U.S. stock markets took a plunge Monday morning after a bad day on Friday. The Dow plummeted hundreds of points, Warren Buffett is selling stocks like crazy, and Japan's stock market recently had its worst day since 1987's Black Monday. So, are these signs of a coming recession? Financial expert Carol Roth joins Glenn to explain what's going on: Why are the stock markets crashing? What does Warren Buffett know that we don't? Are tech stocks like Apple and NVIDIA just going through a correction phase? Is the Federal Reserve to blame? And what can average Americans do to prepare?

Transcript

Below is a rush transcript that may contain errors

GLENN: Friday, we had a bad jobs report. We're still not in a recession, indicators are showing that we are headed towards one.

But, you know, the indicators have been wrong before.

We are headed towards one. We are headed towards a depression at some point. I just don't know when.

And we're headed for a massive, global collapse. Again, I just don't know when.

Nobody does. That's why I ask you, please, be prepared.

And please take my -- look, I'm not an expert in anything.

Nothing. I'm -- I'm a former DJ, that is a recovering alcoholic, and I'm a self-educated man. So take everything that you -- that I say, with a grain of salt.

I want, I need you to do your own homework.

I hope -- honestly, this hasn't happened yesterday yet. I hope that you do your homework. And you think, wait a minute.

Glenn, you're missing this. And you show that I'm wrong. Because I want to be wrong. But it is coming.

And we are in the birth pangs of the future. We are giving birth right now, to the future.

A baby is coming out. And I don't think -- I don't think we're going to like it.

I think it's one of those babies that comes out like, hey. Mom and dad.

You know, and guarded by Rottweilers. But we're -- we're approaching something.

And our Dow is down almost 1200 points in futures. The reason why this is so important, is because it's not alone. Friday, bad jobs numbers. We were down 611 points.

That's a pretty big at all. This morning, before we even open up. We're down almost 1200 points.

You know, that's almost 2,000 points, in two days.

But in Japan, stocks were wiped out. This happened while you were asleep.

The Nikkei 225 is falling 12 and a half percent. That is the biggest single day decline since Black Monday's collapse of 19 -- what?

'89 or '87, I think it was.

Also, if you read any financial news over the weekend. You saw that Warren Buffett is selling like everything.

He is having the biggest fire sale he's ever had. He's never sold stocks, dumped stocks like he's dumping them right now. That's what happened to Apple a couple of weeks ago. He said, yeah. I don't really feel comfortable with Apple. I'm going to sell. But what we didn't know, until he had to file was, he's selling everything.

And holding on to just the crème de la crème.

What does Warren Buffet know, that we don't know?

Nothing. The difference between Warren Buffet and you and me, is he trusts his gut.

He trusts what he reads. And he doesn't wait, for other people, to verify. His team verifies. And he trusts his team.

I just -- the words of my grandfather keep ringing in my head. If we only knew what the rich people knew, before the Great Depression, we would have been fine. Well, what are the rich people doing?

Also, China found out this weekend, they are buying -- I think it was 50 tons of gold, more, than they said they did.

They said they stopped buying gold. Now some sleuths have gone out and looked. Because something wasn't right. And all this gold was being shipped over to China.

And they realized, my gosh, China is still buying. They're telling people they're not, to try to keep the price down.

So what are the rich people doing?

What are the people in the know doing?

The VIX, which is the volatility, something that is really important if you watch stocks. But it's just important for you to know. And this is just off the top of my head. In 2008, the VIX, the index of volatility. How volatility are things right now? Was at I think 47. In 2008.

In COVID, it was like 56. And it's currently on a scale of one to 100, 65.

So that is an alarm bell that people watch, and say, what kind of -- what's the weather forecast?

What's the VIX say? Are we headed towards really choppy seas?

Yeah. More according to the VIX. According to them, more than 2008 or COVID.

Intel just announced they're cutting 15,000 jobs or 15 percent of its workforce.

Now, let me go and witch topics, to England. What you're seeing in England, is a -- a looksy into the things that are to come here in America. What's been happening in England? Well, for a long time, this is why Brexit happened. And, by the way, I don't think you're going to hear this analysis with -- with other people.

So take it for what it's worth. But as I read it, Brexit happened in a way we can relate to. Brexit happened because people were tired of being told by bureaucrats that they never elected, what they had to do. How they were going to live their life. And those same bureaucrats said, you know what, it's not that cool to be British. I mean, you have a really bad past, Great Britain, and so I wouldn't be so -- I wouldn't be so proud.

In fact, don't fly your flag. You should fly the European flag.

Okay. People didn't like that.

They want to have their own control.

Then, on top of that, you had wild, unfettered immigration.

Do either of these sound familiar to you? So they had wild unfettered immigration.

At the same time, they built on top of a house of cards, where they said they were taking Islamic terrorism seriously. But then they opened the borders. And the police never took them seriously. It was never taken seriously.

You could chop a guy's head off, in the streets of England. And what would people say?

Well, your officials would say, we've got it under control. It was just a misunderstanding. It didn't have anything to do with anything.

There's nothing to see here. Go back to your homes. Nothing to worry about.

Kids were being kidnapped by Islamic rings. And they were being sexually abused. And the police denied it. Denied it. Continued it.

Then when it couldn't be denied anymore, they did a little bit, very little bit. But then everybody in the neighborhood that was standing up, they were deemed the bad guy. So this is the Bubba Effect.

Three girls in a dance class. Just cute, cute little girls in a dance class, 17-year-old kid comes in, and stabs the three girls.

Now, he has a Somalian name. So everybody just assumed he was an immigrant. He's not an immigrant. Bubba Effect. Bubba Effect.

Remember what that was? I told you that in 2000 -- I don't know -- 4, I was talking to Special Forces. And I said, what is the thing that you're most concerned about? And they said the Bubba Effect. What is that?

When the government has lost all of its credibility. And, for instance, they say, we're serious about terror.

And they're not. And people keep pointing it out. And the government doesn't respond.

And then something bad happens. And Bubba, not really knowing anything about world religions or whatever. Will walk into a convenience store. And he will shoot a Sikh because he's got a turban, and he doesn't know.

He'll shoot a Sikh. And it's you people.

And everybody will know, that's wrong. But when the federal government believes in, the people will stand up and say, hey. We'll deal with Bubba. We know he was wrong. But he was acting because you refused to act. You are the -- the problem.

That's what's happened here. They were wrong.

And then on top of that, you have inside and outside, nefarious forces.

You have people who are white skinhead Nazis. You have people who are Islamists. You have people who are just power hungry.

You have people who just want to see the world burn.

And they're all on social media. And what is the government doing?

The government is blaming everything on the right. And social media.

Which will only make things worse. Because the forgotten man, is not a neo-Nazi.

The forgotten man is just the guy who just loves his country. Has gone to work every day.

Seems to be forgotten. Seems to be left behind.

Nobody ever seems to talk about him.

Unless it's to blame him for something that he had nothing to do with.

And, of course, everybody's lining up. To quash, freedom of speech.

They don't have it, like we have it here in America.

They already have speech laws. They're now talking about shutting everybody up.

That won't make things better. It will make things worse.

A Civil War in Great Britain, in a few minutes we'll tell you exactly what is also happening, in Israel, with Iran. And how Russia is now helping Anna Ann enemy of the United States.

GLENN: For anybody old enough to remember, I believe Stu has become Johnnie Carson. He's never working. He seems to always be on vacation.

And always sitting in for him, is Mr. Pat Gray as usual. Hello, Pat.

PAT: I guess somebody cares about the show, right?

GLENN: Yeah. If it's just really you. Just you and me. You and me.

Thanks for coming in again. This is double duty for you. So how are you feeling?

You just finished your show.

PAT: Yeah. Yeah. Uh-huh. Oh, I feel great.

I think things are going perfectly. Don't you?

Yeah. Oh, yeah.

Nothing to worry about. Nothing to worry about.

GLENN: Yeah. I was in LA this weekend.

Unfortunately, this is my time in California. In I don't know how many years. Oh, man.

I don't like it. Anyway, I was in LA this weekend, doing some business.

And I didn't walk away, with a good feeling.

Now, it is California. But there are so many people that are just convinced that Kamala solves the problem.


They don't -- they won't even look at how radical she is.

PAT: Hmm.

GLENN: If she becomes our president, we are in deep, deep socialist trouble. You think the economy is bad now. This is like putting Chavez or Maduro in. She is as left as that. And everybody is -- at least in California, that I talked to, they're still just enamored with anybody, but Donald Trump. It's like, no, guys, voting for the enemy of the person and just blindly doing it is a very bad job. You must examine their record as well.

PAT: Uh-huh and people forget in 2019, she was the most liberal. The most progressive senator in the United States of America. Beyond Bernie Sanders. Beyond Elizabeth Warren.

She's the worst possible choice for president.

GLENN: Yep. Yep.

PAT: Worst possible.

GLENN: And the Democrats knew that.

PAT: Yeah. They did.

GLENN: I mean, that's why had to be voted for her. Nobody voted for her.

PAT: Right.

GLENN: And I'm growing more and more convinced this was a brilliant move by the Democrats, by the radical left in the Democratic Party. They got her to be vice president, because there's no way America would ever vote for her. So she could become the vice president. And at this point -- because Donald Trump is so unpopular, with the left, she's only a point and a point and a half behind him.

PAT: Yeah.

GLENN: That's insanity.

PAT: She's actually leading quite a few polls.

You know, despite her radicalism.

This is a person for abortion on demand.

GLENN: Because nobody is looking at it.

PAT: The border disaster that she's overseen.

She wants to ban fracking and offshore drilling.

She claims she didn't want to ban fracking, but she was all about it just four years ago. She wanted to ban the filibuster.

GLENN: She also wasn't just for the filibuster. But for the Supreme Court.

She's also for a guaranteed jobs program.

PAT: Right.

GLENN: That's the Soviet Union.

PAT: So bad.

GLENN: You can't get any more left than that.

It's really, really not good.

Nationalized health care. She wants the government to take it over.

Now, she said recently. But in 2020, when she was running, and this is who she is. This is what she believes.

PAT: Right.

GLENN: She's moderating because she has to now.

But this is what she believes. Government needs a wholesale takeover of medicine.

GLENN: Welcome to the Glenn Beck Program. I have to tell you, I really wish I could put you in my head space right now. It's almost like there's a hedge of protection, on my head space right now. Because it's -- the news that is coming you out is really, really dark, and we're getting closer to something.

And we're going to like it. The Dow is way down. Japan was almost wiped out. Twelve and a half percent.

They had to close the trading floor for a while in Japan. And that is happening in Europe, and now coming here, we had bad job numbers. Lots of layoffs. Intel laid off this morning, 15,000 jobs.

Looks like Chevron is moving to Texas from California. They just can't take California anymore.
And there's riots on the streets of the UK. And I want to get back to this story a little later in the program. But it is -- it's rage bait that is going on. And it -- people are now saying, Elon Musk said this weekend, that civil war is inevitable in the UK. But we also have some news.

Today, it looks like Iran is planning on attacking Israel. They announced this over the weekend.

Speculation was, that it would happen sometime today.

Remember, it's -- it's late in the afternoon.

In the Middle East now, on Monday.

And so, you know, usually if things happen, they happen by the time this show is over. It's usually started.

So we're watching that closely. Jason Buttrill is with us.

He is our chief researcher.

Also, head of watching over all global affairs.

On the program. When it comes to war. He is a former military intelligence.

And is here, to tell us, exactly what we're expecting.

Let's start with Iran, Jason.

JASON: Hey, Glenn, how are you doing? I'm actually surprised it hasn't happened yet. We were getting word that it was supposed to kick off sometime over the weekend. I think the biggest takeaway here, is there will be a response. Pretty much everyone expects it. It sounds like the Israeli military intelligence is expecting it, very imminently. There's a carrier battle group that's on its way from the US to the region, to support, if anything should kick off.

We know something is going to kick off. The question now is just how badly it's going to. And this is only the beginning stages of this larger regional war. And I'm going to say this.

I do believe, this is going to be a regional war, with multiple people. Countries involved. And it's going to mirror their regional war that's already going on in eastern Europe.

And that sounds interesting. Regional war is breaking out everywhere, and we're expected to respond to every single one of them. How is that going to happen?

GLENN: Okay. So the Mediterranean is the sixth fleet, right?

JASON: That sounds correct. I don't remember.

GLENN: I think it's the sixth fleet. You know, I'm sorry if I'm mistaken.

What I want to know, is this carrier group that's going on out, in addition to what we usually send in the sixth fleet, that's always there. Is this a replacement, or is this an addition? Because that's a huge addition.

JASON: I'm fairly positive, that this is an addition to what's going on out there.

GLENN: That's pretty significant, right? Carrier battle group.

JASON: It's especially significant, when you think of all the different theaters that we're guarding against right now.

And I got to tell you, Glenn. Looking at the state of our economy. Our adversaries. What they're trying to do with our economy. Organizations like BRICS. They also are the same people that are opposing us in Eastern Europe right now.

You've got, can I say it --

VOICE: And Israel.

JASON: And Israel. Can I say cascading protest movements that are going all the way through Europe and heading all the way to our own doorstep. Did I read that? Is that where it was?

GLENN: Yeah. That's where I think I got it, yeah. Sure.

And after it cascades, it comes to the United States, and all our enemies look at the West. And say, now, now, now.

And that's exactly what's happening. If you look at what's happening with the Middle East with the Houthis, those are funded by Iran. But now who has just been spotted on the ground and been -- been announcing that they are providing military advice, at least? That's Russia.

JASON: Yeah.

GLENN: Russia is now assisting the Houthis. So this is becoming a global war. Whether we like it or not.

It will.

JASON: Yeah. Everyone always analyzes this.

They say, oh, BRICS will never outdominate the dollar, you know, as the global reserve currency.

They'll never do it. They will never challenge the United States one-on-one. You know, the United States is too powerful. Agreed, one on one, but that's not what's being built here.

I have to tell you, when I was looking at all this information, all together, I kept thinking about the famous Paul Harvey monologue, you know, if I were the devil, what would I do to make change? And I'm not the devil. But I am saying that look at everything together, and connect all the dots. Who were the players that were involved in every single theater? Who were the ones? Who were the ones sowing discord, that is cascading all over the world?

Who were the ones?

Look at the places that haven't blown up yet, but are on the cusp of it. You look at Taiwan. You look at North Korea. That BRICS unit is involved in every single one of those. You cannot destroy the United States or defeat her one-on-one.

We are too powerful, but taken together, with all the different countries that they are building, by the way, and united all at the same time, what happens?

I don't know the answer to that. Because we've never been there. But we're going in that direction. And the people that are running this country, are driving us there in a Cadillac.

GLENN: I will tell you, the -- what happens, if it's World War II, America wins.

Because World War II, America was united.

JASON: Hmm.

GLENN: And we all came together, to fight against evil. That will not happen this time.

We are too divided, and the government has made so many mistakes. I'm really very concerned about England. Because England is the Bubba Effect. It's -- we don't even know the facts, and that's another problem.

But we don't even know the facts of what really happened, that started all of this stuff.

They haven't figured out this kid from last week. They still don't know, well, is he Muslim? Is he not Muslim?

You know, how is he -- we don't know any of that. But people are all assuming that this was a Muslim immigrant. It wasn't.

He was born in England. He's English. But the facts don't matter anymore. Because it appears as though the government is lying to the people in Great Britain. And so they've had enough.

And then you have outside forces, dare I say it, like Russia, again.

And the influence of those we have spoken about, many times on this program.

That want the West to collapse. And are sewing this -- this really demonic seed in not only England and France and all of Europe. But here in America, as well.

Unless we get transparency, we're -- we're -- we're in trouble. Unless somebody stands up and says, you know what, I'm going to open up all the books on this.

The -- the arguments that I'm hearing now, that Kamala is just so great. When this whole thing has been un-Democratic from the beginning. And nobody is really looking at her record. And everybody is saying, you know, well, Donald Trump, he's a bad guy. Where? On what?

On what?

I said to somebody, this weekend. You know, this has been the -- this is the one time, that you can look at a politician.

And I think they're all dirty. But I lived in New York City.

Pat, you remember this. We used to drive by the Trump apartments or hotels on the east side how.

And he was building like five of them, and including, you know, digging under the highway.

And he built five in the same time the city took to build one small building, right across the street from them.

PAT: Uh-huh.

GLENN: And I would have said to you, six years ago, eight years ago, the guy is dirty as hell. He's got to be. Because you can't -- how is it he can get the unions to do everything he wants them to do? How is it he can build five buildings to every one that everybody else builds?

Well, I don't know. But he's the most investigated man, I don't know. In human history. And they've never found anything like that. And nobody will listen. Nobody will listen to that. Nobody will listen and say, they've just been trained, Trump bad. And if you're comparing, you know, anyone to Hitler, I mean, Charles Manson could look good.

Well, he only killed a few. Yeah, and he's got the Nazi swastika carved into his forehead. But he's not telling everybody to hang banners off of every building. You know, hello.

So they give you the worst possible look at somebody, and somebody who actually loves America.

And -- and here we stand, with everything in open flame. Jason, what are you expecting to happen today either in England?

Or -- do you agree with Elon Musk? That he says Civil War is inevitable in England?

JASON: Well, I mean, you've got to think -- what's happening in England, I feel like, can be copied in multiple western countries. Because the big behavior is the same. You talk about the non-transparency. Let's just talk about that for a second. And how this fuels this. If you look at any major mainstream outlet, over Europe and here, all you see is the same headline. Far right protests. Or rioters.

You know, truth -- based off of misinformation.

GLENN: Yeah. Misinformation. Disinformation or malinformation from social media.

JASON: Right. And then they won't even talk about the person that did this attack. They'll say, well, it wasn't an immigrant. Well, we know his parents are from Rwanda, we know that. Were they illegal? Do they talk about that at all, because I guarantee you that the people out there protesting in the street, the point is exactly the same.

Like, this is a crisis of the government's creation.

GLENN: But I think you are -- I think you are giving too much credit to -- look, they can completely wrong. These people were from Rwanda. Maybe they came here legally. And they've been great citizens. And their kid is a great citizen.

It has nothing to do with them, or the kid.

This is -- this is the frustration, of the English people saying, my government is not listening to us. That's the Bubba Effect.

We know he's wrong on that. We know.

But that's not the issue. The issue is, you've been lying to us. For too long.

So we'll take care of Bubba. You back off. That's the Bubba Effect, and I think that's what's happening.

Okay.
The worst-case scenario in Iran. They say this one is -- this attack is going to be expected and unlike anything the world has seen. They say, it's a new something.

I don't remember exactly how they said it. But it reminded me of one thing.

I would like to get your opinion. What do you think is coming?

JASON: I think that a similar attack involving a massive amount of drones and rockets is probable.

I think the addition of non-traditional warfare, armaments like those EMP, Electromagnetic pulse type weapons, I know can be launched from artillery or drones or rockets, as well. To knock out --

GLENN: You know they have that?

JASON: Well, I mean, we don't know for a fact. But Hezbollah has claimed they have gotten them. That wouldn't surprise me at all. Those weapons have been around since probably the '80s.

So we know they're out there. They're just rarely used. I think we used them in Kosovo. We've used them a few times. But think about Israel's ability to respond to a massive wave, coming from the Houthis, coming from Hezbollah.

Hamas. Iran, you know, herself.

And then with all of their electronic superiority knocked out. Yeah, we're looking at a much different battlefield, sure.

GLENN: I will tell you, I think -- I was thinking about this, this weekend.

That, I think we're in the same place we were at the end of World War I, and the end of World War II. New things are being -- or at the beginning of World War II.

New things are being invented, horses, instead of tanks.

Or tanks instead of horses.

Airplanes. It changed the battlefield.

And I really feel like our big, huge aircraft carriers, and everything else.

I think those things are a thing of the past, in warfare. I think we could be overwhelmed quickly.

And I think China, for one, knows that.

GLENN: Hello, America. Welcome to the Glenn Beck Program. We are going to talk about what is happening in the stock market today. We are on the edge of a very, very big abyss, and I hope we don't fall into it at this moment.

But some things are happening. And you need to be very well aware of them. And we need to go there, with Carol Roth in just about 60 seconds.

Speaking of the economy, it's just -- it's crimes of mismanagement, at this point.

It's impossible to keep track of everything they're doing, that is just absolutely suicidal.

But you can the raw draw a chalk outline around the US that are. And set up the police tape. There's been a murder here. Maybe after this next election.

Things are K start to get better. Nobody hopes that will get better more than you and I do. But you cannot count on that.

We are in a cycle where weak men have created hard times, and it remains to be seen, if we can pull out of this nose dive and become strong men.

All right. Carol Roth, welcome to the program.

CAROL: Glenn, you have to promise me, that one day, you will bring me on to talk about good news.

We'll talk about ice cream. We'll talk about puppy dogs. I feel like your audience, every time they see me, they're like, oh, no. Carol Roth is back again.

GLENN: I know. Carol, I was just thinking the same thing. We never talk when it's good times.

The stock market now. There's -- I have lots of questions, can you just give me the update on what's happened around the world, and then with the opening bell with the stock market?

CAROL: So last week, obviously, we saw some selling off in the stock market. It started with a repricing of the, quote, unquote, Magnificent Seven tech stocks that had been driving up the market. Taking everything else with them.

And, you know, there's -- I think there was an awakening that, oh, in order for AI to be a thesis, companies will actually have to spend a lot. And then that started kind of things.

A few weeks ago, kind of moving. Then in the middle of last week. We had the Fed, who did not -- excuse me, did not lower rates. But did signal, that that could be on the table for September.

And, you know, normally, you would say, okay. The market, wants the Fed to cut rates. What happened, then we got in weak job report. On Friday.

And while sometimes, the bad news can be good news for the market. In this case, they could take it for bad news. That potentially the Fed was behind the curve in terms of lowering rates. And then they felt like maybe this whole idea of a, quote, unquote, soft landing. The idea that you could get the economy as opposed to inflation down without wrecking the economy is off the table.

Then while all of this is going on. You have the Bank of Japan last week. That decided to do the opposite of the Fed.

They have been in 17 years of basically negative or zero interest rates. So they're amortization is going in the other direction. They are trying to raise rates. The first time in 17 years. About four months ago. And then they decided, because the yen, you know -- the yen against the dollar. They needed to fix that. That they were going to go ahead and raise their rates. And fortunately, they did not thread the needle perfectly on that, and that created implications for their markets.

So when Japan opened, you know, last night, our time -- their time in the morning, they saw this massive, massive sell-off. And what happens sometimes, when you get these massive sell-offs are these unwinding of trades. Because they have had zero to negative interest rates. You get a lot of people borrowing.

Those people who borrow, make bets on the yen, and on stocks.

Both in Japan, and in the US. And then they get the margin calls. And then they end up having to sell. And that begets more margin calls.

So you saw the Japanese Nikkei go down 12 and a half percent, in one day. It was their single worst day since 1987. That Black Monday day.

So now, as, you know, the market has opened here in the United States. You know, there's anticipation of, you know, do we get -- how much blowback do we get?

Especially since we had seen some weakness last week.

And obviously, things will shift during the trading day. As we talk here.

So this is kind of realtime. The market opened up, down, pretty significantly. Depending on the index. Somewhere between three and 5 percent.

And we have seen that come off a little bit, as we're talking realtime.

I think that has -- if there's any silver lining here. It's that night it opened. And it continued to fall. And continued to fall.

There was a little bit of support there. But still, as we're talking. We're still seeing the Dow, down almost 3 percent.

The NASDAQ, down almost 4 percent. So it's definitely an ugly day across the market.

GLENN: So how much of this has to do with technology. NVIDIA, which was the darling, just I don't know. A month ago. Everybody was like, you got to have NVIDIA. And maybe that's greed talking. And maybe that's why you shouldn't buy NVIDIA when everyone is saying that happen. But they're down almost 10 percent today. That's down 23 percent from their high, I think like a month ago. Artificial intelligence stocks are down. Tesla is down. Super micro computer down 9 percent.

They're -- is this just everybody down, and why are the tech stocks down?

Were they just too high? Do you know?

CAROL: Yeah.

So this is a bit of repricing in tech. And let's put this in perspective.

So the NASDAQ, which is very tech-heavy. Sort of a good proxy for what's going on, in the tech market.

The 52-week range, the low point, within the last year of where the NASDAQ has been, was 12,544. We're still today, at over 16,000.

So over the last 52 weeks, we still have these massive gains, and it got as high as 18,671.
And I think that's part of the catalyst here.

I mean, these prices, this, quote, unquote, bubble was not sustainable, a lot of people were talking about that.

And the fact that, you know, we see this over-exuberance in tech all the time. You know, first it was web three and the Internet of Things. And the metaverse, and now it's AI.

And all of those DCs have eventually come back down to reality. I'm not sure we're in reality yet. But, you know, as you have companies talking about their earnings, and talking about the spend.

I think there was just this insanity amongst investors. That they felt like AI was just going to take off. Without looking at the cost side.

And as companies are talking about, here's how much capital we will have to deploy, in order for this AI thesis to really work out. I think the market went, oh, okay. Maybe we're not pricing this correctly.

So I think that's part of it. Another catalyst that we've seen. Warren Buffet, noted that he had lessened his position in Apple by about 49 percent.

And obviously, that is --

GLENN: Yeah. That's not lessening. That's not lessening.

That's cutting it in half. That's significant.

CAROL: Cutting it in half.

GLENN: And he's doing this with a lot of his holdings. If I understand right.

He's making some of the biggest sales, he's ever made.

It's almost as if he's becoming bullish on America.

And is -- what does he know that we don't know again?

CAROL: This is a good question. And it's funny, we're having this discussion today.

If you go through his shareholder letter. His other -- one of his other big bets. That he talks about in the shareholder letter. Started in 2019. He doubled down in Japan. He has five really big companies. And really big positions in Japan. So the day that we're talking about Japan going down. And at the same time, the US is going down.

Obviously, Warren Buffet wasn't a catalyst for both of those things. He's still -- as far as we know, still bullish on the Japanese train. But it is interesting.

He has this massive cash pile, I mean, $276 billion, I think it is. Which is just almost impossible, to deploy.

I mean, to think about how, you know, as an investor, you even think about putting that to work and getting the appropriate returns.

So I don't know -- there could be several catalysts.

This is all very much speculation. Because we have not heard from Warren at this point.

I don't know if this is a signal. Where he felt like, hey.

Tech is just getting, you know, so froth peep this is a really good time for me to take profits.

Maybe a little bit of taking profits, ahead of the election.

Worry about an increase in capital gains, perhaps.

Under a potential new administration.

Although, I don't think he would have sold, you know, half of the position, because of that. But one never knows.

And, yeah. Just repositioning his portfolio. But certainly, given the fact that he's lauded as the best investor of all time.

When he does things, people have concern. And the fact that whether it's Bank of America. Or it's Apple. Or some of his other positions, you know, add the fact that he is going to cash -- certainly, I would imagine, on the retail side. And probably on the institutional side, to some extent, has an impact in terms of people's behavior.