Sell-side Indicator (BofA) is almost on Sell, Vix is still asleep, the Bear Case revisited, FICO massacred | WAYT?

Josh Brown (0:16)

Ladies and gentlemen, welcome to What Are Your Thoughts, America's favorite investing livestream. I'm your host, Downtown Josh Brown. My co-host is with me as always.

Introducing Michael Batnick for the first time viewers and listeners. Michael, say hello.

Michael Batnick (0:31)

Hello, Josh. You are slowly morphing into Fabio before our very eyes. It's really incredible. The transformation is almost complete.

Josh Brown (0:40)

It's I am assuming my final form.

All I'm missing right now is a tan. I haven't been in the sun in a minute.

Michael Batnick (0:49)

You can get that back.

Josh Brown (0:50)

I know. I'm going back to Boca next week. All right, guys, this is a show where Michael and I discuss the number one, two, three, four, and five most important things happening in the market at the present moment, or at least what we deem to be the ones most worth discussing. Want to thank everybody who's joining us on YouTube for the live premiere. We appreciate you guys. Have fun, treat each other well.

We have a sponsor tonight. Michael, tell us who the sponsor is.

Michael Batnick (1:21)

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Josh Brown (1:29)

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Michael Batnick (1:42)

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Josh Brown (1:54)

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Michael Batnick (2:05)

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Please read the prospectus and, if available, the summary prospectus carefully before making an investment. Neuberger Berman BD LLC is the distributor of the fund and a Finra member. Josh, before we get into the first topic, which is a juicy one, I just want to say how much nachos I had last week watching ChartKid shine like the star that he is. I was at cruising altitude, was I 30,000 feet in the air? I think so. And I was watching him just deliver.

I was watching all of the people support him in the comment section, which I was beaming with pride. So thank you to everybody that came out and supported him, showered him with views and praise. He was awesome.

Josh Brown (3:14)

We really try so hard to keep the show going every week, no matter what. And when it was just Michael and I all the time, it would be pretty tough to, we're both executives at a wealth management firm.

This is not so easy to balance actually being market participants and working in the industry with doing the show. But having Sean and Chart Kid in reserve, these are not bench players. These are A-list players that arguably could easily run a show of their own. So it is really cool that when one of us is incapacitated, there's a ton of talent behind it. So I totally agree. All right, Michael, are we one step away from sell?

Michael Batnick (4:00)

I mean, so they say.

Josh Brown (4:02)

Does it feel that way at all?

Michael Batnick (4:07)

Or not more?

Josh Brown (4:08)

Or do you not feel it?

Michael Batnick (4:10)

Listen, I listen to the market and listen. I feel it.

And right now, I think the message is pretty clear. And I don't think it's telling you to sell, even though it's very easy to draw that conclusion. So I will present evidence to the jurors later in the show. But let's hear what Savita has to say.

Josh Brown (4:31)

Well, I would say if you're listening to the market and you're being at all intellectually honest about what's gone on over the last 17 years, almost 18 years, the message of the market is, I dare you to sell. Like, I dare you. Do it. Do it. Watch what happens. Because that's been the history.

We're not even in a 5% pullback from the high, which is pretty remarkable, given all of the things that we're contending with.

But that's why my take is that's the message of the market. You said something on the show last week that I really wanted to expand because I thought it was the most important comment of the show. Or was that two weeks ago or I don't know. You said, there's no fear in this market, pointing to a Vix at 16, but there's plenty of doubt. And the doubt, I think, can be measured in the contracting multiples as quarter after quarter, we see record high earnings above consensus numbers, upside surprises and increased forward guidance. And yet the multiple we're willing to pay for earnings is actually shrinking, despite the fact that the market's up 14% on the year, earnings are up way more. So I think that's the perfect encapsulation of 2026 Like if I had to explain it in one sentence, I would say, no fear, tons of doubt. What are your thoughts?