>>> WE ARE BACK AND WE'RE GOING TO HAVE A DEBATE BECAUSE JENNY JUST SOLD 3M, WHICH, AS YOU KNOW, HAS JUST CRUSHED IT LATELY. JOSH OWNS IT, IS NOT SELLING. JENNY, WHY DID YOU SELL 3M? >> SO IT HAS TO DO WITH WHEN WE OWNED IT, WHY WE OWNED IT, AND WHAT ITS POINT IN THE PORTFOLIO WAS. NOW, REMEMBER, OUR EQUITY INCOME STRATEGY, WHICH IS WHAT THIS IS IN, HAS A 5% OR BETTER DIVIDEND YIELD FOR THE WHOLE PORTFOLIO. WHEN WE BOUGHT 3M THE YIELD WAS 5%. THAT WAS TWO YEARS AGO. AND WE BOUGHT IT THINKING THAT ENOUGH OF THE PIFAS AND EAR PLUG LITIGATION WAS BUILT IN. WE THOUGHT IT WAS CHEAP ENOUGH, THE MARGIN OF SAFETY WAS DEEP ENOUGH. WE SAT THERE FOR TWO YEARS AND THE STOCK WAS DOWN, WAS SIDEWAYS, ESSENTIALLY DID NOTHING. BUT, IN THE END, THEY CLEARED THAT UP. THEY DEFINED WHAT THE LIABILITIES WERE. THEY BROUGHT IN A NEW CEO. THEY REALLY GOT THINGS GOING WELL. AND NOBODY APPRECIATED THAT, EVEN LAST THURSDAY, NOBODY APPRECIATED THAT. AND SO THIS WHOLE TIME OVER THESE TWO YEARS, AS WE'RE FLAT OR DOWN, WE'RE RE-EVALUATING, WHY DO WE STILL OWN THIS? WE'RE THINKING, BECAUSE WE THINK IT'S WORTH MORE, AT LEAST $110 A SHARE. THIS GOES BACK A MONTH, MONTH AND A HALF, AROUND THE SALVENTUM SPIN. IF WE SEE IT THERE, WE'RE HAPPY TO GET OUT. IT JUST DEPENDS HOW THEY GET IT THERE. THEY BLOW OUT THE EARNINGS. EVERYONE GETS ON THE BANDWAGON, THIS IS GREAT. THE STOCK GOES UP 22%. WAY ABOVE OUR PRICE TARGET, AND WE SAT BACK ON FRIDAY, DIDN'T REACT THEN. RE-EVALUATED ON MONDAY. REVISITED THE EVALUATION WORK. OKAY, NOW THEY'RE GOING TO EARN $8 A SHARE. THAT MAKES IT 16 TIMES MULTIPLE. GIVEN WHAT THE STOCK HAS DONE, EVEN WITH THE EARNINGS GROWTH IS, WHICH IS GOOD, 16 TIMES MULTIPLE IS FAIR, I DON'T THINK IT NEEDS TO BE 21 TIMES. WE EX INITED THE STOCK, PUNTED STOCK AND MOVED ON. >> OKAY, JOSH, YOU OWN IT, AS I SAID IN THE TEASE, YOU'RE NOT SELLING. YOU WANT TO, I GUESS, TAKE THE OTHER SIDE? IT'S HARD TO HATE ON A 15% PROFIT, BUT WHAT'S YOUR VIEW? >> JENNY, IF YOU LEAVE ME NOW, YOU'LL TAKE AWAY THE BIGGEST PART OF ME. I'M NOT READY TO HAVE YOU OUT OF THIS STOCK. I THINK STEPHANIE STILL OWNS IT, SO I'LL BE A LITTLE BIT OKAY. BUT I WANT YOU BACK, AND HERE IS WHY. THIS COMPANY IS IN A COMPLETE RESET FOR THE FIRST TIME IN DECADES, AND IT'S EXCITING. THIS IS A DOW COMPONENT. IT'S THE SECOND SMALLEST DOW COMPONENT BY MARKET CAP. IN FACT, IT'S THE FOURTH LONGEST TENURED DOW COMPONENT OF ALL OF THE DOW 30. IT'S BEEN IN THE INDEX SINCE 1976, THAT'S BEFORE I WAS BORN. AND ONE OF THE THINGS THAT I LIKE TO DO IN SITUATIONS LIKE THIS, AND I'M DOING THE SAME WITH PFIZER, BY THE WAY, WHICH WE'LL TALK ABOUT LATER, WHEN A COMPANY IS GOING THROUGH A COMPLETE AND TOTAL RESET, I LIKE TO GIVE IT ENOUGH TIME TO FULLY CAPTURE THE OPPORTUNITY. AND I COMPLETELY UNDERSTAND JENNY'S REASON BEHIND SELLING. IT'S A NICE, BIG GAIN. THE DIVIDEND MAYBE IS NOT AS HIGH PERCENT AGE WISE WITH THE STOCK MOVED UP. ANYTIME YOU SEE A COMPANY LIKE THIS SMASH EXPECTATIONS, HAVE AN INCREDIBLE RESET BY A BRAND-NEW DYNAMIC CEO, THE STOCK HAD ITS BEST ONE-DAY RALLY SINCE THE YEAR 1980 LAST WEEK. I FEEL THAT'S A BUYING OPPORTUNITY MORE THAN IT'S A SELLING OPPORTUNITY BECAUSE THE MARKET IS SCREAMING THAT THINGS WILL CHANGE HERE AND WE'RE GOING TO BE BACK TO EARNINGS GROWTH AND PUT THE DAYS OF PAYING OFF FINES AND SETTLEMENTS IN THE PAST. I APPLAUD JENNY FOR HAVING BEEN LONG THE STOCK. IN I JUST THINK SHE'S LEADING IN THE SECOND INNING. I TRY NOT TO DO THAT WITH BLUE CHIP TURNAROUND STOCKS LIKE THIS. >> HERE IS THE THING, WHEN YOU MANAGE A PORTFOLIO LIKE MINE THAT HAS VERY STRONG DISCIPLINES ON BOTH WHERE YOU CAN BUY AND WHERE YOU CAN SELL, I CAN'T KEEP HOLDING THIS. IT DOESN'T MAKE SENSE FOR THE STRATEGY. IF YOU LOOK -- >> BREAK THE RULES, JENNY. >> -- EVERYONE INCREASED THEIR PRICE TARGET. NO, NO, I NEVER BREAK THE RULES. YOU KNOW THAT. IF YOU LOOK AT THE PRICE TARGET CHANGES, THEY'RE BETWEEN ABOUT 135 AND 150. LET'S CALL IT 140. MY WORST CASE, IF ALL OF THOSE SUPER EXUBERANT, RAH-RAH-RAH PRICE TARGETS ARE ON POINT, I'M LEAVING 8% TO 12% ON. TABLE. I CAN EASILY REINVEST FROM MY 3M THE PROCEEDS IN ANOTHER STOCK THAT HAS 8% TO 10% UPSIDE AND PROBABLY HAS A 3.5 TO 5% DIVIDEND YIELD WHICH MAKES SENSE FOR MY STRATEGY. THE DISCIPLINE OF THE STRATEGY CUTS BOTH WAYS. SOMETIMES IT KICKS ME OUT EARLIER. A LOT OF TIMES THAT HAPPENS. BUT IT ALSO REALLY KEEPS THE STRATEGY DOING WHAT IT'S INTENDED TO DO. GROWTH STRATEGY, I COULD LET IT RUN. I DON'T MANAGE A GROWTH STRATEGY. I MANAGE A DIVIDEND INCOME STRATEGY. >> JOSH, LAST WORD? >> I DON'T DISAGREE WITH ANYTHING SHE SAID. THE STRATEGY SHOULD DICTATE HOW YOU BEHAVE AND NOT VICE VERSA. YOU SHOULD NOT DECIDE YOU WANT TO DO SOMETHING EMOTIONALLY OR BECAUSE YOU HAVE A HUNCH AND THEN TRY TO MAKE IT FIT INTO THE RULES OF WHAT YOU'RE DOING. I APPLAUD HER DISCIPLINE. I STILL THINK SHE'S LEAVING MORE ON THE TABLE BUT I GUESS THAT WILL BE WHOEVER BOUGHT