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this market have more room to run in 2020 before I say yes to no you have to understand that predicting the stock market we're like predicting the outcome of a football season you look at the schedule the games make notations about opponents and that in the back of your mind you keep thinking of one thing the game is played with this bizarre oblong ball it doesn't always do what you expect that's why I feel about the stock market in 2020 sometimes there I'm feeling adrift I go to the risk experts to figure things out no not Wall Street this has PERTs insurance risk kept experts the insurers are right coverage for all sorts of weird risks out there the kind of thing you can really just upend your life and these risk experts are telling me the same thing take out some elizabeth warren insurance don't hesitate and if you don't think insures at least keep an unusually high amount of cash on hand when I asked the underwriters why they're so afraid of war and they just laugh they tell me she's not a capitalist she's a powerful redistributionist a vertebral modern-day Robin Hood who will rob the rich to give to the poor I've gotta tell you I think that's a little histrionic warns not a communist she's an old school New Deal style Democrat the mold of FDR or LBJ which I'm quite used to she wants to roll back parts of the Reagan Revolution not seize them it's a production let's not be ridiculous here I argued vociferously with one of them pointing out that Warren already backed off on Medicare for all one of her signature issues she still wants a single-payer system in theory but she says it's not a first-year priority or a second-year priority it's a third-year priority which were president often means no priority at all but the fear of Warren is more about her attitude than any particular policy when I point out that she may be moderate more than a slightly more moderate than she seems they look at the way she treated Tim Sloan the former CEO of Wells Fargo when he was doing his best to clean up a problem that was really not his own making they're furious the way she antagonizes billionaires likely Cooperman who spent fortunes on philanthropy why should they all be lumped together lurking beneath all their worry though there's a belief that somehow Elizabeth Warren is like Lenin yeah Lenin like me before the buzz good and I used to I think she she wants to turn the clock back to the 50s and 60s when the wealthy paid more higher taxes and the government was more active regulating business they think warm will simply expropriate period and a story but even if she wanted to Congress would never let that happen why is this bouncing football so important because if you want to know where the mark is headed next year you need to have a sense of who could win the 2020 election people seem to forget that even without a hard core stock market champion in the white house we can still do very well President Obama often seemed indifferent to stocks but he presided over a terrific market even if it started from a very low benchmark remember Obama brought in pretty much pretty traditional money men to turn the economy around when I look at who's running for the Democratic nomination I think anyone other than Warner Sanders will be an Obama type who's neutral stocks at worst neutral is a tie and to switch sports metaphors a tie goes to the runner right now the runner is the bull it's easy to do an analysis of where stocks might go under a Joe Biden presidency because I can predict what companies will do on your Biden with a decent amount of certainty that is not the size of a bull he's like a basketball but Warren is a wild card a football and honestly it's not even about her a lot of businesses my business people are just terrified of her and they're going to view everything she does through an extremely uncharitable lens so if one was the nomination the general unless she immediately makes nice with health care with banks and all sorts of other big businesses don't bet on it I think you'll want some cash insurance whatever you think of her policies Wall Street's terrified of Warren and anything that scares the market is bad news for stock prices as we saw earlier this year with the healthcare and bank stocks bad until proven otherwise stick with cream
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