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tv   Making Money With Charles Payne  FOX Business  November 4, 2021 2:00pm-3:00pm EDT

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translation: the mercedes of your dreams is closer than you think. neil: we're hear pro the new jersey republican party that legal hack shun is not off the table for jack ciattarelli even though most major agencies called the race for governor murphy. a tight one. there are thousands out there. until they are counted it ain't over. now to charles payne. charles: hey, neil. thank you very much. i'm charms payne, this a "making money." so much for the taper tantrum. they're calling eight buy signal and bond yields sag, who can explain that? why the market keeps saying one thing and all the smart money keeps saying something else? that brings me to the challenge facing all investors, pride and
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ego. one of my favorite market pros on making mea culpas after you make a mistake. the fed is focused on labor participation. i have one chart i think points to a very strong report. we'll get to that later in the show. nancy pelosi still sounding optimistic on build back better. so are the east coast elites who own homes. i will explain that one. but i really wonder if this thing will ever happen? we'll get a report from capitol hill. short squeeze season, folks unlike summertime the living is easy. i will tell but the short squeeze candidates. get out a pen and pad. we have all that and much more on "making money". ♪. charles: so this morning the white house announced that they are pushing the deadline for workers to be vaccinated to january 4th from december 8th. i said all along. i don't believe the white house will actually go through with this plan because its off of
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public policy and played a big role in tuesday's election disasters for them. all the legal challenges that being mounted present serious problems. i hope it's a moot case that covid-19 cases come down so much, vaccinations gone up enough maybe they won't force this. in fact trends right now are point towing a post-covid-19 world. of course it will be a fact of life for years to come but it doesn't have to be a pert pet all emergency. i want bring in trend macro don luskin. you do amazing analytical work, even predicting where the virus is going. is it too soon to say we're entering a post-pandemic world? >> no, not too soon at all. we're a matter of months. in the united states, more than 80% of adults have been double vaccinated. the vaccines are not perfect. they have something like 83, 84% efficacy but when you have got the vast majority of the
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population with that degree of protection this disease just peters out. i want to say the united states cases and fatalities have been falling now for weeks and weeks and weeks. so if the stories you're hearing that the vaccines are not effective against the delta variant, those stories can't be true because delta is 100% of the cases in the united states yet cases are falling with people who have vaccines. i'm not in favor of the vaccine mandates but i'm telling three months from now we say, covid? what's covid? talk about something interest. charles: the markets like to look ahead. that is why this is an intriguing topic for you and rye right now. the wild card is the some of the draconian things done on the federal level and local level. how hopeful maybe some of those things move out of the way to get back to normalcy, productivity and life as we know it, prosperity? >> well, we've already led all of the special unemployment
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benefits roll off. we're going to probably see a pretty surprisingly nice jobs report tomorrow because now in all 50 states, those enhanced benefits have rolled off. we stopped paying people more not to work. now we have to create a new problem with these darn vaccine mandates. i know people personally who are talking about quitting their job simply on principle. not that they object so much to the vaccine. they object to being told what to put in their body. charles: that is happening all over the world, particularly in this country. i want to speed up a little bit. two more things. third quarter productivity report was as disaster t was down 5%, the biggest hit since the second quarter of 1981. the main reason, unit labor cost erupted 8.1%. seems only thing that can hold the economy together particularly as we head into the next year is strong productivity gains. what happens if that doesn't materialize? >> well then we got some serious
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problems, charles, except that is like saying what if a comet strikes here? it will materialize. the reason why productivity was so bad in the third quarter because gdp was so bad in the third quarter. the reason gdp was so bad in the third quarter everybody told you have to duck and cover under your desk because of the dreaded delta variant. what we were saying earlier. that stuff will roll off. when it does we'll get back to 5%, 6% globe quarters. we'll have a productivity miracle every time we have a emergency and the emergency passes. >> don, i love action in the large caps and nasdaq. the russell what a. how important is it to be russell part of this conversation, the russell 2000? >> we want this economic recovery, want this boom not just among the strongest companies that can spend the money to deal with whatever comes their way. we want this thing, dare i say
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it, trickle down or rise up from the grassroots if you will. smallest public companies, for that matter small mom-and-pop companies that are lifted and doing well. my advice to investors that is the next phase. at this point if you want to bet on economic recovery as i do, you want to bet on the laggards. you want to bet on the ones that have not caught up yet. believe they will all be swept up. charles: don, great to talking with you? >> thank you. charles: i have two market watchers. the next one i'm on. it took me like seven times to get scott martin right too. don't feel bad. pick up on the conversation, feels like the stock market is entering the post-covid-19 world. if that is the case how does that inform how we invest how our portfolios should look? >> great to be back, charles. as we talk to our institutional
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clients around the world that is what we're really focused on today. not what happened the last two years but where things are going in the next five to 10 years. we're really focused on some of the big thematics we're seeing moving. the way that demand patterns are coming through. one of the things are focused on for example is e-commerce. we got used to expecting that shipping orders in front of our doors in two hours, right? that is amazon trained us to do. that means retailers trying to get the supply chains built out so they can meet those demands that means a ton of demand for industrial real estate. those are the type of thematic we're looking into the future. charles: scott? >> i agree. i think our time horizon given all the uncertainty out there as far as we're managing money is a little shorter. we can be more certain about the short term i think. i tell you, look at fed chairman powell's testimony yesterday, charles. i mean they have had a
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extraordinary amounted of support to the market. that is one thing amongst money why the market has hung in here so well. they're stepping back a little bit from all the liquidity purposes they provided the market just via tapering. when it was push to talk about him raising rates next year, talking about inflation, still using the word transitory, in fact debating how the word transitory should be used in the dictionary the reality the fed still wants to be here. the fed wants to be ever present. they know the market needs them. i don't think the fed will raise markets for the foreseeable future as long as inflation going up at decreasing rate. that is important for the fed as they continue on their mandate. charles: we covered the fomc meeting. it is real interesting. let the audience take a look at that the s&p heat map, see a lot of red on the screen as the fomc decision was being made. yet at the close, it was all green. uma, explain that to me.
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stocks are going up, bond yields going down. that doesn't speak to an aggressive fed or speak to a lot of rate hikes next year. so what's happening here? >> exactly what you said, charles, right? the message from the fed like scott was mentioning they will still be here accommodative policy here to stay, right? that means, economy on good footing we have a lot of support and rates are not looking to be increased in the near future. we're hearing that same type of commentary from central banks around the world, right? we're hearing rate expectations getting reset. what that means for investors two things, they need to find yield, come somewhere else and second something that we spoke about, charles, that inflation is here. right? so investors really need to be focusing on hedging against inflation, making sure they're finding some of that yield somewhere else. charles: right. >> we're seeing real estate as a great place to do that. charles: lots of signs. you don't have to be a real
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market expert, right? could be a casual observer maybe the market is getting a little toppy. some experts look at relative strength. that right there is flashing a signal, maybe impending pullback. there is fear and greed index now at 88. obviously some would say that is too optimistic. scott, do you buy the notion, the market first of all it is toppy. if it is toppy, do you make changes to the portfolio? do you say so what, sometimes it has to go down? >> it does. you take that as a long term investor to add to positions if you have free cash. it is toppy, charles, in broad-based markets, areas, pockets of stocks are falling back on earnings reports or other news you have to pick up because they're weak temporarily. just adding to some of the indicators you mentioned. look at stochastics, histo gram, that is at a high. vix, there is not a lot of fear. these are times worry us if you're trying to market time. these are levels that will get
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some pullback. that is when you have to come in with some of the free cash. charles: uma and scott, thank you very much. talk to you again real soon. by the way i'm all about making money and about unstoppable prosperity. you already know this. coming up how you can seize the day by putting the squeeze on the mart money. halloween has come and gone but the biden administration is pushing their scare tactics and other approaches which voters rejected on tuesday. congresswoman ashley hinson will give us her take. she's next. ♪
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♪. charles: house speaker nancy pelosi hoping to have the votes to move forward on the infrastructure bill. she is now saying sometime maybe tonight. then a vote on that special spending social spending bill tomorrow. this as we're getting a more accurate price tag on build back better. guess what? it is not going to cost zero dollars. hillary vaughn live on capitol hill with the latest. hillary. reporter: charles, we did think
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it might finally be show time for binden's social spending package. speaker pelosi was really confident today. house majority whip james clyburn were confident and richard neal were confident. steny hoyer telling fox producer moments ago he is not confident they have the votes yet because there are still outstanding issues of house democrats of some of the proposals in the spending package. one of those decisions of course is over the price tag and whether or not this is truly paid for. part of this momentum that we heard from speaker pelosi because the joint committee on taxation did come out with their analysis, speaker pelosi said that score basically means the math checks out. >> it is a very solid -- people said it isn't paid for. people say a lot of things but this joint tax -- is objective.
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not democratic, it is not republican. it is objective view it is solidly paid for. reporter: but there is a catch. the programs in the package are only funded for a limited time. the price tag is basically bets on the fact that these programs will only last a few years. programs like the earned income tax credit. several health care provisions, money for pell grants, child care tax credit, only counted for five years. that is an issue penn wharton raised real cost if these programs stigma around for full 10 years or become permanent is nearly $4 trillion. i asked senator manchin if he is worried about penn wharton's analysis. penn wharton says this will cost $4 trillion. that concern you? >> absolutely. it should concern everybody. reporter: charles, it is really important to drive this point home. while the programs in the package two years, three years, four years, five years, the cost
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of the package is counting on a full 10-year account of this extra tax revenue they say these pay fors are planning for. so taking a full decade of new tax hikes to pay for some programs that in the analysis are only lasting two, three, four, five years and then eventually sunset and expire. charles? charles: same sleight of hand been used over and over again. good news, hillary, a lot of people are getting hip to it. people like senator manchin are pushing back. thank you so much. joining me now republican congresswoman ashley hinson of iowa. congresswoman hinson. jct, biden administration is tinkering around with the plan. we get the tax numbers. hillary brought up great points. there are all kinds of ways, schemes, if you will to game the system, game the graders if you will. when you start to hear $4 trillion something pitched to the american public as 1.5 trillion what do you think? >> i just think this is more budget gimmicks, charles. that is not what the american
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people deserve. the american taxpayers are the ones paying for all of these plans. they don't cost zero dollars. to say that is frankly disrespectful and dishonest. that is what we've seen through the entire process with this social spending plan. democrats have blinders on and all they are focused on how many trillions of dollars they want to spend. as hillary mentioned, it is really how they're tinkering with the plan to change the life of these programs. in essence we'll have to borrow money we don't have to pay for priorities that americans sent a signal they clearly don't want. charles: inflation is big problem in the country yet the white house wants to pour more free money. that would normally buy votes. normally, people say free money for all, they line up, the american public is getting wise to it. they gone into the store with extra money but coming out with
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fewer products. talk to husband how it hurts your constituents. >> this affects kitchen table conversations iowa families have. they're putting more money into the vehicles to get to work. putting more money into the cart every time they grow to the grocery store. i drive a minivan. i'm a per ounce shopper. i see the bottom line changes in my district in iowa. american people are wising up to that. supply chain issues on top of it, charles. that is what we should focus on fixing our supply chain. a business in my district i visited four weeks ago, they paid $4,000 for a shipping container a year ago. a month ago, it is $29,500 that gets passed on to the consumer. that is what americans and iowans are wising up to. charles: as a player in the domestic energy production, president biden, not ashamed at all asking opec and russia to pump more oil and here is the irony, they gave him a flat no. told him to go pound sand again
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today. we'll at least for mother month month -- another month deal with these prices when we can come to the rescue. how nutty is that? when people say we got it under our feet why can't we woman to our own rescue? >> we need to be energy independent. iowa feeds an fuels the world. we are ready to stand by to prepare clean fuel for our vehicles. i use e85 in my car. this is a way to decrease overall dependence on foreign oil and showcasing our domestic production. it is very clear with this administration's failures on every front they have taken this country in the wrong direction and americans are paying more because of it. charles: the good news, representative hinson, they will bring back the s.a.l.t. deduction for rich people in new york and new jersey. >> more giveaways, right? so backwards, drives me crazy. they talk about their whole argument let's make the rich pay their fair share, they're giving
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the very same people in their backyards those tax breaks. it is completely disingenuous. these are more budget gym micks. we need to start to respecting tax payers to come back to zero. bare transparency should be the bare minimum talking about these packages. charles: i agree 1000%. there is too much at stake. congresswoman hinson, thank you very much. >> thank you, charles. charles: easy to admit it when you're right but wrong especially when it comes to the stock market. nancy tengler liked zillow. it is getting stomped. she is moving on. she has an important lesson to move on. listen to that. wall street wants you to be happy with small gains while they rake in big cash. i'm here to help you level the playing field. get ready for an important spending lesson next. ♪. that was quick. and rewarding. i earn 3% cash back at drugstores
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♪. charles: one of the greatest hurdles to being successful in the market long-term dealing with two things, folks, pride and ego. that is when you refuse to admit that you were wrong and instead hold a stock where the investing proposition is completely broken. the stock is getting hammered. while plugs individual investors i think it is a lot worse for professionals, professionals handling your money. not my next guest. i want to share part of a email i got from nancy tengler yesterday. charles, i'm clearly not always right. what is a disaster with z with management. i do think it's a teaching moment, about being mostly right and opportunity costs considering when to cut and run. we did with z. i love it. why nancy is one of my favorite guests. she joins us now. why did you close out the stock, nancy? >> thanks, charles.
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i think management has a credibility problem. we didn't like the buying business but liked ecosystem they were going to build around it but not only were they wrong, they were wrong on every level. they didn't have the wherewithal to demonstrate any kind of self-examination. so when you got a management team that is just leaning on brand, let's not forget that xerox had great brand, polaroid had great brand, eastman kodak had great brand and argue even ibm. these companies did not positive have the when they had to pivot. brand doesn't always get you where you need to go. you need smart, vision nair bring management. this one fell down pretty hard and we exited it. neil: what h. charles: what do you say to clients? i know what things, individual investors hate taking loss. would put a a stock on the shelf. when they have at lot of cash they're champing at the bit to
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do something. what do you tell them? >> you have to consider the opportunity costs. in the case of zillow there is no dividend. you're not getting paid to wait. i think eventually they will this thing around but meantime there are much better places to be. i will point out quickly, charles, when i wrote my book i found an interview that i made 10 years prior recommending five stocks. that 10-year period, 2008, 2009, only two stocks outperformed the market. but the total portfolio outperformed the market 150 percentage points on cumulative basis. you really do, you want to be focused overweight the companies you have the highest conviction in. we didn't own very much of zillow. it was a very small position for us but we don't want to to leave it there and do nothing. even though a bit of after bounce today, i think -- charles: i think you made the right move without a doubt.
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sending a letter is so thoughtful. very few guests do that. my goal on the show to help the individual investor. i saw there is collapse of people passing the charter financial analyst exam. i find that to be curious, people are the in market now. what is happening with the industry right now? >> it is funny. two of my team members are taking the test right now and there was a mandatory covid deferral and so for a year, if you had been studying you had to start restudying and then take the test and so that just started again in the summer and, the test also went from paper to computer. i think for some learners that is a hard method. but in the industry overall i think you have a younger cohort of investors who have only been investing while interest rates are going down and bonds up and stocks have been going up. so they haven't sort of been tried and tested in the real world of the market and getting
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cfa is important but it doesn't, it doesn't give you that experience. charles: right. >> i don't have anymore insight than that. charles: i thought it was interesting, for a long time, the pass rate in america have been drifting anyway. versus some other places. got less than a minute to go. your feelings about this market the day after the fed meeting? >> yeah. so i mean i think we're still in rally mode. we don't have any of the conditions in place for a bear market pullback. we got zero fed funds rate, negative real rates. the market is two standard deviations above its normal trend and it is up about 18% from the market bottom in 2009. but we don't have euphoria. we don't have a fed that is reacting to inflation. charles: right. >> and so many of the things that we would normally see are not going to be there to put a brakes on the market. you want to watch the rotations and go in, i still love
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technology. i think ha is sustainable narrative and i think it will continue. charles: hashtag ride the wave. i got you. nancy, thank you very much, really, really appreciate you. >> thank you. charles: don't look now, it is short squeeze season again and pickings are pretty easy. short squeeze have been monster money makers. avis and bed, bath & beyond. look at this sporting goods. it should not be central peach for investing, traders looking to make a lot of money in a short period of time. it is a very attractive prop pigs. it is better than high-risk option strategies out there that really turned the market into a casino. options with strike prices way out of money, expiring tomorrow. they can be gangbusters when they work. one thing you got to remember, you own a contract, not an asset. that contract has a lifespan sometimes like a may fly. there lots of ways to find short
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squeeze candidates. some people look at volume. some people look at the charts. some people look at a whole lot of things. also macro indicators like seasonal trends. here is what i like to do. i apply my usual fundamental approach to it. in other words i like short squeeze ideas that i would be intrigued by the companies even if they weren't heavy bets against the stock. understand the business, obviously that is number one. industry trends, revenue, earnings trends. that is important as well. not all these metrics, not everything on the fundamental checklist will say screaming buy. otherwise these stocks wouldn't have large short interest to begin with but companies that have executed in the past, showing signs of current fundamental improvement, strong future strides, they could be and should be at the top of your loose. i rated some of the biggest short positions out there from one to five, one the most attractive, five being the least attractive. not any advice to buy or sell anything. i'm hopefully it will be a tool to help you make decisions. obviously these are still highly speculative but a method i think
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to help mitigate a lot of the guessing games that otherwise would be more or less turning the market to a roll of the dice. some of the names on the board. not advice to buy or sell but hopefully i think you guys will be able to make the right decisions. these five by the way are either my subscribers are long them or right now at the top of my potential buy list. check them out. short squeezes, just one of the items we'll be talking about next week. the new investor revolution. neil: we're taking over. i can't wait. november 9th, 2:00 p.m. eastern time. email your questions at investedinyou@fox.com. meanwhile wall street at least they keep saying that the 60/40 portfolio is the best way to go. there is now some pushback. i have an amazing guest that will talk about that. also avoid the hype on ipos. mark tepper in studio next.
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♪. charles: so folks who have been in this market for a long time where you got professional financial managers you know about the 60/40 portfolio but there is a debate heating up whether it is really the best way to be in this market. let's face it. a lot of things have changed including how we age. we generally are aging longer. we certainly have a lot more money, and need a lot more money in our golden age, some people like to ski when they're 75 years old. we have strategic wealth partners mark tepper. you strike me as the guy that won't go gently into that good night and you don't own a lot of bonds. what is wrong with the 60/40 portfolio? >> it is outdaded, charles. if you think over last 30 years, bonds are additive with interest rates high and bonds have been a
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good steady performer. we're in an environment where interest rates go up the next decade which will hurt bond performance. that 40% junk you would allocate to bonds issue you will really not make that much money on that. charles: right. >> i would suggest scaling back on outdated strategy, hold enough to get you from the peak after market through the trough, back to the prior peak which in that last situation was only six months. charles: right. and so another thing that's hot now, at least over the last couple years are ipos. >> yeah. charles: we're going into another big range. big ones are coming out. all berg's yesterday, nerd wallet today. you've been cautioning folks on these too. >> as far as ipos go, first things first, for retail investors the way people make money on ipo, you get in at the ipo price with allocation. that is tough for a retail investor. they're already starting off behind the eight ball. next thing, charles, i'm cheap,
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dude. i don't want to overpay for anything. charles: right. >> if i know i can't always outsmart the next investor i have to try to figure out how to have an advantage. so my advantage to pay less than that other investor. so with ipos they're typically hot. there is a lot of hype and they're just a little too pricey for me. once i see results over the course of two or three quarters, that is when i get interested. charles: i'm the same way. i like to see the execution. i want to see the first earnings report, the second earnings report. i love after being cheerleaders. to your point though, don't chase them but what people always is me, i have mark tepper coming up get the underthe radar ideas. give me at least two, mark. >> broadly, labor shortage, labor shortage, labor shortage, what you're hearing from everyone these days. we know the answer, low pay, less skilled jobs will be eliminated and automated.
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i have two for you. par, tar technology. it's a restaurant play. pos systems for restaurant business. key of course at mcdonald's we've seen pictures of. think the little ipads you order from at newark and the united terminal. that's one. the second one is cantaloupe. ticker ctlp. they're doing unattended retail markets and kiosks. i was at newark a couple weeks ago. i walked into a little market. swiped my credit card to get in. grabbed whatever i wanted, just walked out. i asked the attendant, how do you know what i bought? she points to the cameras on the ceiling. that is the kind of technology that we're going to see happen over the course of next few years that will be a big huge theme, automation. charles: that is really phenomenal. when i was a kid in harlem we used to call that the five-finger discount. a little different but i love the ideas. par and ctlp. great to see you in studio. >> appreciate it, bud.
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charles: we'll find out tomorrow how many americans have gone back to work. why it comes down to how of people have in the bank. i will explain. i will connect the dots for you. less than a week since facebook has gone meta. the met tavares getting very crowded and i'm gets excited. can't wait for new ideas as well. we'll be right back. ♪ e
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charles: all right. big one is out tomorrow. i'm talking the bureau of labor statistics jobs report. i'm looking 450,000. here is the rub. the street has been off by a mile. september they only missed by 503,000, better than august. what can we expect tomorrow? nela richardson, and alicia levine. ladies i have the perfect chart i think will predict tomorrow, i think it will be a huge beat. the u.s. savings rate has come down dramatically in the last month. i think people have no choice now. they have spent all the money. they have to go back to work. nela, are you buying my theses
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here? >> i think there is something to it. great to be with you. personal incomes went down in the third quarter so that is an important driver but i really think we'll see a rebound in job gains because of the control of the delta variant. that variant took a bite out of august and september jobs reports. remember as cases started ticking up in mid-july. charles: right. >> i think now that virus is coming more under control you will see a ramp up in hiring, which had been stalled in the previous two months. charles: alicia i want your thoughts on that but i think we have a serious dilemma. that underscored in a lot of data especially yesterday, im service report. supply chain, inflation is soaring. employment is relatively flat. is this the personification staffing nation? >> great to see you again, charles. it is smelling like stagflation, we don't think this will be in the same place six to nine
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months from now. that is what will concern the market. i agree with nela, the service jobs will start coming back. listening to the hotels and airlines, traffic is picking up and people are traveling again. we're down 1.7 million travel and leisure jobs than we had in february 2020. we're going to start seeing those come back. as you pointed out people have to start paying ren rent again. there is incentive to get back in the labor force on the margin. we've been wrong last couple months. huge misses on the top line. we think we're getting to that place you will get a beat number. as to the stagflation the question you have to ask yourself do you have the same month over month increase in inflation in april, may and june that we've had in the past few months and i think the answer is no. we're starting to see supply chains loosen up. charles: okay. >> nike is making sneakers. puma is making sneakers. we're hearing better reports going forward. charles: so, nela, i always go
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through adp's report. i think it is great work and i'm still, the thing that stood out to me is the same thing that stood out to me before, small, particularly very small businesses, they're not hiring, right? the large businesses are doing the overall bulk of it. this is skewed the way it is normally is. you didn't seem as concerned the last time you're on but have you kind of reconsidered what is happening with small businesses in an environment where workers at deere turned down 8500-dollar bonuses, 10% raises, a 30% raise over five years? how can mom and pa deal in an environment like this. >> that is exactly what we're seeing show up in the data, charles. the number one issue when we ask small firms in our adp quarterly small business survey for the third quarter, the number one issue was hiring challenges. it wasn't, it wasn't cash flow. it wasn't financing, it wasn't interest rates. it was hiring. and so it is hard to compete in this talent market. it's a peculiar market, charles.
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five million people are sidelined still by the pandemic. charles: right. >> the number of long term unemployed are actually higher than pre-pandemic yet there are still challenges finding workers. it is not just about the number of people. it is the skills, the talent needed and so there is a real struggle for small firms to add headcount even though they want to. charles: sure. alicia, let me get a number for tomorrow, just a guesstimate because i'm sure you must model these kind of things, more importantly what the market is looking for? what does the market want to see? a good number? i'm predicting a bang up number, maybe 50% better than what the street is looking for but will good news be good news? >> good news will be good news. because the market has already done the work for us, right? so the market is expecting higher inflation, already priced in two hikes by july. stocks are fine. so, the markets already priced in. the disappointment will simply be that the fed stays longer and
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more dovish. rates will be fine. the market will be fine. charles: all right. >> we're at 650. we get a great number. charles: great, great. so nice to go into the jobs report and all of us can root for a good number. thank you both very much, two very brilliant women. believe it or not folks, it is not too soon to start talking about christmas. i'm honored to share my holiday traditions in a brand new book, "all-american christmas" by rachelle and sean duffy. fox news books.com and wherever books are sold, preorder it. absolutely amazing. great stories there. another great story is the metaverse. it is looking like the old gold rush. i have to be honest my wallet will be there before because fortunes will be made and i have a few ideas for you next. ♪.
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(naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different. charles: don't you dig that? i do. so move over, facebook, or should i say meta, because days after the company announced they are rebranding and of course expanding into the metaverse, they've got company, microsoft unveiled their plans for a collaboration platform, for virtual experiences, also, a direct competitor to meta and so
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the metaverse is it getting too crowded or are we getting new opportunities i want to bring in keith fitzgerald so the microsoft plan sounds pretty familiar to what facebook announced and nvidia is now emerging as a top metaverse play that stocks up a lot today what are your thoughts? >> i tell you what the universe , pardon the pun, is just getting started here. i'd rather go with microsoft and nvidia in fact i've got my money in both those companies facebook is under a lot of pressure but the thing is charles this is so cool. the amount of data getting used in ways we haven't begun to think about, companies like that are going to blossom. we're going to be doing things in five years that aren't even beyond imagination today. charles: i did, i'll admit, my granddaughter she's nine, for her ninth birthday i did buy her the vr goggles so listen. i think our kids if they aren't in it, then they probably miss out on all of the great stuff coming up in the meantime, growth acting great again.
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so weird having value growth debate. i do it because sometimes it's in the news but i'm a growth guy myself and you are as well. what do you make of how its moved into another high gear? >> well, again, you know, you've gotta go with the winners people ask me about that all the time and i put it to them this way. does it make sense to stop your horse if you're winning the race and switch to the one that's losing? the answer is no. the world is going forward technology as a metaverse has proved is going to be what really shifts the ball, so you want to be with that as far as i'm concerned. if you're not interested in winning don't even bother going to the race. charles: #don't look for stock winners at the blue factory is essentially what you're telling me? >> exactly the best companies never go out of style, continue to set the pace, nvidia is a great example, people have to move huge amounts of data and then a company like fastly comes on which i don't own yet put whole idea is you have to move huge amounts of information quickly and everything from mu
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medicine, virtual operations, transaction, shopify is another good one that comes into play so there's a lot happening and this opens up a new horizon. charles: earnings season has been gangbusters everyone everyone is looking at uber after the close. anything that's reported this quarter, so far, that you said okay, i want to now add to my portfolio? >> you know, it's interesting because we've been ahead of this game for quite sometime but there's a bad earnings report that makes me want to go after a stock. zillow just got pounded because it got off its base and away from core competency so if in fact shedding its instant buy portfolio in the workforce puts it back on track that company will rise again and not coincidentally come into the metaverse. charles: oh, yeah, you know, it is an amazing story i think everyone should look deeply into it. well, i took a lot of notes we're going to watch you my man because you're really one of my best guests in all of this stuff and i'm putting my wallet in the
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metaverse, and i hope i never have to go in there myself we'll talk to you again real soon. >> me too. charles: its been an interesting one hour right here. markets mostly sideways but have you seen the nasdaq? where all of these growth names particularly the big tech names they are absolutely on fire, conversely though, the russel keeps having these hiccups and liz claman, the russel was breaking out two days ago and here we are stalled again. liz: i know, i know, but i mean, it's still the best performer year-over-year of the majors, so long term investors you're in if you've done well there. charles no fed day hangover for the markets? as the s&p and the nasdaq aim for six straight day of record highs, the feds taper plans plus rates still at zero good news for tech and growth stocks, not so for financials. they are keeping the dow in negative territory, the dow los ing 151 points, but lingering effects of the coronavirus

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