Kingsview CIO Scott Martin On Fox Business ‘The Big Money Show’ 11.22.2024
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TAYLOR RIGGS: Let’s get to Bitcoin. You guys, this is unbelievable—flirting with that record, a hundred thousand dollars. We’re just almost there. This is after a slew of sort of Bitcoin bullish things came out. First, SEC Chair Gary Gensler says that he will step aside on January 20th, and Trump Media is reportedly considering a crypto payment service. Scott Martin, Kingsview Wealth Management CIO and Fox Business contributor, is here with more.
SCOTT MARTIN: And Gap shopper—all of these—and thanks for leaving me out of that conversation, you guys. I mean, what would you buy me? A tank top? Bathing suit? Speedo? I don’t know, but still, no.
TAYLOR RIGGS: We could buy you that with maybe a Bitcoin. How about that?
SCOTT MARTIN: Thank you.
TAYLOR RIGGS: All the things I listed with Bitcoin sound bullish. Are you in on this rally?
SCOTT MARTIN: Yeah, we are. And Taylor, we’re in on it for maybe a different reason than most. It’s because it’s actually acting like a real asset class now, meaning it has its kind of correlation values that are attractive vis-à-vis bonds and stocks and vis-à-vis gold and things like that. And I think, Taylor, when you look at Bitcoin nowadays, it’s all the hype. It’s all the rage. And so, as you know, with Bitcoin and the finite kind of amount of Bitcoin that’s out there, it’s kind of an interesting situation where it becomes a self-fulfilling prophecy. And with all the proliferation of investments that are out there and Bitcoin now, the recent ETFs that were launched, of which we own some of them, it kind of drives up the price on its own, provided there’s enough buyers out there to chase it. And once we hit that hundred K mark, I think they’re going to keep coming.
LYDIA HU: In speaking on this retail theme, Scott, I know that you are thinking about buying things that are maybe not performing quite as well, like Target. That’s something that’s interesting to you right now. Why is that?
SCOTT MARTIN: Yeah, typically places Brian shops, actually, Lydia. So, just we’re looking off of him there because, I’ll tell you, I think, Lydia, this is one of those issues where it’s like the market has overpriced some of these stocks, and some of these stocks have just rocketed up. I mean, you have some of the names on there. They have not done very well of late, especially Kohl’s. Especially Target—it got smashed the other day. And for our money right now, given that the market has had such a great run, we had this huge hype after Trump got the election, and the House and Senate moved over to Republicans. That was something that was kind of overdone. And so when the air comes out of the balloon here, I think the companies that have gone down the most are the ones that will likely hold their value better and rise again versus the ones that are already overvalued and have not fallen yet.
BRIAN BRENBERG: I was more of a Kohl’s guy, I think, back in the day, Scott.
SCOTT MARTIN: Marshall’s for me too.
BRIAN BRENBERG: I think they sold Ocean Pacific. Remember Ocean Pacific?
SCOTT MARTIN: I love Op. Tommy Bahama.
BRIAN BRENBERG: Hey, I got to ask you about this though. We’ve got the Treasury Secretary race, okay? Kevin Warsh—his name has kind of gone to the surface. They’re talking about maybe secretary, and then he moves into the Fed Chair role. Do you think he’s the guy? How do you read this?
SCOTT MARTIN: Yeah, I think it’s going to be probably Warsh, Brian, because I think he’s the safest choice. Scott Bess is out there too—Charlie Gasparino was talking about him. Other than sharing a first name with me, I don’t know a ton about him other than he’s a real kind of calm, easygoing guy. But he’s kind of almost a little bit banal and boring, which is what we need after what Janet Yellen has or hasn’t done. So certainly, that’s a possibility. But I think Warsh is probably the choice here still, just because I think it’s the clearest path. And don’t forget too, a little kicker—Warsh is kind of a deficit hawk. So that’s something to think about too, as we go into this kind of tax-and-no-spend thing or no-tax-no-spend. It’s kind of like, all right, well, how does he square that circle with regards to how great the Treasury has managed their budget over the last 20, 30 years?
TAYLOR RIGGS: Good point. And how the bond market may or may not react to all of that. Scott Martin, thanks so much.
SCOTT MARTIN: See you guys. We’ll see you at the Gap.
