CIO Scott Martin Interviewed on Fox Business News 8.13.21
Program: Your World with Cavuto
Station: Fox News Channel
NEIL CAVUTO: You like telecommuting or just not being in the office? Well, apparently a lot of your bosses, a lot more companies are saying they’re fine with this continuing in some cases for another month or so past the September promised return to work to as well to twenty twenty two January, February, you name it. Welcome back, everybody. I’m Neil Cavuto and focusing on companies that are now allowing their workers to keep doing the virtual thing virtually, right? Well, for months, maybe quite a few months to come, the implications of this was Scott Martin, family expert, readers of the financial and other markets. Kimberly, the message from the companies is it seems to be working for us right now. We’d prefer in person, but now we’ve got these spikes in cases, the uncertainty about mass, what to do. So keep doing what you’re doing. What do you think?
KIMBERLY FOSS: Yeah, it’s just difficult, Neal, I understand that they want to be safe and they want to do the right thing, but at the same time, eventually we have to go back to work, because the bottom line is just the quality of work, the time it takes to get things down. I can tell you in my own practice, when we try to get software service, you’ve got the lady on the other end trying to help us. But she’s got the screaming Mimi in the background. And the bottom line is it takes us four phone calls for phone calls to get what I could have done with one person in the office focused on what our situation is, which then takes me more time, takes my employees more time, it takes more cost. I can’t be as profitable. That’s the end of the story. We need to make a profit.
CAVUTO: OK, you sound like a workaholic, and we’ve got to talk about that, because that’s a separate issue for you. But let me let me get to you, Scott. All kidding aside, these same companies are saying on the flip side of this that, yeah, we’ll let you continue working for them depending on where you work. We’re going to cut your pay. Google has already hinted that maybe pay cuts of up to 10 to 15 percent because you’re not commuting, you’re not as expensive a local. And so why should they pay you that much? What do you think of that?
SCOTT MARTIN: It’s interesting because that’s kind of been the dark side of this option of how much we care about you as an employer. It’s like, yeah, you can do all this cool stuff, work from home, work by the pool, you know, take the dog out and do the conference calls, you know, on the street. But, oh, by the way, you’re going to get 30 percent less. I’m going to cut your other benefits, too. And that’s the goofy part of this whole thing. And Kim touched on it, getting back to the regular economy and the regular style of work. I mean, we’ve got an office here of about 15 people and we got about half of those folks back in. And it, myself included, think about when you’re going to work on a daily basis. You’re going to the bar, to the restaurant, to the dry cleaners. Yeah, because, like, this suit doesn’t clean itself, by the way. And that’s usually in that order of which I’m doing things. And you’re not going out spending money, you know what I mean? You’re not stopping at places along the way where you’re creating economic activity, you’re staying home, you’re staying inside, and you’re not going out. And you’re not generating kind of that economic growth, that economic activity that we’re so used to that the markets need, I believe, to stay at these levels.
CAVUTO: You know, I look at the markets, though, Kimberly, and, you know, the Dow and S&P were up again today. That makes, you know, four days in a row of records for them. So they’re panicking about it. They’re not showing it. And I’m just wondering whether it’s their belief we’ll get through this. Everything’s going to be fine. The earnings certainly have been fine through the pandemic. They’ll get even better the more even if it slowly pull out of the pandemic and they just see everything half glass full to you.
FOSS: Yeah, I think that they’re shrugging this Delta variant off and by the way, Neal, this is not the only variant that’s coming out, right. They’ve got variants out to two thousand twenty three. So interesting how they know that. But that’s another subject. But at the same time for. You just just a little area. You’ve got four point five truly trillion dollars on the sidelines to throw in money market and money goes towards best reward and is not getting rewarded in money market account. So you are going to see more money committed to the market. I think this is going to be a slight pullback. But what we pivot, that’s what America does so great and entrepreneurs do so great, they pivot, they’ll figure out a way at the front door is locked. We’re going in the side door, the little door in the basement. We’re going to get in somehow some way. And that’s. What about capitalism and the investor?
CAVUTO: Well, I’m going through the refrigerator door myself, but I understand what you’re what you’re getting out there with this migration that’s going on. Guys, I want to thank you both very, very much.