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Party like it’s … 2009?

Apr 27, 2022

Good morning!

The markets are trying to make a rebound in the overnight session as I type. Good – that’s a sign that people are paying attention and that valuations are getting stretched to the downside.

I’ll be doing some buying today, even if there’s more selling ahead.

Here’s my playbook.

1 – Anybody caught on the wrong side will get Netflixed

People mistakenly assume all big tech is the “same” when it’s not. Here’s my take earlier this morning with the fabulous Maria Bartiromo along with my colleagues Kenny Polcari and Scott Ladner. (Watch)

2 – Zucks gonna suck

Alphabet’s results speak volumes about what could be on deck for Meta, the stock formerly known as Facebook

I have long maintained that Facebook has no idea what happens to customers’ data nor where it goes which is why execs cannot seemingly answer even the most direct questions about how their company operates. Further, that the company has no intention of complying with privacy requirements and that makes it a target.Now, leaked documents suggest I may have been correct from the get-go. (Read)

Putskies?

Meanwhile, despite being all about the virtual world, Meta has opened a tiny real-world store. Oh, the irony! (Read)

Seems to me that Zucks’s trying to copy Apple but will fall right on his Oculus.

3 – Twesla fears unfounded

Super interesting dynamic this morning. Tesla has been shellacked for all the wrong reasons. People fear that Musk will get distracted, has too much on his plate and would otherwise be selling his shares to finance the Twitter acquisition. (Read)

Seriously??!!

The dude – Mr. Musk – owns SpaceX, Neuralink, The Boring Company and has so much money that Twitter is a rounding error. Even after the sale, he is still the world’s richest man and still the most effective CEO on the planet.

I think Tesla shares are getting to the point where buying at least a few makes all kinds of sense. Then, tuck ‘em away.

4 - Walmart takes a page from Costco’s playbook

I love going to Costco when I need gas. The pumps are always full, the lines are quick and the value is terrific. Now, perhaps I’ll go to Walmart which has begun offering bigger gas discounts to get people on board with their new Prime-like premium subscription service, pun absolutely intended. (Read)

5 – That didn’t take long

Sources are reporting that the liberal left is losing Twitter followers in droves while the conservative right is gaining leaps and bounds after Musk’s offer was accepted. AOC and President Obama, for example, have reportedly lost more than 30,000 followers while Governor DeSantis and Trump Jr have tacked on 250,000+. (Read)

There’s rampant speculation that the algorithms have been changed. That’s logical.

The real key – and what you want to watch - is something different … the Communications Decency Act of 1996 and specifically the Section 230 Liability Shield.

I think those most threatened by an open narrative – on both sides – will rally to keep it when, IMHO, it should have gone a long time ago.