Dryden Pence on FOX Business 3/19/2021

 March 19, 2021

Liz Claman:

It is 5 minutes before we hear the closing bell.

Ending the week, the Dow right now, barreling towards its first down week in 3.

The S&P looks to snap a 2-week winning streak and Nasdaq, after yesterday’s rout, facing its 4th down week over the past 5.

Now, what happens, right? We just heard that Royal Caribbean says things are coming back. Look at the Nasdaq, here. The Nasdaq bounced back after yesterday’s 3% tumble.

Today’s closer says Big Tech offers something old for something new. But, that the pandemic has changed somethings, quite frankly, forever. And there are familiar names that our countdown closer says have the power, the staying power, despite the new normal.

Dryden Pence, Pence Wealth Management, Chief Investment Officer, with 2 billion announced that’s under management, is joining us now.

Hey Dryden. What is your thesis?

First of all, what’s changed forever? Before we get to the names that you say work with the new forever change?

Dryden:

What has changed is consumer’s behaviors have changed.

We have all learned how to shop differently, work differently, behave differently, interact differently, and these big changes that COVID has caused, is some forced adaptation. And we’re probably not going to go back to the old way of doing things. And because of that, it’s going to drive additional consumer demand across platforms.

And, we really sped up this adaptation and it’s gonna go forward for a long, long time. And, yet they want to go ahead and shop that way so they got a permanent change in their behavior, when it comes to shopping.

When it comes, that’s Amazon, that’s one of the things we’ll talk about. When it comes to how people entertain themselves, when it comes to gaming, you have an entire industry of gamers out there.

I mean, when you think about it, almost every, every household has somebody who’s gaming in it. But, it’s even crazy. There’s a whole new sport. People are watching other people play games. And if you look at twitch and you look at that, and there’s more than 3 million people watching other people play games. And that’s, at almost any given time. That’s higher ratings than some of your competitors have in prime time.

So, this is a very interesting phenomenon how people have changed, just driven by this particular issue. And then again, you see how businesses are connecting. You have a lot of businesses that are just functioning on, 25 million businesses are functioning just on Instagram, and not even having websites.

They are actually all going mobile. All going virtual. All in that space. So, it’s a primary change in both consumer and business behavior.