CIO Scott Martin Interviewed on Fox News 7.21.22 Cavuto Coast to Coast
Kingsview CIO Scott Martin discusses recent COVID developments and the economy’s reaction. He talks about what we might have seen a year or two ago in these same circumstances, and whether the economy is “dealing” with the latest uptick in cases.
Program: Cavuto Coast to Coast
Station: Fox Business News
NEIL CAVUTO: All right. We’ve got a market that’s up right now. You’re looking at and saying 26 points, let’s not have a party with this. But we have been down over 300 points. And a lot of that came on this initial news we got. I’ve been telling you that the president testing positive for COVID because it almost seemed like all the boldfaced names in Washington and Hollywood have gotten this except the president. So he joined a club that’s gotten very, very crowded. Scott Martin on the reaction to all of this. Scott, I guess if this condition were a lot worse or there’d be a lot more worrisome signs, we wouldn’t see the numbers we’re seeing. But what do you think?
SCOTT MARTIN: Well, what a wild time, Neil. Things feel like they’ve really gotten crazy, man, in the last just like, few days. And forgive my dress today. My tie, I think, has COVID. So I just left it at home, and I’m sure I have it, too. Believe it or not, I mean, I tested today, but you know what I mean? You and Dr. Janette did some amazing things in that interview, talking about how COVID symptoms don’t they show up? But then you don’t test positive for a while. Neil, can you imagine there’s many of us that are out there that may be carrying it. But the point is this we’re so far along in this process. She mentioned the corona, the monoclonal antibodies and things that are out there now that are helping kind of deal with this. The economy’s got those antibodies, too, because we’ve gone through this now for two years. We’ve managed the best we can, the flow of employees, the flow of labor, obviously, the flow of hiring and the flow of spending. Can you imagine, Neil, if this was happening, this kind of stuff, this outbreak, the president, etc., was happening about a year ago. Two years ago, we’d be down 1000 points.
CAVUTO: I do worry, though, you’re right.
MARTIN: Rallied four points already.
CAVUTO: No, you’re quite right, Scott, and I’m not wanting to be an alarmist at all. I so I try to find a balance between being, you know, wise about this and going maybe too cavalier about this. And given what we’ve been through and the mask requirements and the shutdowns, I can well understand America’s predisposition to say, no, no, no, no, no, don’t even go there. But if this were to escalate, as we’re seeing in Europe and the United States, albeit escalating in cases, not severity. But but but it is picking up steam if and I’m saying if my friend this were to really gain some traction again or any one of these new variants proves unstoppable with existing treatments. Then what?
MARTIN: I think it’s kind of no mas, no fuss, man. I think this has become part of our fabric, both in the markets, the economy and our lives. It’s scary to think about, but it’s also something that in a way be kind of proud of it. I mean, we’re getting through this the best we can, and I am not a doctor. I don’t play one on TV. But part of getting over this and the variance and things like that, they’re getting less severe in some cases. And a lot of cases, a lot of cases that I’ve been familiar with with friends and family members. So, Neil, the economy is dealing with it. And so it’s almost like the economy’s getting passed it to somebody, just like we’re getting passed. Neal, as you’ve seen some of the earnings reports take place this week with some of these companies, Netflix and so forth. Not great numbers, my friend. But what’s happening? These stocks are rallying because they’ve already got it down. The sellers are already gone. And so the market got so nasty, so bad it got, as we’ve said before, to each other, it got so dark before dawn that things are going to be okay. It’s going to be a struggle. I mean, if if research is to your point, there’ll be people out of work. Restaurants may be closed because of staff and things, but it doesn’t feel as scary and severe, at least in my mind, which could be anything because of the brain fog and everything you talk about self, self, self imposing. It’s like it doesn’t feel as scary this time and I hope that stays the case.
CAVUTO: Yeah, the markets are as resilient sometimes as the American people, so we hope that does stay the case. Scott Martin, thank you very, very much.