Kingsview CIO Scott Martin on Fox Business Making Money with Charles Payne 3.17.23
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Program: Making Money with Charles Payne
Date: 3/17/2023
Station: Fox Business News
Time: 2:00PM
CHARLES PAYNE: So take a look at this, folks. This is the weekly gauge of individual investor sentiment. It has plunged back to extreme bearishness just after about a month ago peaking into bullishness. I want to bring in with us now one of our favorite Kingsview Wealth Management CIO Scott Martin. You know, Scott, it’s interesting because a lot of folks on Wall Street use that sort of as a contrarian thing. But the irony is that people this has been spot on, right sentiment. It goes down right before market plunges. Sentiment has gone up. Right as markets have gone up. But overall, we know that these are the times or at least these these swoons present opportunities. But how do you have the ice water in your veins to truly take advantage of it?
SCOTT MARTIN: A lot of transfusion work over the last few weeks, Charles, with respect to getting ice water in there instead of blood, because that’s what you need. I mean, unfortunately, you know, back to that that blood comment. I mean, being human makes us scared. You know, we see things like this and the blood coursing through our veins and it boils and we get nervous when things like this happen, when banks fail, when it seems like the Fed and things you’ve been talking about during the program today, which has been great, by the way, when the Fed and the Treasury seems to be another step behind the curve here. So you need to kind of think about getting some ice water in your veins, though, because we’ve seen some things like this before with respect to Brexit, when we’ve seen the downgrade of the US Treasury debt, other bank worries, I mean Credit Suisse and Deutsche Bank boys and girls have been have their backs against the wall for for years now, almost a decade, and they haven’t failed. And maybe they will this time. But the point is, we’ve been here before and I think this time the governments are a little bit better prepared than say, they were in 07 / 08, and they’re going to take some necessary action to make sure that things don’t fly off the handle.
PAYNE: Well, to that point, though, I mean, you’ve gone a step beyond ice water because now you’re even saying buy banks. So beyond the notion that maybe that somehow that the government will find a way to ringpost or mitigate losses, what do you like about them and which banks are standing out for you?
MARTIN: Yeah. So again, just kind of getting on that that theory of just looking at where I think there’s some value out there with respect to just oversold conditions. I think some investors are some funds have been forced to sell some of these names. Charles So you can bifurcate it. You can go a little bit more on the risky side and the more regional risky side, which is your fifth third’s and your comerica’s which which have good balance sheets by the way. I mean, yes, there’s some unrealized losses there, but some of the paper, a lot of the paper that’s on their balance sheets is triple-A and therefore it’s going to be okay if especially the government comes to a little bit of their rescue, if they need if the deposits flow out. But then you can go another step up to the, say, higher rung of the banks if there is such a thing. And look at the Goldman’s and Jp morgan. So you have stuff that’s down like 40% in the regional side and stuff on the JP and Goldman side, that’s down 2,030%. And I think you can scoop, say ten, 15, 25% out of those names here in the next few weeks. I got.
PAYNE: 20 seconds. Just about an hour ago, Charles Schwab said they actually got in almost $17 Billion in the last week. Those are one of those names with, again, a lot of exposure to this held to maturity kind of thing. People put them on the watch list. The stock’s been down. Would you buy a Charles Schwab here
MARTIN: Already did. I’m going to buy some more. And look these banks to going forward. Charles, I know we’re running out of time. They’re going to have Lindsay Lohan or let’s say Britney Spears Spears type bad weeks in their future. But those are times like you said, man, you’ve got to get in and get some of these stocks and just be ready to cut them if they’re making you nervous. But I think they’re going to go up from here.
PAYNE: Okay. I don’t know what you’re talking about with the Lindsay Lohan. Bad week. But but
MARTIN: I’m I’m trying to get her back in the news, man. Sorry about that.
PAYNE: I’m sure it’s a cultural reference. Most of the audience.
MARTIN: She’s having a bad one. Trust me.
PAYNE: See you, man. Scott. Have a great weekend, folks.
