Kingsview CIO Scott Martin On Fox Business – Making Money with Charles Payne 11.7.24
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CHARLES PAYNE: So my next guest says investors have to learn to let market pullbacks and swoons work for them. Let’s bring in Kingsview Wealth Management’s Chief Investment Officer, Scott Martin. Scott, when you say that — what exactly do you mean?
SCOTT MARTIN: Well, I mean we shouldn’t always just be buying high and selling low, Charles. I mean, look at this ensemble today — do you think I chased this thing at high prices? No, I waited for the price to come back into my range. Just like you should, boys and girls, when it comes to your favorite stocks. So take these swoons or these pullbacks as a good reason — or a good opportunity — to take another bite or two of the stocks you like, and sell them when they go up. Don’t chase them when they go up — buy them when they go down.
CHARLES PAYNE: You know what’s interesting, Scott, is that over the last several years, although you’ve dabbled in some of these AI plays, you’ve always been pretty firm with more traditional ideas — the kind that made Warren Buffett rich, for instance. I guess the moral of the story is that investing for the long term also plays a role, right?
SCOTT MARTIN: It does. And the way we’ve played AI, Charles, at Kingsview is we bought the traditional names — the Amazons, the Metas, the Microsofts — and those are still, obviously, some of the core players. But not some of those high-flying names you hear about all day long on Fox Business — and that’s okay. Those big names aren’t just AI companies; they’ve got other things — software, cloud, systems, hardware — all kinds of businesses. And for my money, especially given how high and hyped AI has become, I want to stay with those big-money names — like the Googles on the screen there, the Amazons I mentioned, even Apple, for goodness’ sake — which should really figure out Siri if they want to talk about AI. But regardless, Nvidia, those are ones we’ve had for a long time — not just for the AI play, but for the strength of their other businesses too.
CHARLES PAYNE: Right — core holdings. Core holdings that a lot of people have. Let’s talk about ideas right now. You like Eli Lilly, which was a high flyer — they’ve got an amazing drug and others in the pipeline. But I want to focus on some other names, because you like Costco, Canada Goose, and Lululemon. They’ve been under some pressure. It feels like the consumer’s starting to struggle — do you think those stocks have already priced that in?
SCOTT MARTIN: I do. I think Costco had some tariff pressure and some slowdown with consumer spending, but let’s face it, Charles — you mentioned it before the break — we all want the most bang for our buck when it comes to food, and Costco is exactly the place for that. Look back six months ago — even three months ago — Costco was basically on the floor. Now it’s back up in the high $900s or low $1,000s. Canada Goose — my friend, you and I talked about those lovely jackets ahead of this terrible winter we’ve got coming in Chicago, because we’re due for one. Canada Goose is up off the floor too — around $12.37. These are stocks that were hit pretty hard over the summer and early fall, and they’re coming back strong now.
CHARLES PAYNE: By the way, just less than a minute to go — last week I was reading an article during earnings season, and I think I found your dream job. A guy at Wells Fargo — maybe he’s got the job you had before, Zachary — he covers Chipotle. He weighed seventy-five Chipotle burrito bowls! I’m not sure if he had to eat any of them, but you can see the crazy range of consistency right now. He says there may be an opportunity there. Obviously, I thought about you, Scott — the way you eat those burrito bowls! You could get paid to do it — maybe a side hustle.
SCOTT MARTIN: I love Chipotle. I love CMG. It just got smashed the other day on earnings, and I think Chipotle’s another buy here. Maybe after one more little swoon in the stock — I’d take it up around $27 or $28. And I’d challenge Zachary — if he wants to go to Chipotle and weigh those bowls, let’s actually eat what’s in them! I’ll take him up on that any day.
CHARLES PAYNE: Okay, Zach — I hope you heard that. Scott, have a great weekend, my friend. Appreciate it.
