either today or tomorrow for the full year, but according to hfr, technology funds generated 3% gains on average in the year through november compared with the nasdaq which was up 26% over that same period, guys >> maybe more will meet their benchmarks in 2022, l.p., because last year was tough. let's get to the judge and the half all right, carl, thanks so much welcome to "the halftime report." front and center, how much is ahead for your money and which stocks are vulnerable? we'll debate that with of course, the investment committee and we'll continue our stock summit with more top picks and sectors. once again joining me for the hour, sarat sati, steve weiss and josh brown let me take you to the wall. i'll show you the nasdaq's getting a bit of a lift today and the 500-point sell-off and the first day since february

still very much on our minds and 4700, a little bit above is where the s&p is, and the ten-year note yield 174. the yield on the ten-year continues to creep higher. guys, it's good to see everybody. what a big day we're coming off of i was going to ask folks, what's on your mind after what happened in the market today, but it seems to me that your actions speaks louder than your words and our viewers will want to know about first and foremost, and let's do this one first you actually bought robinhood and it's a new position for you? >> i can't believe i did this. i still hate it. i still hate it, but everybody hates it too much. i'm not going to be in this long so i don't want anybody to follow me into it. i could be out as soon as today. judge, you know i'm more of an investor than a trader, but i've been watching this stock

falling. whose dog is that? it was -- we'll wait, rufus. >> i don't know whose dog that was. >> the stock was an 81% drawdown this morning it was selling at a valuation -- it was a $12 billion market cap. do you understand? this company was raising money pre-ipo in august of 2020 at $12 billion. so this was now selling below where some of the smartest money, et cetera, were investing. so it had just been completely wiped ut i was looking at things like relative strength, completely wiped out and then i saw there weren't a lot of sellers below 15, so i pulled the trigger early this morning and i'm already up a bunch on a short-term basis i don't think i'm going to stick with this one for long because i'm already long paypal and coinbase i don't want all three of them however, i do think the stock i

way too hated so we'll see what ends up happening there. >> so cathie wood is sort of in the epicenter of all of this selling that we've seen. the ark funds and the arkk, and the innovation fund has gotten absolutely annihilated in the last 48 hours. she's been out buying -- >> the drawdown in ark -- sorry. the drawdown in ark this morning was 48% which was a deeper drawdown than that etf experienced in march of 2020 like, this is worse than march of 2020 for that segment of the market to me, that's remarkable >> yeah. part of my point that i was going to make is she's been in there buying that one, too robinhood and some of the other names that have gotten absolutely destroyed and the ones that she believes in. i'm not finished with you, though, josh, because you bought more of matterport and paypal.

tell me about matterport and it goes on what cramer was saying this morning when "squawk on the street" came on the air and i'm paraphrasing, but this is pretty close. i think it's time to look. a lot of stocks have been cut in half, so i'm looking and apparently, so are you guys, josh >> matterport never belonged where it was trading at the highs, but i certainly don't think it should be down 35 and 40% with no change in fundamentals whatsoever. this was opportunistic i owned it around here and i hadn't taken profits in it higher because it's a long-term investment for me. i really believe in what they're building so that was easy. paypal was more interesting. this was a stock that just refused to go down anymore it was not going down in sympathy with the growth stocks yesterday, i had noticed and it

was the first on my sector to turn green if you go to last fall, it had found support at 179, 180. that happened again this week and it happened in the december sell-off, so for whatever reason the buyers had been coming in repeatedly at that 180 level and they did again this week, and i think it's just run out of people to sell it and i don't think anyone wants out i could be wrong, but i think that was a pretty low-risk buy at this price, as well >> so, you know, steve weiss, since we're talking about in some respects kacathie wood and the ark funds and 36 of 43 holdings and the arkk innovation fund, down 40% from the 52-week highs and 29 of 43 are down more than 50% josh mentioned robinhood he's like matterport and paypal for an awfully long time and he goes and buys more of those. your action tell a story as well

today. you were short the arkk earlier today along with the smh that's the chip etf and the qs, the nasdaq 100, but i see that you've now covered all of your shorts can you take me through the process of the trade itself? >> sure. so if you called last thursday and prior to that i said i got fully invested and to start easing up my exposure, cutting it back after the first of the year had been pretty consistent and given my view on where i thought rates were because my single largest position as i mentioned last week was being short bonds and so i was able to take my exposure down, but with that viewpoint with being my largest position and that rates are going to go higher then i had to adjust my portfolio i love the stocks they own and i

don't want to do a wholesale hatchet to do my exposure back down and it may be over for this moment or it may be over for this hour, but i don't know when it will close today. so my point is the market will continue to be under pressure and at that point with fed minutes coming out yesterday, i want to make sure that i was protecting the portfolio so i was able to get my exposure down to 30% net long with the very liquid etfs that you can trade. so i covered them this morning with the market, despite the fact, which is surprising, is tired of going down with the ten-year yield moving up and not small and the market's holding its own. so, look, tomorrow is another day and the thing about the employment number is absent an increase in wages and none of the consensus calling for that, i can't tell you what the market will respond when the numbers come out

if the jobs are great, well, is that because reporting the prior quarter and the prior month wasn't accurate and if the jobs are poor does that mean inflation is coming down, but here's what i can tell you about inflation and we were catching up on our market views and dave said let me tell you about inflation. i went to the supermarket and there were no chickens not only were there no chicken, there were no chicken pots unfortunately, the people that can least afford to tolerate the price increases. so i think the fed will be aggressive and the fed wants you out of risk assets and they made that clear guess what the fed always, always wins. it doesn't mean stocks won't go down 20% but it does mean you have to be very careful as to where you are and i still don't believe the cathie wood stocks are low enough because there will be continued pressure on it >> the pain is clear, brenda

yesterday alone the igv, software etf down 5% 18% now off of its 52-week high. the cloud etf and the cluu, down 24% off of its 52-week high and the semis down 3.5% yesterday and the smh down 4% from the high and those stocks were rallying of late before we had this upset in the last 24 hours and i mentioned innovation which was 45%. the most mega of mega-caps not spared, brenda, in the sell-off yesterday. alphabet, apple, microsoft down 2% 2.5% or so respectively. what's the right play today? is the on the sidelines because you think the stocks will go down or do what cramer is doing. he's looking or what josh and steve are doing, at least josh is buying. >> yeah. you have to look at tech in two

different cat goregories in thi environment and many of those fall into the ark category and then as you mentioned, scott, the large cap tech stocks so those two things are very different, but we have seen a small correction in some of the large-cap tech stocks. take microsoft, for example. i think it was down almost 6% this year to date period, but still at 50% for the one-year period so seeing a relatively minor correction that i think for the investors with a long-term time horizon and those looking to add more to some of these names and this is a bad spot for those that are putting money to work, this represents a decent opportunity to add more to those companies, but i would be loathed to recommend adding a lot to unprofitable tech companies because i think that is where the valuation gets trickier and we don't know exactly where things will ultimately shake out there it's hard to have a story to

support a floor in the valuation story in many cases. so i think it's a tale of two stories within tech, and i think for longer term investors who are looking to add a little bit to those larger cap tech names >> all right sarat, i want to know how nervous you are. alphabet in your book, down 4.5% down yesterday alone apple, if your book down 2.5%. microsoft, you own that, down 4% amazon down 2% yesterday meta, formerly known as facebook nvidia down 5.5% yesterday are you nervous? >> no, i'm not nervous i'm looking and on the side of cramer i'm watching here and i'm trying to see when i can get back into some of these mega-caps to brenda's point, they are cash flow rich companies that are growing. i'm not as worried about them as i am with tech stocks that are

selling in very high valuations and i'm also looking at other parts of the market through the sell-off yesterday and where we will be in the next couple of weeks and we have them coming front and center and there could be opportunities and i'm heavily placed in financials i have exposure there, health care so in a diversified portfolio it's hard to see large cap tech come down as much as they did especially in the facebooks and googles that i think are cheap at these prices. >> brenda, i know cramer from looking at his twitter feed and listening to him on our air is watching microsoft closely would love to see it hold up because it's been such a great winner and coming off what can only be described as stellar earnings in the most recent period you own microsoft, as well how critical do you see stocks like that holding up can't have the bottom fall out of microsoft or we won't be

where we are now >> yeah. and microsoft in particular. even through the last year where there were some bouts for tech, and it held uppen creddy well and it's a solid positioning with the market that they planned and certainly just ongoing shifting to the cloud, and you know, continued strength within their market. so i think -- and also having a let of -- it never hurts to have a recurring revenue story, right? it really provides a lot of visibility into the future and when you also combine that with bothin and credible financial health it's hard to move away from a stock like that from those who own it so i do think if microsoft were to have a significant correction that yes, i think it would be hard for the broader market because it would send a signal that there is a lot to be concerned about here, even for companies as strong as microsoft. so i do think we need that to

continue to move the market higher from this level >> i'll keep our eye on that i'm looking at the ten-year note yield. i can't take my eye off of it because it has such a level of importance now it is taking place because of this move in interest rates. we are pushing 174 a minute ago, let's bring in our senior economics reporter, steve liesman to join the conversation steve, there's so much to talk about, but these minutes from yesterday really give us a lot of insight into just how wrong the fed has been on inflation because it doesn't feel leak we like we're all that far away from thinking about talking at this point about raising rates and winding the balance sheet and having the fed in their minutes, steve, talk about the tax on inflation on consumers that can ill afford to pay

higher prices for their cost of living >> yeah. you know, it's interesting, scott because you can read it the way i think you're suggesting is the fed's behind its own curve, right think about the idea that here's a meeting in the middle of december where the fed is talking about strategies for reducing the balance sheet while it plans for that month and this on month and the next month to continue adding assets to its balance sheet. so it's a little bit, i guess absurd is the way to think about it and the fed knows what it needs to do, i think, and there seems to be general agreement that it needs to do that which is in order to combat the rules and it is still adding to the balance sheet and i asked powell just that last -- at the last press conference why you are doing this and he said well, because we want to give markets time to adjust because i don't know if you have that chart ready in the back, guy, with the s&p in the last runoff, but what it shows is it was not a

pleasant time. you guys remember this the fourth quarter of 2019 stocks took a bit of a beating when powell did actually go about reducing the balance sheet. there's the fed hike, not the right one, and you remember that, and he reversed back there you go there's the decline below the zero line there on stocks and also that's the negative line on the fed's balance sheet and it reversed course and that's 2017 to 2020 and the last runoff and not a good time for stocks and that's what powell was trying to avoid. >> look, morgan stanley is out, steve, with a note or at least some words around the fed and our friend carl quintanilla flagged this for us in five prior rate shocks they say the s&p typically moved down 5%. at the current time. it leads me to a bigger

question, steve, and how much the fed cares about the stock market, how much the fed should care about the stock market. i've certainly heard more on our air this week. the fed shouldn't take the stock market into any consideration whatsoever either rip the band-aid off and do what they do and how the market reacts is how the market reacts josh, i thought, made a great point many months ago on this program where he said the stock market has never, ever been more tied to the economy than it is today. the stock market is the economy. more people than ever probably own stocks or funds or what have you. so it matters maybe more than ever to the performance of the overall economy. do you have thoughts on that >> you can't say the fed shouldn't care about the stock market, on the one hand, and then say the stock market is more the economy, and there are

a couple of considerations where the fed has. the stock market and the stock market, they're the conduits they want you to make a preference for risk assets and steve weiss was talking about this before. i don't think the fed was taking it out of all risk assets, but in any event, reduce your preference for kwaunts tative tightening the other thing the fed cares about, obviously is systemic risk so the fed does not want to create a massive downgraft in the stock market that would gum up the financial markets and the working of the economy in that regard those are two major concerns the federal reserve has and very clearly has to have and i don't think there's a put at the number and the market would sell off a bit to create systemic risk i have one comment scott when i listened to your conversation

before you got to me i don't know how you have a meaningful sell-off when every member of the panel is just sitting there licking their chops and saying i'm willing to go in at the right price it was very interesting to hear how do you have a meaningful sell-off when everyone has cash waiting to come back in? >> it just depends where that money is going to be deployed, what kinds of stocks. >> sure -- >> people are willing to buy on the dip. that's the central question. even though you have some toe dippers like josh who you know, koufrped his trade if you want to use that word as just that, by saying look, i'll be out today and this isn't some long-term conviction deal with robinhood. i need to own this for the next five years and i may be out of this in the next five hours. that's the key question. >> i'm sorry >> nobody's out there selling their tesla or their yacht

because of the sell-off at this point. >> yeah. i'd like to bring josh in. i mentioned his name in the conversation about his view with the fed and the market and how tight it is to the economy and how investors in general should be thinking about how the fed's going to proceed in the month ahead and not wanting to, you know, crash the plane. josh >> household net worth is $141 trillion and a record, i think, 29% of that is stock market wealth so we're saying a third of household net worth is the stock market so this idea that the fed is not paying attention to the stock market or shouldn't or should treat it as a side effect is hilarious to me. the predominant mechanism according to steve is stocks and bond, that's true. the wealth effect used to be almost all housing prices. so if you really wanted to

produce a wealth effect then are you reduce housing prices. that's still true, but now the value of stocks and the value of bonds and portfolios at large is so much more important than that you think about cfos making spending decisions at a corporation, do you think that they don't know what valuation their stock price has or do you think that they are not thinking about their own wealth and the context of those decisions of course, they are, and that trickles down to every single person at a company who is being paid in equity the next generation of americans, the millennials are increasingly paid in equity and have 401(k) balances that are now booming and everybody is booking vacations and doing their christmas shopping and whatever all based on how rich they feel or how poor they feel. that is how we've engineered the economy. you don't have to like it, but that's what it is. it's not pensions anymore, it's stocks and stocks are bigger than ever. $38 trillion in stocks

so this is what it is. this is what the fed has to pay attention to the good news is they are. powell's formative moment as the fed chairman is the fourth quarter of 2018, and we saw how quickly was able to stop on a dime and completely reverse course from rate hikes to rate cuts and one of the biggest things that was right in their face was the s&p 500 violating the 200-day moving average and if you think that's not a major signal to the fed, then ask yourself, if not that what what exactly should they be looking at they know that that's where the rubber meets the road for middle class and upper class america and for a lot of spending decisions that affect the data later on >> steve, it just points to the delicate chance that powell and company have to do >> i completely agree with what josh said, and you know, nobody has command of those facts like he does. the only difference this time, josh, that i think is another

factor here is inflation and both of those times the fed had the luxury of being able to take it slow and really adjust policy because there warrant inflation in the system. this time there was a little bit of absolute demand by the fed to address the inflation problem and it's already done three things let's talk about that. it's been the taper and now the interest rate hikes and now it's talking about reducing the balance sheet. it's doing all of those things and josh, i do think the fed is ready to take some hits to the stock market because of the preference it created for equities through quantitative easing in the pandemic it has to take that away through interest rate hikes and to do so through the removal of quant stative easing >> i agree i agree. >> scott, can i jump in? >> yeah. >>. >> i 100% agree with that. >> hold on

i got you. >> we're not going to crash the stock market to solve inflation. nobody's expectation should be that the fed wants carnage in stocks to punish us for how well stocks have done and if that will help them hit their dual mandate. that's an absurd notion. in '18 they tried to raise rates at the same time they tried to shrink the balance sheet it was a disaster. they're not going to do it again. why would they do it again because it's a $9 trillion balance sheet and inflation is 7% so i'm not -- i think you might be right one of the things they're talking about and it's a best a nuance, they may stop raising rates that particular month or that particular quarter and there's talk of one supply than the other and that's the reason they do it there is a sense out there, josh, governor waller was

talking about this, was there a trillion to a trillion and a half that can come off the balance sheet in a painful way and that's equal to the amount in the repo. there's not enough time and interest to make sure it's true and the idea that there is a large bucket of money out there that the fed can roll off the balance sheet in a somewhat painless way is one of the things that the fed is considering. >> and let me also say, as steve weiss, i'm going it give you the floor. as soon who has been on this program before, a big money manager, i will just say says okay, listening to our conversation suggesting that being on, say the market gives up a lot of the gains over the last year for argument's sake if we're talking about the wealth effect the value of the home is still elevated to where it was it doesn't necessarily have a -- it doesn't wipe out all of the wealth effect that consumers

have been feeling. they'll still feel pretty good regardless in terms of what the wealth effect would mean and i want to make the point from someone who is listening intently to our conversation that there's a lot more in play than just the stock market so jay powell may feel as if he's not going to kill everything if the stock market gets hit because they need to rip the band-aid off steve weiss, the floor is yours. >> let me cut flew the hyperbole. nobody said that the fed wants to crush the stock market once it's crashed that's absolutely ridiculous and hilarious. there the story is there's a timing difference. investors have shown generally they take a long-term view aside from a small percentage of people that are in the market, they're not day traders and we've seen constantly, consistently they buy on dips. the stock market's long term and the fed has to deal with the short term and that short term

is runaway inflation which is hurting people more right now than if the market declined somewhat so the fed is going to raise rates. they're going try and walk that narrow line and you will see rates go up, period. they've got to take that balance sheet down from where it is right now, and steve points ought they're still continuing to add to it so, look, the fed, think, they look at the market and they look at the housing market and they look at thousands of things. they do. they're sensitive to it. what's the greater good, is the greater good for the families and the 70% that are invested in the market that are paying prices that are two or three times in some cases higher than what they were or lack of availability of goods because there's so much free money out there? that's their focus now, not on making sure that 30% stays there. giving the runs in the market

over the last number of years, i would think the fed is okay if the market comes down and they're not idiots and then it will go back up. >> i would suggest maybe more time than ever in history. the fed is concerned about both of those things not one or the other. it doesn't want the stock market to crash because of the am impat it would have on the broader economy, but it needs to deal with inflation and that puts jay powell and company into a tough spot, right? >> yeah. >> you're trying to land a plane. >> right >> there's a hell of a lot of turbulence and you have to get it on the ground and get it on the ground soon. you can't circle anymore they've been waiting for parts of the labor market to come into better view because inflation is not letting them do that and they have a delicate dance in trying to land the plane i appreciate the conversation and thanks for being here today. you have to make it quick.

>> very quick. if the fed wants to be successful at fighting inflation and tighten financial conditions and that means effects in the bond market and the stock market b both of those will have to play a role thank you. >> the stock summit is coming up next new ideas from sarat and brenda are coming back. o) up to 10 times the speed at zero extra cost. our 5g data is foreals unlimited no matter how much you use. (mary) did you just say foreals? (vo) sorry. let's put it to work with six premium entertainment subscriptions included! (mary) shhh, i'm in the lead. (vo) go on, watch all you want. (mary) i love this show. (vo) and because a better plan deserves a better phone... how about a new one on us? (mary) seriously? (vo) yep, it's our best plan ever. verizon is going ultra, so you can too.

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♪ ♪ good day, everybody. welcome back i'm tyler mathisen here is our cnbc news at this hour on the anniversary of january 6th, donald trump repeated his founded claim that the 2020 election was rigged against him. ron desantis is slamming trump opponents for politicizing the anniversary. >> you will see the d.c., new york media this is their christmas, january 6th, okay? they are going to take this and milk this for anything they could to try to be able to smear anyone, whoever supported donald trump. >> chicago public schools remain closed for a second day now. school officials and the teacher's union have failed to resolve their dispute over covid safety protocols and there is little for either side softening

their position b both the district and union have filed the state. covid cases have jumped to a record 9.5 million according to the world health organization. new infections doubled in the americas region, but only rose 7% in africa scott, back to you >> all right, ty that's tyler math son. it's time for the halftime 2022 stock summit it's time for brenda and sarat sarat, you're up first three pick, individual stock picks and a sector that you think will do the very best in 2022 what have you got for us >> well, let's start with uber uber is one of my top picks and this stock is mes understood they thought it was a very different company today and it was about mobility, delivery and somewhat freight and i think there was an analyst day come february 10th and this company can make their earnings, cash

flow and a completely different company than most people think it is and that's the first one the second one is morgan stanley. morgan stanley trades at 14 times earnings and it is the premiere financial services company with 60% of its now revenue coming from wealth management and that is increasing to 10% a year 3% yield, solid balance sheet and they'll buy back shares and it will be 14 closer to a market multiple and the last one is the parent of your company, comcast. cast trading at 14 times earnings, its charter trading at 14 times comcast is the penalty box they missed their subscriber editions for the last quarter, but if you look at the sum of the parts and you look at the cash flow of this business and the balance sheet and they can buy back shares and they have a 2% dividend yield and a zero to negative value with peacock and you look at universal and this company is worth a lot more. it's down more than 20% off its peak and those are the three

that we like and a great set up for them >> giving the home team a shout out. obviously trying to get on the halftime report more often i see when you're doing. i see what you're doing. >> financials -- >> financials is your sector not a big surprise >> financials is a sector. no i've been in financials for a while. you know that. given now the tailwinds that we have and given the valuation of these companies and given where we are in the cycle. you get some type of inflation and you get rates rising you get a curve that will be on your side. you will have multiple expansion and earnings growth and capital will come to this area especially as the fed releases the rate cheap stocks, cheap sector, unloved and you will see capital flow towards it. >> all right so j.p. morgan and bank of america today named top 2022

picks of goldman sachs goldman and wells top picks at credit suisse. in terms of the other picks that you make josh brown, you're an owner of uber it wasn't one of your picks, but what do you think about it being one of sarat's >> i wanted to ask ar sat, what do you think you can say at the analyst day that would materielly change people's view about this because i agree with you. going into the pandemic it was a ride share problem that had a little bit of delivery now delivery is more than half of revenue and might even become more profitable than ride share by the end of this year. so what do they have to do to make it clear to the street that this is about logistics and fast delivery and maybe you should be thought about more like amazon is than a taxi company with an app. what should they say >> absolutely right.

>> i think what they need to talk about is how they're a technology company that now is cash flow positive, that is growing top line, that when you look at their businesses, josh, they're in the top and they're either first or second in delivery, and they've gotten rid of all of the other businesses and they had a lot of people saying you're going to be in autonomous and all of this other stuff that was not making money and when you look at what is this company and what is the strategy of the company and when that is expressed to the street and you also had last year when you had tax loss selling and it was a company that if you lost money on it, get out of your portfolio and window dressing, i think that is something coming out in february that i feel management has been trying to do that and they've been articulate about it and we're not just this grow, grow, grow company and we're growing for the sake of making money and cash flow and look at how focused we are on the strategy >> sarat, good stuff >> we'll have top ideas in the

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all right, brenda, let's do it let's go through the stock summit disney has been upset lately worst performer out of the dow in 2021. why is it going to have a better 2022 >> yes so we think that disney is just an incredibly unique company they've managed to grow the disney+ business with 118 million subscribers being looking to get 260 million subscribers over the next couple of years this isn't just about disneyplus a and it's about the sir ecosystem and whether through the licensing business and through movies and the movie theaters through disney+ and espn this company has a lot to give and it's been under a lot of pressure over the last year and things are setting up to do better in 2022, particularly as the economy hopefully the global

economy reopens and parks continue to do well and gain some strength here >> well, we hope so, too a favorite of jim cramer, as well as he's documented buying that stock as it's come down for his charitabletrust. >> boeing is a former name, and it's one of yours, too along with booking >> boeing's had its issue, too >> boeing has had issues, and in this market if you're looking for a place to buy something that hasn't worked and it is likely to do better in 2022 and perhaps do one of the better performing stocks in 2022, you can look toward companies with exposure to travel reception and the company has had its challenges over the last few years and we think the resolution to some of those challenges could end up being a catalyst here in 2022. in particular, it's reinstated

in china and that could be a real game changer and china is an important part of the aviation market and it's estimated to make up about 10% of volume over the next decade or so within the aviation business, and then secondly, the 787 production problems we think should also be resolved this year and that should be also a catalyst here and lastly, just the resumption of air travel and there has been domestic travel picked up and international has not been as strong and we think if we can mova past the pandemic that we will see a significant pickup for both business and leisure travel >> we've, you know, through the course of this week we've heard a lot about energy which is the best performing sector of this year it's been a top pick among our gang financials have certainly been on the list and so has

healthcare which is your best sector pick for the year give me a quick on why health care >> so health care, especially parts of health care did not perform very well at all this year and we think there are a lot of good high-quality companies within this group that are poised to perform better and next year, particularly, we get this overhang of drug pricing out of the way i think once we get past the build back better bill, if we go beyond that to the midterm elections if we have a scenario where democrats will have congress and they'll have two years where you likely won't have to move as much with what's coming down the pike with drug pricing limitations. so we think the sector is poised to do better in 2022 >> okay. sarat, just quickly. you also own disney. does your outlook match? >> absolutely. i think it's a high quality company that would have been in

my top ten and i've been buying more of it and the stock has sold off and there is opportunity there. comcast, the sum of the parts, and there's a lot of synergy within disney, as well my second pick in sectors would have been health care, too big pharma has really not performed. so -- >> good stuff. we'll finish out the stock summit this week tomorrow. pete najarian, shannon saccocia, richard saperstein, one of the top-rated advisers the best ideas from the investment committee for 2022. up next, we have to talk about bitcoin and other cryptos. they are sliding and sliding hard take a look at bitcoin, barely inon to 43 after the hawkish fed minutes. we'll talk about that next ahead of trading

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we got to hit crypto before we get out of here today, guys there's coinbase, we're showing you that because it was upgraded today at bank of america we do, josh, have ownership, and you own it, brenda owns it as well but, man, bitcoin's been hammered i thought it was interesting mike novogratz was on the very end of "squawk box" today, was talking about 38,000 to 40,000,

feeling like where we should bottom there, noting that institutions are allocating. so that's going to somewhat put a floor under it you own coinbase how are you thinking about cryptos right now? >> yeah, so when we launched our crypto index sma, one of the most important decisions that we made along with wisdom tree, our partner, was to let the index be free floating without rebalancing. and we were already started out underweight bitcoin relative to its size within crypto and that underweight is going even lower, which means there are a lot of tokens and coins been de-fi and other areas of crypto that actually are doing well despite the fact that bitcoin is falling so we expect bitcoin, if this continues, to be a smaller and smaller part of that index and some other very important protocols and coins will gain

waiting in that index. and that's by design so, i'm long bitcoin personally. i don't have a strong opinion about whether or not it will keep falling i just think it's important for investors to diversify within the space and not anchor to any one specific protocol. >> maybe it's related to the minutes. who knows. it's related to some of the nasdaq coming off, speckiulativ or risk asset. but one of the parts of the show that i truly love the most when jim cramer comes out, prompted or not, in this case prompted. i'm told he is mic'd up. jim, i know you were listening to our conversation earlier about this relationship with the fed and the market, how much it should care, how much it needs to care. and enough that you had some thoughts you wanted to share with everybody >> well, i was listening to josh, and josh is explaining in his usual common sense way that obviously it didn't work last

time what jay powell did he's not an idiot, jay powell's not an idiot a lot of people come our shows and they just presume what whatever jay does is wrong but incredible employment, a good stock market. an amazing moment in our country a year ago when every other country was collapsing josh, i salute you for just saying it's like, if he's a coach, he knowsif that play failed, he doesn't come in and say, you know what, we got to try that play again. right, josh? he really is a common sense guy. and so are you >> people forget that jay powell's first month on the fed was during the taper tantrum i think may or june or july of 2013, he has seen the power of the fed's remarks firsthand both negatively and positively. and he knows that him speaking

is a tool as powerful as actually raising or cutting rates or tapering or not tapering so, i think you're right, jimmy, and i think we could expect to see more of that going forward and it's become important what the fed says at these conferences. >> hey, jimmy, before i let you go -- hold on, i want to get a quick thought from jim we started the show with you really in suggesting of what you said earlier, that you're looking, right, that a lot of these stocks have come down an awful lot. i don't know if you heard that josh had bought robinhood today for a trade. he bought more matterport and more paypal. do you really feel like we've hit the bottom >> wow, 15 there is some core value there, even if it's just paypal to buy them the disney call i thought was

good now, look, i do want to see microsoft go up. but, look, we had a thing like nvidia was down a lot, costco wasn't looking good. we had to take note of pricing action and the pricing action we're getting is just simply what typically looks like when you get a bottom >> yeah. jimmy, i appreciate it i know you got other stuff to do >> yes, josh is right! and i'm going to run the stupid play again he's not going to do the same tackle running through he's passing he doesn't do the same play over and over >> there's always a box on the screen available for you, jim. >> it's just a great show. >> thank you you'll see him tonight on "mad money," 6:00 we're back after this with "final trades.

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time for "final trades." brenda, you're up first. >> salesforce. stock has trended significantly -->> all right, sarat? >> morgan stanley, sticking with it i think it's going to go higher. >> berkshire might be one of the perfect stocks for this moment in the economy >> all right, lastly to you, i

had to balance out of that segment, but you got the floor for the last 20 seconds. >> no problem. let's just go with porsche, the momentum's been there. i think it'll continue i was just going to ask jim a question he was saying that the fed's not going to raise rates i doubt he was saying that he's too smart for that. >> good stuff, guys. i appreciate it. stock summit concludes tomorrow. we'll see you then "the exchange" is now. thank you very much, scott hi, everybody. i'm kelly evans. is the tech selloff over already or just taking a rest? the nasdaq has now turned positive, while it's the dow's turn to lag. plus, counting down to the jobs report. the labor market is so strong, it's bringing the fed off the sidelines. will tomorrow's number keep that narrative intact and coming up in "rapid fire," where the street sees value in some hard-hit stocks likeat