Oaktree's Howard Marks on China Opportunities, Trump's Cabinet, Market Sentiment

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  • Опубликовано: 29 дек 2024

Комментарии • 188

  • @chrismckay9647
    @chrismckay9647 Месяц назад +135

    God, this interviewer is SO trying to put words in his mouth! He is so much more insightful and mindful than her leading questions. Very insightful, in spite of her. Thank you, Mr. Marks!

    • @luk2k3
      @luk2k3 Месяц назад +6

      she thought she is smart, but he is wise

    • @chrismckay9647
      @chrismckay9647 Месяц назад

      ​@luk2k3 Yessir... Well said!

    • @user-ou8pe9it8j
      @user-ou8pe9it8j Месяц назад

      Intelligence and experience say everything.

    • @Getrichwithme-zz
      @Getrichwithme-zz Месяц назад

      Yes, it's a great interview.)))

    • @Stoicgenuis
      @Stoicgenuis Месяц назад +1

      Your scared of someone asking tough questions thats on you

  • @thomasmerrill3585
    @thomasmerrill3585 Месяц назад +72

    Younger people should study Mr. Marks he has wisdom.

  • @maxjing61
    @maxjing61 Месяц назад +41

    He's super level headed and number/proportion minded without ideological biases

  • @mydressmemos
    @mydressmemos Месяц назад +233

    Very wise & practical words i love this man response, Markets at all time highs make me nervous. Heavily backing SCHD right now. But I’m still open to buying more because some brilliant companies seem at good prices. What’s everyone’s thoughts?

    • @JacobsErick-u8r
      @JacobsErick-u8r Месяц назад +3

      The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.

    • @richardhudson1243
      @richardhudson1243 Месяц назад +2

      A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

    • @winifred-k9e
      @winifred-k9e Месяц назад +2

      I really acknowledge your comment, i have been trading stocks for a while now but i have not been able to make much. how do you achieve this feat?

    • @richardhudson1243
      @richardhudson1243 Месяц назад +2

      Her name is “Melissa Terri Swayne” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

    • @LUCIASMITH-d1z
      @LUCIASMITH-d1z Месяц назад +2

      Thank you for sharing, I must say, Melissa appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.

  • @Erikkurilla01
    @Erikkurilla01 22 дня назад +211

    One lesson I've learned from millionaires is to always put your money to work, no matter how small. Even investing €200 per month can compound to tremendous wealth over decades. The key is to keep going!!

    • @MagdaleneM-f3q
      @MagdaleneM-f3q 22 дня назад

      People often don't realize how important financial advisors are. Data from the last 50 years shows that people who work with CFAs usually earn more than those who don't. I've worked with a Adviser for 7 years, and now I have a $2 million portfolio.

    • @jessicasquire
      @jessicasquire 22 дня назад

      This is definitely considerable! think you could suggest any cfa I can get on the phone with? l'm in dire need of proper portfolio allocation.

    • @MagdaleneM-f3q
      @MagdaleneM-f3q 22 дня назад

      I've stuck with ''Julianne Iwersen Niemann" for some years now, and her performance has been consistently impressive. She's quite known in her field, look her up.

    • @JIN-u6t3t
      @JIN-u6t3t 22 дня назад

      I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks.!

  • @Pug318
    @Pug318 Месяц назад +57

    I feel like the host was all over the place with her questions

  • @MrVineetkumargupta
    @MrVineetkumargupta 26 дней назад +1

    It’s always pleasure to hear mark.

  • @PBandJJJJJ
    @PBandJJJJJ Месяц назад +7

    I think the interviewer is doing fine. Marks has such a calm, soothing voice, everyone talking to him looks hectic.

    • @dontplayformenero
      @dontplayformenero Месяц назад

      @@PBandJJJJJ I agree, she did a fine job there and was good natured.

  • @wteamk288
    @wteamk288 15 дней назад

    Words from a wise sophisticated man are always refreshing to hear

  • @FirstAtKasabrin
    @FirstAtKasabrin Месяц назад +1

    I've been investing in Marks and Oaktree for years and it's reaping dividends.. Keep it up Howard!

  • @baruchlev2658
    @baruchlev2658 День назад

    Good interview. Very informative. keep up with the good work!

  • @tulipmania4923
    @tulipmania4923 16 часов назад

    Great questions
    Well done

  • @bmwxpicasso
    @bmwxpicasso 24 дня назад

    Never knew who this guy was until now, but he is one smart man.

  • @amirjon
    @amirjon Месяц назад +25

    Well she is unbearable!

    • @Stoicgenuis
      @Stoicgenuis Месяц назад

      @amirjon why can't she ask tuff questions

  • @hansschmidt8292
    @hansschmidt8292 Месяц назад +28

    Buffet is now holding almost 30% cash, the average from 2011 to 2023 was 15%.

    • @charliechengkn0924
      @charliechengkn0924 Месяц назад +6

      @@hansschmidt8292 but that still translate to 70% in equity. echo to the point that it’s an aggressive and defensive play - if one think the current price is high, what to do is to trim down accordingly to how high it is. Getting out could be right for short term but could be wrong for long term

    • @hansschmidt8292
      @hansschmidt8292 Месяц назад

      @@charliechengkn0924 I didn‘t say to get out. It is probably an investment that you should never sell. In case of a serious market correction they are very well positioned to use their cash to buy cheaper than stocks are trading now.

    • @slavishelf
      @slavishelf Месяц назад

      If you listen carefully he only did that to hedge against a Democrat win and wanted to realize his apple gains in case there was a tax rate increase. Wouldn't be surprised if we hear in about a quarter that he's redeployed that capital now that Trump has won.

    • @thekevinc
      @thekevinc Месяц назад

      he said he was cashing out for tax purposes (expected expiry of TCJA I believe)

    • @hansschmidt8292
      @hansschmidt8292 Месяц назад

      @@thekevinc Yes, I know, he was expecting a capital gain tax increase. I guess valuation also played a role and there are speculations that he is going to retire soon and wants to give his successor more freedom. But….nobody really knows 😊 we‘ll see

  • @세상느긋해
    @세상느긋해 Месяц назад +3

    I love this video 😊

  • @djbrathiswaite
    @djbrathiswaite Месяц назад +59

    This woman is the dumbest interviewer I have ever seen. Small minded questions fishing for impossible predictions and soundbites. A shame as Marks is a living investing legend.

    • @bakudandan9924
      @bakudandan9924 Месяц назад

      She's pretty and pretty much dumb. Seems to be all the rage these days...

    • @alexandre.diezel
      @alexandre.diezel Месяц назад

      The impression is that she wanted to suffocate Marks

    • @chrisperkins3026
      @chrisperkins3026 Месяц назад

      More like a dinosaur.

  • @ati3473
    @ati3473 Месяц назад +3

    Very wise & practical words

  • @maestromoravec
    @maestromoravec Месяц назад

    legend ! :) Mr. Marks

  • @handymanird1632
    @handymanird1632 Месяц назад +2

    Wow, so much wisdoms. Thank you both so much! 👍

  • @jacklee5001
    @jacklee5001 Месяц назад +8

    She is rude by not letting Howard finishing his sentence and try to put words into his mouth…. Furthermore Howard told her that he does not make predictions and yet she kept on trying to get him to predict… lastly, her laugh and loud voice really irritates me

    • @aem870
      @aem870 Месяц назад

      I don't think she's rude. Snowflake.

  • @RickWatson-xu6gw
    @RickWatson-xu6gw Месяц назад +124

    Given the current events, what’s the best strategy to capitalize on the market right now? I’m still considering diversifying my $400K stock portfolio to secure profits while reducing risk.

    • @A_francis
      @A_francis Месяц назад +4

      Diversification and a thorough understanding of the market dynamics are crucial, especially during period also Keeping an eye on both the positive and cautionary signals can help investors

    • @benitabussell5053
      @benitabussell5053 Месяц назад +3

      For me, I think engaging an investment adviser is the optimal approach for navigating the current stock market. I've been consulting with a coach and have seen my initial $450K grow to over $800K since Q2.

    • @RobbStonee
      @RobbStonee Месяц назад +2

      I'm considering a switch but haven't been actively pursuing it. Could you suggest your advisor? I'd appreciate some assistance.

    • @benitabussell5053
      @benitabussell5053 Месяц назад +2

      *Marissa Lynn Babula* is the advisr I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.

  • @tatianastarcic
    @tatianastarcic 22 дня назад +4

    Trump's policies had been viewed by many experts as more positive for the financials sector, spurring this massive rally. It's enticing to consider purchasing some stocks, I'm contemplating investing more than $300k. Thoughts?

    • @TinaJames222
      @TinaJames222 22 дня назад +1

      It seems like there's potential, but caution is warranted. hence I will advice you get yourself a financial advisor that can provide you with entry and exit points

    • @nicolasbenson009
      @nicolasbenson009 22 дня назад +1

      I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in stocks, which is pretty simple. On my portfolio, which has grown over 90% in a little over a year, my advisor chooses entry and exit orders

    • @sharonwinson-m8g
      @sharonwinson-m8g 22 дня назад +2

      Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve my financial goals

    • @nicolasbenson009
      @nicolasbenson009 22 дня назад +1

      Melissa Terri Swayne is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.

    • @Vincent-j8u
      @Vincent-j8u 22 дня назад

      Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

  • @24ever12
    @24ever12 22 дня назад +2

    There is an equal market chance associated with each crash or collapse. I've seen people accumulate up to $1 million during economic downturns and even do so with ease in favourable circumstances provided they are well-prepared and informed beforehand. Without a doubt, the crash is making someone wealthy.

  • @nights312312
    @nights312312 Месяц назад +1

    Good reporter, like her a lot

  • @HelloWorld-hb7yt
    @HelloWorld-hb7yt Месяц назад +6

    I like the host. She asks all the right questions

  • @sidcoolguy7
    @sidcoolguy7 Месяц назад +2

    what a measured man!

  • @kioly_ah
    @kioly_ah Месяц назад +5

    this women screaming at the 0:02- 0:03 is shit my pants...

  • @nkwhph
    @nkwhph Месяц назад +19

    Why does she have to be so loud... pretty obnoxious honestly!!

    • @Getrichwithme-zz
      @Getrichwithme-zz Месяц назад

      I agree that she overdid it a bit.)

    • @aem870
      @aem870 Месяц назад

      She wasn't loud, she did a good job. Asking tough questions isn't a problem.

  • @veganfitness7309
    @veganfitness7309 Месяц назад +1

    he is a master

  • @joegage1255
    @joegage1255 Месяц назад +4

    His job is to keep people invested in his funds. He would have a whole different speech if he was running a short hedge fund

    • @peachy1333
      @peachy1333 Месяц назад +1

      This is perhaps the best answer. He is only on this show as an advertisement, he has his own biases that he is NOT going to say on this show.

  • @wric01
    @wric01 Месяц назад +2

    Silver demand and low mining output says it's going up 25% by end of 2025. Metals safer than stock
    market.

  • @sambadiop4740
    @sambadiop4740 Месяц назад +1

    Good, good, efficiency is important for the government

  • @xiaohuijin4952
    @xiaohuijin4952 Месяц назад +1

    This good interviewer doea not bring any bias into the interview.

  • @sparkyfromel
    @sparkyfromel Месяц назад +1

    law of the market number one ..when everybody buy ..sell , when everybody sell ...buy !

  • @kiranpatel8035
    @kiranpatel8035 Месяц назад +2

    GOOD JOB. Interviewer. LIKE

  • @xxyyzz8464
    @xxyyzz8464 Месяц назад

    3:46 - Actually, Buffet has over 30% in cash now.

  • @DavidGatto
    @DavidGatto 4 дня назад

    Looks like risk is front loaded this year 🎉
    Value plays are starting to look interesting in a higher for longer inflation scenario- absent nose bleed interest rates

  • @johny-ql4wn
    @johny-ql4wn Месяц назад +4

    attitude shouldbe milder like Mr. Marks

  • @coryDeshawn
    @coryDeshawn Месяц назад +1

    Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.

  • @chuyenpham3336
    @chuyenpham3336 Месяц назад

    Greattttt

  • @shooting4star2023
    @shooting4star2023 7 часов назад

    I really enjoy listening to what Mr. Marks has to say, but he kept on been interrupted halfway in his responses.

  • @KaiZ-l4u
    @KaiZ-l4u Месяц назад +2

    Buffet's equity assets were reduced by 25% last year, while his cash pile doubled.

  • @MyLifeOfficial
    @MyLifeOfficial Месяц назад

    This is a good interview purely because most people ask Marks the same questions, so if you've seen 3 Marks interviews you've pretty much seen them all. No harm in pushing the boat a little with questions which aren't the same ole which he gets asked, which he answers the same way.
    BUT, she needs to ease off just a little with the interruptions and let the guest answer the question which she literally just asked q few seconds prior.

  • @googleisdumb266
    @googleisdumb266 Месяц назад +1

    50% ? He said hows that small

  • @runebitz
    @runebitz Месяц назад +8

    she is annoying

  • @RonvirBilkhu
    @RonvirBilkhu Месяц назад +1

    Basically this guy is giving nothing away.

  • @evelynramos445
    @evelynramos445 Месяц назад +1

    Share interest as self interest

  • @abrahamzacharia2040
    @abrahamzacharia2040 Месяц назад

    Here is what I understand.
    Warren Buffett (and late Charlie Munger) would buy a great company even if the price is fair and not a bargain.
    Meanwhile Howard Marks would buy a not so good company on a bargain price provided the company can survive and don't die.
    If so, both are interesting strategies to study.

  • @evelynramos445
    @evelynramos445 Месяц назад +1

    Share outs is at a loss a collective input and holding on interest

  • @wyericc
    @wyericc Месяц назад +1

    I cannot agree more on his comments about getting out.

  • @Iloveallah39
    @Iloveallah39 Месяц назад +1

    NVIDIA still killing it with AI, but looks like Wall Street wanted even more. Tough

  • @roshenelevethinkal6038
    @roshenelevethinkal6038 Месяц назад +1

    She needs to learn subtle communication. I consistently see interviewers with no experience try and act like they know something.

  • @royed31
    @royed31 Месяц назад +5

    She is not a good presenter

  • @eeeee49976
    @eeeee49976 Месяц назад +4

    actually , I think her question is good , she designed it. for most people

  • @C4rb0neum
    @C4rb0neum Месяц назад

    Next level awkward laugh at 5:35

  • @lastChang
    @lastChang Месяц назад +7

    Opportunity in China 🇨🇳?
    The West decoupling from China is *irreversible.*

    • @Leileipku
      @Leileipku Месяц назад +1

      You never know

  • @bRANKLATA1
    @bRANKLATA1 Месяц назад +1

    Bloomberg do yourself a favor and get someone else interview people of Howard Marks caliber.

  • @austinvalentine1221
    @austinvalentine1221 Месяц назад +1

    very hard to make a wise man say soundbites for clicks on TV

  • @meta4kl237
    @meta4kl237 Месяц назад +1

    title says and she asks about assets to buy in China, I"'m not close enough to the operating level to answer that". Later he answers to jer question what stocks he owns, he answers, "I can't answer that.' So i this a BS eye candy show and I would not subscribe

  • @howdymegan
    @howdymegan Месяц назад +1

    I want to suggest the interviewer's caffeine by removed from her hands. Good grief! I tried to watch this but she is so OVERWROUGHT I couldn't. Gosh. Calm down already!!

  • @ianthesiow3013
    @ianthesiow3013 Месяц назад +2

    US / America calls it "Liberation" instead of "Invasion". That was what US call it in Iraq, Afghanistan, Libya, Syria, Yemen, Somalia and the list goes on... Why the double standard? Confused... Please enlighten. Genuine question...
    Instances of the United States "liberated" or overthrowing, or attempting to overthrow, a foreign government since the Second World War. (* indicates successful ouster of a government)
    China 1949 to early 1960s
    Albania 1949-53
    East Germany 1950s
    Iran 1953 *
    Guatemala 1954 *
    Costa Rica mid-1950s
    Syria 1956-7
    Egypt 1957
    Indonesia 1957-8
    British Guiana 1953-64 *
    Iraq 1963 *
    North Vietnam 1945-73
    Cambodia 1955-70 *
    Laos 1958 *, 1959 *, 1960 *
    Ecuador 1960-63 *
    Congo 1960 *
    France 1965
    Brazil 1962-64 *
    Dominican Republic 1963 *
    Cuba 1959 to present
    Bolivia 1964 *
    Indonesia 1965 *
    Ghana 1966 *
    Chile 1964-73 *
    Greece 1967 *
    Costa Rica 1970-71
    Bolivia 1971 *
    Australia 1973-75 *
    Angola 1975, 1980s
    Zaire 1975
    Portugal 1974-76 *
    Jamaica 1976-80 *
    Seychelles 1979-81
    Chad 1981-82 *
    Grenada 1983 *
    South Yemen 1982-84
    Suriname 1982-84
    Fiji 1987 *
    Libya 1980s
    Nicaragua 1981-90 *
    Panama 1989 *
    Bulgaria 1990 *
    Albania 1991 *
    Iraq 1991
    Afghanistan 1980s *
    Somalia 1993
    Yugoslavia 1999-2000 *
    Ecuador 2000 *
    Afghanistan 2001 *
    Venezuela 2002 *
    Iraq 2003 *
    Haiti 2004 *
    Somalia 2007 to present
    Honduras 2009 *
    Libya 2011 *
    Syria 2012
    Ukraine 2014 *
    2014 - 2022 - 9 countries yet to verify.
    Pakistan 2022 *
    Haiti 2022 *
    Niger 2023
    Haiti 2024
    Congo 2024 *

  • @ElLotdog
    @ElLotdog Месяц назад +3

    Anchor is terrible interviewer

  • @anandp3991
    @anandp3991 Месяц назад +1

    This host has no idea about investing or Howard or interviewing. Wasted time.

  • @ethansaltmere
    @ethansaltmere Месяц назад +2

    the reporter is just terrible

  • @Ryan_Tinney
    @Ryan_Tinney Месяц назад +4

    This interviewer is horrible. Come on Bloomberg please do better.

  • @sat_lok_
    @sat_lok_ Месяц назад +2

    The host wasn’t as bad as many are saying

  • @Daniel-zr4pk
    @Daniel-zr4pk Месяц назад +3

    girl chill you scare the man we see your color

  • @EssaBee
    @EssaBee Месяц назад

    This is BY FAR the worst Bloomberg interviewer I have EVER seen. And BB is my primary news source.
    He straight up said he's not a macro guy and she just continues pressing him on econ 101 macro question one after another.
    You have one of the best living investors in front of you and you drop the ball this badly?
    SHAME ON YOU BLOOMBERG.

  • @thevideowatcher
    @thevideowatcher Месяц назад +2

    15sec into the interview and 'm sure, she is a awful interviewer. Geeez!

  • @Curubey29
    @Curubey29 Месяц назад +2

    bad interview

  • @gregweiss9359
    @gregweiss9359 Месяц назад +2

    Horrible interviwer

  • @titusp9488
    @titusp9488 Месяц назад +4

    Experienced world leading investor meets world leading ignorance / panic artist

  • @varun_n1729
    @varun_n1729 Месяц назад +2

    Interviewer 🤡

  • @Scott-ff2oe
    @Scott-ff2oe Месяц назад +1

    Q1

  • @elephantasia6156
    @elephantasia6156 12 дней назад

    She should make celebrity news not a finance interview...

  • @tonyassamoi9688
    @tonyassamoi9688 Месяц назад +3

    The interviewer was trying so hard, that was awful

  • @adminsystem1890
    @adminsystem1890 Месяц назад +2

    Skin color more important than brain, in a world of diversification

    • @aem870
      @aem870 Месяц назад

      Low skilled white people get a lot of top jobs. I'm actually looking for her name because I think she's great. Stop crying over tough questions.

  • @adambig6118
    @adambig6118 Месяц назад +2

    annoying laughter

  • @connorchapais856
    @connorchapais856 Месяц назад +2

    This interviewer sucks

  • @viknatarajan4517
    @viknatarajan4517 Месяц назад +1

    Terrible interviewer. Amateur hour

  • @evelynramos445
    @evelynramos445 Месяц назад +1

    ESG is not selfish interest yet eco interest share profits

  • @underratedblastoise3908
    @underratedblastoise3908 Месяц назад +4

    The interviewer is a DEI hire. No other explanation

    • @Stoicgenuis
      @Stoicgenuis Месяц назад

      Your scared of someone asking tough questions 😂😂

  • @prat-man
    @prat-man Месяц назад +1

    Black Chyna

    • @prat-man
      @prat-man Месяц назад

      I like this one more than the other one

  • @noël_alexander
    @noël_alexander Месяц назад

    I think the stock market goes down in the next 2 years slowly and painfully.

  • @jakelamotta7904
    @jakelamotta7904 Месяц назад +3

    I read his books and watched all his interviews but I think he is wrong in some aspects. Long term investing is a lot riskier than lets say 1-2 years. It is not impossible to time the market. It is actually quite easy. The market is the best economist out there and if you listen closely you can time it pretty comfortably. Right now e.g. the reit sector is a bit frothy and utilities but other than that the market looks quite healthy. Marks, Buffett, Lynch etc made most of their money during a time in which you had time to do the analysis and then invest. But since 2000 things have changed. Soros used to say ,invest and then investigate‘. And ignoring things like the CCP and its communist agenda is a big mistake, too imo.

    • @thetjt
      @thetjt Месяц назад

      Yes it's definitely possible to time the market and buy when its cheap. I guess what the saying is about is that you don't know in advance when it will get cheap, so having lots of dry powder could actually be losing on future gains.
      Anyways, I'm myself sort of forced to time the market because I may need the money in coming years... so I've been buying only fair priced stuff & bond etfs. Depends on one's situation & investing timeline I guess.
      Also, has to be noted that people are usually too scared to buy when cheap... everybody tells you they'll buy then but when the time comes they worry about the reason that has caused the stocks to go down...

    • @jakelamotta7904
      @jakelamotta7904 Месяц назад

      @ I strongly recommend ‚technical analysis of stock trends‘ by mcgee and edwards. Makes life easier

  • @KevinGuy-j5i
    @KevinGuy-j5i 26 дней назад

    Is the interviewer OK ? She is acting a little scatty

  • @RogerYeahmon
    @RogerYeahmon Месяц назад +2

    one of the few yank zionists i can listen to

  • @jaym9846
    @jaym9846 Месяц назад

    Can funny money make tulips worth trillions?

  • @evelynramos445
    @evelynramos445 Месяц назад

    Taking the fat lean

  • @davidgardner4787
    @davidgardner4787 Месяц назад +2

    Basically, i manage billions of dollars and I don't know s***.

  • @evelynramos445
    @evelynramos445 Месяц назад +1

    We are examplary at a price

  • @JamesC-b9k
    @JamesC-b9k Месяц назад +2

    Howard's remarks is bias to the upside.

  • @evelynramos445
    @evelynramos445 Месяц назад +1

    Innovation work not for free

  • @evelynramos445
    @evelynramos445 Месяц назад +1

    Land of patent a cap on one's labor

  • @recursion.
    @recursion. Месяц назад

    who is this mariah carrie looking ahh

  • @cdes68
    @cdes68 Месяц назад +3

    The Trump cabinet is a parody of competence.

  • @birchbarkmann
    @birchbarkmann Месяц назад +1

    Diet Dalio

  • @evelynramos445
    @evelynramos445 Месяц назад

    Own chips

  • @npcRegard
    @npcRegard Месяц назад

    The hell are you bots yapping about. She asked great questions.
    “When institutions make a call, historically, retail chases and institutions get out. Is that happening with the China trade?” Paraphrased.
    He sounded rattled but that’s good. Nothing wrong with that