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The latest on the Charlie Kirk assassination. The suspect in the killing identified as Tyler Robinson, twenty two, of Utah after a tip from a family member led to his apprehension. Joining us is Josh wing Grove. He's Bloomberg New Senior White House correspondent. He joins us from the White House. He's featured on a new episode of the Bloomberg Big Take podcast discussing Charlie Kirk's impact on conservatism. It's called The Big Take, How Charlie Kirk Changed Conservatism. Josh joins
us from the White House. Josh, we spoke earlier with Miles Miller about the latest on the case and what we heard at the press conference earlier. I want to take a big step back and understand the life and legacy of Charlie Kirk because no question, an outside sports when it comes to republic and politics, friends and close to so many in this current administration. What is the political legacy that he leaves behind.
Yeah, I mean, he was arguably the most influential conservative of his generation, starting with Turning Point USA, which looked to mobilize conservatives on campus. Of course, American conservatives have long complained that they don't get a fair shake on college campuses, and you know, the professors there are too liberal, and so they saw that as sort of one front of the struggle to sort of expand the conservative tent, as you will, and Kirk really led the push on that.
He was also a very early supporter and advocate for Donald Trump specifically and spoke at its convention regularly. All this of course at a young age. It was thirty one when he was shot and killed on Wednesday. So this is just a very very intent influential figure. It's hard to really put into words. You know, Trump, his son, Vice President Vance. You know, everyone is putting on statements
and mourning him. Of course, Trump himself this morning was the one who announced the arrest of or let it be a slip that there have been an arrest in the case in Utah, and so Kirk's influence is just so big. There questions now as to where this goes, of course, including more logistical ones about who will run turning point, can it still be as effective without Charlie Kirk, and more broad questions about you know, where we go
from here. President Trump indicating that he you know, worries or is treating this as part of a larger left wing effort. And we should note there's no evidence yet from investigators that that is fully the case, in other words, that this shooter was participating in some sort of network. But President Trump thinks it is growing from you know,
left wing protests and advocacy. In particularly this morning, renewed his threat to potentially pursue some sort of racketeering investigation investigation against George Soros, not for this, but more broadly for funding flesh wing protesters. So this has the chance to sort of be the basis on which Trump tries to do stuff. And that's what's got a lot of Democrats concerned.
Got it.
We just feel so broken, Josh in a moment of tragedy, and all I can think about is his friends, his family, you know, a loss of life. And I understand there's a lot of political discourse out there, and it just makes me think, like, why can't we all get along? Why can't we discuss the differences we have? You know?
What is though, also the responsibility perhaps of those who know Charlie Kirk, of the president, perhaps of the Republican Party of Conservatives and maybe saying, hey, like enough, you know, there's been too many political targets and shootings and incidents and political violence. What's the responsibility of all politicians to step forward and say, like, we need to stop this, and what's the likelihood that any of that happens?
I mean, the Utah governor has been calling to take down the temperature in his press conference this morning. He's a Republican. There are calls from both parties to do that lest this sort of spiral into other violent acts or without that even just sort of further embitter the partisan kind of environment that we're living in here in
the US. But others don't see that, and there are conservative voices right now calling for you know, the way to sort of honor Charlie Kirk's legacy is to push back against the progressive and left wing groups that Kirk enjoyed sparring with. And so that's really the crossroads that we're at. I should note the President Trump himself is not really among those calling to take down the temperature.
He has said he supports nonviolent action, but he also called Charlie kirkha martyr, and as I said earlier, as indicated that he plans to pursue sort of other measures in the wake of this fatal shooting on Wednesday, that, of course, is being treated by authorities as a political assassination. And so it is a fraught time here, no doubt
about it. And you know, Kirk is so influential in the concern of community, the many you're simply grieving, including people in this building behind me who knew him personally. You know, this is just a tragedy where they've lost someone they know important to their movement, but also just
on a personal level. It's also true that, of course some Democrats were not the biggest fans of Charlie Kirk and or you know, those who are speaking to that right now are being seized upon by conservatives who think this is not the time to be litigating what he said or what he didn't and so this is all just has the potential to really continue to be pretty fraud. Of course, we should know that Kirk leaves behind a
wife and two kids. Focus on them as well right now, including from Press Secretary Caroline Levitt, who sent well wishes to his widow today. So this is just a tragedy on Wednesday. The hope of courses that it doesn't continue because we've seen too many of these. Of course, you know, shooting in Minnesota lawmakers. Earlier in Minnesota we had the of course of the arson outside Pennsylvania Governor Josh Shapiro's home. We've had shootings in the past of lawmakers, including Steve Scalize,
a Republican, including Gabby Gifford's a Democrat. There have been too many of these in America, I think is a pretty widely held view right now. And the question is what can be done sort of bring down the temperature and not have these sort of spiral into god forbid, more violent acts. That's not something we should, you know, anyone wants to see happened. I should know that the President Trump is emphasizing though the acts that have targeted Republicans,
not so much the ones that have targeted Democrats. So he's feeding sort of his audience a different view, a partial view of the overall landscape of political violence that we're seeing in America over recent years.
Yeah, as we know, violence doesn't distinguish between parties, and we certainly have seen that play out. Josh, I just want to layer something else on top of it, and has come out in some of the reporting and pointing to global forces kind of jumping on and seizing on you this moment of tragedy and turbulence in American politics. Is there anything to that.
I think it's a little early to say yet, but there certainly are concerns and reports and indications that essentially bought armies or pouring gas on the fire, for lack of a better phrase, And that is a concern that predated the fatal shooting of Charlie Kirk. You know, to what extent are through social media platforms, Americans being exposed or manipulated by foreign actors. This is a long standing issue. We just don't know yet how much it's playing here.
But of course, yeah, it's a concern that this is just another partisan issue that can be sort of seized upon by America's enemies to inflame domestic political tensions.
Josh, A lot happening out of the nation's capital. We're speaking with Josh Wingrove, he senior White House correspondent. I want to talk a little bit about shifting gears, the US urging G seven sanctions on Russian oil as President Trump loses patients. I feel like the idea of losing patients is something that we've heard with regard to Russia quite a bit over the last few months. Josh, what's the latest.
Yeah, the US is proposing that the G seven sort of increased pressure on Russia, including by sanctioning China and India for their purchases of Russian oil. Of course, the US has taken steps towards India but not China itself, and talking about some other measures that measures in terms of trying to further monetize or even seize Russian assets that are frozen. Of course, most of them are frozen
in Europe. In other words, the US can't get its hands on it quite yet, so they're sort of trying to tighten the screws on this at a time when Europe is already considering its biggest sanctions package or more recent as excuse me, sanctions package. I believe this would be the nineteenth one. And so they're all kind of
deciding where to go from here. But of course the Europeans are also juggling what they you know, what they can count on from the US in terms of support for Ukraine, support for NATO troop levels and all that right now. So I think there are just so many moving parts on this, but the US is at least trying to get the G seven to to sort of
try to turn the temperature up. President Trump indicating this morning in his interview with Fox News that he is losing sort of you know, patients with President Putin a little bit. But he had high hopes for that summit, remember, you know, so that there were a lot of people clutching, you know, the worried, I guess that it would backfire. And we just haven't seen any movement since that summit.
And even behind me in this building, there's still photos of President Putin and President Trump from that summit on the walls of the White House. So he hasn't fully exhausted patients yet. We haven't seen President Trump fully commit to sort of you know, saying Oh, well, it doesn't seem like Russia's interested in getting some sort of into the fighting, so right now it remains in a murky area. And if you're the Europeans, and in the case of the G Seven also the Canadians and the Japanese, that
has to be part of your calculus right now. So that's why there's so many movie pieces here as they consider what they can do, or can't do, or don't want to do to try to raise the pressure on Russia. One final note that President Trump continues to advocate for these secondary sanctions, in other words, sanctioning or tariffing, you know, countries that do business with the countries that they're trying to apply primary tariffs or restrictions to. That remains pretty
uncharted ground, pretty untested authority. That could be a tricky one for the other countries to try to execute it, even if they chose to try to go down that path.
Josh, appreciate you joining us on so much. Josh wingrove Is Bloomberg new senior White House correspondent. Also make sure to check out on the Bloomberg Terminal. A lot more stories from our team in Washington, DC, including the President sending the National Guard to Memphis in its next deployment. Also for more on Charlie Kirk, check out the latest episode of The Big Take podcast featuring josh Win Grove. It covers the legacy of Charlie Kirk and how his
death is rippling through the political world. You're listening to and watching Bloomberg BusinessWeek Daily.
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Now, we want to get you some market news. There's a lot going on in It's not just Gemini, which is still up about thirty one percent in its first day of trading, and we're going to talk about that a little bit later on. We are also watching some of what's going on in some of the different asset classes. And I don't know if you've checked out gold recently, Tim, but it has rallied by nearly forty percent this year.
It is making it one of the best performing commodities, outpacing other market gauges, and that includes the S and P five.
Hundred Central Bank buying geopolitical uncertainties inflows into ETFs, all supporting the commodity. Our next guest is someone we've turned to for years to talk gold and much more back with us as Axel Merk, President and CIO of Merk Investments, joining us from Menlo Park on the West Coast. He manages the ASA Gold and Precious Medals Fund more than
one hundred percent so far this se here. The van K mer GOLDIETF, with about two billion dollars in AUM meantime, is up thirty eight percent year to date and invests in the precious medal. Axel Carol mentioned how well the fund has done and how well the commodity has done in recent years. But let's look forward. What is the outlook for the remainder of this? You're in your view for gold.
Great to be with you, and the fact that you're covering gold, I suppose means it's got the attention of that.
So is that the top is the top?
What this means, if.
Anything, is the most pessimistic thing I've heard about gold in a long time. It took you so long to get me on the air, right. But I mean, obviously we've had a stunning run, right, and obviously we have to keep in mind if something is this volatile on the way up, there's always a risk on the downside correction.
That said, if that they are two key drivers. I think one is in the US we have an easing path at the FED, and if you take the European Central Bank for example, as far as the eye can see, rates are going to be steady, so we have a more dabbish monitor policy. The other one is the broader debasement trade. And of course is that correlation or causations anybody's guess. If that is the case, that may have legs that might last year, so to speak, right, the
dollar was always the cleanest shirt. One thing I'd like to mention that maybe not the other guests are not mentioning, is when when we talk about tariffs, it doesn't just impact the trade and the flow of goods. It impacts financial flows because that's the other side or of the goods trade. And so I happen to believe that a wrench has been thrown into the engine that we call the exorbitant privilege, that it's more difficult to use the
US to finance things for higher returns abroad. Obviously this is not a light switch or anything like that, but a side effect. There's higher boring costs in the US, and in the absence of physical discipline, it means more pressure on the FED to low rates, and we've obviously seen plenty of that, and so that's the dynamic that has a lot of way to play out. And of course the other context is that valuations are somewhat high, and what do you in the equity marckets more broadly,
and what do you do to diversify. Now, I'm not suggesting that the gold is very cheapyer, but gold historically is one of the things that does well in an easy environment, especially also that do as well if we were to have a more severe correction the stock market, and so an increasing number of people have been looking for this sort of diversification.
Well, what's interesting too, as we've seen gold take off and you talk about throwing a rench into the US's exorbitant privilege. I mean, I'm looking at the dollar, which is the Dollar Index AXLE, which is down about ten percent year date. Tim and I constantly are asking guests, is the US and investible. You know, are the days of the US dollar running supreme over? Although so much
is still done in dollars. Like I guess, we're just trying to get an idea if this is a tipping point where for the US dollar, especially too with the kind of rise of digital and stable coins.
Perhaps I don't think digital is stable. I mean the stable coins are US dollar base. I actually think that's supportive of the dollar of anything. If you look at the breakdown in the G ten, the best performing currency is the Swedish corona versus the dollar. And guess what the Swedish economy is most as part of its GDP exposed to to to defense spending and as you may be,
away of Europe is ramping up its defense spending. So there are specific things right and and of course, as a as a as a gold person, the debasement trait kind of fits into our narrative. Whether that's really the case is it remains to be seen. There is of course more competition, and some people say that there is no alternative, and while that may be true, my argument is there does not need to be an alternative. What I foresee is a greater fragmentation because if if you
think I go back to the exorbit of privilege. Part of that is it's it's kind of a machinery. That's that that provides liquidity for the for the world. And if that begins to spiral somehow or is less effective than it has been us efficient, it doesn't mean the world's coming to an end, but it means that less trade might be happening, more things might be happening locally. Ultimately, that's of course healthy for emerging markets in particular if
they finance more things domestically. But we have some structural transformations and the dollar might be weakening in that problem.
He just got about twenty five seconds, Axel. So buy gold by the commodity, by the bullion by minors, or don't buy any of it at this point, Well, I do both.
I haven't sold any of them. Make the gold and gold minor buyers are very different. The gold minus tend to respeculative, especially go to the more genius and the physical gold. It's the retf otherwise tends to be more of a diversification play. There's a lot that hasn't happened in the junior mining space. Very speculative, but some very interesting opportunities.
Yeah, all right, we promise we will catch up more often.
Hey, hey, he was on in May. If you were watching us in May, it's a little six Okay, so it was a little while ago, but you.
Know, we always appreciate Axel. Have a great weekend, Axel Mark Present, Chief Investment Officer of American Investments.
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This is the Bloomberg Business Week Daily Podcast. Listen live each weekday starting at two pm Eastern on Applecarflay, and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa, play Bloomberg eleven thirty. Only only he can lead the company's next phase and his political engagement.
It's up to him.
As just two of the many, many headlines out of the Bloomberg Technology Team interview at Tesla board chair Robin Denholm bottom line, Tesla's chair saying Elon Musk is the man to continue to take Tesla to its next phase.
The board's responsibility is to look at who the CEO is for the next period of time, and we believe that is the right CEO for Tesla over this transformative period of time, and our view is he's a generational leader. There aren't any other people out there like Elon who can actually lead the company over this next decade or so, and so once you decide who the leader should be, you need to put in place the compensation package to incent and motivate him to actually deliver natually.
Knowledge would motivate me as well. That, of course, was Tesla board chair Robin Denholm talking to B Tech.
The b Tech.
Dynamo dynamic duo of Ed Ludlow and Caroline hyde A is co host of Bloomberg Technology every Monday through Friday eleven am Wall Street Time on Bloomberg TV. He joins us now from the Bloomberg News Bureau in San Francisco. Tesla shares, by the way, folks, ralling up about six and a half percent. The number two gainer in both the S and P five hundred and now is TAK one hundred today and well done, well done, well done.
You guys covered so much it was and it always is so much to cover when it's involving Elon and Tesla. What was a priority for you and Caroline and really your team as you thought about your interview with Robin Denhol.
Yeah, when the news broke a week ago that there was a proposed pay package for Elon Musk, the headline was the trillion dollar value of the total award, right, But because of how the board had to communicate it in the proxy, it's like a very dense, three hundred plus page document that it's incumbent on shareholders to read the specifics. Get lost a little bit, and for me,
you guys mentioned the politics angle. One of the few things that was like very explicitly codified in the proxy was that the board had got reassurances from Elon Musk that he would wind down political activity. Now, actually, the big takeaway from the interview was that they are actually pretty relaxed about the idea that Musk might continue to have in the political domain. You know, we pushed so hard when you guys say political activity, and when I said, sorry,
that was too casual. When the board says political activity, what do you even mean? We asked that, do you mean Musk has told you he won't participate in a political party, or he'll stop making donations behind specific candidates or initiatives, and Denholm's response was really simple, is it's up to Elon Musk what his political activity is. But they are reassured enough that this package they will get in return somebody that will be focused on Tesla.
You know, it's an I appreciated how you pushed her ed because if you think about Elon Musk's own political evolution, I mean, he said in the spring of last year that he wasn't going to donate to either political candidate. This was when Joe Biden and Donald Trump were running against each other. That all changed after Butler Pennsylvania in the assassination attempt, and then you know, Elon went full fledged and even served as part you know, in the
administration in the capacity of Prdoge. So we saw how quickly he changed his mind in a very short period of time. So I guess it can only be up to him because he's the one who makes these decisions.
I don't know.
Well well the way that Robin Denholm put it, and you know this wasn't on the record on camera interview, and miss Denholm, I'm sure chose her words very carefully, but she said that Musk's political activity or time in government has concluded and he is now back focused on Tesla. You know, the main thing that we got to it was a long interview, right, but that again the details like so important in what the board is requiring a
enon Musk, you know, these are not goals. The word goal is not correct to say that Musk gets a trillion dollars in the end if he hits goals, they're mandatory requirements. And if he doesn't hit the operational and
financial goals. Denholm was very clear like he doesn't get not the dollar value comp But remember at the heart of this is that elon Musk's condition, it was a negotiation and what he wanted was voting power, because Musk's idea is that with greater voting power he will be able to keep Tesla focused on a future that is about artificial intelligence, not necessarily the legacy of Tesla, which is selling electric vehicles to consumers.
Well, speaking of power and voting power and just power generally, I mean, there's been a lot of criticism I think it's fair to say ed of the Tesla board and who's in charge in you know, Robin Denholm. I mean, I'm looking at the Bloomberg description Australian business executive former Countan who's chair of Tesla, chosen by Elon in November twenty eighteen to be chair, and prior to that she
is relatively unknown. I'm just curious about the board and correct me because you know this company, but nothing's correct. What do we need to know about the Tesla board and what they say and what it really means to work? Lan Kennon can't do.
I regret not saying this out loud explicitly, even if I did not then ask, you know, I should have asked about it. But basically, the criticism from all kinds of investors, the biggest institutionals on Wall Street to the smallest retail investors is that it's a rubber stamp board that just does what Elon Musk wants. There's something really important to understand that it was a special committee that negotiated meeting with Elon Musk ten times this compensation package,
so Musk had input into it. But the special committee is made up of just two people, Robin Denholm and then Kathleen Wilson Thompson, who also kind of shairs the financial and comp committee on the Tesla board. A board of two or a committee of two because Elon Musk is on the board, so he recuses himself technically even though he negotiates. And then his brother, Kimball Musk, is on the board of Tesla, but he's brother, so he recuses himself from negotiating the comp It actually was really
important to say that out loud. Now at the end of the day, it's a shareholder right to vote on this package. On November sixth and a lot of Denholm was explaining and she really wanted to get this across. This is a proposal, you have the right to vote on it, so you need to understand what's in it, even though there is some sort of you know, there
is skepticism about how solid that board is. Robin Denholm lives in Australia for what it's worth, but I can tell you from conversations in the company investors that I know she's highly engaged, reads everything, knows everything that's going on.
Ed, Well, you've been on air with us. There's been some breaking news that we'd love for you to react to this about Apple Company that you follow very closely. Mark German reporting that Apple's AI and search executive Robbie Walker, Robbie Walker will leave the company, one of the iPhone maker's most senior AI executives. This, according people with knowledge of the matter, this follows a slew of folks who've left in recent months, not just to go to meta
platforms for those huge pay packages. What's your immediate reaction to.
This, Well, I'm just checking at the stock. You guys have the ticker up, okay, so the shares haven't sort of plummeted. What I know is limited about Robbie Walker. He had been reporting to John g Andrea, which I'm sure on this show you've discussed Mark's other reporting, which was about who was in charge. So to a point, John g Andrea had led the AI team, and a lot of the departures that we've reported on in Aggregate have left had been reporting.
On to him.
But you have to remember that Craig Federigi, who's like the software chief, the software guru at Apple, he had sort of taken command of the team. So I guess, and I pull up the draft and I'm scrambling to find it. But give me for that. But I think that it's just a signal that these exits have continued since that restructure.
Is what I was going to say, no, you're you're laying it out really well.
And the news came out when when Ed was speaking about Tesla. So yeah, yeah, OK, I'm believing.
I guess his serial role. Walker became one of the top Apple execs working on the new AI powered web search system to compete with Perplexity and chat GBT. It's scheduled to debut next year. So yeah, I kind of fluid.
Huh Yeah, I mean, I'm doing this deliberately because it's relevant.
You know.
Part of the Denholm conversation about why it has to be Elon Musk that leads Tesla is that you have right now this huge talent war. Apple is one of the losers of it. Let's be honest. Based on the reporting, Meta is paying over the nose to get people. And Denholm's argument about Elon Musk is that he's a draw, so the compensation doesn't really matter. People want to go and work for him because he's seen as this great engineering mind and he's so hands on, you know, in
the trenches. I believe he's been in. The building I was in is three thousand Hanavi Street, which is like the Global Engineering HQ, and Elon Musk was there this week and getting involved in stuff that's the landscape right now. So these stories are so interesting because for AI, you know, the human capital, the human intelligence that's building out AI. That is a battleground, right, and that's all like I'm reflecting on.
Yeah, all right, great stuff. As always, Thank you, Thank you, ed La Low breaking news are talking about breaking news in real time as well as folding it into an incredible interview that he and Caroline Hyde of the Bloomberg Tech Team had with the chair of Tesla's board, Eda Low, As we said, co host of Bloomberg Tech. Joining us from our San Francisco bureau.
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Roam.
How about you let me drive?
Oh no, no, no no, this is not a toy, please.
Honey, please, how do the gravels listen?
I want to drive. It's a good question. Good time.
This is the drive to the clothes cons the musing well down on Bloomberg Radio.
All right, everybody, we've got just about eighteen nineteen minutes to go until we wrap up the trade on this Friday, wrapping up the Friday session and also the week overall. Gotta say very clear what I love about the Bloomberg is I always have these charts up of the S and P down and the Nasdaq one hundred.
That's it, looking what's going on.
You've got the S and P at its lows of the session, so a straight leg down. We're down only eight points, but the point is we're definitely off our best levels of the session, and we've seen this movement in like the last twenty thirty minutes. So makes me wonder a little bit of what's going on. Maybe people ahead of the FED meeting next week closing out positions.
I'm not quite sure. Downjown's industrial average, it is down two hundred and eighty three points, down six tens of a percent, and NASDEK one hundred still in positive territory of about one third of one percent, but it too has rolled over off its best level of the session. So I'm taking a look at our markets live blog to see what is going on. Yeah, maybe it's just investors. It's been a bullish week for investors. We've seen several records and I'm just taking a look at where the
S and P five hundred is for the week. Overall, we're still up about one and a half percent. So do you just kind of, for lack of a better phrase, take some money off the table heading into the weekend.
And up twelve percent for the year. Let's see what Alan Lance has to say about this. He's president of the ria Allen b. Lands In Associates and director of research at the research firm Lance Global. He joins us once again from Toledo, Ohio. Been a while since we last had you on the program. Allen, how are you.
We're doing well?
Are you too, We're doing well. It's good to talk to you again. I wanted to just get your idea about where we are in this market cycle, given I think a lot has happened, especially since April so called Liberation Day and the way that investors have essentially shrugged off the threat or implementation of tariffs.
Yeah, it's been an incredible rebound and I agree with what investors are doing as far as the close here, and that's taken a little bit of profits. When you look at a company like Oracle, that's one of our core positions.
But I'd be much.
More inclined to take partial profits there and redeploy them into areas that haven't moved mitigate risk rather than chasing. I think we're about in the sixth inning. I know you have a lot of people on and they're talking first second inning, but really, when you look at the valuations here and now the IPO market's certain heat, we still have the ways to go.
We're not at the end of this, but we're, you know, more than halfway through.
So so those people loading up and chasing the AI plays, I think, uh, you know, uh, you got to be numble enough to get out in time, that's for sure.
Well, investors look like they're getting out ahead of the weekend. I think it's kind of notable. And I'm sure you've got your screens up and you're looking at the trade. Is it just good week, bullush week? And maybe you just take a little bit of a breather ahead of next week's FED meeting or what.
Yeah, I think you got some positives and and they're getting discounted, Carol, So you get a situation where you know, it looks like interest rates will go down.
You know, the IPO markets heating up. Uh, you know, good news with with you know, some of.
The tech stocks and uhs as far as even the uh you know TAM you know situations as far as with the video and what have you. So I think it's it's a situation where why not take some money off the table.
UH.
The interesting thing, there's still some good by out there. You know, some you know leaders that haven't moved early part of the summer. We're buying Johnson Johnson and Pepsi. They have moved now with their other companies that have good dividends that I still think are attractive. So this is not like a two thousand and seven we talked and said, you know, get out and everything's overvalued. But it is something where I think you got to be a little precarious as far as in chasing.
You said last year you started taking profits in in video that was that when it was out one hundred and forty dollars. You said you then redeployed some of those profits into companies like Snowflake or Mango dB. Do you regret selling in video last year at one not at all.
You know, if you look at Snowflake, it's done better in the past year than than NA Video. And you know, Mango DV at the end of the year was down and it's up, you know, so again I think, you know, investors look at it like, oh, you know in videos hired, you know, one seventies now instead of one forty. But really it's been an underperformer compared to you know, the industry, which is hard to believe. Even Oracle it's up you know,
forty some percent over the last five years. The industry's up eighteen eighteen is great, But if you're in the right areas, you can do you know, much more. So I think that diversification is important, tim and investors shouldn't just be in one or two or seven stocks, you know. I think it's going to broaden out, and that's what you have in the latter innings and that's what we're seeing.
So yeah, you know, we're actually doing more of that.
Well, if I'm doing play by play with the markets right now, we've now bounced kind of off our worst levels of the session on the S and PN down and we've seen investors come back. Blacky trade weird I don't know. Am I just too laser focused on the tick by tick today?
I don't know.
Yeah, that's short term. I wouldn't worry about that.
I think the long term trends is, you know, it's going to be you know, the critical you know area. As far as that goes, and there's good you know investments, it still can be you know, purchase, which which you know I'm appreciative of. If everything's overvalued, then it gets really hard.
So so to.
Takes some money off the table, even in video, I think we'll go higher, you know, but take some money off the table and buy things that haven't moved yet, that have lesser risk, better risk reward, I think is prudent strategy right now.
I want to talk a little bit about risks that you see out there and when you think it's time to, if at all, move to cash or you know, it's a question. I don't ask lightly because that's a drastic move for investors, and you know, people are always saying, do not time the market. I'm not giving financial advice here, but I'm just wondering how you're thinking about risk right now, because there are a lot of folks out there. You say, valuations are very high.
Yeah, they are high in certain areas, and that's why you know, we are starting to take profits and you know again partial profits in Oracle and and companies have done well like in video. But I also think that there are areas you can still buy so you don't have to be and cash like in two thousand and seven and late nineteen ninety nine we're saying get in cash and be defensive. Now I think you could be defensive but still have companies that have dividends and are
trading it historic lows really valuation wise in it. That's what makes us divergence, you know, interesting where you can get out and take some good profits or partial profits and redeploy the money and things that have yeah, lesser risk and better reward, like you know, as far as snow Frock had a year ago.
Alan, sorry to jump in, but we've got like we've got a million questions left and only like a minute left. I just want to talk MP Materials because we had Jim Litinski on the show. We've spent a lot of time talking about that company. It was on your radar before it was on a lot of people's radar. You spoke with us about buying it. What's the status there?
We would hold it again, not chase it. You know, we're buying it. You know, in the mid twenties it went down to ten. We're just buying more. Just long term play, you know, two good pieces of news.
You know.
Earlier this summer we increased our target to eighty to ninety dollars, so we did take some profits. But again I think it's a good long term play. Again, another one of those high flowers that we would in chase. But you know, hopefully we can find some like MP materials from you know, six months ago that will do well, even though I don't think you'll see.
Those kind of games twenty seconds really quick. You're comfortable with the government taking a stake, Yeah, I think on this.
It's very important.
I disagree with the intel and with the airspace and what have you, but on this I think it is critical and it really helped with the company.
On the map.
As we mentioned, this stock has been on a tear. It is more than three hundred percent yre today. Ellen Lance have a great weekend. President of Allen B. Lance and Associates joining us from Toledo, Ohio.
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