Are We in a Bear Market?

Josh Brown (0:00)

Gallagher's is going to slap tonight.

Michael Batnick (0:03)

You know, I went to a steakhouse last night, but I didn't eat steak.

Josh Brown (0:06)

What's wrong with you?

Michael Batnick (0:07)

I went to Hendrick's and I got not steak.

Josh Brown (0:09)

It's not really a steakhouse.

Jim Lebenthal (0:10)

I mean, did you get lamb chops or did you get like swordfish?

Josh Brown (0:13)

There's a big difference. You would like Hendrick's.

Michael Batnick (0:15)

It's fantastic.

Josh Brown (0:16)

Hendrick's used to be called the George Washington Tavern, and legend has it, it's where he stayed before crossing, or just the Battle of Brooklyn actually took place on Long Island.

Michael Batnick (0:29)

This guy, am I right?

Josh Brown (0:30)

No, no. They didn't have a name for Long Island yet. It was basically, it was just like, oh, that's Brooklyn. And George Washington stayed at this tavern. It's a historic landmark. And there's a restaurant group called the Paul Brothers on Long Island. They own the best restaurants. And they took this place over. It used to be these blue-haired old women. That's who ate at the George Washington Tavern.

Jim Lebenthal (0:51)

I mean, I'm feeling a little dated here, like you think I'm from the revolutionary era or something.

Josh Brown (0:54)

No, no, no. I'm just saying, I'm just saying it's kind of a cool place because...

Michael Batnick (0:58)

Did you trade with Washington back in the day on the floor? Did you guys start it together?

Josh Brown (1:03)

Did the Lebenthal family raise municipal bond money during the Revolutionary War?

Michael Batnick (1:07)

We shared a field chat.

Josh Brown (1:11)

You know what's good at Hendricks? The bone marrow as an appetizer.

Michael Batnick (1:17)

We got the hot dogs and they had those before. Unreal.

Josh Brown (1:21)

Not my thing.

Michael Batnick (1:23)

The book is called How to Ride the Subway. Famously, this guy will not ride the subway.

Josh Brown (1:30)

Do you know?

Jim Lebenthal (1:31)

He gets mobbed by fans.

Josh Brown (1:32)

Do you know I've been walking around Manhattan with a stick in my bag? It's called a... I'm not making this up. Michael will tell you that it's real.

Michael Batnick (1:41)

And he has one in his car.

Josh Brown (1:42)

It's a tire thumper. You know what that is?

Jim Lebenthal (1:44)

Not really.

Josh Brown (1:45)

It's like a short baton that truck drivers thump a tire with to make sure that it's...

Jim Lebenthal (1:51)

Inflated.

Josh Brown (1:52)

So on the days where I know I have to take the subway because I have to do some impossible thing to get to Tribeca or whatever from Midtown, I will have my tire thumper in my backpack. I'm not f***ing around here. I see...

Michael Batnick (2:06)

So this is the essence of your book. How to be a man of the people with a tire thumper.

Josh Brown (2:10)

Every other post on my Instagram, it's either a New York post or somebody showing me a slashing... Look, show him.

Michael Batnick (2:16)

Jimmy, is this guy...

Josh Brown (2:17)

Show Jimmy my stick!

Michael Batnick (2:19)

Psycho. Why are you laughing?

Josh Brown (2:23)

Do you not want me to stay alive in New York City?

Jim Lebenthal (2:27)

You're like, sister of three, nobody's going to mess with you.

Josh Brown (2:30)

I have to tell you...

Jim Lebenthal (2:31)

Like, I am the prime target.

Josh Brown (2:32)

I'll tell you, I was like... I stopped carrying it because I was getting upset that nobody tried me. Like, I almost wish somebody would. No, no, no. But all I see is people being pushed on the tracks, people being like stabbed, slashed. No, we have both stabbings and slashings in New York City. You still take the subway?

Jim Lebenthal (2:55)

Every time to go down the street.

Josh Brown (2:56)

Do you have a stick?

Jim Lebenthal (2:57)

I do not have a stick.

Josh Brown (2:58)

You see the problem?

Jim Lebenthal (2:59)

I have some rules.

Josh Brown (2:59)

I'm going to get him a tire jumper.

Jim Lebenthal (3:01)

I have some rules, though. If you're on a subway car and somebody starts acting crazy, I just get off.

Josh Brown (3:05)

Oh, do you, while it's moving? What do you... It's too late, you're already dead, statistically. You're finished. They're lighting people on fire on the train. They're literally setting fire to other people.

It's a zoo and there's no cages.

Jim Lebenthal (3:23)

You can see the parallel to dangerous investing, right?

Josh Brown (3:27)

Yeah, here's my parallel. I already halfway moved to Florida. I'm almost one foot out of the state.