Why Nvidia Dragged The Market Down & Jade Shenker (Owning Manhattan on Netflix)

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3:15Hey, everybody. It's me, the Einstein Wall Street from the floor of the New York Stock Exchange. What a great day to be alive and to be in this market. Ladies and gentlemen, I'm going to be your temporary host sitting in for Nicole Lappin of Money Rehab as she is on maternity leave. Let's all wish her health and happiness for her and her family. It's a beautiful thing. So stay tuned. We're going to be doing episode after episode every day of what the heck's going on, giving you a forensic breakdown of what's happening into the market as we end 2024. and stay tuned for some of the best interviews I've done since the beginning of this show in 2024 in food, in fashion, in finance, and fun.

3:55We'll be seeing a lot of you, so stay tuned. Three, two, one. Hey, everybody, it's me, the Einstein of Wall Street. We are here with Trade Like Einstein. I am Peter Tuchman, and we're here on the floor of the New York Stock Exchange in the balcony. History is made in this building every single day. Somebody with my long-term experience, I've been here for 137 years. It is my responsibility to help teach you how to navigate this market successfully. Boom! Hey everybody, it's me, the Einstein of Wall Street from the Florida New York Stock Exchange right under the podium, forget about it. So look, where are we?

4:30You know at the end of today because we did have a little bit of reversal, the market got taken down by NVIDIA. Stuff out of China, there were some accusations about an antitrust thing, a monopoly story. And so there were some major accusations against NVIDIA, which has been best of breed, Jensen best of breed for the whole year. It's carried the whole market. It was the first time there was really any kind of bad news on it. And you know how one stock can really drag down a sector, and that's what it did. It took the NASDAQ down. We broke a winning streak in the NASDAQ. But it's a day. A day doesn't make a market.

5:01A week doesn't make a market. So the market was all red throughout the day. I think we closed down around 25 handles on the S &P. Friday, we traded and closed at record highs. We had the economic data. we were looking for. Unemployment did tick up a little bit and that was majorly a function of the hurricane and some strikes that was up from 4.1 to 4.2 but still the trajectory has been great with employment and the numbers have been good. Payroll numbers 277 versus whatever last month we only had 12 to 14 000. This month we're back into the hundreds on jobs created non-farm payroll jobs right.

5:36I'm trying to get the psychology and the mental the mental state because you know when you go home after listening to me, you're going to hear everybody in the mainstream media talk about, oh my God, it's over, the selling off, it's the beginning of the end, blah, blah, blah. But that's not necessarily the case. When we see markets roll over, it's a lot different than what we saw today. Today's red action, today's sell-off in the market, look, it wasn't even a sell-off today, it was perfectly honest. 25 handles in the S &P is kind of a pebble in your shoe, right? And so you need to understand that we've seen there are some stocks that are so powerful in their sector and in their index that they can actually contribute to the whole market going up or the whole market going down.

6:20The reason Nvidia is the stock it is today may get impacted on the monopoly story but for the most part nothing fundamentally has changed. Stocks that got hit today that are not Nvidia, that are not going up against a monopoly charge, this is the kind of day that is an opportunity when the baby gets thrown out with the bathwater and stocks get sold off in an index or all over the market because of one particular stock and everybody starts dumping stuff, then that stock that you didn't want to pay top dollar for is trading at a discount down$5, down$10. That's the time you have your shopping list.

7:00That's the time you see the opportunity. You should have a bell flashing, a light flashing in your house. Ask yourself the question. I think like putting post-its all over the place. The rules, right, about never turn a winning trade into a losing trade. Always having a plan when you get into a trade. Using technical analysis and risk management when you get into trades. Always protect your downside risk, whether it's an investment or a trade. We've got plenty of wild cards. We've had quite a wild year, right, between the whole polarity around the election. You've got two wars going on. You've got the whole thing in the Middle East and oil and all those things.

7:35Yet the market has continued. Yet Friday, one trading day ago, this market closed at record highs across every indice. That is crazy. The S &P is up 27 % for the year. The economic data that came out this last Friday was spectacular. Now, all that being said, we've got CPI, PPI this week. very important flag, economic information that is the inflation target that basically the Fed will make its decision. The wonder is, are we going to trade the year? Are we going to close out the year at record highs? I can't tell you. The market's going to go up, market's going to go up. I cannot tell you for sure that's going to happen.

8:17But the market tells me on a day-to-day basis throughout all the things we've seen this year that there is so much money on the sidelines, people who haven't jumped in yet who are jumping in. People are putting money to work. They don't want to miss this boat. So many of them have missed the boat, whether it's in crypto, in equities, in the S &P, in tech, right, because nobody ever wants to pay the high. And all year, every day, every week, every month, this year, we've had 57 record closes this year. Imagine that. I don't know how many trading days there are in a year, but we've had 57 record closes this year at the New York Stock Exchange.

8:55Isn't that crazy? So it's like, I don't want to pay the high, but I'm sitting around watching today's high, maybe tomorrow's low. Right? So look, there's always opportunity in markets. There's never a bad time to buy the market. If you're thinking about a long-term investment, disclaimer across the board, I'm not your advisor. I'm just trying to get you into the right mental state and psychology of learning how to trade and invest correctly. Taking the emotion out of it. your first trade, if you are making an investment in a company, do your homework. Check out the company, the four Ps, process, product, profitability, and the people.

9:33That's what makes a good company, right? I learned that from Marcus Limonis. That's what makes a good company, okay? But look into the company, and if nothing's fundamentally changed when the market pulls back and you've been holding off on buying the stock because you didn't want to pay record highs, have your shopping list and jump in there. But make a determination how much you totally want to invest in that company and may your first dive into that company be your smallest. And then add on. If it goes up, add on. Going up, if it comes in, average into the stock. That's the only time you ever average into a stock.

10:08Anyway, ladies and gentlemen, it's a beautiful day here even though the market sold off. These are days where it's fascinating to see how everyone talks about it, how other parts of the market sort of fall suit when we do sell off. We haven't had that many. I mean, literally, we've had seven, eight at most. I would say we've got, you know, you can count them on one hand if you had seven fingers. How many times we've had any kind of consolidation sell off correction this year at all? And I don't even think we've had a correction. We surely haven't had a crash, but we've had a couple of pullbacks that a couple were significant, right?

10:39But I've talked about it. We had an April 7 % pullback normal after the best first quarter since 2019. May and June, Everybody talked recession, depression, all that stuff. That didn't happen. July, a little bit of a pullback. August 5th, the Black Monday crash in Japan. That was a very complicated trade. I've told you all about it a million times. September, first week, the worst week for tech since COVID. The second week of September, the best week for tech since COVID. I think that little scenario, that little tidbit basically describes this year. That in September, the first week of September, it was the worst week for tech since COVID.

11:16That's a huge, that's a mouthful of a statement. And then week two of September was the best week for tech since COVID. All in one week. You can have a completely, look, bull markets used to take 10 years, generations to happen. We can be in a bull market at 11 o 'clock and we can be a bear market by the time the market closes. That's the way this market is. The accelerated pace, the news cycle, it's extraordinary. Anyway, I'm going to wrap it up. I love you all. It's a great day to be alive. It's an amazing market. wake up, find some kindness and gratitude in your life and your attitude, right?

11:48And take seriously this market. I need people to invest in stocks and not stuff. I want you all to consider your life and your life's goals of portfolio and build it in a responsible discipline, consistent fashion. Anyway, I wish you all the best. I love it here. It's a beautiful day to be alive. Bing, bong, Shotzi. I'll see you later.

12:13Money Rehab will be right back. And now for some more Money Rehab.

12:24Hey, everybody. Now that we've done the wrap up on what the heck's going on, episode 9 ,487, please stay tuned for one of my favorite interviews of the year from 2024. It's coming right at you. Hey, everybody. It's me, the On Center Wall Street from the balcony at the New York Stock Exchange. You know, I bring you food, finance, fashion, and I've never brought you real estate before, but today is something special. Okay? I'm here with Jade Schenker. Schenker like Schenker. Like Schenker. Like Schenker. You don't even need to think about it too much. Look, let's go back probably five, ten years ago.

13:04I'm sure you've all watched Million Dollar Listings. I know I used to binge watch it with my son, right? Ryan Serhan. Let's talk about it. New York, real estate, retail, commercial. Anyway, this wonderful lady who I recently met is a groundbreaking commercial real estate agent, okay? But she's so much more than that. We're gonna let her tell her story. It's a human interest story in so many ways. You know I love to let people tell their stories about how they got here, what it was like, what it's like now, and what the future looks for them. We're here on the floor of the New York Stock Exchange.

13:37There are thousands of companies here. many of them are in the real estate space, whether it's REITs, Real Estate Investment Trust, whether it's huge companies that are commercial real estate companies and whatnot. But it's all about the deal, right? It's all about the deal, making a deal, making bids, making offers. That's what's exciting. That's what gets us up in the morning. We always tell you, I always tell you to go out there and find something you love to do, get really good at it, and then you will never work a day in your life. And I think that's what we have here with my new friend, Jade.

14:08Welcome. Oh, my gosh. Well, thank you for having me. Okay, that is, I think, one of the best intros I've ever had. So thank you. And this is probably the coolest place I've ever been. I mean, just the photos that you were showing me upstairs, I feel so grateful, especially because women who weren't allowed to vote were here and women who weren't even allowed to have cigarettes, right? Is that right? And think about it. So this building was built in 1903. They started trading outside this building in 1650. Already in the 1650s, there were 26 brokers that used to trade commodities on the bottom of Manhattan.

14:45So Wall Street used to be there was a wall and above the wall was just forest. And that's where George Washington was inaugurated. But this is the heart of the financial district. You loved the deal, the art of the deal. So let's talk about it. Tell me a little bit about you. Well, I am a commercial real estate agent and I'm also in the reality TV space on a show called Owning Manhattan on Netflix with Ryan Serhant and a bunch of other real estate agents. And I'm the only commercial agent. And the reason that I got into it was because my family, I come from a long line of real estate developers and they've always been male, male, male.

15:21And I mean, since I was a teenager, all my dad taught me was there's always a way to get something done. So, I mean, I would cold call. You probably remember this, but the Village Voice before there was Craigslist before there was any sort of like classified Classifies in the back there with And he used to have me go through the Village Voice to do for sale by owner and try to negotiate these deals when I was 14 years old So I always saw an opportunity to be like okay. Well number one How do we get a deal done? Right? How do we understand the other person on the side of the deal and what they need in order to get it done?

15:57So being a little bit more intuitive to that. And then also, how do we take a building, especially in a market like right now, that commercial is tough. Commercial is not at the place where it was in 2019, where everyone was leasing out office space. The world changed. Think about WeWork. Think about how that's changed. Think about how COVID changed, all that, and the whole landscape of the real estate market has changed. And coming from an owner's perspective, I've always been so frustrated because I'm like, well, we have this building. We have these spaces. Why aren't we marketing it in a way that's hitting people globally, that's actually getting people's attention?

16:31So, you know, I saw Ryan Serhant's way of marketing and, you know, doing YouTube and videos and having events. And I was like, well, why aren't we taking this amazing residential approach? And why don't we bring it to commercial? Because commercial is, what, like a two or six trillion dollar industry? Why has no one done that? And I was like, well, OK, let me try. And I mean, the faces I used to get from other brokers, they're like, oh, my gosh, what is she wearing? What is she doing? But I'm like, well, well, your opinion is completely valid and I understand that. But you're talking about it, right?

17:02So you're not talking about that other building. There's no such thing as a bad review. If somebody is talking about what you're doing, then you're getting a point across. Exactly. And what I saw was the more people talked about something, the higher the SEO was on it and the shares. And you know what? It just takes one person, one person to be like, wow, okay, that girl who threw an event in that commercial space. That commercial space, actually, you know, this person's looking for a commercial space. Can I connect her? Or, you know what? I actually like that she brought 130 people to come see this building.

17:32Or her YouTube video hit 1.5 million people between the United States, South Africa, Dubai, Israel. And maybe she is on to something. And that's what I kept on doing. And I was like, you know what? I'm just, I'm going to listen to my gut. And I know what I'm doing. And I kept on doing that. And we were able to put a lot of buildings into contract at record prices. I mean, even like last year, I think the average price per square foot in Union Square was like$600, anywhere between$400 and$600 a square foot. We sold a commercial condo for just under$1 ,300 a square foot because we— Just doubled.

18:11It's crazy, you know. So I know that, you know, it's still early and people are still adopting this new way of marketing. Is this a new way? I need to ask. So look, I read about you. I wanted to find out more about you. And there are obviously stories about your dad, right? So tell me that. Give me a little. I mean, you obviously, do you have siblings? No, I'm an only child. You don't. So you're an only child. I'm an only child. So are you the daughter that your father had that he really wanted you to get into the business he was in, but he wasn't sure if it was going to be a business that a woman could break into?

18:41Yeah. Or were you the son that your father never had and it was a different thing? Well... Tell me about that. Yeah, I mean... Because we all are a function of our family. like my father, Eastern European Jews, came to America after the Holocaust. I was going to be the doctor that he went on to become. It just wasn't my calling. Tell me about that for you. Yeah. Obviously, growing up under your father's, he was a real estate person. Yeah, yeah, yeah. So, same thing. My grandfather and my great-grandfather, they came here from Eastern Europe, from the Holocaust, and they were very strict. Were they in real estate?

19:13They were in real estate. They were already way back. They came here and got in real estate. So, early part of the century. Early part. And then they came here, and my dad was like, you know what? There's something to lower Manhattan's. And that was whenever East Village was like super in the slumps. You could buy a building for$100. Yeah, exactly. So he bought a lot of things in the East Village, in Little Italy. Avenue A and all that. Right down the street on John Street. So what year was that? That was in the 70s. In the 70s. So he bought a block for half a million dollars. Yeah, you could.

19:43And he went against the grain for the family because they were more conservative. And back then, he was dealing with, you know, the mafia. He was dealing with artists who were shooting things. Like, it was just like crazy things. You think about the Lower East Side in the 1970s. That's Andy Warhol, Basquiat, drugs, you know, just storefronts, building fronts. I used to be able to walk down Avenue A, and there was literally, there was just, it was just rats. There was no, nothing, the buildings weren't even there anymore. Yeah. It was just the facade and people and bums living behind there, right?

20:15Yeah, it was crazy. And nobody had the vision. Obviously, your dad did. Nobody, if you ask anybody, we're not going to touch this with a 10-foot pole. This is going to be dead forever. There's no future to this neighborhood. And if you think about it now, it's like, why didn't I think of that? I could have, would have, should have. Like, that mentality. So your father did that. Yeah. How amazing is that? I mean, it was crazy. But stories, I mean, dealing with people who weren't paying rent that were going to hit him with a baseball bat and dealing with that. You have to have chutzpah. Yeah, huge.

20:43You know? The Schenkers have chutzpah. Let's be clear about that. You have to have it. And he always wanted a boy. There you go. Yeah, he always wanted a boy. It's okay. My family is males, males, males, males, males, and you have to keep the family name as well. Yeah. And he had a girl. And he was like, okay, well, it's different. And the way I was raised was, okay, because I'm an only child, he had to teach me the business because that's, you know, you have to. But at the same time, it was always where, you know, Jade, you don't have to work and get married. And I got married early. You did?

21:19I did. I got divorced early, too. There you go. Give me five on that one. You know, and it was. First in, first out. Let's go. Life on five. That's the way to go. I think it's honestly, it was a great learning experience. When you come to negotiate, you know, I turn my real estate brand on and I'm like, OK, well, let's let's really discuss how to get a deal done. Whether it's that or separation, whatever it is. But, you know, I think I got out of that deal. I see that. You got out. Let's move on. Let's go. It's good. I have it under my belt. And I think at an early age, I was always just trying to be like, well, how do I how do I prove to my dad?

21:55Like I number one, I know what I'm doing and I understand I have a competitive advantage because I listen and I'm creative and I'm not afraid to take a risk. Like I actually I seek risks and I'm like, well, you know, if someone is doing something a certain way, there's always a way to get better and do things differently. And because I've, I'm very confident in that space. I'm like, you know what, what's needed, what's needed on both sides. And I kind of saw spaces aren't being marketed to the capacity they can be, right? Commercial, for sure. Commercial. Specifically. We think about that. We know this, sorry to interrupt you, but we think about, think about the whole real estate market.