tv Making Money With Charles Payne FOX Business November 10, 2021 2:00pm-3:00pm EST
♪. neil: taking a look at rivian right now, the electric carmaker, under 100 bucks a share right now. launched a little bit north prit 72 to 74. having a bumpy day, crazy day, here is charles payne. charles: thank you, neil. hello, i'm charles payne. this is "making money." breaking news, you don't have to tell everybody on main street that the nation is in insidious inflation crisis. the market for the most part ignoring the news. the white house keeps telling everyone there is nothing they can do about it. meanwhile wage gains are being wiped out, folks. will this put brakes on economic revival? battle since the biggest ipo facebook. some say it could be a tesla
killer. being a soviet trained banker wasn't bad enough, wait until you hear what president biden's comptroller pick says about bankrupting smaller american oil companies. hint, she is for it. new investor revolution just getting started. i'm answering a lot more of your questions. all that and so much more on "making money." note. charles: so it has been a tense session, not any sense of panic despite really another shocking read on inflation and it feels like folks are more afraid of missing out than getting wiped out. so of course i get it. that approach has worked like a charm since march of 2009. will it continue? joining me market watchers gary kaltbaum along with michelle schneider. let me get your thoughts on today's action, starting with you, gary? >> the nasdaq was up 13% over the last 20 days. the semiconductors are up 20% over the last 20 trading days.
pullbacks are normal, but i have a to tell you, you're getting good cueses for it. that was one ugly inflation print today. now you have to very much continue to watch the 10-year yield which has spiked up today. if it really gets going to the upside that could affect markets because the one big thing that could be out there is if the jay powell can no longer control yields and they really start to back up that affects the economy, that already has an inflationary spike and that will affect the market valuation also. so the bond market yields are on notice right now, i have to repeat that was one ugly inflation number that came out. charles: we got you. always amazing to me, michelle, when the numbers come out it is news on wall street and everyone at home is saying i could have told you that. if you went to the supermarket with me last week i could have told you all this. >> exactly.
charles: gary, s&p was up 11 days. obviously these sort of sessions were due. it has been tight. we're short of going down but not necessarily in freefall. what do you make of the overall resolve of the market? >> well, right now, we're holding short-term support. so as long as we don't get any kind of free fall from here we could see buying coming back in. i want to pick up the point about the rates, the fed fund rates, the short-term rates, the gap between that and the cpi numbers, we're at the widest that they have ever been, even beyond the 1970's. that is why you have to watch the long bonds so carefully, particularly how the long bonds perform against the spy. we already know they have been underperforming against the high yield debt which of course is a risk off situation. but right now they're on par. what gary said, what the fed does from here is so key in terms of how aggressive they become or not.
so far what we're seeing is the dovish activity, it helped. unless are is some kind of a sea change, this could be a just a healthy correction after a very big rise with no real correction up until today. >> we know that of course there is a big push against any kind of a sea change. you both know i love all the exciting things happening in this world particularly in this country in finance and technology. i think we're creating amazing individual opportunities, perhaps once in a generation opportunity but with these new companies that are unproven it is always feast or famine. i want to give you an example. last nighters came out for a bunch of companies, gary. as an investor, you play some of these names, how do you get in names up 25% today and avoid the ones down 25%? >> close your eyes, hold your nose and pray. charles: [laughter] >> look, earnings, i call it
earnings roulette. you really don't know. you have to find the companies basically you can depend on quarter after quarter and unfortunately there has been a lot of ipos in the last two years of companies with great sales growth but continue to lose a lot of money and you never know when they will come after them. you have to be very, very careful during earning season. it is all about dependability, find the companies every quarter, big earnings growth, sales growth, good reaction. pretty much know what they are. you talk about them all the time. by the way you mentioned the individual investor, i had to mention to you, charles, another tour de force town hall. you're definitely man behind good americans doing well for themselves. charles: thank you so much. you're very considers sy man to say that as usual -- classy man. michelle, let me pick up on that, not the classy part. >> i agree though. charles: the ipo, part, right? we had the electric vehicle
maker rivian. started trading today. absolute beast, the biggest ipo since facebook. would you be a buyer of something like that? would you chase that out of the gate? >> i never do that because there are always opportunities. this fear of missing out thing is not something weeing a describe here. we look at price history. is rivian sexy? absolutely. is is it backed by ford and amazon? absolutely. nothing is immune to market correction. it is up high and selling off. give it a few days. we have concerns like we would with any ev company. they will get a boost from infrastructure package with charging stations. we still have a chip shortage. can they deliver the preorders? to me i would wait. charles: i would wait as well. gary, michelle. two of the best. glad we started off with you. great information.
we're still nowhere near levels where many have predicted we would be months ago. my next guest advisor group's phil blancato is with us. phil, help me understand what is happening with the bond market because i don't. 10-year bond yields are spiking down. we're down a lot on those yields. yield curve is steepening. rates may be the lowest in the world. what exactly is the bond market trying to tell us? >> it is unbelievable to me we're still stuck in this 1.40 to 1.50 range considering the fed announced to their credit, they have been tell graphic it is coming, announcing a tapering, slowing down, yet it hasn't moved the needle. this my research what i'm finding, foreign demand is soaking up whatever the federal government is not boeing to buy. you look at the math, it is quite simple. $10 trillion of negative yielding debt around the world. with countries flush with cash when they're recovering.
they're looking for a home for the money and they're finding the u.s. market the place to be. not so much the fed but -- foreign have cranked up. that is holding lid on it for now. it is temporary -- charles: is the bond market also signaling a slower economy next year? >> it is because in the end this euphoric moment is where i back jerome powell has consequences to it are unusual and different meaning the supply chain should work itself out. some of the stuff is permanent but in the end if you look at projections for 2022, even more so to 23 we go back to normal. looking at gdp growth in the first quarter 6% and two by end of next year. ha is why the bond market is not moving higher but the fed funds rate will get to two 1/2% by 2025, 2026, it has to in a normal environment. charles: right. >> inevitably we'll get there but us why the path higher will be much slower and easier. that is exactly what the fed
wanted. i think for now -- charles: that is what the market wants too. a more pedestrian move over two to three years i think anyone can deal with that. i want to switched to fed but deal, federal reserve released 67 page report on risk. covid-19 variants. china twice, one on economic side, one on the military side. nowhere in the report, 67 pages did not mention a risk from the federal reserve. where would you risk that to risk in the market? >> number one. and delta. we forgot what ben bernanke got wrong and we remember what jerome powell got wrong. december 2018 when market got crushed last couple days of the year by a miscue by jerome powell. if they get this wrong, they miss this, they will have a very volatile situation where five, 10, even 20% selloff would not surprise me but the way they
have gone down is that they have learned from their mistakes. they're going to telegraph it. the only thing that can really hurt them, if inflation runs much hotter, much higher than expected. these numbers to gary's point were unbelievably high. forget year-over-year. month over month is mind blowing to me, 30 year highs. assuming they're right, some of this is temporary, they don't make a mistake we'll be okay but if they're wrong it is the number one risk to the market far and away. charles: thank you very much, phil blank caught toe. we'll talk to you soon. president biden seems confounded with the supply chain. key players filed a lawsuit, one of the issues are the vaccine mandates. they say it is making it worse. the administration war on fossil fuels is relentless. the president's nominee for top bank cop is threatening to bankrupt the entire industry in order to tackle climate change. peter morici, deneen borelli, they're both weighing in in on
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since the fall of 2019. yesterday the nfib saw lower optimism while uncertainty index popped seven points. what does it all mean for the economy and market? i want to bring in lily gill valetta. you came from a ceo breakfast this morning. i imagine there were a lot of topics to cover? >> that is exactly right. the supply chain came up. this was hosted by the women's forum of new york, looking for diversity on boards but ultimately about driving results. what is the current climate and what consumers expect and we're seeing a lot of pressures with the supply chain and labor shortages. that wraps into who is making decisions at c-suite. charles: the ceo poll imreferencing predicted persistent issues and supply chain and inflation. they also mentioned higher taxes. they also talked about other things that ultimately will make the consumer tamp down. the consumer will say you know what? i don't want it.
i might have have wanted a new bicycle three months ago. they are worried about government spending s that interesting to you, that consumer says if too much money comes into the economy i will hold off? >> that is fascinating. the things we read about in economic papers and dynamics of microeconomics, everyday people are watching them unfold because it will be more expensive to have the items that i need to get them to my home on time, that i may not want them as much anymore and hold up on spending. as you and i know, consumer spending, ceo index, optimism all ties into a healthy economy or not. we're seeing how interconnected we are with all the factors. charles: what is interesting, as much as we talk about inflation deflation can be just as insidious, even worse, right? in a sense when people start waiting for prices to come down and then they campus down and then they say i will wait for it to come down some more. that is what the 1930s were all about. we want to catch this balancing
act. what has to happen in the near term? what is the cerios suggesting they would like to see near term to alleviate some of the pain? >> we see those companies that can afford it like walmart, costcos of the world taking matters in their own hands. in container business, chartering vessels so you didn't disappoint on the demand you have now. the christmas tree maybe out of stock. if you don't fill that demand people may lose hope for wanting to buy what they want. charles: right. >> just give up on searching and even spending what they had in their mind as a plan. charles: what does that do for small businesses though who can't afford a cargo ship? >> this is devastating for small businesses and i'm so glad you're pointing to the nifb number because that is the voice of small businesses. we create 2/3 of new jobs in america. that is a lever to economic well being and if small businesses feel like they cannot afford to produce what they want to produce, prices going to go up, people will not buy, therefore
consumer spending, all of that economic whirlwind will go down. charles: source of all these new jobs. less than a minute to go, speaking of the nfib, they filed a lawsuit against the biden administration. them and national retail federation. supply chain workers, container ships, you got truckers, all the important components all complaining about the vaccine mandate. my prediction it will never become official. i think there is too much pressure on it but i would like to see the administration say we'll not going to have it. if they would pull that back that would help. >> the administration needs to refocus on consumer matters and those consumer matters have to do with what can i do so we have fixes to the labor shortage, to the truck shortage, and instead of debating efficiency or effectiveness of vaccines, let's go back to influencing the policies that are going to incentivise businesses to create more jobs. charles: right. >> and put more goods out into the market.
we have to refocus where the policies are heading. charles: the pressure is there. they look at the polls. maybe someone, they have to learn this the hard way, they're learning it the hard way, but i don't think we, the american public, small businesses can afford for them to have too long of a learning curve. >> exactly right. charles: been far too long. see you soon, lily. >> thank you, charles. charles: inflation is spiking. folks around the country have had enough, believe it or not even some politicians. deneen borelli with her take how it might hurt biden's social spending bill. the right to assess risk the way they want to do it. they resent wall street putting them into a box. i will explain how i learned about this the hard way a few years ago. i will explain at 2:35. don't go away. ♪.
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charles: we know now inflation spiked the most it has in 30 years driven by gasoline, shelter, food, used cars of course. consumer expectations for one to three-year inflation rocketed to higher record levels. joining me university of maryland economist, peter morici. peter, everyone asks me the same question, how do we make it stop so i'm asking you? >> we have to stop printing so much money. the government can't constantly pass legislation that increases the deficit. demand is outstripping supply and the kind of legislation that is going through is going to exacerbate that. the supply chains are not coming back online as we knew them to be anytime soon. charles: china's ppi number came out overnight. it was amazing. it surged 13 1/2%. it is really interesting because if you juxtapose that to the price of goods in this country, most we import from china in our cpi number, you can see it is
pretty clear we're now importing inflation instead of the cheap plastic stuff we always got from china. at what point do we rethink how we destroyed our country, how we hollowed out the middle class, hollowed out the middle of our nation all to get cheap stuff from china we are not getting anymore? >> we have to start thinking about it now. the biden administration has a industrial proposal for four sectors. minerals, microprocessors for two others. we need it for 20 sectors. it doesn't pay for us in the long run to buy subsidized chinese goods. in the end they can't contain costs either. they have to import their materials from around the world. all we end up is a lot of unemployment, disaffected people who vote for welfare programs. it is not a positive, it is not a positive process. charles: the administration, the biden administrations war on fossil fuels is absolutely relentless. al gore suggesting we'll be
completely off colby 2030. saule omarova, biden's comptroller choice for the currency had this to say listen. >> i'm thinking about primarily the oil industry and coal and gas industry. a lot of smaller players in the industry are going to probably go bankrupt in short order, at least we want them to go bankrupt if we want to tackle climate change, right? charles: so we're going to tackle climate change and we want american businesses to go bankrupt. this is blowing my mind that anyone associated with our government would say something like that. >> it is absolutely absurd. right now if we go back about 10 years ago, the rate of return required on oil and gas development was eight to 10% and the same for alternative technologies. now it is 20% for oil and gas, 3 to 5% for windmills and solar panels and so forth. we are greatly distorting the allocation of capital. once more, look what is going on the street. they have raised the price of
oil, gasoline by making it scarcer, essentially discouraging production but we don't have the eclectic vehicles to buy. heck, general motors doesn't have one to sell in their showrooms right now because what they were selling was going on fire in people's garages. again the president wants to push us towards union, union-made cars. they will get a special bonus with their subsidies. well the union, the union producers cannot produce an electric car that is credible, that has range and so forth. taking away gasoline from people makes no sense if you don't give them and an alternative. all you do is lower their cost of living, destroy jobs, make people poorer and we saw what happened two weeks ago in the november election. the democrats basically have a suicide pact with the environmental community. charles: it is nuts, really is absolutely nuts. peter, thank you, a h always appreciate your sage knowledge there. joining me folks, fox news contributor deneen borelli.
deneen, when you hear someone who could become one of the most powerful figures in the economy, say we want to see, we want to see small open companies go bankrupt what runs through your mind? >> well the first thing that runs through my mind, charles, is that my head hurts. i am so tired of these democrats making decisions that are harming hard-working americans, harming our economy. it is not just her. joe biden doesn't like fossil fuels. john private jet kerry doesn't like fossil fuels as well. and what they're going to do, charles, is harm, hard-working americans. they want to punish the fossil fuel industry but that also means punishing americans, whether it is good paying jobs gone, higher energy prices, they are looking to harm americans. charles: so funny, john kerry is out there promoting this, the ability to track an individual's carbon footprint. i'm, al gore, right? one of them. i get them confused.
the iron, you know, these folks who take a private jet to pick up morning breakfast would have the nerve to say they want to track someone's carbon footprint. earlier today we had senator joe manchin. he posted a tweet. i want to share it with you. quote, by all the accounts the threat posed by record inflation to the american people is not transitory and instead getting worse from the grocery store to the gas pump, americans know the inflation tax is real and d.c. can no longer ignore the economic pain americans feel every day, end quote. deneen, a shot at president biden and progressives in his party on the social spending bill. he is telling them, don't push it anymore. you think he can hold out? >> well, we'll see if he holds out because this is the same joe manchin who was from west virginia which is a coal state. he allowed former president obama to basically decimate the coal industry. and again, good-paying jobs, cheap, reliable energy. but we'll see.
because like i said manchin is known to fold like a cheap chair, so we'll see what he does. charles: you know on this note though, i'm sure you've seen the polls for the president and now the vice president. how surprising are you that just the american public? seems like people really have gotten smart about the faustian idea, the faustian deals we entered into when they print up billions and billions and billions of dollars in so-called free money. people don't want it anymore. are you surprised? >> not surprised at all, charles, because americans are being harmed by the failed leadership of biden and harris. biden is at 38%. kamala is at 28% disapproval rating. americans have had enough with the massive growth of government, whether it is the vaccine, whether it is the vaccine mandates, the spending, the high taxes, the border crisis, which is in your backyard crisis because they're flying illegals all over the
country. so we had enough with this administration. charles: no, the free money part though, in going to the store, it is ironic, people have gotten a raise this year, but all being completely wiped out. deneen, thank you very much. want to alert you to the market, folks. we're at the lows of the session. we're building momentum to the downside. questions at our new investor revolution town hall, i had so many i didn't get a chance to hit them all. guess what? we'll try to finish more up next. we'll be right back. (judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right?
(judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. - there is a very small radical group in our society trying to browbeat and bully our fellow citizens into their control. why is this happening? what are they really trying to do? i share my findings in a brand new book, 'hope for this present crisis'. get your copy today and arm yourself against their misguided and destructive mission. - [narrator] in 'hope for this present crisis', doctor michael youssef presents a seven-part plan providing practical steps on how to be a godly influence in our society, and how to take a stand for our faith in a culture aggressively opposed to the truth. there is hope for this present crisis
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freedoms it is feeling more and more the paths we want to pursue are being blocked including the application of our own critical thinking and skepticism. reminds me of that song, signs, released by the five man electric band. in that consequential year of political music at least, 1971, part of the lyrics sign, sign, everywhere a sign blocking out the scenery, don't do this, don't do that, can't you read the signs. the biggest sign is vaccination mandates. anyone that even suggestions they need to think about it is dragged through the gauntlet of cancellation efforts. for stock investors needing to navigate the market on their own, there are efforts to put them back in line, which means hand over the cash to the system and stop asking questions. here is what i learned more than 30 years ago. in fact my first year as stockbroker, the right to judge and take risks should be there and nobody else's. i was there working late one
evening, busting my butt, working 100% commission, i have the woman on the phone that i have a stock the firm is promoting. i will go for it. i take the account information, i discovered only form of income was the social security checks. i informed her, this investment is too risk for you, wouldn't be right to take the order. believe me i needed order. it was 100% commission. next monday i walked in, the office manager called me. there was a complaint against me the woman from evening before. she was bitter i had the audacity what was appropriate risk for her. you know what with she was right. i should offered an opinion but not the right to buy that stock. up markets are risk-on, to me the greatest risk is not owning in any stocks at all. understand how we use that word risk. now let's get to some of your questions because the thing yesterday was fantastic. first a video question from steve in illinois. >> hey, charles.
my name is steve majors. i live in glendale heights, illinois. i am currently retired. i collect social security. i have no debt. i have about half a million dollars in an ira, various ira accounts. i'm married. about $170,000 of that is in cash accounts. my big question for you, is what should we do with that dormant cash? we recently purchased some coinbase and some aristocrat stocks but we still have that $170,000. so i would appreciate it if you could help me with that. thank you, bye. charles: i like that question. in fact because steve covered a lot of areas. first he has the barbell thing, right? he has coin on one hand which we know is a volatile stock. down a lot today, but i think it will be a grand slam over time and steadiness of a rest toe kratz. the companies hiked dividend pay out every single year for 25
years, so we know they're stable. take a peek every day or every other day, steve, stay fairly aggressive in the market. so many things are happening in the world. the market will reflect that and you want to own that. another video question from rob in new jersey. >> we've all seen technology stock prices move inverse to the yield on 10-year treasury bonds but companies like apple that have many billions of dollars of cash should not be beholden to yields for day-to-day profits or losses, right? and consumers are not likely to defer the purchase of a device based on a bond yield so what's the logic here? should individual investors be influenced by the moves which seem unrelated to company fundamentals? rob call len from new jersey. charles: i agree with you. multitude of reasons tech stocks are juggernauts over the last 20 years and not always because of
yields. the same factors weighing on bond yields could cause tech investors to be uneasy. to your point stay focused on underlying fundamentals. early on a yield spike may get some institutional money out there, but you're 100% correct you want to own those names. the good news, if they go down on a yield spike. that is a buying opportunity. here is a fun question from josh. quote, thank you for always being the voice of the little guy. we need a strong advocate like yourself. my question, would you be willing to offer a financial literacy course for all ages, specifically the youth? my answer is yes, it's a dream of mine. only seven states have personal finance education. that half a semester course on personal finance. we need to learn to invest earlier the better. so powerful to take control of your life. helps he voting for lawmakers and everything else more effectively. the next question from becky.
one a lot of parents are asking about. my husband and i are done well with investments. we're 59 and 62, our two kids are in college. i feel our strategies may not work for children? what advice do you have for the children, they will leave college debt-free with investments before they were born. start early, earn a lot. you have to get in the mix. read and read forever. it's a lot different in real life when you get in there. i agree things will be different. they already are. i would closely tether their investments to the fourth industrial revolution. i try to talk about it every day on this show. it will change how we live, how we work, how we play. anything that from your generation to my generation, even our grandparents generations could even dream of. by the way, i will also say this. few greater blessings than to send our kids through college debt-free. that is fantastic. before i let guys go. here is one real quick. why is the sec not doing anything yet to regulate market
manipulation since it is something already known worldwide? you know here's the thing, ed, there are several issues here. yesterday we had a fantastic sec lawyer, lisa, and they thinks the folks are advocating for small investors but actually making things work. we know the sec is always behind when it comes to the technology advantages used by the big boys. investing trend among retail investors they always are kind of behind on that. face it too, some cynics may say they don't want to offend the industry where they might see more lucrative employment in the future. we need some things for everyone to feel comfortable with the market. i invite everyone to read my daily commentary. go to wstreet.com. you will love it. it is free. i write it every single morning. one of the world's biggest cities is the first to announce they are joining the metaverse.
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charles: right on cue, folks. we talked about the inverse relationship between technology and bond yields, yields up tech getting hammered. let it come down, don't panic. don't panic. in fact i'm starting to salivate. it has been a couple weeks since facebook meantime officially became met at meta. check out the logo. almost every single day the biggest winners in the market come around metaverse news. nvidia skyrocketed, amd skyrocketed and roblox skyrocket the. investors listened to the
pundits, don't worry about it, it will be around a long time, don't look at it are in fact wrong. we have sylvia jablonski and emma raddenstad. headlines, why facebook's metaverse is dead on arrival. everyone wants to own the metaverse including facebook and microsoft. they're already picking winners and losers. you know the space better than anyone else. your thoughts? >> well, there won't be one company in the metaverse. facebook always wants to take a monopoly on this but won't be a one-man show as i said before. this will be built by many different companies. of course i think that you know, of course the big tech players will be the primary architects but there will be a lot of companies that will be involved in building the metaverse. charles: are all of them already known or do you think there even some names we haven't heard of
yet that could be in the pipeline? >> i think they're going to come up a whole lot of new ar or vr companies that will be part of building the metaverse. of course the primary architects will be the big tech companies. charles: okay. >> but we're going to see a lot of companies coming in building the metaverse. charles: i will come back to you on the ar story. first i want to stick with some of these headlines. check out the race to get into this mix, right? one, as nvidia pushes for leadership in the metaverse, samsung announces nextgen phones for metaverse. announce of purchase of peter jackson's "lord of the rings" studio to get into the metaverse. big time numbers we're talking about. how should we play this in our portfolio? >> great question. there are actually some pretty clear ways to play this. you might be surprised by some. you might know many of them.
met tax facebook, microsoft. n individual quo, qualcomm, we're talking about a world that connects virtual and video world. 3d. you need stocks. you have sandbox that are providing land to companies like atari, believe it or not they have a major facility in central land. they are pretty much like real estate owners here. that is a stock to watch. probably been off everyone's radar 20 or 30 years or so. shopify which will help essentially allow payments and i always keep an eye on nfts. i think nfts and the metaverse you leakily connected. >> okay. >> nfts for landowner ship, nfts for concert tickets. go to a museum in korea to show your identity. all of different ways. charles: speaking of korea, apparently seoul, seoul, korea creating their own metaverse.
you've been the pied piper of this thing particularly in europe. seems to me if there are a million different versions of it will be we be more connected or less connected? >> as we said -- leading the way showing how to build the metaverse but look with the internet different metaverse will be connected. we'll have so many different layers of the metaverse. we'll have the enterprise metaverse. we'll have the social metaverse. we'll have the gaming metaverse, experience metaverse. charles: won't be like apps on my tv. before i used to spend two hours going through 500 channels on cable. now i spend two hours going through all the apps. back to square one. am i going to spend two hours going through all the different versions of metaverses? >> no, no. you will have, you know, a lot of different opportunities that you can engage with other people this is not just an app. this is not just something that you're going to experience this is also a connection. charles: okay. >> so you will be able to childs
your own way of communication within the metaverse. charles: okay. all right. >> there is a million ways to engage. you will have a million people to engage with. charles: i apologize for my ignorance but i'm glad you're here to walk me here all of this. sill v. yaw, i apologize, i went too long on my prior segment. we'll bring you both back real soon. fantastic the big money is being made on this. i appreciate you informing our audience. we'll see you again soon. folks this market is starting to get hammered pretty good. the inflation number sort of a delayed impact. we're been up big, that is fine. we love it when weak hands are shaken out. there may be some good buying opportunities for you before the closing bell. we'll be right back. ♪. i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward.
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now this is something we want to see. don't wait. ask your healthcare provider about nuplazid. charles: this session has a proverbial snowball, one big item that is about out for a glass hour, remember the evergrande without that was behind us. china's second largest real estate developer has defaulted on their bonds. it's 6% down 84% year to date, and that 27 cents of september last year. the good news some is built-in there's no doubt some of this movement related to that as well. otherwise many people are
thinking this market has been to sing with. if you give all the things that are set up the short answer is that the lowest ever, the highest point to book and a long time highest price of sales in a long time. we have been critics of this market. not necessarily bears but critics have said were too sanguine. i want to bring in rob lewter. from time to time you say be on the lookout for this. operating margins can't get much higher. there are certain things in place that may be we are more vulnerable. what do you say right now. >> at the end of the day, long term i am very bullish on the market in the next two, three, four years. we get huge moves yesterday like the meta- verse names. from time to time you will get pulled back. the most important thing for new investors getting in this market, this is part of the
process. if you stick with the long-term names, good high-quality companies this is what you want, you want things like today where some of the great names are pulling back ten, 12, 13%, you don't want stock markets going up every day. i tell you having done this a long time we're not crashing anytime soon. look at some of the telecom companies, the staples, people are rotating and waiting i'm surprised this didn't happen earlier when we saw the hot inflation number. charles: is a delayed reaction. talking about the meta- verse last time you said by roadblocks, he made the viewers a lot of money it's a grand slam, are you holding you mentioned disney which is been weak, would you hold that to the close. >> i munroe box for long term. it's a secular shift, you need to be there when kids used to hang out in the mall now they hang out at roadblocks it's getting into the enterprise with
netflix. you have to stick with that long-term. i was kicking myself yesterday saying i should've known more. i'm looking ahead and i'll buy a little bit more on this pullback. i think other viewers should consider it. part of the meta- verse is great content who has great content other than disney there getting into this with nft's and they will be monetizing this. this will also benefit from the meta- verse. charles: a minute to go, we had the jobs report now the inflation data. what is the next event, news item that could catapult the market. >> i think the big thing everyone is keeping an eye on the ten year bond that will dictate everything that goes on until the end of this year, i don't know if it'll be single because we got our needs behind us, it'll be day today people watching what goes on that inflation number today was hot so we're gonna want to see what the tenure does if that creeps above 17 - 18. as a long-term investor you want to stick with technology and
understand that will get hit the hardest but that's okay if you have a year or two years like investors do. charles: let's be honest it's only taken a month or two months for growth to reassert itself this year. every time there's been a spike with a pullback every single time as a buying opportunity. thank you so much we appreciate your help and advice. things changed over the last 11 days. it does not look like will get a record-breaking 12 days in a row. liz: i love how you position risk on versus risk off. some of the biggest risk is when you do not by on a day where things are cheaper. charles: i agree. liz: you are the man. market sliding to session lows as we kick off the final hour of trade, the dow dropped to 310 points and still down to 68.