0
0.0
Apr 3, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
it says, wait, wait -- >> that was david einhorn at the sohn conference. we'll hear much more from david einhorn when he sits down at 2:15 p.m. don't miss it. let's bring back nancy on the markets. i'm not going to ask you about his pick in particular, but he was poking fun here at growth investment and all the hype that we're seeing around artificial intelligence. valuations that got out of hand and essentially talking about commodities. where are you in the markets this week? we have seen the tech trade take a breather, and things like commodities continue to move higher. >> yeah. hopefully we're continued well for all of that. we are value investors. i would say we're relative value investors, which has kept us alive and allowed us outperform relative to the peer group. so you have to be nimble in this business, but we have a clean energy infrastructure strategy that is long on many of the commodities that have perked up this year. so as investors, you have to look at the secular environment that you have been given and the narrative behind that. so i d
it says, wait, wait -- >> that was david einhorn at the sohn conference. we'll hear much more from david einhorn when he sits down at 2:15 p.m. don't miss it. let's bring back nancy on the markets. i'm not going to ask you about his pick in particular, but he was poking fun here at growth investment and all the hype that we're seeing around artificial intelligence. valuations that got out of hand and essentially talking about commodities. where are you in the markets this week? we have...
0
0.0
Apr 3, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
we have an exclusive interview with david einhorn. hello, scott. >>> thank you for being with us today. your 20th presentation, you have been a loyal supporter of this event. >> it has been a fantastic thing. it is a great cause. he gives money where it is needed, initially with the pediatric hospitals in new jersey. and later, into research. it has become like a new york institution within the community. i feel grateful every year to be invited to be part of it. >> we are proud to be part of it as well. >> the idea today as the european chemicals company based in belgium. we will see a movement on the pink sheets. it is thinly traded as people look at it. how large of a position is that for you? >> we own a little bit over 5% of the company. >> what attracted you to them? >> we have a habit of looking at spinoffs. that has been a core investment strategy for us for many, many years. we have likely embedded invested in 50 or 60 of them. it is the highest returning strategy we have in our portfolio. it is somewhere approaching 50%. we
we have an exclusive interview with david einhorn. hello, scott. >>> thank you for being with us today. your 20th presentation, you have been a loyal supporter of this event. >> it has been a fantastic thing. it is a great cause. he gives money where it is needed, initially with the pediatric hospitals in new jersey. and later, into research. it has become like a new york institution within the community. i feel grateful every year to be invited to be part of it. >> we are...
0
0.0
Apr 3, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
we are monitoring that for any stock-moving headlines, and then david einhorn takes
we are monitoring that for any stock-moving headlines, and then david einhorn takes
0
0.0
Apr 4, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
shares up 8% in the pre-market. >>> david einhorn says his company bought a stake in solvay. a chemicals company based in belgium. the company has higher margins than typical commodities producers. the stock trades at seven times expected 2024 earnings. it is a major producer of soda ash. shares are up in europe after the u.s. depository receipts jumped 14% yesterday. european trading is up 6.5%. >>> etsy issing moving higher the long pick from elliott. it will generate multiyear upside. elliott has a 13% economic stake in etsy. the company appointed one of the portfolio managers to the board of directors in february. >>> janet yellen is on the way to china set to meet with leaders on that side of the pacific. yellen is offering tough talk to protect american businesses. megan cassella is joining us with more about the trip. >> reporter: good morning, dom. yellen will have four meetings across two cities. her goal is to meet with former and current leaders. the biggest piece of the eagend is meeting with her counterpart li on the economy. she will press for changes. we heard
shares up 8% in the pre-market. >>> david einhorn says his company bought a stake in solvay. a chemicals company based in belgium. the company has higher margins than typical commodities producers. the stock trades at seven times expected 2024 earnings. it is a major producer of soda ash. shares are up in europe after the u.s. depository receipts jumped 14% yesterday. european trading is up 6.5%. >>> etsy issing moving higher the long pick from elliott. it will generate...
0
0.0
Apr 5, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
that is what steve cohn said to the network this week, david einhorn told me it's not a bubble. do you share that view? >> yeah, i share that view. i did the article about the internet stocks in january, february, march of 2000. those were big cap stocks. their average price earnings ratio was 200. the average price earnings ratio of these stocks, the nvidias or the mag 7 are about 30 looking forward on earnings. so, they're one quarter -- now, it was way overvalued then. the nasdaq went down 75% from that peak. you know, way overvalued then. but we are not there. i mean, we're really at pe ratios that are one-third to one-quarter of where they were in the beginning of 2000 in the internet bubble. so, you know, i'm not saying it's not -- it's impossible to get there. you know, anything's possible, speculation in the market. i think i even mentioned on your show or earlier that if nvidia is priced like those emc, sunmicro system, oracle, all those were priced 24 years ago, you know, nvidia would be somewhere around $3,000 to $4,000 a share. >> your point is well taken. >> yeah. t
that is what steve cohn said to the network this week, david einhorn told me it's not a bubble. do you share that view? >> yeah, i share that view. i did the article about the internet stocks in january, february, march of 2000. those were big cap stocks. their average price earnings ratio was 200. the average price earnings ratio of these stocks, the nvidias or the mag 7 are about 30 looking forward on earnings. so, they're one quarter -- now, it was way overvalued then. the nasdaq went...
0
0.0
Apr 1, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
wednesday, april 3rd, david einhorn is going to be with us exclusively. we will be live from the sohn conference in new york city, an event that's near and dear for all of us, raises money for childhood cancer and david einhorn has been a longtime supporter of that cause and of this event and he'll sit down with us and have an interview about that. we can't wait for that. shannon young is a partner. >> wynn resort. down too long. >> stephanie link? >> slb. >> see what the market does. s&p is negative as is the dow. take you into the final hour. "the exchange" is now. >>> welcome to "the exchange." i'm jon fortt. here's what's ahead. the ten year up after the fed's key inflation reach and the prices mo prices moderated, but spending remained resilient and manufacturing increased for the first time in 16 months. our economy sees three rate cuts still on the table this year and she's going to make her case ahead of friday's jobs report. manufacturing in china also extending, breaking five straight months of contraction. is it bl
wednesday, april 3rd, david einhorn is going to be with us exclusively. we will be live from the sohn conference in new york city, an event that's near and dear for all of us, raises money for childhood cancer and david einhorn has been a longtime supporter of that cause and of this event and he'll sit down with us and have an interview about that. we can't wait for that. shannon young is a partner. >> wynn resort. down too long. >> stephanie link? >> slb. >> see what...
0
0.0
Apr 4, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
david einhorn, here is what he said. >> i don't particularly think we're in a bubble. we covered in the first quarter of last year. based on companies that are involved. >> liz, the bears love to point out, look at the stock moves. nvidia is up so much. a lot of the chips names have gone crazy. it's got to be a bubble, right? that's what you still hear from the bears. what do you make of what both cohen and einhorn had to say? it's not a bubble. >> i don't think it's a broad bubble. i think there was a bubble and maybe still is in the enthusiasm around a.i. in the sense of expecting it to come to fruition this year or some time in the next 12 months. i still think it's a theme that will continue to play out. any new theme, any new innovation goes through a boom or bust cycle. we haven't had a bust cycle in this theme yet. so are we in a bubble if we're comparing that to the late '90s or early 2000s? no. we're still reasonably priced by comparison that way and reasonably priced by comparison of tangible revenues occurring in a lot of companies that have been driven up.
david einhorn, here is what he said. >> i don't particularly think we're in a bubble. we covered in the first quarter of last year. based on companies that are involved. >> liz, the bears love to point out, look at the stock moves. nvidia is up so much. a lot of the chips names have gone crazy. it's got to be a bubble, right? that's what you still hear from the bears. what do you make of what both cohen and einhorn had to say? it's not a bubble. >> i don't think it's a broad...
0
0.0
Apr 17, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
david einhorn joining those saying u.s. investments could be booming because of rate hikes, in spite of them more than $13 trillion of interest bearing assets like bonds and money market accounts. it nets about $400 billion a year in interest at today's rates. that money could provide some real gains if it's funneled back into the economy just look at the change in key data since the start of the fed tightening cycle gdp is growing, unemployment steady corporate profits rising could the current environment actually be supporting the economy and markets? karen, what's your take on this very interesting view? >> it is a very entering true. i want to turn it on its head a little bit it is the cause of the gdp being so strong, is the cause of the higher rates yes there are benefits to that like the ones you pointed out. i also wonder how much tax income is boosted from all that extra income we were talking about that before the show. and then there's also -- there are some downsides as well obviously it's hard on the housing ma
david einhorn joining those saying u.s. investments could be booming because of rate hikes, in spite of them more than $13 trillion of interest bearing assets like bonds and money market accounts. it nets about $400 billion a year in interest at today's rates. that money could provide some real gains if it's funneled back into the economy just look at the change in key data since the start of the fed tightening cycle gdp is growing, unemployment steady corporate profits rising could the current...
0
0.0
Apr 24, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
when we come back, we have david einhorn. (traffic noises) (♪♪) the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. at corient, wealth management begins and ends with you. we believe the more personal the solution, the more powerful the result. we never lose focus on the life you want to build. it's time for wealth solutions as sophisticated as you are. it's time for corient. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. >>> welcome back to "the halftime report. i'm kate rogers with your news update >>> president biden signs a bill that could see tiktok banned in th
when we come back, we have david einhorn. (traffic noises) (♪♪) the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. at corient, wealth management begins and ends with you. we believe the more personal the solution, the more powerful the result. we never lose focus on the life you want to build....
0
0.0
Apr 3, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >>> plus, david einhorn saying value investing is dead. where he's putting his money, and why, right after this. man, we really need to upgrade your trash talk. ♪♪ nice shot... shot... taker. who programmed you?! i'll see you tomorrow. the future isn't scary, not investing in it is. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com. it's payback time. all these years, you've worked hard. you fixed it. you looked after it. maybe it's time for your home to start taking care of you? investment objectives, risks, charges expenses if you're 62 or older and own your home, a reverse mortgage can put more money in your pocket by eliminating your monthly mortgage payments, paying off higher-interest credit cards, and covering medical costs. you paid down the mortgage, invested in your home. i guess, you could say, your home owes you. just eliminating the mortgage payment freed up a lot of cash for us. the fact that we're stil
. >>> plus, david einhorn saying value investing is dead. where he's putting his money, and why, right after this. man, we really need to upgrade your trash talk. ♪♪ nice shot... shot... taker. who programmed you?! i'll see you tomorrow. the future isn't scary, not investing in it is. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com. it's payback time. all these...
0
0.0
Apr 3, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
we'll hear from green-light capital founder david einhorn at 2:00 2:15 p.m. >>> let's get a check on futures. the dow is implied lower by 55. the s&p down by about 9, and the nasdaq off by 50. >>> our own jim cramer is telling investors not to worry. he made those comments last night on "mad money." >> don't forget the company was over bought. it was overbought this evening. the movement might not be over. bottom line, all you can do is patiently hunker down and wait for lower prices. somehow, i think we'll get them. >>> from one philly guy to another, let's bring in jay woods from freedom capital markets. you heard jim's comments. he's not the only one out there saying it. he's saying, yes, things can be intact from medium to longer term but still have volatility. the problem is, jay, we haven't seen it since like november, really, so is this something to be scared of? >> i have to echo jim's sentiments. we've come up with back-to-back gains. we're coming into april. we've been up 16 of the last 18 aprils. yes, things are a little overdone. the 10-year brock at 3 pnlts 5%. it's look
we'll hear from green-light capital founder david einhorn at 2:00 2:15 p.m. >>> let's get a check on futures. the dow is implied lower by 55. the s&p down by about 9, and the nasdaq off by 50. >>> our own jim cramer is telling investors not to worry. he made those comments last night on "mad money." >> don't forget the company was over bought. it was overbought this evening. the movement might not be over. bottom line, all you can do is patiently hunker...
0
0.0
Apr 4, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
david einhorn sat down with our team at the conference. we'll going to play that for you and i want your take. >> the s&p is making highs, right? we're in a favorable economic environment, yet where is the ipo market? why aren't companies able to come public? the reason is, companies used to do these things called road shows. they would come to these managers and say hi, i'm the mid-cap manager of the such and such fund. would you like to buy my new stock? if that person isn't there or they don't have any new money, there's no one to buy that stock. so you have a closed ipo market, even in the face of really, really favorable market conditions. >> that was the perspective i haven't heard that often, because i usually sit in san francisco and talk to founders, many of whom believe there's a stigma around going public, that you can't build for the longer term as well as you can if you're private. what do you think of his comments and whether the ipo market is going to open up or not? >> look, the reality is, there aren't that many good grif
david einhorn sat down with our team at the conference. we'll going to play that for you and i want your take. >> the s&p is making highs, right? we're in a favorable economic environment, yet where is the ipo market? why aren't companies able to come public? the reason is, companies used to do these things called road shows. they would come to these managers and say hi, i'm the mid-cap manager of the such and such fund. would you like to buy my new stock? if that person isn't there...
0
0.0
Apr 2, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
einhorn joining us from the conference right here on "power lunch" at 2:15 p.m. >>> still ahead a real estate reality check. conventional wisdom says home prices should be easing and yet they're not. we'll do a deep dive on the latest data including how much the average monthly payment has grown in just the past year. we'll be right back. (bobby) my store and my design business? we're exploding. but my old internet, was not letting me run the show. so, we switched to verizon business internet. they have business grade internet, nationwide. (vo) make the switch. it's your business. it's your verizon. ♪ >>> this spring housing market is coming in hot, making it harder not just for new buyers but for move-up buyers to afford a home. diana olick joins us with very stunning numbers on what it takes to get in really puts it in perspective how much it's changed. >> yeah, deirdre. home prices in february were 5.5% higher than february of last year, according to core alogic. while that annual comparison is shrinking slightly the price gain from january to february was actually nearly twice wh
einhorn joining us from the conference right here on "power lunch" at 2:15 p.m. >>> still ahead a real estate reality check. conventional wisdom says home prices should be easing and yet they're not. we'll do a deep dive on the latest data including how much the average monthly payment has grown in just the past year. we'll be right back. (bobby) my store and my design business? we're exploding. but my old internet, was not letting me run the show. so, we switched to verizon...
0
0.0
Apr 4, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
i would be interested in what data david einhorn is looking at. i'm not seeing that. i do think it's a downside, it always has been in earlier periods of higher inflation moderating to lower inflation. that's not a surprise and it may prove as mr. cohen said, hard. really hard. to get to 2% and i think it's possible it just isn't achievable over the medium- term. my own expectation is pretty much in line with the latest market expectations. i think as of earlier today there was a 56% chance based on markets of the first cut taking place in june and still a base case of three cuts. i think that's as logical a scenario as any. i paid a lot of attention to chairman powell's own comments and as steve said, he clearly wants to cut and he essentially brushed off the latest data as not changing their basic framework and so, absent negative data could happen tomorrow morning with job support but absent negative data that is seen as continuing and by negative i mean stronger than expected on growth, jobs, and inflation, i think that is still the most logical expectation, but i
i would be interested in what data david einhorn is looking at. i'm not seeing that. i do think it's a downside, it always has been in earlier periods of higher inflation moderating to lower inflation. that's not a surprise and it may prove as mr. cohen said, hard. really hard. to get to 2% and i think it's possible it just isn't achievable over the medium- term. my own expectation is pretty much in line with the latest market expectations. i think as of earlier today there was a 56% chance...
0
0.0
Apr 2, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
einhorn, that comes at 2:15 exclusively. so i hope you'll join me. more immediately, join me on "closing bell" today at 3:00 eastern. excited about that. bryn, find trade. >> yuranium. it's the cleanest energy. china and saudi is all in. after a strong 2023, it's set up to have a strong 2024. >> josh brown? >> ieo, the breakout is real. all of these stocks are set up for higher highs. >> oil is running again. farmer jim? >> on that note, transocean got that plus $500,000 a day brig contract. >> all right, thank you. sarat? >> same agenda there. slb. love the oil services play. >> all right. i'll see you on "closing bell." "the exchange" is now. ♪ ♪ >>> scott, thank you. and welcome to "the exchange." i'm deidre bosa in for kelly evans. here is what is ahead today. stocks are under pressure, as yields, gold and oil hit highs, with the action, the story and the trades to make against this backdrop. plus, the fed getting ready to speak this hour, as the market is coming to terms with fewer rate cuts. one of our guests says
einhorn, that comes at 2:15 exclusively. so i hope you'll join me. more immediately, join me on "closing bell" today at 3:00 eastern. excited about that. bryn, find trade. >> yuranium. it's the cleanest energy. china and saudi is all in. after a strong 2023, it's set up to have a strong 2024. >> josh brown? >> ieo, the breakout is real. all of these stocks are set up for higher highs. >> oil is running again. farmer jim? >> on that note, transocean got...
0
0.0
Apr 2, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
einhorn who said a lot of the functions are broken. >>> coming up, that dream house is looking more and more like just that, a dream. how much housing payments have skyrocketed over the past year, and whether there's any relief in sight for would be home buyers. >>> but first, president biden holding a phone call with china's president xi jinping. the headlines out of that conversation, and what to expect in secretary yellen's trip to the mainland. when "fast money" returns. >>> missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. (sirens) [due at target in 5!] copy that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments, we're 30 seconds out. need the next level network. [north corridor, hurry!] -coming through! -or 3, let's go. the network more businesses choose. transplant received. at&t business. >>> welcome back to "fast money." stocks dropping for another day as markets
einhorn who said a lot of the functions are broken. >>> coming up, that dream house is looking more and more like just that, a dream. how much housing payments have skyrocketed over the past year, and whether there's any relief in sight for would be home buyers. >>> but first, president biden holding a phone call with china's president xi jinping. the headlines out of that conversation, and what to expect in secretary yellen's trip to the mainland. when "fast money"...
0
0.0
Apr 18, 2024
04/24
by
FBC
tv
eye 0
favorite 0
quote 0
manager david einhorn and a few others staring at the pot a bit. just look what it's done for the economy. take a look at this, folks. they're saying at the start of rate hikes, gdp 4. and start was 3.2%. unemployment stayed the same and 3-point #%, 3.8% and corporate profits are climbing bill time from 3 trail to $3.4 trillion and the stock market. 4300 on s&p and hit as high as 5200 and down to 5,000. what's there to not like? say okay, if you want to break it down, this is more macro. give a little granular with it. this one you have to understand. there's $13 trillion in short term interest varying assets in the country, ask there's $ 5 trillion in consumer debt excluding mortgages. why not? of course mortgages ain't a big deal. nevertheless go with this, so you've got $13 trillion, $ 5 trillion, your net gain for u.s. households is $4 billion. we're in the money, boys and girls. of course, the problem is where is that $400 billion going? who's getting the money and g oing for that and going in and out of third and they're all around and they o
manager david einhorn and a few others staring at the pot a bit. just look what it's done for the economy. take a look at this, folks. they're saying at the start of rate hikes, gdp 4. and start was 3.2%. unemployment stayed the same and 3-point #%, 3.8% and corporate profits are climbing bill time from 3 trail to $3.4 trillion and the stock market. 4300 on s&p and hit as high as 5200 and down to 5,000. what's there to not like? say okay, if you want to break it down, this is more macro....
0
0.0
Apr 1, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
david einhorn from the sohn conference. we're very excited about that. >>> up next, your earnings set-up. retailer pvh reporting at the top of the hour. that stock's seen sizable gains over the last year. big question now, can that reth ctinue? we will discuss that and much more when we take you inside the market zone next. st. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. encore energy, america's clean energy company, now in production in south texas. energizing america with reliable and affordable uranium for nuclear energy fuel from our environmentally friendly extraction process. encore energy. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if
david einhorn from the sohn conference. we're very excited about that. >>> up next, your earnings set-up. retailer pvh reporting at the top of the hour. that stock's seen sizable gains over the last year. big question now, can that reth ctinue? we will discuss that and much more when we take you inside the market zone next. st. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. encore energy, america's clean energy company, now in...
0
0.0
Apr 4, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
>> sure. >> as a defensive play against potential market downturn, david einhorn is loading up on gold. he also said that gold is a very large position for them and physical gold bars is the way to hedge the problem with the monetary and fiscal policies in america. you can watch that full exclusive interview on cnbc.com/pro right now. we will talk to a wharton school professional who is warning of a meltdown in 2025. i assume you would buy digital gold? >> i can't remember the year einhorn -- >> i was looking that up right now. >> at least five. he loaded up and it didn't work. >> i was looking that up. >> if it was a while ago and he actually did -- it was more than five. he did a couple of mea culpas on this. i miscalculated this or that. >>> disney was weird. it turned down after the news came out. that was the rumor. disney did defeat nelson peltz. the contested proxy battle. they voted the slate of nominees and rejected peltz's bid for two seats on the board. david faber has an exclusive interview with bob iger at 9:00 a.m. we will talk to jessica about this. she thinks this is gr
>> sure. >> as a defensive play against potential market downturn, david einhorn is loading up on gold. he also said that gold is a very large position for them and physical gold bars is the way to hedge the problem with the monetary and fiscal policies in america. you can watch that full exclusive interview on cnbc.com/pro right now. we will talk to a wharton school professional who is warning of a meltdown in 2025. i assume you would buy digital gold? >> i can't remember the...
0
0.0
Apr 8, 2024
04/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >> david einhorn was on air last week, he made a good point is that really the rise of index funds has in his mind preverdicted the actual investing process, moved by indexes unto themselves. as someone who runs a firm like yours, charles schwab, what you think about that. >> for the average investor indexing makes sense just because of the amount of -- you know, just the amount of kind of study that has to go into finding stocks, but i will say this, we provide an incredible amount of education and opportunity for our investors to do that study, whether it's through what we do with schwab coaching, those are webcasts that we do on a daily basis, now does it skew the values, i think what might skew it to a certain extent is the market cap and the big names at this point represent 25% of the s&p 500, that might skew it. but i think for the average investor indexing still makes sense. >> do you think it's changed the dynamic, though, meaning there's not the true price discovery even these individual investors buying and selling it's in such small proportion it doesn't make a differen
. >> david einhorn was on air last week, he made a good point is that really the rise of index funds has in his mind preverdicted the actual investing process, moved by indexes unto themselves. as someone who runs a firm like yours, charles schwab, what you think about that. >> for the average investor indexing makes sense just because of the amount of -- you know, just the amount of kind of study that has to go into finding stocks, but i will say this, we provide an incredible...