"squawk alley" is live. ♪ ♪ welcome to "squawk alley." joining us today "new york times" best selling author scott galloway as well as author of the forth coming book "zuked." we will begin with social media. jack dorsey of twitter doubling down on his decision to not remove conspiracytheorist alec

jones from the platform. he called in to hannity last night. >> we every model that we have the network is really looking at behaviors on the network. we take those as signals. i want to point out that the signals evolve like minute lby minute. these are not letters that will be not allowed to trend. these are models that are looking at behaviors. behaviors of bad faith actors who intend to manipulate and divide a conversation or to unfairly amplify their content which they didn't earn. >> roger, looks like dorsey is going to go on a bit of a media tour the next few days. a lot of tweets from jack. the debate is is there an algo

that can arbitrate truth at scale? if not, what is their responsibility >> i think the problem that we have here is a misunderstanding of what the first amendment is all about. the idea of the first amendment is to protect the free speech of individual americans from repression by the government. what is going on here is you have companies, in this case twitter, but also facebook and google who act like the government and enforce a set of rules related to speech. the problem is that their business interests are driven by promoting conspiracy theorists and anger and fear. it is not because they are bad people. it is because that is what gets the most attention and the most economic value. and so they are in this really difficult position where they would like to have all the conspiracy conspiratheorists re the platform. these guys should not be the

ones making the decisions about what speech is useful and what speech is appropriate or not. i look at this in a very simple way. if people are out there shouting fire in a crowded theater, that is clearly not protected speech. i think alex jones and other conspiracy theorists are the internet equivalent of shouting fire at a theater. we need to make choices about that. we need to take it out of the hands of the platform. >> scott, silicon valley spent so long trying to avoid touching content because of these kinds of issues. they don't want to make values based decisions about content. now they seem to be all in on content. they have to are it. facebook is in. google has been in for a long time. how do they get out of this? are they going to have to make the kinds of decisions that up to this point they haven't wanted to make >> i think roger is right. there is nothing in the back

grounds of any of these senior executives that indicate that they are first amendment crusaders. they have wrapped themselves in a blanket that inshurz they wenl not slow down their growth. dorsey is taking a stand and has come out and said essentially that it is important that we hear their view points so legitimate journalists can refute it. that ignores all the science around our platform. that is we as a species are easier to fool than to convince we have been fooled. you develop these sealed communities online that refuse to believe there isn't a child slavery ring run out of this pizza shop. when you let these fires catch there is just no putting the genie back in the bottle. so this hand wringing around can they do it, we are not talking about the realm of the possible. we are talking about the realm of the profitable. and when something slows down

their growth they start couching it in terms like first amendment, impossible. we don't want to be arbiters of truth. i think roger is absolutely right. are we comfortable with 30 something year olds, some of whom are college graduates, deciding what content gets resonance along the largest communities ever assembled jack dorsey had a moment. the next couple of weeks will be very ugly for mr. dorsey. >> just to dig into this a little bit further. if the companies and the ceos should not be in the position to self police and decide what should be and shouldn't be on their plat forms then that would infer that regulators should step in. i will say it. we saw how the testimony with mark zuckerburg turned out in congress. it seemed very much like a number of lawmakers don't fully

understand tech or the business of tech. would they be the ones capable of making the right types of regulations? >> i think this issue is actually simpler than the one we dealt with in those hearings. this one is really about media. there are a set of rules that govern cnbc and newspapers and any media about what is appropriate and what is not appropriate. and for reasons that are historical and relate to the early days of the internet, the internet platforms were exempted from all of that. it strikes me that the first, most basic thing is that we have to recognize that these are media companies, that they have enormous influence in our public square. in the case of facebook they are more or less the public square today. as a consequence they need to be held to the same standards that their predecessors were held to. after that we can talk about whether there is something else we should be doing. in a bare minimum we have to

hold them to those rules. >> i wonder what you make of this idea that bad behaviors, self correcting on the platform, that fact checkers will point out untruths. emma beals is a journalist who writes journalists report facts. it is not their job to rebut every insane conspiracy theory that is dreamed up as a counter narrative. >> the self-correction is the rumors and hoaxes spread like wildfire. this stuff has gotten very scary. the notion that this somehow is important to air this, when was the movie with will ferrell -- when they all go back to college? >> old school. >> james carville says that was perfect. what roger said was perfect. they should be held to the same standards as you.

>> that is the issue. jack dorsey doesn't want it to be said that info wars is a show on periscope. they are in a utility mindset where twitter is just how he talks. >> so fair enough, if you want to be a utility we regulate utilities and pricing. you are a utility. or you are a media company. the definition of media is a firm that uses medium for influence and reach. we have never had entities that are more mediaish than facebook, google and twitter. it's time for them to stop this blather around this hand wringing conversation. they are responsible for the content and they should be liable. make them liable like any other media organization and they will find god around this stuff and start policing it. >> we didn't touch on the impact around engagement or growth.

that is definitely a legitimate conversation. tesla and musk are the other news of the day. musk's intention to take the company private the fcc is examining the tweet. well known securities lawyer in the times today saying funding securi secured is a statement of fact. >> he is off the rails. i'm on two public company boards right now. i'm trying to imagine a ceo tweeting his intention to take the company private. funding secured means at a minimum he has lined up 16 to 25 billion. so unless he has a sovereign fund lined up he has committed

market manipulation. where are the safe guards here corporations are modelled after traditional governance with checks and balances. there does not appear to be any checks and balances on this individual. this is what elon musk has done. he has invited and he is about to get it -- he is about to get his own second lieutenant robert mueller. he is about to get his own s.e.c. gangsgangster to be his t nightmare. >> if you are going to tweet this out then why not hold off and put all the information out there? if you do have funding secured and a deal lined up, why not just hold off and then announce and unveil the details of the deal >> morgan, brilliant question. i do not know the answer to it. i asked myself the same question

for a simple reason. who would take this company private? it is almost the opposite situation of the one that normally leads companies to go private. we are talking about a company that burns cash. the shareholders have been patient and really supportive in every possible way. it's hard to describe a company that has been better served by being public than tesla. in my mind why would you ever want to go private it strikes me as insane. i will defer to scott on the legal side of this. just on the investment merits it just strikes me as nuts. >> why not just hold off could be the question we ask of just the year 2018. why not just hold off? when it comes to elon musk, though, and the possibility of him running a foul of regulators, what do you think is the impact on markets? here is a guy who has become this figure who is so innovative

and so visionary and creating so much value for society. how will it look for the markets and for government if it appears that they are cracking down on elon musk? >> it is bad in the short term because he is an incredible innovator. i think it is hard to deny that he is not helping the world. he is anin in operation. is the s.e.c. going to decide -- can you imagine bob ieger saying taking disney private? can you imagine it the s.e.c. has to decide -- quite frankly when steve jobs back dated options he got probably different treatment. do we care about the short term or do we care about our institutions maintaining some integrity? i think we will find that out. >> there is the other argument that in classic pump and dump schemes you have to wait for the dump. he remains fully invested. he has been buying shares.

it's not like he is profiting in dollars off of all of this. >> we have been talking about this for a few weeks. the things going on around tesla these days, as a shareholder you look at this and you go it is really hard to explain any of this rationally or as part of a long-term strategy of building value. and i don't get it. i find it really uneasy. it seems to me that as we look for a way to get past 2018, from elon's point of view if i were he i would take a vacation. whatever is going on right now in his head i don't think this is producing any actual value for shareholders and it looks like it will create some serious headaches for him. >> really quick, roger. would you say that is the common view out in the valley right now? >> i think most people think elon is god out here.

and let's face it, as scott pointed out, i watched the space x when they landed the thing on the platform in the ocean and the two rockets at the same time. nothing i have ever seen topped those engineering feats. i look at elon and i go the guy has done some amazing things. if i were he i would really just take some time off and cool down. i just don't think he is doing anybody any good right now. >> guys, we are going to watch it even in these dog days in august. what a story. thanks. let's get to seema mody with two travel stocks that are on the move. >> shares of ultraluxury hotel chain belmond surging after anonsing it is considering taking the company private. the stock is up about 41% on

this take over talk. switch to booking holdings falling on weak guidance with no signs of a reacceleration. it's facing competition from expedia plus hotels which are doing a better job of getting customers to book directly on their site. >> thank you. coming up, after $1 trillion, where does apple go from here? our next guest says the charts tell that there is plenty of a om to run. lot more "squawk alley" after a quick break. this is a story about mail and packages.

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xfinity xfi, simple, easy, awesome. apple's record valuation begs the question. what is next our next guest has studied the patterns and says a peak for the stock is still to come. tom mcclellan editor of the mcclellan market point joins us now. good to see you. >> good morning. >> i hear you have some charts for us. let's put them up. does apple go higher from here >> it should go higher because that is the consistent pattern that we are seeing quarter after quarter. the first chart you should be pulling up should be a look at what apple has done each quarter over the last four quarters. there is a relatively consistent pattern. right before the earnings

announcement everybody gets worried about it and is too afraid to buy and then earnings come out and it is a wonderful surprise and the price goes shooting up because everybody is surprised that it did so well. the one anomaly was the first quarter this year when we had the short vix squeeze that caught the market up and pulled apple down. otherwise it follows the pattern that there is great trepidation going into earnings and a great upward surprise. going into early september we should see the peak and then as we get closer to the early november earnings release if it follows a consistent pattern everybody should be worried about the next earnings and be too afraid to buy. the time to be worried about that is if we start seeing everybody bidding up apple into earnings then you know the game has changed and wall street has figured out the game and is trying to front run it. >> looking at the charts, then,

it seems like they are very specific based on the history here. there are specific times when it might pay to buy into apple. >> right before the earnings when everybody is afraid of what the earnings is going to look like. you don't sell right on the earnings news. you celibate a month and a half in when everybody is in complacency. that is when you sell and let the worry about the next earnings start to develop. apple is a great long term holding. i don't trade it quarter by quarter. if somebody wants to look for the next entry point or the next place to raise cash to put their kids through college or whatever, there are times in each quarter where apple generally has lows and highs and those can be modelled. those can be predicted and then we can make plans based on that. right before earnings is not generally the time to sell. that is the time you want to be buying. >> tom, are charts like weather

patterns -- are you generally like for this stock kind of like this region it is generally temperatures are generally in this range it is hurricane season for this stock, but there can be changes based on that year's particular conditions obviously there are things that throw these chart predictions off, right >> of course. there will be rogue events that come along. apple has been remarkably consistent. not all stocks will exhibit this same degree of consistency quarter after quarter like apple is doing. apple may not be able to continue it once wall street figures out the game maybe the game will change because the market will know the rules of the game. for now it has been a relatively consistent pattern. apple is such an enormous company that it creates its own weather that when you look at a chart you are seeing the

fasilations of human emotions regarding the market in general. apple is larger than most countries so it is a market unto itself and its regularity is something we can tap into and harvest. the regularity shows up in the overall market especially when we are in the second year of a presidential term where we find ourselves now and everybody in the second year is starting to worry about what the mid term elections are going to do. so especially during the second year of a presidential term you see a big down phase in august and september leading up to the climax of those worries at about mid september. the third year that we are heading into is generally an upyear. exceptions include 1931 and 1939 when we were having a great depression. unless you have conditions like that, the third year is generally an upyear. we have that to look forward to. >> we'll see how it tracks along. always love going through the charts with you.

our thanks to you. >> thanks, carl. >> vice president mike pence revealing the white house's plan for a u.s. space force at the pentagon this morning, just started speaking. let's listen in. >> president trump directed the department of defense to immediately begin the process necessary to establish a space force as the sixth branch of the armed forces. the president made it clear that the ultimate objective is to create a new branch of our military that is separate from and equal to five other branches. today the department of defense will release a report outlining the first stages of our administration's plan to implement the president's guidance and turn his vision into a reality. this report reviews the national security space activities within the department of defense and identifies concrete steps that our administration will take to lay the foundation for a new department of the space force. to be clear the space force will not be built from scratch

because the men and women who run and protect our nation's space programs today are already the best in the world. since the dawn of the space age, america has remained the best in space. [ applause ] >> that's vice president mike pence speaking at the pentagon right now about the administration's plans and the pentagon's plans to unveil the first stages of a strategy to establish a sixth branch of the military, the first time we see a new branch established in more than 70 years, one specifically dedicated to space, the space force. the department of defense is unveiling the details of those first stages today at this event. but this really, guys, marks or speaks to the shift we have seen in terms of warfare and the fact

that space is increasingly playing a much more crucial role in the defense and security of the u.s. >> i wonder history wise whether we will look at this period similar to when submarines started having an impact on warfare. such a huge game changer. space has been important, satellite technology and more. if there is going to be a spike in investment there, oh, boy. >> absolutely. i think this is going to be very interesting to see how they are doing this because right now the majority of space operations actually fall into the air force. in the past there has been pushback on doing something like this because the belief would be within the pentagon that it would create more layers, more difficulties, more costs. the fact that they are moving forward speaks to the fact that we have increasing issues in space namely according to the pentagon from china and russia.

>> haven't had a new branch since the air force. amazon netflix leading the way. dow has settled negative down 14. we are back in a moment.

welcome back to "squawk alley." take a look at shares of roku up 20% after the company reported an earnings boost. roku's ceo spoke with us about opportunities in the streaming space. >> the whole world is scretreamg we think it is a huge business. we think 22 million active accounts is just the beginning. there are billions of broadband connected customers that will have an operating system in their tv. it's just a big opportunity.

we are very well positioned. >> he argues that they are the only purpose built operating system for tv. everybody else apple, amazon have software for something else and repurposed it. they are one of these companies that was sort of left for dead. the giants were supposed to crush roku like they were supposed to crush yelp. >> it's another case in which amazon did not get their man. >> they are not perfect. everybody who freaks out every time amazon moves into an area, stitch fix is another one trading above $30 a day. everybody said amazon is going to get into the subscription box game. roku is interesting to watch because of how it executes. everybody can't do it. fit bit has had trouble.

some do. >> and their stubborn willingness to not invest in original content, they have been resolute on that mission which you challenged them on time and time again. >> i had anthony wood on and was asking him about this channel trying to get a sense from him, are platforms like samsung paying you for this content? we thought there is the roku box. now there is the roku app. it could be a trojan horse for them. let's get the european close here. >> european markets closing mostly lower today. adidas shares are jumping after the company reported higher profit boosted by strong revenue numbers in the united states and china. outside of stocks russia in high focus today. the kremlin lashing out at new

u.s. sanctions calling them absolutely illegal and insuring investors that the country's financial system is firm despite the cries of currency. despite the efforts the u.s. extending gains to its highest level since november of 2016. news out of washington last night weighing on the turkish currency again today. turkey's allegation refusing to commit to releasing an american pastor. the continued tensions driving the lira to another record low. this as the turkish government is set to unveil a new economic model tomorrow that analysts say it is highly doubtful that the presentation will ease market concerns about the lira and turk turkey's overall financial stability. >> let's get a news update here.

let's turn to sue herera. >> here is a look at what is happening at this hour. north korea's foreign ministry says progress on de-nuclearization cannot be as expected -- the ministry says the will to implement promises has not changed. puerto ricoen officials have conceded that hurricane maria killed more than 1,400 people on the island last year and not just the 64 listed in the official death toll. the u.s. postal service reporting a $1.5 billion net loss for the third quarter due to the retirement and health benefit costs it had to pay. the post master general calling on congress to fix its flawed business model. and more health news for you. the american heart association says there is no proof that a diverse diet is healthy. in fact, a variety of food

options in a meal may delay the feeling of fullness resulting in people eating more. it recommends nutritious plant based foods and limiting red meat, sweets and sugary beverages. who knows what to eat these days you are up to date. that is the news update this hour. >> all i know is it sounds like they are capping all of my favorite foods right now. >> you got it. >> thank you. when we return twitter is continuing to receive back lash over its decision to keep conspiracy theorists out. are users leaving social media stay with us. . so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.

twitter and its ceo jack dorsey continue to receive back lash for their stance on alex jones deciding against removing him for now and doing an interview with sean hannity all part of the larger conversation about how platforms decide what is regulated, what is distributed on their services and what isn't. joining us now is former cnn chairman walter isakson. great to have you with us. for me a central question is when you get alex jones on twitter, is his twitter experience just kind of a digital representation of his speech in the world or is info wars a show on periscope that is

subject to being cancelled >> you know, you have said yourself, john, that twitter has created the conditions of a supervirus and we are supposed to form our own immune system. i think twitter has become as has facebook and everything else not just a utility, but a publishing platform. and i think you should take responsibility for what you disseminate in public. in the old days if i was in a magazine like time or a letter to the editor, we could be sued and would have to take responsibility. you have to have some values about what you are disseminating. you can't just wash your hands and say we're not going to have any sense of responsibility because what has happened in social media -- this is much broader -- is that it was

supposed to connect us. facebook, twitter, social networks were supposed to bring us together. instead, it has created a real poison and the people who create the platforms should take some responsibility for saying why are we harming the country when we set out instead to be a way that brought the country together >> what is going to force that in this situation? in the olden days when you had print publications, for example, and broadcast networks that ruled the roost in media, there was fear of back lash from advertisers, fear of reputational damage. but very few, i would argue, direct legal ramifications for some of these things. these platforms seem to convince many people that they are just utilities. after all, we don't want to be held responsible for that message that we send on facebook as if we are media content that they are responsible for, right?

>> right. you have me on the show. you are not responsible for everything i say. if i become totally irresponsible you are not supposed to have me on the show anymore. at a certain point you have to take responsibility for your own broadcast or your own platform. and what is going to hold these people accountable i hope it is not laws. at some point people can start suing for liable, things that happen on a platform. that is a murky area of law. likewise, regulating what happens on the platform is something you don't really want in this country. what you do want is the people who control the platforms to say we are going to try to do the right thing. we are going to try to be good and useful to this country. that means making tough calls. that means saying somebody may be offensive, but it is part of free speech and somebody else may be dangerous and unhinged and we don't have to put them on our platform.

>> walter, doesn't this all get to the -- i'm just playing devil's advocate here. does this get to the source of how you define right and wrong and what is considered appropriate and not offensive versus what isn't? >> yes. and that's what we do every day of our lives. that is what you do every day. that is what you are supposed to do if you are running a company. that is what you are supposed to do if you are a citizen. you are supposed to say i know how to balance the idea of free speech but i also know when i'm doing something wrong. it may be difficult, but certainly it is not beyond people to figure out what i'm doing is harmful, this is wrong. i have to make a decision here based on values. >> it is one thing to say regulating content is doable in a magazine, on a television network. on a platform where the

potential list of contributors is infinite, how do you do that? is this about human curuation or can you leave this up to the computer snz. >> -- computers? >> there are high profile case wheres it is an easy call. you have to make that judgment. you are right. i remember the old days when we started on america online. and then we started with comment sections on the web. you didn't take as much responsibility for something people would post because they were outside people posting on your site. but after a while you did have to take some responsibility. you did have to intervene as a human especially on cases that are clear and high profile and say here is what we are trying to do to help our country and not to harm our country.

>> well, at least the pressure is rising. we'll see how jack dorsey will respond. >> both you and kara who has been a frequent partner on my show, that is what you do. you put pressure. you say look into your values. moving on to tribune terminating the $4 billion deal to merge with sinclair broadcasting following pushback. tribune filing suit seeking $1 billion in damages accusing the company of engaging in a high risk strategy and belittling government regulators. it was weeks ago that president trump tweeted his support for this deal. walter, there is a lot happening with m&a happening in media,

getting prevented from happening. what are forces you see driving this maybe deeper than the desire to bulk up on content and establish strong distribution channels directly to the consumer >> one of the forces is sort of a political and idea logical one which is a little bit uncomfortable which is people are trying to create media companies to further a particular agenda. we have always had that. we have had that since benjamin franklin started a newspaper in philadelphia as a teenager. but trying to consolidate for reasons that go beyond market and for some purpose a bit of a problem. when the fcc which has generally been hands off some of these things and the fcc run by donald trump's appointee pushes back on a merger and says they had been

disrespectful of the concept of what the fcc wanted you have to be sure there is good reason for it. >> walter, it's interesting, you say one of the forces driving some of this bulking up is people trying to form media platforms to advance their ideology. at the same time you have technology platforms trying to avoid being viewed as id idealogical at all. is this forming conditions to gain more momentum in a way that really effects the culture >> i think the culture has been more effected by the fact that in this digital age where everybody can have a mega phone for any opinion, if you have a very strong and very radical opinion left, right, whatever it may be, you tend to get amplified and get fervent followers and it becomes a good business model. in some ways the whole

technology of all of these platforms tends to give incentive to people who are devisive and speak the most loudly and in a controversial way. i think that means we all in our daily lives or if you are jack dorsey in the platform and publishing platform that you run have to say how do i counter gnat a little bit to make sure that all of these platforms don't become more and more devisive >> not an easy question and i'm glad we have you to help us sort it out. always good to have you with us. when we return, samsung announcing the galaxy note 9. we'll talk about the device and the competition with apple. dow is down 21. stay with us. about people and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business

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here is what is coming up on halftime report. tech takes the nasdaq towards its eighth straight win. does that mean all talk of value comeback is dead morgan stanley growing more cautious about one popular part of the market. we have made it our call of the day. and the trade just made that you cannot miss. we are about ten away. >> we'll see you soon. let's get to the cme group.

rick santelli has the santelli exchange. >> we have ppi this morning. the year over year numbers are just a whisker off of the highest level since 2011. the headline numbers were on the cool side and the market took at took its cue remember, markets are always in realtime and immediate gratification. whether it's tariff, policy uncertainty, market investors of late seem to be concerned about the way things are right now and right now, things seem pretty good. but the bait and wish program of all sent travel banks regarding inflation generically makes me nervous. let's switch gears we realize the central bank has had tightenings. in year over year data in tight labor markets all for that hypothesis to be correct when you look at the bank of

japan, the minutes and headlines with regard to they're at a little bit of dissension here's my take the bank of japan, keep in mind the japanese economy is the most indebtedness in the economy. here's the catch, their own citizens own all their debt. and in an inflationary economy, those meager interest rates are enough to keep the people happy. think about the program. bait, wish, inflation. bait, wish, inflation. what if the bank of japan gets its wish really, they trade by appointment only there could be days when no jgbs are traded think about how crazy that is. the most indead the country in the planet and their debt never trades what happens if they get the inflation and the citizens decide they would actually like

to sell those in lou of changing environment and finance. they are unprepared for that never hear anybody discuss that possibility. sand in markets what can go wrong sometimes does go wrong. morgan, back to you. >> rick, always great to get your thoughts. rick santelli. coming up the live update in california on the laesrgt wildfires in the state's history. more "squawk alley" after the break. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

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california's history devastating the northern part of the state with thousands being evacuated from their homes scott cohen is live on the scene in california and joins us now with the latest. scott. >> reporter: hi, morgan, the firefighters have made some substantial progress on the so-called mendocino complex fire but all of that progress is going to be put to the test later today, because we're expecting a return to triple-digit temperatures, high winds, low humidity. the so-called red flag alert is on for this area here are the figures adding to the record total, 304,000 acres, 57% contained 229 structures destroyed 9200 structures threatened according to cal fire. put that in perperspective, thew fires statewide, into august,

629,000acres have burned and that's only august officials saying this may be the new normal >> the last two or three years, we've seen significant years with huge fire growth and behavior thrall some of of us have never seen in their careers. i'm not talking about short careers. i'm talking about 20, 30-year careers. i do think this is what we anticipate seeing the next few years. absolutely >> reporter: one of the big issues, one of the big reasons behind this, aftereffects of all of years of droughts the fuel beds that are so dry just ripe for situations like this that seem to get bigger every year guys. >> scott, thanks coming up later on "closing bell" a dropoff with drew houston. a lot remo "squawk alley" still to come.

dow's down 51.

samsung's had some huge announcements this morning galaxy note 9 has a blue tooth enabled stylus, a camera that

tells you if your shot is too blurry plus, samsung is unveiling a big speakerer their version of siri, alexa, et cetera that's the galaxy home also a new watch lots of stuff. we'll have some tomorrow >> yeah, you'll have some to test drive. >> tune in >> remember those new phone days let's get to the "half." welcome into "the halftime report." i'm scott wapner, our top trade this hour, growth spurt, why tech is suddenly surging again and whether the sector's recent comeback is yet another sign that value trade is officially dead here to debate, joe terranova, jon and that is jerian, an the ceo of asset management. the nasdaq outperforming eight straight days of gains pete, tech u