“It’s exactly like the 90s”: Blodget on Stock Speculation; Etsy Crushes Estimates

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 26 February 2021

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

GameStop shares continue to climb today, keeping alive a rally that restarted this week. In a history lesson soaked in 1990s-nostalgia, Henry Blodget, co-founder and CEO of Insider, says “the entire market is actually at an extreme level relative to all history, including 2000 and that’s because of interest rates.” Etsy blew past earnings estimates. The online retailer has been one of the big pandemic winners with shares up 300% over the past year. Etsy CEO Josh Silverman discusses the company’s quarterly results and its outlook for 2021. Plus, awaiting the newest Covid vaccine from Johnson & Johnson and the latest on the debate to increase the federal minimum wage.

Transcript

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0:00.0	This is Squawk Pod. I'm C. N.C. producer Katie Kramer. Today on our
0:06.0	podcast, it's up again. Does anyone understand game stuff? Just stop, will you?
0:11.3	It's just let it go.
0:13.0	Decoding the Reddit rebels and a warning from insiders Henry Blodgett.
0:17.0	You can be completely right on the profoundness of the fundamental trend and still get at least temporarily killed in stocks.
0:25.0	And one killer stock.
0:27.0	Etsy had a huge 2020 as shoppers and even Elon Musk found lots to love in the online marketplace,
0:32.0	CEO Josh Silverman.
0:34.0	2020 was a spectacular year for ETSi.
0:36.6	I think it was a time when circumstance met preparedness.
0:40.5	Those stories, plus awaiting the new COVID vaccine from Johnson and Johnson, the latest on the minimum wage debate, and Joe Kernan reads the teleprompter.
0:49.0	I start saying something, add living, and then it's in the teleprompter and I got to say it again.
0:54.4	It's Friday, February 26, 2021. Squackpot begins right now.
1:00.8	Good morning everybody.
1:01.8	Welcome to Squack Box here on
1:03.0	CMC. I'm Becky Quick along with Joe
1:05.1	Kurnen and Andrew Ross Sorkin.
1:06.8	It's February. And I quickly...
1:08.8	And here it is. I quickly calculated that Monday is March.
1:13.0	Monday is March 1st.
1:15.2	Because it's not, I think the last year was a leap year.
1:18.8	We have elections during leap years, presidential elections.
	...

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