tv Making Money With Charles Payne FOX Business December 23, 2020 2:00pm-3:00pm EST
shrugging it all off. we're still up 250 points on the dow. see you again at 4:00 p.m. eastern time on "after the bell." we'll see how the market closes out at the end of the day. before that we take you to charles payne through the next hour. hey, charles. charles: great seeing you my man. good afternoon, everybody, i'm charles payne and this is "making money." forget coasting into christmas all the major indices are higher after president trump dissed covid relief package calling it a disgrace. he is calling for household payments of $2,000 instead of $600. connell talked about, personal income spending swoon. another 800,000 plus americans filing for initial jobless claims. the stakes are high for the economy and the stock market. political stakes are high as well, with nancy pelosi quickly jumping on board with $2000.
we'll have reaction from tennessee congressman mark green. i will ask deneen borelli about president trump's pardon spree. we have a big show for you own "making money". ♪. charles: all right, folks, the markets for the most part trading at a narrow range last couple days that can be considered consolidation after big move to the upside. keep one thing in mind, see it today. one saved an done the bias remains to the upside. it seems gotten a boost or threat president trump vetoing gargantuan spending bill. it is a beast combining government funding and emergency covid-19 relief. the news this morning only adding to the notion this bill should be revamped. could ultimately add larger payments to american households. it is clear why wall street is cheering on the president. the current relief package
tallies $280 billion to household payments. remember in marshes the cares act, that was $754 billion to american households. what does it mean for the market as we head into 2021? let's ask kaltbaum management gary kaltbaum and stephanie pomeroy and victor raw hernandez. this bill is a disaster in some ways. i can't wait to hear your thoughts. >> my favorite steely dan album is called the roll scam. we're supposed to have faith in the politicians. we're supposed to have hope they will do the right thing. all i thought about yesterday over the last few months while they have been pushing a deal has one politician come out said we need the deal because we have to send a billion dollars to
smithsonian, 130 million to burma, 135 million to nepal? no. it was another game of three-card monthty, lobbyists getting their greasy hands into this. politicians know where their bread is buttered but who got screwed? i have to tell you, charles, you know this, there are so many people in communities that are so down and out where parents are up at night 3:00 in the morning worried about where their next meal is going to come from and these people on both sides of the aisle are flapping their gums again. now we tank a few more weeks before anything gets done. i keep my fingers crossed. charles: three card monthty, they used the whole deck. stephanie, market stopped caring about those things like debt a long time ago. would any deal, would it derail
the rally, the stock market rally in the near term? >> i think the reason the market doesn't care about debt and seven sits they require the fed to monetize fed ends up buying financing. 0% interest rates. there are not profit oriented investors who will rush to buy treasurys t means you will get continued monetary stimulus in addition to the fiscal. that is the thing that drives me crazy. it creates a whole broad, array of issues long term for the economy. there is a trillion plus during the pandemic. we'll have to pay the piper one day for all of this. that day will not be pretty.
charles: victoria, we've also got, and i mentioned this earlier, the personal income spending data in. both were negative. both missed the street by a pretty large margin. on the other end savings $2.2 trillion. you couple that with the enormous amount of money supply some people think could be dry powder that could enter the economy early next year particularly as the vaccine makes its way through the society, how does that impact the stock market? >> obviously the markets were not deterred this morning by those negative numbers and i think a lot of that has to do i think it was expected. spending would be down from retail numbers we saw previously. woe knew being ins would be down because some benefits from the previous stimulus packages were rolling off but the markets are looking past that. they're looking what you're talking about with the vaccinations and reopening components. it will be first, second quarter of next year. then you see a new stimulus package, the market said we'll either get what is presented now
or something even larger that puts more money in the pockets of consumers. combine that with really high savings rate. we're more than double the historical average on people's household balance sheets for savings. you have the pent-up demand as well. combine all of that, you have pretty good foundational support for equity markets to continue to drift higher in 2021. charles: right. stephanie, we're talking about consumers and spending. on a the market side we're seeing investors, individual investors really rush into this market. you talked about all money raised by corporations. you couple that with i think a trillion dollars in buybacks next year it is hard to imagine this stock market not going anywhere but up? >> well you will be shocked to know i can imagine the stock market going -- [inaudible]. for starters, charles, those retail investors aren't as savvy
as analysts as the fundamentals. their timing generally marked the peak in the market cycle, not the trough. i think again you know, they're not looking at the actual fundamentals on the ground which, you know, i would strongly push back on the idea that corporate profits are going to grow, 23, 24% next year. clearly we'll have a small numbers bounce from the lows this year but i think expectations have gotten wildly ahead of themselves. just look at the stock market. it is five trillion higher than it was before the pandemic. the market isn't discounting a return to where we were before. it us discounting gumdrops and roses for the rest of mankind. charles: all right. well, you know i think they're too busy counting their money to look at the fundamentals right now, stephanie. u.s. cut another deal. we're getting another 100 million doses of covid-19 vaccine from pfizer and this brings us back to investing,
right? whole theory and debate that has been going on reopening trade versus the stay at home trade. gary, where is your greatest exposure with respect to that debate? >> look, i love growth stocks. that is where i live and growth stocks are doing fine right here. i also like the way financials are acting. i think interest rates are going higher. believe it or not the 10-year will go above 1%. that will actually help the big banks. right now i really like the markets. but i must tell you, i'm in stephanie's camp. i think we're seeing late inning action in so many places right now and i have studied going back 100 years of the market. we have 400 second secondaries coming out in the last few months. leverage an blind pools merging with battery companies with no sales and quadrupling in three days. this is the type of action, froth, speculation, like the 8th or 9th inning. i think we have another run to
upside. i think after that it is look out, look out below! as the fed continues to interfere with markets. eventually the markets will bite back. i think second or third quarter next year. charles: we'll ride the wave as long as we can. victoria, how do you look at it? >> work at home is our investment thesis around 5g names which own like american tower, verizon or even apple. but we think it is that anything from home component that has growth sectors and areas you can really invest in. look at housing. we had numbers pull back a little bit because of lack of supply. look at names like lennar or home depot. look at retail. not just big names like walmart and amazon which we do own but look at those companies looking at that direct to consumer business and investing in that. nike is one of them. we heard about that on their earnings. even a company like estee lauder typically in the department
stores has been focusing on the direct to consumer. we think there are longer trends there in those names you can look at going forward. charles: all right. stephanie, i've got 30 seconds, i saved them for you my permabear dear friend. can you tell me something good that will happen in 2021? >> no, i cannot. [laughter]. but, no, seriously i think that we have all the great news come out this year. the market discounted every positive element that could possibly happen, then some. i think sales and vaccine. this idea we'll return to normal is really missing it because the fact is we still have nine million people who haven't found jobs who were laid off in the pandemic. we have some 19 million people who face eviction as renters this year. we've got the massive amount of increased debt. we've got a whole host of issues that have come along with this
whole episode. so unfortunately -- >> best thing about 2021 we're leaving 2020 behind. charles: i think we all can agree on that. geir i are, stephanie, victoria, merry christmas. really appreciate it. thank you all very much. meanwhile joe biden making pretty big promises about cybersecurity but can he deliver? will his preoccupation with russia allow a much greater threat to go unchecked? i told you yesterday about all the pork in the covid-19 relief bill. now president trump is calling it a disgrace. at 2:25 congressman mark green will tell us what he thinks of the president's veto threat. ♪. ♪
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♪. charles: joe biden i pays the blame game against president trump over recent cyberattacks in the united states, americans are left wondering wondering ife in that realm. the scope of these recent attacks cannot be overstated. i'm joined what it means for all of us with sent nell one chief security advisor morgan wright. americans had been used to hacking news every other day. someone taking a about chunk of our information from a target, something like that but this
spat of high-profile attacks on u.s. government agencies has everyone on edge. how did it happen and how can it be stopped? >> you know, charles, good to see you again. the reason this happened is because traditional cybersecurity, traditional trust models have completely failed us. this does not work anymore. how it happened, think of this, if i wanted to break into 18,000 homes, what is easier break into them directly or break into the locksmith who has keys to 18,000 homes? that is what happened. the russians took advantage of a software update coming out of a company solarwinds, something we heard about, they rode the update out of hundreds and hundreds of corporations. they came in, sat there, waited 12 to 14 days when the software activated like a perry scope coming up. the software began looking around. from a trade cast exploited every vulnerability we have, human, technical, systemwide.
this is something we will never go back. like covid, charles, we will never go back to normal. there is no such thing as normal in cyberspace anymore. charles: as an aside, there is a lot of people frustrated with solarwinds, not just the company but the insiders, folks in silicon valley who funded the company. sold millions of dollars worth of stock the day before the news came public this is another thing adding on to the frustration. who do the american people trust? where do we gain confidence as our entire lives go completely into the cloud? >> yeah. i wish i could answer that. this sounds similar to equifax. they charge and indicted some of the executives for selling stock before the notification of that breach happened. we'll see what happens there. what we've got to do, charles, we go got to go back to treat how this happened. one of the advantages we didn't think of after 9/11, stronger cockpit doors, better screening. it didn't stop a lot of things.
we're too limited inside the box. whatever happens next we have to basically understand that the traditional proverbial thinking the way things have always been done have failed us. we have to think about the use of more advanced technology, better policies. charles: morgan, i have to ask you a couple things before i run out of time. >> sure. charles: joe biden talking a big game making demands of president trump with respect to russia what options would any u.s. president have to curb this activity? >> first this was not an attack on the government, an attack on private sector where the government was klein you haded in it. from a political standpoint what have we tried with russia has worked? we sanctioned them. we kicked their spies out. we kicked diplomats out. we have to start, like to assign blame, like black box in a plane, fix broken what is broken. irrelevant who did it. with we need to know how it was done, betterrer defenses so we
have. good luck sanctioning with the russians at u.n. i'm at loss, charles. i don't know what else to do with russia. charles: morgan. great seeing you. you always enlighten us, we learn a lot. you're a straight-shooter. thank you. >> merry christmas, charles. charles: president trump threatening to veto the pork-filled covid-19 relief bill. representative mark green said the president woe be right to quote, veto this swamp boondoggle. people fleeing new york including a house seat in congress. it may be the start of something bigger which would be a mass exodus. the woman who predicted it, kristin tate is next. - i sent your new prescription to the pharmacy.
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or, $4,000 for a couple. i'm also asking congress to immediately get ridded of the wasteful and unnecessary items from this legislation and to send me a suitable bill or else the next administration will have to deliver a covid relief package and maybe at that administration will be me. and we will get it done. charles: president trump dropping a bombshell last night threatening to veto congress' recently passed economic relief bill, suddenly demanding huge jump in payments for american people, although reported a couple days prior to that he wanted 2000. of all places getting a lot of support, odd support you might say, how about nancy pelosi, chuck schumer and aoc? with the speak actually tweeting that democrats are quote, let's do this. where do republicans stand? let's ask congressman mark green of tennessee. congressman green there have been reports out there that
president trump had wanted $2000. his aids talked him out of it. we know that the prior package prior the election, 1.trillion dollars was double this one, i suspect more focused on helping the american public? >> absolutely. thanks for having me on, charles, really appreciate being on your show. this is a two-prong thing. there is stimulus check people are debating but all this government waste. $40 million for the kendi center. it is -- kennedy center it noise even open for business. you can go through the list. it is insane. the president thinks it was insane. i thought it was insane. i voted no. i'm glad to hear he is kicking it back. maybe we get some of that crazy spending off there, $27 trillion in debt. at some point, it is incomprehensible. charles: do you think though that there are some americans that are desperately in need of help with the eviction cliff,
with the rising initial jobless claims? i mean we can see the signs out there. anecdotally we know people who are in desperate straits right now? >> absolutely, charles. that is why i targeted help, i think most republicans are ready for that. absolutely we got to do targeted help for businesses. really, i've been saying this both on your show and others, we need to open the economy. science is very clear. schools can be open. they should be open. in fact it does more harm for them not to be open. our economies need to be open. people want to work. you know, they want to be out there earning a living. so, yeah, i think there is lots of things we can do without pouring trillions and trillions of our children's and grandchildren's future into the drain. charles: yeah. i don't disagree with you on opening the economy but presents this odd paradox of sorts. do we, do we still not help
folks trapped in places like new york, new jersey, california, elsewhere where these ham-fisted draconian shut down measures remain in place, despite soaring unemployment, despite suicides, despite educational issues that will last for a generation? we have to find a way to help fellow americans even in those states. so what would you be willing to sign on to with respect to household stimulus, with respect to additional unemployment if any? >> so i liked the idea of the 300-dollar unemployment boost. that is a big help. what we can't do is pay people more not to work than you know, going to work. i think art laffer once said if you pay people not to work and you tax people who do work, don't be surprised when nobody is working. so we have to make sure that it -- right? but at the same time fair is important. we do have to help people who are hurting.
we force the government, with he forced businesses to shut down. now i will say some of these states that are -- it is not tennessee's responsibility to take care of new yorkers. they elected these leaders and these leaders have failed them. they need, they need to work that out within their state. tennessee taxpayers don't want to be sending our tax dollars you know to fund their bad decisions. charles: all right. well, we'll see what happens. the plot has thickened once again. congressman green, thank you very much. >> sure, charles. charles: meanwhile, folks, speaking of which more evidence of great exodus from this big blue states. the u.s. census bureau said more than 126,000 people have packed up and left new york from july 2019 to july 2020. gerri willis is here now with more of the numbers and a breakdown. gerri. reporter: hey, charles, that's right. you know the actual number, i will read it to you, 126,355 people leaving new york in the 12 months ended july 2020.
the largest loss, that us the biggest loss of any of the 50 states according to this preliminary census data everybody is using this is a small proportion of the state's total population. a little more than half a percent, right? but it marks the third year in a row that the empire state's population has gone down. it is declining. the ramifications are big. it looks like the state will lose a seat in the mouse of representatives if this continues at this pace. well that is not all either. new york city is losing stores. more than 1100 chain stores storespulled up stakes in last 12 months. almost all in manhattan, one in seven of nationally recognized chain store branches closed their doors, 1% of chain stores. 70, that is, duane reade's, 54
starbucks, 22 papyrus greeting card company. you don't need a greeting card store to have a great city but they pay taxes. that is important. thing issue is higher taxes, people don't like it. of course the way the city handled the pandemic. a lot of reasons people are upset, but the bottom line here, people are pulling out. charles, back to you. charles: thank you so much, gerri. joining me now young americans for liberty analyst kristin tate. she is the author of "the liberal invasion of red states." before we get to the exodus you by the way told us was happening, was going to happen, i want to get your thoughts on that $2.3 trillion spending package. essentially congress using the cover of american pain and suffering to push through all of their own political pork. >> it is so insulting to the american people, charles. our politicians are using a pandemic as an excuse to pass this irresponsible spending,
bankrupting this country for generations. so i hope this doesn't get passed. quite frankly, there are people out there who need help. $600 is not enough to weather a storm like this, if you've been put out of work by the draconian lockdowns. i just think this is a disaster and every single taxpayer should be infuriated. charles: yeah. i mean, we get to see it. it is right there. you have to parse through 5500 pages. money to cambodia, nepal, all these other things, pakistan, places like, that it is just nuts when the average american has gone begging. it is nuts. i can't get over it. i want to switch back to the mass exodus from blue states. obviously it is costing jobs, now even a congressional seat in two of them up your book talks about them leaving the states and unfortunately they often bring their same voting patterns. the irony there these voting
patterns got you kicked out of the state you called home perhaps for generations, why would you go back, vote for the same policies? >> yeah. it is quite a trend and this year it is really sped up. we've seen a perfect storm of covid, exorbitant taxes, quality of life issues, just pushing people out of new york. new york city in particular is really suffering. broadway and museums remain dark. at least 4500 restaurants in the city are permanently closed. a lot of people in some parts of the city are terrified to leave their apartments at night as violent crime has skyrocketed. murders are up 50% from this time last year. of course the public school system is a failure. meanwhile you have all the large chain stores closing branches in the city. you have to think if the chain stores are hurting this badly, what mom-and-pop stores are going through is just devastating. they don't have access to the same kind of financing. business owners watching their whole life savings, everything
they worked for be destroyed by these draconian lockdowns. these oppressive, left-wing big government policies destroying what was once america's greatest city. and until those destructive policies are reversed people will keep leaving new york. connell: they are indeed. kristin, nice seeing you, merry christmas. we'll talk again real soon. workers at an amazon alabama warehouse will vote whether or not they should unionize early next year. this is the first vote amazon facility, if it goes through it will be the first in amazon's history. they will likely have a major supporter in joe biden who vowed to be the most prounion president we ever had. this is part of the biden administration looking for ways to reshape what our free markets, how they operate right now. which is why january 13th at 2:00 p.m. eastern time i will host "the future of capitalism."
it's a virtual town hall. despite all of its flaws, folks, capitalism played undenying role encouraging self-reliance, encourage the entire world. message on fox business or instagram. email@example.com. it will be a huge way to bring in the new year. meanwhile investors are looking for buying opportunities and they might be surprised by a new survey across the pond that can give them a pretty good buy list. we'll explain that next president trump issuing pre-christmas pardons. more may be coming. who might be next? we'll ask deneen borelli. she might know. we'll be right back. ow it...? with the now platform, we can catch problems before customers even know they're problems. wait... a hose? what kid wants a hose?! fireman? says "hose" it says "horse"! not a "hose"!
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people confidence that we will have enough supply to vaccinate every american who wants it by june of 2021. as we eye more of the economy opening up where could we see a flury of spending? edward lawrence has a new survey that could buy some insight. reporter: we may get insight from over the pond so to speak. a big rebound in the united kingdom in the third quarter just like third quarter in the u.s., although the u.s. up a little more 33.4%. that is without opening in the u.s., a major part of country markets like new york and california. very restrictive there. so in the united kingdom the office of national statistics released a report finding some very interesting things about their lockdown and when it loosened. the restrictions came off the economy growing at 16% there between july and september. still below the 2019 levels but look a little closer. see the pent-up demand. spending on hairdressers and salons spiked almost 1700% in the third quarter from the second quarter in the uk.
run undown the list a little bit, spending at restaurants and cafes up 586% from q2. passengers bow travel tickets for travel by sea or inland waterways up 401%. dental services up 348%. two more not on the screen, rail transfortation is up 246%. money spent on prostitution is up 100%. the point people are getting up and out, not only moving but buying services where they grow accustomed to having services. they're seeing big boosts in the united kingdom. charles? charles: edward, fascinating list. pent-up demand for sure. my friend, thank you very much. i appreciate it. i think american consumers are just like those over the pond. we have got a blueprint where the growth can come from as we get a better hashed dell on the pandemic. what if we don't get all the government casual street certainly has been assuming?
we have ladenburg thalmann ceo phil blancato. you have been pounding the table on the covid stocks. what if we get no more stimulus? wall street is it looking at three more bites of the apple if you will. >> i think you're right. remember we've come a long way already. sometimes we have forgotten we were 22 million people out of work. we're back down roughly to nine million. the consumer savings rate up at the highest in our lifetime. interest rates at lowest. already stimulus in the economy. so if we don't get a relief package we're well on our way to having enough pent-up demand to grow in the numbers you heard from over the pond. charles: so you're sticking with your investment thesis you outlined the last few times on the show. >> no doubt, charles. i keep hearing all this noise about the deficit. we've forgotten the deficit being financed at the lowest rate ever. so for that reason i'm not yet concerned about the debt. i'm focus what we are.
we are a consumer-based economy. with the bulk of the economy working at a high savings rate, that means rocket fuel for the economy what happens out of the environment coming out of recession is some of the things you heard. going to restaurants, cafes, dental work. consumer spending at the core of the economy that will lift us, make valuations on the s&p 500 fair. the market is not cheap but valuations will get much better as we get robust first and second-quarter earnings boost. charles: i'm glad you mentioned the interest rates as a percentage of the gdp i was looking at a great chart yesterday, i wish i had it we're curbing higher, way below than we were in the 1990s when people were concerned about inflation and had to take more drastic measures. a couple stocks i need to help us educate the audience. a couple stocks up pressure this week. i think it offers a chance, phil to talk about when do we sell, when do we ring the register as investors? moderna, sort of sideways today but it has many could down a
whole lot in the last couple weeks. looks like the classic sell on the news. how will an investor know though? when do i sell on news? >> a different approach. anybody can be a big buyer. the people who are sellers are the ones that win. here is how you sell. stocks don't normally double or triple in short amount of time. it takes years for that. you set a guideline, moderna, when you saw the stock quadruple basically, you had a chance to put trailing stop order on it. you know what? i made so much money on this 20% off the peak, 10%, whatever number is right you set it and forget. you peg capital gains, timing, long term versus short term. it is less about individual companies but how much we made. that is where we make mistakes, let emotions get sold. moderna should have been sold once it made high numbers because you made so much money. a name you have conviction, you love moderna treat vaccines, 11
months, normally years, last time we did this fast was mumps that was four years this is changing medicine. in that case, sell half. take the profits, pivot to get a name fairly valued. that did where most investors make their critical mistake. charles: i appreciate that. 30 seconds left. share your thoughts as we go into 2021, your favorite idea or theme? >> i want you to pivot to what you know. we spent this whole year buying names we don't really know that well. whether it was zoom or some cloud-based company, something new, don't do that. make 2021 the year you buy companies you know. what is your favorite brand? where will you spend your money? what airline do you fly? what hotel do you stay in? if you do that you will have a successful 2021. we'll have wonderful return to normally. people will spend but worry about volatility in the second half of the year. enjoy the ride because you make money buying things you know. charles: phil, you have been spot on.
we always learn from you. have a great christmas. see you 2021. >> thank you. charles: every day do the show, so many topics and trends i would love to discuss with folks like phil. there is no time. read my daily commentary. i connect the dots, go far deeper than headlines. go to w street.com. i do it every single day, i put a lot of work into it. i think you will love it. president trump handing down a flury of pre-christmas pardons. media focusing on. fox news's deneen borelli will give us her take on that. she's next we're turning up the speed. upgrading over a thousand towers a month with ultra capacity 5g. to bring speeds as fast as wifi
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with that. you remember her. he commuted her sentence in 2018. later i think completely expunged her record. i want to bring in fox news contributor deneen borelli to react. because, deneen, every time we have a president that has to go through this there is some controversy but every time president trump does anything the media treats it like it's a crime, that it's a crime against the country. that democracy is in trouble, that they have never seen anything like it before. >> well, charles, i have don't know if you saw this or not but the anti-trump media somehow managed to criticize the president when he pardoned corn the turkey last month during thanksgiving. yes, you're absolutely right. he can't do anything right but when you think about this, look at the context of what we're looking at here. former president obama and former president clinton, they commuted, excuse me, commuted
terrorists,saln terrorists, charles, by the way set off 120 bombs, this was in d.c., new york city and chicago. people were injured. people were killed. where is the outrage over that? how many people are even aware of that, charles? that is really outrageous to me. charles: no, i think, to your point very few, if anyone is aware of that. i do remember the marc rich, which was a head-scratcher but of course that was all about the tons of money his wife, wink-wink ex-wife donated to bill clinton and company. we love to see these things, i would like to see focus on particularly non-violent felons, what he was able to do getting so many folks like alice johnson out prison. that is a good story for the nation, resentment,
determination not to give him any credit i think harms the entire country. that is why i have really a problem with it. >> no, i totally agree with you. the story like alice johnson's, for example, every time the woman is on tv she is like in tears because she is so thankful to the president she is no longer in prison. she had a long prison sentence over what she did many, many years ago. she served a long time. she is finally reunited with her family because of president trump. and so just going back to the anti-trump media and haters, president trump can't do anything right. what he is it really doing is remembering the forgotten men and women which he has been doing throughout his term in office. charles: deneen borelli tell tom, i said hi. merry christmas. >> merry christmas. love the tie. charles: thanks. the s&p and dow closing in on record territory. we'll have the final trades you
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a lot of folks fold these names into the same bucket but they are distinctly different. technology, they make the tools like software and hardware, whereas communications services take those tools and provide a service, like facebook and google. now, today, goldman sachs resumed their coverage of both those stocks with a buy and i think this could be a year coming up where that sector has a chance to outperform but it's the old story, do you want to sell the picks and shovels or do you want to be invested in the business themselves. what do you think? >> i like the technology space. and the reason why is i'm real big on apple going into 2021. last week, i mentioned that people are starting to forget about the fang stocks because of the cyclical trade. i just think apple sets up real nice for next 12 months and i think they could be one of the top performers in technology. i personally have been adding to that position in my own personal portfolio. i bought more today and of course, you can't go wrong with microsoft, either. i would lean that direction
more. we have to wait and see if we're correct. charles: i've got some breaking news for you. mark cuban offering a 25% discount for fans using bitcoin. okay. eddie, i know a lot of stock guys, they are resisting buying bitcoin. many of them sort of downplay it. some of them dismiss it out of hand. but that's not the story with you, right? you are now buying some cryptocurrency. >> yeah, look, i resisted it for a few years but again, there's times when you are just going to be wrong and you have to pivot and make an adjustment. you have to be a fool not to think bitcoin will be a legitimate asset class moving forward. i look at bitcoin as simple economics, with supply and demand. we know there's only so much supply around the world, and we have more and more people taking bitcoin as payments. we have paypal allowing folks to be able to purchase bitcoin. and you have more and more people like mark cuban and the mavericks that are just going to jump on this. that's why you've got some bold
calls on bitcoin with some real credible analysts talking about it doubling and tripling in the next 12 months. it may sound crazy. i know it's going to be the most volatile part of my portfolio. but if i were to make a bet, i would bet it's going to be the biggest performer over the next 12 months. we are just scratching the surface in this area. charles: all right. i got to give you a shout-out. you were on the show last week, on friday, in fact, and you said going into the close, nike would beat and go up. you even told us why. you said china sales would be strong. you were spot-on in all those areas. i think the next session, nike was the number one percentage gainer. so what stock should people be looking at now before the close? >> so i actually like the energy space. that may be a contrarian play but i think that sets up nicely. i think oil is going to go up. i wouldn't be surprised to see oil at $60 a barrel in the next few months, because of the demand that we're going to see looking forward into next year. so xle is a position that i added yesterday. we have been adding it for
clients looking 12 months out. i think you can make a lot of money in the energy space. charles: you know what, i'm inclined to agree. oil has been on fire since the election and going through the roof. eddie, have a great christmas, my friend. you have been spot-on. you made us a lot of money. liz claman, you know, no sleepy holiday sessions anymore, huh? it's just like every day is exciting. liz: i know. i know. but listen, regardless, you and i are always so geeked up but this is amazing, right? i mean, markets are putting a bow on the last full trading day of this holiday-shortened weekend, wrapping up new records for the nasdaq and the russell 2000 as stocks gain on stimulus optimism, vaccine rollouts and improving job numbers. but it's more what they are ignoring. could these green gains be short-lived? president trump could be about to play a little bit of a grinch, if he decides to slap a veto on the government spending