they trade for an average of 7.9 time sales. if we give that to jimmy choo and versace, i think that is fair and then you look at the cores business and if you value the way coaches valued, you're getting a 13 billion dollar equity value, so you're getting michael kors for free. >> all right. michael kors for free. like it. appreciate it. we are out of time. that does it for overtime today. fast money begins right now. right now on fast, the current climb wti grinding higher on the 7% this week, nasdaq spiking, too. getting ready for energy prices to push much higher plus retail revival tracks the sector up almost 18% in the last month and with names like walmart, and target reporting next week, is now the time to bring the register or should you try them on for size? later, place your bets.

draftkings jumped more than 65% in the last month. this is the sports betting world. is there still time to put your cash on the table? i am melissa lee. this is fast money. we start off tonight with a market rally running out of steam. stocks unable to stay out of the green today after an inflation report. the reversal coming even as the latest reports show input to costs rose less than expected in july. have the bulls lost their grip on this market? >> they are still in control without question, but it is slipping through the ends. it is like when you play tug-of- war and start to get tired. that is what is happening in the bulls right now, so now the bears appear to be winning today. not only did the s&p give a it's gains. 4200, a 50% retracement of the

recent low, dirty 600 and change in the all-time high makes sense that we stopped here. the reversal is interesting not only because of the s&p 500. hyg is something i talk about all the time. it had a huge reversal to the downside today. one point is a big deal and it is still in a significant downtrend from december. just mills has been talking about this, as well. i think it is important to watch. >> the decor is kind of sparse, i have to say, but i will play the other side of this and be the sunshine in the sea of bears. what if they read this as the s&p managed to hold onto yesterday's gains. we do not completely rethink the goodyear news from yesterday. we actually maintain that level. jeff. >> okay. sorry. first of all, on monday, sully said that my office here looked

like i was a worker for marriott. listen, i thought one thing was interesting. it is really the complexion of the rally, not necessarily the levels. it is really the ark stocks that are ripping. it is palatine up 20% in two days. i don't necessarily view that is good or healthy. it is a lot of these parts of the market that are predicated upon low rates, the fed pivot, the peak inflation narrative. i don't know that is all sustainable. a couple weeks ago i mentioned this, too. try to think if we are reaching escape velocity. i talked about this 90% of stocks being above their 50 day moving average. not there. we are close, but you actually have to hit that 90% to trigger. for me, it would be very unusual to see the start of a bull market. i have a hard time getting on board with the fact that we have seen the lows. i tweeted

at my own peril a week or so ago that the rally was running out of steam, but i actually think that it is now. >> you can say whatever you want over the last couple of days whether it is these growth names that are down 60, 70, 80% that have these massive rallies. it goes back to the narrative we are talking about, the better part of the second half of last year. it is these games that make up combined market cap. apple made up close to 8% of the s&p 500. you can do that math there. you think about that and you think about the concentration of those names. you think about apple as up 30% from its lows, google, microsoft, amazon all up at least 20%.tesla is up, so again, maybe we see this crowding with danny moses on the desk on tuesday. you see this crowding of some of these names. we know microsoft, all those docs just put up good quarters, but that consecration

concentration again given where we are, the macro headwinds that we have and the economic data gets worse before it gets better. even with the ppi coming down, they are still going to be very elevated for some time here. again, i don't love the crowding in those names. i think it makes this rally vulnerable if we do see any of these names start to crack as we get into the end of q3. >> the premium recorded these largest names, you should not follow that? these are not the most offensive stocks in the market? >> i think some of these are quite defensible stocks. google has a relative monopoly. it's biggest risk is regulation. not much risk and it's business in terms of competition, but that is a pretty quality business. broadly speaking, valuation still matters. i think we forgot about that in 2020 and a little bit of 2021

and now it has become really important again. i think you can find quality without being in mega caps, but i agree, rally that is driven by a handful of companies is not an encouraging signal. you want some bread than confidence, and i don't inc. we are seeing that right now. >> haven't we seen a rally built on the biggest names for quite some time? >> absolutely. and that is for years. right now the mets are being carried by a few different guys. i mean there are a lot of slackers on that team. it's a perfect analogy. a few guys are carrying the squad. at a certain point, that does not work and is unsustainable, as they say. the same thing is going to happen here in the problem, same names that are carrying the load -- valuations are getting stretched. it is all about right quarters. a soft quarter was not a great quarter. as i have said, the knee jerk was to take it from 254 quite

close that they down to 242, probably headed lower until they say we are not seeing a slowdown in demand and not changed everything. the quarter was not great. nor was the apple quarter grea .we have seen many better quarters, nor was the google quarter great, either. stock reactions were great.>> the bar was low. >> to julie's point, valuations for the stocks that had these huge rallies, apple, you can call whatever quarter you thought they had, but revenue and earnings growth, does it justify 27 times this year, 26 times next? we have a higher rate environment. the macro headwinds that remain from covid, from supply-chain disruptions, from a war in europe from a potential of further disruptions as relates to what is going on with taiwan, you could have pooh- poohed the geopolitical stuff and people did. that is why this whole transitory argument was very

prevalent among the fed and many and connor was coming into the end of last year, but as soon as things got weird in europe, that changed the game. if you want to just do the same thing and dismiss the potential for something going on with china and taiwan, we might be in the exact same situation with risk assets going haywire, and don't forget, it wasn't just stocks. remember what the dollar did. remember what all these industrial commodities did. that is not a great place for equity valuations, in my opinion, especially if we do have a stacked inflationary environment for the balance of this year and the next. >> if we knew that the tenure yelled would remain at 10%, and yes we are higher than we were a year ago, but we were not 3% and moving higher. does that afford you the ability to be in these higher names? >> i think in part, maybe. what we are going to end up seeing over the next couple of months, i think i said this the other day, is the divergence in growth stocks between the qualities stocks versus the

arts complex type names. i do think the lower rates can help growth generally speaking but it is going to be discerning, because i don't think we have reached the bottom relative to the economy. there has been this relative this week that the target tends to bottom along with weeks and cpi but it is usually when you see bottoming along with leading economic indicators. you're seeing those things move in the opposite direction. what i think that ends up meaning is that earnings still have to come down. this market can get more expensive without it going up at all because i think the denominator needs to compress from here and that is going to be the challenge for a lot of these cyclical stocks. that brings me back to the argument for quality growth for earnings are more insulated, that is where you want to be because i do think rates are probably closer to a top and not. >> the most recent quarters and how investors really cheered because it was not as bad as we

thought, and we sort of forgot about the close revisions we had to guidance shortly after. we saw that earlier this week with micron, for instance, but julian, i am wondering how you think about a company's guidance, if you are of the belief that things are going to get worse before they get better on a macroeconomic basis. do you believe these forecast companies have given us so far out of q2? >> some management teams have been thoughtful in terms of building guidance and taking it on the chin and their stock rise. that is reasonable, but i think there are a lot of management teams that are just crossing your fingers and hoping it all turns out okay, and i think there is a lot of vulnerability, especially when it comes to something like effects. i don't think there is nearly enough ached into a lot of these earnings and while i appreciate that everyone wants to talk about constant currency results, at the end of the day, you are bringing back less cash

and that cash is going to be pretty critical if we see any contraction in credit quality. >> meantime, gas and crude oil rallied to day. let's bring in contributor celine. what strikes me other warnings across europe about conserving energy, saving one kilowatt hour now means one more that you will have in the wintertime. where are energy prices headed in your view? >> i think we need to be very concerned about what happened. that is where european sanctions are russia oil are set to kick in which not only means you have not only 2 billion dollars of russian oil the can't go into europe but if sanctions take effect as well, it's going to be hard to move

those barrels he could be talking about a multimillion dollar disruption come december 5. they are working with the european union on a potential price cap solution that would potentially allow those barrels to move, but it is not good they can get this mechanism up and running by december. i think a lot of market participants are saying while, russian production actually remained quite elevated. india and china is taking the product.the worst is behind us, but i would say we have not yet seen really significant russian sanctions on energy. those are coming in december. >> a lot of people think global slowdown, stands to reason crude oil should go slower but the sum light demand fundamentals are completely out of whack and we are talking about demand levels we have seen pre-covered with supply levels that are not there. >> i think macro funds are

particularly concerned about recession but we have not seen any sign of wholesale demand destruction. we have not seen a significant fallout for example in gasoline demand here and so the question is, do you have enough supply. as i look at the back half of last quarter this year, we are going to have this spr release of 1 million barrels a day. that winds down in october. these russia energy sanctions hits in december. opec does not have additional barrels to put on the market to plug these types of gaps, and so i do think we should e particularly focused on what happens with the sanctions when the u.s. spr release winds down. >> how do you think about the situation in terms of where gas prices go, where oil prices go and whether or not the european union's will actually have the

stomach to stick by these sanctions in the dead of winter when already they are worried about conserving energy. >> melissa, that is the top question, will europe have the stomach to see the sanctions through. russians have every intention to make this is painful for europe as possible, so what do they do? they turn off the gas. gas is not the revenue earner for russia that oil is. gas is the weapon of choice. there is no easy replacement product for russian piped natural gas into europe. that is why they are not sanctioning natural gas, but that is what the russians are doing. they're cutting gas flows into europe, forcing europeans to have to think about heating and eating, who suffers in terms of industrial curtailment, because it is going to be a really difficult supply situation in europe, especially with the cold winter. that is what the russians are saying, how much do you want to support ukraine? are you willing to risk massive

economic dislocation to do so? thank you so much, helima croft. >> industrial curtailment, that is what i focused on one she said that. julie, how do you think about that? that is the factor i don't think many people are pricing into the markets and companies exposure to europe. >> i would agree. i think having companies with a lot of exposure to europe is pretty risky. there are different pockets you can be in, i think of a company of bentley, they go mission assistance in europe but if i think about other types of businesses that are particularly on the consumer discretion side i think they are going to have a very hard time. we are all underestimating the level of dislocation this will be because it is very hard to

replace those gas stores. >> to me that speaks to weakening margins. you put those things together we can debate about a recession here in the u.s. the issues about the sanctions on russian oil, they are not going to change. i don't think it's going to break the will from an economic standpoint. this is the future of europe, the future of nato versus this power that does have this control. i think what they realizes they made a huge mistake for reliance on russian gas and that does have to change. if they back down this winter they set themselves back in initiatives to stay the course so for me, i don't think that is changing anytime soon. what does a european recession mean for the world right now? we know chinese growth is not that great and it's going to be below the 2.percent we were averaging. global growth is the thing not

coming back anytime soon. >> coming up, two big reports pointing to inflation. shares are on the move. we bring you the numbers next. don't go anywhere. fast money is back in two. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence.

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comcast business. powering possibilities. welcome back to fast money. we have an earnings alert on vivian saying they expect to a loss for the year. >> melissa, they have just start of the q&a portion of that call. as you mentioned, revenues coming in stronger than expected and this was a slightly smaller than expected loss for the second quarter, losing $1.62 per shoe with revenues coming in at $364 million. there is a $700 million greater

loss for 2022. that is some of the bad news that is in there, that even a loss is now expected to be $5.4 billion, but for 2022, they are reaffirming the production guidance of holding 25,000 vehicles and potentially adding a second shift at the end of q3. here is rj just a few minutes ago on the conference call. >> we continue to manage supply- chain constraints. we are encouraged by the progress we are making which is important for us to add a second shift to the product assembly toward the end of this quarter. >> a couple of notes to touch on here, one of them being that reservations, previously they said it was over 90,000 back in may. now they have over 98,000 r1 reservations in the system, so an increase in the reservation backlog and they also say they are on schedule to launch the are two vehicles in georgia. remember, that is a new plant being built down there and the plan is to build them and start rolling them out in 2025. we're going to jump back on the call, but so far they are just

getting the q&a, and i expect there is going to be a fair number of questions about what they're saying with regard to supply-chain and the constraints that are still there, but the important thing is that they are reaffirming their guidance for 25,000 vehicles reduce this year. >> of course people want to know what the potential impact would be of losing the tax credit from the inflation reduction act. >> he just received that question, and they admits that these are higher-end vehicles. that is why they have put out to the reservation list look, if you want the current $7500 e.d. tax credit, you're going to have to lock it in a do that before the president signs the inflation reduction act, which is likely to happen early next week once the house passes the bill. they have told their customers you have an opportunity here to lock in the $7500 tax credit

because under the new system you're unlikely to get it. the average transaction is coming in over $90,000. whether that impacts future reservations, hard to tell at this point. i now all right, phil, thanks. he's going to get back on that call. r is not in the don trade. letter and is in the don trade. >> neo is expensive. i get it. let's take a look at reviewing. it should never have been hundred and $80 talk and we to stock and we talked about it at the time. it probably should not have been a $19 stock in may but now it is trading at about 17 times revenue this year. still too expensive in this opinion. i think this has a high 20 handle. >> it is worth noting, phil just said even a loss of 5 1/2 alien or something like that, they have about 16 1/2 alien in cash from that ipo and put that in some context here, it is a

$20 $20 billion enterprise here. tesla which is very profitable has a $900 billion market cap and i guess my point is i guess they're all alternatives in the state. they are all losing money other than tesla, but there is a bid for alternatives to tesla out there right now as investors. >> julie, i will pose one to you. would that be tesla or rypien? >> this is rest period probably tesla because i do think scale really matters in this business. i would quibble on this concept that they are really profitable because so much of the profitability becomes from the ability to sell tax credits rather than the profitability of the car. but you look at them market cap,

rivian is $1.4 million per car. to me, the valuation on all of these is extremely high. these are not sophomore businesses.they have to make cars. i worry a lot about the concept of scale for these is this is because ford and gm are starting to figure this out a little at her. >> and other earnings here on alumina. shares plunging after its report. it is losing down to 19% right now. jeff, you have been in the stock. this is not a small company to lose 20% in one shot like this. >> it is not, and we still have exposure to the stock but it is through a fund that we invest in. this is still the global leader in dna sequencing. it is a massive market and they

have a pretty strong hold on a large share. i'm not so worried about the company longer-term. i think some of the growth in earnings is probably realistic and i think after the move we are seeing after hours, down 20% or whatever it is, if you look in the out years, you are talking about a multiple of probably some 30 times, so i think given the move we are seeing right now it's looking cheap to me. >> i'm looking to typically chase about 1 million shares. this will trade 20 million shares on a friday tomorrow, which is significant. this stock was a $525 stock, not that that matters. tomorrow could be the capitulation day. jeff is spot on. it is a very important company. terrible results, but if you see a 20 million share day i think you buy the stock for a trade. >> here is what is coming up next. ready for retail? a ton of big names on deck to report. plus streamers surpassed.

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it was just take, take, take. so i moved to sofi checking and savings. get 1.80% interest, and earn up to $300 when you set up direct deposit. sofi get your money right. welcome back to fast money. big-box retailers walmart, home depot, target and lowe's are a long the retail names out with quarterly numbers. what should we expect from these reports? it's been a roller coaster ride for investors and walmart and target.

>> it will be interesting to see what these companies have to say. we have heard from some companies that have some insight into retail, whether it is mastercard, png, and they have talked about some kind of spending mix shifts, which worries me a little bit, png selling less units for a higher price. i will be very interested to hear directly from some of these companies, but to your point, i think what has been going on in the past couple of weeks, it is not really the haves and have-nots or however you would describe it, but it is the stocks that were really beat up in retail. if you look at year-to-date performance, one of the best performers is dollar tree. one of the worst, wayfarer. what has happened the past two weeks, dollar tree has been one of the worst in wayfarer has been one of the best. i would still prefer to be in a dollar tree or a dollar general or even a lulu up at the higher and so that is where i would be

focusing my attention. >> i think walmart and target are an important component, because understanding how the lauren consumer is managing through these higher prices. shelter and food have been climbing nonstop, and that is just unavoidable, so i there's definitely going to be a squeeze at the lower end. we are looking at off-price quite a bit as levels of inventory that are in the system that has in building are going to cascade back through back to school and holiday and it is going to be a margin pain for retailers. despite two encouraging investment reports this week, mark zandi is a chief economist . housing is a very sticky part of inflation that does not go down so easily, as easily as

goods prices, so how do you assess the consumer right now? >> good. hanging in there, for the most part. they are not spending with abandon, that they are spending out of pace that is consistent with pre-pandemic spending rates. they are shifting their spending, though. that is why the numbers we might get next week on retailer going to look soft, because people are not buying stuff, which is what they were buying when we were all sheltering in place. now they're out traveling and going to ball games and restaurants, so they are shifting their spending. depending on which part of the retail you touch are going to get a different perspective, but if you take a look at the elephant, it is okay. it is enough to keep the economy moving forward. >> the economy is 73% driven by people buying things and that's fine, i people feel more

optimistic but winter is going to be here before you know it. despite the fact that wage growth is there, people are still losing with an 8 1/2 percent inflation. does a consumer get scared in the fall, and are we just whistling past the graveyard, as danny moses said on tuesday night? >> if inflation stays where it is we have a problem. you're right. wages are rising five, 6% at most, so that means real wages after inflation is declining and cutting into people's purchasing power. they can manage that for a while from extra savings they built up during the pandemic, but they can't do that forever. we do need to see inflation moderate.that is why these inflation statistics we got on wednesday and today are very encouraging, because they signal that we have seen a peek in inflation, but it has to continue to moderate.

otherwise you're right, by christmas we are going to have a problem. >> quick question relative to this good news bad news scenario. how do you view what is going on in the labor market? obviously good news underpins some of the fundamentals of the economy, but to your point about inflation, how do you square all of that in terms of the impact on the economy and the markets? >> i am more of a good news kind of guy. i like jobs and creating jobs. that is really important in the strong job numbers we got in july, just to show you how resilient the economy is, and that it can take a lot. the pandemic, the russian invasion, these are massive supply shots. it is amazing our economy is still standing after suffering these two shocks. job growth needs to slow. unemployment is 3 1/2%. we can't see that go any lower otherwise wage and price pressures are going to develop,

but i think they will get their way and this coming week we will see the reason why. we will see softer retail numbers and most importantly, we will see weaker housing statistics, and that is going to lead the slowdown, and i think we will get a sense of that next week.>> mark, great to see you. thank you. >> i love mark's work. i followed him along time. when i hear statements go it's amazing how this economy is following supply shocks, i'm looking at the balance sheet that prior to the pandemic was below $4 trillion and now we're at $9 trillion. i don't think that is the framework for a really resilient economy. i see an economy in 2019 that was already weakening. we already had that inverted yield curve back then. listen, he has forgotten more about economics than i will ever know but i don't think that translate particularly well to risk assets. if you think about what it took to be this resilient.

>> julie, you are nodding in agreement with dan. >> i completely agree. it is great for us to talk about the resilient consumer, and the consumer has been an absolute beast, but forget how much stimulus has been dumped into this economy, we are not looking at any kind of real data. the shadow of all the stimulus forcing through the system does not give us a good sense for the underlying strength. if you talk to the average person, they don't think that things are amazing. they are tired, so i think that yes, the consumer is resilient and i think that is true about the u.s. consumer generally, but i am pretty negative when you consider the ways of liquidity we we have had. there is also a paul forward in terms of spending on services and travel. a lot of people have been going on vacation this summer. i don't know if they're going to do the same level of travel

come this winter in the spring. >> yes, that is what we have to take close attention to and looking at the labor market and employment claims moving in the wrong direction. how sustainable is this? you're already starting to see delinquency rates take up. maybe that is a little bit of a canary in the coal mine. thanks starting to tighten lending standards a little bit so you're starting to see the beginnings of this even though it has not been evident and earnings calls and things of that nature, but i do think that is coming. just because consumers have healthier balance sheets than they did in 2008, 2009, that was certainly the case in the 60s, the 'similes, and the early '80s. i think we're in for some side of negative earnings cycle. >> credit card debt in this country is about to surpass 1 trillion first time ever.

i think a quarter of 1 million new credit cards have been open since the spring. fast money returns. >> get your trades to go with the fast money podcast. catches anytime, anywhere. all of us today on your favorite podcasting app. we are back right after this.

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welcome back to fast money. disney jumping for a half percent and one options trader is betting on more magic ahead. >> we option talk about a lot of activity ahead of earnings. 6.3 average times its daily call volume and we saw a lot of activity in weekly options but the trade that caught my eye was a purchase of 2500 of the june 2023 hundred and 50 calls.

those obviously betting that the stock could really 30% or more to get above that strike price by june expiration level less than a year from now. >> early this morning, disney stock was hired by 9% and then by the end of the day, it was up by less than 5%, and of course the whole market turned, but i'm wondering how you interpret that move giving the results that we did have from disney. >> i don't know. it seems like a little market fizzle but i think disney has been really strong support for years, actually pillowed it held once again now it is turning higher but during our equity research today two analysts came to blows saying on the one side,'s dreaming subs are stickier, more streaming revenue versus netflix

. a lot of back-and-forth there, i think the stock looks reasonably good here from a valuation standpoint. the chops chart looks good. >> i hope that didn't happen in your fancy office there. >> that is his office. there is not a picture, not a mug, not a pen. >> last night on fast money, disney came out and mentioned the 150 strike, and what did i say last night? i said this is a game i would play. they're going to earn six dollars next year. you put a $25 multiple on that six which is reasonable historically for disney. 150. >> what did ryan kelly text you, dan, about jeff mills's office? he just texted me

saying is mills that staples picking out office furniture. >> i have an artist to get you some paintings. i got somebody. i can help you with the decor just a little. >> send it my way. >> were making fun of you, jeff, because we love you. for more options actions turn into the full show tomorrow. coming up, on pace for the worst year since 2008. football season right around the corner so we are rolling the dice on gambling stocks. how to play those games when fast and he returns. >> options action is sponsored by thinkorswim by td ameritrade.

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welcome back to fast money. shaking my head at the smh this year. let's get a scene with the numbers in hudson, new hampshire. >> you have a chip industry at a crossroads right now dealing with the slowdown in demand for

they have to cut costs while promising to spend billions of dollars building up foundries across the united states. this is the second hub they are opening today. you have intel, micron, global micron who are committing money in hopes of getting subsidies. that is a lot of companies can competing for the same pot of money that is going to be spread out for the next five years. i spoke to a ceo who said it is not about the government handouts for them. >> we were already doing it.we did not wait. we were doing it. what this will do is continue to do it. that is where i differentiate between onsemi and other companies. i have plans on the ground, plans that are hiring people, ones that are out doing. that's what we do.

>> there was a press conference today and the secretary of commerce was here. i asked her specifically when are you going to get the subsidies up. she said were going to do it in the coming months, but you have to keep in mind is going to be anywhere between 25 and 30% of the cost of a foundries which cost between 20 and $20 billion where's the rest of that money going to come from? >> thank you. is this at all a reason why chips are trading -- is this a factor in investors minds? in terms of whether or not chips are an investment today? imax steve russell pointed this out months ago, credit to him. watch out in the back half of 2022. you're going to start to see it manifest itself in you're seeing it front and center. the intel quarter, and i said

it that night, that is the worst quarter anybody has put up in any sector this entire year. it was a disaster and some of the stocks are expensive. micron guiding lower. we still are in a declining trend line, so i think these things continue to go lower and look at the reversal today if you want positive. >> i absolutely agree. i think there is no reason why these things can't trade lower. i don't have a good sense of what these things are going to look like. you can see demand and consumer debt devices falling off a cliff if we do get a recession. who knows how it is going to hold, and so i think they could be expensive even here. >> remember that commercial with the freaky owl, and the kid gave him a lollipop >> a tootsie pop. what you got going on behind you? inquiring minds want to know because that behind you over your right shoulder i believe,

is a freaky looking owl. you got to tell america here. >> actually, at my wedding, the theme of the table settings are little animals, so we kept the owl. >> that's fantastic. she got the owl. >> can you imagine somebody got like a cheetah? >> a hippo. where would you put that? coming up, some gambling stocks going higher this month. we will break it down when fast money returns.

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welcome back to fast money. check out the gambling games all surging this month, draftkings staying at nearly 53% . with football season fast approaching, is it time to ante up on these names? >> i don't know if any of these moves are draftkings specific. it is a high risk rally. you are approaching that downward sloping 200 day.

i think if draftkings gets sold in the next off risk move. they will be a player, but i think from here it is a long term type of situation. maybe near-term you've had news from mgm talking about customer acquisition costs coming down, profitability next year for them, so that is a good thing but i think you can wait on this one. >> i think win is interesting here. if you really want the simple way to play it, i think disney with espn which finally seems to get a lifeline with sports gambling, to me, the non-risky way to play it is with a dis. >> julie, was there and elephant at your wedding, as well? >> no elephant, i promise.

>> gambling stocks? >> i think it is hard to say. there is a lot of normalization where these stocks really benefited from people staying at home and not being able to go out and lose money hand over fist. crypto has been the favorite place to do that now, but i think longer-term, the outlook is still a little bit murky, so es are pretty hands-off on the. of next, final trades. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence.

let's go around the horn. i like bentley systems. for grumpy long-term investor like me. exposure to infrastructure. >> perhaps not surprising given my comments on the show and recently -- 10 or 12% the last couple of days. 50% this last month. this low-quality rally will fade and fade soon. >> i agree. if you look at the -- enterprise software, i would

not be chasing that right here. the underperformance is not impressive. >> i want to apologize -- kidding around at the top of the show. >> and i got to know julie beale tonight, who i love. thank you for watching fast. mad money starts right now. my mission is simple, to make you money. i'm here to level the playing field for all investors. there is always a good summer and i promise to help you find it. mad money starts now. i'm creamer. welcome to mad money. do you want to make friends? i am trying to help you make more money. my job is not just to entertain but to teach. call me or tweet me at jim cram