Kelly speaks with BMO’s Simeon Siegel. They talk about how Peloton shares have fallen sharply, just like Simeon warned they would; how that restores his faith in efficient markets; and what it was like for him when they were trading above $100. They also talk about how wholesale is making a comeback as a business model, what that means for stores like Macy's and Nordstrom, and why Traeger grills are actually a good example of that. Plus--the name that Simeon thinks is one to watch into 2022.

Is it time for markets to start preparing for a worst-case scenario from the Fed? We’ll tell you what that could look like, and the likely stock winners & losers too. Plus, 2021 is shaping up to be the year of the merger, with record M&A deals. Who’s best positioned to benefit if that momentum continues into 2022? We’ll explain. And, in today’s Rapid Fire: Apple’s ascension to $3 trillion, Harley Davidson’s EV moves and Peloton’s “Big” moment.