How the Debate Moved the Market & Wall Street’s Take on Trump - with Josh Brown | Prof G Markets

This week on Prof G Markets, Josh Brown, co-founder and CEO of Ritholtz Wealth Management, fills in for Scott to talk about how the markets reacted to the Presidential debate. Then Josh and Ed discuss how Trump and Biden presidencies could impact investors and Josh breaks down why he isn’t concerned about Trump’s potential tariffs on China.
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Timestamps:
00:00 - Today's episode
01:37 - Headlines
19:59 - Ad break
20:04 - How the Debate Moved the Market
33:14 - Wall Street’s Take on Trump
43:44 - Week Ahead
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Headlines:
GameStop Shareholder Quickly Drops ‘Roaring Kitty’ Fraud Suit
www.bloomberg.com/news/articl...
Warren Buffett Gives Us a Preview of His Will
www.wsj.com/finance/warren-bu...
What it means for the Supreme Court to throw out Chevron decision, undercutting federal regulators
apnews.com/article/supreme-co...
#business #news #tech #finance #stockmarket #profg #scottgalloway #profgmarkets #ai #earnings #stocks #investmentstrategies #investment #investing #joshbrown #presidentialelection #presidentialdebate2024 #presidentialdebate #trump #biden #donaldtrump #joebiden #china

[@Kav1an]

I guess we all know that yacht broker was full of shit about the WiFi 😂

[@jamespardue3055]

Big Surprise..................he's a Yacht Broker!

[@stathisath]

There was great foreshadowing.

[@jannichi6431]

Got an ad for Med. & Greece, of all places, charter private yacht last week! Coincidence?

[@Mr.Eeeeeeeee]

I mean how else do you get WiFi in the middle of the ocean other than Starink?

[@xuover]

OMG. Scott depending on starlink. The irony

[@anshool21]

hahahahahahaha

[@spanishflea634]

Ed, if Scott is missing, then you need to make the shitty jokes in the begining!

[@tucoramirez9557]

Where is my weekly dosage or bad jokes, Ed?! :)

[@adrianr87]

First time hearing Josh Brown. Based on this episode, I'm a fan.

[@jannichi6431]

CNBC

[@ThatonedudeCR12956]

He's honestly one of the few commentators CNBC has who doesn't seem to go on random political tangents. The other two just have incredibly frequent and strange side tangents that seemingly come from nowhere.

[@mtgdiagnosis9469]

Check out his podcast, The Compound and Friends. Great listen/watch every week

[@jeff1872t]

Gag. This guy was terrible and has shit for perspective.

[@anshool21]

he has a weekly podcast. Highly recommended

[@bondi5000]

Elon definitely switched off the satellite that was connecting Scott’s yacht! 😂

[@user-ds8nr6ff4z]

Thank you Josh Brown and to the team at Prof G markets

[@IshaanCH24]

Notes: 1. No, Roaring Kitty shouldn't be prosecuted because there is no "dump" in the pump & dump. He's way more transparent than he needs to be as an individual investor. "The markets are an amusement park. Pick your ride." 2. Registered Investment Advisors. 18k of them in the U.S.A. Josh is pro-regulation and he assumes most RIAs are as well. The dilution of the Chevron doctrine, where courts would defer to the expertise of the federal regulators, is harmful if it leads to companies breaking the rules. 3. Geopolitics doesn't have the impact on markets that people think it does. When the markets reopened after JFK's assassination, it went up. It took the markets 5 months to regain the drop after 9/11. It's a graph of rich people's feelings. Josh's core message is: don't watch the news. Even if you do, worry but don't react.

[@danielromerosol4158]

If you are rich, you don't care. Sadly, that is not the reality for the majority. The majority of them live paycheck to paycheck

[@austinhorton6350]

Really hope Josh becomes a regular guest. He’s pretty much the only CNBC pundit who actually brings anything valuable to the conversation.

[@jeff1872t]

I must have missed that part.

[@AMchou]

Josh was epic in this. Super sharp and concise on all the news. Definitely a fan.

[@jeff1872t]

And terribly lacking in perspective. This dude is trash.

[@wnow8987]

Josh’s recall on market history is amazing

[@shamilranasinghe6247]

Josh Brown, I'm a fan. Listening to you I bought Facebook when it was down to 300 ish. I wish I had bought more. Thank you.

[@f.s.b.8796]

This podcast is fun and interesting, well done.

[@Gola2844]

Josh Brown is The Man!!

[@contrary8880]

I appreciate Josh's directness and DIRECTION...he provided great historic examples of the market.

[@mmm-cake]

Josh is a goddamned genius- he looks like a cool guy too. Normally people that look cool are dumb as hell lol. Love ya bro- appreciate all of your work. Appreciate this show too. All of the content discussed is great 👍

[@mrjvc]

Fantastic points, and entertaining! Great episode

[@dougcummings6000]

Great conversation!

[@matthewegan6840]

Love this mashup

[@mitchiefloyd8535]

Love Josh! I'm especially happy today because of his recommendation of GLW! Thank you!

[@jeff1872t]

Do you love his myopic world view and his failure to take a leading presidential candidates words seriously?

[@vivekanandpalaniappan5159]

Awesome episode!

[@Gabe_A]

Awesome guest! Great show as always Prof G & Ed.

[@scottprice8364]

Great show!!!

[@indifferentuniverse3991]

Great episode! Great commentary around geo-politics.

[@kerrybyers257]

GRRRREAT interview, Ed! You prompted the guest and let him riff!

[@BaccaratDegen]

I love that Scott picked Josh as a replacement host. This makes realize why I subscribe to both of their podcasts, because their views and vision on investing, politics, social activities align with my own.

[@PristinePerceptions]

Oh hey, the guy who thought Y2K was a prank is back!

[@dlerman66]

Nice one!

[@Aijoustudio]

Laughter was laughed

[@Sweet..letssurf]

Nice episode’

[@TommySaucierPlourde0]

Love the way he brush off the finding him.

[@jimmyfrost2091]

Josh is an S tier guest.

[@IshaanCH24]

When something negative happens in geopolitics, there's usually a policy response. And that response is usually: just keep shopping.

[@Mr.Eeeeeeeee]

Great podcast! Love Josh and the Compound. The debate severely hurt Biden in that voters won’t flock to Trump but they will stay home. This situation is akin to 2016 when a lot of Dems stayed home because they didn’t like Hilary. Regardless, the stock market won’t care who wins as long as the government is split in which case nothing will get passed. Plus any sign of economic weakness will be mitigated by rate cuts and buying up bonds. We are seeing a massive consolidation of wealth in the stock market. The biggest companies are the best growth, profitable, and value combined. They stand to gain the most from the AI revolution and will keep getting bigger. We are reaching peak capitalism.

[@llundber]

Good way to find out Ed should take over the show. 😂😊

[@chri6393]

Saw Josh Browns face in the KZbin clip. So here i am

[@unreactive]

smart guy, very insightful

[@christianromero9596]

Let's remember the moment we take regulations out of the market crash, follow.

[@aj8599]

Yesssss JB

[@JoeS97756]

If Gill didn't sell GME, how did he get $200mm to put into Chewy's?

[@Kolumbus123]

Exactly. It is a deliberate pump and dump. He always opens a call option position alongside the stock itself. Then he dumps the call options into his pump, while keeping the stock position. Then he tells the stupid herd: "Look, I did not sell! We are in this together! It's a movement!" BTW, Gill has had a Bloomberg terminal for a long time. He is a total pro who absolutely knows what he is doing. The nice casual hippie thing is a facade, it's calculated manipulation.

[@jeff1872t]

Scammers defend scammers. Water is wet.

[@JoeS97756]

@@jeff1872t JB may be wrong about Gill, but I watch him every chance I get and will order his book.

[@dimerules321]

I'm still waiting for this week's number Ed

[@LumenMichaelOne]

42:24 ... 😄 ... That's DownTown Josh Brown - Maaaaan! ... ... ...

[@rof8200]

No one can say the SEC is unbiased and above scrutiny given how the SEC handled FTX and negotiating a special no action letter just for FTX

[@thomas6502]

More Josh!

[@jannichi6431]

He's a super technician for those of us data driven.

[@ephoenix7]

If Scott has limited Wi-Fi, then he could use his smartphone as a mobile hotspot for his computer

[@johnkelley1426]

Chevron: was sought be moderate republicans; the head of the EPA then was Gorsuch's mother. Republicans sought agency deference because: courts are not STEM and rule all-over in complex, science cases; courts are inconsistent in those cases; appeals are s l o w whereas agency rules occur in fractions of the time. Chevron deference was a business positive for republicans. Now, back to the chaos.

[@jannichi6431]

Legislating from the bench benefits no one in the long run. Chaos is intentional. Project 2025.

[@noveltyrobot]

Josh is so iconic

[@JaredFarrer]

Some folks like to sail unplugged I prefer to unplug here and there especially when no weather going on

[@Sucre414]

41:30-41:50 “ for every action has an equal and opposite reaction. Go ye into the world and gamble here is money.”

[@kyleinpa5285]

In Feb 2020 when the stock market was dropping 9% EVERY DAY, I called my three siblings and I didn’t ask them if they had the sniffles, I told them if they owned any stocks or mutual funds, DO NOT SELL.

[@GregTudor]

Can we have Josh Brown cover Prof G Markets from now on?

[@kkots]

I thought Buffet was giving the bulk of his money to the Giving pledge foundation?

[@christophercozad4374]

Thought Big Ed was going to take the lead!! ... disappointed. Hahahaha

[@BruinsWin7]

Good for Scott. Some unplugged time is just what the Dr orders.. Enjoy

[@nlabanok]

Ahhhh, the old "they said they had broadband... turns out their wifi is just a cups and strings set up" excuse to not dial into work meetings from vacay....the dude's been planning this for weeks lol. PS...great guest today....Josh Brown is almost always on point.

[@timcassedy3367]

Agree with your take on tax cuts but i don't think its a one way street in the medium term. It will also increase inflation pressures, especially in asset values like housing that young people have already been priced out of. And, as a result increase interest rates also disadvantaging middle and lower income people. These counterbalances will put downward pressure on the stock market but, in concert with you're position, not as much as the low tax uplift. Overall societal impacts are another matter.

[@CristianPerez-xh6dd]

I can imaging Scott’s reaction to this.

[@davidpm10022]

Meanwhile Prof G takes a shot at Josh Brown on the Kyla Scanlon pod (20:30 in)..

[@adrianr87]

I'm not sure what's questionable about Chewy. I don't even have pets and see those boxes everywhere.

[@jannichi6431]

Chewy treats, Fresh Pets, Thomlinsons, border services all of it Thank you for your service. Woff woff, and bark back!

[@andrewgregger3081]

Our glorious king Ed “gettin head” Elson!

[@Dante_Delvegas]

Ooooooohhhh, Scott is gonna be getting COMP'D!!

[@mikeh7515]

This Josh guy might just have a career in finance ahead of him.

[@dennisgough7331]

Ed,why no push back on his Trump analysis? Taking the advice of the last guy you listened to,should scare the crap out of everyone.

[@10XRIEL]

Omg he was great 😅

[@Yourmission9]

I agree with Josh’s assessment with the presidential debate, that said I’ll be voting for Biden, for no other reason than project 2025 should alarm republicans and democrats alike

[@jeff1872t]

Sounded like he was just saying that for public perception. Actually seemed like he loves Trump.

[@MichaelLaFrance1]

If you look at the history of large economic crashes, especially pre WW1, leading to the Great Depression, many were caused by the lack of regulatory oversight. If we eliminate regulatory enforcement in financial markets, we can expect more of that. And, of course, we could also face going back to the days of smog and burning rivers without environmental regulations. There's a saying that every regulation is written in blood, and there's some truth to that.

[@cory_aqua]

…’Internet and mobile had their renaissance in his second term..’ But if they didn’t it was his fault his new policy caused right? 😅

[@int_pro]

Giving a lot of credit to the guy that's gone bankrupt countless times. 🤷

[@Ryanandboys]

I don't understand why anyone would think the Chevron decision is good for corporate America... It's good for anyone wanting to build a home or do anything that is extremely regulated by federal unelected bureaucrats. For example I'm a farmer myself in a few other farms have had federal EPA bureaucrats come in and tell us what we can do with our farmland and where we can put ditches and what we can tile drain This is absurd there's no evidence at all that doing what we want to do with our land would be detrimental to anything. We should have the right to do it people should have the right to sue us if it indeed hurts anything and voids any regulation regulation should be on what actually happens not in theory what could happen. The problem is the EPA is filled with environmental activists that are anti-development anti-human in push regulations further and further every year and local nimby's use these regulations as weapons and excuses to not allow any development or improvement of land.

[@yamuiemata]

Great guest, I'm sure Scott would agree he did a good job in his absence

[@ttacking_you]

On top of what a debacle that debate was, the whole thing was a product promotional he blew!! For something called dark brandons secret sauce

[@JFromAcc]

Does Josh not know that he's supposed to start off with a crude and off-putting joke?😂

[@MFunkibut]

Josh. Steppin' up & steppin in. What a man!

[@ryancouture2508]

Voting for Trump is simply not an option.

[@autohelix]

Very true. Not enough money in the world. I would never vote for Trump.

[@SamEbby]

god i love josh brown so much

[@jannichi6431]

Josh Brown! Couldn't be a better choice, (secret crush for almost a decade) Happy Market

[@richardjones2168]

Heavan, forbid we read the 2025 Plan ... does Josh have a wife, daughters ... shit there's business and then there's individual rights and the effect on people's lives .... showmanship another word for BS, sad from the president .... I call it bat shit crazy

[@ericfikry5019]

Sign Josh Brown up to guest co-host every other week!

[@nocheesecheesy6096]

Scott, if you miss the full episode, the only real takeaway is that Newt Gingrich was the savior of the Clinton economy.

[@sirbrad2336]

Chaotic self?

[@a_lot5163]

Far more logical than the usual guy, what was the old guys name again?

[@jimc8609]

Scott who ?

[@SteakFromJakeFarm777]

ouch, fam. take it easy. there’s room for everyone in the hot tub.

[@jannichi6431]

Unless your 'Hot Tub' gets stollen from you.

[@bennisim7949]

I guess he needs to befriend Elon.

[@mistersample]

This was an interesting video. With Prof G missing, how can one fill his shoes. Josh Brown did a great job...even explaining the wall street view of how Trump is ok in some way. Unfortunatley, my take is anyone complicit in a liar, convicted felon, and supportive of dismantling the constitution loses points quickly. It's clear, money is more important.

[@ventedsnare]

we clearly know josh's political affiliation after this

[@Florabamabob]

Josh is full of it. Financial commitment to NATO isn’t about writing checks. It’s about defense spending based on percentage of GDP. When he makes the statement they started writing checks he sounds like tRump in the debate saying NATO was going broke. People also leave out what our direct funding contributions get us. Expected direct funding from US to NATO for 2024 is approximately $575 million which is 16% of NATO operating budget. Not even a drop in a bucket.

[@jeff1872t]

Yeah he is obviously in the bag for Trump. Brushing off Trumps promised tariffs is malpractice. Dude is completely lacking in perspective. But the seals are barking and clapping.

[@johnydavik]

thats what happens when you fuck with Elon...

[@jhbrookie]

I feel like I’ve gotten to know Scott well enough through this podcast to predict that he’ll go from “glad Josh could cover” to “a little insecure about how great Josh was” this week. Don’t worry, we love everyone at Prof G.

[@tjl4688]

This is a lie, Trump was not his usual chaotic self. Lies aside, even his critics admitted that he looked presidential.

[@zzzT.]

In conclusion, the stonk market is completely detached and divorced from reality. ✅️🤠 $AMC bug in

[@JaredFarrer]

This is the issue when you have a dumbass political leader that bankrupted every company he owned. Raising interest rates was the right call… Trump woulda kept um low until inflation woulda ran away leaving the middle class poor and in poverty cause companies to greedy to raise salaries

[@jannichi6431]

Trump CAUSED inflation and supply disruption w/ COVID fueled. Redistribution of wealth the goal. Wealthy LOVE inflation. Just sit back and watch the assets appreciate.

[@soundsnags2001]

8:42 - bro it's not a real charitable endeavor. It's just like financial zoning, he's giving money to the youngin's and shirking taxes. Good on him, screw the IRS.

[@kennethburnside4780]

Says “im not a political person”, proceeds to use platform to dis dems for … doing a good job. Also Obama and now Biden both have policies and agendas that have directly affected the economy.

[@jeff1872t]

Also, well I don't think we should brush off a loon promising he will implement draconian tariffs. This dude is just rich enough to not have to really worry about it like all us poors.

[@rjclark730]

scott is this embarrassed by the debate. bet he wont discuss it when he finds the internet again

[@autohelix]

He did discuss it on his other podcast Pivot.

[@user-hn6cu8ds9v]

Trump was chaotic? Bias much? Truth hurts.

[@user-xy1df7lf7q]

Zero. That's the number of lame dirty jokes in this podcast.

[@r.k.2823]

Josh saying, “You know I’m not partisan. You know I’m not a political hack…”. Man did those statements have me give the biggest eye roll!!🙄. Josh man, I’ve stopped watching your video podcast because you are entirely political and slanted. And we all know which way too.

[@bixcut]

It was a bad idea to broach politics with a guest host. If you have a guest host, stick to market specific topics. Or just don't have an episode. Scott's more pragmatic nuance is fresh air to business politics. This wasn't it.

[@jannichi6431]

Podcast! Awesome💝

[@Nicole-yy1kn]

This boy Ted or what’s his name is so deranged about Trump, blaming Trump on tariffs when it became bipartisan topic. Josh did a good job explaining basic things to him

[@jannichi6431]

The 'kid' knows his FACTS and history.

[@Nicole-yy1kn]

@@jannichi6431 I wish it was visible somewhere somehow

[@craigmak]

What? Slamming China with Tariffs was part of Trump’s initial platform. Then the idiot said he thought China paid the tariffs rather than US companies. It was a wildly incompetent idea & absolutely Trump’s idea. He smacked tariffs on solar panels as one of the first things he did which was wildly idiotic because we don’t even make solar panels in this country so there’s no industry to even protect.

[@youtubesucks8024]

Downtown Josh Brown in da houuzzzzz