 All right, let's get to the questions. First, what is your view on NXP semiconductor and the pending tender offer for the portfolio? This is from Phyllis and Joe B. in Los Angeles. Okay, so let's look at NXP. Remember, this is in real time. I know there'll be a lot of stories in the site about on the street site, but about it. But NXP is at $112.57. The tender offer from Qualcomm is for $110. So what's it doing in 112? Well, it's comp, what it's valued as, like it's Skywork Solutions, Corvo, Broadcom, which remember I told you is a buy here if you didn't know in any 246. Those stocks are all now highly valued. More highly valued than what Qualcomm's willing to pay. So I have said don't tender. Now I am in league with Elliot Partners, which is a terrific firm and almost always gets its way, got its way in our conic, that you've got to pay more if you're Qualcomm. Pay up for this. Now, Qualcomm need to pay up for it because they're in a battle right now with pretty much everybody, especially they're in a battle with Apple. They need to get the darn thing bought at a higher, you know, if they have to pay a higher price, then they will. They need to diversify away from cell phones. This gives them Internet of Things, gives them near-fuel communications, give them auto, so we're not tendering. We think that they're going to have to pay up. Okay, second question. When do you think the Alpine High value will be reflected in Apache stock price? This is from Frank Pete and Charles since that time. When I talk to management, they're driving me crazy. They're just driving me crazy. And I think that they have to tell a better story. I now think that they're finally under-promising and over-delivering. I am confident. I am confident to speak to management that Alpine High has a lot more oil than people realize that just it takes time. It takes time. It's got lots of natural gas. Maybe one-third of the natural gas in the Permian. That's why I'm not giving up. I know, I know, I know. Should have sold some at 49. Should have would have could have. I didn't. If the stock falls below 40 again, we're going to buy some. If you don't any, own any. I blessed it by taking it up to a two. Am I disappointed? I'm horrified. I'm horrified. You ever see a manager come on TV and say, they're horrified? I'm saying it to you. All right. Number three. Does adding Broadcom when owning Apple's a core holding weakened diversification? John S. asks a great question. Absolutely they are together. Broadcom trades. If you go to the conference school for Broadcom, Hawk Tan, the brilliant guys put this come together. He later, he didn't really give you good guidance. And now we know why. Because a lot of their technology is going to be in later editions of the Apple that they're not, of the new iPhones that they're not ready to put out yet. But you know what? That's the opportunity. You think Broadcom will be trading at this level? If they're about to have those chips right now, trade on, be selling a mouse with Apple, is it diversified? No, it's not. It's very much linked to Apple. So you could say, well, Jim, why did you buy it? Periodically, like Western Digital, I sense that there's something that must be bought. I think that Broadcom is an amazing company. I think that they have, by the way, they're Samsung's provider too. They have 5G. And if you listen to Lowell McAddon talking this morning with my friend David Faber, you would realize, 5G's the future. And Broadcom is the way to play it. So yes, they are linked to Apple. Yes, it may not be the perfect diversification if you own Apple like we do for the trust. But I think it's going higher. Sometimes when you think it's going higher, you got to buy it. All right, number four. Can you please comment on the recent foreign Comcast talk prices from Larry B? Oh, Larry. I know you, Larry. Sharon Massachusetts. OK. Now, Comcast, long-term holding for us up nicely, down again today, even though my friend's at Moffat, Nathanson, upgraded the other day. Here's the problem with Comcast. When your court-cutting people freak out. Now, they gave you some numbers earlier this week and last week, which said, hey, listen, our video units are down. Our sign-ups are down. Well, first, they have a big business in Texas. Second, there is court-cutting. But remember, this is really a Wi-Fi play. It's a broadband play. And they basically confirm their numbers, which means to me, if you don't own any and we have it as a one, you should be buying Comcast right here at $37.50. Right here. I think Comcast is a great buy. Full disclosure. I'm from Philadelphia. I know them personally. Full disclosure. I own stock. I work for them. That is obviously not why I'm recommending the stock. I'm recommending because of this major cash flow. It's got profitable growth. And every time it's been down, it's been a buy. Stock is down more than 10% of its high. Stock like this pullback is more than 10%. You've got to buy it. All right. What is a good pullback price to initiative position DWDP, which is Dow Dupont? OK. You know I spoke with both Ed Breen and with Andrew Livers this week. Andrew is the CEO of Dow. Ed Breen's the CEO of Dupont. Now the companies. I'm very close to both of these gentlemen. When I say I'm very close to you, if they're standing, let me get this straight. It doesn't mean I have any information. Just go to the meetings and talk. I ask the questions. I've done enough work that they answer the questions. As people saw this week when I interviewed both of them. Good price to pay it back. When it gets to 3% yield, I mean right now it's a 2.63. I think I would buy it. This is going to be not just three companies. It's going to be four. I think it's going to be like Tycho, where you got a 900% return from Ed Breen. I was joking around with Ed. Ed went to Council Rock High School. I went to Springfield High, our joining area, Montgomery County. And I think you remember his great athlete. At least I hope he did. All right. I think that the company is fantastic. When they divided the three companies, I think you're going to see 85 in the value. It's at 69. Frank Mitch, by the way, if you use Wells Fargo as a broker, I think he's got the best report. Frank does really high quality work. One by one, the analysts are recommending it. I don't know. The Barclays guy put it in a cell. I think he's going to be buried. When Ed starts breaking this company up, you're going to get a specialty company. You're going to get a really what I regard as being. A specialty company is going to be a lot like 3M. You're going to get the same multiple. You have a materials company that is going to trade not that high a multiple. And then you're going to get an ag company. I think it's going to be the class. Ag company is best in the class. All right. Now, number six. The new iPhone X will be a success at the $999 price. It's from Harriet A. Yes. I think that it's going to have, that it will be one of those cameras that you will just, I mean, the camera is the most important part, that people will want. It's going to have a lot more than people say it does. You should run a real money piece this morning. I wrote anticipation of this. But the main thing you have to understand is that we don't know all the power that it has. But younger people do. They know that they can do a lot with this. You can trade in for it. I think people are going to upgrade. I have the seven. I'm going to upgrade. And I think the battery life really matters. I think the quality matters. And I think who's going to write for it matters. I'm also going to get the new watch, by the way. Well, at least I hope if my wife's watching, she'll buy it for me. All right. Number seven. Do you have an update on the Arconic CEO search Tom M? You know, I don't. What I will tell you is that I think Arconic, which by the way was down off of that tragedy in Britain because their structured aluminum was in there. And by the way, it's been great. I wish we would hold out hell on more to it. But Arconic, we brought it all the way down. Arconic, I think, what's going on there. It would not shock me if within the next year it's acquired. Think about, there was a piece out this morning about the greatness of Berkshire Hathaway. They own precision casports. We just saw an acquisition from United Technologies, bullpen name, which we're thinking about adding, but it was up today, for Rockwell Collins. Well, this is the logical play. The next largest, the next aerospace play that's the logical play, $11 billion. I think that maybe whoever comes in, first of all, wouldn't mind Mr. Hess being the CEO. He's very good. But whoever comes in, I think that the story might be to sell it. And I think you get a lot of money. Please do not sell Arconic. It's a two-rated. People that goes down will be able to recommend more. Okay. Now, number eight. If I wanted to add one tech name today, which one would you recommend? Lori W in London. Fantastic London. Okay. Well, I guess you can tell from my several times prodding, it would be Broadcom. I like this stock. I think a lot of people are really petrified that Apple's not going to have good sales. They're looking at Apple stock and saying that, wow, I guess it's not going to sell well. I think that's quite wrong. I think that the stock at $245 is a buy. And I want to emphasize that I think that it is one of the cheaper stocks than portfolio. Okay. Now, number nine. What do you think could cost some upward price movement in Newcore? Kevin G from Tampa rights. Well, it did get upgraded today. Look, Newcore's the stock that I recommend. You know, I recommended Newcore first when I met with Mr. Iverson who founded the company back in the 80s when I was a Goldman. I always, I was kind of waiting for the stock to come down and lose all of the upside from the election of President Trump. I obviously pulled the trigger too early. We just bought some the other day. It's a very big position for us. It yields 2.8%. Obviously people were let down. One that there's been no infrastructure bill, trillion dollar infrastructure. But the second is a lot of people felt that perhaps the president would get tough on China and invoke 232, which would have said that, listen, we need to have our own steel because of industry, because of national defense. When Bannon was fired, that took away that story. So when Bannon got fired and we didn't get infrastructure, the stock got hammered. It's down so low. I mean, what John Furrier was doing a pretty good job. And I know John pretty well. John comes on the show the same way that Dan Tomico came on the show. This is the only steel company that is an investable steel company, people. And do I think it's right here? It's down 9% for the year. That's highly unusual to be able to get it at discount. I'm pounding the table in Newquart, right here. All right. Number 10, how deep do you scale into a position during your initial purchases? Christian B. Brazil. All right. Well, this is a good example. Sometimes we need to be bigger than we should be. First data. I would be a buyer of first data right here. I'm hoping it comes to 17. It's dipped to 17.75 today off the underwriting. Haven't been able to get in. I like to buy in scale. Look at the ITW, the way we bought that one down and how right that was at. That's going to be. Look at the way we did. That's Illinois Tool Works Buy. Look the way we did Keycorp. We didn't want to be any bigger in banks because the Fed, we don't think it's going to be able to tighten again. But we went in there and just bought it when it got knocked down. The best one to focus on is how much we bought in Eli Lilly. And why is that? Well, here's something. Why did I say about Eli Lilly? What happens is that you get good news and people don't expect it. And that's why I've always said people understand the broad portfolio of Eli Lilly. Eli Lilly is now at $80 feet and 70 cents. It's up a buck 30. Why? Because this morning they put out a release that it's Barrist Synodib, which is Barrist Synodib. We've been talking about that on their money. And we also have a lot of stuff about it with RA, with Rheumatoid Arthritis. Barrist Synodib meets primary endpoint. This release just came out this morning. In phase two study of patients with moderate to severe atopic dermatitis. Atopic dermatitis is unfortunately a huge, huge market. Ask Regeneron. Remember, we've always been like Regeneron. And they just came out with their data showed new safety and efficacy data from phase two, moderate to severe atopic dermatitis. I think this is going to sail through. This is a combination of insight. So here we go again. Stock's back at 83. We bought this big as it went down. I hope you did with us. All right. Number 11, what's the typical time horizon for price targets and AAP holdings? Very difficult. Very difficult. So look at Apple. We've owned it forever. Google, now we own it forever. I think the answer to the question is, is that it's not arbitrary and mercurial, but it's more just trying to be as disciplined as can. Like we took off some Facebook. When we downgraded Apple to, you know, we're up so big on some of these. We don't want to give it back. We've downgraded Citigroup on two because we're up so big. We've downgraded Dow, Dupont on two because we're up so big. And we just don't want you to come in and buy it. Now, remember what I did earlier? I upgraded Apache. Didn't do Newell. Because I just feel like, you know what? Enough is enough. I do feel like that you have to just say, OK, it's probably, if you wanted to buy it, let's say 200 shares. You buy 100 here, and 100 if it goes below 40. Will it go below 40? I mean, if oil does what it's done time and again, which is stopped at 50, it will do that. OK, and by the way, the oil stocks are trading as if it will fail right here, because they all opened up much stronger. OK, number 12. At what percentage game would you recommend Trim Position has already been sold down to House Money? That's Jane H. Boseman from Montana. No, when we got House Money, we don't sell. When you get a position down to House Money, that is the end. You keep the rest, even if it means just putting it aside, put it aside mentally. OK, number 13. Do tax liability considerations such as long term versus short term implicate your selling strategy to all Dave M. You know what? We weren't a club always. And I didn't think, obviously, it's a charitable trust. I got to give away all the gains. OK? I give away the dividends and I give away the gains. Any realized gains. So the answer is it's not been a factor as much, but ever since we came a club, we've been much more oriented toward not trading at all. We've got, you know, we add to positions if we really have a big game. We did that with Western Digital, because we knew Western Digital was inexpensive, and we felt that it could possibly have huge numbers. It did. We took our profits. We left. It was a great trade. We identified it as a trade. I think that, you know, it's very, you know, if you are worried about these kinds of things, if we identify as a trade, be aware that, well, we're going to trade out of it if it goes up. All right, but because it's a charitable trust, it's not been a major focus. Or number 14, what is your typical strategy during down market days? Joe and Naples Farta. OK, we have our bullpen list. Visa, ATT, United Technologies, I'm worried about ATT's quarter, just be aware. 3M, United Health, American Express Expedia, we're just going to take off. I was going over with my team this morning, because the CEO left to go to be at Uber, Flex and Altria, and these don't come down. They're absolutely killing me that they don't come down. They don't come down. I look for stocks in the portfolio that come down that I think are right. I mean, notice we bought some Starbucks. And I think that it's really, really clear that I think that Starbucks is very much solving its problems. I think it's solving its problems with mobile pay. I do very much want to make a point here that as I look at Starbucks and look at the stock, that that's one I think you can buy right here. I think it's in very good shape because I have spent some time with the mobile pay people and I have seen it in action. And I've got to tell you, I think it's going to solve the problems of what I call the mosh pit. Just like, remember we made all that money in Panera? I think this is going to be like Panera. Now, was it going to be this quarter? I have been holding off getting really big because I think they may have to do a guy down. But by this point, I think the guy down is in the stock. I like the stock of Starbucks here. And I think that KJ, Kevin Johnson, who I've known for, I don't know, two decades, is doing a good job. Howard Schultz is still in there. I like it. And most importantly, I am no longer as concerned about the mobile pay problems. All right? Number 15, how do you think the Fed's plans on winding down the balance sheet will affect bond prices? Is this from Rick B. in Atlanta, Georgia? All right, Rick, you know, when there was that problem with Gary Cohn and Bannon, hey, Bannon, I'm not a political guy, saying that Cohn's comments about what happened in Charles, let's put it this way. Cohn spoke his mind. Gary is a friend. He's a friend. You know, I say it's not about friends, about money, but I know Gary for years and years and years, okay? His wife's a friend of my way. And I think that I want Gary very much to be the head of the Fed. People say, oh, Jim, he's not an economist. Well, you know what? He's one of the greatest. He understands bonds. And if you're going to wind down that balance sheet, Rick B. in Atlanta, you want Gary Cohn as your Federal Reserve Chairman. They have to do it. Now, as my friend Matt Horween writes to me, he's saying they should wind it down first. I mean, they shouldn't raise rates and then wind it down like take big losses. They should be winding down now. So far, I'm not right. Look, I went to, you know, I went to the previous to, well, I've gone to the Treasury. I did it again recently. I said, listen, please, please, please, issue long bonds here. I said to Tim Geithner, you know, I did them and his book came out and I interviewed him at Barnes & Noble in Union Square. I said, please do it. I also want savings bonds. I want a trillion-dollar savings bond issue where we can buy them and have infrastructure. But they've got to wind it down before they raise rates. That makes no sense otherwise. So that's what I'm thinking. All right. Now, you know, I'm always canning these things. I want to go over my losers again. I like going over the losers. It's important. Allergan, below 220. Okay. I think that, oh, by the way, remember when you guys asked the question about buying down? Look at what we did with Dan. That's a good example. I, by the way, I also think the easy U can go higher. It's been very slow. GE, again, I'm candid. I got to wait and see. I want to see what Flannery says in November. I am worried about the dividend. How can you not be? It looks like the number is going to come down to $1.50. Lily shows you what you do when you have conviction you buy. So does Magellan midstream. Newcore right now is a buy. Okay, it's too low. I talked about NVIDIA and how I think it could break out here. Starbucks, I have determined that they've gotten the mobile pay, but they may not have. We still have to guide down. But if they do buy some here and then buy some more if they guide down. So let me just say nothing I can do right here at this level. By the way, look at the way we bought TJX again. I think TJX, by the way, is screaming by here and spent a lot of time on that stock. This new home-sense unit is very good. And then finally, really difficult. Newell, don't bother. Maybe 42 will bother. And Apache, some here and some below 40.