think the upcoming quarter is going to be a strong one >> i think the two year is in bottoming process. you don't have to do anything you don't want right now getting about a 2.5% annual yield on this one. >> great to see you back here. and i'll see you later on. "the exchange" is now. thanks, scott. welcome to "the exchange." here's what's ahead. this morning 's attempt at a rebound has deflated the dow was up 500 points out of the gate down about 285 right now what should you do as the markets try to find a bottom we'll get stock picks and the wheels continuing to come off of peloton. down another 13.5% down 85% in a year demands falling. so, what can the company do to write the ship, get back in the bike energy's been hot and who needs

a mortgage if you can't bfind a home to buy. we begin with don chu. >> this notion you could be up 500 points seeming like a nice bounceback rally after three days of heavy selling pressure you can see the dow industrials down and that's off session lows 31,992 the s&p, 3972. below the 4,000 mark and the nasdaq composite has gone back and forth between positive and negative territory. still trying to find footing and the nasdaq has arguably been the epicenter of much of the down side volatility over the course of the last several days, if not weeks and months at this point 11 11,636 if you look at the dow jones transportation index

the i shares d.j. ticker, theriesen why this is important is we've seen this move lower here and now we're at the lowest level going all the way back to february of 2021 that's how bad it's gotten for some of the transportation stocks some like to look towards those transport' like companies as possible indicators of what's happening with the economy and about what's going to happen with the markets and crypto john, you mentioned it before. but the reason we're seeing a bit of interest is because we're holding above 31,000 up 2% on the day what we're watching is here. and this level going back here because in june of this past year, we got to just around $29,100 or thereabouts, depending on which measure you lock at for bit it is coin prices we tested there over the last couplel of days. whether or not that holds is going to be key.

keep an eye on the crypto prices and if bitcoin's down that much, all of the other smaller ones are down much more than that i'll send things back to you >> bounced off that level last night but not too hard thank you. with the overall rally failing to hold this morning, my next guest says there are no signs of a bottom yet he's sticking with value stocks. believe they will help settle markets. joining me is chief market strategist i mean, i don't know sometimes i think we tell people what to buy when maybe it's not what you buy first but what you sell last. you say value but we're not at a bottom >> i think you have to step back, john and really look there's six companies out there that were really running the market i mean, 84 you're looking at

facebook, apple, amazon, tesla those six stocks were up, on average, 31% in the average pe form, with 72%. 72 times this year they're done 32% but the pe is down to 42 on average. so, when i look at the overall market, can you tell when the bottom is? no, you really can't but what you do is look at history and histy histiry tends to repeat itself since 2010, we've had 19 corrections over 5%. between 5 and 10%. interestingly enough, it took 19 days from the peek to trough in own hey 32 days to hit new highs. then we had eight corrections. and this is why i put it in a correction mode, narot a bear market the market was down eight times over 10% and it came back and

hit new highs in less than one-third of the year. people are panicking and selling and it is what it is short term but not long term. >> i hear you but if we're talking historical comparisons, we've never had an environment with the fed like this where they're raising interest rates into a situation where inflation is high. and the markets. equities have been inflated. can we really use those rallies in the past, those corrections as exampleals and sign posts >> valuations, i would argue have been inflated we do have supply chain issues we have issues out there that are adding to the inflation number but the biggest thing we have going for us is back in the late 70s and early '80s when it went to 18% and interest rates were 21.5%.

but at that time, the biggest cost in there was cost of living increases in contracts and we don't have those in employment contracts today so, inflation will with abate. interest rates will go up. banks are stronger than they've ever been in higher interest rate ares should help their margins. but what we're seeing is you have the ntfs the index funds. they all hold the same companies. once somebody starts to sell and they get redemptions, they have to sell the exact same company, which puts pressure on the algorithms and more and more sell off that's why you see the market was with up 500. now it's down 300. like i said earlier yesterday if you like flying in high winds in a light plane, then this market's for you other than that, stay grounded and buy value. there's plenty of it out there

>> you're right. last time the price of diapers shot up like this, they were covering me and i wasn't covering them. in the late '70s you mentioned what big tech has been doing for the market. apple has held up pretty well, so has microsoft particularly. how much is, say, the s&p dependent on stocks like that to even maintain these levels >> look at those companies and how cash flush they are. just the s&p 500 they have over $7.5 trillion in cash on their balance sheet. plenty of room to do buybacks or raise dividends. the consumer has 2 trillion. when you get in a market like this, it's is every company in

america losing money, not cash flowing and are they going broke? and that's what the investor seems to say the world only comes to end once and today's not it >> and let's hope not anytime this week. while speaking of companies that are having a tough time, shares of peloton sharply lower and the stock's down more than 30% in one week. 90% from its year high lack of sales, a lack of capitol putting pressure on the company. my next guest says one way to turn things round is ditch the hardware joining us is senior analyst covering apparel i hear this from some people some times but i can't shake the feeling that hardware's like their iphone

but in that business, they're compeegt against amazon, people who have a lot of cash >> and i heard your last guest talk about cash. that's been an issue are for are them and the biggest issue is the hardware inventory and they have to sell it, try to put some margin on it. it's much easier to grow, particularly internationally quote/unquote my delivery costs, you don't have the difficulty of getting inventory across borders and you don't have the issue of return inventory that's unsaleable, which is what

they've done this quarter. and further more, that's what peloton. it's not the world's best bike the hardware itself. but it's an engaging experience. the content, the platform, instructors. arguably the worst quarter they've had turn below 1% and their user engagement in terms of workouts per month is higher than precovid. it's the platform and content that makes this sticky and makes the business model work, not necessarily the hardware >> so, you're saying if you came to my house and took my peloton bike, i would continue to subscribe? it's not the hardware that makes it sticky e? without the bike as a dif differentiator, what's to keep them from going to amazon and apple and hiring better instructors? >> so, there are a number of ways they could to this. they're not getting rid of heard ware and rather slashing the

price of hardware and expanding the span of people interested in picking up a peloton bike. but that's the price of entree einto the ecosystem. what makes it sticky is the subscription, platform, the experience the end case of this is just getting rid of hardware entirely with where the subscription is what gets you hooked and that's the end-game experience, the community, instructors and so on that makes the experience engaging, not necessarily having the bike or treadmill at home. i was surprised to see in the release this morning that unaided awareness of the app is 4% 4% of people are aware there is a peloton app that doesn't include hardware and that can be a huge vehicle for growth >> what does that mean i assume they should sell it, not just threat wither away

until it's not worth anything? >> no, certainly not and i don't think this is something they would do. this is a thought experiment we were running what if they did this? it would be a capital-light business, a lot easier to grow i think they'll do, not this extreme version but try to cut price and sell through the inventory they have and try to grow in a more app-like way with digital first, rather than hardware first >> i don't know about the asset-like thing it's a great thought experiment though reminds me of ebay verses amazon ebay being the asset light one coming up, occidental petroleum reporting after the bell what's wall street asking for? a lot of ugly ahead in earnings exchange but first shares of iac are high after the company posted better than expected revenue.

the ceo telling shareholders that opportunity abounds in the market we're going to ask about the shopping list as he joins us next

welcome back to "the

exchange." shares are moving higher an better than expected revenue it's been about a year since they made the 11th public company to emerge. now the ceo says it's creating market opportunities for bargain prices here with the ceo of iac julia. >> thanks, so much and joey for being here with us today you wrote a very interesting letter to your shareholders. and your stock is still down 48%. you wrote you think the downturn is going to continue and that means it's time for companies like yours to start proving. what is your outlook and what is that proving mean? >> a acquis igsz we completed

and graded it a new company. and we have to show what that looks lake and that means showing the company can deliver digital revenue and real profits. that's first one and the second one is our other biggest business, we've made enormous reinvestment in that business over the last year, really two years. and we really changed everything in the business, the brand we invested in a whole new section of the business, called services business. we meaningfully reinvested the profits in that business to grow the top line and complete a transformation >> so, you also talked in your letter to shareholders about you think there's a great buying opportunity right now. you've traditionally invested in

and grown all sorts of different companies. where is there the opportunity right now for iac? >> i really think -- we're most likely to continue to focus on digital. and we always preference our existing businesses over new businesses as i mentioned they're really focus on execution right now and they've done big moves and is that's more delivering on those. i think we're more likely to focus externally one of the things we've done is consider repurchasing our own shares and you get a lot of assets for free in shares in ioc. >> welcome so, my question is about the data that you have and what that does for you do you have an ecosystem benefit

from the collections of businesses that you have that gives you a signal on what out there in the marketplace is worth buying and does that first-party data help you get around some of the issues with ios and google, to some extent, and the lack of targeting ability? >> there's a lot in that question we don't share data across the iac businesses and it's very much on a buy-business basis prior to the acquisition, meredith was doing very well on the basis of what you just said is we don't need that data when they come to a property looking for a vacuum cleaner, we have a high likelihood they're looking for a vacuum cleaner we generally know what they're looking for and that allows our ads to perform and perform without any other information.

we don't need to know any of their personally identifiable information. we don't need their cookies or tracking things that have been eliminated in the market frrm and that's a real advantage. because the content is clean we're responsible for all of it, even recipes for us, it's a clean well-lit environment for advertisers and that's a big alternative to some of the existing platforms. >> go ahead. >> go ahead. >> i was going to say you mentioned advertising and i'd be remisif i didn't ask about fear of an advertising pullback we heard about this from meta, a number of different advertising players that they're not spending as much because of all the different macro economic issues are you seeing that and are you seeing consumer concerns impact

angie or the lakes of mgm, which you invest in? >> we see a little bit in ag in home spending. we haven't seen it anywhere else that doesn't mean we don't acknowledge it could come. i think everyone's wise to be very cautious in this environment. the facts stacking up for head winds look a lot more likely than stacking up for tail winds right now. i think you'd bewise to be prepared for that. we haven't quite seen it yet we're getting ready for it at the moment advertisers are happy and we're small and performance oriented in our advertising businesses. i think we should be reasonably well protected on the scale of where marketing dollars get cut. >> well, it will be interesting to see is how this all plays out

and wore curious to see what businesses you are betting on as we see the valuations come down. thank you so much for talking to us on the heels of the iac earnings shares up now about 3.5% >> and thank you still ahead. ea, unity, roblox all set to report results after the bell. is the post pandemic gaming slowdown showing signs of letting up we're going to hear from one analyst ahead of the numbers and here's a look at the dow heat map ibm, and 3m, the worst performers

welcome back to "the exchange." stocks giving up their early gains. the dow was up about 500 points to start the session now down about 225 the nasdaq about to flatline the s&p down fractionally. president biden is urging congress to confirm his federal reserve nominations because the central bank plays such a key role in controlling inflation. >> the fed has a dual responsibilities first, with achieving maximum employment and second is stable prices and while i'll never interfere with the fed's judgments and decisions and what they have to do, you're independent i believe inflation is our top economic challenge right now and i think they do too.

>> democratic senator with conservative views on abortion now says he will support movers to turn the supreme court's roe verses wade ruling into federal law. pennsylvania's bob casey says in the wake of the leaked high court draft ruling throwing out roe, some republicans are proposing what he calls a categorical ban on abortion and he has never supported anything, he says, that extreme. after 20 years, apple is retiring its ipod touch with its music service avileable on home, speakers and music devices has become obsolete. it will be available for sale while supplies last, john and then it will sell on ebay and the after market >> for an 11-year-old i don't want to have a phone yet, an iphone touch was good for a

camera and stuff >> remember when we were using one of those devices when we were broadcasting, they were good there >> they were indeed. it's all ipads now still ahead, three names on deck with earnings coinbase 80% off from the year high as the crypto market weakens. and a different story for energy with occidental up 165% since its year low and then housing rocket companies down big and off by more than 60% from th highs as rates rise. we're going to get you set up for all three names in earnings exchange that's next. and we're celebrating asian-american and pacific islander heritage. here's closing bell producer, kristen lao. >> my best advice for the asian-american community is to speak up

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welcome back we have made it through the heart of earnings season but there are plenty of companies set to report. let's look at the action, story and trade in three names reporting results after the bellal today first up is coinbase, getting dragged down with the entire crypto sector. after posting its worse day since the ipo in yesterday's trading. shares have dropped in two of the last four earnings reports and already warned of decreasing trade volumes in q4. ranee has the story on coinbase and here with the trade. kate, you first. >> yeah, so it's interesting with coinbase still make as lot of money and revenue on transaction-based revenue. a lot of the publicly available

data is what analysts tend talack at ahead of earnings. that is baked into expectations. the big thing that will be a surprise and they're waiting for after hours is the take rate that's essentially how much of the transaction coinbase is able to take home we talk about the idea of it over earning they've laid out big plans for more hiring in 2022. will they keep spending into the end of this year and the availability to diversify beyond just trading revenue. that is sleing down. how is the business looking? where are they looking for other sources of revenue if the trading slowdown does continue >> matt, what has me holding my stomach with coinbase right now is it's down 11% today but bitcoin stopped dropping there was a time when they

tended to move, at least some, in tandem. why do you think coinbase is still falling? what does that say about earnings and outlook for you >> it's a a concern. because you have a very close correlation between the two and now that they've seem to have broken up a bit, it's a concern. however, thing about this. i'm cautious longer term for a lot of the reasons he's pointed out. volumes are down and that's going to be a big concern. the barriers for entry are not that high. the stock's down 70% you look at the charts, whether ri it's relative strength index, very over sold and it might be a good play for a short term bounce. and the other thing to point out is it was shorted sfw50% ago.

we could see a bit of a bounce >> kate, we'll talk to you in just a bit next up, rocket company as shares are lower, down 20% in the past month as rising rates hurt mortgage and refinance demand across the industry dianna olec has the story on this one dianna >> reporter: well, as you said this is all going to be about rising mortgage rates. we've seen rates move up 2.5 full percentage points since the start of this year and they move sharply higher in april. wale want to see what the commentary is on that. because it's pushing some potential buyers and potential rebuyers out of the market th that's -- the last read we got last week was that reify applications were down 71% year over year. and applications for a loan to buy a home were also down 11%

year over year so, that's going to hurt and finally, we're going to look for forward guidance and he said that they were going to pivot more to what they called nonrate-sensitive loans he was talking about cash out, reify, as well as the purchase applications not sure why he said purchase applications are not rate sensitive because we're certainly seeing a slowdown in home sales we're hearing from real estate agents rates are so much higher they're no longer able to afford what they want this is going to be all about mortgage rates >> thanks. is there enough need from consumers who already own homes that they're going to tap into the equity and that's going to benefit a name like rocket mortgage or is the overall slowdown environment with higher rates going to slack >> i mean, to be honest with

you, having somebody who went through -- i mean, i lived through the 1970s, junior high and high school i was quite young. i mean, during inflationary environments, people want to own hard assets, including homes and the 1970s, home prices continue to move higher in a very significant way and let's face it, those mortgage rates are well into the double digits back then. and the big price increase we had 15 years ago was because people were telling -- looking to buy a house in six months people are buying a house to own it and for a hedge against inflation. you look at the -- i'm sorry the home builders in the last month. believe it or not they're up slightly home building index is basically flat but that's because the rest of the market has gotten clobbered. the reify market is been hit

hard higher interest rates are not going to help. but with the stock trading seven times earnings -- i'm not saying back up the truck and buy in a big way. but i think it's going to dee a little better, along with the home builders, than people think in this inflationary time period >> and finally, occidental petroleum trading lower into results but shares have nearly doubled on the year as energy prices continue to sore. it has fallen on three of the last four earnings reports cnbc energy reporter has the story on occidental. >> hey, well, expectations are pretty high heading to the report given what we've heard from energy companies this quarter amid the surge in oil and gas prices they do predict the company will report a nearly 50% jump in revenue year over year they hedge their dividend from 1

cent to 13 cents and a $3 billion share repurchase plan in place. and given they loaded up on debt back in 2019 another key factor to watch is output policy with a lot of executives pledging to keep production steady edespite the surge in oil and gas occidental has been in focus with warren buffett buying up shares and they're the largest shareholder. oxy has nearly doubled this year, making the top performing s&p stock. high expectations ahead of the report >> this is the other side of the coin, right? energy has been doing really well should investors worry this is the top? >> i don't think so. and it was my friend's mothers -- >> right >> and their mothers were off doing their job but they became very good cooks, which is funny.

i turn very bullish on the energy sector back in the falloff 2020 but now there are other reasons for it back then we heard about the lack of capital investment in the sector and we knew, even though we want to get rid of the fossil fuels, we can't do it immediately. i think one of the things that's going to play an important role is this war in ukraine because it's become a war of atrition and that means it's going to last a long time and i hate to say it but hopefully we get a ceasefire and oil will come down when that happens. but when people realize the sanctions aren't going away with the ceasefire agreement, unless it's a really extensive one, they're go tag stay elevated for quite some time. and occidental petroleum, warren buffett with the big buy there and is very highly leveraged to the price of oil, more so than a lot of other companies bullish on the group

i like the group on a long-term basis and a near-term basis. continue to buy, i think this group and oxy in particular if we do get any further dips >> life and death situation. market impact as well. thank you. still ahead, we are hunting for yield in unexpected places we're looking at one of them this chart beating the market this year. why it might be a good bet going forward. with directv stream i can get live tv and on demand together: baseball, ghostbusters, baseball, ghostbusters, baseball... ♪

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welcome back the 10-year is back below 3% after hitting 3.17, the highest since november 18th yesterday. but there are under the radar parts of the market higher than the 10 year. >> hey, john, going beyond

sectors wliek energy, that offer a high dividend yield. we looked at the under the radar parts of the market like bonds that offer an average higher than the 10-year yield right now. and like the broader market, miny bonds saw strong out flows but less than the first quarter of 2020. widely held miny etfs down about 9% compared to the 14% decline we've seen in the s&p 500. and beat other fixed income assets the reset in valuations provides a favorable buying opportunity, recommending higher quality, state and local issuers and university as student emission rebounds the sell off has been less pronounced in the van guard and miny etf you'll see down about 3% a new survey shows an overwhelming number of investors, around 75%, are still cautious about investing in this

part of the market whereas 23% say the worst is behind us and that they're warming up to miny bonds a lot of clarity, a lack of clarity around where the market goes from here >> there's been fewer deals and projects this year why is that? >> interest rates and mixed opinions around where the economy is heading from here that's resulted in a slowdown of a number of projects that cities and states have put in the market the question is whether that changes. hill top security says they're still expecting a second half of the year rebound that's what they're betting on >> certainly is a need for infrastructure in place, in my town for sure. and still ahead, it's been a rough year for video game stocks roblox leading the declines at 78%. followed by unity and ea

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is welcome back a volatile session for sofi after somebody put out their earnings sooner than planned kate rooney spoke with ceo rooney and here with highlights. >> we did get a sneak peek of the numbers earlier. i just speak to ceo and he says that was a result of what he calls human error. we have the official numbers which line up with the earlier release. the stock has been down 18% after the numbers. looks to be a knee-jerk reaction to q2 reaction and for the first quarter, looks like a beat across the board eps was a loss 14 cents but a penny above expeck takes it's profitable on an even out basis and revenue beat 49% year over year. i mentioned the q2 guidance.

wall street was looking and he he says the guidance was updated april 6th and says some of the wall street estimates might be out of step with that number and like i mentioned they did raise the full-year guidance number asked him about the health of the consumer they've got other sides of their banking b as well. says credit looks good the average income of 160,000 tlf and a credit score in the 700s says they're not seeing the same as upstart and says there's a lot of strength in deposits in the banking business as well remember, sofi did get a bank charter. he says that's allowing them to attract the higher earning customer and the student loan business has been a point of weakness still 50% below the prepandemic high but still seeing record revenues he pointed to that offsetting and some of the other sides of the business offsetting.

they're able to diversify with banking, digital banking businesses and things like investing as well. >> rough day for those fintech lenders with the slowdown. kate, thanks to game day. gaming stocks, roblox and unity down double-digits in today's trading session. ea slightly lower. there's a "new york times" report that the company and fifa are ending their three decade video game partnership that's a big deal. let's get to all of it with steve ckovack joins me now. >> all gaming related and all struggling two of them are those metaverse darlings we've been talking about for the last year or so. first up is roblox down almost 90% from its high last fall, almost 75% for the year. then we've got unity, they sell software to studios to make video games and they're seen as a key to the metaverse development, and finally we have

video game giant electronic arts faring better than the other two, down 14% for the year, but still seeing plenty of pressure. the story's the same with all of these companies. they saw a huge boost of growth during the pandemic and all the excitement around the metaverse, and now they're going through these tough comps as their growth rates slow down a few key metrics to watch user numbers on roblox and eas, that's what investors have focused on more than anything in gaming, if these gaming companies can keep players engaged as the world opens up. and then for ea look for more detail on the rollout of the mobile version of that apex legends games as analysts start to charge those user numbers ea also announcing today it's ending its nearly 30-year deal with fifa, which will still make soccer games under a new branding that's a huge hit to one of the most lucrative and iconic gaming

frab franchising. microsoft buying act vision and that huge deal, some of these could be targets if they fall even more. >> we'll see if microsoft is able it to get that done. just a few hours away from those roblox earnings, my next guest thinks the street is overly optimistic on estimates for thegaming company. here now is eric handler, media and entertainment analyst at mkm partners eric, you know, steve was just talking about three kind of different categories of companies. we got roblox which has its own sort of ecosystem play you've got unity, which is a picks and shovels company, and you've got ea which is more of a clszic big gaming company. which do you expect to fare the best >> well, look, i think expectations and i don't follow unity but i have a buy rating on

electronic arts and a neutral rating on roblox i think expectations are very muted. i don't think anybody's expecting anything all that heroic from either company as we've seen from results thus far. results have been underwhelming and below expectations i think, though, we're approaching a bottom at least for ea valuations are near or at five, ten-year lows. >> why not in roblox, though, because oh, my goodness, it has been slammed over the past several months was the hype that over done? >> well, look, roblox went public when they were just putting up super high growth benefitting from the stay-at-home environment during the pandemic but when you look at the business now, yes, you have some challenging covid comparisons, but also, look, while the company is increasing its daily

average users quite nicely, the majority of growth of, you know, from those users is coming from international markets, particularly markets where the spending from these users are a fraction of what they pay in north america, so that's really causing growth -- revenue growth to deceleration. also, with all the investment spending that's going on in the business now, i think adjusted ebitda estimates are way too high margins expectations are way too high margin is contracting, and that's going to be a problem for the company. >> yeah, that platform thesis is going to get tested, eric handler, thank you now coming up, the cloud computing etf down more than 45% this year as supply chain backups, inflation, and rising rates all weighing on the tech trade. we're going to hear from the ceo of industry leader s.a.p. about how he's navigating the

uncertainty in what he thinks is an overlooked market ripe for opportunity next and a quick check on all the markets, all three indexes, look, back in the green. the dow aconalfrtily, the s&p by 1%, the nasdaq 2% higher we'll be right back. we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them. thinkorswim® by td ameritrade

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welcome back to "the exchange," i'm julia boorstin, elon musk making news on twitter speaking at the financial times future of the car conference, musk saying that he would reverse the ban on president donald trump from twitter, saying, quote, i do not think -- he said, quote, i do think it was not correct to ban donald trump. musk also saying that the best case scenario for a twitter deal is that it could be done in two to three months. of course that would be far ahead of the october 24th termination date that is currently set if the deal is not completed. but big news there in terms of

musk saying he would bring trump back onto the platform john. >> thank you. shares of s.a.p. down more than 30% this year, as a host of headwinds weigh on the stock frank holland spoke with the ceo, joins us with more. frank. >> s.a.p. outperforming cloud names as it kicks off its annual sapphire conference in orlando a key push for s.a.p., accelerating clouded option in europe 45% of work are on the cloud s.a.p. is now transitioning large domestic companies like mercedes to the cloud and ceo christian klein speaking exclusively to cnbc says the war in ukraine and inflation, they're now becoming drivers for adoption. >> it's definitely not an argument to move to the cloud. you spend less capex, you move to opex, you can offer or consume our cloud services, why subscription based models, pay as you go based models and of course the inflation and the rising pressure on cash flow is

definitely also on the commercial side. what we also see now because of the geopolitical tensions, there's also a cyberwar out there which actually drives also a higher adoption of the cloud because customers now are really trusting big tech players to take care about the security of their data >> s.a.p. and apple also also expanding their partnership on supply chain apps that allow iphones and ipads to be used in warehouse and delivery s.a.p. has about 25% of that market >> thanks, frank "power lunch" starts now ♪ john, thank you very much, and welcome, everything, to "power lunch." i'm tyler mathisen, and here's what's ahead on a busy hour. stocks are whipsawing, equities soar, then tumble, then climb back again the volatility just not stopping our market guests from putting her money to work, stake in the ground, says it's a time to buy. she'll tell us where and why she