Kingsview CIO Scott Martin on Fox Business Making Money with Charles Payne 6.2.23

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Program: Making Money with Charles Payne
Date: 6/2/2023
Station: Fox Business News
Time: 2:00PM

CHARLES PAYNE: All right, folks. We began this show saying just how much Wall Street loves government spending. I want to bring on my next guest who, by the way, knows a thing or two about spending a pretty penny himself. Visiting us today in Studio Kingsview Wealth managing CIO Scott Martin.

SCOTT MARTIN: Careful, I’m hungry, Charles. I skipped lunch to be with you today. So therefore, watch out. Taco Bell and Burger King. I’m going to both.

PAYNE: Yeah, that’s like the perfect cue. It’s awesome. Let’s talk about this market, your thoughts about it.

MARTIN: It’s a crazy day, man. And this is I think you said Bizarro World was your quote. It’s a weird day. It’s it’s one of those days where I believe that there are some folks obviously caught offsides from the reaction in the markets, the kind of multi hour rally that we have going on. But also, Charles, I think it’s a little bit of relieving to see the market behaving in a more positive manner to frankly man. So so data, I mean, the data this morning was better than probably it could have been if you look back a few weeks ago and thinking about the payrolls number and the wage growth number, but it was still not great data. If you think about where the Fed’s positioned here with respect to owning to at least owning up on some interest rate hikes, which I see in my future are right here. This looks like the order.

PAYNE: This is the order.

MARTIN: Oh, my God.

PAYNE: I had to bring in the order, by the way. Oh, no. One thing is missing.

MARTIN: Where’s the Baja blast freeze!

PAYNE: The Baja blast they didn’t have it.

MARTIN: See they never have it. It’s like eight dollars now.

PAYNE: This is $26 worth of Taco Bell. I know. That’s like you. That’s a regular sit down.

MARTIN: This is nothing. This is.

PAYNE: I wanted you to be comfortable while we were doing this.

MARTIN: This is great. This is great. I feel right at home.

PAYNE: You haven’t. You’ve been one of the few who’ve come on this show week after week for a long time throughout this entire bear market, always relatively calm, always looking for opportunities and sort of pushing back on the overall Wall Street narrative that there’s a lot more to go, that this bear market is going to last a long time. So what do you say to investors, though? I mean, because a lot of people have been spooked out of this market. They have by the experts.

MARTIN: Yes. By the quote unquote, in-the-know people. The calmness, by the way, is just an act because I get freaked out, too, when we have days like we did in October when we have these big drops and it feels like the Fed’s going to never stop raising interest rates, it feels like the economy is never going to grow again. Here’s the weird thing, though, man. The thing that I look at a lot is some of the AAII sentiment. A lot of stuff you talk about bullish bearishness and the vacillations that go through those sentiment indicators.

PAYNE: Man Well, what’s interesting to me. Go ahead. Keep talking. I never had one of these before.

MARTIN: I mean, this is nacho bellgrande.

PAYNE: So yesterday the AAII comes out bearishness. It goes down quite a bit over the last four weeks. But bullishness hasn’t. It hasn’t. So we’re really neutral here. What are you buying in this environment?

MARTIN: I’m looking for cheap stuff and that’s not the stuff that’s been really popular now this year.

PAYNE: What constitutes cheap, though?

MARTIN: Well, how about single digit pieces like energy? How about Pioneer Resources? How about EOG Resources? How about anything in the energy space that’s like Fang, for example, Diamondback Energy, something in this, say, single digit PE ratio that’s still paying a nice dividend like those companies are 2 to 3%, some a little bit higher in the energy space. I like that area right now, Charles, because tech is run way too far in our opinion, at least for right now. We did ride some of that up, but now we’re moving some money over.

PAYNE: All right. There’s a big OPEC meeting on Sunday and and the scuttlebutt is that there could be big news out of there. So definitely people want to be positioned in these energy names. If you don’t have any energy in your portfolio, you probably should have some for this week.

MARTIN: I think you. Should. And if you don’t want to do a bunch of energy, like if you don’t want to do, maybe those three stocks we just talked about, look at XLE, which is the Spider energy basically Sector ETF, which has all those names in it and also is a way to maybe play a few of those at one time and still get what I think is going to be a positive news out of OPEC with respect to oil prices going back up. I don’t know how you keep it just like that.

PAYNE: I don’t know how you stay so slim, my man. This is a big meal.

MARTIN: I run a lot and I fast.

PAYNE: This is the. Infamous meal at my man that my man had to put him in infamy. Like, I mean, just. You’ll always be famous for this.

MARTIN: You guys got the order exactly right.

PAYNE: There’s your order. There’s your order Before taxes, 25.40 came out to 28 bucks, right? You could feed a family.

MARTIN: And you know what people say to me? They’re like, oh, it’s not even 28 bucks. There’s tax in Chicago. Hello. It’s like the highest in the country. So, yeah, you add about 10% tax to that. It’s 27, like 95. Sorry, I rounded up Internet. All right. Enjoy, man. This is good.

PAYNE: Coming up on the show, if I survive and I’m going to eat some of this during the commercial break.