Is Apple an Index Fund?

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🗓️ 14 June 2021

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Lordstown Motors drops 20% as the CEO and CFO resign. Bank of America CEO Brian Moynihan says consumer spending has risen 20% over 2019 levels. Jason Moser analyzes those stories, plus we dip into the Fool Mailbag to discuss whether selling Apple in favor of smaller growth stocks is a good idea.

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Transcript

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0:00.0	It's Monday June 14th. Welcome to Marketfoolery. I'm Chris Hill with me today. Jason Moser.
0:07.4	Good to see you. Hey, hey, good to see you. We've got the long-term future of Apple. We've got the
0:13.1	near-term future of consumer spending, but we're going to start with the present situation
0:18.5	at Lordstown Motors. CEO Steve Burns has resigned. CFO Julio Rodriguez has resigned.
0:29.1	Shares of Lordstown Motors are down nearly 20%. This is what it was just last week. I think that
0:38.9	the electric truck maker warned that it had, and I'm quoting here, substantial doubt about
0:45.2	its ability to continue as a company. I guess my question is, shouldn't this stock be down more
0:53.9	than 20%? It should. I don't remember the last time we had this combination of really bad factors.
1:04.4	This is not Jeff Bezos announces he's stepping down as CEO and sometime later this year. Andrew
1:11.2	Jesse's going to take over. It's I'm out. The CFO is out. We're not sure this business can continue.
1:18.6	That's a lot to digest. Obviously, not a good look. When you lose your CEO and CFO, and there
1:27.8	are questions of the business actually even being able to make it, given that the business literally
1:32.4	just went public via SPAC here recently, you say what you will about Tesla. We have a lot of fun
1:42.4	back and forth on the shows. I think that this, to me, this is a perfect example of how tough it
1:49.4	is going to be for so many of these newfangled automakers to be able to compete in the new EV space,
1:58.8	not only compete, but really even to catch up. It does show you that for all of the criticism we
2:06.6	can lob out there on Tesla and Elon Musk, there has been a method to that madness. He has had the
2:14.9	benefit of time and trust and capital to build up a business where they're able to really handle
2:24.0	such a monumental challenge. With Lordstown Motors, this is just a one-year-old company essentially.
2:31.2	They revealed a pickup prototype last year. Literally, it's just getting started and
2:44.0	going public via SPAC pre-revenue. There's nothing but the promise of growth in the EV market
2:54.8	to make investors feel like maybe this is one way to be able to participate in that opportunity.
	...

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