barry: hi. ben: hey, how are you? lemonis: barry? i'm marcus. barry: hey, marcus. barry. nice to meet you. lemonis: nice to meet you. hey, buddy. ben: hey, how are you? lemonis: i want to address the concerns that ben has about barry, his business consultant. so, i thought it would be a good idea to actually get barry and ben in the same room and find out if ben's concerns are actually as legitimate as he thinks they are. how long have you guys been working together? barry: about two years. ben is really a genius at what he does. he's really creative, so i've tried to have him bring people in sales, bring people in production, bring people in customer service, but they've been driven away either by the environment or sometimes you get upset at them. they stay two weeks, or they stay a month or whatever it is, and then they leave. i'm frustrated that i can't help more. lemonis: so were you helping him get his financials organized, as well? barry: i was helping monitoring getting the financials organized, yes. lemonis: okay. barry: they're better than they were two years ag

barry: absolutely. the way to new relies -- the way to neutralize something like a search engine or neutralize facebook's to basically ensure that there is a limit to how personalized any kind of search can become. there are clear rules on what kind of information the search engine can determine for you. and if you want to personalize it, you are the person in charge of what is personalized. right now, when you go in to -- going to search on google or enter a search on amazon, you're looking to buy something, google and amazon manipulate you. they take you to certain things and away from others. they tried to get you to buy certain things and listen to certain recordings and try to get you to read certain books. so we don't want to be manipulated. as human beings, we want to be fully in charge of all aspects of our lives, and simple, traditional rules we have applied to every network monopoly in our history, we apply these to google and facebook and amazon, and we can make them absolutely safe for all o

barry, thanks so much for talking to us. >> happy to be here. >> barry, the riots shook the nation i know you have been critical of president trump in the past. what's your reaction to these events >> well, i guess at the moment my first reaction is that i wish that they would actually what i think is silliness is to either impeach or have, whatever, the 25th amendment, it's 12 days to go hold your breath let him go stop wasting your time on i think a kind of crazy move as far as trump, you know, he said years ago that, you know, he could go on to fifth avenue and shoot somebody and there would be no adverse reaction what he didn't say is what would happen is if he shot himself he's done that just now in a dust heap of history and i think just let him go let it be over >> let it be over, but what's been interesting, barry is we've seen, you know, facebook banned president trump through the election -- at the soonest then we have twitter did a temporary ban. how much do you think that the social media platforms are responsible for fomenting discord in this country and responsible to s

i know. >> barry: i would have given you such a big hug. it's been on the hug thing is so hard for me. >> barry: everybody is doing elbows. >> kelly: we will get shut down, so they make me, it's very hard for me because i am such a physical touch person. i give my kids like way more hugs than i should. i'm not getting any of it. unlike just told me. i did mention, i don't know if you remember this, it was years ago, but you wrote me this letter as i was going through a hard time coming and i am like 15 years ago, but you wrote me this note and it was really quick and sweet and i kept it, i have this keepsake box and that's one of the things i kept in it because it was so kind and you did not know me, but thank you. was years ago, very nice. people don't hear about that stuff coming out? they always hear the negative stuff. >> barry: speaking of a million years ago, i sent your people a picture that i found a 4:00 in the morning because i never sleep -- >> kelly: with me and justin, i remember. >> barry: at the grammy party, right? >> kelly:

barry: sure. well, you know, we have sort of the great 20th century apotheosis of mass shakespeare would be orson wells and the mercury theater on the radio. and you even see lucille ball trying to act with orson wells on an episode of "i love lucy" right there. so orson wells, i would, you know, this is a little armchair here, so forgive me, but that's kind of the end point of mass popular shakespeare. after that, you start looking at movies of shakespeare, they perform terribly, right? even things that we think of, like kenneth branagh's henry the fifth, a great, incredibly successful shakespeare movie that made $20 million, right? somewhere in the post-orson wells, post-war american world of entertainment, shakespeare precipitously declines. you know, you'd have to get cultural critics to help unpack it more, but i'm sure the rise of television has a huge amount to do with this. i'm sure the decline of reading generally has a huge amount to do with this. however, i would say that it's not the c

barry let's begin by setting the stage. although some prominent leaders of nazi germany were prosecuted for their crimes in the immediate aftermath of the war. why were so many others able to evade the law? well, yes thousands of nazi officials in collaborators were tried in courts throughout europe immediately after the war, but for the most part the focus of those trials had not been on the crimes of the holocaust. so for example, we have an image here from the most famous trial of 22 top german leaders. but that focus of that trial was on the germans guilt for waging and aggressive war in which they committed mass war crimes against many groups of victims. important information about the holocaust came out in the trial such as the mess killing with poison gas of jews in places like auschwitz and the estimate of six million jewish victims. so people who followed the trials understood that the germany had treated the jews very very badly, but there was still a tendency to see the jews as one of many. victims of nazi german

barry: again, folks -- jennifer is right here. gen z is not using facebook in the same way, and they are all using instagram, and if they are overseas, a lot of folks use whatsapp for communications. you know who owns instagram and you know who owns whatsapp? facebook. they purchased whatsapp and they purchased facebook. to make sure that they controlled the future. they did not want someone else to control the future, they did not want to have real competition and they wanted to make sure that when gen z was poking around looking for a different way to communicate, that they controlled that way. and they are so successful at it, that this is one of the things that we need to focus on, what is it that google and facebook, why are they doing this, why did they want power, will have they created all of the systems and control? they do this so they can make money, and they make money by selling advertisements. and the two of these corporations together have pretty much captured control of online advertising. their total share, the tw

barry: he's great. jeffrey: well, let us turn to your superb new book, kevin hayes, and in "shakespeare and the making of america," you both discuss how deeply marinated the founders were in shakespeare, and also how it was central to the ratification debate. you talk about how federalists use mark anthony as a pen name for refuting an essay refuting brutus, and how both mercy otis warren, the anti-federalist friend of john adams, invoked "the tempest" in questioning the consolidated nature of the constitution and how the federalist papers themselves end with both the famous quotations from the st. crispin day speech, the band of brethren, and also cardinal wolsey's swan song in henry the eighth, "whenever the dissolution of the union arrives in america will have reason to exclaim, in the words of the poet, farewell, a long farewell to all my greatness." tell us about how implications of shakespeare pervaded the ratification debates. kevin: well, thank you. pretty much all of the members of the constitu

. >> we want barry! we want barry! we want barry zlm. >> barry is senator barry goldwater from arizona, the almost-certain nominee. one of the most right-wing politicians in the whole country. ♪ vote for honest, vote for honest leadership ♪ >> but there's one delegate determined to stop the goldwater jug you are knot. >> i think the root of the delegation is such that they would not, could not and will not support the nominee of goldwater. >> that's not just any republican. >> one out, pitch is to jackie robinson. >> jackie robinson is an american hero. ♪ the first black player in major league baseball. >> there seems to be some concern among some corners that former great baseball player jackie robinson may lead a negro walkout at this convention. damage rather has reached jackie ron inson now. dan, come in. >> can you explain to us the walkout over candidacy? >> that's right. they're going to walk out over candidate. but not on the whole party. nobody's walking out of the republican party. >> robinson deplores

barry: i would remind her it is $3.5 billion over 10 years. i would remind her the economy is still 2% smaller than it would've been without the pandemic. i would emphasize it is important the investment be productive and we think carefully about how to allocate it. tom: barry eichengreen, thank you so much. hands down my book of the year. "in defense of public debt." i cannot say enough about it. 226 pages of varied dense, very readable history. as you mentioned lisa to our present moment. lisa: as we encourage debt globally on a corporate and public level. the specificity of what the programs are that the borrowed money goes towards is the achilles' heel of the discussion because you have to get granular and those granularity's have a lot of disagreement going on in washington. tom: the confidence of growth and the way to extricate ourselves from the debt is technology and productivity increasing. those are amorphous things that have nothing to do with the political heat in washington. lisa: there other consequences of those developments. we

barry: there is so much demand. there's plenty of room for all of the capacity that is hitting the market. the question is what they are going to be paying. we look at our cost structure relative to theirs, we can make money on low fares. but if your costs are double ours, it is going to be a hard time making money at the fare levels we sell at. jonathan: give us a sense of the surge you are seeing him of the last week or so. barry: being in new york here at the nasdaq today, the excitement is huge. the quarantine was just removed for new york state today, so you can just feel it in the energy this morning and the city. but overall, over the past month, we went cash positive at the beginning of march. that is just a reflect in of the demand that is out there. you think about the vaccine that is unlocking all of this demand. people got plenty of mone -- people have got plenty of money. that was before the $1400 coming in with the latest stimulus. so you've got plenty of money in people's pockets and a huge amount of

. >> we want barry! we want barry! >> barry is senator barry goldwater of arizona, the almost certain nominee, one of the most right wing politicians in the whole country. ♪ >> but there is one delegate determined to stop the goldwater juggernaut. >> i think that the mood of the negro delegation is such that they could not, will not, would not support the nominee if it's goldwater. >> that's not just any republican. >> pitches to jackie robinson. >> jackie robinson is an american hero. the first black player in major league baseball. >> there seems to be some concern that former great baseball player jackie rocken son may lead a negro walk-out of this convention. >> jackie, could you explain to us the walk-out. >> that's what it is. not out of the party. nobody is walking out of the republican party. >> robinson deplores the far right goldwater, but he remains loyal to the party of lincoln, the party that had historically been pro-civil rights. >> if you were a black republican, you would feel this party that has bee

how does barry ritholtz do they getting back part? barry: i have the exact opposite view. getting out of the market is the challenge because as we have seen time and again, we craft these wonderful narratives about how things are frothy in the market has peaked and evaluations are terrible, but that was 1996 and you had another four years of gains. it is much more challenging to pick a top. to me bottoms are obvious. it is easy. it is when you see capitulation. bottoms are easy to spot, harder to act on. tops are easy to see, and much easier to act on. tom: tell me about catharsis or capitulation, the motion of the top. do you observe it now? barry: we definitely see pockets of froth, whether it is gamestop or bitcoin or tesla, we are stretched valuations. all of those things come with a massive cap yacht. -- a massive caveat. whenever we see comparisons to past historical valuation frameworks, it is never with 0% interest rate, never with massive quantitative easing, never with a multitrillion dollar fiscal stimulus. risk assets have become very attractive, and risk-free

barry: that is a really interesting question. the inflation example is great because everybody was screaming that this is structural, not temporary or transitory. by the time that can saint -- became consensus it was clear that we were starting to round the corner and if you believe the bond market, the bond market seems to think that inflation is not going to be persistent and pernicious and long-lasting that this is specifically tied to reopening and it will fade sooner rather than later. i keep hearing the -- to answer the question what is the biggest surprise? i keep hearing people talk about how the market was driven by the fed and monetary policy and people are completely ignoring the massive earnings growth that we have seen, not just this year, but look at the entire decade. that was the best decade for earnings growth since the 1800s. it is just an astonishing historical number, over 13% a year annual not market growth but earnings growth. so, i think that you always look at what has the greatest risk to supplies -- to s

yes, this is a vaccine, barry barry via - vaccine, barry barry via vaccine, barry barry via vaccine side effect with this vaccine side effect with this vaccine patch that seems to be ongoing europe but it is hard to argue with the numbers. a0 cults and 70 million individuals. that is well below the rate of class you would expect an average population. we would expect more than a0 clots. it is something that needs to be monitored. i think everyone is acting in precautionary principle but remember, this is a public health emergency. our own data from canada suggests people who have covid—i9 have a 2% risk of developing a clot if they have covid—i9 and so this is not a benign disease. every day we a day that one person doesn't get the vaccine and that this emergency keeps continuing. you're more likely to get a blood if you don't have the vaccine then if you do? you are more likely _ vaccine then if you do? you are more likely to _ vaccine then if you do? you are more likely to get _ vaccine then if you do? you are more likely to get a _ vaccine then if you do? you are more likely to ge

and it totally demolished barry goldwater on the foreign policy front. if the president was a tenderfoot, an amateur in foreign policy, then why had the congress of which goldwater was a member, voted unanimously given him the power to wage war. the congress wouldn't have abdicated its responsibility and allow this one man to decide what's appropriate in southeast asia. more important, the tonkin gulf resolution was a wonderful counterpoint to barry goldwater's mad bomber image. now this has passed congress so overwhelmingly, lyndon johnson had the authority to do whatever he wanted. he could invade north vietnam. he could drop a hydrogen bomb on hanoi. he could drop hydrogen bombs on hanoi and others. if he just ordered sustainable conventional bombing of the north and kicked up in south vietnam he looked like a moderate. it was temporarily very rewarding, but it would have horrible costs in the long run. the tonkin gulf resolution has been condemned rightly, rightly i think, as an absolutely inexcusable abuse of the public trust. the fact is the presid

barry: letting the party splinter runs against their interests. any group that threatens to abandon the party, i think they will make overtures to, to try to bring on board. joie: so this is not the moment for democrats to gloat. barry: that's right. democrats have to work to keep their coalition together as well. joie: freed from a focus on simply defeating trump, progressive activists are now urging their favorites to dump the democratic party too. nick: they have their hands tied by the party establishment. and so that's why we need those individuals like alexandria ocasio cortez, like bernie sanders, to be free of the corporate-funded politicians dictating to them what they need to do. joie: organizing a movement for a people's party, nick brana's team has ambitious plans to field candidates in the 2022 mid-terms, and a presidential contender in 2024. nick: we have over 90 people in the progressive caucus. joie: are you viable? nick: absolutely. over the last 15 years, you've seen tens of millions of americans leave the democratic and republic

barry: you have to look where the crowd is not yet. what we called the yale mo swenson being one of the first people to push into private equity venture capital and things like timber and farmland. he was first and a lot of spaces. that is where you find value. when you were the last person into the trade, all of the inefficiencies in the market, by that time, are long gone. tom: buy the rumor, sell the news. in the pandemic tech crater like anything else and then tech boomed and we got the news of a better pandemic and a better future ahead. where is your value right now like tech was 12 months ago? barry: tech is never cheap. growth is rarely cheap. for about five minutes in march 2009 things were reasonably priced. something very different what you saw in october 2002 after the nasdaq dropped 80%. we have not seen tech that cheap in a long time. there is a reason for it. it is transforming the entire society. we do not talk about telephone companies or electricity companies, companies that use that, because every company uses that.

goldwater inspired were -- the passiones that barry goldwater inspired were explained. he wrote a conservative is someone who stands to thwart history yelling stop. indeed the right would shout stop over and over again in the coming decades. those shouts echoed through the 1960s as america exploded. cities were racked by rioting. over civil rights and police shootings. >> don't bow down anymore. hold your heads up. >> thousands were dying in the jungles of vietnam. ♪ give peace a chance ♪ >> anti-war protests filled the streets. enter presidential candidate richard nixon. he knew exactly how terrifying 1968 was to the right wing base. >> the wave of crime is not going to be the wave of the future in america. >> fear, fear, fear. >> nixon used what was called the southern strategy. build the base by attracting more white support in the south with subtle appeals to racism. >> these cold words, these dog whistles -- law and order. these code words. these dog whistles. law and order. >> law and order is something that everybody wants. >> the right loved nixon until he b

professor jacobs argues that the 1964 presidential campaign against the hawkish barry goldwater influenced johnson's desire to be seen as a strong, competent foreign policy president. >> and welcome. today's subject is lyndon johnson, and lipidon johnson, i think it's fair to say is best remembered by both historians and the general american public for one reason and one reason only, vietnam. johnson is the president most frequently identified with the vietnam war although there is a famous quote from october 13th, 1967 in which johnson says to the journalist chalmers roberts this is not lyndon johnson's war. this is america's war. if i drop dead tomorrow this war will still be here, end quote, and he was right in a way. the when he was out of office war continued but manner in which the war was fought and lost was widely ascribed to lyndon johnson. vietnam is widely considered lyndon johnson's tragedy, failure, betrayal, depending your position on the ideological left-right spectrum. two books in print right now both entitled "lyndon johnson's war" and both events compelling and sometimes

barry. when it comes to the nonmedical pandemic responses to the mask use, lockdowns avoidance of large public gatherings. who is better at it? america of 2020 and 2221 or america of 1918 and 1919? >> probably better in 1918. there were certainly no partisanship. it was so verlyn in 1918 and the most of the people who died were younger ranging from 18-45 years old or so and people died sometimes with horrific symptoms and sometimes in as little as 12 hours. everyone took it seriously. the government, because we were at war, and was trying to keep morale up they thought anything that sounded bad would hurt the war effort and they outright lied and said it was ordinary influenza and no big deal. but nobody believed them because so many people were dying so rapidly and in some cases so horribly. there was acceptance of the closing orders really without much resistance in 1918. when cities and all the decisions were pretty much made on a city by city basis back then and not even statewide, much

barry: real estate, and gold. if you have -- an amount of gold you need to have someone to pay and store that. there is a challenge when you look at real assets. you mentioned real estate, you pay taxes and maintenance. it is not as simple as it looks, and when we have the 10 year is 1.5 and going lower, people have a tendency to look at other asset classes and they only see the positive of it, they failed to see the cost structure, which sometimes is quite substantial. automobiles, art, and real estate, the maintenance costs is not insignificant. tom: you can collect wine? barry: i would rather drink it, that is not my preference. most of these wine bottles selling for $100,000, they are not drinkable. they are trading sardines, they are not truly drinkable winds, but it is collectible. tom: i do not get it, thank you very much. i look at the wrapup of the day and we have this white house discussion. do you wonder if it turns the market either way? kailey: i wonder if jerome powell's testimony will turn the marke

yeah, but do you, barry, do you question? i do, i do. no, i do question it all the time, because michael watson had a serious effect on my life, in terms of, to this day, i still recall those terrible moments and it's something that will never leave me, but, at the same time... interesting to hear the words of michael watson, he said, "i loved being a boxer. it changed my life. gave me a reason for being. it changed my family. and, yes, yes, i paid a terrible price." that is interesting, and it's important to know what michael watson thinks. i put to you in my opening introduction the thought about money in sport. do you think there's ever a time, particularly in boxing, where the sums of money can be so extreme that the public are turned off by the amounts of money that are talked about? for example, you and your team manage anthonyjoshua, arguably the world's best heavyweight boxer, for the time being. i say "arguably" because we need to see him fight the other top british heavyweight, tyson fury. but that fight, which is rumoured to b

rose barbara and barry telling what was it like and your family john? what was it like to be a family and having your loved one held hostage in iran and being the focus of international attention yet. you didn't really know what was really going on. how did you have any inkling of what what was going on and while you were in captivity and again our hearts go out to you for the suffering and that comes out obviously and i want to belaborate but you know for your families for you, and i literally i was very moved the first time when we talked about it, but also by reading your books any idea inkling and what was going on back home and the world what was going on in the world? i don't really remember. that much other than we we really had very little contact, but they were there was mail coming in here and there. tightly controlled but many cases they missed a lot of messages. for example, my nephew told me via a letter that the shah was dead in between other things that were going on, but all the letters that i received and there were few from barbara. an

barry: that is right. you have a giant rise of passive indexing which is a relentless bid. 11% of all u.s. public companies are held by blackrock or vanguard? there is that element. on top of that, you have the algorithm trading and the high-frequency trading. it is not the same sort of volume flows it was 20 to 30 years ago. in fact, if you look at flows, some people love to look at inflows and outflows, outflows have dominated for most of the 2010s in a period where equity prices just went up and up. i do not think you could read a lot broadly into volume, but i do still cling to the concept that volume can confirm price action in a specific stock or a specific sector. lisa: in other words, conviction, right? if there is a lot of volume and price action that can indicate greater conviction about the direction of a specific stock or an entire market. what is the conviction like right now at a time people have seen froth with respect to spac's and high flyers and when people are looking to a potential dece

. >> barry is senator barry goldwater of arizona. the almost certain nominee. one of the most right wing politicians in the whole country. but there is one delegate determined to stop the goldwater juggernaut. >> i think that the negro delegation says they could not, would not, will not support the nominee if it is goldwater. >> that's not just any republican. >> one out pitches to jackie robinson. >> jackie robinson is an american hero. the first black player in major league baseball. >> there seems to be some concern among some quarters that the great player jackie robinson may lead a negro walkout of this convention. >> jackie, could you explain the walkout over the goldwater candidacy? >> that's what it is. but not out of the party. this must be emphasized. nobody is walking out of the republican party. >> robinson deplores the far right goldwater but he remains loyal to the party of lincoln, the party that had historically been pro civil rights. >> if you were a black republican, you would suddenly feel this party which has been your home since the civil w

barry: two parts. first-come academic research has shown us that the vast majority of returns come from a tiny percentage of stocks. it's like 4% in the u.s., 6% globally. if you are going to be an investor, an active investor, a stock picker, you should have the courage of your convictions and have a concentrated portfolio. if you want to talk about 50, between 5, 75, it is almost irrelevant. but it should not be 200 stocks. that's helpful. if you are marrying it to the vanguard, if you only 3000 stocks in the vanguard total market index, then you can have 5% or 10% in a concentrated 20 or 30 stock index or 30 stock actively managed set of holdings. but the combination is what makes it work so well. tom: what you just heard there from barry is the combined wisdom of hundreds and hundreds of years of the plan that goes back. we greatly appreciate your comments. i cannot say enough what barry said about the academic research, much of it out of vanderbilt and amherst, on too much diversification. lisa: i

barry runs real money. barry has to rebalance or not rebalance and has some experience. to me it is about the sharpe ratio of william sharp of stanford and we are completely return based in this industry and less volatility based. discuss. barry: these rebalancing articles come along every couple of years. i always feel they should start with the disclaimer this week's column is brought to you by hindsight bias. hindsight bias, telling you what you did not know two years ago. that is the problem. if technology is going to keep going, stocks will keep going up. if bonds will not necessarily do well, and if emerging markets in europe will lag, of course you do not want to rebalance if your goal is to maximize your performance. that is not the point of rebalancing. the point of rebalancing is to maintain a portfolio that is consistent with someone's risk tolerances and financial plan. again when you're making the do i rebalance or not decision, you have no idea what will happen over the next 12 to 18 months, so you are aiming for a median approach. tom: what is so important

is ai barry. no it is a headband. it is a bi hit. barry. no it is a headband. it is a big hit. david. — barry. no it is a headband. it is a big hit. david, where _ barry. no it is a headband. it is a big hit. david, where you - barry. no it is a headband. it is a big hit. david, where you were i barry. no it is a headband. it is a l big hit. david, where you were was busy, correct? i big hit. david, where you were was busy. correct?— busy, correct? i did run out to my sho -|n~ busy, correct? i did run out to my shepping centre _ busy, correct? i did run out to my shopping centre and _ busy, correct? i did run out to my shopping centre and reddish - busy, correct? i did run out to my shopping centre and reddish andl busy, correct? i did run out to my shopping centre and reddish and i did find _ shopping centre and reddish and i did find it — shopping centre and reddish and i did find it very busy, particularly the hairdressers and the queues outside — the hairdressers and the queues outside

barry moore will vote nay on h. res. 4. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? >> as the member designated by ms. sanchez pursuant to h. res. 8, i inform the house that ms. sanchez votes yes. as the member designated by ms. leger fernandez votes aye. as the member designated by ms. roybal-allard pursuant to h. res. 8, i inform the house that ms. roybal-allard will vote yes. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? mr. babin: as the member designated by mr. duncan of south carolina pursuant to h. res. 8, i inform the house that mr. duncan will vote no on h.r. 4. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition?

barry. please are trying to _ saw this today? barry. please are trying to establish - saw this today? barry. please are trying to establish if - saw this today? barry. please are trying to establish if it - are trying to establish if it was the target of the attack. emad al—swealmeen had recently rented a place there. officers say they have recovered important evidence and now have an understanding on how the exclusive does was put together. it exclusive does was put together-— exclusive does was put together. it is a horrific incident. _ together. it is a horrific incident, not _ together. it is a horrific incident, not a - together. it is a horrific incident, not a regularl incident, not a regular occurrence, thank goodness. i would just reassure our communities these incidents are rare but i would say at this moment in time, no —— i know people are feeling worried, be vigilant, be alert. the national _ vigilant, be alert. the national terror - vigilant, be alert. the national terror threat | vigilant, be alert. the . national

barry: not at all. that is why we look at this transitory inflation as a temporary bump, and then things will reset back to normal. tom: have to leave it there. barry ritholtz, thank you so much. his masters in business podcast has been out for 14 years. lisa, your observation, the worry of inflation. lisa: interesting to see how people are predicting higher inflation but they are continuing to buy into the transitory story and bind to the idea that the fed will continue with their easy money for the long term. that is the conclusion from negative real yields that are the lowest in months. it is the idea we will not get yields even as inflation comes in at the hottest since 1991. tom: got a or something? lisa: -- go to cash or something? lisa: we are in an unprecedented moment but right now it is murky to understand how this will continue. jp morgan said that you see a pickup in car spending which does translate into loan growth. tom: gerard cassidy looked at j.p. morgan earnings and said that was a key

how brendan barry from britain remains cameras from unusual materials. safe print spaces through the lens of french for tongue her teeth for farming me cry. but 1st we kick off this special edition with a swiss landscape for tar 1st stuff on for star who heads out into nature sometimes for weeks on end to get the perfect shot he uses both his camera and a drone to capture images of pristine landscapes without trying to optimize them with filters now while many of the places are recognizable 1st star tries to keep some of the locations secret here's why. images of iceland greenland and the faroe islands taken from a drone. by photographer and camera man stephan foster he sets out to capture nature's finest moments. of modern art in my images and film productions trying to show people the world the way it was before humans can't fault them and how it will be after humankind. and the way it should actually stay with human this is for me very very important for you to show nature completely. for i get almost. the northern lights over icebergs in southern gre

barry: took couple of things. he is known for okin's law, the relationship between employment and gdp, but his big contribution to the current day and age is the misery index. take unemployment and at inflation and it gives you a state of how bad the economy is for the average person sitting around trying to buy goods and earn a living. tom: p did this in the 1970's and i love the fret -- he did this in the 1970's and i can assure you the 1970's was dismal in so many regards. you are pushing back against the doom clue -- the doom crew calling this the dismal 20 20's. barry: the stagflation phrase keeps getting trotted out. if you look at the state of the economy in the 1970's versus today, they are not comparable. the misery index, invented by okin hit 20 in the early 1970's and 22.5 by the end of the decade and it averaged well over 15 for the entire 10 years. we are averaging six, 7, 8. we briefly got over 15 in the midst of a pandemic and then collapsed back down to 10 or 11. there is no comparison. jobs, wages

i'm asking frontier airlines ceo barry bissell. and another massive migrant surge on the way to our southern border. maria's surveying the situation on the ground and in the air from del rio, texas. first up, here's a look at where markets ended the week after a slew of strong earnings from the big bank. but there are big concerns that our economic recovery is in real trouble amid a growing worker shortage and a supply chain crisis driving up inflation. here with me now, slate stone wealth chief market strategist kenny pull carry. kenny, always great to see you. >> nice to be here. jackie: white house chief of staff ron klain retweeting that our economic issues are high class problems. these are kitchen tables issues, kenny. they affect you and he. they don't affect if jeff bezos as much. >> that's exactly right, and i think it just shows how tone deaf that the administration is, right? that he would go out and although he didn't write it, he reiterated what was written. and it is completely tone deaf because it is the middle class

>>> you have a crowd here with folks screaming thank you, barry. >> thank you, barry. >> you can hear it right now. >> embarrasses me. >> it's quite something. >> but it's nice to hear >> this is a decade in the making. >> actually, the other day i wanted to find out the date so i did get. it's literally to the month ten years since we had our first discussion for this. >> hundreds of millions of dollars. this is you and dvf together. >> yeah. >> when you came up to me i almost asked you how you felt. i wanted to wait because i could see it in your face. this is day one. >> yes. >> opened at 6 a.m. >> actual humans on the place. i mean, it's -- >> at one point you pulled back. there was a fight over whether this could even happen. >> oh, yes yeah we went through. it was not actually a pony ride. i mean, we went through three years almost, maybe even four years of litigation and got to the point where my family said to me, will you please stop this nonsense i mean, go where you're wanted go someplace else. we'll do whatever. and we got to one point where they were going for an injuncti

barry: it certainly was. he took over magellan, it was a $20 million fund, not well-known , and for good reason. his approach was systematic and insightful. some funds have 60, 70, 80 different holdings in the stock. he ended up with a thousand. he would buy a broad cross-section of holdings and then turn around and pare what was not working. it was a savvy way to do it. tom: he once said it a meeting, i do not care about your number one holding, i care about your 47th stock. where do security analysis fit into the method? barry: it is crucial. he is essentially the guy who invented growth at a reasonable price. understanding the business, understanding what is behind it, understanding the underlying data points is what he did. he said you have to flip over 10 rocks, 10 different companies. eight are probably fairly priced. one will be expensive, and one is interesting. the person who flips over the most rocks wins. he was all about doing the deep dive, doing the research, and identifying those companies that

barry: they want to talk about the baseball team. tom: when you buy the next it will be the same way -- when you buy the knicks it will be the same way. barry ritholtz. lisa, you look at the inflation data. equity markets and dollar react, bonds not. bonds might be looking more regularly at what the components are that led to the decrease. you are seeing increases in rent. it is perhaps we are seeing the offset because those prices went down significantly. airfare is also a huge component. used cars did see a slight dip. new cars increased in price. i wonder how much this report does reflect the delta variant and how it bled out through people's consumers expectation. i found this a fascinating report and i'm not sure what it says. tom: on the data front we do have green on the screen. not over 35,000 on the dow. spx up 15 points, nasdaq with a lift as well. it is about even percentage moves. small caps having a better than good morning. the vix coming in under 19. oil is important this morning. brent crude over $74 a barrel. on the

barry: i think most people are getting inflation wrong. sarah from wells fargo seems to have the right concept as does kathy woods. the dominant backdrop is deflation, not inflation. we have all of the supply chain problems, all of these reopening issues. making a more complex is the fact that we have had a massive bottom half of the labor market reset. you will not see the same sort of wage gains in 2023 people see in 2021. that is a lot of crosscurrents. you are to see inflation? look at wages. you want to see deflation? look at technology. i am always shocked when people talk about energy and oil prices. here we are at $83 per barrel. i tanked up, $4.14 for premium. we are all the way back to 2015 on fuel prices as the country becomes less energy intensive as a service economy, not a manufacturing economy. the focus on energy is misplaced. stagflation, i don't know what these people are talking about. lisa: putting those assertions aside, there is an issue right now as we talk to fund manager per fund manager saying 60/40 is dead. using

barry when it comes to economic recovery how are you countries doing compared to other countries whose economies have been ravaged by the pandemic and they're doing very poorly. so look at europe we are still right now in many countries in the 3rd lock down in many ringback countries also an australian zealand where the nation was favored of the strategy there will be on top of demick their service sectors recovered since the last spring it's been 2020 and also look at g.d.p. numbers numbers are there to pre-crisis growth within europe we're still minus 4 percent below 2000 time to levels and importantly to pensioners this is why the europe we have 50 times almost 50 times more death and in countries who opted for a nation so the whole idea of health workers well since parity here is after 12 mother to put them in rimi futures and we see now that those youth death by quickie aiming for the nation and doing all of of testing end of its mission they also are able to go back to economic growth and economic stability or a cow big of a problem in europe right now is vaccine has a 10 c. and

. >> we want barry. >> senator barry goldwater. wouchb>> senator barry goldwater. wo one of the most right-wing candidates. >> i think the mood of t the -- they'll not support the nominee of goldwater. >> that's not just any republican. >> jackie robinson is an american hero. the first black player in the major league baseball. >> there seems to be some concerns that former great, jackie robinson may lead a negro walk out of this convention. >> jackie, could you explain to us the walk out of a vote in candidacy. is that right? >> nobody is walking out the republican party. >> robinson remains to the party of lincoln. the party what historically been pro-civil rights. >> if you are a black republican, you would suddenly feel this party in your home of the civil war, this party didn't want you there. >> 40,000 people demonstrated against goldwater. >> those who felt unwanted took to the streets outside the cal palace, including jackie robinson. at the heart of their anger, the 1964 civil rights group. signed into law days before the conv convention began. barry goldw

so, meet barry. he's not real and neither is this profile picture. we've set up accounts in his name on facebook, instagram, twitter, tiktok and youtube. we switched on all the privacy settings to protect other users, and barry didn't send any abuse. but we've designed him to be just like the people who abuse me. he's mainly interested in anti—vax content and conspiracy theories and also follows some accounts hostile to women. so engaging with that conspiracy content and also engaging with a little bit of the misogynistic content. yes, definitely. i think it's important to capture the misogynistic side of the accounts that you've said have sent you this kind of abuse. right from the start barry engaged with content recommended to him by the social media platforms. after two weeks, tiktok hadn't promoted any anti—women content, and not much was suggested by twitter either. but youtube had offered some videos hostile to women. and on facebook and instagram barry was recommended more and more anti—women content. some involving disturbing sexual vi

to meet me the next day. >> trevor: barry jenkins. >> barry jenkins! and i'm like, first of all, how-- i don't even know. i was emotionally, mentally, like just, yeah. so i met barry the next day. at the end of it, he actually looked at me and he said, "you are the character. i'm not saying you've got the role, but..." >> trevor: wow! >> and in those two weeks between meeting barry and the test shoot, i read the book twice in preparation for that. i was like, you know, what? i want to do this, but i don't know if i have it in me to serve the character as authentically as she needs to be served but i'll just do my best and the rest is up to barry. >> trevor: so what makes the story so difficult to tell is you're talking about one of the most painful periods in american history, and that is slavery. when you're playing this character, it must have felt strange and yet familiar to be an african woman playing a story about africans who are displaced and put into america. what was that journey like for you in building and creating that character? >> so, for