politics. jackie: wow. taylor: highlight some of controversy with corporate america weighing into politics. you will be on the receiving end on some of jokes. i did my research. 67% of their products are made in china. i'm sure china is using cheap, sometimes free slave labor as well. don't get me started. brian: why are they so expensive then? lululemon stuff is expensive? taylor: corporate america capitalism. jackie: go after them, leave oil alone for a second. brian: low prices. jackie: he tells it the way it is in a his tear callaway, a way people can relate. brian: i'm not victim. taylor: glad to be back. jackie: i am glad to be back. a little time off never hurt anyone. we'll pass it over to charles payne. "making money" starts right now. charles: great seeing you, jackie, great seeing the team.

good afternoon, everyone, this is "making money." breaking right now stocks adding to last week's gains as wall street is losing its collective mind. economy too hot, consumer is too strong. face it, wall street has missed the stock market rally. they need the train to come back to the station. where the market goes this week will largely depend on jay powell's testimony before both chambers of commerce. also the jobs report. communications expert, beverly hallberg what powell needs to convey. i have a panel of experts how you should position your portfolio. callie cox, gary k. all on deck. jeff snyder will explain why beer is better way to mesh sure recession. he is here to break down the recession beer index at 2:30. my ode to the truck industry in "my take." all that and so much more on "making money."

♪. charles: all right. so the market has picked up an last week. what i'm thinking is a remarkable week last week. not that the market was up a whole lot, right? it really wasn't. but it wasn't down a whole lot. that's the key, right? coming into last week think about this it looked like stocks were out for the count. they were ready to cave in. from a greater belief the fed would have to be more aggressive. all of the market data, all the economic data was stronger than everyone thought it would be. then of course last week was largely the same with respect to economic data. kept coming in stronger and stronger. wall street was really sure that this was it. that the market was going to collapse. i mean the narrative that the economy is too hot, consumer too strong. well as it turns out the economic surprise index has gone through the roof, folks but the market was supposed to go the other way, it has not, at least yet. each time a major economic indice looks down for the count, it looked down, looked like the market, every time it looked

like it would go down to hell, right? key number for s&p 500 was 200-day moving average. finally after holding wednesday, thursday, friday, buyers stepped in, stepped in big time. we sparked a big rally going into the weekend. meanwhile the chatter never stops. the fed officials out there, i mean they just talked non-stop. they're really saying they're ready to act more aggressively although i think there is more acknowledgement that the course of action taken so far will also have the sort of lag effect and that will start to impact as well. so to say confusion is running wild i think at this moment would be an understatement. in fact take a look at cme fed watch rate probabilities. this is nuts. they're marking four rate hikes in a row, 50, 75, maybe that is terminate rate. followed by four rate cuts this leaves everyone of course on pins and needles. you're nervous in the environment. show with the advisor group

chief market strategist phil blancato. phil, street is very beauish. wall street is bearish all year long. puts through the roof, vix calls through the roof but you know, what i'm not understanding is, why do think insist that the market has got to break right here? >> because four -- fear of gigantic recession there is belief around wall street, every bank is in the cam that the fed can't fix this, and we'll get a real calamity and market will fall on it its face. that is where we're stuck right now. charles: jay powell will get grilled on capitol hill. it will be a speck at that kel. we know that. what do you expect to hear from him? he says? >> the reality is right now he has got to be very careful because january proved that the data was significantly strong,

much more than anybody expected so that puts him in a tough spot. that puts him in a scenario where he says the wrong thing, it will spiral one way or the other. he doesn't want that. he has to be very pragmatic what he says. if he is too optimistic we'll roar much higher and we shouldn't. if he is too pessimistic we'll get a bear market on our hand that wasn't really intended. he has to play the middle of the road here. january data can be very unusual. so he has to be very careful not bet one way or the other just because of one month. charles: we'll pick up on that. there was a lot of controversy with the january jobs number. this seasonality thing, this seasonality trick would make houdini blush. say this time on friday the number comes in below consensus, right? by the way it has beat consensus 10 months in a row. it never beat it more than five months in a row. i think the fix has been in for a long time. nonetheless at some point the numbers will come in below

wall street expectations. what happens to the market then? >> we roar. this, let's remember first off the first six months of the year when 401(k) money comes piling into the market. market has natural stimulus with people pumping money in. secondly, five trillion dollars waiting on sidelines waiting for pivot. as soon as sub distant tiff sign they're closer to end than beginning, we thought it was january, it didn't work out. we had have cooled a bit. reality we'll get a real boost higher. we'll see what the economy is really going to do. so that pivot matters. but you got to be careful because we're not done with some of the recessionary talk and there is some lag effect. you have to be very smart where you make your bet here. you could get hurt if you bet too far too fast. charles: i have 30 seconds. give us an example what's smart in this environment, which is like walking on a high wire? >> i think of to be brilliant about the bond market. for good's sakes getting 1% on

five-year treasury bill. if you're not sure where you make your bet now, buy bonds for three months, six months, earn rate of inflation. i think value stocks make the best play because you're getting a nice dividend. i'm not ready to jump into growth. some growth names are interesting. there are some really good megagrowth names younibble at. beyond that use the bond market as a proxy to build a strong portfolio. eventually rates will come down f you get a 5% dividend next two years, price appreciation and interest rates to me that is a win. a balanced account is the place to be. charles: that is the trifecta. phil, thanks a lot. appreciate it. >> thank you. charles: my next guest has been making waves recently with his comments on this megaboom, right? everyone is hearing about the zero options. not everyone understands what it is all about. i want to bring in academy securities head of macro strategy peter sheer. peter, first of all what is the genesis of this?

i have seen charts that go back a long ways. it was barely a blip. all of sudden zero data options expiration becomes a big craze. how did this even happen? >> i'm not 100% sure myself. originally we had monday, wednesday, friday expirations. a year ago they added tuesday and thursday. you had all of sudden a real potential to trade every day. take away that, back in 2021, we were watching in 2020 the gamma squeeze. a lot of calls bought on r, tesla, apple. they pushed those stocks higher during the course of the week. that trade hasn't worked as well. a lot of people are revisiting this. quite frankly markets are volatile, very unpredictable. they like to spend the least amount of premium they can and zero day gambling, lotto type way but very inexpensively. charles: wall street seems in two camps like zero day

expiration. this is asteroid, hurt telling toward the market everything will blow up or create new products to sell to the public. how do you see it? >> since i'm a credit derivative person i have to argue first no financial product is inherently evil or good. they have different uses this is tool people can use. allows you to spend low dolltores buy the puts or cause. it is daily, it is very risky. for example if you have concern what powell says tomorrow you buy one day call, one day put. that works out well. they amplify who was. you tend to see large moves. what i'm watching for whether it triggers stop losses. get a large move like you did on friday, seems like it triggered stop losses. on other hand large move on the open, nothing mapped. i saw zero day expirations were balance and puts doing well. i took profits. here we are selling down. watch it of the get a sense what is going on. i don't think they inherently bad. add to volatility on opens or

trigger further events or resume back. charles: the bottom line some folks are out there portraying this as a major risk to the market. let me get your thoughts on the market. in general i think the resolve has been amazing particularly last week. we hit the 200-day moving average several times. we bounced off of it. the bearishness. we're greeted with every day a new theses from major firm on wall street and so far it is holding. >> i was certainly a bit bearish. i got bullish again. i think we see 4150, 4200 on the s&p. one people are too bearish. i think the concern about the fed is almost overdone. talk about the five stages of grief the market started to move into the acceptance stage. unless we talk six, 6 1/2% i think is off the table. markets price aded a lot of this in. the worst is behind us on fed side, couple bits of data and

off we go to squeeze the shorts. charles: the big surprise of the fed could be they will back off a little bit. to your point everyone more or less is saying the fed is not going aggressive enough. sorry about that. 50 basis points seems to be, in vogue these days? >> so i think we see 25. i think we see a lot of parish sensor. i think they start talking about the lag effects. one thing i'm not seeing people talk about there is a cottage industry that loves how to talk how bad the credit markets are, how bad high-yield bond markets are. investment grade bond market is doing extremely well. spreads are tightening. that is going to slow down. if we think corporate credit leads the way, corporate credit is sending a very good signal. high yield market is participating in that. corporate credit as backbone doing well. that is another sign markets are squeezed higher. >> talking about this fed so much i get choked up just thinking about it. peter great work. appreciate it. >> thanks very much.

charles: private wealth management principle. david dietze. david, we have to start with this sentiment, right? sentiment, and peacher just touched on it a little bit, retail, it has plunged back into bearishness. active money managers they're trying as fast as they can to get out of markets. yield curve screaming recession. puts through the roof, the list goes on and on. is there too much pessimism out there? >> well i think there might be. as you put your finger on it, the retail investors as mentioned by the aei survey really, really bearish. that historically has been a contrarian indicator around a reason to be bullish. i think your last guest put the finger on it. people are not necessarily pessimistic but they're skeptical. 5.1% rate on six month treasury bill, why not take your money and go home? after all the nasdaq is up nearly 12%. just go fishing, come back for 2024. for my experience when everyone

says is skeptical and bearish, that is the time to roll up your sleeves, do your homework, and find some good stocks. charles: i know one area you're looking at, you feel like folks may be missing out on the strength in china. my thing though is two things, a, just overall concern about china, their new geopolitical issues coming up there maybe the west is finally ready to move out of china as much as they can. also maybe they won't be able to create the kind of ghost cities, spend kind of money they have in the past to goose their economy. >> there is a lot of risk out there but i would first maintain a lot of that has been discounted in the stock prices. for example you have a company like alibaba which is really are the amazon of china, trading at what, a quarter of the valuation of amazon. some of their car ride-hailing services are about a fifth of what you would pay for uber and

lyft. value is there. you do want a diversified portfolio. it is the second largest economy. the only way they continue to feed their people is trading. they will ultimately lax controls, let some of their companies do their thing. ultimately they have no choice. they look at russia. that is not where they want to be. they want to be gauging in the west obviously on their terms. charles: before i let you go, intel slash ad dividend last week t was really huge. was a big cut. it didn't even make a ripple in the market. i do think, i saw what you were saying other blue chip names could follow suit. what are some names you're worried about? what would that mean for the market? >> absolutely. we're telling investors, dividend spreads are great. if you see too great of a dividend relative to the overall market. seeing companies paying out more than half of their earnings for their dividend, if they are consumer facing and we do get a hard downturn you could be at risk. some of the blue chip names people are talking about

whispering, mcdonald's, home depot, well above 50% now. i think they're blue chips too. nevertheless all the companies, darden restaurants, dow chemical would have to think twice about maintaining the dividend if there is a hard landing. i'm not predicting that. i'm urging investors to be cautious in that regard. charles: certainly hard landing is not off the table. david, thank you very much. appreciate it. >> thank you. >> folks, coming up, what do you think is the best recession indicator? i think we all have some things that we use. jeff snyder coming up. forget the financial media, unemployment, look at recession beer index. he is here to explain his method at 2:30. first, danielle shay still has a hot hand. she has new names on her earnings bullish list. she is here to share them right after the break. ♪.

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weeks of market weakness. again i mentioned earlier in the show the narrative the january bounce was something of a fluke or a one-off. of course the market held. my next guest says that is bullish short term, but longer term maybe this bear market is still intact. i want to bring in simpler trading director of options danielle shay. danielle, when you see markets hold moments of truth over and over again automatically say we should be more bullish on the near term. >> definitely especially, charles. especially as an options trader. i like to mommer to the put/call ratio, everyone is too high and you want to look for a near term short and look for a bounce. i look at apple, amd, tesla, just in the short term to the upside. charles: so i'm looking at the nasdaq. i know you're watching it closely. really intriguing chart to me. make 13,000 on the upside. on the downside i would be really worried under 10,050.

that is a big range, 500, that is a big range. what are you seeing with respect to nasdaq which has been the hot hand right now. >> well, charles, i love your levels. those are exactly the ones i would use. so generally what i like to do, i like to trade the qqqs and the options market and i like to use butterflies. those are, can really be used as range-down options trades. so what you can do you can place one up at the top at the overhead target at 13,000 and one at the bottom of the lower target as well. as the market bounces back and forth, what you try to do you try to take off the trade when it gets as close to your target as you can. >> i love that. that is a strategy we don't talk about enough. let's talk individual stocks. you got some ideas on your list starting with dicks. >> so i like this one, charles. this one has been really strong. this one has high short interest as well. so whenever you have a ticker that has strong eps results and

a strong eps history you're coming up close to those all-time highs. you have a market-maker move that is within range of a new high you want to watch out for potential short squeeze. looking for put credit spreads, looking into up 45. charles: what about mongo a lot of movement in that space. most of it good. these are the ultimate high beta stocks. they can rip one way or the other quickly? >> yes, charles. this is a really aggressive name but i like it because it beat earnings the last 12 quarters in a row. last quarter is gapped up 27%. it is an aggressive name on my list, but -- charles: 27%? i love it! my goodness. i would take a shot with that. they report this week? >> yes. that's right. what i like to do with it, i like to trade it up into 250. that will be my price target in the options market.

charles: mongo. i love the name. it is a crazy stock, played it here and there. mostly making money. when you lose it hurts too. danielle, we appreciate it. we always learn something when you're on, thanks a lot. >> thank you. charles: all right, folks, coming up, jay powell will take the trip to capitol hill. i got to tell you the fed chairs they loathe going to capitol hill but maybe he will have to do his best paul volcker impression just yet again. i will ask gary k. about that at 2:40. my next guest says beer can be an important economic data point. jeff joins me to break down the recession beer index. some other comments. is one of the most brilliant guys on the streets. he is up next. ♪. i count on personalized financial advice

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♪. charles: all right. here's the latest work place trend you might know about, beer minimum monday. that's right. it is sweeping social media. of course it is killing productivity. lydia hu is with us with more on the story. lydia, golly, what does it say to younger folks going into the labor force? it's tough. >> reporter: yeah, really makes us question the priorities here, charles. you're right, hashtag bear minimum monday. latest craze taking shape on social media. people posting how they spend their time on monday when they're not giving 100% to the job. here is one person who started this trend. watch this. >> ever since i shifted these expectations of myself for monday i'm no longer stressed on sunday. i'm no longer stressed on monday. the rest of my week is actually way more productive. >> reporter: we wanted to know what people on on the street thought about this we went outside of new york city. we found a variety of opinions even people who admitted to

doing this themselves. watch. >> bare minimum mondays i can go on that. how i can work hard on monday? want to sleep in. >> see yourself working less hard on mondays? >> yes. chilling on monday, to reset is better. >> five days a week is fine. doing it a long time. >> i do believe monday full recovery would be very beneficial. >> i feel like everyone gets lazy and doesn't do [bleep]. >> they are not working. they want to money from the government. >> people do not want to work. people are lazy. they want to do as least as possible. >> always on our phones. looking for next break to check our phones. want to see what's up. >> i'm lazy. i'm guilty of it. >> reporter: sounds like some people want to sleep in on mondays. meanwhile companies are still trying to get workers back to the office. new york city offices, for example. are still around half of the capacity of pre-pandemic occupancy. so they're trying to avoid

turnover. they can't put too much pressure on their workers. in my opinion, charles, that is how we see a younger workforce getting away with something like bare minimum monday. charles: should be a thing called bare minimum wage monday that might fix it all. lydia, thank you very much. on top of all of that, really the things that are happening inside of society, that are changing our economy, that is changing the way we compete, you've got jay powell. he is going to go, be confronted by lawmakers in the house and the senate. there will be fireworks. they always happen. they always promise. the objective how does he become, always been now, less about monetary policy and how they can get the fed chair in this case jay powell to agree or disagree with political positions and ideology. there will be a lot of wordsmithing going on. listen, it will not be clever stuff the onus through all of this will be on jay powell. he will have to answer these questions very carefully or end

up in political ads or fund-raising material. i want to bring in district media group, beverly hallberg. before i ask but the task that jay powell faces next couple days, this bare minimum monday. these kids are saying, i need to reboot, i need to recharge. the notion that businesses can't push back against this my opinion, if they don't push back against it now, they might not be in business a year from now. >> i just want to say bringing more than my bare minimum today. that is probably because i'm not young. i want to point out to the clip where you heard these individuals interviewed, you could tell the ones who wanted to be lazy because their voice had zero energy. everything about them was i don't want to work. i agree, businesses have to push back on this because otherwise you're enabling that behavior. charles: what do you want, what should powell, certainly powell sudden not be like the kids with low energy. how should he compose himself tomorrow? comport himself tomorrow? >> he has different individuals

he is speaking to. first the investors who wants to hear what he has to say. they will also look at the jobs numbers on friday. everybody expects him to raise interest rates a couple more times. i think it comes down to main street. when i think about young people who maybe are first-time homebuyers, they keep seeing interest rates going up, if he is up there talking about how wonderful the economy is and market is, it just completely falls flat. so i think he should give a message, hey we're headed in the right direction but i still think at same time there will be pain here. he has to be measured how he comes across on that. charles: unfortunately in their case heading in the right direction means more pain unfortunately. i saw an interesting article in "the atlantic, which blew me away because "the atlantic" is so far left. it begins with a list of words discouraged by the sierra club, stand, americans, blinder, crazy. you're a communications expert,

when we see, when we see, we can't communicate, there are some guardrails out there, i will even throw this in this chris rock special everyone is talking about. he didn't go, he didn't use the guardrails, is there a chance we could actually have a productive society if we're so guarded that there are words you can't say like american? >> well, one of the themes chris rock had in this was pushing back on this idea nobody should ever be offended. we see the same thing with changing words. no one should be offended. we actually have to talk to each other to understand each other. i give netflix a lot of credit for putting chris rock on. i think this is a tipping point, when he can make money off of actually showing absurdity of woke culture, there is a market for it. people are fed up. he was not nearly as funny as he usually is. i'm glad he brought up issues of woke society, victim culture. it is worth watching. >> listen in this particular case sometimes comedians they're

reflective of society and i think, i don't think there was as much things to be funny about. i think he got, the message was pretty good. the left and the right applauded him. beverly, thank you so much. appreciate it. >> thanks, charles. >> now speaking of -- business community has gotten more vocal about the state of affairs in part because official data, those paid to make decisions based on this data seem completely out of touch. joining me host of euro-dollar university show, jeff snider. jeff, admired your work for a long time. glad you're on the show. you posted comments from the texas manufacturing outlook, by the way i love the comments and outlook as well. i hope the fed saw. they say business has gotten quote, stupid slow. they're not sure if the federal reserve is jacking with interest rates is that doing it or cycle slowdown. either way they seem to be pretty upset, jeff. >> i don't think they're alone, charles. i think there are a lot of people who are upset about the state of the economy.

last month's data in the payroll markets, unemployment rate notwithstanding of course, i mean the idea that the economy is going to be just fine doesn't jibe with some of the comments and really some of the more serious data not just in the united states but around the rest of the world. i think the economy is in for some really rough types. it has been for quite some time. look, the old historical adage the cure for high prices is high prices seems to be playing out almost to a t here. charles: so you, speaking of the fed posted a great chart showing the lowest unemployment rate on record, on record, goes back to june 1953. what was the reason for doing that? by the way we got the chart up, the gray line, the gray space there next to it. >> yeah, that's one of the major arguments for purported economic strength in 2023 in the united states. you look at the unemployment rate as janet yellen said about a month ago. the unemployment rate at 50-year low, so how can the economy be

even close to recession when, i think you know, you look back through history, what you see all the time the unemployment rate tends to be really low just before the start of the recession. the most prominent example which is june 1953, according to modern estimates goes back to the 1940s, seven decades of unemployment rate, the lowest unemployment rate on record, 2 1/2%, june 1953, the nber tells us in july of 1953 a recession began. the unemployment rate doesn't tell you much about the cyclical state of the economy t might have some information about labor market metrics and what not, as far as where the economy is going, the unemployment rate is looking backward. where it is actualed heading could be completely different. charles: seems nonsensical to base critical monetary policy on it. i want to ask you a bare barometer for recession, inflation, tell us about it. >> americans seem to like buying

beer as we all know, it turns out, any period of economic weakness or economic uncertainty, one of the things americans will buy even if they can't buy other things which they want to buy, electronics and stuff on amazon.com, they will go to the grocery store to continue to buy premium beer. whether beer buying, unemployment rate correlate individually, drying too much beer ends up on unemployment line or drink beer because you go on the unemployment line isn't exactly clear of the correlation, americans will drink beer throughout any kind of economics periods especially economic weakness. there might be a connection we can go beyond the unemployment rate to get into the deep economic fundamentals. charles: when i was teasing this segment i went on twitter, i asked, where you person replied i'm a restaurant owner, certainly when times get tough, people move away from the more expensive things and move down the chain to budweiser.

i'm not trying to diss anyone. maybe that's it, when we all drinking budd we're in trouble. jeff, appreciate it. good work. >> thanks, charles. charles: coming up, folks, in a year of major portfolio losses doing taxes can seem discresting. callie cox is here to discuss lessons we can all learn from doing our taxes in 2022. but first fed chair powell i mentioned already, he is heading to capitol hill tomorrow, right? he will try to lay it out there as he is being ambushed from both sides of the political aisle. we have gary k. to break through it today. you want to hear what he says and more importantly how to manuever around it. gary k. is next. ♪.

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♪. charles: all right, folks, this is the week jay powell set to address the senate banking committee tomorrow. he is going to of course tackle a bunch of subjects. a whole bunch of things will be thrown at him as well. bring in kaltbaum capital management president gary kaltbaum. gary, you already mentioned earlier, late last year you started to say, hey, maybe the markets taken away this from the fed. the fed wasn't as important. certainly seems a lot of axes to grind, major firms on wall street betting big to the downside. i feel there ask a lot of pressure to get to jay powell something about 50 basis-point hike the next meeting or, higher for longer, something to that effect that might feel ominous. >> well, look the reason why i've been saying watch the ten year yield more than the fed is because the fed has just been playing catchup. now they start to matter a lot more because they're at four 1/2

to 4 and 3/4% right now, while the 10-year is just under 4%. if the market starts believing they will go to five 1/2, 6% to fight inflation they have created all heck i think breaks loose. he has a fine line to walk this week. i would be very careful. i would be as evasive as possible and as pretty much unconfusing as possible with his words but, i think that's something a lot. i'm pretty sure some people on the hill are going to tear into him. i hope he gets it right. my hope has not been working out too well with him for the last couple of years. charles: you know here's the thing though. i really feel like he got, sort of trapped. when senator shelby, i don't know if you remember this, senator shelby grilled the heck out of him last time. he more or less, i know joe kennedy, you're no joe kennedy, right? i know paul volcker and you're

no paul volcker. he boxed him into the position, jay powell felt like he came out of there trying to prove a point he could be paul volcker. does he have to be very careful about that kind of stuff? >> he is acting like paul volcker. he is not talking as much but others like bullard and others have been talking paul volckerish and again they have to be careful when paul volcker did his thing, we didn't have $32.000000000000 in debt and $1.5 trillion yearly deficits. that means the economy. i am a big believer the people are the economy. with government so big they matter much more now than ever. again you got to be very, very careful here. we'll run nearly a trillion dollars this year in just interest. so again, he has got to be real careful. i think he needs to talk tough though because those last two inflation numbers, not good. if inflation stays up here,

reaccelerates we'll see five 1/2, 6% on yields, again markets will not be happen on that. charles: before i let you go then, got on one side the economic data and tradition and what yield curves usually point to and then you have got the market itself showing extraordinarily resolve. who do you bow to this in position? which one do you base your investing on in this particular moment? >> well if i just looked at the yield curve i would be worried as all heck because i've studied the history of that. that usually means months ahead there will be a pretty darn good recession. but as far as markets i bow to price and what they do. but also, the markets are bowing to yields. even today, yields were down nicely in the morning. the market was up nicely. when yields went back up and are now up, the market came back down. so the good news is, markets are definitely better. i'm a technology guy, growth guy. when i see things like broadcom

acting like it is that is good news. there are others also i'm watching. more of that the better. remember, eventually the market will take over. greatness will take over. find the companies growing, 50, 100% a year they will cut through all the mustard of interest rates, the fed or anything else under the sun. that is what i try to do on a daily basis. charles: broadcom earnings report, kind of reminded us of this thing called fundamentals. we don't talk about it anymore. >> does matter. charles: to your point the fundamentals always rice to the top, give it a chance. always rise to the top. gary, thanks a lot, my friend. >> thanks, charles. charles: folks, coming up my takeaway on the backbone of the economy. i'm talking about our truckers. first, the worst-case scenario for long-term portfolios, how to hedge it. this is reality. folks, callie cox is one of the best out there helping investors. she is with us next.

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advantage of investing, tax investing. this is something you don't talk a lot, at least you don't hear about a lot but something everyone should know. lucky for us we have etoro u.s. investment analyst callie cox. you put up a great chart on twitter and i'm glad you brought this up, callie. this is something everyone should learn. i feel like in the last year moved toward dividends, maybe owning bonds. learn there are different ways to take advantage of the system to make money or mitigate losses? >> yeah. charles, i'm glad we're talking about that today. it is tax season. i think a lot of investors especially retail investors don't think about their tax strategy. there are little things you can do in the portfolio to take advantage of the tax code. that is how excited i am about taxes that benefit you with win mall effort. charles: let's talk about them. i think you have lesson one, losing money can actually be a,

can actually use that to your advantage? >> yeah. so this is the tax loss harvesting part of the equation. if you're like me, and a bunch of other investors you probably hot some money last year or had some losing positions and that's not a bad thing in the context of taxes. if you have that losing position you could end up placing that against your capital gains any positions that you gained on, and eventually pay less taxes, because gains and losses end up canceling out. charles: so now though, i mean sort of late for last year's loss, right? it is sort of a lesson learned for next time? >> it's lesson learned for next time but i think it's so important when you do your taxes every year to really take in the entirety of your portfolio because many americans have multiple brokerage accounts. they have their money spread across a bunch of different institutions, maybe outside of institutions in crypto and

wallet and it is not often you get to see all of your money together and how the differ positions interplay with each other and how they work what is drawing on you in terms of taxes. charles: let's talk about the economic environment that we're in. you say that the worst-case scenario for portfolio is persistently high inflation. so what can be done about that? what should investors do to mitigate that at least? >> yeah. so, charles, you know i'm generally an optimistic person and i consider the market is optimistic. we think the low they're in, as long as we avoid a recession, we're hopeful that we can you about we do think there is a risk popping up here, that inflation expectations especially in the bond market are rising again which is a little unusual considering the fed hiked rates five percentage points and we should be at the point where we should see inflation progressing a little bit more. we see that an indication investors may think the fed is

losing the plot here around persistently higher inflation, even if 3 to 4% for a few years can make a big, big difference of your portfolio, because of the time value of money frankly. charles: all right, callie, we always appreciate it. we do always learn from you. that is why you guys have done so well. thank you very much. >> thanks for having me. charles: all right, folks, my takeaway on the trucking industry. i had a chance to meet with them today. doing great. we'll be right back. ♪. you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine.

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we got this, babe. that means that your dreams are ours too. and our financial planning tools can help you reach them. that's the value of ownership. charles: all right, so today i had the honor of speaking before the truckload carriers association, and i gotta tell you with, really fantastic. of just another group of men and women that, to be quite frank with you, are underappreciated and, saw sadly, even under attack these days. think about this, there is no economy without them, and yet the industry face a war on their living particularly in california. and maybe soon, you know, forced adoption of things like electric vehicles and then, ultimately, maybe losing their livelihoods to autonomous trucks. now, the the good news is all of that stuff, all of the hyped-up stuff, that's farther away than the hype would have you believe. the bad news though is that the world is still shifting, and

those changes will make life harder for these men and women. two weeks ago bp bought travelers, their goal is to set up a national network of charging a stations. remember bp after that spill, they want to be out of toes fossil fuel business, but that means you've got to take out gasoline pumps and put in ev stations that, by the way, nobody wants to the use. meanwhile, fuel remains to be a victim of all of this aggressiveness against fossil fuels, and then, of course, basic respect, right in the industry's perennially short on drivers, and it's become even more acute as candidates often lack that sort of get up and go. you talk about minimum mondays, folks, it takes a lot to be a trucker in this country. still, i've got to say we don't survive without them, we owe them a debt of gratitude, and service the certainly my honor to speak with them today. now over to cheryl casone. cheryl: we