Retailers: The Bricks vs. the Clicks

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Dec. 3 (Bloomberg) -- Pension Partners Chief Investment Strategist Michael Gayed discusses brick and mortar versus online retailing with Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Smart." -- welcome back to "street smart.". you are not entirely convinced that some of the e-commerce giants are worth investing in.

Why is that?

It is always easier to invest in the stock when the sector is outperforming and the stock is outperforming the sector.

Ebay has been performing pretty substantially.

Retailers relative to the group look pretty good.

Seems like it is too late for ebay to start outperforming.

The group is not in their favor.

In other words, maybe a little late for people old?

If it did not work out and retailers start turning over in lagging the s&p, you're probably better off.

Maybe the shift towards paypal, what about retail in general, up about 40%? that is impressive.

Consumer discretionary as a sector has been very powerful tom afar outperforming the broader market.

The answer depends on what happens next year.

Will the wealth affected translate to the end consumer?

The jury is still very much out on that.

I do not believe the vast majority of consumers are experiencing the gains we see in the headlines.

Look at the economy.

It is still modeling -- muddeling along.

Unemployment still relatively high.

Nonetheless, the gains are pretty amazing in the stock work it.

I know you have become quite bearish.

Do you believe at some point this will just burst?

Is this a bubble in the fed's making?

I would argue it is a bubble in terms of the disconnect in equities relative to expectations.

Inflation expect tatian, which is what the fed is trying to juice.

-- inflation expectation, which is what the fed is trying to juice.

That should make everyone question why they are questioning advisers.

They get pushed back on their client saying why are you not up as much as the s&p 500? you always have people comparing you to the s&p 500. that is true.

That is ignoring the risk for file return of stocks in the u.s. in other words, know your benchmark.

As you point out, we are of time.

Know your benchmark.

Do not just compare your self to the s&p 500. michael gayed with us for the whole show.

A new supercar that is lighter than smart card and drives like

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