The 'Gatsby' Rally and Poopgate: Talking Squawk
Warren Buffett and Bill Gates together; Blackstone boss Steve Schwarzman on set; a bird pooping on Becky's head; and Dow 15,000! It's "Talking Squawk"—blogging tidbits, insights and some sarcasm on the WEEK THAT WAS, and the WEEK TO COME from the notepad of the senior executive producer of "Squawk Box."
'The Great Gatsby' Rally?
To get you ready for the latest movie version of "The Great Gatsby," starring Leonardo DiCaprio, I figured I'd start this week with a look at what we could call the "Gatsby" stock market.
The current rally to record high after record high is certainly mysterious like Jay Gatsby, confounding many so-called market experts who keep warning of a "correction." Joe Kernen has certainly been out in front on this issue. (video)
But one thing this market rally is lacking, at least from individual investors, is some Gatsby-like passion. We'd pointed out on the show in recent weeks that while the little guy is coming back to the market, it's still been a slog back from the financial crisis and the crisis of confidence that ensued.
Looking at the bull market of 1924-1929, there are similarities to the rally of today. However, we all know what happened at the end of the Gatsby era. Let's hope history doesn't repeat itself.
One thing I think we do right on this show is get our viewers access to arguably the world's greatest investor.
On Monday, we gave you three straight hours of the Oracle of Omaha, following last weekend's annual Berkshire shareholder meeting.
Instead of trying to write something witty, I'll just let him do the talking. We broke it up into topics to make it easier. (And make you click on more web commercials!)
Buffett on… Heinz (video), stocks going higher (video), good companies at cheap prices (video), the wealth effect fueling private jet travel (story and video), bonds being a terrible investment (video), railroads (video), the media (video), the sequester (video), and building value long term (video).
The Blackstone boss is a legend on Wall Street. Now Steve Schwarzman just launched a $300 million scholarship program in China (the largest philanthropic gift in China's history from a foreign donor.) He spent a half hour on the "Squawk" set this week talking about that (story and video), and the soaring stock market and the Fed (story and video).