an old call, when the idea that someone wouldn't pay up for Netflix was inconceivable. Not anymore.

Now, I am not so sure. You just shouldn't be getting this level of Netflix cutting. And the lack of domestic growth isn't being made up overseas, like it used to be.

At this point in earnings season, the market is in non-stop grading mode.

Toni Sacconaghi's name might mean nothing to you, but at this particular moment he is every bit as important as IBM's CFO.

Right now I think that Citigroup is the buy given how far it has come out, but I simply don't believe that Goldman Sachs is bad, either. It's just that it's not quite good enough.

Something happened here where people decided that content wasn't worth paying for. I would never in a million years say I'm not paying the additional couple [of dollars].

I think this was a quizzical call. I think they are busy trying to figure out what really went wrong.

I like the dollar stores for their prices … That's the attitude of the modern consumer. We are not willing to pay up for things when we shouldn't have to.

I think that sometimes having a stock that is so good that you can't possibly equal expectations. But it was a great quarter.

The key here, though, is that you want to get that money into your kid's 529 as early as possible. That's because the greatness of these plans is all about the power of compounding.

After you've made enough for retirement contributions for the year, putting money in a 529 college savings plan should be the next item on your agenda. It's the best way to protect your kids from the crushing burden of student loan debt.

At the end of the day, I think a cheap S&P 500 index fund is the least bad way to passively manage your money – better than the vast bulk of actively managed funds.

You want a cheap, low-cost fund that mirrors the market as a whole. One that mimics the Standard & Poor's 500. Index funds have ultra-low fees, and with an S&P index fund, you've got a vehicle that will let you participate in the strength of the stock market without having to spend the time picking individual stocks.

Those are your best chances for trying to make money as the non-stop portion of earnings season begins.

Investors have really cooled on this one lately and I think that's a mistake.

Forget the politics. A bad investment is a bad investment.

I think these patterns will continue through the second half, with winners staying winners all the way.

At a certain point the anecdotal evidence piles up until it's empirical, and I think these earnings reports potentially justify these prices.

These companies are giving the customer what she wants, and in the stock market, just like in retail, the customer is always right.

The financials were just plain bad, which is exactly what you would expect in an environment with low rates and few deals. Let's stay vigilant. Take off some obvious gains, because no one ever got hurt taking a profit. But then let the rest ride, wagering that if the market really gets hit, the buyers who have been patiently waiting will finally decide to pull the trigger.

I used to see this pattern a lot back at my old hedge fund, and it typically meant that big institutional money managers had fallen in love with a stock.

Fast forward to today, and the bear case couldn't have been more wrong.

If you think gold is headed back to all-time highs, then with Randgold you've finally found a stock that is better than bullion itself. Yes, it's the stock that's good as gold.

In terms of actual financials, only the insurance companies managed to put on a decent performance. That is why when you look at the five best performing financials in the S&P, they're not what most people would even consider financials.

Remember, this market can muddle through here. We can work off the overbought position by having the stock market do nothing for a while.

That doesn't mean this market's finished. Not at all. Remember Joe DiMaggio had a remarkable 56-game hitting streak, but when the all-star then failed to get a hit in the next game he was hardly washed up. That's how I think this scenario will play out, but consider yourself forewarned in case I'm wrong.

When it goes over 10, I get downright fearful because when the market looks so great, like it has lately, you tend to be the least prepared for a big decline.

No, this isn't some sort of mid-life crisis, if I can still go by the mid-life rubric. I'm talking about the need to keep with Instagram, Snapchat and Boomerang and a host of other applications or you simply won't understand why a cohort of stocks is going higher.

You know my view: If you like it at $82, you should like it even more at $80.

The fact is that Alcoa has started this earnings season mot with a whimper, but with a bang, and maybe that is what this big move in stocks is really signaling.

Those are staggeringly good numbers, much better than anyone is talking about.

That is eye-popping. I don't know a soul who is talking about that kind of growth.

Yield, yield and saved by the bell, I mean recovery in oil. That pretty much explains them all.

No, I'm not saying that when oil rallies it will no longer help the bulls, because it will. I'm not saying that the super-freaking strong dollar can't go any higher; if the Fed raises rates, it will.

If I were General Mills, I would be tempted to one-up Danone for WhiteWave, if only to get the French company to pay more for the darned thing because they're vicious competitors.

These 10 stocks speak volumes about why so many people are skeptical of this move. Sure, we've had our post-Brexit rebound, but it won't really hit home until these 10 stocks get their groove back.

Nobody is going to say we have a bull market, let alone a new bull market with those kinds of numbers.

This was extraordinary and totally unexpected, especially because so much big money had gotten short after Brexit. Suddenly, not only were they being hurt by the rising averages, but takeovers were happening when they were least expected.

The simple fact is that the market is getting its head around both candidates and the market likes what it sees, as crazy as that might sound.

I believe that the best way to invest, as you know, is to buy a diversified portfolio of individual stocks and do the homework on each one of them – ideally one hour per week per stock – so you know when it is time to buy more, when it is time to sell something, and when it is time to sell everything.

I know retirement money is meant to be sacrosanct with little risk taken, but it's possible in this era of very low interest rates, to be too cautious, too prudent and too risk averse. When you are managing your money, there's a point where all of your prudence becomes recklessness, and this is something you particularly see with people who want to save for retirement.

You probably feel like you understand the company that you work for, and the excuse is that you're investing in what you know. I'm telling you, that excuse doesn't cut it.

You should not invest a penny in the market before you have health insurance. You might think that the Affordable Care Act makes this a non-issue. But you now either have to buy health insurance or you pay a fine and still have no health care insurance.

Technicians and fundamentalists can co-exist. Make peace with them both, and I bet you will make a heck of a lot more money than if you are blind to one or the other and certainly to both.

Yes, just like a human's head. That is the most frightening pattern in the chart book.

As long as sellers overwhelm buyers with their dumping, no base can form. A climax is a sign that those potential sellers who had been holding on for some time are finally giving up en masse.

When you see this kind of reliable pattern as AT&T demonstrated, despite what the fundamental analysts might be saying, you have to use the discipline that these technicians give you to pull the trigger and take advantage of a fabulous buying opportunity.

Never assume that just because something happened, it has to make sense because the market always is supposed to make sense. That's nonsense.

When that occurs, you want to take advantage of the irrationality, not buy into it by chasing stocks or panicking out of them, Remember, nobody ever made a dime panicking.

When you have a drug company up against a difficult disease that many others have failed to cure, be more skeptical. There is a reason that others failed. It is an incredibly difficult problem to solve. The company you like might fail, too.

You were simply playing the same amount for even bigger earnings growth. That is the best kind of situation.

Solid growth stories are hard to come by, and when you find them, you need to hang on for the ride.

If you think that a stock deserves to go higher, whether because of a re-rating or a takeover or anything else that will produce greater returns, then wait. No one is looking.

Don't think you can outrun a commodity grim reaper, even with a derivative situation like a master limited partnership.

What did I do wrong? I trusted the government to keep its word.

People who constantly hype their own prowess or denigrate those who would love to try to do it themselves are driven by the desire to get you to surrender your assets to them. That's their business model.

The industry of money management does you such a disservice on television, because the combination of their seeming perfection coupled with the debasing of your own abilities is a toxic brew for do-it-yourselfers.

So, when you see a company with large buybacks and a puny dividend, you should be suspicious rather than bullish.

You never really want to see any of the consumer staples roaring higher in a sustained advance because it means people think the economy's going to either get worse or simply stay in awful shape for a long time to come.

They aren't created equally and they aren't all a place to run to in a selloff. In fact, many buybacks disappear when times get tough and can't be relied upon as we saw when the oils came crashing down when oil plunged in 2014.

To put it another way, you don't want to buy the stocks that are leading the decline when you're looking for opportunity in a sell-off. You want to look for stocks in areas that are independent of what's ailing the market.

The worst mistake, the most common mistake you can make these days, is to say that because a particular stock or commodity trades at a given level, it therefore deserves to trade there. Often, that is just fiction now.

What I like about it … is it says subscriber growth should be strong in medium-to-long term; the next two quarters are less certain. You should read this because you got to know what you own so when the next quarter comes out and it's not that good, you won't flip out and sell it.

You're going to see Intel be the key to this market.

They did the inversion, so this is just a home run for them. Medtronic has used the inversion to create a powerhouse that is unassailable.

They're going to stay, and we're going to be looking at the next thing.

Let the stock pull back and start thinking about it again because they've got that great growth that you want. I would not bet against them in the low $90s; that's when you want to swoop in and buy some.

It's interesting. He was a guy who last year, in August, was talking about how strong the economy is, and then really had to pull back. He saw that the data wasn't so hot.

Imagine if they tightened and you got that 38,000 employment number, you would say they don't really know what they're doing. I think the empirical evidence proves that they do.

There's this kind of oxymoronic analysis of Apple. There were hundreds of articles devoted to all the things [released at WWDC]. After I read them, I said 'yeah, but the market won't like it.

Microsoft got its man. This is wonderful for Microsoft.

This was a commodity company and now it's a proprietary company. It worked because they guided up huge: [from] $ 3.85-$3.95 [a share] for the year, they go to $4.20-$4.30.

This is a big change because L Brands had been doing well. People felt like they had somehow been able to trump the mall. There's a management juggle with L Brands management, but this is jarring, and it's a reminder that, if it's in the mall, it's just getting mauled.

One of the reasons why it's this bad is because they talk about pricing pressure endlessly.

All I can tell you is Mr. Musk is Mr. Rabbit Out of a Hat and yes, the stock is impossible to value. Amazon was impossible to value; Tesla is impossible. It's a conundrum; it's an enigma. … It's full of sound and fury signifying nothing. But it doesn't matter.

Valspar is also a reminder of the inherent intrinsic worth of companies in a mundane business.

If you want to prescribe actual medical marijuana, a real doctor is reluctant to do it because there is no uniform standard, and all you really want is the pure cannabinoid. This is a way to get rid of a terrible, terrible drug, oxycodone.

You know, Deutsche Bank puts out a note saying, listen, don't worry, all good.' Reminds me of JPMorgan saying if you have to say that you're creditworthy then it's already too late.

I am a generalist, not a technology analyst, and I can't view Apple just like another hardware company.

That is the number we need to key in on, not how many devices they sell.

And for my money, I think they are all blowing it.

That means the analysts have no cover. They don't want to downgrade the stock because it's too cheap on earnings, even if those earnings are going down.

By this time next year, it wouldn't shock me if that service revenue number becomes the key metric, especially with the iPhone 7 right around the corner.

Anything that is put out today will have a negative spin to it, but the fact is that this is the kind of change you wanted to see. The idea of cutting underperforming stores is not in Wal-Mart's DNA. Every store performs in the old Wal-Mart. This is a very realistic approach.

If the Communist Party is really stimulating, they are doing a terrible job of it.

Both of these points suggest that companies focused on the consumer should be doing better, and companies involved in international exports might have stronger bottom lines than we think, even as it is possible that China could be hurting anyone doing business there.

I mean, do they have any idea what they're doing? I think that's the biggest worry.

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