Money Rehab with Nicole Lapin
Why Nvidia Dragged The Market Down & Jade Shenker (Owning Manhattan on Netflix)
Tue, 10 Dec 2024
This week Money Rehab is being guest-hosted by Peter Tuchman, trader on the floor of the New York Stock Exchange and host of the MNN podcast Trade Like Einstein. Today, he breaks down the latest news from the markets: why Nvidia fell and took the market with it and what events this week will affect the market. Plus, in the second part of the episode, you'll hear Peter's interview with Jade Shenker, commercial real estate agent and star of Owning Manhattan on Netflix. In their conversation, Jade talks about how she's disrupting commercial real estate, why reality TV and real estate go together and how The Village Voice kickstarted her career. Subscribe to Peter's podcast Trade Like Einstein wherever you get your favorite podcasts. Follow Peter here. Learn more about Jade Shenker here. Recorded Monday, 12.09.24. All investment strategies involve risk of loss. The content you hear on this podcast is for entertainment purposes only and does not constitute financial advice by our hosts or by Money News Network.
Chapter 1: Why did Nvidia drag down the market?
I'm trying to get the psychology and the mental state, because you know when you go home after listening to me, you're going to hear everybody in the mainstream media talk about, oh my God, it's over, the selling off, it's the beginning of the end, blah, blah, blah. But that's not necessarily the case. When we see markets roll over, it's a lot different than what we saw today.
Today's red action, today's sell-off, In the market, look, it wasn't even a sell-off. Today was perfectly honest. 25 handles in the S&P is kind of a pebble in your shoe, right? And so you need to understand that we've seen there are some stocks that are so powerful in their sector and in their index that they can actually contribute to the whole market going up or the whole market going down.
The reason Nvidia is the stock it is today may get impacted on the monopoly story, but for the most part, nothing fundamentally has changed. Stocks that got hit today that are not Nvidia, that are not going up against a monopoly charge, this is the kind of day that is an opportunity when the baby gets thrown out with the bathwater and stocks get sold off in an index or all over the market.
because of one particular stock and everybody starts dumping stuff, then that stock that you didn't want to pay top dollar for is trading at a discount down $5, down $10. That's the time you have your shopping list. That's the time you see the opportunity. You should have a bell flashing, a light flashing in your house.
Chapter 2: What economic factors are affecting the market now?
Ask yourself the question, I think like putting post-its all over the place, the rules, right? About never turning a winning trade into a losing trade. Always having a plan when you get into a trade. Using technical analysis and risk management when you get into trades. Always protect your downside risk, whether it's an investment or a trade. We've got plenty of wild cards.
We've had quite a wild year, right? Between the whole polarity around the election, about you got two wars going on. You've got the whole thing in the Middle East, and oil and all those things, yet the market has continued. Yet Friday, one trading day ago, this market closed at record highs across every indice. That is crazy. The S&P is up 27% for the year.
The economic data that came out this last Friday was spectacular. Now, all that being said, we've got CPI, PPI this week. Very important flag, economic information. that is the inflation target that basically the Fed will make its decision. The wonder is, are we going to close out the year at record highs? I can't tell you. The market's going to go up, market's going to go down.
I cannot tell you for sure that's going to happen. But the market tells me on a day-to-day basis throughout all the things we've seen this year that there is so much money on the sidelines, people who haven't jumped in yet who are jumping in. People are putting money to work. They don't want to miss this boat.
So many of them have missed the boat, whether it's in crypto, in equities, in the S&P, in tech, right? Because nobody ever wants to pay the high. And all year, every day, every week, every month, this year, we've had 57 record closes this year. Imagine that. I don't have any trading days every year, but we've had 57 record closes this year at the New York Stock Exchange. Isn't that crazy?
So it's like, I don't want to pay the high, but I'm sitting around watching today's high, maybe tomorrow's low, right? So look, there's always opportunity in markets. There's never a bad time to buy the market. If you're thinking about a long-term investment, disclaimer across the board, I'm not your advisor.
I'm just trying to get you into the right mental state and psychology of learning how to trade and invest correctly, taking the emotion out of it. Your first trade, if you are making an investment in a company, do your homework. Check out the company, the four Ps. Process, product, profitability, and the people. That's what makes a good company, right? I learned that from Marcus Limonis.
That's what makes a good company, okay? But look into the company, and if nothing's fundamentally changed when the market falls back, and you've been holding off on buying the stock because you didn't want to pay record highs, have your shopping list and jump in there. Make a determination how much you totally want to invest in that company.
And may your first dive into that company be your smallest. And then add on. If it goes up, add on. Going up, if it comes in, average into the stock. That's the only time you ever average into a stock. Anyway, ladies and gentlemen, it's a beautiful day here, even though the market sold off. These are days where it's fascinating to see
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Chapter 3: How is Jade Shenker disrupting commercial real estate?
Early part. And then they came here and my dad was like, you know what? There's something to lower Manhattan's. And that was whenever East Village was like super, like in the slums. You could buy a building for a hundred, for a hundred dollars.
Yeah, exactly.
So he bought a lot of things on, in the East Village, in Little Italy.
Avenue A and all that. Right down the street on John Street. So what year was that?
Chapter 4: What is the connection between reality TV and real estate?
That was in the 70s. In the 70s. So he bought, like, he could buy a block for half a million dollars.
Yeah, you could.
And he went against the grain for the family because they were more conservative. Right. And back then, he was dealing with, you know, the mafia. He was dealing with artists who were shooting things.
You think about the Lower East Side in the 1970s. That's Andy Warhol, Basquiat, drugs, you know, storefronts, building fronts. I used to be able to walk down Avenue A and there was literally, there was just, it was just rats. There was nothing, the buildings weren't even there anymore. It was just the facade and people and bums living behind there, right?
And nobody had the vision, obviously your dad did. Nobody, if you asked anybody, we're not going to touch this with a 10-foot pole. This is going to be dead forever. There's no future to this neighborhood. And if you think about it now, it's like, why didn't I think of that? I could have, would have, should have. Like that mentality. So your father did that. Yeah. How amazing is that?
I mean, it was crazy. But stories, I mean, dealing with dealing with people who weren't paying rent, that that we're going to hit him with a baseball bat and dealing with that. You have to have chutzpah.
Yeah. You know, the Schenkers have chutzpah. Let's be clear about that.
You have to have it. And he always wanted a boy. There you go. Yeah, he always wanted a boy. It's OK. My family is males, males, males, males, males. And you have to keep the family name as well. And he had a girl. And he was like, okay, well, it's different. And the way I was raised was, okay, because I'm an only child, he had to teach me the business because that's, you know, you have to.
But at the same time, it was always, well, you know, Jay, you don't have to work and get married. And I got married early. You did? I did. I got divorced early, too.
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Chapter 5: How has the real estate market changed post-pandemic?
I think it's, honestly, it was a great learning experience. When you come to negotiate, you know, I turn my real estate brand on, and I'm like, okay, well, let's really discuss how to get a deal done, whether it's that or separation, whatever it is. But, you know, I think.
You got out of that deal. You got in, you got out. Let's move on. Let's go.
It's good. I have it under my belt. And I think at an early age, I was always just trying to be like, well, how do I prove to my dad? Number one, I know what I'm doing. And I understand. I have a competitive advantage because I listen and I'm creative. And I'm not afraid to take a risk. I actually seek risks.
And I'm like, well, if someone is doing something a certain way, there's always a way to get better and do things differently. Because I'm very confident in that space, I'm like, you know what? What's needed? What's needed on both sides? And I kind of saw spaces aren't being marketed to the capacity they can be, right?
Commercial, for sure.
Commercial, specifically.
We think about that. Sorry to interrupt you, but we think about the whole real estate market. Think about just residential real estate, how it's marketed. I'm sure everybody who's watching this has watched some kind of a real estate show, whether it's million-dollar listings in New York or out west. I mean, you stage... an apartment, right, and you do it in a different way.
So residential is always way different than commercial. So you've taken the commercial thing to a whole nother level. I just want to talk about your confidence for a minute. Because that's something, risk first of all, confidence another thing. These are things you can't really teach somebody. I thrive on risk and it gives me confidence.
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Chapter 6: What strategies does Jade use in commercial real estate?
That ability, I started here on Wall Street in 1985, some people say 1885. But that sense of the adrenaline around this place, the excitement, The risk, the chaos, I thrived on that. For me, that was where I found my energy and I found my confidence. Some people shy away from that. Some people need to wake up, have a coffee, read the paper before they do. You seem to me like somebody more like me.
You come out of the gate, you're like a thoroughbred horse just running for it because you just know what you want. You found something you love to do. You'll never work a day in your life.
Oh my God, I love it. I always say it's like, and you probably know it more than anyone. It's like, I don't believe in work-life balance. I believe in work-life integration. So integrating every aspect of your life into your work. And I love, that's why whenever I met you, I was like, just, I felt so inspired because I was like, who else?
You're in the right place. This place embraced you from the minute you walked in it because of those qualities that you have.
Yeah, I want to have an impact and I want to be able to touch people because, yes, there's the deal. And we think about, OK, you know, this is a building. This is someone trying to buy a building. But who are the people behind that deal? What do they need? You know, people don't realize. And maybe I saw this at an early age.
And that's people's livelihoods, whether it's a private equity firm and there's families or if it's an owner who bought something back in the 70s who's, you know, now in his 80s and he wants to sell. You know, like those are things that... really have such an impact on me. So yes, it's a business savvy.
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Chapter 7: How can emerging trends in marketing impact real estate?
It's the adrenaline of creating something and showing someone how they can make money from what one person sees as four walls or if you can convert that vision into a valuable asset and showcase what you can do in space, get creative. Like that is what my serotonin, my dopamine is just like throws it off. That's why I don't sleep. But at the same time.
We're gonna work on that.
I know we are. But like there is a beautiful emotional aspect to it where like I'm able to help people and you know.
So you're a humanist. See, that's how I look at it. You're talking about the deal, and the deal has a lot of all this chatter around it, but at the end of the day, it's two people talking about something.
Chapter 8: What lessons can investors learn from Jade's experience?
The more you know about them, you sort of start to describe in the beginning of this interview about how you don't know where people are coming from and what this deal means to them, but the way to close the deal is about... getting into where they're at on this deal and making connection to them.
It's about trust, it's about confidence, and it's about them understanding that you have a vested interest in this being a good deal for everybody, right? You're able to walk away from the deal and everybody's satisfied.
Yeah, exactly. And sometimes I feel like that, and you probably know this more than anyone, sometimes you have to get creative.
you got to get creative 100 like not not every deal is cookie cutter and like it's not just sometimes the things that you see but things you don't see and listening and and understanding people and being mindful of okay what what are the other factors in this and i feel like that's that's been something that i'm really cognizant of and and always trying to make measurable actions towards.
And you've done that. So tell me, so the way you're approaching commercial real estate is obviously gotten the attention of Ryan and obviously gotten attention of the industry. And so you have this show, right? It's called?
It's called Owning Manhattan on Netflix.
Okay. So talk to me about that.
Season one was wild and I was going through a massive personal shift. I think it was really cool because, yes, people see the selling sunsets, they see the million dollar listings, but at the same time... They're seeing your life too. Yeah, they're seeing all of our lives. It's commission, it's deals, it's no sleep, but there's personal aspects to it too.
What are people going through in life behind the deal?
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