tv Making Money With Charles Payne FOX Business February 17, 2020 2:00pm-3:00pm EST
neil: you know, charles payne, i love you like a brother but we have disturbing video of you banging on a commercial jet seat. i hope it's not but anyway. to you. charles: the seats are just too small, neil, what can i tell you. neil: all the seats are too small for me. anyway, to you. charles: that is why you bought a private jet. neil: come on. we rent it. charles: good afternoon, everyone, i'm charles payne this, is making money so you get your own private jet. you won't get it today because the markets are closed. we are open for business and you could be too as we'll break down the trump administration proposal, more americans, already considered the most democratized money making machine ever created. we're talking about the stock market. plus the nuclear family is under attack, will the new way of thinking pave the way to a new american dream? i will ask a gen-zer on the cusp of starting her own nuclear
family. mike bloomberg's gaffs are growing by the day. latest insult hurled at farmers. he defend it. all that and so much more on "making money." ♪. charles: individual investors are getting in a really good mood. the nasdaq up 8 1/2% in 2020. all the markets are closed today, nasdaq and s&p did close in record territory on friday. earnings continuing to have a monster quarter. revenue up to $30 trillion, that is a three month period for companies reporting from the s&p. the next pig one -- big one to report will be walmart. whether the economic momentum will continue, advisor to president trump, steve moore. steve, thanks for joining us. >> hi, charles. charles: let's start with this proposal other potential
proposal to help americans get started in the stock market. how would that work? >> let me be clear this is just a proposal. the white house and my buddy larry kudlow are working on a lot of ideas but one of the ones we're interested in a cut would allow people to put 5 to $10,000 he have year, charles, into a tax-free account, invested in the market, probably an index fund. you used a great term, democraciesization of the stock market. that is what it would do. people taking advantage of the program would be invested in the market. you would then, every time microsoft goes up or apple, walgreens, walmart, everyone benefits. so this would be something that would add tens of millions of americans into stock ownership and that is the way you get wealthy in this country. charles: it really is. i think about the political chessboard, this is one of the moves, one move away from
checkmate, right? >> it is a great point. i was thinking, i was writing a piece this morning on how this might work, i was thinking how do the democrats oppose this? all they have been talking about is only rich people, only rich people have money in the stock market. okay, let's have everybody have money in the stock market. the returns that you talked ait bo so far this year so impressive, on top of 50% increase in the stock market since trump took office. then every single american household could potentially benefit in terms of an increase in wealth. so i love the idea. i hope that they go forward with this. as i said, i don't see how democrat could oppose. >> i love it. on friday when the university of michigan did their survey or released it, households that do own stocks, the charts spiked to all-time highs. valuations are $200,000. that could be every american family. >> should be. charles: look at the chart. hard to see on the very right-hand side it skyrockets,
skyrockets, much higher than ever been before. earlier today it was interesting president obama put out a tweet where he took credit for the booming economy 11 years ago today near the bottom of the worst recession in generations i signed the recovery act paving the way for more than decade of economic growth and longest streak of job creation in american history. your thoughts on that, steve. >> so according to barack obama's own numbers, his own economic team, the economic recovery act the massivehundred billion dollars stimulus bill didn't create a net new job. what the obama administration own numbers that job creation would have been higher if we not wastedhundred billion dollars on all of those programs that we did. it was a massive failure. hopefully we learned the lesson never again trying to stimulate the economy by government spending. during the obama years it, was the worst recovery from a recession, the weakest recovery
from recession we had going back to world war ii. that was eight recessions. that was not a positive thing. the economic growth rate. you can tell this gets my blood boiling when the left sis this. the economic growth rate of obama's last year one 1/2%. the economy was not accelerating when obama left. it was decelerating. trump put the pedal to the metal. has us up 2 1/2% growth and booming stock market. charles: always good to see you especially when your blood is boiling. >> thanks, charles. charles: we have capital wave strategist shah gilani. many go to you about investing. many are hesitant. should there be incentives to entice everyday folks in the stock market? >> the idea is come. it is long since overdue.
this is fantastic and proposal as mr. moore said but i hope it comes to reality. the public would be better served if it targets the middle class and lower middle class for potential for those folks. those with $200,000, 300,000, they don't need it, they are heavily invested into the market, good for them. but lower and middle-class families should be incentivized into the market. 10 or $15,000 of their income should be cut out of taxation if the money is, 10, $15,000 put into the stock market for three years. that is how you incentivize folks to create wealth in the stock market. charles: so interesting, a couple days ago there was conversation on tv when george bush talked about putting perhaps social security money in the market. they pointed to the market crash saying, well that would have been a disasterous idea but i look at that differently. i don't think the crash would be anywhere as intense if the
investments were in strong hands. in other words, retirement long term. they're not going to sell. that is the whole idea. if you want to be a part of this great american dream you endure the ups and downs but there has to be a way for people to get more skin in the game? >> there should be a way. this is a great proposal. think about what household income would look like. what individual families wealth would look like, if all the money went to social security, those folks were incentivized over all the years to hold securities, to hold stocks, to invest. can you imagine returns for individuals right now? we wouldn't need social security. everybody would be well off in terms of retirement. something like this is long overdue. i would really like to see it come to pass. charles: shah, you have been one of the more optimistic guests on the show a long time throughout the major ups and downs and challenges we face. perhaps we're coming through another challenge. we don't want to be premature. the markets in europe are acting pretty well. the coronavirus may be
plateauing, we'll see. we certainly hope so. earnings have been phenomenal. the jobs report was great. what's the next catalyst, potential catalyst for this market? >> earnings, earnings, earnings. we're as far as s&p 500 companies i think 77% have reported and those returns, the numbers have been great. 71% had positive beats on earnings. 67% beat on revenue expectations. so the numbers are very good in earnings. i think the market is focusing on that. looking past coronavirus. i hope it is not too early to be looking past it. let's hope we get that resolved and globally we don't have any further impact. the impact probably already had, may be going to have the next couple months investors are looking past that the drawdown in inventories and everything going on and impact on the supply chain will have to be made up. investors are looking to the makeup, increased manufacturing and increased production and
that will ramp up growth again. charles: ironically mainstream media upset about this. this renewed manufacturing investment that is delayed will come right before the election. they're upset about that. >> yes, they are. charles: shah, always great having you on. >> thanks, charles. charles: from the runways to the halls of congress, one congressional candidate shares why she is fighting to turn her district back to red. the nuclear family was a mistake, according to david brooks. he puts that forth in a new book. one of our favorite gen-zers later on in the hour. mike bloomberg sparking outrage about condescending remarks about american farmers. is the still the great democrat hope. >> the agrarian society lasted 3,000 years. we could teach processes. i could teach anybody, people in this room, i don't know if that is, to be a farmer. ♪.
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one of the more vulnerable is the 19th district which has seen a lot of turn over in the last decade. we have the republican running for the seat. >> thanks for having me. charles: you're a philanthropic fashionista done things for the troops things like that. what made you decide i want to do something greater for the people? >> it is only way to make a difference on another scale. i spent my entire adult life making a difference to those who struggled, whether it be disabled veterans as you know, cancer survivors, victims of domestic abuse or those who are going through drugs and other challenges. my job is to get them back on their feet, out in the work world, helping them find jobs where they can find their self worth. charles: i should point out you're a two-time cancer survivor. >> correct. at age of 29 i was diagnosed with my first cancer. thyroid cancer. after finishing radiation aowe
dine treatments six months later i started mommy makeover. it was a company to help moms feel good inside out. i started my first charity a year later, makeover for a cause. it was a charity that donated makeovers throughout the country. charles: we're in very divided nation. new yorkers might be symbol for that. we have very controversial politicians here, including aoc who is becoming a rising star. your parents are jordanian immigrants. >> right. charles: that is different story. the democrats feel like tried to dominate or own the immigrant story put they're is a different view of immigrants in america than the one always for trade. >> absolutely. when my parent emigrated here 40 years ago, they did it the right way, the legal way. i grew up believing in the constitution of america. never taking for granted not once being an american citizen. i'm prideful about that. charles: right.
>> so when i see, i back the president 100% in regards to building the wall. if illegal immigrants coming in, it is illegal. charles: right. >> they have to come the legal way. charles: right. i want to share with the audience part of your campaign ad. it is a good ad. >> today, america faces tough problems and as an outsidewer conservative values i'm stepping forward to fix them. liberals want to stop our progress. and send our country in the wrong direction. charles: the values that you will bring, what you bring how are they distinct and different than what we're dealing with? >> kids are not being held accountable anymore. i want to bring back values and ethics and morals. i want to make sure that our kids are being held accountable with the opiate epidemic and crisis, especially new york 19. charles: right. >> there has to be changes made.
that is what i want to bring forth. charles: i love your campaign. live your purpose. of course we'll be watching. thanks very much. >> thank you, i appreciate you. thank you so much. charles: thanks for coming on. i want to let you know we reached out to ola's opponent, yet to hear back. opponents. there is more than one. chicken sandwich wars of 2019, they're so 2019. it is fish sandwich wars or surf wars desended upon us. arby's competition to mcdonald's fillet of fish, just in time for lent on twitter. saying fish is meat too, it is just ocean meat. bloomberg belittling american farmers in 2016. now it is coming back to haunt him. how he is defending this viral video later on in the show. first the nuclear family, an important part of the fabric in america. why is it being blamed for ruining this country.
again zer, emma michelle say explaining why the nuclear family is not a mistake. ♪. pay vastly more than people in other countries, for the exact same drugs. but they aren't listening. they've just raised the prices of over five hundred drugs. president trump supports a bipartisan plan, that would force drug companies to lower prices. but the senate won't act. tell senate leaders to stop drug company price gouging and lower drug prices now. my body is truly powerful. i have the power to lower
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♪. charles: "the atlantic" march cover, calling the nuclear family a mistake. it is making waves. "the washington post" op-ed says the essay is powerful. there is little doubt reversing breakdown of families and its consequences is one of the urgent tasks of social policy in the 21st century. i want to bring in young america americans for liberty, spokesperson, emma michelle. you are married with cabot phillips, well-known for campus reform and well-known to the fox business audience. you're the perfect guest for this. do you understand where they're coming from? hey, back in the day when you had a mom, dad, aunts, uncles,
cousins, grandparents all perhaps under the same roof, very close to each other, whenever there was an economic shock, someone left a job, there wasn't an immediate economic impact to that? >> yeah. i mean, i think that's always a good thing when you have more family that is surrounding you. i don't think anyone is trying to combat that. to say that is not true. but at the end of the day there are so many people who have a nuclear family, because it is all that they have. because their parents came from nothing, a lot of my dear friend grew up in these nuclear families where their mom and their dad got together, they built a happy, thriving family out of nothing, to say that is a bad thing and it is causing bitterness i think it is a little bit shortsighted. dade brooks, i respect him. i read some of his books before but i think this is a very narrow world view, when you say, hey, this form of family is bad. everyone wants different things. everyone has access to different things. when you just break that down
say, hey, this is all bad i think that is a shortsighted viewpoint. charles: in the "washington post" they started off talking about things that harming or harmed our society. globalization, populism, economic inequality, polarization, greed. they lump this in there with that. there is something to be said about the idea of maturity, maturation, moving out out of te nest, creating your own family. not only economic benefits to that, but the independence that comes with that as well? >> absolutely. i mean if i hadn't been pursuing my own career and my own individualism and interests i wouldn't have met my husband because we met through working in the same field, in the same interests. if i had just sort of stayed at home, stayed near my extended family i wouldn't have met him. we have all the things in common. we want to raise our kids the same way where they are individual people and they want to pursue interests. ultimately, we're not all staying in the same metropolitan area and raising all of our
families near each other necessarily but people in my generation put a lot of value and weight having a life they're proud of. i think that is very valuable thing. it is something possible in this economy because we have so much room to move around and room to pursue our interests. i think to say that is not a good thing is a single-minded point of view. charles: i'm not saying necessarily this is part of that, but feels like there is a massive push back or wave to erase america's, the past greatness of america. i talked on this show about the assault on homeownership. you know, saying it is racist. it hurts the environment. it is not economically viable. now the nuclear family. not saying they're connected but feels like there is sort of a wave to erase america's greatness of the to say, essentially i guess the message we were never great or we were living some sort of falsehood? >> yeah, you're absolutely right. there are so many people who say there is nothing great about
america and there is nothing good about this country. i mean don't take it from social scientists. don't take it from the left. take it from me. 50 years ago i would have had to stay in the home to be a housewife and raise kids. not that there is anything wrongdoing that. that is a wonderful thing to do if you choose to do it but i now have the choice. i can have it both ways. i can have my family. i want to have kids some day. i'm excited to do that. i don't have to choose that or loving my career. that is only possible in a country like america where people's individual values and autonomy is such a valuable thing we fight for every single day. very important we all have the choices. charles: well-put. you were married. you guys are engaged. i don't want to put the cart before the horse. >> we'll get there. charles: you will get there. >> thanks, charles. charles: coming up at 2:40 congressman chip roy is appearing the establishment is resisting federal reserve accountability. why? mike bloomberg caught belittling
farmers and blue-collar workers in 2016. going as far to say it doesn't require much gray matter. president trump proving he is a man of the people taking a lap in daytona in the beast. we'll break down the democratic disconnect next. at fidelity, online u.s. stocks and etfs are commission-free. and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk
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view, especially of air force one as it flew really low over the track here was incredibly exciting. obviously the rain caused big problems after that but at that moment it was incredibly exciting. we talked to a number of people here in the stand to get a sense what it was like to be that close to the president and have the president at the daytona 500. listen what they had to say. >> i'm a trump guy all the way. i think it is great. i think it's, definitely a good thing for the sport and it is good for president trump. >> i just, i loved it. i thought it was great and great for the racers and the fans and america. rick: what did you think? did you feel energy in the crowd when he was introduced or when he was speaking? >> 100%. no boos. all cheers. >> it was exhilarate having him so close. he is, i love trump. he is awesome. >> you know i think it is nice to see a president get involved with our activities and being a part of our country. >> it was awesome. one of the reasons we came for. >> this is an american sport. we were happy to see our
president support us. >> god bless america. >> that's right. rick: all that excitement dashed after the rain began. they got 20 laps done because the race was called because of a lot of rain. still a chance for a shower. but nothing as bad as we saw yesterday. the race expected to go off. it will be begin 4:00 on fox. i got to tell you, charles, i'm in the best spot in the entire place right now. look at this view. i have the green flag. this right here is the flag stand. we came up here to show you and your viewers an amazing view right here. the finish down below a few hours after the race gets started. one of the racers will take home the checkered flag. day two here at the daytona 500. charles? charles: showing us the flag or maybe showing off a little bit. i'm jealous. president trump despite being a billionaire we know he has mass appeal to the common man, we just saw it.
i'm not sure the same can be said about mike bloomberg to seems to put his status above everyone else including the latest take that surfaced. it is a blunder you won't believe. take a look. >> i could teach anybody, people in this room, no offense intended to be a farmer. it is a process. you dig a hole. you put a seed in. put dirt on top, add water, up comes the corn. charles: bloomberg campaign says the comments were out of context but does it make any difference. rick unger and fox's david webb. he talked about gray matter. >> right. >> i don't think he meant our gray hair. charles: bloomberg seems so out of touch with the common person. >> it is going to be interesting. you know, i keep hearing all these things that he said that we're hearing more and more about every day and i go, well that can't be good. they were i remember some of the things that our president had to deal with when he was running
for office. maybe people don't care anymore. i just don't know what to expect. >> democrats are hoping they don't care but here is what is missing, the reporting on bloomberg is finally catching up. his own outlet said they wouldn't look into him, wouldn't report on him. wouldn't be fair. bloomberg is an elitist. that is what he really is. the way you talk about people. the difference between donald trump, whether you agree or disagree with him, the common person out there, i get him. i get it, in locker room this is my guy. if i'm in the boardroom this is my guy. bloomberg doesn't come across you would sit at bar and have a beer or conversation. charles: that is the distinct difference, isn't it? we're not talking necessarily crude. >> i get it. charles: who has put himself up here. >> right. charles: look over the weekend those articles about how women were treated and spoken to who worked at his company. >> terrible, terrible. terrible. >> if that was trump he would be pilloried. >> no. this is where you got to be
careful here. i do buy your point trump does better with common people than i think bloomberg would, that is legit. you can't say trump would be pilloried because trump had access hollywood tape which is just as bad. he is president today. charles: put it in context of the democratic party who run against trump and that tape for three or four years. >> right. charles: who have run as the inclusive party. the party would not look down on women, would not look down on farmers, would not look down on someone who worked in a industrial machine shop. this is the guy rising in the polls now. >> he is. tells you one thing. i don't know how it turns out, democrats you can be sure about one thing, they will support any candidate they believe can beat donald trump. >> here's the thing, belief is one thing but what about the buyout of the democratic nomination? you have got bloomberg spending money. >> you weren't saying that when trump spent his money. charles: trump didn't spend this kind of money. >> he spent his money.
>> bloomberg is paying the buying game. he is buying the ad, buying digital, buying all the access. he is going and finally is going to debate, bernie to his credit is at least authentic to his followers. now bloomberg and bernie in two different camps. how does tom perez solve this problem? how does democratic donors -- >> tom perez is not settling it very well. charles: he is not selling anything. bloomberg, there is a piece he invested in 195 races that harvard, prestigious program run by his alumni. these mayors who have taken it all of sudden come out supported him. some are saying this is defacto buying election. forget about buying airtime, but bribing your way into the hearts and souls of some of these folks? >> bloomberg in all likelihood will not end up as president but still made these contributions to some pretty meaningful causes
including, including helping black candidates do better. >> know. >> wait, he did. >> only if it benefits him. only if it benefits him. >> helping more women get to the united states congress. >> i'm sorry black people can't an bought. that is the first thing. >> but they're being bought. >> south h south carolina the firewall for biden, a black country if you're a democrat, they own the black vote in south carolina, watch out in this election. charles: we run out of time. i didn't get how the democrats are going to rob bernie, if bernie wins -- california, texas, strong showing in south carolina, they will rip him off! they will rip him off! you know it. >> if he goes in with a plurality, not a majority, it will be very ugly for the democrats. >> bloomberg versus bernie, milwaukee. i will be there. charles: thank you both. appreciate it. this tight labor market under president trump opening the door
for second chances. check this out. beauty and skin care retailer, the body shop, they're adopting a open hiring policy. what it helped to eliminate what they call workforce bias. starts this summer. potential employees at these new retail stores, you only have to follow a few criteria to get the job. authorized to work in the united states. you can lift over 50 pounds. you can stand for eight hours. the drug test, background checks, they will remove that from the process. this will dole out jobs on first-come-first-serve basis. it would be a huge opportunity for second chances, particularly for people who were previously for instance inches cars rated for things like smoking weed. in a tight job market means more businesses will probably follow and do the same. meanwhile how amazon ceo jeff bezos is becoming, starting to live the hollywood life. and it looks like the senate is about to shoot down another trump pick for the federal reserve. do they not want any accountability at the fed? texas congressman chip roy will
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charles: president trump's federal reserve pick judy shelton's nomination appears to be in trouble. three key gop senators are expressing her concerns, about quote, outlyer as an outlyer. does it mean that the fed won't ever get the accountability that many people it should have? here to weigh in texas congressman chip roy. congressman, thanks for joining us. >> charles, good to be on. how are you? charles: i'm great. you have been very vocal about matters of the federal reserve and debt, so i thought you were the perfect guest to have own this. judy shelton had ideas in the past including the gold standard but should everyone at the federal reserve think the same? >> no, they shouldn't. i think this is a classic example of the swamp being the swamp, right? you have a president who is within his rights to nominate somebody who has a great deal of experience and who built a career questioning the fed i
think appropriately. i think we need accountability at the fed. i obviously support legislation that would have an audit at the federal reserve. that is necessary and needed. here is what is important. we don't need a federal reserve that is more interested in creating policies that enriches the financial sector than an overall stable policy so we can have strong economic growth and sound money. miss shelton talked about sound money her entire career. they try to pigeon hole her as a kook about the gold standard. the gold standard is a reasonable debate to consider. putting that aside should we want sound money and stability rather than waiting for the bated breath what the federal reserve chairman or the committee decide what interest rates will be and go through the yo-yo of our economic conditions? i think it would be wise for us to have somebody like miss shelton at the federal reserve questioning orthodoxy there especially we're dealing with $23.2 billion in debt. charles: i started picking up the biography on bagett he wrote
a famous book on central banks years ago and he is well-regarded. it seems to me, you brought this up, the idea of a central bank whose sole goal to protect the ultrawealthy and big banks. >> yeah. charles: hard to see where they are really focused on main street. they say they are, but feels like anytime they go into action it is at the behest or save the big banks. the mistakes big banks bring on themselves. >> we saw that occur a decade ago with the collapse in the financial sector. look, i worked at a bank. i worked for nation bank capital markets, now part of bank of america securities back in my youth. i'm a big believer making sure we have strong financial institutions but those need to be the part of our overall economy. we shouldn't have a federal reserve whose sole purpose is focusing on financial institutions creating wealth in that sector than sound money and that creates a strong economy so our laborerses can prosser and
manufacturers prosper. this is trumpian, populist world view. i think it is classic the swamp is fighting back. charles: i'm not surprised they are fighting back and maybe we crossed the rubicon. real quick, secretary of defense defending his decision to divert millions of dollars from military funding to help pay for president trump's border wall. is this right call, representative roy? >> well, look, first of all believe very much we ought to be very careful allowing the executive branch to spend money without accountability to congress. i introduced legislation note to have emergencies run from years on end. the president is right there is emergency on the border and the democratic congress refused to acknowledge it. we're making some progress. we have 100 miles being built. the president says we'll have 400 to 500. here is what is important, cartels still have operational control on our border. we caught 198 people over the last month by our border patrol who were affiliated with dangerous gangs and ms-13. the ray knows so faction of the
cartels are warring right on the southern border along the rio grande. our border patrol don't have resources they need to combat it. we're relying on mexico right now because the president is working with them to do the work we should be doing but our democratic colleagues refuse to help. the president is doing what he can. acknowledging the true crisis at the border, using what resources he can to build the wall but we need to fix the solution further. charles: congressman roy, i enjoyed our conversation. thanks for coming. >> thanks, charles. charles: mean mile folks, mike bloomberg belittling farmers in a 2016 video going viral? what do farmers think. kristina partsinevelos hosting for liz claman. what do they think. >> i know i should not make it anecdotal and personal. i was at 2016 event when bloomberg spoke to you a yenses in the uk. he said paraphrase of his quote, anybody could be a farmer. on our show today we will be
discussing that comment and much more with jay hill who is a farmer. he has a farm in new mexico and texas. he will be talking about how the strong economy, he has a different take on it, how the strong economy is affecting his business in the negative. this will be an interesting twist own it. we'll talk about tariffs but his perspective going forward. to bring it back to that bloomberg commentary too, the thing that stood out to me the most from that entire event how many times bloomberg mentioned he was a billionaire. as a mba student back then, you hear all the distinguished speakers. he was the one who stood out the most to let us know how much he is worth. that is anecdotal story. >> i appreciate that. i hadn't heard that before. there are you are chilling out with billionaires. >> i was a paying student. i wasn't chilling or part of entrepreneur. charles: i like the fact you brought that up, kristina. no one else brought it up. i can't wait to see the
interhave you. >> thank you. charles: "claman countdown" is at the top of the hour. it will be a great one. james bond won't be sipping march tierneys in china anytime soon. the cast of the latest 007 movie, ""no time to die"." they're canceling the publicity tour due to the coronavirus. daniel craig and other stars in the upcoming 25th bond blockbuster. they were planning to travel to china for the flick's debut in april. 70,000 cinemas are currently closed due to the viral outbreak. jeff bezos delivering the hollywood life. why the turn around after being under the radar for years. with anxiety calming down, how can you take advantage and make money? that is next. ♪
charles: the richest man in the world has gone hollywood after years of flying under the radar, amazon ceo jeff bezos is embracing that star-studded life. susan lee is taking a deeper look into this reversal. susan? >> also just in the past hour, announcing a 10 billion dollars climate change fund and start issuing grants this summer. jeff bezos has been criticized for not being philanthropic
enough given he is the richest man on the earth with a net worth of 130 billion dollars, but just in the past hour, on instagram, we do have -- i believe we have his posting. he is issuing around 10 billion dollars what he's calling philanthropic work to protect the planet. we have seen a lot more of him over the past year, whether at the super bowl or at the oscars and yes by 155 million dollars home recently in beverly hills which is the richest and probably the record-setting amount that we have ever seen for a mansion being paid for in beverly hills, nine acres here, formerly owned by david gepen who bought it back in 90. no real estate agents involved. jeff bezos, have seen him out and about at the amazon prime video events. some say this is a departure from what we have known of him over the years.
ten years ago in an interview, this has been floating around the internet, ten years ago he was driving a honda accord even though he was worth 10 billion dollars. today wouldn't you say charles we're seeing a different side of the richest man on the planet now. charles: we are. i'm cool with it, you know. you work hard. you're worth that much money, you might as well enjoy it. >> flash it, enjoy it. charles: absolutely. thanks a lot. there's a distinct difference between reporting on the coronavirus and wall street's actual reactions over the last few weeks. the markets, they don't lock into record highs when investors in this sort of deep fear that's being reported. that said, the market also has a long history of climbing walls of worry. now several companies are saying that they are going to reopen their operations in china. we're talking toyota, sony, apple and others. so if that anxiety part is beginning to calm down, will this rally gain even more momentum? if so, where should you be positioned? i want to bring in wealth management cio and president
erin gibbs. thank you for joining us. >> thank you. charles: we are at record highs. if you listen to just the media and weren't paying attention to the market day-to-day, you would have been shocked during the china trade situation that we were going through record highs, during recession talk we were going to record highs this market has a way of doing that, where you sit at climbing the wall of worry, but now the worry is what will the catalyst be to get us higher? >> right, part of it is still we're in this there is no alternative environment, right? the u.s. stock market is -- >> [inaudible]. >> we are still the highest growth, strongest economy, so we can take a little bit of a hit from any sort of chinese slowdown, particularly when we know the slowdown with the virus, this type of slowdown most likely will be temporary and come back within six months. charles: right. >> we can handle that and climb that wall of worry. i would say there are a few sectors we should be concerned about that could be hit over the next six months and ultimately
might take them a little while to recover. that's your energy materials, some of your travel, high end luxury goods, those are the big ones that i would say if you can reduce your exposure, that's something that you would want to cut back on. charles: energy and materials, they have been something of disappointments for a long time anyway, say, for a few outliers, sherwin-williams looks pretty intriguing, you can pick those names, energy, there's another thing to add to that too with this new -- let's call it social justice kind of thing where wall street is saying they are not going to buy energy stocks anymore. so i would be afraid of that -- >> it's had a big cloud over its head for multiple reasons. another one is also machinery. china slowing down, not building as much construction, so we're seeing -- we're starting to see some positive news and some negative news out of china. some are closing. some are negative. we've got a rate cut in china, which is good. charles: you like that? wall street likes that. >> wall street likes rate cuts.
charles: free money. >> we love it, whether it's here or there, we like that. so i think overall we're still going to go up, but just because we've got a few stocks -- >> essentially though it sounds like the successful sectors will probably continue to be successful. i think there was a day, maybe friday with six of the s&p sectors hit all-time highs, not just tech names or communication names, but there are other names. real estate, some of these names like crown castle and american tower, i mean, there's a lot of names out there, besides those big mega cap momentum names as well. >> yeah, and some of your industrials, your ibms -- some industrials are doing extremely well. charles: do you think there could be an event that could decide direction for the market? >> right now i think it will be slow and steady. we are at such high valuations right now.
it is hard to justify the market popping even further. we've got to deliver on what we're promising over the next year. charles: erin, thank you very much for coming in. we appreciate it. kristina partsinevelos is in for liz claman. i'm looking forward to the show today. >> you're great, charles. i really like you. charles: thank you. [laughter] >> i will see you around. charles: okay. >> our offices are on the same floor if anybody wants to know. breaking news, the state department tracking the condition of 260 americans who are in japan and cambodia. this comes as hundreds more escape a cruise ship infected with the deadly coronavirus. the outbreak showing no signs of stopping, but how badly will it hit the cruise line industrys? the man known as the cruise guy here exclusively with his threat assessment. and american chipmakers facing a new threat as phase one of the china trade deal kicks in. the commerce department considering a plan to block any semiconductors that could be used in huawei products. we go straight to the white house for more details. meanwhile, the china trade deal was supposed to
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