Kingsview CIO Scott Martin on Fox Business Making Money with Charles Payne 2.17.23
Program: Making Money with Charles Payne
Station: Fox Business News
CHARLES PAYNE: My next guest also is sort of is putting down or saying, hey, let’s ignore this official data out there and also fed rhetoric and just go with your heart and look at that. Look how sharp my man is today. Scot Martin Kingsview Wealth Management CIO. I mean, looks like you’re getting inducted to a Hall of Fame. Which one? I’m not sure. Pick your pick one, Pick one. You just look that good today, my man.
MARTIN: Wait. We’ve had some Hall of Fame picks, bro on your show. So that’s one reason I’m wearing the jacket. Number two, I can’t believe I actually said all those things earlier on the lead in about the notes before the show. I didn’t know we were going with our heart here. And lastly, if you can name the color of this jacket, you can have it.
PAYNE: Listen, I grew up in the era of seven crayons, right? And I know they’ve got the big boxes now with 84. And I don’t know any of these new fancy colors. If it ain’t yellow, I’m wrong.
MARTIN: I think it’s hollandaise, But we’ll just go with yellow.
PAYNE: Okay. So you say you go with your heart, right? You know, in your heart, growth and inflation is cooling and that the Fed should not hike any more than two basis points. Real quick, should investors do that more often? I’m being serious. You know, Peter Lynch said buy what you know. Should you also go with your heart, have more confidence in yourself?
MARTIN: Well, well, definitely have confidence in yourself. That’s just a good rule of thumb for life in general. I said two more rate hikes, by the way, Charles, have 25 basis points to eat March and May coming up. And I think that’s what the market knows. But see, here’s the thing about Peter Lynch’s point. If you buy what you know, buy what you like, isn’t that kind of using your heart anyway? So that’s what I like to do too. So if you look at stuff like Shopify that I’ve used, if you look at stuff like Tesla that we just recently took Monster profits on, by the way, things like that that are just great products that are involved in your life that you know very well that are good companies that deliver for you. I don’t see anything wrong with that.
PAYNE: Scott, How do you explain this market? Right. The earnings earnings season has been a disaster. If one day Fed officials are smack in the market, the next day Wall Street’s trying to smack this market. How do you explain the resolve of this market?
MARTIN: That’s a lot of smacking going on there even for the two of us. You know what’s funny, though, Charles? Bad earnings season. You’re right, man. I mean, some of the net profit numbers are crazy. They’re not good. They’re leveling off completely as far as downside. non-GAAP earnings are ridiculously bad. But you know what’s funny, though, man? The market has taken it pretty darn well. I mean, Nasdaq’s still up double digits year to date. So I think the reality is the market does want to go up. I think the market sees the forest for the trees. I don’t know anything else to rhyme with that, but just meaning that the market knows the Fed is closer to the end. In the beginning, the market knows that it’s already sold off a bunch. So it’s time to kind of construct here and I think build a portfolio and add other things that are.
PAYNE: Got less than a minute to go. I’m going to give you props on Tesla because you took profits up 90%. And by the way, you shared it with the audience. We appreciate that. But I also read where you’re buying waste management and that’s like I’m a little bit confused to go from Tesla to waste management. What’s going on?
MARTIN: It’s super gross, man. It’s also because I know that you and I are probably going to go to Taco Bell this weekend when I fly out to New York. So that’s one reason. Number two, waste management man. And if we are going into a difficult market, which is possible, difficult market, maybe a five, 10% pullback just because we’ve ran up so fast. Waste management is one of those stocks, Charles, that hangs in there. Well, in a down or bear market and has a little bit of a dividend on it. And obviously it’s one of those tried and true businesses that depending on how you want to want to look at it, it’s part of our lives in one way or another. Yeah.
PAYNE: By the way, I encourage everyone to look up the story of waste management. Wayne Huizengam inherits two trucks awesome one or two pickup trucks from his parents or uncle and he builds this gigantic business. Scott Love the outfit, my man. Have a great weekend. I’ll catch you at Taco Bell. All right.
MARTIN: See you, buddy.