What You Need to Survive a Bull Market

28:37Michael Batnick:Are you guys hearing from, like, what are your friends doing? So I think that people that have been in the market for the last five years are probably all the way in on all the memory stocks whatever like i think they're probably kicking ass but my sense is that this this particular moment in time has did not bring in new investors the same way that 2021 did totally agree for me for me at least i don't have i always saw a little like the the day trading and the krypton stuff were like a little overblown just in my little bubble like for the most part people are buying like low cost index funds and going to work you know but that's just been my experience sean i was talking about today if you ask the average person should i buy or sell micron right now i think the average person would say micron would say micron no i'm saying the average person would say what's micron yeah the average person would no well the average person say what's micron but let's say the average investor you ask them they would say sell i think and i think at the time that everybody says buy is the time that we should take a step back and say hold on wait it is it is weird to have these competing thoughts in your brain it's like okay i i i agree with you if you were to ask the average viewer i don't know if we could drop a poll in the chat but is now the time to buy micron i'm guessing like an 87 percent of people say no maybe even 97 percent of people say no so it's weird to say that there's like still still skepticism in the market when you see prices quadrupling like how could those two things be but i think it's like a nuance that is extremely important to understand michael you had a line about us being young and unencumbered with our experience do you think that we're getting re-encumbered by stocks continuing to go up like is this our new hammer where we always buy all the stocks all the time and that we're getting now like re-encumbering ourselves it's hard to speak for the general public i would say for you two like no you guys know that this you're not gonna have 20 gains every single year okay i want to stick up for for our generation for the when the people say that we have we don't have experience in like really bad bear markets because we did experience 2020 even if it was 400 in our brokerage account in college it still hurt when it went to 260 it still was painful and we experienced 2022 and we experienced 2025 those were all like legit drawdowns and i think i don't know about past generations but for my own i think that there is this like as markets fall we are more inclined to buy stocks than maybe people without a doubt we're more informed we're more and also it's a much more financialized economy like the stock market is so prevalent today in ways that it wasn't during the past.

31:38Michael Batnick:So for example, pull up this bespoke chart. So they show here's the current bull market, the red line chart against the nine other bulls since 1928 that lasted a thousand days. Matt, how do you think they did this? Do you think they ended the lines when there was a 20 % decline or what do you think exactly? They do it to the peak. So they do it to the peak of the bull market. Got it. Okay. Yeah. Okay. All right. So look where we are today. So this starts in October of 2022. And compared to some of the other great bull runs, I'm not suggesting that this is going to follow surpass. Who the hell knows?

32:13Michael Batnick:But you have to keep an open mind that maybe this does go on a lot longer than people thought. It already has. What do you mean, maybe? It already has. In 2017, in 2013, people were saying this is crazy. It doesn't make sense. It already has gone along than people thought. But this particular, the AI bull market, right? Because that's the bull market that we're in. I don't know. It could be early. Also, look how normal it is. There's eight other instances of this happening, and we're right there. Yeah. Here you go. I got stats. I got stats. Go ahead, Troy. The average bull market, five and a half years.

32:43We're three and a half years since the current one, if you use October 12, 2022. Okay, average bull market gain, 192%. We're at 112 % using October 2022. So we're tracking. Again, that's inning five out of nine. We're 60 % of the way there.

33:01Michael Batnick:So there's no doubt that this has been a concentrated environment. The winners are winning in a serious way. The losers are getting killed. There's been a lot of dispersion. And for the most part, in recent weeks, it's been the larger mega cap tech stocks. It's been the NASDAQ 100 that have just ran away from the pack. but yesterday I said to you guys, which is God, I love working with you guys. It's so much fun to be able to do this because back in the day before you guys, like I was, I couldn't say, Hey, wait a minute, do this for me. I w right. I was, I was doing it alone and I was using Excel.

33:45Michael Batnick:And when I saw something pop on the screen, I was like, I was getting excited with the screen. Now I can get excited with you two guys. It's great. So I sent you a chart of the cues divided by the equal and I said, hey, I think something just happened. I think we just had a monster explosion in the equal weighted stocks versus just Apple and NVIDIA and Microsoft and Google. So chart, what did we find? All right, let's chart on. John, chart on. All right, here we go. Holy shit. So Michael watches the market all day, every day. Is that fair to say, Michael? All day, every day. You got, right, yeah.

34:20You're like a hawk, yeah. So there's certain people that can just feel like when there's a stat you know like tom had it when i worked with him fun track michael you just can feel when it's at an extreme and this extreme was is just insane so this is the two-day return spread of qqq equal weight versus the cap weight five percent highest ever i didn't i didn't realize this but it's happening right in front of our eyes like that's that's broad-based equal weight right that's yeah that's that's legit so it's very impressive all right let's do software all right is software back all right before we get to the software rally I want to I want to uh to show you guys this clip from David Senra's podcast John can we run this but you're doubtful of the creative ability of AI no I'm not doubtful of anything I'm totally open-minded.

35:13But do I believe that, remember what AI is, despite the fact that there are people in Silicon Valley who don't want you to believe this, is big data sets, lots of compute, and a large language model mushed together. That's what they are. So data sets by their very nature are backward-looking. Creativity by its very nature is forward-looking. Creativity is informed by data. You're informed by those hundreds of books that you read.

35:38Michael Batnick:And when you have a podcast, You're informed by the ones you've listened to. How could you not be? But if yours was just a really high quality clone of Patrick's, who would watch yours? Okay. That clip was sent to me by my friend Aram. I can't take credit. But I think in order to talk about software, we have to understand the limitations of AI. Because we can make a better case for software in this rally having legs if we can understand that AI is not just going to eat the entire world, and there are still companies out there that are providing a lot of value that are not just AI. I wanted to get your guys' thoughts on that clip.

36:19What do you guys think? Sean, go ahead. I mean, I think it makes a lot of sense. You have to have that creativity to be able to do anything with the data. Like, I have the data too, but I don't make it look as pretty as you do, Matt. You know what I mean? Thanks for... The human element still is an essential part. Right.

36:37Michael Batnick:So Matt, I'm going to point to that just in the interest of time. Okay, yeah. What's this next thing that you put in here? Okay, okay. So within 20 minutes of that clip being shared with me, I saw this viral tweet that was people asking Claude how many days of the week had the letter D in it. And it kept getting the answer wrong. Like very simple. Every day of the week has the letter D in it. So I asked Claude, this is my Claude, said, how many days in the week have D in them? And said, only one, Wednesday. So going back to this idea that AI is infallible and AI can just do everything that we want it to do.

37:14Not true. There's proof. Let's do this chart real quick on... Hang on. I went too fast. No, it's okay.

37:23Michael Batnick:I got excited. uh that sort of stuff is like a little bit lost on me because yeah the machines aren't perfect and like what yeah sort of whatever like it's only it's getting exponentially better and we feel it like i know you're using it every day and you feel like getting better it's not perfect obviously but sort of so what all right go to this chart because this is incredible what are we looking at matt all right look at this move in semis okay so i know that we know that semis are ripping but holy hell okay the chart on the left is the rolling 44 trading day change 44 days is since the march 30 2026 like sort of short-term low up 64 that's the second uh the second highest return over 44 day trading period since 1993 and then on the right we have the rolling returns since october 12 2022 which is 912 trading days.

38:17And we've never had a 912 trading day change that is this high. 796 % since October 12th. What about 913?

38:27Michael Batnick:That's wild. It's unbelievable. Unbelievable. All right. So Kai Wu, who was on TCAF a couple of weeks ago. Kai, I think, is the only person, him and Sembalist are the only two people right now that when they publish something, I just insta-stop what I'm doing if I can and read it. So he was writing about the disruption in software and AI. and how to think about the range of probabilities and outcomes. So I want to take a few of his charts. Let's go to exhibit three. So he is showing the forward price to earnings ratio for various companies, as well as their max drawdown. And you know the names, like we all understand very well what's going on here.

39:01Michael Batnick:Salesforce, Constellation, Atlassian, et cetera, just absolutely kneecapped. The next chart is showing historical iconic disruptions. So think about, we all know what Netflix did to Blockbuster. what Amazon did to Radio Shack, what Amazon did to Borders. And he's showing like the cumulative return, these stocks basically go to zero versus what happens to the disruptors. Obviously, they go on to generate extraordinary wealth. But what's really face-blowing is you see the stock perform, you see the stock react in many cases a lot quicker than the fundamentals deteriorate. So we've spoken on the show, hey, Adobe, it just keeps hitting all-time highs in terms of the earnings per share.

39:49Michael Batnick:The earnings per share keep going higher, but the market keeps saying, don't believe you, this is a zero. And I'm exaggerating, but the market is saying, this is not sustainable. I don't care what your earnings are today because the ultimate settle point is, that's not a phrase, the terminal value is a fraction of what it is today. Next Clatchy, which was, what was this? I can't remember what that was. Encyclopedias, I forget. And Radio Shack. And look at revenue per share, like of Radio Shack in particular. Look what happened to the stock compared to the revenue. The stock was already down 80 % before the revenue peaked, which is really Fs with your head.

40:33Michael Batnick:Same thing with borders. Holy shit. The stock was basically a zero before the revenue peaked. So what do you guys think about where we are? Is Adobe ultimately just going to get vibed into the Stone Age? It's kind of nuts. Like if you show that chart again, the revenue per share for Blockbuster, at least in that pain, like barely. I mean, it moved, but like not that much compared to the stock price. It kind of makes me scared. And honestly, it worries me a little bit. And I know there was a positive piece to Kai's writing too, but it worries me. It makes me think that a lot of those AI companies that already got blown to bits, like the Salesforce, I mean, maybe there's something there.

41:14If the market's telling us there's something there, I mean, there could be.

41:16Michael Batnick:So, Matt, these names all trade together for the most part. At least they certainly did during the SESpocalypse. They were all trading in the same direction. But the top line growth, like these are not all the same at all. So I asked you to show me, hey, just give me the top line numbers. Like what's going on and what do we see? Yeah, John, you want to throw up this chart of the year-over-year revenue growth of these different holdings within IGV? There we go. I mean, Palantir crushing 56 % revenue growth, Datadog, CrowdStrike, ServiceNow. These companies are growing their revenue. I think the weakness in these stocks is the market just re-rating them and saying the multiple is not as premium as it deserved before artificial intelligence, literally.

42:07And there's a re-rating that has to happen. And like those charts you showed before, Michael, the stock price is going to discount what's gonna happen. The stock price is gonna, like the price moves first and the reasons will follow later, and we don't know the reasons yet, but the market will tell you that bad things are happening before the bad things actually happen, I think.

42:29Michael Batnick:So let's assume, I think we would all agree that there are zeros in here. There are literally companies that will go bankrupt. Do you think the group, and let's use IGV, do you think the group bottomed? Yes. Matt? I think so too. I think there's part of software that's going to continue to work. John, if you want to chart on it, it's a little further down, but it's the cyber ETF, CIBR ETF. Like when I first looked at this, I was like, what's kind of driving the IGV? The top five contributors to the IGV year to date are Palo Alto Networks, CrowdStrike, Oracle, Datadog, and Fortinet. So four or five are cybersecurity.

43:10Look at some of these returns within the CIBR ETF, which is cybersecurity. Like CrowdStrike's up, what, 70%, Datadog up 100%. And there's a lot of big returns in here.

43:23Michael Batnick:I think software's almost flat year to date. and not to brag on tuesday april 14th i did say that looked like a bottom josh pulled out a ubs report uh a bearish ubs report he took their side i think i was right on that one it's almost like investors uh what's what's the through the baby out with the bath water like they they get killed everything i don't it was like a wave everything got taken out and then it wasn't as bad as we all thought like everything like every single risk that happens in the stock market and then we pick the winners and i think that the entire the igv as a whole even though a third of them might be duds can still continue to perform well if we have this concentration of companies that continue to be earnings and continue to expand their moats even if they're software companies and that power law can continue to bring igv higher i looked at this last week uh i was doing it this week, but there's too much else to talk about.

44:27Michael Batnick:The relative weakness in Microsoft is insane. It hit a multi-year low if you divide Microsoft by spy or queues. And they are so tied into the AI trade with all of their investments that they're making. I wonder what the market is thinking with Microsoft. Are they just like the ultimate software will get disrupted company. I feel like Excel could never get disrupted. I don't know. Probably parts of probably parts of it could be disrupted, but like, could it be so tied to the open AI story and headlines? Like that's a problem. But that, but that's working. Like look at Oracle. Oracle is ripping because I think the market is saying, Hey, that freak out that we had about that five year,$300 billion commitment, actually maybe they're good for it.

45:18Michael Batnick:So I don't know exactly what's going on with Microsoft. But Matt, what's this chart that you made? Is this worth sharing or skip it? Which one? The best month ever? After the global intelligence crisis. Oh, that's Sean's. Oh, that was my chart. See, look at this guy. Look at Sean's chart. See? We can skip it. This is just a return for software. It's basic. It is basic. Yeah, skip it. Skip it. We'll move on. All right. All right, let's do some mega IPO stuff. Matt, who pulled this? Alright, so over the weekend, John, can you pull up this newspaper clip? Okay. I sent this to our research group chat.

46:00So over the weekend, I was reading Barron's and, not to brag, and I want to read this to the listeners. So, PitchBook figures that SpaceX's IPO, quote, would generate more exit value than all VC-backed IPOs in the last decade combined. There's the investment manager of the endowment at Washington University in St. Louis who plunked down 50 million dollars on SpaceX nearly a decade ago, which is now worth in excess of a billion dollars. Here's the second stat that jumped off the page. Not to be outdone was the University of Michigan, which reportedly invested 20 million dollars in OpenAI, now worth two billion dollars.

46:38All right, so I found the data. They weren't lying. Can we pull up the next one? John, here we go. All right, so this is an IPO for the age. which is the SpaceX IPO, if you sum up the combined total exit value created by all VC-backed IPOs over the past decade. Matt, what's this exit value speak? Speak English. Okay. In other words, what they're doing is they're summing up the entire market value of all of the VC-backed IPOs on their IPO day by year. So that's the individual bars. And then what I did was I took the last decade and I summed up the entire 10 year period between 2016 and 2025. And that's that one point two trillion dollars there to the right.

47:24And then I compared it with SpaceX, which is going to be one point eight trillion dollars. And it's, you know, it's like 40, 50, 40 percent larger than all of the IPOs over the past decade. It's massive. All right.

47:38Michael Batnick:There's an obvious but here because we are getting we've gotten a lot of emails from worried index fund investors about how they should think about what's happening with SpaceX coming in at 1.8 trillion dollars how does that affect them and what should they be thinking about Sean what do you got I don't have the numbers on hand but if you float adjust SpaceX's inclusion into I think the S &P 500 was like what did Callie Cox say today around 197 197th in terms of market cap in the S &P. So if you float adjust a lot of these, like if you're a$2 trillion company, you don't just get to vault immediately to the top of the index.

48:19There's an inclusion period. What are they called? A baking period?

48:22Michael Batnick:Seasoning. A seasoning period. And that's going to take some time. Chart? God, I wish we had this chart, Michael. We missed the heat map of the market caps. I showed Animal Spirits. It was a good one. Okay. Well, you guys will see it tomorrow morning when Animal Spirits is out, yeah. Who pulled this quote from Matt Levine? That was my quote. And actually, I'd be interested to get your take because Matt and I are unencumbered with some of this IPO stuff. So I'd be interested to hear what you think. This is Matt Levine yesterday on the SpaceX situation. He said, you can't overstate this. The index demand is not 100 % of the stock available in the IPO or 110 % or even 50%, but it's plausibly more than 25%.

49:04It's not a short squeeze, but it's a lot. Add a reported 30 % allocation to retail and arguably a majority of the IPO is being sold to price insensitive investors. And he ends with, that is one way to get a high IPO price.

49:18Michael Batnick:Yeah, there's a lot going on here. I am doing a full episode on Talking Wealth tomorrow with Aaron Dillon because we're probably going to spend 45 minutes on this topic. The thing that I think is getting people most upset, there's a couple of factors. Number one, well, there's some. All right. It's the retail allocation. I think I read that they're reserving up to 30%. Did I make that number up? Yeah. Okay. All right. They are issuing 3 % of the company. That's what they're selling. Not existing shares. It's 3 % dilution. That's going to be the float. And that is tiny. Most companies, when they come public, let investors out and they sell a much larger portion of the company.

50:04Michael Batnick:So what is upsetting people? Listen, people don't love Elon Musk, right? He's a lightning rod. The valuation, which not forget about, but for the purposes of this conversation, it's the fact that they think that he is artificially limiting the supply, forcing the indexes to buy it. And there will be a lot of forced buying. And the other thing is the fast tracking. It's like people like, oh, they're changing the rules. Well, they have to change the rules because we've never had a$1.8 trillion company come public before. The rules have to change because the market has changed. But it's the amount of time.

50:39If there is only 15 days from the IPO until it's entered into the

50:45Michael Batnick:NASDAQ 100 with such a limited supply, there could be a lot of chicanery, a lot of games being played, and a lot of potential funky price action. I don't buy the exit liquidity stuff to retail investors. And then there's all sorts of other stuff with the weird stagger lockup and the different thresholds for it. So it's complicated. It is a complicated situation. And one of the derivative impacts is because we are in a degenerate market forever and ever, that will never go away. Bull market, bear market, there's always going to be bullshit that we see that makes people, that like takes your eye off the ball.

51:23Michael Batnick:This is a great example of it. So somebody's, oh my God, slightly moist Viking. Is that your name, Matt, on Reddit? Yeah, found your burner. My bad, boys. Bought$129 ,000 in the SpaceX IPO, except this person bought not SPCX. He bought SPCE, which was a Chamath SPAC back in the day. It's Virgin Galactic. And he put$129K into it. And Matt, what happened next? All right. Well, Virgin Galactic over the past 24 hours is down 48%. So that's not great. I wrote a blog post about this today. Like, are we... I can't... Maybe I'm young. Maybe I'm just too young and I don't know. But do we learn from our mistakes as investors?

52:14Or do people just keep making the same mistakes over and over again? And is this like a... I wrote a book called Big Mistakes, The Best of... Yes. All right. so here john you want to throw out this chart because i did visualize it for the people here we go all right so this is uh that's getting me confused now this is virgin galactic's price over the past 10 trading days and so it went up effectively uh uh went 265 and then got cut in half uh it didn't effectively do anything it skyrocketed and then got cut in half um but i do want to make the point that i wouldn't call this like rampant speculation so can we do the next chart chart too john here we go so this is our djn dow this was created by josh and michael you could see the tickers on the right i had nothing to do with this this was josh and sean i believe okay um josh sean this is you know rigatoni's in here um game stop you know carvon is in here there's you know reddit i don't know but okay it's still 20 off the highs so there's pockets of weird things going on but this is not like a systemic thing like 2021 where everything

53:25Michael Batnick:is just going crazy that's my take matt you have a brilliant mind and you're an artist show the world this next chart this is so beautiful oh man okay guys let's do this one i have bullets to help me okay all right guys so the chart on the left and chart on the right represent two different snapshots in time. So on the left, you have the Russell 3000 stock performance during the 2021 meme stock mania. And on the right, you have the Russell 3000 stock performance this year. And so I've bucketed the performance in both periods into 20 groups. That's along the X axis. Ventiles. Yeah, they're ventiles.

54:04I pledge to never say that word in my life, but there it is. Okay. So in 2021, you'll notice that it was the smallest companies and those are like the mini bubbles on the left. Those are the smallest companies that have the highest returns. That's GameStop, AMC, the meme stocks. And in 2026, it's the largest companies that have generated the returns. It's like Micron, AMD, Western Dig is in there in the 20th ventile. Thank you, Sean. And so it's two different markets. And so people are trying to conflate 2026 to 2021. It's just two different things. love it can i make a comment is this just rates like in 2021 does it make sense that the small caps are outperforming the large caps because rates are at zero and now in 2026 the large caps are outperforming small caps because rates are at whatever they are three to four percent

54:58Michael Batnick:or is that like too too stupid i think there's i think there's a lot of truth there um there was no value to cost of capital or when you were getting paid back so anything went and in environments like that where money is free who gives a shit just bid him up who gives a shit just bid him up I love that okay all right next topic what do you guys got speaking of bidding up we have Sean and Matt's best breakouts and that felt like a great transition so I just cut in front of Matt go ahead Matt no dude you're out dude you go you want me to go first okay I'm done talking you go all right we can john we can jump to my chart my ugly not as pretty as matt's chart the honeywell honeywell chart all right honeywell this is stage what are we doing here all right we i'm sorry i'm so sorry let me set the stage matt and i often talk about stocks that are breaking out and we like to look at the stocks in pretty consistent high trending breakouts So we thought it would be fun to take a look at some of the stocks that we've been looking at that we think are on our breakout list.

56:08So we're calling this Sean and Matt's Best Breakouts or BBOs.

56:12Michael Batnick:These are the BBOs. What's your favorite BBO? Let's go. All right. Let's go. A couple BBOs. All right. This is Honeywell. Stock on the left. The chart on the left, we're looking at a three-year chart, weekly candles. And on the right, we're looking at a 10-year price chart. Honeywell pulled back about 3 % from all-time highs. 220 is a key support level to watch. That's the former range ceiling. That is now a floor. We've been seeing a handful of higher highs and higher lows. Josh would call this a consistent uptrend or an orderly breakout. If it holds this range above 220 to 225 or even re-accelerates, we would be in the money.

56:48And again, using a Josh Brownism, you can set your trailing stops at about 20 to 20 uh and and a close beyond that below that would be an issue yeah so i i'm not going to buy

57:00Michael Batnick:the stock not because i don't like how it looks because you can't buy every stock okay um but if i were to buy the stock i don't like it here i would buy all-time highs i think that's more work i think that's more hold on john let me give him let me give him the run for his money hold on give it to him no i'm just kidding no i'm kidding no you finish your thought finish okay one one more quick one, Michael, which I think you'll like. John, go to the iShares MSCI Emerging Markets. I know Michael Batnick is a big emerging markets guy. He's a big valuation guy. I'm just kidding. He's not. Emerging markets is up 28 % the last year.

57:31It's up 58%. I'm sorry. It's up 58 % the last year, but 28 % year to date. I would say most people are probably under allocated to emerging markets. This base, they call it a base, this base that it's been trading in has literally been developing since I was nine years old and I'm 28. And what's the line, Matt? The larger the base, the higher in space? The larger the base, the higher in space, baby. Higher in space.

57:56Michael Batnick:So what do we think about that, Michael? That's not my line. That's JC quoting Luis Yamada. I love that chart. Yeah. I mean, listen, obviously we know it's driving it. Samsung and SK Hynix are huge components. This is an AI trade. It's so funny how that happens. em is now an ai trade but it is so where where ai goes em will follow but yeah it looks great gotta be long matt um all right what else we got all right here we go i know we got to move so let's just throw up this inverse head and shoulders explainer okay so this is a bullish reversal pattern and this is a graphic i found online that just shows what an inverse head and shoulders is so you got the left shoulder there the head and the right shoulder and so john can you show this next here we go okay so these are my bbo's and on the left we have a reit okay this is for the people who are looking for that next thing that next 10 year uh uptrend okay this is are you saying host hotels and resort is the next nvidia yes that's right that's right michael next nvidia right here on the left so you got the left shoulder head right shoulder these are monthly candlesticks going back to 2012.

59:10We haven't quite cleared the, I mean, we've cleared the neckline, but there's still another test of resistance around, I think it's 24 or five. So look out for that, but I got my eye on this. And then on the right, this is a traditional breakout for you, Michael. This is cadence design systems. This is also a relative outperformer within the software space. On an absolute basis, it's breaking out. If you really zoom in on that candlestick, which we don't have here, but holy hell, that's a bullish candlestick that we have recently. This is a weekly chart. What are your thoughts?

59:41Michael Batnick:I love both of these. Try it back on for a second. I don't really... So the head and shoulders pattern is one that you see in textbooks, not in real life, although this looks pretty clean. And the reason why I like this so much is, or this idea is, these are psychological patterns that repeat over and over and over again. JC would disagree. I don't believe there's any price memory from 2014. I just don't. I didn't It's a completely different group of shareholders. But if you zoom in on that chart, it looks awesome. And same with Cadence. I've never heard of either of these companies, but yeah, these look phenomenal.

1:00:16Michael Batnick:I mean, they're going higher. The late John Borman, rest in peace, said something to me that I wish I was able to institute in real life, which I have trouble doing, hence my money in Porterhouse, because the computer will buy what I won't. And he said it's so simple and it's impossible to refute. If you want to make money in stocks, you want to buy a stock because you want it to go higher, buy one that's already going up. It makes it a lot easier. And it's a lesson. Matt, you asked if people learn from their mistakes. Sometimes we just are who we are as investors. It's hard to rejigger your software, which is why it's so important to have rules.

1:01:02Michael Batnick:right so um i still struggle uh looking at things that are going down but i've gotten better over time at least i think i have a little bit better um all right boys listen before we get to the mystery chart uh you guys killed it holy shit you did so good i'm so proud of you to be able to do for you two what josh has done for me gives me an incredible amount of joy and personal satisfaction and i'm just so happy for you guys you're doing great thanks michael this has been a blast thank you for having us thank you so much michael yeah all right so sean all right you got a mystery chart for us what do we got let's mystery chart us this is for both you guys okay i have what okay no just i think i do no no no okay okay you know i have a few few hints okay this is a communication stock the market cap's about nine to ten billion dollars however i think it is really more discretionary than anything else and maybe even a little bit real estate and then take a look at covid like this literally was like a covid crash so that's kind of that's kind of a hint john can you do the next chart the trailing 12-month revenue again covid really hammered this and it didn't ever really recover which surprised me uh but wait sean hold on hold on this is great stuff do we know this name yes okay you know it so well actually i don't i don't know if you know many things better okay last hint yeah last hint there's a there's a spin-off coming oh I know in the price I do know and this is halo like AF like there will literally never right I got it another one I got it go ahead fear is it sphere it's it's the MSGS MSG all right it's the Knicks it is so impressive how you just go week after week after week like this is hard to do to know what John show the show the next chart for Michael oh my god all right so this is this is the Knicks on on the SPX since the Knicks last won their championship I don't really have any thoughts or comments to say other than go Knicks and I can't I can't let it own the stock yeah it's just so pathetic yeah but but But I did place a futures bet.

1:03:17Michael Batnick:I think the Knicks were plus. I bet 500 to win 3 ,500. So whatever that math is. That'll do. It's the first futures bet that I've ever done that I cashed in. I mean, I don't do like a million futures bets. But hey, it'll pay for some playoff tickets or one playoff ticket. Nice. But go Knicks. All right. Great job, Sean. Hell of a mystery chart. All right. Guys, as I said, phenomenal job. Excited to do this again. And people that stuck with us through the whole hour and four minutes, thank you very much. This was a lot of fun for me personally. I hope you enjoyed it as well. We will be back with our regular schedule programming next week.

1:03:58Michael Batnick:Ben and I have an Animal Spirits coming out tomorrow. We have two amazing guests on TKF this week. One is new. Cannot wait for that. We will see you next time. Have a great night.

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