tv The Claman Countdown FOX Business May 3, 2021 3:00pm-4:00pm EDT
going to start producing more chips, produce other people's chips as well. so without it, you know, we can't really go into the next generation of machine learning -- cheryl: you're right. sylvia, thank you so so much. that does it for me, everybody. want to send it over to liz claman. hello, liz. liz: hey, cheryl, thank you so much. we got this question for our viewers, what happened to sell in may and go away? investors jumping in with both feet on this first trading day of the month. the dow needs 326 to hit a new record, we're up 297 right now. warren buffett and his trusty side kicks held their annual berkshire hathaway shareholder meeting saturday, but this time the billionaire ceo and vice chair charlie munger added sharp edges with targets ranging from cryptocurrency to robinhood to inflation. and even on whether they would
insure elon musk's rocket to mars. [laughter] yeah, you've got to hear what buffett said about that. but it was a slip of the tongue by munger that revealed the years-long secret held very close at berkshire, the man who will run the omaha-based conglomerate after buffett is gone. share holler jack oliver, he rented out a movie theater for the big virtual event for the his clients, complete with beach balls and buffett's favorite candy, of course. that would be peanut brittle. he'll reveal the most important points for investors and the moments that shocked him the most. does the ceo of steel case agree with buffett that inflation is not only here, it is intensifying? steel case is here on how they're moving the goalposts. but first, warren buffett's hot hand is back. berkshire hathaway clocking just over $7 billion in operating profits on $64.6 billion in
revenue. the parents of more than 70 businesses that buffett and vice chair charlie munger built 56 years ago hitting an all-time high right now, up 2.25% at 421,581. stock has never split, that's why it's so expensive. the meeting was held virtually in california without the usual 40,000 buffett faithful who every year make the annual trek to omaha where they pour through the front doors, they rush right in to hang on the billionaire's every single word. but this time the oracle began virtually by taking a swing at online brokerage robin hollywood, bankrupt9ly calling those who trade on the free app gamblers. >> well, that is really waving the red flag at the bull.
[laughter] finish i think it's just god awful what something like that would draw investment from civilized man and decent citizens. it's deeply wrong. liz: buffett saving kinder words for apple's ceo tim cook seen here with me during the berkshire meeting three years ago, and he issued a mea culpa about something he did with apple's stock. >> facebook -- tim cook was underappreciated for a while. he's one of the best managers in the world. i've seen a lot of managers. and east got a product that people absolutely love. i sold some stock last year. that was, that was probably a mistake. in fact, charlie, in his usual low key way, let me know that he thought it was a mistaking too. >> yes. [laughter]
liz: well, the comments aren't hurting apple at all, apple moving higher by 1% just as the tech giant's major antitrust trial gets under way. opening arguments have just finished in the last couple of hours, so let's get to our floor traders. guys, the suit was brought by epic games who was kicked off apple's app store after it started its own in-payment app system. i would say apple's not the only big name in tech that has regulatory sharks swirling around it. alphabet, amazon, facebook. sam, are these names too risky right now? >> you know, we would say not so much. you know, i think being a historian the really helps in these type of moments, and looking back at how microsoft handled their antitrust suit and go back even further when you talk about rockefeller, the supreme court justice from rockefeller called the antitrust suit a fool's errand.
it's something very, very difficult to prosecute. do not take what's happened in europe, their judgment on apple, to be how to predict what's going to happen in the united states because, you know, the consumer welfare standard is very, very difficult to prosecute here in the united states. so, you know, we do see maybe some slowdown where it could generally affect things as mergers and acquisitions. so google, you know, they've eaten up, acquired about 260 companies in the last 20 years. so, you know, that's been a big part of their business model. being under investigation makes its difficult to continue on that type of pace with mergers and acquisitionings. but in the end, you know, microsoft had some of their best returning stock years while they were under investigation, so we don't see it as necessarily a reason not to invest. and i think the thing that gets lost when we focus on these judgments is the speed-up of tech adoption due to coronavirus. you know, in terms of wanting
our videos online and fluidly doing video conference, online grocery, it's all these tech companies that'll benefit over the next phi years. liz: right, right. i mean, tech is going to fight through all of this, larry shover. is there one name in particular over others that might be, perhaps, more inured to attacks by the regulatory bodies whether here or in other countries? >> i think of all of them, facebook is the most vulnerable. it wasn't too long ago if people were running if mark zuckerberg was going to be running for president, etc., etc. but i think a lot has changed, you know, and tech has disarticulated itself, separated, become its own thing. and one thing to keep in mind with facebook is, what, 95% of the revenue is advertising. and who knows if that's really going to bounce back. i mean, i know the stock's done really well this year, but will it bounce back post-covid as we, you know, get through the
pandemic? this'll be interesting to see. but i think a combination of that, the combination of the reputation that facebook has right now which has turned over the last year or so, i think it's going to be struggling compared to the rest of the tech companies. liz: well, facebook's down about half a percent right now. we're watching apple and, by the way, as the headlines come through on the apple lawsuit and we'll see exactly what happens, but epic game withs basically saying, you know what? apple's still making margins of 77%, so they could ease up on those 30% fees that they charge, certainly. it's what they take. we'll be watching it all. sam, larry, thank you so much. we've got this fox business alert. tesla is on the move after a german trade magazine reported that the e v maker's gigafactory in berlin is running six months behind. the report did not cite reasons for the delay, but it may have something to do with the global chip shortage and supply chain
disruption. tesla's down 3.5%. speaking of semiconductors, let's look at intel's stock after its new ceo told cbs' "60 minutes" that it plans to spend more money on building chips and chip factories and less on tock buybacks. stock is pulling back a quarter of a percent right now, but the reason for the microclip shortage, the ceo pointing to the fact that 75% of global chip manufacturing is dominated by asian companies like taiwan semiconductor which is down half a percent. advanced micro devices here in the u.s. down as well. covid-19 vaccine makers getting a boost on plans to supply doses to developing countries. moderna, which is jumping about 4% right now, will distribute 33 million shots while pfizer, pfizer says it's going to donate $17 million worth of medicine to india which, of course, is getting slammed by the virus. pfizer says its partner's
biontech vaccine has not yet been approvedded, biontech spiking 13.5%. -- 11.5%. now, even though more than half of american adults are now vaccinated, new york city workers this weekend are saying, hell, no, we won't go back to the office. yeah, they protested here. not a huge crowd, but office furniture mainstay is steel case is hoping to help welcome workers back with its in-office product line. not home office, in-office. ceo jim keen joining us next, and we'll is ask him what he thinks about warren buffett's inflation revelation he blurted out this weekend. closing bell ringing in 51 minutes. dow up 295. we're coming righting back. ♪ -- coming right back. ♪♪
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the cost of -- we've got nine home builders in addition to our manufactured housing and operation which is the largest in the country, so we really do a lot of housing. [laughter] the costs are just up, up, up. liz: warren buffett did not sugar coat what he's seeing on the inflation front saying costs for everything from home building and furniture materials to steel are rising persistently. but leading furniture maker steelcase says for now sales are far outpacing inflation. the company has seen a 500% jump in home office sales during the pandemic. what happens as the nation heads back to work? ceo jim keane joins us live in a fox business exclusive. first off, are you seeing what warren buffett -- who owns court furniture and nebraska furniture mart -- is seeing as far as rising costs? >> thanks for having me, first of all. and, yes, of course, we're seeing the same thing when it comes to freight, first of all.
is supply chain costs, road freight, ocean freight, all of that has been rising, increases in steel prices, more recently in some of the petroleum-based products that were affected by the freeze in texas a while ago. so, yeah, we're seeing inflation across the board but as warren said, we're ajusting, and we've -- adjusting. we'll continue to keep an eye on it. this isn't our first rodeo, so we'll continue to manage price. and the only issue you face is timing, short-term timing, supply/demand imbalance with the steel supply right now is driving some unusually high price increases. there's some delay until we can pass on those increases, but other than that it's just that's the way business has always been. liz: well, that is exactly what i suppose jay powell says, that it'll be transitory once things work through the system, but it's a lot easier to raise
prices, it's a lot harder to then cut them once again, right? are you going to cut your prices once thing work their way through? >> in the past we've seen sometimes an occasional spike in a commodity price, and we've done temporary surcharges and reverse when those come down. i think it's going to be more of a typical increase and, frankly, if i had a chance between managing through covid and through this, i'll take inflation because we've been through that one before. liz: okay. yeah, because we've seen lumber and steel jumping about 20% in recent months. let's talk about the return to work. you guys have done a bang-up business, up 500% since the start of the pandemic as people moved very quickly to fill their home offices with furniture and, you know, stuff that they would need that you sell. how do you make the transition back to in-office furniture? >> well, we've been selling in-office furniture through the whole crisis. we have helped our customers,
education customers, lots of small businesses that weren't as affected, essential businesses, essential industries. and so that remains an important part of our business all the way through. we awe about a 35-40% -- saw about a 35-40% drop overall because people weren't, in general, working in offices, but a lot of clients were. what we did was invested in product development. we've continued to launch new products that are focused on productivity, flexibility and the kinds of ways we think people are going to work differently as they come back to the office after covid are. liz: yeah. stand-up desks. got those at fox business, which i love, because you can, you know, just get a little bit of exercise or change your positioning, which i think a lot of us have gotten used to, certainly working from home. speaking of which, mayor bill de blasio here in new york city was all ready to welcome 80,000 workers back to -- and i'm talking city workers -- back to offices around town, but some new york workers are digging in their heel, they don't want to go back.
they were the same ones probably complaining when they first had to stay home during all of this. do you think this is going to become a nationwide trend where people still are worried as to whether it's safe to go back? >> we've been through a lot together, so people are going to come back to the workplace with a new sensetivity. we've interviewed 32,000 people through surveys or interviews the last year, and their number one priority is safety. they want offices that are safe. we've been helping clients work on their offices to make sure that it's safe if they return, and we think that can be done safely. people are worried about productivity. you know, some things work better at home. some people were able to concentrate better, work in an uninterrupted way, so a lot of our clients are saying, okay, how can we make sure people work better when they return to the office. even before the old days. so there's a lot of focus on collaborative spaces, spaces that blend the physical and digital so remote workers can continue to participate in meetings, a lot of people
physically together in the office. so as people come back, they can do what they missed the most which is be able to interact with their colleagues, see people that maybe weren't on their immediate teams who they were on zoom calls and so on with, but other people they don't get a chance to talk to very often. liz: well, if i installed a vending machine right here with rice krispie treats in my house -- [laughter] whereas i have that at fox business, i think i might be happier here, but i'm ready to go back. jim, thank you. so much for telling us the steelcase story. stock is up 30% year-over-year -- >> take care, liz. liz: anytime. president biden on the road in virginia pushing his american families plan. we're going to take you straight to the white house for details not only on how trillions of dollars spent on pre-k and college education, but how higher taxes might have to be part of the equation. and bitcoin is jumping once again, getting much closer to
$60,000 per coin. ether, that's a new record high above $3,000. we see it here at 3,269 even as berkshire's charlie munger blurted out this doozy during the meeting. >> of course i hate the bitcoin success. and i don't welcome a currency used by kidnappers and extorters, nor do i like this shuffling out of extra billions and billions and billions of dollars to somebody who's just invented a new financial product out of thin air. ♪ ♪ ♪ ♪ we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa
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charity, who in the hell in their right mind would drive out the rich people? i mean, florida, places like that are very is shrewd and places like california are being very stupid. it's contrary to the interest of the state. liz: california resident charlie munger lashing out in his own classic way against high tax states including his own for forcing wealthy residents to be so overtaxed, they pull up stakes and move elsewhere. this as president biden, as you see on the screen, just touched down at joint base andrews after a stop in virginia touting his american families plan. to blake burman at the white house. you know, forget high tax states like california, new york and illinois, the wealthy and corporations will be looking at higher federal taxes to pay for this, right in. >> think about d.c. and maryland around this area too, it's not just both coasts. you're right, liz, you're exactly right, that is exactly how the president wants to have
his american families plan paid for. that is the plan, of course, as we know that call for free preschool for 3 and 4-year-olds, universal preschool no matter what your wealth status might look like and the same for community college, two years of free community college no matter what your income or earnings situation looks like. here was the president earlier today who went to a schoola community college pitching part of his plan, talking about the need for free preschool. >> research has shown here at the great universities in this state and others that children of that age who go to school, they are far more likely to graduate from high school and continue their education beyond that rather than start off behind the 8-ball. >> reporter: this is a $1.8 trillion plan, liz. to pay for it, the president is proposing raising taxes on individuals who make more than $452,000 a year and on families who make more than $509,000 a
year. the president defines that as the wealthy who should be paying more. >> if you ask the top 1% to pay the same tax rate they paid in 2001 when george bush was president, that would generate $13 billion a year. now, that's enough for us to take around 11 of that 13 billion and provide for two years of community college free for every student in america. >> reporter: liz, as we know raising taxes, obviously, a no-go with republicans, but it's interesting that there are some democrats pushing back against the tax plan and that is because the president in his plan did not call for a removal of the s.a.l.t. cap, that is the deduction for high income earners, capping that deduction, state and local taxes, at $10,000. democrats, some in high tax states, want that cap removed,
and they are coming out saying that they cannot support the plan if it doesn'ten include a s.a.l.t. cap can repeal. the white house is not for it because when putting their plan together, they need revenue raisers, and that is a tax decrease. so something to keep an eye on here going forward that the white house and democrats can try to figure out a way on that front. liz? liz: well, it'll take a long time. [laughter] at least we can calm down for a minute about higher taxes. blake, thank you so much. warren buffett's virtual shareholder weekend saturday was a very low key, pandemic-style affair. yeah. compared to what some very creative shareholders pull off just north of los angeles. coming up, the beach ball by go bash. one longtimeshare holder and --
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♪ >> decentralization won't work unless you have the right kind of culture accompanying it. >> yeah, but we do. >> yeah, we do, but -- >> and greg will keep it -- [inaudible] liz: uh, awkward pause after of that comment, greg will keep the culture. berkshire's charlie munger let the long-held sret cat out of the bag this weekend that it will be berkshire energy chief of vice chair greg able who will take the ceo helm once warren buffett no longer runs the company. the succession flip view ared on the big screen at this movie theater in northern california. rbo capital rented out the
theater feasting on dully bars and coca-cola. they also had door prizes representing berkshire's businesses including beach balls, peanut brittle, metal straws and a baby blue tumbler. to the man who organized the event, jack oliver. the firm has owned berkshire shares since 2006, i have my beach ball that you sent me so that i could participate in all of the fun. of course, the oriental trading. first, you've got to tell me, jack, what the crowd did when charlie munger inadd very 2e7b9ly said greg will keep the culture this. >> hey, liz, thanks for having me on again. yeah, it was a definitely a slip of the tongue, to say the least, and i think it was even hard to
catch it when he first said that given that he was on stage and ajit was on stage. so it was sort of quickly brushed over, but i think as it's been confirmed since then, yes, greg able is going to take over which gives makes a lot of sense given all the operating businesses and, of course, the energy division and, of course, his age. he was probably the front-runner but, yes, to confirm it, somewhat by accident, was a big shocker at the meeting. liz: our suers -- viewers didn't need charlie to reveal it. we wrote this article three years ago, and yes i stalked him in ohm ma. we've got -- omaha. we've got some video of him, and i ran up to him, he was sitting there with jim weber, and, you know, i asked him a quick question. he's notoriously very shy, but here's what he said. the lesson you have earned from
warn -- learned from warren. number one lesson. >> optimism. he's an optimist, and we're going to keep moving forward. it's amazing. liz: and greg has definitely kept moving forward with everything from all of the disparate energy companies and then he runs, operates all the other names too. let's talk about the energy and the clean energy discussion that was happening there. >> yeah. as you know, there was some shareholder proposals, mostly by institutional shareholders coming after berkshire for more carbon disclosures, etc. and i thought greg abel did a fantastic job talking about -- explaining that they have a robust program, they're on track to meet all the paris accords, and they're continuing to decoal their energy business which is not something you can do overnight. so i thought it was a very robust response to that, and it was almost piled on a little bit
by warren implying that they just hadn't done their homework and read all the public filings that were out there. liz: but i thought it was interesting that greg abel said all coal units, because they check every box. they've got oil, they've got gas companies, utilities, coal, he said all coal units will be retire before 2050, and he definitely is a believer in climate change. he loves all forms of energy, is so i thought that was really interesting. i loved your bingo board that you guys had. it's hilarious with all these squares ranging from talking about berkshire's apple investment, which he did, and, you know, maybe we could show some shots of the by go board, because it was hi hilarious. buffett takes a sip of coke, he has a huge stake in coca-cola. the hero worship of jeff bezos which did not happen. he did hero worship of tim cook. what surprised me though was buffett was not depressed on how
even -- was not pressed on how the stock has underperformed the s&p the past three and five-year periods there. isn't that annoying to you as a shareholder? >> i wouldn't call it annoying. think he's been quite frank with shareholders given the size of the company and the amount of dollars that they're deploying that it's not very easy for them to beat the s&p 500. but i think over time as the company has shifted to more of an operating business and less about stock picking, long-term shareholders aren't as conferenced about whether or not they beat by two or three percentage point. what they're really concerned about is their capital safe, is it going to be preserved in all environments. and i think what was reassuring from the meeting on saturday was even if you add -- subtract out his cash reserves, say it's $40 billion, the company has perhaps as much as $100 billion of excess cash which can be used -- liz: 100.5.
>> well, it's a lot of capital to load an elephant gun which he talks about. i think that's more the focus now of long-term shareholders, it's more about that preservation of capital. liz: did it surprise you that, a, he passed on ripping a cryptocurrency and, of course, charlie munger, which we already played that sound bite where charlie just went right in and said i can't stand bitcoin is doing as well as it is. he sees bitcoin as rat poison and then three years later when it went to a couple thousand he said now it's very expensive rat poison. robinhood was a different story. buffett kind of came out of the gate of the meeting, after the beginning housekeeping comments, he came out and really kind of slammed robinhood. here's what he said, and then we can talk about that.
>> they have attracted, maybe set out to attract, but they have attracted -- i think i read where 12 or 13% of their casino participants were dealing in puts and calls. liz: yeah. he called them casino participants, and he didn't like they were such short-termers. he said, you know, when you're only investing for the next five day, it's never going to turn out well. you know, perhaps he's not taking boo account that robinhood's a free brokerage app that really has brought in new investors who also would like to participate in what the stock market can give. >> yeah, i think it's more about not necessarily robinhood, but the type of behavior that robinhood might enable but, frankly, no different from any other low cost or zero cost trading outfit. and it all goes back to buffett's mentor, ben graham, separating the difference
between speculation which is very short-term, high frequent is city trading versus long-term investing. so the question i would like to ask is if someone used robinhood to buy a share of berkshire but they hung on to it for five year, that's not a bad thing. some people don't like to be lectured by their old great uncle in the corner, but that's essentially what he's doing the -- [laughter] commenting on behavior that he thinks is concerning. he's worried that people are going to get hurt, and that's a big message. and he did talk about specifically trading puts and call on apple and that sort of activity that some people who have never traded before, it might be hazardous to their wealth. liz: meaning -- well, and he kind of traded apple. he still has a huge stake, but he did sell some of that, and he said that was a mistake. he did acknowledge, he feels it was probably a mistake, and charlie told him it was a mistake too. the cash position. you talk about he's still looking, holding that elephant
gun look for a big acquisition. if you had to guess, what would it look like? what would it be? >> that's a tough one. i mean, i think, obviously, it'll be anything that meets their return requirements and beats their second best idea which at the present time would honestly be buying back berkshire shares. so anything they think will be incental to that, they will purchase. and, obviously, from the precision parts or other ones, they haven't been shy about loading the elephant gun which he's described. but they did talk about prices being elevated, a lot of excess capital out there that's not presenting opportunities for them in the short term. liz: my favorite line though came from charlie when he was talking about the, you know, he doesn't really care who writes premiums, etc., so he said i don't care if the cat is blind just as long as it catches the mice. these are just classic. jack, it's great to see you.
thank you so much, we appreciate it. and thank you for, yeah, the before fete beach ball. i'm -- buffett beach ball. >> great, liz. thank you for having me. liz: anytime. we've got huge news coming to the floor of the new york stock exchange. charlie gasparino, of course he's the one who has that news. he's bringing you the details next. and from college are barista, minimum wage, to coffee king, the cofounder and ceo of bigby coffee gives his story of how he did it on my everyone talks to liz podcast. from one tiny store in michigan to 250 locations today, now he wants to buy the detroit red wigs. i mean, it's a great american success story. catch it on spotify, apple, google, anywhere you get your podcast. we're coming back in 17 minutes. green on the screen, but the nasdaq is struggling on this first trading day of may. ♪
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♪♪ liz: breaking news, charlie gasparino just tweeted seconds ago that the new york stock exchange is about to loosen restrictions on the trading floor for those who are fully vaccinated. what does that mean? higher head count, media on the floor and no random covid testing. intercontinental exchange -- when can we get back there? [laughter] >> well, from what i understand, liz, they are in the process of meeting with media people right now to discuss a potential return to the floor. us, i guess cnbc. there's really only one major
outlet that was still there, not on the floor, but on the second is floor balcony. if what i understand, that was cheddar, a story that my producer broke last week about the plans to return to the floor in a more full way. she now broke the story that these plans are, essentially, moving forward on may 10th these new rules will go into effect. and, liz, they're pretty interesting. masks and social distancing, apparently, are still required. however, firms can increase head counts for those who are fully vaccinated, the media can appear on the floor with masks, and they have to abide by similar safety protocols. traders are no longer subject to be mandatory testing if they're fully vaccinated. the new rules set to go into effect next week, may 10th, we understand. or after may 10th. it's very interesting, we are now going back to normal. we should point out that this is happening as cases of covid in
new york city are probably down to the lowest levels they've been since last year, since the bottom in october. as you know, we had a surge after that. obviously, all these rules are subject to change, but if you look at it in a sort of generalized basis, this is the return to normal in new york city. i know for a fact that jpmorgan has plans to reopen, at least bring back some amount of people in the summer, something like 60% of capacity by summer. i understand jamie dimon's bank is looking to do that. david solomon at goldman sachs, again, looking to bring back a significant amount of people back to its headquarters, something like 50%. all the other major banks are considering the same thing. so new york by this summer going to feel pretty normal compared to what it was last summer and when we were in full lockdown mode, and that's because of the waning covid cases. we were the first to break this story, that the new york stock
exchange was shuttering, essentially, its floor last year. that was a big story because it was an indication that it was a shot, a lockdown of wall street and major businesses in new york city. as you know, the new york stock exchange then started opening slowly but surely, limited the amount of people and no media on the floor. but as we've been able to find out, i believe there's a memo on this issue, sources are confirming to us that next week things are changing. it's going to be the new york stock exchange not quite with totally the way it was pre-panel dem in, but pretty damn close. liz, back to you with. liz: do you think they'll be happy to see you and me back there? [laughter] >> well, it's funny, we -- listen, i'm in the love and peace mode right now, liz. we -- i had after our little talk the last time, i got a phone call from a very nice fell that at the new york stock exchange. i'm not going to get into it, but he wants love and peace, and
i'm, i'm in a very zen mood today, you know? by the way, you know who doesn't -- you know who hates me? all these -- liz: everyone? >> we write a story, think about how stupid these trade thers are on twitter. we write a story a couple weeks about amazon, speculation about an amazon stock that's been going around for years. better part of the last year. we said traders are saying, we actually named the trader in the subsequent story a day later saying they think this is going the happen soon. it didn't happen, obviously. i'm getting bombarded by these clowns that lost money probably shorting the stock because the stock spiked on this. i mean, listen, i'm pretty clear in my sources. traders, speculation -- liz: always, yes. >> it's not my fault that you, mr. proprietary trader in your mom's basement, lost money, you know? liz: yeah.
[inaudible conversations] liz: i think that was buffett's point about robinhood. and, by the way, he said i can't wait to see the s1 of robin robinhood's ipo. >> you know that's filed confidentially, but they're trying to get the sec comfortable with it. >> he wants to see it. so, yeah. warren buffett may have sold apple, at least some of his shares, butted today's countdown closer is buying. scott redler is here with his reasons tim cook's empire should be in your investment basket. closing bell ringing in seven minutes, we're up 233 points on the dow. ♪ ♪ y greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;)
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points. look at foot locker shares. they're making a late-day surge, jumping 4% on rather heavy volume. no headlines around this company. it's a 6 billion-dollar market cap. they actually did quite well during the pandemic, up 147% year-over-year. of course a lot of runners. people couldn't go to the gym. they picked up running shoes. we'll see. warren buffett may be regretting his decision to sell shares of apple. he has still a huge take. our next guest bou
sold. smart proprietary traders said would happen. if it had split, up three to 5% would have sustained it. instead they did it. prop traders could have sold it $150 higher. smart prudent traders could have shorted it on friday because it showed relative weakness. it isn't to say that type of response what he was reporting on. we were reporting on what needed to happen to have some type of setup and it didn't happen. he could have acted responsibly in that fashion. as far as apple is concerned, apple's buyback is back on. if you're an investor you probably made a lot a lot of mon it. if you're a trader once the buyback machine goes on you take notice if relative strength comes back t was sold on earnings. looking this week. i got in small to see if
composure changes. if apple could hold say, 130, 131, i think it's a better buy than a sell. i did start today. liz: was it a mistake for buffett to sell? he sold some shares. looking at a stake 5.4%, equaling 125 billion, 907,000 shares. he has a lot left. i think that may have been a mistake. >> listen, just like smart proprietary traders f you have a big position, you know what you? sell some shares into strength and hold some. you probably have to diversify. you have can't be perfect in any market but as long as you follow your process, that is. liz: you and he should sit down for a lunch together. >> i would love it. warren buffett is one of the most successful investors out there. liz, you know what? he created wealth for some because he is always glass half-full. and everyone talks about the risks of not being in the stock
market long term. all he is trying to get people to be in it long term to develop wealth. that is different time frames. [closing bell rings] liz: greg said he is an optimist. that will do it for "the claman countdown." gains for the s&p and the dow today. ♪. >> hi, everybody, i'm david asman in for larry kudlow today. welcome to "kudlow." president biden is back in d.c. after spending the day in virginia selling his multitrillion dollar plans. this is the first of two trips biden is making on a vast expansion of the welfare state, central government planning, huge increases in taxes. we start with blake burman. he is at the white house. blake. reporter: david, remember president biden unveiled the american families plan before the joint address from congress on wednesday. traveled to georgia on