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when things are so bad out there and things must be bad because a record 69 percent of the public holds a negative view of the U.S economy according to the latest CBC All-America economic survey so it's no wonder that same survey says that just 24 of respondents believe now is a good time to invest in stocks do that's the lowest reading in the survey 17 year history don't feel good about the economy but you know what it doesn't seem to be impacted the averages does it the S P's up more than eight percent for the year and today was just another day where the Bears tried to push things down but failed down dipping 11 points this would be inching up 0.09 and the NASDAQ declining 0.04 0.09.4 nothing and you know what people should not confuse their negative views in the economy with a negative view of making money in the stock market since when does your economic Outlook have anything to do with making money in the market we know from time from years of experience here it doesn't matter where we are in the business cycle as long as you can pick the right stocks at the right prices and the market I must tell you gives those prices to you all the time not because it is a store with great prices but because there's a confusing amalgam of truths half truths false optimism mistakes and those all often wind up producing fabulous opportunities for you at home so it's another way to parse the whole shooting match people love to quote for instance Warren Buffett especially when he says over the short term the Market's a voting machine over the long terms away machine or to be more blunt over the short term the Market's stupidest cardboard over the long term it could be pretty smart but in my opinion you can be smarter and that's the point of what I want to talk about tonight yes I understand the 76 percent of you think it's a terrible time to invest you're worried about the fight over the debt ceiling or the upcoming presidential election or the bitterly divided country or the fact that federal reserves relentlessly raising interest rates to crush inflation reasonable concerns but keep in mind it's not you who determines the stock price in fact individual investors stop being a major factor ages ago they bet on the wrong kinds of stocks and gave up on the asset classes on mass this time it was bogus facts or miserably placed or IPOs we've seen it all happen so many times so it's not the home Gamers who set prices it's the professionals and the professionals make stupid mistakes every day their mistakes are what I want you to think of as your opportunities let me give you an example because it happens constantly a matter of fact I'll give you three of them let's start with the company you know I'm obsessed with Nvidia a year and a half ago I made another pilgrimage to their headquarters in California to meet Jensen Wong the Renaissance Man CEO video now I understand I have a tremendous level of reverence for this man everything we've seen everything I've taught everything I had to know about Nvidia shows me that Mr Mr Wong is more thoughtful special and filled with wonderment than any other person I've met in business saved they perhaps say apple and Steve Jobs and I never got to meet Mr jobs lately we've heard a lot about this stupid term artificial intelligence but we tend not to have any idea what it really means we just like the Bandy and about Jensen explained to me in plain English he told me if you put enough powerful high-speed semiconductors together they can do incredible things I said like what he said all right anything I said well like if you want to draw a picture of something in the style of your favorite artist uh I said you mean if I wanted to say for instance see how Cezanne who painted still lives where instead the paint a Seascape you could actually show me what it would look like seconds letters in front of me Seascape that have been done by Suzanne he also showed me and artificially made me AI Kramer sounded look I looked better than me actually frankly the challenge just like me though because that stupid voice of mine I told him these are wonders he said it was all available to anyone who wanted to use it anyone I said who's wanting to do what's he usually he goes I don't know but at first no one believed no one believed Jensen and then chat GPT occur now everyone believes Jensen they all went in they all went into Ai and they know Nvidia Stock's been the same because their chips are what powers AI today nanos at HSBC a brokerage firm of Summer now upgraded the stock from a seller to a box that's right he initiated coverage on a video with a sell rating on December 14th when the stock was at 176.
it's now at 276. I'm calling that bad timing this was right around the time the chat CPT started getting popular suddenly clients figured out what to do with nvidia's h100 that's the twenty thousand dollar chip that you need boatloads of if you want to do this AI stuff it's the chip that we don't want the Chinese and have stopped the Chinese from getting now in this and now analyst defense and it's tough but I'm going to do it anyway nvidia's then Core Business of data center chips was slowing and he was also worried about the usage of graphics cards for cryptocurrency mining Edwin's Galore but he completely missed the story didn't he since then the stocks about 100 bucks sure you could argue that nvidia's nearly its highs because the last bear has finally thrown in the towel heard that a lot today I'm not here to debate that I'm just pointing out that while it's discouraging to see even the professionals get it wrong they're mistaken negativity gave you an incredible buying opportunity and a video that lasted for months that's it has nothing to do with the economy second example Charles Schwab in the last month we've heard more negatives about swab than any other time I can recall we've heard about her other Bond portfolio would wreck them how their clients were fleeing white parts of a Satan ship how they were caught with a mismatch with skittish depositors and unrecognized losses of their bomb portfolio I told you it was all nonsense nobody seemed to listen I knew I could laugh that YouTube show it to me you know it's weird Twitter then Schwab reported yesterday and we learned that indeed most of those negatives were flat out untrue in many cases there were lies lies promoted by competitors short sellers lazy journalists if you don't believe me go read that conference school where CEO Walter bettinger tease off on everyone who liable this company liable with impunity I should say because nobody's ever going to investigate what happened here like a video though I'm not here to say how much I love Schwab I'm here just to show you how once again this may be the worst time to invest but when a good company can see its stock fall more than 30 percent when there was nothing really wrong worst time to invest but invest father let's talk about today's travesty because there's one today I could do One A Day just I could just call it the Kramer travesty show that would probably be misinterpreted of course but that happens often to me Johnson Johnson my investing Club partner Jeff marks and I spent hours literally hours examining why J and J could go up up pre-market on an amazing quarter and then spend the rest of the day dropping it'll be following six points from where it was before the market opened why did it drop all right we fought one negative rumor after another after another after another about this great company there were lots of lies that were put out today lots of wrong stories no one's ever going to have to apologize for what they did to you if you own J and J today but lie after lie after lie then throw in some slander and then a few more lies that's what happened until the end like Schwab it did matter I couldn't fight him more was this or too many boxers just me out there in the left-hand Corners just getting my right away the uh the real issue here is that there was a bogus raid on J and J and it worked and in the short term the Mark was an idiot the Market's an idiot short term all the time again am I telling you by JJ not the point of the story we went for the trust we buy it a ton more in a second but now we're Frozen I think it's certainly the whole point is that the pros get it wrong constantly or they're actually trying to get it wrong or they lie are they misdirect or the naive or they're short-sighted or they're short or they're trying to influence all these things make it very difficult to invest and they all happen that's why you come to this show because I tell you the truth about what happens the averages don't show it but that's the truth bottom line I don't blame you for freaking out in cash now but I do blame the Professionals for destroying your confidence with the foolishness rather than being discouraged when they screw up you should take advantage of the mistakes to buy high quality stocks that they run from because they're scared or don't know how to do the work
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