can they do it. jackie: we've seen a lot of companies do it. i'm putting my money on oracle to do it. if you want to survive in this environment, taylor to your point you have to get in the a.i. game. if you can't you will be out. i don't think they will take that route. brian: oracle was one of those names mentioned earlier in terms of a tiktok sail. it is being mentioned again. maybe that is their entree point. as much as you like about markets before you go, we have to talk about something else, we have to wish a very happy birthday to our own taylor. we have a cake. taylor: beautiful. jackie: we're not allowed to use utensils on set. brian: this last year has been a big one for taylor and their husband brian and their family. it is a growing family. we wish you all the best in this coming year. taylor: best team, both of you. one behind the scenes. jackie: wish you a wonderful day. send it over to charles payne. charles: happy birthday, taylor.

good afternoon, i'm charles payne. this is "making money." you can feel the market, the tension is there, it is thick. investors are on edge. the bigger question have they become irrational. in the grand scheme of things this rally should only be through the midway pint but the composition of it has many exits saying buy the dip. jim bianco, aisha, gary kaltbaum how to manuever your own emotions as well as this market. the bitcoin market shifted into a higher gear ahead of the halving. the question, why does that matter? lyn alden and pop are on deck. signs a wave of layoffs could be right around the corner. if so what does that mean for powell and company? the media pork working overtime to the white house. more evidence it has gone far too far. all that and so much more on "making money." ♪. charles: so for years it was just sort of this one theory

about risk called the utility theory but then on, march, 1979 econometric published a new theory. essentially it was known as the prospect theory. what the prospect theory did, sort of said hey, people judge out comes, gains and losses, not the idea of going into something no one is going to do, trying to think, will i have gain, will i have a loss relative to point of reference usually the way the situation is framed. that is where we two from there. people are risk-averse for gains. then they risk, they love, the risk-averse for losses as well. so, the main thing here is that people overweight small probabilities and underweight large probabilities. this is why a lot of times people miss the big home runs. now the bottom line is, let's face it, we hate losing money far more than we love making money but there are those environments when this thing is completely flipped on its head. the euphoric mania stage, form

of dopamine. for investors all that framing i talked about earlier. changes to every dip. when you want to buy it because you know you will be quickly rewarded. there are other names for it, the greater fool theory, those kind of things, but really the thinking started to change in 1979. the question is, are we on our way there? my opinion, not yet. i will tell you why, check this out. a record amounted of cash actually came out of technology funds. look at this, so technology is rallying if you think we were irrational excube brands more people would be piling in. but less people were piling in, most concerned, since 2022, money came into real estate. remember remember the commercial real estate thing. these stocks have gotten cheap to big money has flown into there. at the end much the day that is what is going to carry you through this. this is what usually 457s at any

particular year. there is always a 3% dip. that happens seven times a year. a 5%, what they call a mild correction. the market pulls back. that happens over three times a year. a 10% correction happens at least once a year. if this is the case we would be due at least for a 3% dip. i want to bring in bianco research president jim bianco. jim, on those outflows and information on technology i do have to also acknowledge that by far, not even close, a record amount of money has poured into this, right? shattered all records so maybe it was just due but are you seeing any cracks in the armor right now for this rally? >> i see worry signs in the rally. it is in the concentration of the rally. nvidia is really the powerhouse like we haven't seen in a long, long time. it is accounted for a third of the s&p 500 gains this year, 1/3, one stock. it is half the gains in the qqq or the nasdaq 100.

we're seeing that the top three or five stocks are some of the highest weightings relative to the indexes in 60 years. typically when you see that kind of concentration it usually occurs at the end of the move, not in the middle of the move or at the beginning of the move. charles: you know, jim i want to pick up nvidia, just before it opened today i think the high preopen was 960, 970. the low was 860. this is a two trillion dollar stock trading like a two dollar stock. it's nuts! that sort of volatility obviously has to raise some sort of concern? >> yeah, it does because i think what's happening with this company and what's happening with the market in general is there has been a tremendous amount of speculative flows into it. probably 70 or 80% of all of the leveraged money has come in the last five weeks and all that leveraged money is really kind of hot money, meeting it is here for a short term, it is looking

to take a gain and get out. that is why you are seeing increased volatility especially on friday. the stock was on a completely wild ride. for a two trillion dollar stock incredible to see this kind of volatility. charles: it really is. i'm putting up your second favorite etf after your own. i saw you tweeted about this. folks, this is the 4-x, what does at that msnbcs? this moves four times the s&p up one. this moves four. this is one one, s&p down four. it is been like a rocket ship. when you see something like this you think some irrational exuberance is kicking in? >> yeah. there is nothing wrong with the product. it does exactly what it says it does but when you see it, these kind of products being create and this one was created in december. it is when people with getting excited. it is when you do have some kind of a peak near, not immediately

but near. that is when you make these products, not at the beginning of the cycle. >> product is great. i wish i invented it. the fact there is so much demand for it. i've got to switch gears. you talked about bitcoin, cryptocurrency, and blockchain, i'm starting to see art pop up about energy use. energy was not an issue but it started to perk up. with the cryptocurrency, it started to happen. do you think there is concern with the cryptocurrency energy folks because last time they made a big stink bitcoin took a hit? >> i hope not. you know the assumption behind the whole energy movement is that bitcoin serves no purpose so it is wasted energy. if it does serve a purpose, if it does pretend it is a new form of money that is energy well-spent. that is like saying we shouldn't heating all branches of banks because that is a waste of energy.

well bank branches serve a purpose. that energy to heat those banks, bank branch offices serves a purpose. i hope that narrative doesn't take over again because it really suggests it serves no purpose and that's just not the case. charles: yeah, yeah, i think that argument is fading away particularly as wall street jumps on the bandwagon. jim, thanks a lot my friend, appreciate it. >> thank you. charles: one of the thinking out there, one of the things that held back the broad stock market, not talking about the handful of names jim and i were talking about, is the competition from yields, right? money markets are yielding, bonds are yielding. here is what a lot of folks are saying. when we get to four 1/2, below there, when you get below that number, when you see as yields went up, stocks went down or at least flows into stocks, this will turn everything around. my next guest happens to agree. i will bring in traderade cofounder ayesha tariq. just this notion this competition from these yields is enough to keep people dumping stocks, going into money

markets, going into bonds, is this as simple as turning this flip or flipping this switch? >> hi, charles. it's a pleasure to be back. well, yes, we think so. we think that if yields can stay below 4 1/2% we would be in the clear and the reason we think yields can actually stay below 4 1/2% is because the economy is weakening a little bit. so i'm not going to say it's weak. of course we're seeing a slow down in growth. when we see that, the long end of the curve usually stays depressed. so that is, one way that is actually good for stocks. charles: got other things, points you say for more sustainable markets. we hit yields below 4 1/2%. weaker dollar which is interesting. talked about it on the show particularly during earnings season. companies that do earnings overseas saw lower revenues and much higher earnings when they convert dollars. two other things that stand out,

inflation, we need to see inflation to a degree for stronger stock market for more sustainable market rally and inflows? >> yes, that's right. if you remember what happened in the last two years we did see inflation sort of, you know, pull up revenues, right? and that, so held a level of inflation. if we have excess inflation, obviously that is not good for anyone. a healthy level of inflation around 3% or so could be a actually a little bit of a tailwind to stocks over here and that is actually one of the reasons some of the banks are increasing their price target for the s&p. charles: i've got to talk about some trading ideas that you've got, that you're going to share with us. you have lqd which is investment grade bonds, palo alto networks and asylum. investment grade bonds, how large of a position would this be in someone's portfolio? >> i would start to scale in

over here. it goes back to a series of, you know, flows that we saw coming out of bank of america's report, similar to what you showed earlier in the show where we saw a huge number of buying investment grade bonds, the highest since september of 2020 in fact. i think there is something to that. with the fed cuts coming sometime this year we might see the shorter end come down. of course as i talked about the longer end also coming down with the deceleration of the economy we think that there is an opportunity here. charles: right. >> for you know, capital appreciation. charles: okay. of course the palo alto network is intriguing because that big miss they had, the stock got hammered. water is a good play. i got 30 seconds, your dividend ideas here? i generally like them. you got an oil play. you got a telecom play and newmont, a gold play here. this has been a horrific

underperformer in general the dividends. so people smart to really scale in heavy here? >> so i don't think scaling in heavy would be the right idea because we're still in a place where earnings haven't taken off as they should. so i think you know, scaling in bit by bit. i would say 25% at a time would be a good idea. charles: aisha, always great talking to you, thank you very much. all right, folks, brian belski is here. as you know was, he has been seeing a permabull as a long time and yet everyone is passing him up. is he going to do anything about it? plus he's got some amazing factor ideas that you must learn about. all that coming right up. ♪. (vo) what does it mean to be rich?

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that's 1-800-217-3217. you're probably not easily persuaded to 1-800-217-3217. switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers? you can get two unlimited lines for just $30 each month. all in the most reliable 5g mobile network nationwide wireless that works for you. switch to comcast business mobile and save big with up to $500 off an eligible samsung device with a qualifying trade-in. don't wait call, click or visit an xfinity store . charles: we already talked in the show sort of the two different directions the bifurcation if you will of this market. also we see the same no matter what lens you look through including factors. there are the haves and have-nots. i have to be honest they really stand out. this is the greatest, look at this chart, the greatest

relative underperformance for dividend yields stocks, i'm talking about that, we're talking the last 30 five years. it is the best for high margin, strong return balance sheets. that trend you see did not change that much in february. let's bring in bmc capital market chief investment strategist, brian belski. i was checking out your report, but golly, 69 pages my man? golly. return on sales, assets, price performance, low price, dividend yield, low earnings per share volatility brought up the year. when you talk high foreign sales, these large multinationals? >> that's part of it. you look at the top 25 companies in the s&p 500 in terms of their growing sales overseas. that's one. what is really interesting about what you said is working and not working. obviously what's working is not only price momentum but fundamental momentum but i think you would be really interested in this, you probably already know this because you're such a

smart guy, best performing a factor, single factor in the united states stock market is, drum roll, low price. and so what's really interesting about that we haven't had a prolonged cycle in low-priced stocks outperforming and i think the way that you teed up the segment is perfect. we've written a lot from a broader issue, yield at a reasonable price, dividend growth. so many people have been chasing growth, growth, growth at any price. so we think that this momentum trade very good chance it is beginning to unwind. why we said in print almost 10 days ago, now, we're not going to raise our base case target on s&p 500 at 5100. we'll not be chasing the market like everyone else. charles: my plan. sort of like in "cool hand luke," the second time they caught him, they brought him back. they told everyone to stop feeding -- like when "cool hand luke" didn't want to be the leader anymore. i'm watching all these firms

leapfrog brian bellky, they don't believe in the a bull market. they have higher targets. because it worries me you're not as optimistic about this market as you once were. >> well you teed up "cool hand luke" so i will just say what we have here is a failure to communicate. so i always worry, charles, when i talk to portfolio managers who are my principal clients on institutional side, or private wealth clients diving in for the sake of diving in or mostly strategists that have pushed their process of discipline to the side, that they're raising their price targets, they're talking like they're bullish but not really bullish. charles: right. >> they're kind of moving away from their process. we've been saying for 14 months now that we're in the second, we're in the second stage of the cyclical bull market that started in october of '22, part of a 25 year secular bull market. we're long-term thinkers. we have a process.

i'm not trying to be cute or anything to say that the market is going to roll over here but i think there are too many bulls. oh, by the way, kiss of death, i don't know if you talked about it already, kiss of death over the weekend, "barron's" had the big bull on the cover. charles: yeah. >> from a sentiment perspective it it doesn't mean the market will stop running, it means we're following the script markets go down 250 too long and sometimes go up too long. charles: "barron's" joining optimists with those cover. you've been scaling out grand slam, nvidia, home depot, jpmorgan and spotify but you're note getting out. conversely you scaled into lulu, apple, and iac i'm interested in iac, everyone hates apple. that is the cool thing. i have not seen iac, barry diller up there in a long time. >> that is the roll up of the merediths and angies, we like

the communication services sector. that is one of the areas in the small mid-cap area you can own communication services. we think he is a great operator. he has proven himself in terms of rollups. we had spotify five years. we had it when it was mid-cap. obviously a large cap stock. we're not selling it. peeling out of it a little bit. out of citigroup, i'm sorry out of jpmorgan into citigroup. everyone hates citigroup and we've been adding to more of that. apple, apple, never bet against apple. it is a cash machine. the stock actually rewarded us here the last couple days and come back quite nicely. charles: i have admit it always baffles me when wall street completely, okay we'll scale out or we'll pause, when we completely write off all companies, apple, whether they write it off, it blows my mind. we covered it a lot. there is no failure to communicate here. we got it, we got it. thank you. >> thanks, man. charles: take a look at this, folks, there is how much

microstrategy's stock is up since our next guest suggested it as your way of gaining exposure to bitcoin. is there more? lyn alden, she will tell us. she is next. ♪. personalized financial advice from ameriprise can do more than help you reach your goals. -you can make this work. -we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about.

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local dealer info and $200 discount certificate. “life is better under a sunsetter!” ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. charles: so my next guest tweeted this, folks, look at

this, december 15th, 2020, my microstrategy, meaning bitcoin etf, any stock fund manager or institution or rando investor can buy btr for bitcoin exposure can remain in the mandate, ostensibly this is a normal stock. if you listened to that strategy you would be up more than 900% right now. let's bring in lyn alden investment strategy founder, author of the new book, broken money. lyn, no i tell you no wonder you got a fans at this -- fancy studio. congratulations on the coil. the exuberance in bitcoin particularly from areas of the world that were standoffish before. is this net-net a good thing other should we be concerned? >> i think it is a good thing overall, as bitcoin gets over all market it will inherently

get institutional awareness. i think cycle is the one for a larger, more normalization of institutions getting into the space and you know back then there were very few vehicles for investors to express their bullish view on bit inco, other than owning it directly, a lot of pools of capital that couldn't. so gbtc as a trust or microstrategy as a stock were the main ways to access it. now there are variety of etfs or other portals into the asset that will only grow long term. charles: the title of your latest newsletter, is economics acceleration. you talk about the tug-of-war between this loose fiscal policy, tight monetary policy. where are we with that? we have a major economic data point out again tomorrow. we got the budget, $7.3 trillion. the so the spending point is not going away. i don't know if jay powell took a shot after he saw that or not? >> i think long-term the fiscal deficit is baked into the cake.

regardless of election outcomes, regardless of a lot of things, a lot is demographic driven. a lot has built up over a long period of time. that is constant multitrillion dollar deficit which is a background stimulus for certain parts of the economy that are receiving it but also structurally inflationary and the tight monetary policy can restrict some areas of the economy, particularly the interest interest rate sensitive areas, commercial real estate all the usual names. the problem when the public debt is so high relative to the size of the economy like it is right now, the higher interest rate also blows out the deficit significantly and so the overall monetary policy becomes somewhat less effective at cooling down the economy or cooling down inflation than it would if there was a lower debt environment. so one of the reasons i'm bullish on assets like bitcoin or gold or say energy stocks, for example, is because i think we have this kind of structurally bullish backdrop for monetary inflation and for harder assets. charles: you know i saw where

you retweeted someone was reading a passage in your book, broken money, and it was really amazing because it talked about the bank secrecy act and of course that's when we started you know, we had -- this is 1970 by the way and 10,000 became the threshold which banks hat to notify the federal government. wasn't adjusted for inflation. same thing for alternative american mum tax. it is just nuts, we have an intrusive government that is looking over our shoulders and people are really concerned about that. of course now maybe it doesn't matter if you look at $600 on transactions, also these payment services? >> yes. so 50 plus years ago when that rule was put into place $10,000 was more than a family would spend on you know, like a car for example. that was, that was worth over $80,000 in today's value. that is very rare type of transaction to surveil, but over time like you said they did not adjust that for inflation, that shrunk over time. if we go another 50 years

without adjusting for inflation that could be equivalent of under $1000 has to be surveiled. as we speak the financial system is very permissioned, very surveiled. you extrapolate that globally. there are 200 countries roughly. many are more tightly controlled than the u.s. banking system. so when you have an asset like bitcoin that is a global asset, so people in all these different countries can access it, they can escape the debate. and escape bank controls, it is rational for people to do that. they don't have to have a nefarious reason for it. in a lot of countries, in a lot of jurisdictions people want to own their own asset, but want rule of law relative to the bank interest and surveillance. charles: countries like china attach it to social scores. that takes it into deeper extremes. lyn, great stuff as usual. thank you. >> thanks for having me. charles: we're still digesting

that jobs report because a lot of information is rippling through. remember it is more than the headline number. kelly o'grady has more details. >> reporter: it may feel like 100 years ago that the jobs report was on friday a lot of people are sharper pencils. there was not a major firm expecting the unemployment rate to zoom up 3.9%. look at that month to month jump. 3.9, that is the highest rate we've seen in two years. now digging into the numbers, there was a decline of 15,400 temp workers. that brings the total to 433,000, temp workers laid off since march of 2022. that is key, laid off temp workers are usually a precursor to full-time workers laid off. another bad omen of full-time workers is spike of unemployment in young workers. 16 to 19 this increased 1.9 percentage points. 20 to 24 this increased 1.3

percentage points. not good news there. leading up to the jobs report, the decline in quits was the biggest red flag of the week, right? the great resignation was over. a further examination sees declines below this 2017 to 2019 level in the best-paying jobs right? look at professional, for example. this is your accountants, your lawyers making weekly after many 1269. that is down pretty sharply. information we take that next as well as construction. information are those graphic designers, telecom workersing breath of those are making 1400 per work. that is down quite a bit. you see mining down as well. really the messaging is, people with a good-paying jobs they're seeing the trends much they're staying. they're not leaving. i also want to take a look at this, moments ago the new york fed releasing interesting data. there was a leap to 14 1/2% in the probability of losing a job over the next 12 months. i know you look at this 10

months out. that doesn't seem like it is that big of a deal but i can assure you it is. a corresponding decline was seen in the probability of finding a job. that went down to 52 1/2%. i will note in both these cases, these are the worst levels we've seen since april of 2021. charles, i want to underscore that point. you go back to april of 2021, the last time we saw that level we were recovering from the pandemic, we were coming out of it. now we're seeing it dip down to 52 1/2%. it indicates there are cracks in this job market, kelly. charles: good stuff as usual. with me now chief economist, gregory daco. greg, thanks for joining us. what kelly was talking about there, you know, you start to the nuances like a report, financial tv, what do you think of the job report? it was great! there is a lot of nuance there. it looks like, it looks like we could be in for a sharper decline in the pace of earnings

growth, maybe even the whole picture? >> i think generally the labor market is cooling but it is not retrin muching which is not a terrible thing. we need to see a bit more of rebalancing between labor demand and labor supply. we're seeing more of that. nothing alarming as of yet. there are signs with the higher unemployment rate, hours work being slightly down. fewer quits, fewer hirings, both indicating that the labor market churn is slowing. so it is cooling. it is an environment where we're seeing slower growth. it is being reflected in wage growth which also eased. but perhaps that is a good thing as we enter a environment more balanced in terms of inflationary dynamics. >> when 3.9 was the number on friday, i think, i thought maybe jay powell and company, okay, they're getting closer to whatever their target is. i feel like it is north of 4%. is that, is that something that we should be saying okay, this gets the fed closer to saying mission accomplished? >> i think both eyes of the fed

are focused on inflation right now. the labor side of the mandate is important of course but inflation is really the key priority. so there will be a lot of attention to the cpi data that comes out tomorrow. we'll probably see a stabilization of headline inflation around 3.1%. probably some easing in terms of core inflation to 3.7%. the month-over-month dynamics may be a little hot, pushing the fed to be a little bit careful when it starts easing monetary policy. charles: what would keep it hot? why has it been hot? you know, it is, i know the pendulum was one way not long ago, but then the pendulum swung everyone jumped on the bandwagon. we have a soft landing. seems like overall conventional wisdom is soft landings but january upset that a little bit? >> i think we have all all the ingredients for soft landing. it has been more than two years since it has been under 4%.

that is the learningest stretch since 1969. we have a robust labor market. on inflation front we are seeing disinflationary dynamic. woe don't need to panic with the noisiness in february. we're still moving towards the 2% trend t will take some time. it will probably be bumpy by the fed -- charles: the last-mile though, i keep reading about the last mile? >> i don't buy the last mile. i think it is myth. we're seeing more price sensitivity. you have and i both more sensitive to price increases when we see them. we're also seeing businesses being more cautious with wage increases and we have an environment where inflation on the housing side is still working its way through and will push inflation lower. charles: that shelter component was supposed to come down a long time ago. before i let you go, you've got housing prices, still relatively high, stock market at all-time highs. wages still pretty relatively firm. unemployment as you point out under 4%.

what about the other part of this, this equation, this wealth effect? doesn't the fed worry about that? because every time i hear powell speak it is how people feel about the economy. it's how they feel about inflation, not the data itself. it seems like he is always trying to corral what people are thinking with respect to the economy and inflation. >> used to be the case that how people felt was how they acted. today it's a little bit different. we're seeing people still spending even though morale is not that elevated. we have to watch what people are doing. i think the data dependency at the fed is a little risky. every single report is watched with way too much attention given the potential volatility in the data. we are 23 we have a surprise it, a still robust economy but one gradually cooling where inflation is gradually moving towards the 2% target and where the fed will have all the right ingreed end to ease monetary policy. we expect the on sight cycle to begin in june with 100 basis

points of rate cuts. charles: thank you. my next guest is a little bit skeptical how the bulls are out there, too many folks jumping on the bandwagon. gary k. always kind of leads the way. i want to see what he is doing. he got a lot of big names early. has he been taking some profits 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. ♪ it's time to feed the dogs real food in the right amount. a healthy weight can help dogs live a longer and happier life. the farmer's dog makes weight management easy with fresh food pre-portioned for your dog's needs. it's an idea whose time has come. when it comes to investing, we live in uncertain times.

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1-800-217-3217. that's 1-800-217-3217. ♪. charles: well my next guest says there is way too much bullishness out there and maybe, maybe might be time to make some adjustments in your portfolio. i want to bring in kaltbaum capital management president, fox news contributor gary k. gary, i feel the same way but sometimes you know the bandwagon filled up but you have to ride it with all the other folks that were doubters just a couple days ago? >> well that's what we do. we basically following the bouncing ball and you know for the first time since the breakout on nvidia we do not own it as we think friday was what we call an eiffel tower or space needle top where everybody jumps in after a disbar gant one move

and extended to the upside and we sold down a more tech as we moved up last couple weeks. last monday i was we feud delled when i said to you we bought amd and taiwan semi both up double digits in a week. we have to work that off. i don't see it at the end of the world but you never know. you have to be careful about these vertical moves. the good news rest of the market looks fine. we bought the s&p on the breakout i think november 14th and it is just traced out beautifully along trendlines. as long as that continues we're in good stead. we're finding some other areas now. charles: by the way, even within that tech complex there is a lot of names going across the screen today that were given up. people sewed everything to be in these big names. let's go back to the semis. you always say follow the semiconductors and you know what the market is doing. march in 2000 we had a peak in semis. they came down, stayed down for a couple of decades right?

we're way above that level now. i know things have changed but is there any point you start to get a little worried even though the fundamentals are better now than they were in 2000? >> you're making my point with that chart. it has really gone straight up. i think it's changed right now in the near term. i don't know if it turns into something else but i just think the big winners just hit a point in time where you just can't go straight up for too long and we have these moving averages that we follow and we look how far away they are stretched from the norm and they're about as stretched as i have ever seen, even more than that and that's why i think we saw what happened on friday and a little bit more today going on. i'm pretty sure we'll have some more of it. just remember, nvidia had a garr gant one move once it stalled it took months to break it, retrench again. i'm not saying the same thing but we have to sigh time and price before we jump all over the things again as long as sales and earnings continue to

grow exponentially like they have been. charles: i tend to agree. i have a momentum chart with nvidia, a lot of those names. i want to share the audience it is a huge gap if it starts to pull back. talking about places to guy. i want to switch gears with a minute to go. you like the big banks. you're concerned about regionals we all are with new york community bank, but don't let that stop folks from looking at big banks, right? >> yeah, big banks are acting great. bank of america looks like it is breaking out here. jpmorgan don't stop. goldman needs to break out of range, hasn't happened yet, wells fargo too. gold broke out all-time high, persister extent. gold stocks are catching up. oil looks like it is curling up. i'm finding refiners and pipelines breaking out to new highs which is some of the big oil which is much slower and boring looks like they may be turning up too. there is definitely things going own with weaker dollar because of low interest rates and we'll look at other spots to park the

cash. charles: before i let you go, you mentioned gold and gold stocks. gold is here. gold stocks down there. down there for the most part. do you say buy the metal, get ownership of gold? or are there gold stocks extremely undervalued, particularly vis-a-vis what we've seen with a break out in gold? >> we the normality in a bull market the stocks outperform the metal but that hasn't been happening for ages. i just think the metal fine, but gold stocks are starting to catch up. i will give you one name that is stronger than all others that is hmy, harmony. we do not own it but you can tell if you compare harmony let's say like newmont, acts like a south end of a northbound jackass. you wanted to own the strength. we don't own it, but i want to let you know right strong. charles: i'm stuck in barrick ace i know exactly what you mean. gary, thanks a lot. talk to you again soon. >> take care. charles: a lot of things are moving, we start talking

soaring. look at bitcoin. they're having an event coming up but what exactly is it? ant pompliano will explain this. he has been explaining it so well. well. you've been asking for come back. he is here. and advice can help you leave a legacy for the ones you love. that's the value of ownership.

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rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. >> bitcoin set to go another having in the next month, you have to take a look at this, it rallied huge after the last one i think this'll be the fourth one to bring up the investment investor anthony pop liana. explain to the audience, let's try to explain to the audience what it is. we have the last time it happened and you can see where bitcoin was a ten grand now were at 70000, it seems like it could be a good thing. >> let's go back to supply and demand if you supply and demand stays constant and supply stays in half has to accommodate

everyone that's a happy 2020 it traded $8000 to supply that cut in half and priced run, what is interesting to bitcoin per day are being produced, gold terms that his goal being dug out of the ground, this is not new bitcoin coming into supply but will we have this occur really go from 900 to 450. what's interesting, right now the equivalent of 9 - 10000 bitcoin per day, were at 10x more demand than supply that's a huge price increase. once we go to the having the demand stays the same we may be at 20 - 25 more than what it's producing everything with a that's what everybody's bullish. >> the max will be 21 million. there will only be 21 million in circulation until 2040 but for most of us watching you to be dead by then but 90% of the bitcoin is in circulation at about 70% of the bitcoin has not moved. we have a very in liquid supply and then you're going to get

more scarce in terms of the daily income. >> that's what they mean when they say real diamond hands. >> the teaching traditional finance investors of what it means to have conviction and hold an asset. what's fascinating people buying the etf this is a high volatility asset but it continues to go up over a very long period of time the volatility forces you to be a holder in enforces the best financial lessons over decades. >> the last 11 years the number one asset in the course of three performing asset has worked if you held it. come here it is. , you called this right here. does this feed on itself. larry fink the king of wall street, he pushed bitcoin to an all-time high blackrock said we want to bitcoin etf 575 and one

now 576 and one in terms of approvals they were able to help do this and they assured and not only themselves but many others what's fascinating, you're not only seeing that new interest in the etf's, you also seem blackrock specifically say if we have access to bitcoin maybe we want to put bitcoin and other funds like bond funds were income funds, i think bitcoin is going to become a standard asset put in every portfolio, we see fidelity 1 - 5% on all portfolios, people on wall street if i put an asset with the 2.1 ratio and my portfolio is up 70% to start the year that's going to give me a better overall performance and change the risk of return of my current portfolio and that will lead to billions dollars in the short-term and trillions of dollars over the long run going into the asset fueled actually 1 million and demand goes up the price has to depreciate. >> 100,000 this summer. the last four times bitcoin is it an all-time high it is doubled in 18 days or less were

in the range obviously bitcoin is starting to push up higher i don't know how quickly it's going to go up but i would be shocked if we don't hit 100k over the next 12 months. i appreciate it very much. charles: tomorrow were to get the latest read on inflation. i want you to take a look at this chart this is what inflation is, the cpi gary cohn was on the talkshow and you have to explain its accumulative number and the number itself has gone up a lot, were talking to simply should not deflation, two different things honestly the interviewer knew that but i suspect most mainstream media understands this as well this is what bothers me there blocking and tackling into this effort to work hard for the administration, give me an example. >> bloomberg knows the difference but stop them from

saying the rapid disinflation under biden is unmatched no one ever had this disinflation before, here's the problem, disinflation doesn't mean the cost of living is going down they said the cost of living is going down and it's not going down it's still going up and we had a forty-year spike in inflation $1.9 trillion that we did not need put us in a situation that everyone is suffering in the leisure and hospitality jobs those are still by far the worst pain jobs author, i want to get props, of all people they put out a piece today sort of being honest about this whole thing, the bottom line economic confidence is much, much lower under president biden, d.c. the arrow is where all the free money came in, speaking of free money, ashley webster and for liz claman.

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