Transcript

Hello. This is our weekly market alert video for the week ended October 9, 2020 and as I record this, I am literally two and a half hours away from shoulder surgery. I tore my rotator cuff so if you ever doubted that I am committed to the cause of making a video just before I leave to go to the surgery center, but let’s talk about what’s more important and that is what’s going on in the markets and what’s going on with our investments and all of that, and right now if we ever wanted evidence of how important the stimulus package is to investors, all we have to do is look at this last week, so what happened? President Trump tweeted that the negotiations were off, were done, we’re not talking about this until after the elections and what happened? The Dow Jones went down 400 points just on that and then the next day the negotiations picked up again. What happened? The Dow went up 500 points so really, as important as the elections are and as important as who the president is, right now what’s keeping the economy afloat is the consumer’s ability to spend and the consumer’s ability to spend is directly affected by whether there’s a stimulus or not and if they don’t have that money then we could have 30 or 40 million people not spending, not making their mortgages, not making their rent.

That could drive the economy into a real tailspin and cause the stock market to crash in our opinion, so therefore that’s why all eyes are on that and this last week was just a great example of why that is, so we continue to be optimistic that there is going to be a deal made between Pelosi and Mnuchin and they’re talking. They’re apparently looking at different ways of skinning the cat. All those are positive signs and we believe that once the deal is done that we could see the market climb to new all time highs, so right now as much as we are wringing our hands about who the president’s going to be and of course those of you who watched the vice presidential debate, I promised myself I would not mention the fly that landed on Mike Pence’s head but I can’t help myself. That had to be just one of the most iconic moments. I mean, we were like oh my gosh there’s a fly on his head. I’m sure his campaign manager was on the other side of the camera going Mike do this, do this, Mike, Mike, Mike, but anyway, after two minutes, that fly stayed there for a solid two minutes, it’s unbelievable, but anyway, it’s all about the stimulus.

We believe the stimulus will be passed. It’s just a matter of when and when it does, we think that the economy will continue to be as bad as it is but not terrible and because of that therefore the stock markets, the Dow, the SNP, our investments should stay in a pretty good place, so that’s where we are. I hope you are having a fantastic day. I know that I am going to have a fantastic day the rest of this day. I’m going to come home and I’m going to feel great and next week I’m going to start my physical therapy and I’m looking forward to getting back on the tennis court and kicking some butt with all those young people that think they can take me on, so anyway, thank you for watching this video and we will talk soon.

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