Join Bill Gunderson and Barry Kite as they navigate the exciting highs of the current stock market and delve into the potential impacts of government shutdowns. In today’s podcast, you’ll hear expert insights on how the S&P 500, Dow, and NASDAQ are reaching new milestones despite political setbacks. Get ready to explore the world of high-flying stocks and how global events could shape future trends.
SPEAKER 02 :
He’s been seen on CNBC, the Fox News Channel, and the Fox Business Channel. His articles can be found on MarketWatch, Seeking Alpha, TheStreet.com, and many other places. He’s the author of the weekly Best Stocks Now newsletter and the inventor of the Best Stocks Now app. He’s president of Gundersen Capital Management. Here is professional money manager Bill Gundersen.
SPEAKER 03 :
And welcome to the Thursday, the October 2nd live edition of the Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management. And as usual, I’m here with Barry Kite. our chartered financial analyst and certified financial planner, and it is new highs across the board right now. Not by a whole lot, but you’ve got the S&P 500 hitting a new all-time high again today after hitting one yesterday. It’s up six points to 6,717. The Dow hit a new high yesterday. It’s hitting another one today. It’s up 47 points. to 46,488. And the NASDAQ was hitting a new high. I’ll have to check. I think it is 22,820. It’s up 65 points. The Russell 2000 is up 6 points. The bond market very quiet here today with the 10-year yield at 4.11 right now. Gold just hit a new milestone, 3,900. That’s a new all-time high as America’s gold stash is worth over a trillion, not counting what’s still in the ground that we need to find. Crude oil continues to move lower. It’s down to $61.56. That’s good news for the consumer at the gas pump. And Bitcoin has had a pretty ferocious rally since really selling off last week. Bitcoin is up $2,500 today to $119,000. So welcome to the Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management. I’m here with Barry Kite, our chartered financial analyst. And Barry, maybe we should call the show Best Indexes Now as all three… Two out of three hit new all-time highs yesterday, and it looks like the third one is joining in today. You’ve got the Dow. You have to move your line. I have to move the line. You have to move your line on the chart, right? You know, I was working under the assumption that a week ago Monday was the high. Well, that’s been erased now, and we have another new one. 46,441 it hit yesterday, which was an all-time high for the Dow. The NASDAQ hit 6,711 yesterday, which was a new all-time high. The NASDAQ closed a little bit below. Its all-time high is 22,789. So last time I looked, we’ve got a new all-time high in the NASDAQ. So we raised the bar, okay? The ceiling is now at wherever the market’s closed today or yesterday, depending on the index. We continue to have new highs in gold. We’re cracking 3,900 for the first time yesterday. And this is all taking place while the government is shut down. It’s like the market’s saying, who cares about a government shutdown today? And, of course, Scott Besson is warning about a hit to GDP if we don’t get this thing opened up very quickly or soon. And you also have the threat of layoff letters coming along. And, you know, I mean, they better be careful or the Trump administration could use this opportunity to continue with the doge work of cutting government spending that was started earlier this year and then kind of came to a halt. It’s still happening. But, you know, the Trump administration could use this as a reason to not just furlough, but lay off permanently more workers from the federal government. So anyways, we’ll see what happens there. We did get a report today on layoffs. We’ll get to that in a minute. I don’t know if that must be a private, coming from a private company, because the Fed, but we will not get the non-farm payrolls report tomorrow. And, you know, look, a lot of the stocks are hitting new all-time highs. The breakout list is a pretty long list. if you they used to print in the paper remember that a newspaper we used to get those delivered in our driveway every morning and stumble out there and grab it and read through the fine print and your hands would be all black with ink when you were done with it and then
SPEAKER 04 :
I just remember all the quotes there. And then, of course, you had an eighth back then, I believe. And so it was always just funny that that’s one of the main ways you can get the information.
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That was a small type for sure, but they would have a lot of times a new high list. The Investors Business Daily focused on new highs a lot. They always published the new high list. Be interesting to know how many stocks are hitting new highs. I know a few that I can rattle off the top of my head, which Taiwan Semiconductor is hitting a new all-time high. You’ve got Nvidia hitting a new all-time high. Many stocks right now hitting new all-time highs. Besson says U.S. GDP could take a hit from government shutdown. He wants to get that thing resolved quickly. And on the world front, the U.S., here’s our World War III update, which is becoming a daily feature, I hate to say it, on the Best Docs Now show. The U.S. is to provide Ukraine intelligence on Russian energy infrastructure targets. OK, we know where they’re at. And of course, Putin knows where we’re at. And I got to believe that he’s getting pretty upset after that meeting in Anchorage, Alaska, apparently did not produce much. He’s pretty much a pretty stubborn guy with his with his with being stiff necked. Neck. Stiff neck. That’s a Bible term, Barry, used a lot in the Old Testament. And it seems to me that that fits Putin right now. His resolve is to do whatever he wants. I don’t know what the end game is. All of Ukraine… All of Europe, get the gang all back together, the Soviet Union, the USSR. I don’t know what his ultimate game is, but he continues to not back down. And as the Tom Petty song used to say, you can back me up to the gates of hell and I won’t back down. And that seems to be the case right now with Vladimir. U.S. announced job cuts declined. So they declined. That was a good, and I think that’s one of the reasons the market’s up, although the futures were up last night before this report came out. U.S.-based employers announced 54,000 job cuts in September last which is down 37% from August and 26% lower from the 72,000 announced in the same month last year. So that’s the first good labor report that we’ve had in quite some time. And that is a private report. It comes out as the old Challenger. Gray and Christmas. Was there actually a guy named Christmas? I hope his wife wasn’t Mary.
SPEAKER 04 :
I think I do remember one.
SPEAKER 03 :
Was his wife named Mary? Merry Christmas. So far in 2025, companies have announced 946,426 job cuts. How many of those have come from AI? I’m just throwing that out. The highest year-to-date total since 2020. And how many of those were government jobs? The pandemic led to 2.1 million job cuts. As entire industry sectors such as leisure and hospitality, yeah, restaurant workers, hotel workers, airline workers, ground nearly to a halt. The 2025 year-to-date total is the fifth highest in 36 years, Challenger has reported. And once again, I would ask how much of that is due to A.I.? ? They also say it’s very likely that job cut plans are going to surpass a million for the first time since 2020, that’s the COVID year, and for the ninth time in our series. So anyways, that’s pretty good. And then, of course, you’ve got, let’s not forget the Amazon effect, how many stores have closed and other areas of the economy.
SPEAKER 04 :
And immigration, too, you’ve got reverse immigration now, which kind of skews the numbers a bit in terms of job openings or job gains and losses, right, because now you’ve changed the base off of which you’re using those statistics. Well, they’ve sent a few people home. Because you had an influx of folks, which was kind of an additional boost to GDP, right, a bad way to get there.
SPEAKER 03 :
Yeah. Well, while the U.S. is making new highs, Europe indexes touch multi-month highs. The stocks index touches a fresh record. Make the globe wealthy again, it seems like, is what is happening with these markets. And Asian markets also higher today on tech gains. And South Korea hits a record high on a chip rally. We’ll be right back. And welcome back here to the second quarter of today’s Best Docs Now show. I talked a while ago about this event coming up in Florida, Barry. And I’ve got more particulars on it. This is my nephew, Rory McDonald, who grew up in Palmetto. I have one sister. They had one son, and this kid went to Stanford, got his Ph.D., was recruited by Clay Christensen at Harvard, who was the dean of disruptive companies, disruptive strategies. Uh, etc. Uh, and, uh, Clay Christensen passed away a few years back and Rory McDonald carries on the torch. He’s now a professor. I want to say the university of Virginia. I’m pretty sure that’s where he’s at. But anyways, he, he gets big bucks. He goes around the country all around the world. He goes to Dubai all the time and other places. Uh, So anyways, he is coming home to the Longboat Key at the St. Regis Resort on October the 17th, Friday. and Saturday, and there’s going to be a two-day thing. And that’s that resort that is pretty much new at this point in time, the St. Regis Longboat Key. But this is a $500 event, okay, but here’s what you get. At 9 a.m., a little introduction and welcome, and then you get a one-and-a-half-hour interactive session with Rory McDonald discussing disruptive strategy, interactive lecture with Rory. The program opens up to an interactive session focused on the basic principle of disruptive innovation, a framework of strategy that explains why smaller upstarts are sometimes able to successfully challenge leading incumbents. Through an interactive lecture format, we will examine why large, successful companies struggle to adapt in the face of market and technological change. Well, that plays right into my theory, Barry, of becoming soggy stocks and what leaders can do about it. Although there is no formal preparation for this session, please think about what technologies are emerging in your sector today and what, if anything, your organization is doing to harness them. Well, I would also add, you know, this is for business owners, obviously, but I would also add it totally applies to your stock investing. When he’s done, we’ll have a little break, and then Bill Gunderson will go from 1045 a.m. to noon talking about disruptive stocks in the market today. And then from noon to 1.15 p.m., we’ll have a lunch at the St. Regis. I’m hoping it’s good, you know, Barry. It’s got to be better than Chicken Kiev or whatever. I guess it’s pretty tasty, yeah. Yeah, it could be some kind of blackened mahi sandwich. I don’t know, but it’s a pretty ritzy joint. And then from 1.15 to 2.30 p.m., the closing speaker is Newell White, who grew up with Rory. I’ve met Newell many times. He owns a big engineering company. They’re busy redesigning the whole interchange, freeway interchange in Columbia, South Carolina, which is a mess. That thing is like a Rubik’s Cube, and they are going to redesign that thing. He’s going to talk about private equity impacts on small business. Over the last 25 years, private equity has evolved into a massive force, and I can attest to that because it’s very, very active in my industry. I’ve been approached by many private equity companies over the last several years. It’s become a massive force across many industries. Its impacts are undeniable, and as more capital flows into private equity, investments are being made in professional service companies and small businesses. These impacts have dramatically affected the health care industry Law practices, my industry, my son-in-law’s practice that he works for was impacted by private equity. Newell is an expert on this and how to tap into private equity or make your company attractive to private equity. And then on Saturday, that’s private sessions with Rory. That’s a whole other ballgame there. And I think he’s already filled up for that. But this Friday thing, 9 a.m. to 2.30 p.m. at Longboat Key, the St. Regis, Rory McDonald, Ph.D., carrying the torch for the disruptive innovation strategy after the passing of Clay Christensen a few years back. Then you’ve got me talking about disruptive companies in the market today. And then you’ve got Newell White, who’s an expert on private equity. So if you have interest in that, that’s Friday, October the 17th from 9 a.m. to 2.30 p.m. at the St. Regis Longboat Key Resort. You can call Edie. I will clue in Edie about what this is, but just give your name. Bill just says, I need to leave my name with you. I’m interested in the South Florida Business Summit. Call her at 855-611-BEST, 855-611-BEST, or go to our website, gundersoncapital.com. and send a message to us that you’re interested in the 2025 South Florida Business Summit, which I’m looking forward to it. It’s pretty neat.
SPEAKER 04 :
I know you’ve been wanting to kind of do something jointly with us.
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Yes, and you know, about a year ago, Rory spent a day in my office. I put my charts on the big screen, And I showed him how my app works. And he said, Bill, you’re a disruptor yourself. I hope you realize that. I said, yes, I’ve always been kind of a disruptor. Just ask my mother. I used to disrupt the family all the time, you know. But anyways, I feel like, you know, I’m not an asset alligator or an asset allocator, as they say in today’s world. And I’m not an alternatives guy with these things that are being called not connected to the markets at all. I say phooey on that. If the economy and the markets go, all the alternative investments are going to go right along with it. So anyways, 855-611-BEST if you’re interested in this one-day-only conference for an expert in the disruptive technology innovation field. Okay, trade surpluses around the world are plunging, Barry. What does that mean when Australia’s trade surplus plunges to a seven-year low?
SPEAKER 04 :
Well, I mean, that means somebody is getting more trade on the other side of the equation.
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Yes, that means that, you know, the tariffs, which I said were going to work, now you can argue with that all you want. But as we sit here today, all three indexes are hitting new all-time highs. Gold is hitting a new all-time high. The job cuts came in very favorable today. And Australia’s trade surplus, I know who else’s trade surplus is plunging, and that’s China. And our trade surplus is narrowing. We’ll be right back. We’ll be right back.
SPEAKER 06 :
This is Bill Gunderson.
SPEAKER 03 :
Thank you for tuning in to today’s Best Stocks Now, Best Inverse Funds Now show. I put several hours of research in during the wee hours of the morning each day to bring you the very best cutting-edge stories that I can. To get two free weeks of my newsletter, go to GundersonCapital.com. To talk to us about our fee-based only money management services, call us at 855-611-BEST. Now, back to the second half of the show.
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Pull out the instigator Because there’s something in the air
SPEAKER 03 :
And welcome back to the second quarter of today’s Best Stocks Now show. Well, Barry, what do you think the most valuable startup in the world today is? It’s got to be OpenAI, right? I mean… OpenAI dethrones SpaceX as the world’s most valuable startup. OpenAI’s valuation has reached a record $500 billion after the Microsoft-backed firm wrapped a secondary stock sale surpassing Elon Musk’s SpaceX deal. Watch, he’ll do a secondary stock sale trying to outdo it to become the world’s most valuable startup. The chat GPT’s makers current and former employees sold about $6.8 billion worth of shares to investors including SoftBank. So if you want exposure to OpenAA, you have it by owning NVIDIA. You have it by owning Microsoft. You also would have it by owning SoftBank. T. Rowe Price was a buyer, Dragoneer Investment, and Abu Dhabi’s MGX. So they’re buying it at a valuation of $500 billion. So anyways, they now are the world. So that ties right into the South Florida Business Conference where we’re going to be talking about startups and kind of, you know, that whole disrupting. The question is, was OpenAI a disruptor? Well, yeah. I mean, look at when ChatGPT, that was the first shot fired in the AI war without question. And look at what has happened since that chat. It was just kind of buzz before that. OpenAI, Sam Altman. It was kind of behind the curtain going on. But then all of a sudden, ChatGPT was available to us. And boom. We had the whole AI sector with Nebius, with NVIDIA, with Arista Networks, with all of the data centers, with nuclear energy. It just exploded. Quantum computing.
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Quantum computing. We’ll find out what that is at some point.
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Yes. I mean, they’re even using it in the menu boards at Burger King. That’s how far these tentacles have spread. Data Center REIT Fermi went public yesterday. It should be noted. Now, talk about not having an idea. raising money, doing a startup, and then getting it to go public. Well, former U.S. Energy Secretary Rick Perry sold 32.5 million shares through the IPO at $21 apiece. His gross proceeds, $683 million. From an idea to a… You said he would make money for sure. Yeah, I don’t know about the shareholders. I got my doubts about them. Right so far. Yes, but it can be done, okay? If you’ve got a startup and you want to take it to the next step, and you’ve got something that you think is innovative and disruptive, there’s plenty of money sloshing around right now. You know, you can watch it publicly on TV, and I’ve watched that from time to time, you know, with the guys on CNBC and these guys pitching their ideas, and I can usually tell right away whether it’s a good idea or not a good idea. I’ve read that the hit rate coming from that have been pretty low. I think Cuban said that he’s lost on 98% of the companies he invested in. You have to have a plan past the startup and raising the money. That was the problem with the dot-com bubble in 2000. They did not have a plan for the most part after the IPO. Let’s get it to an IPO, boom, cash out, and we’ve accomplished our mission. No, no, no, no, no, no. You’ve got to take it to the next level after that. Tesla Q3 deliveries beat estimates and set a quarterly record. Well, just remember that the deadline was October 1st for the EV thing, $7,500. And I also saw that Toyota Motors, Stellantis, all of them, Had a giant month in September of people getting that $7,500 credit. So anyways, Tesla delivers. Tesla’s down. It hit a new high. It broke out to a new all-time high yesterday. And then it’s pulling back some here today. But others, GM had a big quarter. Stellantis had a huge quarter. And so did Tesla. AVAV broke out to new all-time highs yesterday. That’s one of the leading drone makers in the world. We own it in our emerging growth portfolio. That’s where it belongs. And they got a $264 million order from the Air Force Research Laboratory. AVAB hit new all-time highs yesterday. Let’s see if it’s following through here at all today. I have not looked at it yet today, but, man, yesterday it was one of the ones breaking out. Wow, look at that. Oh, man, that brings a smile to my face. It’s up another 4.5% today. You know, I got to tell you, this morning, we watched the Padre game last night, and I had some shrimp that we had got from the dock yesterday. I threw my net and made some shrimp tacos. during the game. We’re going to have the same exact dinner tonight, Barry, because we won. I told my wife we’re having the same exact… So I went out there on the dock just after sunrise this morning, and I have a little trap that catches shrimp. And guess who had it in his mouth, the entire trap, a giant six-foot alligator. He looked up at me and said, ha, ha, ha. I beat it to the shrimp. Now, I haven’t seen an alligator. We live on a brackish river. It’s pretty salty. but from time to time those alligators make it out into that brackish water and there he was sitting there just few feet from me looking up at me So we will not be having shrimp talk. I still have the rest of the day. I’m sure we’ll get some shrimp. There’s plenty of shrimp around this neck of the woods. We’re never out of shrimp around here. Okay, now we go back to the market. AVAB hitting a new all-time high here today. Drones have been a big disruptor, haven’t they? in the world of armaments. I’ll tell you the stocks that have been under pressure. We unloaded both of them, Flutter Entertainment and we unloaded SRAD, Sport Radar, a couple weeks ago. They’ve been tanking that whole sector. DraftKings has been down for the last seven sessions. It has something to do with a proposed tax on gambling losses. How do you charge a tax on gambling losses? Or it could be not being able to count your losses against your gains. Either way, I mean, the government wins, but man, those stocks have been under pressure. We have no exposure. I did see that Kathy Woods backed up the truck, or the cyber truck in her case, and loaded up more DraftKings shares into the bed of her truck for those ARK fund investors. We also have BYD seeing the first quarterly drop in sales since 2020. Immense price wars. It’s not a good sector. The EV sector is not a good sector. And BP continues to lay off. And guess where the layoffs are coming? You know, they were making a move. It was a survival move to become more renewable energy focused, right? Wind, solar. carbon capture and storage. And their CEO, Albert Manafort, has told employees that we need to be executing our strategy faster and focusing back to oil and gas. So there’s another major shift that has taken place in the world. Now, Europe pretty much continues down the path. I saw Denmark and Holland. They’re upping the ante on wind and solar. And, of course, the U.S. is pretty much shifting away from that big time. And this whole data center thing, it seems like everybody… Everybody. Including Rick Perry. Yes, and Williams Company. Williams Company is a pipeline company. They plan to spend $3.1 billion on two projects to supply power to data centers in an effort to deliver speed-to-market solutions in a grid-constrained marketplace. And then we’ve got a couple of other kind of odd companies joining in on the AI craze. And we’ve got a new candidate for Alzheimer’s coming from one of the large drug stocks out there. We’ll be right back.
SPEAKER 06 :
You’ve got to go where you want to go and do what you want to do with it.
SPEAKER 03 :
And welcome back here to the final segment of today’s Best Stocks Now show. Well, we’re giving up some of those early gains here. But the S&P did hit a new all-time high yesterday, which exceeded the one that it hit a week ago Monday. It is now down eight points. We’re at 6,703 on the S&P 500. 6,711 is now the new high water mark. The Dow is down 87. It hit a new high yesterday, however, exceeding that old high that it set a week ago Monday. And the NASDAQ is holding on to a new high that it hit this morning. It’s at 22,796. Maybe we’re just a hair under that high. It’s where it closes. That’s what matters. But you did see intraday all-time highs yesterday. across the board on all three major indexes i just want to check gold here real fast what a story gold has been here in 2025 it’s now down backing down off of that 3900 level which it hit this morning which was an all-time high it’s now at 3866 Okay, if you’re just joining us, I just want to mention once again, you know, my little nephew, he’s not little. He’s bigger than me. I’m sure he could take me in a wrestling match, you know, if I was having a bad day. But anyway, he gets $100,000 or more. I mean, he speaks all over the world. He flies. He’s a PhD from Stanford. We ought to take him to the Bay Area with us next time. Barry, and have him give a little pitch. Yeah, he’d have a blast. That’s startup capital of the world. How much did I get paid for my workshop that I taught there? Two cookies. That’s what I got. Two cookies.
SPEAKER 04 :
It might have cost you money, Bill.
SPEAKER 03 :
That’s right. I had to pay. Yeah, I think I lost money. That’s okay. You know what? I love getting up in front of folks and talking. But anyways, it’s happening at Longboat Key. So Longboat Key, is that part of Sarasota, Barry? Yeah, yeah, yeah. It’s got its own zip code.
SPEAKER 04 :
Yeah, that’s right off. I mean, it’s when you go kind of, I think, through our mod circle, right?
SPEAKER 03 :
Yeah, through the circle and then go north.
SPEAKER 04 :
Right, I think, yeah.
SPEAKER 03 :
so that’s anyways october the 17th which is a friday from 9 00 a.m to 2 30 p.m a guy that gets flies all over the world and gets six figures for speaking you can hear him you can hear me we’ll serve cookies during my part maybe i’ll get one or two and uh also newell who grew up with rory and uh is an expert on private equity So, again, call 80 at 855-611-BEST. And I’ll announce it a few more times between now and then. What I’m looking forward to more than anything, Barry, is Wednesday night, my father, my late father used to say, Bill, the best steak I’ve ever had is at Burns Steakhouse in Tampa. I’m sure you’ve been there, Barry.
SPEAKER 04 :
Oh, yeah. Sister used to live in Tampa, so that’s one of the top ones around.
SPEAKER 03 :
Now you can hardly get in the place, but when Rory walks in, it’s like, here’s your table, Mr. McDonald and his buddies. They are pretty well connected down there, along with the two brothers, Newell and his brother, H.B., who owns a big business down there in the Sarasota-Palmetto area. But I’ve never been, so Halls is our place here in Charleston. It’s good. I mean, it’s really good.
SPEAKER 04 :
And we’ve been to a couple of nice ones on our travels lately too, right?
SPEAKER 03 :
On our travels. Alexander’s was pretty good. But from what I hear, Burns is the best. These guys swear by Burns. So I’m going to go for my first time on the Wednesday before this whole lecture series. You’ll enjoy it. Good. You’ll enjoy it. Okay, we’re going to finish with this. We’ve got just a few minutes here remaining here. I will be going through a lot of charts here today as usual. And we have made some, we have, we’ve sold some underperformers. Okay. In the market sitting new highs and your stock is still going sideways. You have to question, you know, what the heck, you know, we got to get some better performance here. I did cut a few loose, and I picked up a major new purchase yesterday. That will be in the newsletter this Saturday at GundersenCapital.com, where you can get four weeks. of the newsletter. And all these companies now getting into this AI space that is reminiscent to me. So, for instance, Caterpillar emerges as an AI power play on demand for turbines. Okay, all right. And Caterpillar, they make their turbines in San Diego. There’s a company there called Solar Turbines, which is downtown San Right by the airport. I had a lot of friends that worked there. Caterpillar Bot Solar Turbines. Now that’s an AI place. I’ll remember that when I drive by there next time. You’ve got Bristol Myers has a new candidate for Alzheimer’s, which is granted fast track status. We’re always rooting for something, some kind of breakthrough there. And HPQ. Hewlett Packard unveils products and services for workspaces and AI development. Man, they need something to perk that HPQ, which has been just a tremendous underperformer. You know, it’s like down there where Intel was at. Maybe they can revitalize Hewlett Packard. with some kind of AI move in their business. Okay, to set up an appointment with us, if you’re in a 50-50, 60-40, 70-30, it’s your choice. You go where you want to go, do what you want to do. I’m not a fan of asset allocation based on age. I think there’s a lot more. I think you have to be much more tactical than that, much more tactical than that. As far as stock portfolios go, there’s good stocks, there’s bad stocks, there’s ugly stocks. And there’s a whole heck of a lot of mediocrity, a lot of mediocrity. We had an account transferred to us. I couldn’t believe how mediocre the holdings were, even though they’re big names, recognizable names. But I’ve been busy pruning that thing here the last several days and trying to breathe some fresh life into that thing and get it invigorated again. Give us a call at 855-611-BEST. And to get a four-week trial, GundersenCapital.com. And if you have interest in the October 17th trial, One-day lecture from three experts on disruptive technologies and how to become one or how to invest in them, how to spot them. Call Edie at 855-611-BEST, 855. That’s at the St. Regis Hotel on Longboat Key. Have a great day, everybody.
SPEAKER 01 :
This show is not a solicitation to buy or sell any securities. Bill Gunderson or clients of Gunderson Capital Management may have long or short positions in stocks mentioned during the show. Past performance is not indicative of future performance. Gunderson Capital Management is a fee-based registered investment advisory firm. All accounts are held at Charles Schwab. Schwab is a member of SIBC and FINRA.
