tv The Claman Countdown FOX Business November 11, 2021 3:00pm-4:00pm EST
of the race. lauren: what about tesla in five seconds? >> love it. think it's going to $2,500 a share and boy anybody that's fighting with musk is the widow- maker trade. lauren: he's like tesla and rivian. costco and chevron. >> and canu. it makes cool trucks. lauren: that's it for "making money" charles is back tomorrow, liz claman, it's over to you. liz: lauren listen those are the major stories investors are shaking off their inflation shock on this veterans day that was the big story yesterday, bond markets are shuttered for the u.s. bank holiday but the stock market is up and running in both directions. as you see , the dow is getting canceled by the house of mouse. it's a big thunder mountain railroad run for disney investors after the dow component flopped earnings subs and there you see elon musk too with his twitter poll slamming tesla shares monday and tuesday, you kind of think that tesla would get put in the corner
again after filings revealed ceo elon musk just shed billions in stock. market guru book doll is here on how to dodge unpleasant surprise s in your own portfolio. on these veterans day an epic effort to gift 11 mortgage-free homes over 11 weeks to our most seriously-wounded veterans, it culminated todays 1-11 in florida. you are about to meet the army staff sergeant receiving that 11th home. the iraqi insurgents who burned and shot jerry majetish did not know who they were dealing with what his new home means for his career as a motivational speaker building homes for heros the small charity makes it all happen with a major assist from polty group, ceo ryan marshall here on a fox business exclusive on that plus how he sees imminent fed tapering affecting the housing market. west point grad anthony nodo,
the ceo of sofi joining us live with how his fintech managed to snag a place in that rivian ipo for retail investors and he's going to give us the scoop on how close he is to getting sofi 's much-awaited bank charter that could be a huge game changer but first let's begin with breaking news, two of the most widely-held stocks the talk of wall street at this hour biggest stories of the day most magical place on earth, nothing but bad luck for the dow at this hour, shav ing 78 points off the blue chips, the stock fell to an 11 month low down 7% and coming in at $0.37 per share that widely missed the $0.51 per share, and revenue also missed, 18.53 billion shy the estimated 18.79 billion, investors looking at disney plus as the villain here, the streaming business posted the lowest new user growth at 2.1 million bringing its total users to 118.1 million
analysts were hoping for 119.6 million. so, disney at 162.13 right now let's flip it over to tesla the ev giant at the moment on the move, but not by much. you could call this flat-to- slightly down. that's kind of interesting at this hour because filings reveal ceo elon musk sold $5 billion worth of shares just days after he told twitter users whether he should sell 10% of his shares. they voted in favor of the sale, and monday and tuesday were ugly for tesla, but let's bring in bob doll whose had to manage his clients through all of these types of headlines. bob, it's great to see you. dow is at session lows right now , you can really blame disney here but so let's pick that apart and go micro first. what do you extrapolate from disney's numbers and whether a stock like that should be a hold , sell, or buy? >> so we don't own the stock, thankfully today, actually we're in one of our long-short
strategies. look, digital subscriber growth, if i can say it, has been disappointing and the return in the parks has been a little slow , and the stocks not all that cheap, so we have not been favorable. stocks down a bunch, so we have to think about are we going to cover our short, but i think disney has some issues that's going to take time to work through, liz, so i wouldn't have that one of my top 10. liz: are you worried about the management and bob chapeck, and all these stories that get planted about his leadership >> they do. as you know, the company is a very complex company, and they've got lots of talent and lots of places, so if anybody is going to be able to figure it out they will but maybe what i just said is the damming part, that is they're so complicated maybe they need to streamline, split up as somebody suggested earlier in your show. liz: 2021 has just been a fascinating year for the history books, the stock market has certainly met record after
record after record and yet, we have issues out of china. we've got inflation rearing its head. what are you calling for the rest of this year and the beginning of 2022? >> so my view is the path of least resistance is still higher , liz, but, i think it's going to be much bumpier, harder to come by, if you're in at the wrong time, you'll lose money and inflation is my biggest concern. there are a long list of positives, still operated but they're now some creeping concerns. some flies in the ointment and top of the list is inflation. i think a week like this should show us it is not all transitory i don't know how long we have to fight that although the market is still suggesting that. the market says bob, you're wrong. i mean, we would not have a 10 year treasury at 150-160 if inflation really wasn't going back this sub 2% i don't think we're going there. the era of 0-2% inflation is over. look at wage rate gains, go fill up your car with gasoline, go
try to rent something somewhere, you know the story. liz: i do, i do, and i'm really glad to hear you say what we've been saying on the "clayman countdown" since late january. >> you have. you had it right. liz: it's not transitory. >> a piece of it is transitory in fact if i could complicated, liz in 2022 the inflation rate is likely to drop and a lot of people say i told you so, don't worry about it. the drop will be some of the transitory stuff working its way out, solving hopefully some of the supreme court play line concerns, with that core inflation, we're not going back to sub two. liz: talk to me about what you see as the best opportunities in an inflationary environment while the federal reserve is clearly supposed to start tapering this month. >> right. so if that's right, and you and i are right about inflation about transitory, and economic growth is reasonably good, you've got to think about cyclicals, about value
overgrowth. if interest rates do backup with inflation being a problem, what gets hit hardest? the high duration stocks, the very high pe stocks so you want to be in the cheaper areas that are more exposed to the economy. that takes me to financials. it takes me to selected consumer names. what i don't want are the very high pe stocks that have done so so well for it seems like forever, liz. liz: yeah, those be some of the real momentum names that have been out there some of the work-from-home super stars whether it was octa or docu sign, zoom, peloton, which has really certainly suffered but today your right the big financials are really gaining. bob give me your last thought on the fed and whether the fed will have to speed up tapering and start raising rates earlier than expected. >> i think the feds already behind the curve. that does not mean they will move forward. i think they will drag their
feet and drag their feet and if they can wait until post the election to do their first rate increase, i think they will i'm not sure the markets going to let them. liz: bob doll with a slightly, not bearish, but a slightly cautious tone here am i correct on that? >> you've got it right. liz: so good to have you into you so much, bob. fox business alert, so right we showed you disney is not the only stock not the happiest place on earth and tesla ceo elon musk isn't the only ceo selling stock. let's get to beyond meat. it is cratering by 14 1/3% after the plant-based meat maker reported disappointing third quarter results, beyond blamed the weakness on severe weather, the delta variant, labor challenges at restaurants, like what else are they going to blame? guidance also fell short which prompted jefferies to call it " the quarter that likely broke the camel's back." beyond down 35% year-to-date it's at $81.05 right now. >> showing some love to
individual investors might just be why amc stock is not falling at this hour, on news that ceo adam aron sold $25 million in company shares with more to come according to filings that show that he is supposed to sell a total of 53 million worth of stock. shares are up 3.7%, now amc has risen, thanks very much in part to the wall street bets reddit room crowd. those retail investors who buy shares and then say we're never selling them, they call that diamond hands, adam aron catering to those investors lately by asking their opinion on some company decisions. amc shares up 1,753% year-to-date. wall street affirming its commitment to a firm holdings the buy now pay later site is up 15 nearly 16% right now after not only reporting a narrower than expected quarterly loss but an 84% increase in gross merchandise volume. a firm also expanded its deal with amazon allowing all
eligible purchases of $50 or more on the site to be split into monthly payments for u.s. shoppers. amazon is flat right now. >> investors in another super- hot fintech revoicing at this hour, mobile first finance sofi charging higher in this final hour on stellar earnings, but with an exclusive hand in the biggest ipo of the year, is the current quarter , going to crush it as well? sofi ceo and yes, military veteran anthony nodo is joining us live next on how he handed his customers early access to rivian shares and he'll also talk about sofi's role in future ipo's closing bell 50 minutes away we're climbing back down or falling back down as it were to session lows the dow down 144, but green on the screen for the nasdaq, it's up 88 points.
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past seven years closed nearly 30% above its $78 offer ing price, it closed just above $100, at this hour, it is blasting higher, up 19.25% to $ 120.13. the amazon and ford-backed rivian a real winner, 48 hours old, not a bad move, having priced as we said at $78. getting in early on this rivian ipo, near-impossible for retail investors, but not if you were a customer, mobile first brokerage sofi. it was the only retail platform granted pre-ipo shares, that then offered to its members. just another feather in sofi's cap after the fintech reported third quarter revenue shot up 35 %. anthony noto is the ceo of sofi whom we actually like to first honor today as a u.s. army veteran. i mean, anthony, west point grad , army ranger, ceo, dad of five what is in the water you're
drinking? >> thanks for having me, liz and i appreciate those kind words, thank you. liz: it's amazing all that you've accomplished. we'll talk about that in just a minute, but you know, the early access to rivian shares is particularly intriguing because it levels the playing field for the individual investor at least takes a step toward that, who for years, you know, they watch from afar as only insiders and banking clients got in at the ipo price. how did you make this happen? >> first and foremost, we just have a great member base, our product is meant to be a one stop shop for members so we can meet all of their financial needs starting with the major financial decisions and their lives and all the days in between and because we have that great value proposition we are able to have a large audience base and that is great constituency for rivian to target in addition to the fact we can reach them easily through a mobile app in the ipo process so the attractiveness for an issuer is the fact we have this great member base that is good long term shareholders
and they are also consumers of many of the brands that we'll partner with as we have in the case of rivian. liz: what was the demand like for those pre-ipo shares? >> demand was very strong. we had about $300 million of demand which is remarkable for a company of our tenure. we have a very experienced team with prior banking backgrounds including myself, but we also just have an ability to reach a really large audience through our mobile app, which hits about 14 to 15 million registered user s those are not members, those are people we have their name, address, birth date, social security number, so someone we could qualify that should be evaluating opportunities like this , that reach really helps an issuer drive shareholders. liz: anthony in your previous life for our viewers who don't know you were a top internet research analyst at goldman sachs. if you could, indulge me and put that hat back on and as you look at some of these names, not
necessarily specifically rivian, but yeah, rivian, where the valuation is so huge, it is now bigger in market cap than the legacy automakers gm and ford. you know, do you look at some sofi investors and worry about them, not necessarily getting in , again specifically on rivian , but getting into names that get frothy and get ahead of their skiis. >> yeah, we have a requirement to make sure that we're educat ing our investors on the risks of opportunities and investing. we're really trying to educate them to diversify their portfolio, to dollar-cost average to do recurring investment and not try to market time, to be long term oriented. we do provide the ability to buy single stocks, fractional shares , advisory accounts which is automated investing, we have six customized eft's so they can diversify at a low dollar price point of $10 and then we also have currencies. so we recommend the diversified portfolio and if you're going to
buy an unproven company or asset like cryptocurrency that's a small percentage of the overall portfolio. liz: i know that sofi has applied for a bank charter. where does it stand for that and i know you're trying to at least acquire another bank, golden pacific, so that would speed up the process. any timeline on when you'll get full approval? >> sure we made really great progress this year in our core business we're expecting to see we had record revenue this quarter and we're expecting to see accelerating growth into the fourth quarter, 49-55% year-over-year growth faster than we just reported, so that business momentum has been very strong. at the same time we've been -- liz: okay. we just lost anthony but i don't know if we can get him back but what i do want to say about anthony is again, a veteran, army ranger, we wanted to show you some pictures from that part of his life. he served in west point. just an amazing leader. managed to end up at business
school, this guy i followed him for quite sometime because he was at goldman sachs for many many years and there you are we just got you back. you gotta let me know about the bank charter, because our viewers are hanging on that answer. >> i'm not sure where we lost you there. what i said was it's really a two-pronged approach first we have to continue to execute our business, we just had record revenue, we're looking for even faster growth in the fourth quarter of 49-55%. concurrent with running our business we've been going through the exam process with regulators, the feedback has been very constructive and we've done all of the things from our ability to put our best foot forward with the regulators, we're encouraged about where we are, there's no definitive timeline when we continue to work with the regulators hopefully the last mile. there's always a degree of uncertainty in the process because of the changing dynamics in washington in terms of the heads of different agencies but we're encouraged about where
we stand. liz: please come back before that happens when that happens we'd love to continue to follow the sofi story, anthony. >> that sounds great, liz, thank you. liz: and thank you for your service very much. >> thank you. liz: up next, a veterans day celebration in the sunshine state at this hour, as building homes for heros marks an amazing milestone by gifting that home on your screen to an injured veteran. custom-built, mortgage-free, we're going straight to jacksonville, florida to see the new home and meet its new occupant, army staff sergeant jerry majetish, who against all odds, is here today. closing bell ringing in 39 minutes, cryptos on the move, anthony just mentioned cryptocurrencies, they are really really volatile. we definitely know that but after hitting new record highs, we do have bitcoin moving higher once again, still just slightly above 65,000, ethererum and litecoin in the green as well
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liz: this veterans day we of course honor those who selflessly served our country and in many cases did so with unbelievable sacrifice. among them, army staff sergeant jerry majetish, who served for nearly 20 years but in 2005 while on a tour in iraq his humvee hit an ied and was then ambushed. insurgents that actually target ed him because locals really liked him and trusted him and would give him really important intelligence, so there was a bounty on his head. as jerry was literally set on fire, the insurgents then shot him four times. the attack left him suffering from traumatic brain injury, severe burns, over 100% of his face that's the humvee he was in
he lost his ears and his nose, his left hand, eventually had to be amputated along with part of his intestine and stomach. jerry, just underwent i think it's the 82nd surgery, 82 surgeries, a group near and dear to my heart though, building homes for heros.org aimed to gift 11 homes in 11 weeks this year culminating in a home built especially for him who joins us now, live from jacksonville, florida, with his wife, mary ella. thank you for being here, jerry. i'm so excited about this. tell us what it was like to walk inside that mortgage-free home custom-built to your injuries right behind you. >> overwhelming the support from the community here has just been fantastic from the very beginning. every questions asked, every need is met, everybody has been so good to us the entire time.
liz: but describe that moment where you walked in the door. >> i didn't believe it was really happening, because we've been wondering about our living situation for sometime now because i have some more surger ies coming up, some of them require a little more capability for the care that i need, and this home just is going to make everything so much easier for myself and my wife to take care of me. liz: i understood that you had to live in a motel when you originally were able to get out of the hospital, because you could not get into your old home because of the ramps. i mean, you've got six children between the two of you. i know that a lot of them have grown now because this was 16 years ago that you were injured, but people don't understand how hard it is when you come back wounded, and there really isn't a place where you can find your bearings and then start to live
your life again. >> no, absolutely. its definitely been a process. i don't think i'll probably never stop having surgeries. i have a surgery coming up at the beginning of the year, so it's an ongoing adventure, but with the support of my wife and the community and now building homes for heros i've done so much with this home it's going to make my living and lifestyle a lot safer because our home was not safe for me especially after surgeries and we couldn't continue to afford getting hotels every time i had a surgery because i couldn't get in the shower or take a bath. liz: let's talk about your future of you would like to be, and to me this is so great. i want all of our viewers to really less listen here, you are working toward being a motivational speaker and i was watching you speak on some video and you said, i didn't sacrifice
anything. jerry? we look at your injuries and we as civilians say you sacrificed so much, but why do you feel that way, and translating that message to people is very motivational. >> well, my life as a young man before i went into the military, my home life was difficult, so i used to skip school a lot to travel, and i'm surprised i graduated high school and once i did graduate high school, i wasn't sure what i was going to do with myself because i barely had passing grades i wasn't going to go to college and then the military seemed like the best choice, i have five older brothers all my brothers served and my mother served in the united states army, so it just seemed like a natural career path for me, and i loved what i did, and as far as sacrifice goes, i do not feel i sacrificed because this country has given me everything. it gave me a path to a life that i can provide for myself and my
family, eventually led me to my love, and life is good and that's because of this country so i don't feel that i sacrificed anything given the nation that i love and believe in. liz: and mary ella, i know you're shy but we want to formal ly thank you for the support you've given jerry and the spouses holdup these wounded veterans and the entire family unit, so we do not underestimate your involvement. enjoy the home and congratulations. >> thank you so much. thank you so much. liz: you're welcome and i say this to my viewers, if you guys have been watching me over the years, you know how much building homes for heros matters to me and you have stepped up. we've gotten everything from $5 donations to $5,000 donations, and i have said over these past 11 years, working with homes for heros that we'll take the change in your sofa cushions that you find and guess what? you have been directly
responsible for raising $1 million to help build these mortgage-free homes for injured veterans. the line is long though, so there's no way we're stopping now, please go to buildinghomes for heros.org, and make a donation, anything you give matters and is so deeply appreciated. i love you guys because i know exactly, by the way, who gives because they give me a list so i know and i'm grateful and by the way, building homes for hero s got a major assist in building jerries new home from homebuilding giant polty group, ceo ryan marshall was there in jacksonville, he's joining us next on that moment, plus we'll ask him about the current state of the housing market amidst inflation, supply chain woes, and the imminent federal reserve tapering. closing bell ringing in 27 minutes, there's ryan, ceo of pu lty group he's coming up in just a few moments don't go away
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liz: president joe biden celebrating veterans day with a visit to the tomb of the unknown soldier, paying tribute also to his son, major beau biden and the millions of american men and women who risk their lives every day to serve and as the government honors veterans on this important day the private sector steps in as well to pave the way for a much stronger future for the people who already have done so much for our country. today, as you just heard, staff sergeant jerry majetich and his wife cut the ribbon on their brand new home in jacksonville, florida. the home marks the 65th mortgage free home that pultegroup the third largest construction company in the u.s. has helped to build to wounded soldiers. pultegroup for this one teamed up with building homes for heros as well as many more, in the
future. joining us now is pultegroup ceo ryan marshall. ryan, thank you so much for being here. look, you are a ceo in a cut throat blistering hot industry right now, and yet, you're taking time out on this day to gift this amazing home to sergeant majet ich, and we're blown over by this but why do something like this , what does it mean for you? >> good afternoon, liz it's great to be with you and we had an mazing celebration earlier this morning when we awarded this home to army staff sergeant and his wife. this is just an amazing program that we have at our company built to honor. its been in existence for over a decade and today was a big milestone for our company it was the 65th home that pultegroup has given mortgage-free to a veteran that's honorably served our country, so it's our way of saying thank you. it's our way of giving back, a tremendous way to kind of kickoff and celebrate veterans
day today. liz: i have to say too, i worked with building homes for heros for more than 10 years, and i have watched these heros return home after their 40th, 50th surgery and they have to literally crawl up the stairs, because they don't have ramps or roll their bodies into showers because it's not wheelchair accessible. this type of gift has very little to do though with the windows and the drywall that you guys gift and the labor, right? what does it mean when a veteran has a place that's mortgage-free to live in so they can then become a productive member of society? >> i think it means the world to them, liz. it is such a life changing event , and the unique thing is that we take these amazing communities that welcome these veterans in and make them part of the community so that's first and foremost. secondarily, we're able to take these amazing homes that we've built and we customize them down to that individual veteran's needs, whether that's roll-in showers or wheelchair lifts or
other modifications that need to be made to the home, such that they can live in a more- normal kind of productive way, and it's a real game changer. such an honor to be part of the program. it engages the entire community and as you saw from the event, earlier today, you know, we had police, local fire, we had local veterans organizations, our entire team, a lot of the trade partners, that we work with, in all of our communities were here to celebrate this wonderful veteran so just a tremendous day , i think for our country, a tremendous day for our country. liz: whether it's the broader market or these homes for heros , one thing is for sure , nothing is ever perfect. there is such top demand for housing since the pandemic, so that's been an amazing possibility for companies like p ulte homes but the actual inflation of materials to go into these homes has been off the chart. talk to me about how that is figuring into your broader business. >> yeah, you know, it's a
fantastic question. the housing market has been incredibly strong and we've seen unprecedented demand. we highlighted in our earnings call a couple weeks ago our outlook for 2022 is quite positive and we're expecting consumer demand to continue to be strong. you highlighted the fact that we've seen a lot of inflation in materials. we've also seen it inland prices as well, and that's certainly translated into inflation and the absolute home price. a strong jobs market, low interest rates have contributed to goodbying power from the consumer, and so that's contributed to the great demand that we've seen, probably our biggest challenge has been the supply chain bottlenecks that i think the entire world is currently experiencing and our industry has certainly not been immune to that. some of the things we've highlighted have been real challenges have been windows, appliances, siding, paint, just to name a few. we've got great suppliers, i just met with one of our biggest
suppliers last week and they're really do everything in their power to get the supply chain moving again and so we're fortunate because of our size and scale and such great partner s that, you know, we're optimistic about what the fourth quarter will be for our company as well as 2022. liz: mortgage rates are still incredibly low historically but the fed and jay powell said they will begin tapering sometime this month and that means they're scaling back buying mortgage backed securities. how have you guys modeled for the impact of when that happens and mortgage rates inevitably rise? >> yeah, we've seen interest rates obviously tick up over the last 30 or so days and to your point, chairman powell has indicated that we'll likely see more of that. today, overall, affordability remains in check and we think be home buyers have got the ability to buy a new home. we are paying attention to it as we always do in any market, but we continue to be very optimistic and bullish that 202r
the industry, and specifically, for pultegroup. liz: yes but i do have to push you on the labor that is continually and persistently quite short, and that type of supply chain, how do you, you know, get over something like that? >> you know, liz, our size and scale, i think, has helped us with attracting labor. we run a very sophisticated even -flow business model that allows us to give predictability and forward visibility to our trade partners, and that's really attractive to labor. we've also made tremendous investments in off-site manufacturing. specifically here in jacksonville, we have one robot, 3d modeling technology, robotic material handlers, to build a lot of the frame components of the home. we think that's one of the key things that we can do as a company to help be more efficient with the labor that's
out there. liz: well we cannot thank you enough at pulte for joining up with building homes for heros on this veterans day and in the future, you're building something like seven homes and we hope there will be more. >> we do as well liz. it's such a great organization and the ability to partner with build to honor and operation homes for heros, it's just a tremendous partnership, we thank all veterans, first responders that are out there putting their lives on the line to protect our freedoms in this country. liz: pultegroup ceo ryan marshall, our deep thanks to you and the team. >> thank you. liz: i do want to say that we're looking at the page right now and it is updating as we speak. 46, 457, we want to hit 100,000. you know, again, don't get overwhelmed and think oh, i only have $5. one of the best donations i ever got was a letter from a veteran
who said he was on a fixed income, he was elderly, but he included a $5 bill. to me, that is just as valuable as 50 or 500, so, please know that this is so important and we really appreciate any kind of donation, building homes for heros.org. thanks to pulte homes for sure. you think flight cancellations and long airport lines are the worst of the holiday air travel? the former head of the national transportation safety board says now passenger safety might be at risk. grady trimble live at chicago's o'hare airport with a lack at whether the friendly skies are also as safe as they need to be. closing bell 14 minutes away, dow off the low still down 1 # 20, but, the nasdaq and the s&p are having a decent day.
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liz: southwest and american airlines, the two biggest examples of u.s. air carriers struggling to get their schedules and workforce back on track as the pandemic recedes. mass cancellations, vaccine mandate protests, sky high oil prices, not their only problems as they ramp up for the busiest travel time of the year. grady trimble is live at the southwest ticket counter at o'hare international airport in chicago on whether safety is now a concern this holiday season. what's this about, grady? reporter: it is for some, liz. i've talked to multiple unions for pilots and flight attendants and they tell me their members are exhausted and in many cases, getting spread thin. look at these numbers provided by the southwest pilot's union. these are what they call fatigue polls which is essentially when a pilot removes themselves from the schedule because they are too fatigued to fly. happened at a rate seven times
the historical average for october, in october of 2021 last month, they say that's partly because of the uncertain last minute schedules, and partly because of the impending vaccine mandate and also the former head of the ntsb is sounding the alarm saying mass cancellations you mentioned are indicative of a bigger problem regarding safety. several airlines still short staffed after trimming their workforce during the pandemic. former ntsb chair jim hall warns if airlines ramp up too quickly, in a haphazard way, it could have catastrophic consequences comparable to the 737-max prices >> the boeing problem was self- induced and i think the aviation industry could have a similar problem, self-induced, unless it slows down and takes the time necessary to be sure that safety is not forgotten as they ramp backup to meet the
new demand. reporter: and we did reach out to southwest airlines as well as the faa about these safety concerns, liz. they did not respond directly to our questions about safety for flying this holiday season. liz: grady trimble live from o'hare airport, thank you very much. everybody wants to know at least our viewers, don't know if my brother cares in la, but when the fed will begin tapering those $120 billion in monthly bond purchases. might tomorrow be the day we get the first clue? we'll talk about that with our countdown closer whose got $385 billion in assets under management. you'll want to hear what he has to say we're coming right back. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner.
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nearly $10,000 since we just ran the story about sergeant medic. it is taxable. anything that you can give. we stand at 44,976. that is a 20% jump in the past few minutes. thank you so much. buildinghomesforheroes.org. tomorrow the new york fed release the next operations schedule at 3:00 p.m. eastern. it could very well give us that big information whether the fed has begun tapering. it is 120 billion in asettes under purchases. that he will do it by 15 billion a month. is that enough to cool off hot inflation and how do you invest around it. 3 billion in management, ross mayfield. give us the strategy if tapering begins. >> well the strategy is stick with the plan because tapering has been forecast and projected so well by the fed that pretty much every market participant knows it is coming. so it will be a slow pace of
tightening unless this inflation persists and they want to pull some rate hikes forward but we still like stocks in this inflationary environment so that the is strategy for now. liz: you like stocks. you don't worry somehow the market even though it is well-telegraphed that the rate hikes are eventually coming next year? you don't think there will be a massive market selloff? >> you know there will be a correction at some point along the way and we've certainly seen volatility in the bond market but first few rate hikes are usually not the problematic ones for equities. usually late in the cycle when the fed inverts the yield curve. that is years from now. if inflation cools off a little bit it could be fourth down the road. liz: what are the best areas in the environment? people automatically say financials but what are the other pockets that could really do well? >> yeah. we like all kind of sickly oriented. we love financials, but i think energy, the way energy prices are moving. we like industrials and materials, commodity oriented
sectors, we think that portion of the inflation story has staying power. there have been years of underinvestment in that kind of activity. we think there is staying power there. with that said, i want to be in tech consumer oriented names especially towards the holidays. liz: ross. do you think we'll start to see commodity prices come down immediately after the first interest rate increase next year or how many will it take do you anticipate? >> you know energy prices and commodity prices more broadly are really fascinating because they're a little bit outside of the purview of the fed. you have all sorts of geopolitical machinations. you have shale producers on the u.s. front that are disciplined for now but how long? energy is a wild card. we expect it to cool off a little bit. it has been a strong run. it has been a little bit after wild card and it's a little bit out of outside of fed's purview to control. liz: ross mayfield, from baird.
wonderful to have you on veterans day. market closing out near session lows. bond market closed today. starts trading to night. that will do it for the "claman countdown." we see the dow jones industrials, one red area. [closing bell rings] you can pretty much blame disney and the earnings whiff. nasdaq up 79. "kudlow" is next. ♪. larry: hello, everyone. welcome to "kudlow." i'm larry kudlow. so this is veterans day when we honor the sacrifices many have made for our country in the name of freedom and democracy. we honor our military. that is what this is really about and we honor both those who made the ultimate sacrifice in foreign wars and those who are still with us. we honor all of them. veterans day began, as you know