Elizabeth Warren bashed cryptocurrencies’ environmental impact, said big tech firms should be broken up, and called for a wealth tax in a new interview. Here are the 8 best quotes.

Elizabeth Warren
Elizabeth Warren

  • Elizabeth Warren sat down for an interview with Yahoo Finance on Thursday.
  • The Democratic Senator from Mass. said that big tech companies are a “threat to our democracy” and should be broken up.
  • Warren also bashed bitcoin’s environmental impact and reiterated her calls for a wealth tax. Detailed below are her eight best quotes.
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Elizabeth Warren sat down for an interview with Yahoo Finance’s editor-in-chief Andrew Serwer on Thursday and laid into big tech companies, cryptocurrencies, and the ultra-wealthy.

Warren said that she was happy that Trump has been removed from Facebook, but questioned the power of big tech companies to be able to make that choice.

The Democratic Senator from Massachusetts also touched on inflation, arguing concerns are overblown and only being mentioned because of democratic spending programs.

Warren then discussed some of her concerns around Robinhood and retail investing, and called for a wealth tax on top US earners.

Here are Warren’s 8 best quotes from the interview, lightly edited and condensed for clarity:

  1. “I also think with bitcoin and the other cryptocurrencies, I think there’s a real issue about the environmental impact as well. This whole notion of how much energy is consumed just to keep the currency tracking going, you know, you don’t consume that kind of energy in order to have money on deposit at a bank or a mutual fund. In that sense, bitcoin is very different and in the 21st century we’re becoming a lot more sensitive to the worldwide impacts of the choices we make.”
  2. “Well, first, I’m glad that Donald Trump’s not going to be on Facebook, suits me. But part two is that this is a further demonstration that these giant tech companies are way, way, way to powerful. And listen to the arrogance of it. The name of the group that made this decision is called ‘the Supreme Court.'”
  3. “We need to break up these big tech companies and we need to do it for two reasons. One is a pretty straightforward economic reason…Amazon’s the easiest one…You want to buy or sell goods on that platform you have to go to Amazon. Amazon makes money doing that, but they also rake off all the information…so Amazon goes let’s see what else is happening here. Andy is running a pet food business…it’s turning out really good so we’ll just turn this into NBO’s pet food business and move Andy back to page seven and just scoop up all the business. Anticompetitive. So they need to be broken up in order to keep commerce flourishing. You can either run the platform or compete in the businesses, but you don’t get to do both at the same time.”
  4. “The second reason we need to break these guys up is how much political power they have. The idea that they get to decide whose voice gets heard and who doesn’t and they do that on their own with something they call a ‘supreme court.’ No, no, they have too much influence and they pose a threat to our democracy.”
  5. “No, look every time democrats talk about making investments into the economy a bunch of Republicans, and Larry Summers, stand up and say ‘oh inflation.’ Notice they don’t talk about it during tax cuts…if inflation moves we have a lot of tools to deal with it.”
  6. “My principle issue with Robinhood is how much they actually disclose to their customer about how their customers’ data and trades are being used. I worry a lot about these companies that get out and appear one kind of good guy model and it actually turns out they are not this little scrappy upstart they are actually fronting for giant companies that are making money, not only in the trades, but making money harvesting the information ahead of everyone else in terms of what those trades are doing.”
  7. “What I want to see here is I want to see the SEC take a close look. I think it’s time for the SEC to update its regulations on disclosure but also on what business models ought to be permissible in a market.”
  8. “We need a wealth tax in America…the difference between the top and the bottom in income is big, but the difference between the top and the bottom in wealth is orders of magnitude bigger….I have proposed a wealth tax, a two percent tax on fortunes above $50 million, a little bit more if you have a billion or more in assets. That would produce $3 trillion in revenue over ten years.”

Read more: The head of global macro strategy at Delphi Digital breaks down why Bitcoin’s price has more room to run over the next 9 to 12 months in 4 charts – and shares what the next 10 years could look like for the emerging crypto economy

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Tech stocks’ market leadership may be over and investors aren’t ‘bullish enough about the reopening’, says Fundstrat’s Tom Lee

Tom Lee
Thomas Lee Managing Director and Head of Research at Fundstrat

  • Fundstrat’s Tom Lee says tech stock’s market leadership is fading as energy, financials, and cyclicals takeover.
  • The Head of Research at Fundstrat argued investors aren’t “bullish enough about the reopening.”
  • Lee sees the reopening of the US economy post-pandemic as akin to a “post-war reconstruction period with government stimulus.”
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Tech stocks’ market leadership may be fading and investors aren’t “bullish enough about the reopening,” according to Fundstrat’s Tom Lee.

Lee made an appearance on CNBC’s “Fast Money” on Wednesday. In the interview, he said he sees tech stocks’ market leadership fading as the post-pandemic reopening gets underway.

“I think tech’s leadership, which was so astounding for the past decade, I think we’re seeing a new leadership emerge,” Lee said.

The managing partner and head of research at Fundstrat Global Advisors argued energy, financials, and cyclicals are leading the way now. And according to Lee, that means “a vigorous economic recovery is underway.”

Lee argued that the leadership of cyclicals will hurt tech and growth focused stocks going forward as well.

“These cyclicals could turn into growth stocks which means traditional growth stocks aren’t as shiny and interesting,” he said.

Lee also expects a faster reopening than other observers, arguing “people aren’t bullish enough about the reopening,” although he noted that “nobody can say COVID has been vanquished.”

Lee said although his reopening bullishness might be looked at as a “contrarian view” he sees the current era as a type of “post-war reconstruction period with government stimulus.”

He added that is “extremely boomy for real investment spending which is the biggest multiplier to GDP.”

Lee isn’t alone in the crowded reopening trade, but his somewhat bearish view on tech stocks is a shift from the norm. Lee has been a fan of tech stocks, and in particular Big Tech, for some time.

The head of research at Fundstrat even called big tech companies “unkillable businesses” in an interview in June of last year. For now though, Lee recommends avoiding the names.

His view isn’t shared by all, though. 

Analyst Dan Ives from Wedbush Securities said in a note to clients on Wednesday that he believes “tech stocks have another 25%+ upward move in the cards over the coming year led by FAANG, cloud, and cybersecurity names despite this risk-off moment on the Street.”

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DoorDash and Airbnb are not the future of tech leadership, says venture capitalist Gene Munster. He breaks down 3 under-appreciated tech stocks that have greater potential.

NYSE traders
  • Venture capitalist Gene Munster told CNBC on Friday that while Airbnb and DoorDash are “phenomenal,” there’s more potential for upside in underappreciated tech names including Zillow, Carvana, and Take Two Interactive.
  • The Loup Ventures co-founder and veteran tech analyst said he owns Zillows personally and with a valuation of just a third of Airbnb’s, it has potential to be “massive.”
  • Munster also said that he likes online used-vehicle sales platform Carvana. That stock is up over 180% year-to-date and trades at roughly $261 a share.
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Venture capitalist Gene Munster told CNBC on Friday that while recent IPO’s like Airbnb and DoorDash are “phenomenal,” he sees a different class of tech stocks taking leadership in the future.

“This recent IPO class is phenomenal, they are disruptors,” Munster said of Airbnb and DoorDash. But he added that a lot is priced into their valuations already, and the best stock performance is going to come from underappreciated tech stocks like Zillow, Carvana, and Take-Two Interactive.

The Loup Ventures co-founder and veteran tech analyst said he owns Zillow personally and that it will be “massive.” The online real estate company is currently valued at a $29 billion market capitalization, just one third of Airbnb, Munster added. 

“They’re gonna take what they do so well about capturing the users on a monthly basis, checking out real estate, renting, buying and add other products to that,” he said on Zillow. 

Read more:Who’s going to catch them?’: A Tesla analyst who once covered Intel breaks down the similarities he sees in the 2 disruptive companies – and shares why the stock has the potential to soar another 30%

Zillow is up roughly 170% year-to-date and is currently trading around $124 a share.

Munster also said that he likes online used-vehicle sales platform Carvana. That stock is up over 180% year-to-date and trades at roughly $261 a share. 

Video game company Take Two Interactive was another one of Munster’s picks. The stock is trading at $190 a share and is up 55% year-to-date.

When CNBC’s Joe Kernan asked Munster if he would put the same faith he has in tech giants like Amazon, Facebook, and Google, into DoorDash and Airbnb, Munster said: “No, I wouldn’t.” 

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