but in 2020, lots of startups began to use spac mergers as a way to become public, while evading thethat the sec you know, the securities exchange commission places on ipos. now, initially, there were some very exciting ones that really caught fire. for example, zoom video, this one came public in 2019 and then soared to the stratosphere in 2020 once the pandemic made its platform essential, at least during the covid era. at first, you get a bunch of hot deals to get people excited. 2020 we also had a ton of electric vehicles and charging station related ipos and spac mergers. at first, these stocks were unstoppable, although most of that was because this was a period of high risk speculation where people were willing to give anything with the right buzzwords. the benefit of the doubt mistakenly, of course, reminiscent of the.com era in the late 90s when anything connected with the internet was beloved until the market was flooded with excess supply and the whole group collapsed in the year 2000. i'm going to give you a really concrete example from 2020. it's a company called quantum

charles: the spacs and i hated the spacs and filled with real companies like yours and no pun intendednd it's outer space and going for the stock and going for golly, this is not too long ago and $5 stock and might have missed the move. >> we were a spac and went public via the spac and focused on the fundamentals some company and space and some sort of miracle has to occur for this one starting to generate revenue and profits we're a space company and revenue and specific amount going to be public focused on the financial fundamentals and stay disciplined but also stay diversified to have resiliency and that seems to be paying off charles: peter, congratulations. you've done an amazing job and talk to you again real soon. charles: next guest going for them and the investor and she loves the red wire story and she calls the picks and shovels engineering and bring in green time searching for them and hillary cramer and do you like red wire and i feel like it's ironic going to be humble and you say, listen, orbital platforms and space and power race and that's the company. >> redwire goi

just as a company could go public via a spac didn't mean it was necessarily a good idea to do so.fter a lot of the babies being thrown out with the bath water, some of these names are coming back on their own fundamentals. charles: i keep telling people, i was a huge critic at the time of those ipos, of those spacs, because i think it was the greatest ripoff of the american public in list are i. they were going public two, three, four, five, ten times more than they were worth x now that they f come down, it's a nutrient-rich place to find a lot of money. full disclosure, i love rocket labs, i had the ceo on. i'm in the sock to what's your thoughts on that? if. >> it's been a stock we're exciteed about. there's a immediate for lawn of. now. there's -- need for launch now. there's a tremendous demand to build out various constellations, talk about tens of house of satellites required for -- thousands of satellites. rocket lab happens to be one of the companies -- charles: it seems interesting because, obviously, everyone thinks spacex which, obviously, or they should. but i don't t

they'll activate the spac. they'll participate.today's event hosted by converse, which partnered with the skate park project and the san francisco recreation and park department to make the new park possible. anthony flores joins us now for what's coming up in sports. hey, anthony. hey, guys. tonight it is all about the skills here at chase center. whether you're like my buddy lester dancing or like dre. hey, buddy, show me your handles. dribble it buddy. oh, wow. look at that. you know who else? who has skill? can you dunk? hey, can you dunk? wow. you know who else has skills? draymond green. he's in the skills competition for the second time in his career. why is he doing it. it has something to do with that i bought the team! kevin... ? i put it on my chase freedom unlimited card. and i'm gonna cashback on a few other things too! starting with the sound system... that's caaaaaaaaash. cashback like a pro with chase freedom unlimited. how do you cashback? my moderate to severe crohn's disease... ...and my ulcerative colitis sympto

if you look at our track record, even in active fixed income, and peer clavin and spac's the hypothesisk then. 91% of our active fixed income outperforms its peers over the past 10 years and one of the reasons why is because we price it at just over 10 basis points, so at a low fee. speak to our fixed income team and our teams who run our active fixed income for the reason they are able to perform. they have a lower headwind, so they are able to take risks in a more disciplined way. with this is about is not just delivering high-quality index management but levering high quality investment management at a low fee. whether you are looking at active fixed income, index equities, that is what we have been about. katie: a lot of people probably think of vanguard and do not think of active and you have active funds out there. it is a small percentage of your overall lineup when you look at the etf side of things. should we expect to see more active launches from you? >> the first vanguard funds were active funds, if you go back to the 1970's. those we manage our active fixed income within va

and thissen continues a trend of overpriced ipos and spacs, right in you know i hated them. look at this, this was a $300 stock at one point. what happens is they've been dying, the stock dose down, the business continues to the mature and come to fruition, and then they tart to take off. there's a lot of opportunities for investors. and, again, we're talking individual stocks. then, of course, there's the curious case today of super micro, right? think about this one. they posted results that was an unmitigated disaster. no matter how you tried to clean this one up, i know, i came into last night long with my subscribers. they missed on both earnings and revenue. by the way, unaudited numbers they confirmed they received from the doj and sec subpoenas. they cut their guidance for the next year, dilution, 14 days still away from delisting, but they did swear their 10k will be in by february. so wall street giving hemming the benefit of the doubt. you know, this market really, you know, tries to -- a lot of folks out there still trying to pursue this market with a paint by nu

that's what i did with most of the spacs and ipos in 2020 and 2021, when it felt like a whole marketthing else. chasing ceos can be misleading. almost never flat out lying, though, because they're lying about material. information is what we call a crime. so sometimes you need to take what they say with a grain of salt, if not a full carton of morton's iodized. but the more cynical among you might be surprised by how many straight shooters you'll find at the highest levels of corporate america. some of them are just plain honest. others don't want to go to prison. good call. either way, they tell the truth. and again, when we have someone on the show with a track record of being extremely candid or extremely reliable or both, i try to point that out to you. it matters when honest, smart executives tell you that something is going incredibly well. i think you should believe them. this can be a very profitable strategy if you get it right. i'll give you the best example ever. when jen-hsun huang, the visionary ceo of cramer fave nvidia, came on the show in september of 2022, the stock

and that was you remember 2021, it was spacs and meme stocks. and these.d no fundamentals. and i don't see that quite yet. but we're starting to see kind of what i would call the bubbly signs that it's starting and that, you know, that gets me worried because it you don't have to go very. yeah. >> is it neutral right now? 47 so where i mean, i don't know if you can kind of be specific off the top of your head, but there are going to be people out there going, what are you talking about. look at earnings for the mag seven. look at the multiples like there's nothing here. what do you see that kind of gives you some concern. >> well like i said yesterday we saw the unprofitable, you know, unprofitable tech biotech. those are the types of things that, you know, you should be worried about when you see big flows. that is true. wall street is a lot more optimistic today than it was the last two years. that gets me concerned. and then one thing we haven't seen yet, which would be the big kind of corporate deal flow that kind of is symptomatic of a bull market als