Kingsview CIO Scott Martin On Fox Business Cavuto Coast To Coast 12.7.2023
NEIL CAVUTO: Scott Martin is with us right now. Scott is one of those homeowners who really wants to dazzle potential buyers.
SCOTT MARTIN: As a recovering homeowner, I do decorate my home and aim to rival the Christmas tree, or whatever tree that is, the lean tree over your left shoulder. And gosh, I love Glen Kelman. He’s really a great dude, very confident, sees the big picture. So he has always been cautious, but he’s not getting crazy. How do you see things right now? Because one of the phenomena going on is not only the lower rates that we’ve been seeing at a 10-year now, barely over, what, 4.10%? So, I’m looking at that, and I’m looking at Bitcoin on fire, a little less, but hitting 44,000 now, around 43,000 coins. That seems incompatible, or is it compatible at times and then incompatible at others? When you think about the real deal behind Bitcoin, I mean, what a situation that has turned into. I mean, just a few months ago or a year ago, Bitcoin was supposed to go to zero after thinking it was going to go to a hundred thousand or whatever. So, where is it?
NEIL CAVUTO: Do you think this is getting ahead of itself?
SCOTT MARTIN: I do, and I think it’s that whole theory, Neil. Obviously, as Glenn even mentioned, as you talked about with him, some of the wars and things going on, some of that, at least, say geopolitical tumult that’s out there. I think some of that flow that we talked about last time, my friend, some of that money’s gone away from the gold and the silvers, the traditional alternatives, your father’s alternatives, my alternatives that I grew up on back in the day. It’s now Bitcoin, Ethereum, and all those things, and Ripple. And so…
NEIL CAVUTO: What do you think about the overall December market? Weak into it, I know, but the Santa Claus rally continues. Others say that in an election year, a presidential election year, it’s also a very good one for the markets. So, sort of lay it out.
SCOTT MARTIN: It should be, it can be. The best year of the election cycle is actually year three, which we’re just finishing up. And year four, depending on what the political environment is, which I believe the market is going to preempt this China, let’s say sea change, to use a word that Glenn used, where we’re going to have a sea change in the political environment with regards to the White House. I think the Republicans are probably going to take this one. So, the market probably looks at that and looks at that outlook at a better business environment. But two, Neil, I still like the fact that there’s still some good, hard, true bears out there. Some pretty bearish people are still quite… they’re still out there saying, no, this is a fake rally. It’s not real. Earnings are going to go down. The consumer’s in big trouble. Nobody’s going to decorate their homes, which is not true because from your house to my house, we’re decorating, believe it or not, it’s only better than ever.
NEIL CAVUTO: Only so much tinsel.
SCOTT MARTIN: Left, more beautiful than ever. So the more haters we have out there, as the kids like to say, the more the economy and the markets are going to be in good shape. And rates are coming down, they’re stabilizing, and if at least they come down or stabilize, that’s way different than where we’ve been in the last two years, and that’s what the market likes.
NEIL CAVUTO: Got it. Thank you, my friend. Very much, Scott Martin.