"I'm Going To Be Watching The Consumer Very Closely, They’re Already Spending On Fumes Right Now' - Scott Shellady, The Cow Guy - video Dailymotion

Benzinga

Scott Shellady AKA 'The Cow Guy' gives his thoughts on what he is looking out for in the second half of 2023 in the markets.   Watch the full interview here, https://www.youtube.com/watch?v=rxfo5YD4rwU.

Transcript

00:00 - It sounds like you're still staying in the bear camp.

00:02 Do you like anything though?

00:03 Any sectors?

00:04 Are you looking at certain stocks?

00:06 Like, you know, obviously, you know,

00:07 you like cash and I like cash too,

00:09 but you know, there's obviously, you know,

00:11 been some opportunity here.

00:12 Do you see any opportunity in the second half

00:14 or are you just staying safe?

00:17 - Two things.

00:17 Number one, I do love AI.

00:19 I mean, I love the technology the first time around.

00:22 Obviously everybody's gonna talk about the bad parts of it,

00:24 but we're still, we've still got really bad parts

00:26 of the internet right now with people getting scammed

00:28 and people being able to shut down your entire

00:31 Eastern seaboard when it comes to oil

00:33 or some sort of grid when it comes to power.

00:35 That's all electronically based.

00:37 There's still some big worries when it comes

00:40 to just the plain old internet.

00:42 So yeah, there's some worries with artificial intelligence,

00:45 but I think it's the real deal,

00:47 but I don't wanna be involved with, you know,

00:49 I don't wanna be a pioneer, right?

00:51 My definition of a pioneer is a guy, you know,

00:53 face down in a puddle of water with a coon skin cap on

00:55 and five arrows in his back, right?

00:57 I wanna be like the fourth guy there, okay?

01:00 So let all these people go out there

01:01 and waste their money with some of these stocks,

01:04 but I think you're gonna get a great opportunity.

01:06 And some of them are the big boring ones,

01:07 you know, Microsoft, Alphabet.

01:09 I mean, those, this, I think I've said it for 15 years.

01:13 What is gonna be the next thing that comes

01:14 around the corner that's gonna turn us into what we were

01:17 in 2000 with what the internet did, right?

01:19 Because we got so far out of our skis,

01:21 we spent too much money, we had interest rates at zero,

01:24 we needed something to rescue us.

01:26 We didn't know what it was gonna be.

01:27 I think it really could be AI, I really do.

01:29 Some people thought it was gonna be healthcare.

01:31 Some people thought it was gonna be something else,

01:32 but at the end of the day,

01:33 this is gonna be a pretty powerful tool

01:36 and hopefully it makes the productivity go through the roof

01:38 without putting a lot of people out of work

01:40 and actually changes things for the better,

01:41 which I think it will.

01:43 But you're gonna have to, it's gonna be dicey,

01:45 but that's gonna be where the opportunity is

01:46 'cause it's probably gonna be the diciest.

01:48 Now, I just wanna get this out there before we go.

01:50 I also am gonna be watching the consumer very closely

01:54 because that's the key to everything right now, right?

01:57 As long as they have a job they're spending,

01:58 they're spending on fumes

01:59 'cause savings rates are all time record lows.

02:01 We just went over a trillion dollars

02:03 with credit card balances around the country.

02:05 We've got a record high number

02:06 of credit card application denials right now.

02:11 All of these little things out there

02:14 that are telling me danger Will Robinson.

02:17 So when we start to see the consumers

02:20 start to falter a little bit,

02:22 and McDonald's has said they've started to see it,

02:26 people trading down the menu

02:27 and or not getting that extra cheeseburger

02:29 that you eat on the way home

02:30 so your wife doesn't know you had it, right?

02:32 Or the guys, the chief financial officer of Costco

02:37 has said he's starting to see

02:41 some of those types of behaviors, people trading out,

02:43 not in mass yet, right?

02:45 But when the consumer finally breaks,

02:46 then this whole thing, the whole thing falls apart.

02:49 It's 70% of our economy.

02:51 They're already spending on fumes right now.

02:54 It's just a matter of when, not if.

02:57 Well, I'm going to go ahead and close this out.

"I'm Going To Be Watching The Consumer Very Closely, They’re Already Spending On Fumes Right Now' - Scott Shellady, The Cow Guy

Category

Transcript

Recommended