 Even though stocks are at record highs, the markets are still trying to find their footing. Andy Kaepern, we had slight declines in stocks from North Korea yesterday. No real impact from the outcome of the elections in Germany, but still the markets are waiting for earnings. So what is the key to the stock market right now in your view? So I continue to believe there's going to be earnings driven. If you look at earnings so far this year and the stock market rally so far this year, every stage of it has been driven by quarterly reports. So we're kind of in a quiet period at the moment, not many quarterly earnings reports coming out until the second or third week of October. So in the interim we're going to fill that vacuum with a lot of worries. What kind of worries? So some of those worries have come out actually more recently. If you look at the fangs, the highly valued arguably expensive tech stocks that were out there, if you look at the decline yesterday in the stock market, a lot of that was driven by those fangs. If you exclude the fangs, if you focus on say oil companies, oil was up 2%, a value focused investor would have been up yesterday in a down market. What I think is interesting about fangs is I see a lot of echoes of the tech bubble in 1999 and 2000, and by that I mean at some point there's going to be tears. There's a set of investors that have given these companies the benefit of the doubt. There's a set of investors that are waiting for proof to buy in. At some point those that have given them the benefit of the doubt. If their thesis isn't proved true by earnings growth, especially from a company like Amazon which in the most recent quarter reported a loss for the first time in a number of years, there's not going to be a willing buyer at these prices. So when does that fang bubble pop? Because fang stocks are at the intersection of a lot of exciting tech trends, right? So the fang bubble pops precisely on negative earnings reports. So what you're seeing is Google and Facebook are successful advertising businesses. They seem to be growing their profits at a pretty steady clip. If there's anything that derails that, for example we're seeing a lot of negative publicity around Facebook because they've been running ads next to pretty questionable material. So as advertisers push Facebook and Google to do more, their costs are going to rise. Potentially if somebody significant like Procter & Gamble starts to do less business because they don't agree with where they're... Which P&G did pull back their digital spending recently. Which they did. And if that becomes a trend and if that becomes permanent, P&G is one of the biggest advertisers out there. This is a serious issue. And just quickly, you mentioned Amazon. Let's also talk about FedEx because you actually think that Amazon's hard work is benefiting FedEx. Yep. Explain. So look at Amazon. Amazon is finally profitable, maybe not the most recent quarter, but over the past few years. Where are those profits coming from? It's not from you and me buying small packages of goods that get delivered to our doors. Almost all their profit is coming from web hosting. So that's them hosting other people's websites and other people's... Amazon Web Services. Exactly. That's great. The problem is Amazon is still not making a profit on all those packages getting delivered to your door. Guess who is? FedEx and UPS. What I like about FedEx is perversely they probably make more in profits off of Amazon's hard work than Amazon itself does. That's great news. But it really is, to your point, it's e-commerce on steroids because you're getting the profit side of e-commerce, which is so hard to find anywhere else. Well, that's actually what was said on the FedEx earnings call, e-commerce on steroids. But Jeff Bezos, he knows this. He's got his world domination plan. I can't imagine he's worried about FedEx. I think he should be. I know that Amazon is trying to start up its own package delivery service. I know in some cases they've gone out in at least planes, they've gone out and bought trucks, they've built out warehouses. The problem with that is Amazon can continue to build an empire, but only as long as investors continue to give them the benefit of the doubt. At some point, investors will say, hey, you have this web hosting business, you have this warehousing business, you have this delivery business, show to me that it's profitable. And if you cannot show to me that it's profitable, there will be a shake up at Amazon at very high levels. And Jeff Bezos has to deal with the realities of being a public company. Andy Kaepernan, thanks so much. Thank you, Scott. All right. I'm Scott Gam, and you're watching The Street.