CIO Scott Martin Interviewed on Fox News 6.1.22
Program: Cavuto Coast to Coast
Station: Fox Business News
NEIL CAVUTO: Scott Martin, you know, at his firm. He’s told workers you are in person 24 seven and I’m going to call you at three in the morning just to make sure you are. He’s a cruel man, but he gets the job done. Scott Martin, the Kingsview Asset Management CIO. Good to see you, Scott. But what do you think?
SCOTT MARTIN: And, you know, just for just for the record, real quick, it’s more than 24 seven at King’s View. So if people want to work here, it’s got to be 28, 12 or something like that.
CAVUTO: So we can’t hear you now. Are there no prisons? So, you know, obviously, Musk is sending a signal. I always think he’s smarter and more clever by half here. When he sends a signal, I don’t necessarily think it’s it’s towards Tesla workers exclusively, but maybe a veiled reference to those in the technology community for whom this is now seen as almost a birthright. What do you think?
MARTIN: It is. It’s a bit austere, I guess, on the surface, but I think he’s got a point. I mean, and you’ve seen the robotics orders in the United States, Neil Surge again this past quarter because of the fact that now mainly more I’m the high end it’s been more in the plastics and the metal side. So you’re looking at the automation, automotive industry, things like that, factories and such. That’s where the robots have been able to step in. But similarly so I mean, robots nowadays versus even a year, two or three years ago can do a lot and they actually show up for work. And nowadays you’ve got the American worker that’s almost nowhere to be found, the him. And how about benefits and pay? And therefore, these robots can somewhat take these jobs. I mean, you’ve got two jobs out there right now, Neil, for every one person looking for a job. And we’re still not filling those jobs even to boot after all that. So to me, this is something that companies are getting wise and smart about, and we’ll probably continue with that.
CAVUTO: And despite that 2 to 1 ratio, there was a time when it’s almost 3 to 1. And we are seeing added technology companies out of the blue, them laying off workers. Now, I know this was 60 somewhat companies and 16,000 positions over the last year or so, but that’s something we never used to see.
MARTIN: We didn’t. Now, I would say part of that is probably the fact because the technology sector I mean, look at all these companies that have now since taken it on the chin, to say the least, with respect to their stock prices. I think that industry got a little bloated as far as jobs and pay and benefits. So it probably needs to come down a bit. It needs to come in a bit, especially reflective of the environment that we’re seeing that we’re in now, especially on the tech side when it comes to advertising and spending. But certainly, yes, you’re right, these numbers are getting pretty stark and they’re going to start building up more and more as we go into the summertime. But then that will come back to come back around as the economy resurges. But hopefully we’ll get there sooner than later.
CAVUTO: Yeah, we get hockey on the one side, right. And all of a sudden workers think they’re, you know, inscrutable and indestructible and then you’re realize, oh, that’s right. Life is all about pendulum swinging. Great job, my friend. And I don’t think you’re that cruel. You’re a nice boss, but you’re a tough boss. Scott Martin, thanks for following all of that. We just call him Captain Bligh. All right. He’s not Captain Bligh. And Captain Bligh was very flexible when it came to remote work. You just did it in the ocean.