the horse fierceness the currently favored to win at three -- one odds but would was following up mornwithfollowing h maria six -- 9:00 a.m. eastern on foxbusiness. i hope you'll join me every weekday part i will see you on sunday over on the fox news channel 10:00 a.m. eastern lives "sunday morning futures" with exclusive interviews this weekend executive vice president of the trump organization eric trump, former president's son as wasn't congressman jim jordan chairman of judiciary. michael walton live, it is sunday and fox news. join me for saturday morning futures that was of resting on foxbusiness but thank you so much for joining us this weekend. have a great rest of the weekend. i'll see you again >> barron's roundtable sponsored by global x ets. ♪ ♪

♪ welcome to barron's roundtable would get behind the headlines and prepare you for the week ahead. i am jack otter. coming up the worst of both worlds inflation ticking higher will economic growth is seeing a major slowdown. invesco global strategist brian levitz says take a deep breath he is not worried. it's woodstock for capitalists of berkshire hathaway annual meeting happening in omaha next weekend. resident andrew will tell us what to watch for at the event as shareholders worn succession plan later jack house twist on investing plant we begin with our expert panel and three things investors should be thinking about right now for the barron's roundtable at my it mit colleagues jack hough, megan, i'll start with you after some down weeks and finally sent an uptick in stocks this week which was not bad on earnings mostly? >> is a little wobbly there for a while without soft gdp we've got elevated inflation.

finance afinancing nerds acrossn manhattan began beating their chest and stagflation consumer spending remains strong. stubborn but the economy is coping. companies in the s&p 500 are beating earnings they always beat earnings by a little more than usual though, that is a good sign. first-quarter growth is to trending toward 5% plus the full year estimate is 10% earnings growth. we will see, will see the estimates come down as we go further on in the air. it was good to see good numbers from microsoft and alphabet. that keeps the artificial intelligence and narrative it going for at least some of the quarter. that is helpful. think of investors seem nervous about the economic data point is because the market is pretty pricey things he should be perfect for his nice to see them looking earnings just with the government is doing. what are you looking ahead at next week because question gonh the earnings season who is going to beat by just enough to make it happy? lexi next week we will get

results from amazon and apple and tackle get hershey, i hope and food were going to eli lilly for drugs. >> alright so megan higher narrative jack said might've upset stocks a little bit certainly upsets people who want to buy a house. what's happening in housing market? >> we've seen a mortgage at rates expanded substantially since march. they have risen to nearly seven-point to percent the past week according to freddie. >> and unfortunately the 10 year treasury yield to suggest more unpleasantness is along for the ride. now of course that's putting as you point out pressure on home bike it is interesting is not showing up in the data quite yet. national association of realtors pending sales for march w markep 3.4%. it's the northeast leading the pack of her once good news for all of us new yorkers. followed by the south in the west. hottest markets right now are definitely in the new york area. the new england even places like north carolina.

an interesting trend going on. >> its money back in the housing crisis before the housing crisis we say that all about regional business of thing as a national housing market yes is that national housing market and now are going back to the old normal you can seize him diversions. where is the toughest place to buy home right now? what's it's interesting my colleague was looking into this recently. she said it is interesting this places are doing well during the pandemic because they saw such reversions from the historical norms are those that are most of older places like florida and texas are actually seeing a little bit of easing, some stagnation prices for sure. a lot of it has to do is supply. a lot of the story is not necessarily about rates. it's about our housing supply. is that gets back online in some areas you are going to see regional differences start to spread u up too. >> low supply, high demand, inflation hoping to build more houses. meanwhile tesla has had a terrible year but after terrible earnings report the stock popped a little bit has tesla hit

bottom? lexi earnings were weak but they're not a disaster but the socket been so weak was is a bf a relief rally this weekend tesla. the key thing that encouraged investors was tesla appears to be accelerating the introduction of a lower and called to the first half of 2025. about six months earlier than expected. there still a lot of problems electric vehicle market. sales growth is slowing down they were up about 7% of the first quarter they felt about 20% in the fourth quarter of last year. i know the early adopters about them do not seem that enthusiastic about electric vehicles despite all the efforts of the biden administration to get them to buy them including tax credits of about $7500 per car per. >> of the low end car i don't get a low own probably means low margin. the robo car future 10 years away at least?

don't resend the bookcase on the stock at this point. >> is going to happen it's still very expensive right now. as are one or $70 a share including what's now the industry leader toyota stealing some of tesla's of thunder with that success in hybrid per. >> much much lower multiple than test of the selling more cars per. >> they're coming after them the weight he could be in the country. >> elon musk tweeted on friday a meme equating people living climate change with communist pride on a great way to put yield to potential electric car buyers. inflation hotter than expected economic growth invesco global

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>> effective date out this week given a fresh look to the health of the economy. 2.7% annually. month over month on rain flat. the economy also growing much slower than the first quarter at 1.6% that is below 2.4% estimate drastically down fourth quarters 3.5% per joy to me now invesco global market strategist. brian, great to have you back. >> great to be here, thank you. >> higher inflation, lower growth.

should we use the stagflation word question. >> i wouldn't call it that is certainly not stag but this is an economy the still doing well. if you look beneath the surface of the gdp number took away from growth and you had a slowdown in business investment the consumer did fine. now inflation we could debate two. it's not broad, there are some components driving at. it's a little bit higher but i can still come back to the fact good nominal growth which of course includes inflation is not necessary the worse place to be for investors to bring. >> to explain that dynamic briefly? if the country imports more that subtracts from the gdp? >> we probably remember the first day of our economic class at gdp equals c plus i plus g plus and x. of course. exports minus imports. >> the consumer has been importing. it's a bit of a drag on it but the consumer nicely.

>> is dangerous to cherry pick this data point and that data point but i doing to cherry pick nonetheless. a very large part of that is something about owner equivalent rent can you explain that and how that could possibly distort numbers? >> it is basically what would it cost you to write your home? nobody's actually paying it we all have mortgages and whatever expenses and fees we have. it is a gas and tends to lag what's actually happening in the real world. i like to look at zillow will put out a number. s&p core logical put out a number this is what it cost to rent home prices year over year those peeked over a year ago. the owners equivalent rent has peaked but remained pretty elevated. it is slow to come down, it usually lags a lot of people myself included suspected that is what is keeping some of the cpi services sticky.

>> investors and we in the media are guilty. they're always look into what will the fed cut will be may, july, september question work for the longer-term investor it is not that important. what are you watching? what are you telling investors to be aware of? >> this used to be the new fast site now we go to the parlors where it's the fed going to do. [laughter] the beginning of the year may be down one or two embedded in the market expectation. i do not really care too much. i'm thrilled the tightening cycle is over we did not enjoy that in 2022 i'm thrilled it's over. the fed will ultimately ease it. it's just a matter of when we get there. so for the intermediate term investors, my view has been -- and in his work nicely so far, peak inflation would happen in june 2022. peak tightening which happened in july 23. peak rates all tend to be good for the stock market of the subsequent years.

does not meet every day but over the subsequent years but so far this playing out quite nicely. >> one more investing question for you but we have long said on this show one should separates political beliefs from your investments. political is very emotional salty way to investments. at the chart in numbers on this. i agree with you. that magnitude of it is pretty significant. >> is significant. i found an index that goes back as far as i can. the dow jones industrial price back to 1896. i believe grover cleveland was a president paid 10,000 dollars and you hold that for the whole time. it climbs to over 10 million. what if i came out of the market and went to cash every time a democrat was an officer every time a republican was in office. your results are your 10,000 climbs to a few hundred thousand. so much of further below the

10 million. and you think about it if you did not invest when the democrat was in office he missed the '90s under clinton. yunus the 20 tens under obama. if you did not invest when a republican was in office he missed the 80s. you miss those times significantly impact your portfolio. >> vote your conscience, send the mark of the whole time for. >> exactly per. >> thank you for coming by good luck to the rangers a. cap next what to expect from berkshire hathaway's annual meeting as questions loom over the future of lauren buffett's

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♪ ♪ it is noted as woodstock for capitalists hosted by the oracle of omaha. jack, drive any other business

clichés left? warren buffett will be center stacenterstage next weekend annl meeting and is the first time his friend and business partner charlie will not be at his side investigators are watching to see how the succession at brookshire might play out 93 old is no longer running the company. it's a cover story written by our resident andrew berry. so andrew, this is like your super goal. you are watching very carefully what are you looking for the annual meeting? >> a buffett is turning 94 in august people aren't looking to see how he looks, how hee haw! he sounds? is he as sharp as he was last year all things brookshire in the financial markets but it's a marathon he'll be talking for five hours which test the stamina of a much younger man who does not screen the questions and he wants tough questions and the shareholders. >> 's been at the home for 58 years far longer than any others one of these days he will not be here what is the succession

plan? >> he will have a successor up on the dais with him his likely successor greg abell who is 61. also up there will be insurance a maven who heads the insurance businesses at brookshire. other people will be part of the succession plan include a son howard was not well known he is 69 a prayer be the nonexecutive chairman and a post buffett error and then you have the two stock pickers todd and ted about 10% of three to 60 billion-dollar equity portfolio. they could run the entire portfolio when buffett is gone. >> one question has hanging over brookshire's will that portfolio remained intact will brookshire get broken up? what do you think be the right thing and what you think will happen? asbrookshire is an anomaly to a conglomerate when components are out of favor on wall street. united technologies broke up, big company like j and j and pfizer have sure division buffett wants to keep it together think there's a benefit to being a giant company given the earnings power the company's

has in some other tax benefits. there could be pressure on the company to break up from activist investors or others in the post buffett era. >> how is warren buffett stayed? how is his personal brand stayed still strong over the years he's perform in line with the market for decades he is around 15 years older than two guys running for president we talk about them as being way too old for the job. my map said he somewhere between dolly parton jesus in terms of popularity i'm trying to be more popular, make some friends, how does he do it? >> he is done in his unique way. basically he said it takes 20 years to build a reputation of five minutes to lose it pretty spilt his over 60 years. integrity and building his business steadily over that period of time worth earning $40 billion now this year. he has done at the right way. >> now andrew you've been looking at brookshire for such a long time in over a long time

horizon but is it a good play for investors? >> the stock is trading pretty reasonably that's around $600,000 this year it's about one half times book by which is slightly above the five-year average. it's trying for 22 or 21 times this year's earnings given the defensive characteristics and given the growth characteristics and the fact you could seat reasonable growth and book value over time i think the stock is reasonably priced here. >> i love the images of him throwing the newspaper he was eight newspaper delivery boy around world war ii. one thing about the portfolio is it's almost more like a mutual fund than a stock how should investors think about it? >> some people think of brookshire as i will save mutual fund given its broad exposure to the u.s. economy getting where the greatest investments of all time running your money heat $100,000 a year it's almost eight low b mutual fund it could be a kicker if there's ever a breakup many people think some of the parts they value of the

businesses inside inside brookse including burlington northern, utility business acute huge insurance operation are worth more than where the stock is currently trading. >> critique that portfolio want to hear about brookshire bear away. tell me or what are your two favorites the company owns and maybe to you would get rid of it. >> basically it's got some of the biggest holdings are apple, american express, bank of america, chevron i'm partial to chevron pretty like the energy industry right now. it's had a big run at 7:30 or 40% this year it's a little bit rich. i would say apple is looking interesting here it's been a big laggard among the big tech stocks 25 times issues earnings. apple could do better this year. >> what about geico insurance i see an e-mail on the tv. i still kind of competition for. >> it's an interesting issue. geico used to be number two in the industry's lost ground its s progressive it's under invested in technology.

and todd combs who runs a part of the equity portfolio has been heading geico try to turn it around. it's been a heavy lift they've been losing market share pretty steadily to progressive. >> alright thank you andrew great to have your insights. andrew and megan have a pair of investment pics and jack is forgoing his usual to share exotic idea. state righ harlem has everything. but i couldn't find pilates anywhere. so i started my own studio. and with the right help, i can make this place i love even better. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. students... students of any age, from anywhere. using our technology to power different ways of learning. so when minds grow, opportunities follow. ♪ maria and julio thought their life would never slow down. then one day, it finally did.

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♪ ♪ one of the hottest things with institutional investors and high net worth investors right now is the private credit market. is trickling down to the rest of us. you've written a funny calm about it actually prevents investors are piling in a private credit is high yield loans for their major risky businesses the fees are hybrid the pricing is opaque.

imf just published a report on private credit they use the terms vulnerabilities and limited oversight in the subtitle of the report but they are not crazy about it. if you are looking at private credit, consider collateralized loan obligations but do not make faces, and are afraid the name is ugly. it's like irritable bowel syndrome or an asset class i grant you. the head of the research committee says clo's offer better risk control, more transparent pricing and lower fees than private credit. aaa clo's have never had a default there's an etf or than that yields a 6.7%. the yield, write this down andrew j aaa. it's a ticker progressive at lower quality credit? >> there is a j bbb i don't how to pronounce that. [laughter] that's what i was hoping for trying get out of you. andrew, you think there's money to be made to take travelers cruising down the right of the

danube. tells about that. >> viking cruise is a high and european riverboat cruising is due to go public in the coming week they could be smooth sailing. the company is best known on masterpiece. tout the refined cultural experience and fun you can have on that riverboat cruises. that's about 50% market share and that european market. it is coming to market this week around $25 a share. the deal, the value of the company around $10 billion is about a billion-dollar offering. it sounds like it could be eight winnawinner trading about 10 tis free cash which looks pretty reasonable considering growth prospect and a nice niche it has a very. >> travel seems to be constantly increasing. the post covid a lot of peopl people -- >> they do not allow kids on the boats no one under 18. no casinos. [laughter]

is not family friendly but it's mostly for older people target the 55 and older market. >> the screen and masterpiece theatre at night too. >> and megan some interesting investment closer to home. >> i really am. our colleague, teresa picked it. it's still an attractive buy. you might not a part of the company that very much a bearings market which is in pretty much every type of machinery you can imagine. it's not something that's going to knock your socks off but it's more of a defensive play that regulation i keep you up at night. >> all right thank you very much and megan and andrew and jack. check out this week's editio edition@barron's.com that is all for us to pray to see it next week. from the fox. maria: happy we can to all walk

to