Brean's Roberto Friedlander On Giving And FOMO

Roberto Friedlander, Head of Equity Trading at Brean Capital, will be trading for charity. He appeared on CNBC's squawk Box Friday to talk about the company's charitable contributions, and his outlook on current market trends. The investment bank is hosting a Commissions for Charity Day. Friedlander said that Brean is donating every commission generated in equities and fixed incomes to The One Fund Boston, an relief effort charity that goes to the victims of April's Boston bombings. In regards to their initial reaction to the bombings, Friedlander said that they wanted to show that Brean was going to their meetings as planned on April 16, the day following the bombings. He said that they not only wanted to show face, but also support. "We're there to not only show our loyalty to Wall Street community in Boston, but because, you know, it hits close to home. So we go ahead and went with those meetings and were in town the next day," said Friedlander. Friedlander said that it was clear to him in minutes that they should get out there and do something. He compared Boston to New York, saying that they're both blue collar towns. But how much can Brean earn in a day through their charity? "We hope to raise mid to high six figures, if not more," said Friedlander. Friedlander went on to talk about the Dow's record run and the markets being back on track. He started by mentioning the acronym FOMO, which he said has been circling around on the trading desk for the past couple of days. FOMO stands for a trend on the street known as "fear of missing out." "I think it's something real. You know, we've gotten through earnings season with 90% in the S&P 500 companies reporting half of missed revenues, yet the market's really looking forward," said Friedlander. "And you have major industries up 13-15%, and you're going to have, this, you know, kind of massive allocation trades which still haven't hit." Friedlander went on to say the he believes that there will be some real rotation out of defensive sectors and into alpha sectors and growth sectors.