other streaming platforms on wednesday, the same day as her birthday. the soon-to-be 34-year-old is closing on a massive year, she became a billionaire in time magazine person of the year on top of that the megastar of spotify top artist of 2023 her song sitting over 26.1 billion streams sent january 1, we're following it on "mornings with maria", weekday 6 - 9:00 a.m. eastern on fox business, we hope you will join us i will see you on the fox news channel for "sunday morning futures", live and exclusive interviews with sedative rand paul, roger marshall, byron donaldson has intelligence committee chairman devin nunes join me sunday 10:0, that will do it on fox news, have a great rest of the week and, to get to much for watching i send you a happy hanukkah to all of the celebrating this weekend. i will see you again next time. >> variance roundtable sponsored by global x etf.

jack: welcome the "barron's roundtable" where we get behind the headlines and prepare you for the week ahead read i am jack otter, look past the hot tech stocks in the market is full of screaming bargains research affiliate founder chairman tell us where to find them. our expert panel has tips for taking advantage of higher for longer rates, we will break down what investors need to know ahead of the fed's final meeting of 2023. later, what do activist investors want with disney, we began with three things investors ought to be thinking about right now. markets ending the week up slightly as economy had a $200,000 job in november beating estimates but that was less than impressive than the headline suggested the race for a blockbuster obesity drug is underway we will take a look at what companies on the right track and one that isn't. another setback for the ev industry, motor trend with the top vehicles list for 2023 and

for the first time in three years the top truck is not electric, on the barron's light underground table then levinson, carleton english and al root, boring markets are not great for financial journalist but for investors you been watching low volatility, numbers marching steadily higher. >> were you talking to be i fell asleep. this is a very quiet week for the stock market, the s&p rose point to percent the dow is basically flat but it's doing something that is exciting, it's gone 17 days s&p 500 without a move of 1% or more in either direction, this is pretty good for the market, i pulled some numbers over the last decade and when you get the streaks the market goes up over the next three months after the end. when you see a quiet market, one that doesn't seem to be doing much, do you know this is what markets are supposed to do and that's okay. >> a lot of volatility that is

relaxing we've also gotten good economic data, the job number but also some school with a football controversy in a sentiment thing going on this is consumers are happy but interesting, productivity has been a problem for years five-point to percent. , that can be anomaly but if it turns into a trend in the be very good thing. >> were seeing that the market is trying to figure out what this economy is doing and there's a lot of push and pull going on, the jobs report that looked great and then you dig in and see the revision to the previous numbers, knocking down, that knocks down it was a great number, if you get the michigan sentiment survey which shows inflation is not the big problem that it was before, people are not expecting it to be as high as a husband which is great news and productivity does well this is exactly what the economy needs, that was the ingredient that made the 90 so good and it can also make the rest of the 2000 really good. jack: body looking for next week.

>> two big things, inflation, the cpi in the fed meeting both of those, maybe they will cause the market to do something exciting. jack: a lot of hope that some of the obesity drugs will be the magic bullet in hollywood, we did get a setback this week, some side effects. >> that would be one of pfizer's drugs are dropping the development that will be taken twice daily because of unwelcome side effects. this might be short-term bad news for pfizer situation because pfizer sees the weight loss drugs as a 90 billion-dollar a year business opportunity which anyone who follows hollywood gossip knows everyone is taking the drugs or has thought to. the thing with pfizer out of the picture, it may be a little bit behind that actually does open up the field for the smaller players because when it comes to pfizer there most likely going to have to buy their way into the business and you've seen some companies with drugs and develop it's like therapeutics and pharmaceutical therapeutics at double-digit gains over the

last few weeks on speculation that they could be takeover target. jack: among the incompetents who are the winners. >> this looks good for eli lilly and novo nordisk, one thing to know eli lilly's drugs might have a slight edge, it seemed in recent studies at their weight loss drugs are a bit more effective, overall they're both looking strong in this market. >> let's turn to the favorite subject, motor trend the big award this time for the first time in three years to a gas powered truck. >> 2024 motor trend truck of the year the golden calipers for those keeping score of what is what, chevy colorado. a couple of years ago it was rivian r1t last year ford f150 lightning, both electric trucks this is not every pda should of electric trucks as it is about affordability, chevy colorado starts at 30 and you get a nice chevy colorado for $50000, the

rivian and nicely appointed platinum version of lightning could run you to enter $90000. the automotive world is starting to say - 60 and 60 seconds is great to be a cheaper vehicle. >> in terms of affordability, the focus is hurting them for now are there cars in the development or battery development that suggest you can get the 30000-dollar electric vehicle? >> the electric vehicle industry we are starting to worry that general motors everybody worrying what's going on, they are still growing, sales growing 50% year-over-year but they basically produce nothing but luxury models and they shove them into the market and no one happy because it's too saturated. and what's been going on with inflation. importantly the answer to your question they shove more luxury models, bentleys are coming in 2025, after mayo's are coming in 2025, the only car in the

brand-new and affordable would be the 2020 for all electric chevy equinox that will start at 35000, that is the best one in terms of the ev industry listening starting to address the market. >> maybe it will do well, their investing opportunities beyond the hottest big tech stocks, if you know were to put your money in 2024, that could be a good thing investing expert rob explains next. ♪ he hits his mark —center stage—and is crushed by a baby grand piano. you're replacing me? customize and save with liberty bibberty. he doesn't even have a mustache. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

>> look past nvidia, tesla and microsoft trading at skyhigh multiples in the market is full

of wonderful businesses at fair prices to quote charlie munger, research affiliates chowder treatment rob arnott things they should turn their attention back to the businesses, he joins us to explain why. it's great to see you again. >> great to have a chance to chat, you're an expert in the way the market cycles different set classes at different times over the past ten to 15 years, it's been all about big tech stocks that means the cheaper mundane businesses have been doing very well as businesses but investors have ignored them you think this is a great opportunity for investors to take another look. >> it is interesting some of the winners of the bubble packet 2000 have grown handily after qualcomm has 60 times earnings than it had in the year 2000, 60 times and yet the price is up then less than s&p 500 of the last 23 years. you have cisco and intel priced

at very reasonable multiples. these companies run the plumbing of the internet. this looks to be a wonderful opportunity to pivot into value, it is been crushed this year, the russell growth has beat russell value by 30 percentage points here today, when that happens, temptation human nature conditions us to say get me out of here but a more sensible approach is to ask are the underlying business is doing fine and if they are this is the bargain time to pivot and at a minimum rebalance and top up our value exposure and more likely proactively moved to an overweight. jack: here's the thing we could have this conversation two years ago, the same things would've been true, what is on the horizon that makes you think two years from now we can have a conversation some of the stocks will finally get a bit. >> if we had the conversation

two years ago, the conversation would've been spot on because the value did rebound handily late 2000, early 2000 -- late then he gave some of the back at the end of 2021. 2022 was a stupendous year for value. what is happened the narrative about a.i. reinventing our world, narratives have the advantage of being mostly true but the disadvantage of being entirely reflected in share prices, share prices already reflect the entire narrative so for the aie and tech names to outperform from here, the technological revolution that they embody has to be even bigger than the current narrative would suggest. jack: let me ask you the risk of topping your book, what paid off well and what you expect to pay

off well in the future, how can investors get access to the strategy. >> what are the best ways to get access to value is a concept of the fundamental index, research is a product that has been embraced by a number of major investment platforms pinko swab, invesco all have multiple billions, 10 - 50000000000 each in fundamental index-based strategies. fundamental index does not take the value stocks and capitalization and wake them the wit underway most index to intake the entire market included nvidia and it says let's wait companies how big their business is, nvidia does not have a big business so it doesn't give a big weight, the market thinks the future business will be stupendous and it might be but you're already prepaying for stupendous huge

business that may or may not take shape so fundamental index is my favorite way to access value. over the last 16 years fundamental index has beat the conventional value index anywhere from 30 to 50% over the last 16 years, that is to - 3% compounded incremental return with just as much value till as a value index. jack: research affiliates does not actually create mutual funds or etf's you sell your research to swab and invesco and others that do i know invesco has a small-cap in that strategy as well. >> were probably the only $130 billion asset manager doesn't. >> thank you for joining us from sunny florida, we appreciate it. >> it's been a privilege. >> how can sabers and retirees get most with interest rates expected to stay higher for longer in 2024, the expert panel will share tips next.

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jack: investors are cautious heading into the fed policy meeting as inflation remains well above the 2% target rate questions over whether the rate hiking campaign is over and when will the fed cut from the current rate of more than 5% whatever happens is clear rates will remain higher than what we seen over the past 15 years is the cover story in barron's managing editor kristen bostrom thank you for joining us. for years the fed was literally inventing new ways to try desperately to get inflation up to 2%, other central banks around the world face the same problem, now it's opposite around the world in this country, desperate measures to tap inflation down, what

changed. >> about the changes that are happening in our economy, for one how much money our government is spending, there is investments in fighting climate change in the green energy transition, we have a population that is getting older so were spending more money on healthcare and social security, there are multiple wars happening right now so that's in the pullback and globalization, less global trade, more companies wanting to onshore there is supply chain. what this means global trends were spending lots of money and it's not going away anytime soon. jack: when this is said and done really think the rates will settle out. >> that's definitely the trillion plus dollar question. there's a lot of debate, one thing i think we will hear about more is the so-called neutral rate this is like the goldilocks rate monetary policy is not too tight yet not to lose it is just right and now it's expected that

that will be 1.522%, the things that people should know that's a little obscure as 3 - 4 times more than people expected a year ago. obviously people are more familiar with the fed funds rate, 2019 the federal reserve thought the long-term fed rate was good to be 2.5%, now they're expecting to settle between three may be as high as 4%. >> there's a whole generation of people that have been waiting for interest rates to rise they have been hoping to live off of their interest payments, what does this mean for investors. >> you're absolutely right we've seen so much money going into cash there was a record trillion dollar close in the money market account since year but that means too many people are sitting on too much cash right now we will look at a black rock research that said stocks and bonds do better during the pause which is where we are right now then six month before the pause or after rate cut.

it's time to put the money into the market and we would recommend people think about the 6040 portfolio 60% stocks 40% bonds and i know we got hammered in 2022 but it just had the best month, since 1991 that is an impressive run and we see a lot of the strength in the fixed income side of things so people want to get into bonds with 3 - 7 year maturities, you can do that really easy with bnd vanguard total bond market etf. >> there's a whole generation that wants to buy houses and am looking for a refi, higher for longer but they're coming down, what is my outlook for mortgage. >> good news bad news, free to be higher whether buying a place were refinancing your mortgage rate is going to be higher. i think we will see some of the gridlock that is happening in housing right now, there are

positive signs, right now the mortgage rate is down to 7% that is the first time it's been that low i know it sounds high but that's the first time it's been not low since summer and were also seen week after week more people are applying for mortgages, i think these are signs that the housing market will come back as people accept the fact that rates are going to be little bit higher but people have to buy and sell houses. >> and probably never going to retire, my parents are retired what does this mean for them. >> everything that we talked about what investors should do applies to retirees, some of the advice that we heard for retirees they might want to consider a 40 - 60, go heavier and bonds, that is probably something the next 12 - 18 months you know of course all the trends we are talking about they mean we will see pockets of inflation here and there, that

can really hit retirees if they want to protect themselves, they might consider tips these are treasury inflation protected securities it's a little bit of a mouthful but basically your return on the bonds is tied to the consumer price index. if prices go up you end with a higher returning bond it's a good way to provide guidance against inflation. jack: an optimistic note the quote from the chief economist at vanguard joe davis says this is the single best financial market development in the past 20 years and what he's talking about when money is not free people make better decisions capital allocation will improve. speaking of capital allocation, ben has investment ideas andd n for the wonderful world ofot disney, stay right there. their long-term goals. (other money manager) but you still sell investments that generate

high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. we're travelling all across america, talking to people about their hearts. ooh, take this exit. how's the heart? i feel like it's good. you feel like it's good? how do you know when it's time to check in on your heart? how do you know? let me show you something. it looks like a credit card, but it is the kardiamobile card. that is a medical-grade ekg. want to see how it works? yeah. put both thumbs on there. that is your heart coming from the kardiamobile card. wow! with kardiamobile card, you can take a medical-grade ekg in just 30 seconds, from anywhere. kardiamobile card is proven to detect atrial fibrillation, one of the leading causes of stroke. and it's the only personal ekg that's fda-cleared to detect normal heart rhythm, bradycardia and tachycardia. how much do you think that costs?

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jack: so carleton activists are swirling around disney again what are they looking for in pushing bob iger to do. >> unhappiness in the house of mouse or you can say disney is not the happiest place on earth, nelson is the one behind this looking to get a seat on the board and he's been upset with succession planning that was a big issue and cost issues as well, he got support from another hedge fund called and cora it is being opposed by another asset manager called blackwell's who threatened to wager the proxy at wendy's at the holding if he doesn't abandon his proxy fight at disney. then you also the fourth hedge fund value acted there, a lot of discord in the house of mouse, this is his second go at disney, last year on the show i said the first go we go the distance maybe it was a little wrong but he wants another bite at the

apple. jack: i want to diagram next time to explain that. disney is heavily into sports two monday night football games going on simultaneously these days but a lot of other action mark cuban selling the team, break that down. >> about going on mark cuban sold his majority stake in the mavericks but still retains operation and control if you need a diagram i needed diagram for that part of the reasons for selling is economics of the media business is not there he is looking to get more revenue from real estate, sports betting as well that is one that we have going on but we also have sherry brad stone possibly selling her stake in paramount some reports suggesting that, reducing the economics of the tv business are not there, if you look at what happened the past summer were charter communications lost 100,000 cable subscribers when it took off espn and other disney channels during the summer right before monday night football and during the u.s.

open, thankfully i was able to watch the u.s. open. jack: a would not look at actionable ideas allen you got one. >> i like air conditioning carrier they sold the business it got a much better price than expected the stock went up they have more assets as a leading to higher growth, conditioning markets, carrier is one i still like. jack: been your taking a page out of carlson's book. >> regional banks are making a move keybank looks good big dividend and the business looks like it might improve. we will see what happens, thank you, great ideas, to read more check out this week's edition of barron's.com don't forget to follow us on x at barron's online, we will see you next week on "barron's roundtable". ♪ get on the ground! john brown comes for you? i wasn't doing nothing wrong.