Kingsview CIO Scott Martin on Fox Business Cavuto Coast to Coast 4.19.23
Program: Cavuto Coast to Coast
Station: Fox Business News
NEIL CAVUTO: All right. Tesla cutting prices again. I think I said that it’s the second time this year. It’s actually the second time this month. It’s the sixth time this year. So I always think of people who have bought Teslas that were seeing these price cuts several price cuts ago or before the price cuts started in the first place. Hey, where’s my price cut? Scott Martin is among them. He’s a Fox News contributor. I have no idea if he’s among them. I do know he’s a very smart read of the markets and this whole trend of EVs say this of what? Of this move, though, Scott. If you’re looking for that chasm between the price of EVs and regular gas powered cars to narrow, it looks like Elon Musk is doing his part to do that. What do you think?
SCOTT MARTIN: He totally is. I am a guy, Neil, to align with you and some of the viewers always looking for a price cut. I don’t care if it’s at Taco Bell or if it’s on a car lot. And you’re right, man, It’s funny who he’s who’s mad at him about this. I mean, he’s had, like you said, a series of these price cuts. He’s doing what he can to to decrease that chasm. As you mentioned, as Biden and other other folks in DC say, no, you got to drive EVs by now. California mandating it in some number of years here, Neil. And who’s mad at him? Exactly like the people that own their cars already that already paid for them and love them, as we know by many surveys that are out there that show that a lot of Tesla owners are very, very pleased with the car versus new customers, which last time I checked was what he’s trying to get. If he is a businessman and somebody that’s running the company well. So I don’t think it’s a bad thing other than maybe it’s bringing some of that publicity to Tesla again to distract from the Twitter debacle of today and yesterday and maybe does good things for the car sales going forward.
CAVUTO: You know, he has talked about other things as well. You know, he’s always in the news given his wealth. And, you know, he’s a pretty influential guy. He’s bemoaning corporate and commercial real estate. More to the point, he’s talking about artificial intelligence and where he’s there and he’s surprised this isn’t showing up. I’m making that extension here in the markets or in groupthink. These concerns that he says others are ignoring. I don’t know if he’s saying we’re headed for a crash. I don’t think he is. But he’s concerned and says you should be concerned because no one else is concerned. What do you think?
MARTIN: That’s a good call sometimes, but it’s also other people are concerned. I’ve seen it on on our network and others for the last several weeks, maybe even months about this this crash in commercial real estate. It’s kind of like that joke, Neil, about the recession that’s coming in the market or in the economy. Isn’t it funny how price today, Neil, has a funny way to borrow your lead of saying it, of showing it, rather, if I could actually say it in the sense of prices have held in there pretty well as far as stock prices, REITs that own that commercial real estate, I mean, that’s the ultimate judge. So far. So far so good. I’m worried about what Elon says about AI, though, because I think he might be some sort of a version of an AI future robot that’s come back in the past to talk to us. And if he’s concerned about it, then that’s something to take a warning from.
CAVUTO: Yeah, it would be like if you just said, get out of the market, get out of the market.
MARTIN: Or if I said don’t eat fast food. Yeah, exactly.
CAVUTO: Always good seeing you, Scott. Good sense of humor and good at kidding yourself. Scott Martin.