Hey, it's Kramer, and this is my morning take on the market from today's CNBC Investing Club morning meeting. I want to talk about something that I think is really important on a day where there's not a lot of news, which is the franchise value of some of our stocks. I want to start with Disney. This morning, Laura Martin, very fine analyst, talks about the idea that Apple and Disney, if they merge, it would be unbelievable for Apple.

Now, of course, no government's going to let them do that.

Neither the FTC is going to let them do that, nor, of course, the Jonathan Canter antitrust. However, you can't just say if you broke up Disney, it would be worth X. So what you do is you put a stalking horse of Apple and it reminds you,

that's all away from all this news about Ike-der and about what's going on with Disney geographically.

This stock is worth substantially more than people realize.

It's just it's hard to figure out how to bring the value out.

So you mention Apple and you realize that this is a stock that I think could easily be here.

When you look at what Netflix is saying this morning, the analysts, there's no Netflix,

which says that people are liking an ad tier, that people don't mind sharing, having the passwords

blocked.

Well, what it says is, wait a second, maybe Disney Plus is worth more.

Disney's got a cruise business.

It looks like that business is worth a lot. Disney makes movies. Now. Disney's got a cruise business. It looks like that business is

worth a lot. Disney makes movies. Now we know about the Marvel problem with Ike Perlmutter.

Ike sold it to Disney. Ike was the largest shareholder. But I come back and I say there are just

reams of different movies that could be produced. We have a situation where Bob Eiger is obviously on a roll

slash warpath to get this stock higher. So it comes down to the idea that, all right, so Apple's

not going to buy them, but it's worth a lot more than we thought, which brings me to meta. Now,

here we know that meta was the year of efficiency. We know that Mark Zuckerberg spending less time in that he told us over and over again. Listen, he's shifting, spending more time on Instagram, more time on Reels, didn't necessarily think that TikTok might be blocked. But this is what you need to know. There is an under emphasis on meta for everybody, and I think a lot of that has to do with the fact that it's very bulky headgear,

and a lot of us to do with the fact that nobody has really embraced at any size. We don't hear Walmart saying, listen, we want to be in the Metaverse. We don't hear other than Ralph Lauren, I've not heard any company that really just says, you know what, I want to put my goods in Metaverse. Of course, I wanted to put Phosphoro, my wife's

Medi's Mezcal in the Metaverse, as I mentioned yesterday, but that didn't even get a ringing response by my wife. So we're obviously still born. However, still born on Meta means we should be looking at the franchise value of what's app. Now, I think this is a company that could easily be worth, maybe more than one-fifth of what the entire company's worth, and no one's even

talking about.

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