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tv   Making Money With Charles Payne  FOX Business  December 3, 2021 2:00pm-3:00pm EST

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neil: we are just getting word that president biden might be talking to vladimir putin about the buildup along the ukrainian border the secretary of the state and already met with his counterpart and we will soon where that goes right now the dow down about 220 points, here is charles payne predict. charles: good afternoon everyone and i am charles payne this is printed with the markets right now are in rent of this disastrous november jobs report involve present biden tries to put a happy spin on it, it is a huge mess in the market spoke today, the faster the market dropped and a lot of troubling issues that are now boiling over into full view is when he might take away in this jobs work in this market coming right up. plus it is been an easy way for the ultra celebrities to make millions even millions of dollars but the ipo, that may be
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over this open is and while if you want proof that the nfc revolutionist not just affect him take a look at the big global argument in the world, embracing the digital art movement we will be live in the scene with a very very special guest and all of that is so much more, on "making money with charles payne". ♪ ♪♪ ♪ ♪♪ charles: breaking news, the market meltdown began steam and that is not the only bad news in fact folks, moving attested in many different ways, today's name is, we do not all need to be country boys these days and of course as a country classic that you just heard i think that the first couple of lines of it were so prophetic and think about this on the preacher man said that it's the end of time
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and the mississippi river chief law and driving in the stock market is down, and the only get mugged if you go downtown. it may straight wall street perfectly reflecting what is happening right now that hank williams jr. song and in fact, and several of these consumer confidence reads before this, for today's big job support in the good news, there were 594,000 people looking back into the labor pool and perhaps a sign that the savings is drying up but unfortunately only to earn 10000 of them are finding a job and that is a disaster when you consider how many job openings are left. it is also far less and for people of the rationalizing that the number will be revised higher, would have to be increased by one or 62 percent just to get consensus. the good thing is that we saw the wages up 4.8 percent again that is consensus, and is less than inflation it and i hope for more good producing jobs, i
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really want to call them dirty fingernails jobs, the not for those in fewer retail jobs i thank you so inevitable considering computers and all that kind of thing, and it's also not a bad thing if these workers can move up the pay scale. well as we know more than anything else is big economic mess is being spun, this is not good news for america and it's really heartbreaking news on the job support for black americans the president bided should be straight about this instead really trying to paint this happy picture and the other thing that rate, you going to 6.7 percent from 8.8 percent in august but during that same time, 24000 block americans left the labor force. i know you agree with me, want people to be out there looking for work and i want them to find work because that is the foundation of the american dream. and nothing feels better than to be able to support your family for the sweat of your own prowl. and when that doesn't happen in the greater job market in history coming up to say, what is going happen with those jobs go away.
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number one issue in the summer is runaway inflation it bothers several factors for tapping the fiscal stimulus has been a major contributor and now the inflation that we all know is the tax in fact it is a crushing taxes at this moment, folks making decidedly less than $400,000 a year braided this morning a full 1 percent of those people making less than 40000, and the inflation is hardship. without mailing out trillions more right now and stimulus that make this situation better or worse. market collapse is now in full view, it's open to all to see and it is brutal in his coming in to the session affect we only have five stocks and think about this, five stocks are responsible for 70 percent of the s&p gain and moreover, 30 percent less than 30 percent of the stocks are trading about this moving average we been in meltdown mode for a long time now predict that the only goodness, is this carnage
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creates great buying opportunities and the bad news though is panic begets panic and finding a bottom can be tough predict that is a huge thing and all fronts the best cover with some of the very best bakers and investment professionals and want to get started superstar michelle gerard. i heard a lot of folks making excuses for the job report this morning but shouldn't we take it its face value, maybe this is telling us something that we need to know and understand about that they were situation. guest: i think you make a good point charles, first of all we don't want to make excuses for the numbers add the top of the excuses that i've heard our points of people made for example the seasonal adjustment is off and got create a headwind and some of that they do not thank you so the way we should be looking at this report. all of the monthly numbers have to be taken with a grain of salt, face value and you do have
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to put this in the context there's a lot that goes into these numbers in the underlying details, there were positives as you talked about, the employment rate coming down, and the patient rates going up to you made a good point when you talk about for example that block and a claimant rate fail and it was because we saw people leaving the labor force in the black participation rate actually moved it down not up. so we have seen it tear powell talk about it and others talk about it and there's still progress that needs to be made an effort to negative about the record asked the highlight in the suggest that we are far from a situation where the employment situation is i would say strong enough across all groups to feel like the work has been done. charles: i know the politicians have to take victory laps to create them when they can but i think that i feel like this is a
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critical moment and again when it's over 2 million jobs out there and people are living at the labor force, that is a red flag must talk about that. there's a lot of confusion not just in this jobs report, at the speed of sound, this week doesn't that suggest a much slower economic economy next year, slower growth and if that is the case, are so many folks on wall street modeling for a whole bunch of rate hikes pretty. guest: recent s flattening is exactly because people are modeling for a whole bunch more rate hikes and we saw from the chairman's week of the shift, the inflation numbers have not remained that high inflation is not improvement transitory and this is my concern all along and this week the fence it themselves have acknowledged it is not likely to be transitory. city of people expecting it at the fed is going to accelerate
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it is to bring which will mean it can raise rates sooner so more rate hikes are being priced and sing up to your yields, the treasury market like ten basis points this week and meanwhile, the concern about sewing the economy down to have a hiking as the economy might be slowing and that is why that curve is going down and into your yields going up and the one thing that i will say is forced still overall at a steep level and it's only when the curve it to the progression flat that we have to worry. charles: will remember the pace, and it shook the heck out of the market and i would suspect that pace was flattening to be a yellow flag and again yes we have less than minute. it would be wiser to wait a few months to have more stimulus seeing how inflation goes in shakeout and i know that it is a
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political question is obviously an economic issue as well. guest: let me say from an economic ten-point we do not need more fiscal stimulus to support our spark the economy and now if you want, do we needed infrastructure, to be improved and do we want to spend money to improvements in areas that are long overdue, that is a different question but from an economic standpoint, and stimulus to spur employment growth, to get the economy growing up fast, that does does not need to be a motivation pretty. charles: is a critical day in the market, so we appreciate you starting so often thank you so much and see you soon, bring in managing partner just in your mind can be heard it part of the conversation, let's add more confusion to it so that you have yields going on this supposed to going to protect the stocks. help us figure this one out.
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guest: volatility is back and you see it, the volatility indexes of more than 50 percent and it is telling you that things are not all right in the market is getting a lot of crossfire and what we do know is today's action is about a lot more than a disappointing jobs report is about runaway inflation and this economy for months and you have the washington the feds chasing inflation it in the train is going away and is chasing runaway train and i don't know which is worse the fact that they missed it and they actually if they took it and what they might do and think that white is people are worried. it's going to be the christmas and everybody pays and the gift that keeps on giving into next year but charles, volatility is not always met thing because when he got a shopping list, and have some name should july can you really wanted to on, you will get your chance you're going to get an lot faster than maybe thought you would get it during what should be a santa claus round. charles: i'm a confession i love it when the market comes down
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hard fast and heavy but i have the response ability to the viewers because they are not used to this many of them that's why want to bring guys like you on and you do have an important point for now people are hoarding the stocks and portfolio that are smoldering, many of these hot hot names are melting down read how much of this has to do with his jobs report your thousand that larry. guest: there's a knee-jerk reaction the mark wc inflation, self growth any by value and using growth under before i think it's more about the fact that the pandemic playbook has changed, this idea that as soon as you get a whiff of the covid-19 coming via zoom or pellets on but look at doc you sign today, what a disaster so i think it is about looking at the earnings and looking at the growth projections and we look to this at the end of the year, you get tax you get some really good names than long-term growth, not gimmicky, long-termh names especially the latter area and some of the crypto areas, 70s are great around for long haul is going to get hit by
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volatility and that's exactly what we got a sort of catch our breath and have a plan, the opportunistic of the whatever you do, don't panic at your end, just so losers look for some winners in january you'll get things better despite all of the craziness that were seeing right now. charles: i just sent out a list of things for subscribers and the e-mails came flooding in, you might have said this a few months ago braided into your point and resell the losers and regroup and then you hoping to make a bunch of money already. let me just ask you about this because one thing that i love about you larry as you connect main street and wall street very well. there's been a story of the smash and grab story is been covered by all media nationally and locally an interim a little tv i see it in a non- liberal media and i see it and i kinda played it off and it was one have a real economic effect, big economic effect until i was shopping just not long ago with my wife and she told me that she
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was afraid, she felt afraid we were at the mall, we bought a bunch of stuff and we had a bags and bags and bags of toys. so i had to go get the truck and a fully around and she was waiting and a lot of people were staring at her and asking her questions and is there a chance to something like that this sort of violence that we are saying, i can also become a major economic story. guest: it breaks my heart to see what is happening to the major urban areas of the great cities of this country, boston and new york, these are like 25 percent of occupancy rates right now and maybe by january, we might've been 50 percent occupancy without omicron but this will get the central business dissing the ivory towers will feel it in san francisco is a shadow of what used to be and that's why it is in migration and out of these areas into the country, technology has enabled it work from home and all of these policy derivatives but the crime is something that we can control and something that we can do something about predict the streets and say, in boston new
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york san francisco mayor people only because they can vote with their feet and they can work from home that's where the action is the story that is not sold because kelly is pushing bk and go to work in the city every day and it is hard, the tumbleweeds blow through boston is really sad to see the desolation isolation and business is failing. the small business guy in the deli goes bankrupt and the corner store in the city, nobody's looking for those people because people are just playing and neighbors are not doing what they should do to get people back in the city and to restore the small businesses and to protect them because of the people to pay taxes in this country and those of the people who work hard and take risks everyday than ankit compensated for it because what is happening in washington. charles: and i saw this isolation may be start to boil up and we start to see it in economic data and i hope it is not the case and that's why the country can survive because you know what, we have been through this before as a nation i think we will make it through but it is a tough time right now and
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thank you so much my friend. this been a brutal david to me it's just means that some of these great names that are down, taylor's point could be a great buying opportunity to get to pennebaker were going to start a lot about this verse were going to give the chart because you need to know the signals and when you should buy sell or hold and we will be right back. ♪ ♪♪ ♪ ♪♪ ♪ ♪♪
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charles, it's very important in that work and we started finding some relief here, let's put something into perspective. the s&p is only down up to 5 percent of the high-speed sheep under the surface and has been worth every stock has been closed down to ten - 15 we look at these corrective faces, we do not think there over until the bigger wave start to get there and we're actually seeing this today, i recognize the s&p is kind of below wednesdays low, we are at that 4500 level there is actually fewer stocks that are going down today and the weakness that we are sing today is really with the big wigs and i actually think that is a helpful sign to get out of these corrective faces and ultimately nothing spared and affected their finally hitting the facebooks and the apples in the microsoft here today, i think suggest the selling is moving on from some of the weaker issues and finally getting to the better stocks you think ultimately look at this for the fork and 50 and 25 range and i think this will shake out.
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charles: chris it is so interesting you said that because i did make the same, the same thought occurred to me last friday when we didn't have as many new 52 week closes we've had in a free prior sessions but you saw this 52 week highs and strong, them like 30 of them, instead of two or three or 400, folks taking profit now, gotta get out and want to sell everything so to speak. potentially, how much downside risk is there from here. guest: i think you're really talking about a downside risk is not it next two or 34 week story, that is it later in 22, story is not forget that you know as well as i know that midterm election years, have a nasty reputation for stocks. the average correction in midterm years actually down about 16 or 17 percent and i think that is a leader one here in store and i think that tactically, we probably done enough in that outside of the short-term and what were
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starting to see some of our indicators like the call ratio start his bike and you mentioned and eloped that is by could percent of stocks is up in the moving averages in the zone here and what you would respect with a response but let's remember, s market for the last 20 months has been supported by exceptional breath and leadership and benign credit and if something is ultimately changing, and were going to have to get more defensive for 22, i think we start to see the changes there. charles: a whole bunch of these unprofitable tech names that have been nothing, so he tweeted about the art yesterday and trying to understand forcing something of an implosion there, a lot of redemptions will surmount, is that also playing an outsized role in what we are sing with respect to the nasdaq getting slammed. guest: absolutely, and you talk this as well be stocks and not
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just been week for a few days or few months of these things have been week and most of the year and the average stock in these funds that peaked in february or march and a lot of the prior covid-19, the tele- docks in zoom in the draft kings, is actually pete in late 2020, so the weakness in a very long duration hard time names is eight and nine and ten months into a wet, and i thank you so really interesting from the perspective of that if you worried about these impacts of tapering or accelerated tapering her rate hike venture from the market has already had the liquidity of the stocks are already 50 or 60 or 70 percent. charles: we love that perspective and chris thank you so much. silicon we will have more about the buying signals what you need to understand about them and meanwhile the speed is planning to go public as become unmitigated disaster coming
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along and what that means in some of my favorite market watchers will weigh in next.
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you're in good hands with allstate. click or call for a lower auto rate today. charles: so we always talk about the red flags come up about the my next guest her looking at those carpeting going on pretty going to companies and on public and it turns out they were absolutely right so the question courses what happens now to want to bring in eric and he fitzgerald and aaron, you have been warning everybody over and over again, watch out for these ipos and watch out for these, they are red flags and you are right, they were absolutely collapsing but what happens now. guest: i thank you so pretty much in line with what we see on the average and so i think that
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in a situation, the ipos and then on average 80 percent of the ipos are in negative, in the red one year later. so there you are a very high risk and like to say that is a little bit like the entertaining way to lose your money. sue went home with you, listen, this is a little bit different right because you have the celebrities who these companies they never ran companies but they've got there power so new look at the stats and no one was looking at a come the rainy these companies, that's what they are, like check companies, the tell you what we will do later than they bring in a celebrity people put more money but it feels like folks got into that. guest: yes there like a bug in search of a windshield any fellow for the company to make sense, not just because a celebrity is involved at rated. charles: somebody do these tech names keith, know that your
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begin to technology and of course we don't make the distinction, nonprofitable tech names a question last year are the ones getting hit the most now bringing down even unprofitable tech. guest: that's interesting because that's actually a good sign and if you study market history, the stuff the arts of the world the high fires, those things have been hit hard for several weeks of the time the fact that the big names are getting hit hard now, tells me there's a very concerted gathering it of energy and money right here at the bottom, is beginning to catch it and were approaching, does not have good and you've got to move for those companies so we been trimming the lesson going on the hunt and locking in the profits of amazon and pfizer vanessa looking at apple microsoft rated and is much as i hated doing it, i love was going to happen here. c1 in this extreme weakness and now you got firms that three rate hikes next year and four in
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2024, and is having a market wil not go up for two years like with the feds be against us for the next two years. guest: i don't think the market will be down for the next few years, and selena, i think it will go up and i just think that is going to be much harder going to see more that we've seen in prior years and might be zero - 5 percent instead of five and up so i still believe that we can see the expected profits and wen simple up your butt we can expect evaluation questions and expect some where the market just goes up and down and up and down in three - five months rated. charles: all is cliché - but wouldn't that make it more of a stock pick in the market. guest: timmy he lost the plot long time ago, chairman allison whatever you has to say, does not a lot of water my book with
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the ceos are working their way through eisner already maneuvering for this and great mannequin and can grow into new cells faster than inflation, that is where i'm going to go, nine times out of ten is that hikes are going to come and go because if they are managed well, which is debatable, can just do fine. c1 and aaron you talked about a more normalized market in the last couple of years have been prevented by things and so we se today doc you sign given the absolutely crushed the name that would've been up a few weeks ago on the new covid-19 variant and so does this mean that like this day and traits of the whole time was in a farce, was that is sort of this thing where something should avoid when investing in wasn't okay to train it while it's hot. guest: i think it depends on how managed volatility that you want to take but in general, you don't want to buy too much in the high because it's going be very hard to trade and move this
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quickly. so in general looking for longer term and again we had to say, i like this microsoft and i love service now, i actually bought some additional is a pummeled recently because i think that companies and software services when the selling of the company, we know there's so much out there when it comes to these businesses that they will be able to pass in the higher prices. i think that's a good example of being able to keep your margins up you been in the face of rate hikes and inflation. charles: snowflake had an amazing number that i got hammered now and look at these names big in these learning reports coming down now, vertically those names that are the fat margins and will stay fat and aaron, and keith, thank you very much and we always appreciate it. and there's always so many ideas
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and trends and there's never enough time and that's i invite everyone to remind the commentary and i'm telling you will love that income to, very hopeful people have loved it for three decades. for weeks and talk about this rolling corrections, we have seen it, the self correction that another question is, is a buying signal about one of the top experts to answer that question coming up. in the biggest event globally art and is bigger because of the nfc craze and foxbusiness live in miami on how to find these non- - tokens and why are they shaking up the art world and maybe you'll want them in your portfolio and we will be right back. ♪ ♪♪ ♪ ♪♪
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more human way to healthcare. charles: for most of the year the market was seen rolling corrections right, but of course now becoming is no me because all of the stuff happening behind the scenes is now happening in plain sight ben carson property and i think there are three questions, three main questions, why now, how bad will it get, and should we start buying in the spring and really investment editor lance roberts, latino, i told you before the love your work i love reading it is initially you have been morning about this week coming up like we should expect this to happen. we did talk about knowing those dangers were headed by the same token, marketing out of the hot market because that's easier said than done and what you doing right now. guest: when we talked last time,
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we are talking about simply reducing position sizes and taking some profit and just doing some kind of gardening so to speak well into the portfolio that is just proper risk management and now because we've raised that cash back then we now have the opportunity we started yesterday, and looking to shop for the names we think will be winners into the end of the year because again as we try to get through this mutual fund the distribution cycle that we are now which is the primary reason in your seen the calamity and some of the major things, will be over the next week or so and will get set up for rebalancing till the end of the and that's why you have the traditional santa claus valley rated. charles: as part of the phenomenon this many people just putting their money into these things in these funds down that you know buying to beget and edwards they lower the price and it is just seeming to feed on itself.
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guest: this is what we talked about in length over the last couple of months and really has been the story the whole year, is what we call the lack of liquidity and he actually kind of look at the market for the last couple of months, they've not been healthy, the number of stocks moving averages have been declining and breath has been we can volume has been week and said the problem is that you have a big gap between where people are buying a stocks currently, they start to sell, the buyers are a lot more and you can see this today vertically in stocks like docusign and stuff like and others and those are where the buyers are come they are down a lot lower than what you would expect that is because of the lack of liquidity that we have the markets now predict. charles: i saw you put up a tweet money supply versus velocity which is one of my favorite topics and i'm still trying to get my head on that but you're talking about making or mitigating the risk of sustaining inflation if that's the case, then help with i make
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portfolio decisions. guest: that's how fast money most of the economy in the transition a mechanism has been broken it now for the last decade and that's what we can see the sustained rates of slow economic growth because the money summoning is the wealth gap of next year as we see the money leslie slow down again, because of lack of stimulus checks and inputs into global liquidity, deflationary pressures into the economy we wl want to focus back on companies that can generate earnings growth and a slower economic and artemis and deflationary environmentalists say technology ultimately companies that can grow earnings energy stock as well, discretionary communications and those are the main areas you want to focus on in areas of companies that can really grow earnings and weaker environment financials underperm because of the declining and industrial material puzzle down because of a weaker economy.
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charles: it sounds like you're saying despite the ugliness of the session, the santa may show up and take control back from the grant before this year is over. guest: i don't know about you charles, but i been good this year. charles: while i can say that sam has been good printed. guest: i will be for the best no seriously there's a lot of and let reasons, the markets are very oversold right now and i would be looking into position for an end of year rally and i think we will see that and they could be wrong a lot of things going on right now that statistically speaking, the odds are very high that we should see buying by the end of the year. charles: you're the best and talk to you soon. always love hearing from you whether to chime in on the show plus the financial experts and always tweet me, and when you're skimming my segment with larry
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kudlow sang listening to larry kudlow and charles payne, the two best minds in business and our next president needs the two men in their cabin and thank you so much and larry and i have a special surprise for you is what next week and be ready it will be great and i can't wait pleasant lot of you treating your support from this crypto who made her making an moneymaking debut yesterday she did a good job in her best investment advice is just have fun and listen to our and tech started getting slammed today but the future is obviously bright and we will go back to the meta- verse in future has arrived it in the art world and we will go live in miami to find out why the industry is taking over. ♪ ♪♪ ♪ ♪♪ ♪ ♪♪
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comcast business powering possibilities. first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... ...even walking was tough. my joints hurt. i was afraid things were going to get worse. i was always hiding, and that's just not me. not being there for my family, that hurt. woooo! i had to do something. i started cosentyx®. i'm feeling good. watch me.
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cosentyx helps people with psoriatic arthritis move, look, and feel better. it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. charles: global argument in the world, where talking about art basel incessantly is there more. reporter: that's right, the 2021, it is different because it is all about nfts and i've very
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constructive conversations with this intersection of art, tech and fashion it and some of about this, let's talk to cop for short, and when you agree that there's so much excitement this time around. guest: you know, i think the excitement around this time, it would appear were in time right now where things have happened, with covid-19 and everybody is excited to get out there with the technology in the art and fashion it and all of these nfts's coming together in this seems to be the very best time for this to be happening and were just at the forefront of what is going on here. it. reporter: agree with you because i think that everybody is excited to be here. charles: what some exciting about them, you send me videos of the show with the nfts is the
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hottest party in town. guest: so what we have here right now as far as what we are doing it with that data and the nfts is actually like what you said, the hottest thing in town. our space features are artists here and you can go up to the meeting instead of the painting it for next amount of time you get a notification on your phone that will be new to our site and that will be the nfts was were doing is cutting edge technology and its honestly speaks for itself in the space and there's so many things that are happening right now to sort of encapsulate it in 452nd answer is, almost nearly impossible. for the forefront of everything. charles: you are but this nfts thing, remember going to gallery night asked a guy about this nfts and is this really going to change the art world as we know it.
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guest: of course it will change the art world as we know it but i do think that nfts will change the world in general and right now with the public is in terms of their knowledge is they only associate nfts with art but a token can be used to represent anything so we can be art, real estate, architects, i absolutely any industry can be nfts and right now we are at the forefront it is our so we will change art realistically it will change the way that everything is done. charles: thank you i love you and i'm proud of and you've done a great job. guest: i love you so much, are you getting choked up, i know you're getting choked up i can hear it in your voice pretty. reporter: what you learned from charles senior. guest: honestly everything, is the greatest man i've ever met in my life, he honestly does not have to teach me a thing, he just has to be you yes is it that example in just need and i
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will follow and i will step into those snow steps in the snow. charles: thank you both very much and we will be right back. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. this is your home. this is your family room slash gym. the guest bedroom slash music studio. the daybed slash dog bed. the living room slash yoga shanti slash regional office slash classroom. and this is the basement slash panic room. maybe what your family needs is a vacation home slash vacation home. find yours on the vrbo app. ♪♪ purepoint is primed for uranium's explosive revival, with the most advanced, high grade exploration portfolio.
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or visit our website at enrollwellcare.com. that's enrollwellcare.com. wellcare. it's medicare done well. as a dj, i know all about customization. that's why i love liberty mutual. they customize my car insurance, so i only pay for what i need. how about a throwback? ♪ liberty, liberty, liberty, liberty ♪ only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ charles: all right, folks, this is the week you need to hear from level-headed folks, experts in the only to understand, listen, that there are going to be panics and could be periods, we kind of know that the, but to remain focused on how to make work for you. we understand things change from
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day-to-day, this is a ride that you're going to have to get used to if you want to be the long-term successful, and one of the best at that is rob luna. i want to start with something i read this morning with charlie munger. listen, he's earned the right to have the strong opinions. he's saying this market is crazier hand the dot.com era -- than the dot.com era. this is a million miles higher than it was in 2000. but the conundrum, of course, has been stocks with the highest price to sales ratio, all those big names in red have also become the safe haven names that we all kind of graf anticipate concern gravitate to. so do you buy the microsofts and the apples of the world in this type of environment or these weak names that are getting beaten up? >> i think you've got to be forward thinking in this market, charles. no disrespect to charlie munger or warren buffett, but if you're using some of these kind of
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benjamin graham meth cogs, this hasn't worked in a decade. congratulations on raising such a fine young man. i see now, charles, you're looking at things like the nfts, the metaverse. the growth, when you look out five, ten years in that sector is going to be the p.m.. that charlie munger philosophy are the same guys in is the -- in 1998 were telling me amazon.com is just books. you can't think like that. charles: it's ironic, but things that were super duper hot in those days weren't progressive, forward-looking thinking, and they just want to apply them to new things. the rails, personal computers, those the kind of things are fizzling, but they were hip at one point. let me ask you about this capitulation. i plan to get very aggressive.
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i'll probably wait for monday because mondays can be big question marks. what are you doing many. >> yeah, it's the same thing, charles, i want to be the buying this pullback especially in the big technology names, the 3-5 year growers, the roblox, the nvidia, crowdstrike. this is an opportunity. some of these are down 20, 35%. but look, market's being technically driven right now. this is the first time we've closed below the 50. if we don't close back above that, we could see another 5-6% down side. previous guest was talking about mutual funds, that could happen. don't be a hero, don't catch a falling knife, but i think that buy date is coming up probably sometime next week. i'll be loading up. charles: you're a long-term investor, and you already mentioned the meta the verse. i know you're loving it, i've got to be the quite frank, even so-called tech guests kind of say, oh, it's not happening for a decade. we've already seen these names take off bigtime.
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so i don't want to dismiss it because i think it's a big way to make money. how are you playing it? >> yeah, no, you can't dismiss it, charles. it's changing everything. your son was just talking about what people don't understand the is the value of digital assets and what that's going to mean. i could spend an hour telling you how important that is, but companies like roblox, it's just like saying it's the only a gaming stock. it's the not. it's much more. look at some of these big companies that are teaming up with them to be a platform. roblox, facebook, google's in there, met a platforms, obviously. do not get shaken out during volatility. i'm talking about my own money, not just clients' money. i personally believe row boxing is going to be a 10-bagger over the next 5-6 years. i'm putting that on the line. look back at old clips, i was telling people the same thing at 200 about amazon. charles, no i remember, that's
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why we love you. i hope the honeymoon's till going strong. [laughter] all right, talk to you again real, real soon. in the meantime, folks, this is a meltdown. this is the ugly stuff, but selling because beget selling. we do have an element of panic in there. it's fine. opportunities are bubbling up. lauren simonetti's got the big job of holding your hand for the next hour. lauren: yeah. the final hour of trading often sees the most surprises. charles, thank you. we are watching a friday afternoon selloff as the omicron variant gathers steam across the globe. the nasdaq, take a look here, it's taking the biggest hit as the nation's unemployment rate fell to a 21-month low of 4.2% in november. that's good news. but that could the mean rates are going up. the jobs report sending the market a signal that the fed may, indeed, speed up tapering of $120 billion

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