commodities king dennis gartman says it's time to buy.s. >> it's good to see almost anybody on the show. >> look who we let on already. why japan now? >> for a number of reasons. it's amazing how many times you're reading something, you're in the shower thinking about something, and all of a sudden -- >> whoa! >> sorry. all of a sudden, some idea gels. and one that caught my eye, my mind over the weekend, was the fact that the demographics in japan are so egregiously bad. it's been one of the reasons i've been -- >> which is nothing new. >> which is nothing new, the demographics are only going to get worse. and it dawned on me, where we're trying to bring jobs home, japan, the only thing they're going to be able to do as the demographics get worse and worse is to robotize everything, computerize everything. in that process, priced to earning multiples in japan, robots don't ask for days off or holidays or sick pay or hospitalization. price earnings multiples are going to expand dramatically in japan. you've had a huge consolidation and we

dennis gartman of the gartman letter. >>> cutting your losses is a phrase that i don't know if it cameapplies. >> i hope it came from trading. the mistake people make is they hold on to their losers way too long. they manage to lose money because they keep the losers longer than they should. >> tim? >> i think you're in a place here, we say this on the show, when you go long a name or stay long a name, you've been in for a long time and you don't have the same conviction, you're probably making a mistake. maybe the resource stocks, maybe -- i stay long freeport. don't pray that the one stock that is actually probably the worst story in your portfolio is going to get. >>> grasso's argument for valiant. did you vote for him? defeat guy adami? we'll reveal the results when "fast money" returns. urns. the command performance sales event is here. experience exceptional offers on urns. our most refined models ever. get up to $2,500 customer cash on select 2017 models for these terms. experience amazing at your lexus dealer. we cut the price of trades to give investors even more value. and at

. >> dennis gartman, publisher, editor of the gartman leader, also a cnbc contributor.e was our mystery guest that we now have. it's hard to time things. should we be thinking if there's some bumps in the road on tax reform or healthcare, the markets have ran a long way. are you adding to positions still? >> we're sitting 3.5% overweight for equities. we had a 15% run in the last four months. we got a bit of an overbought spike after the state of the union address. drifting back a bit here. we thought maybe we would see a 3%, 5% correction, we're in the middle of that now. we're sitting to see how the fed shakes out next week. wafrnl . >> what do you think, gartman? there's a piece about meaning markets and countries building up foreign reserves. i had to read through that to figure out why that's significant. >> it's not significant. >> it's not? >> no, it's too ter ply es ribl esoteric. i am interested on what's dpg on with going on in japan. something has to happen over there. what is taking place is the replacement of robotics, computerization. it will believe price

with us, editor and publisher of the gartman letter, dennis, great to see you. >> good to be seen. >> what do you think happens? >> i think that if you don't -- if you asked me the question 16 hours ago, i would have thought they would probably not been able to pass it. however, i think there's so much political capital at risk here that the president and mr. ryan, the speaker of the house, really cannot avoid having them literally lock the doors tonight and make sure that there is passage of the legislation. it has to go to the senate, have a joint revolution in the future, but there's just too much risk. i would have thought they would have failed, but i think now they'll probably have to. >> scenario one laid out, scenario one, basically. the thing passes, stocks go up. key to that assumption is stocks rallied and not necessarily factored in or in a minor way, tax reform. it might seem that if it has con official what the market believes, that tax reform happens, and not much happens to the target. what do you think, dennis? >> well, i -- first of all, if it does not pass tonight,