me, jackie, you remember andrew luck, huge short seller, he lost 100 of his money in 2021, he said he lost a lot on these memes, he's making a comeback. he's or shorting gamestop again. jackie: that's brave. i wonder if the momentum will be the same as short sellers have exited the market. that short squeeze is what took those stock prices up. it was the partially people buying the momentum to take it up too, but if somebody like that is saying i'm getting back in, he's got a lot of conviction and a lot of money -- brian: why is he asking for it? is that really what he's doing? is he really shorting, or is he getting in and saying that but he's actually going long? taylor: no. if you say you're short, you're short. jackie: yeah, i don't think he directly misleads the market, but even still, i've kept my eye on that box, i'm even wearing a green dress waiting for 40,000 -- taylor, maybe you wore red and negated the effect.

taylor: it was my fault. jackie: we'll send it over to charles payne if on this -- charles: i'm with brian on this one. brian: yes! charles: i don't know. i'm a conspiracy theorist by heart. good afternoon, everyone, i'm carl partnership or this is "making money." the market's relatively flat right now but, let's face it, it has been a very good week for stocks because it was not a great week for economic data the. the i've got jim bianco, hillary kramer here to try to make sense of it but, more importantly, how to make money off of it. ray dalio sees the american debt crisis causing up to a 40% chance of a civil war in this country. is that possible? tweet me@cb 35eu7b, i would love to hear and share your thoughts. and the great debate, representing versus buying. which one is the better -- renting versus buying. lance lambert is here at 2:30. and every day we talk about the market changing, how it changes

lives. well, there are other ways of changing lives and a much earlier part in life. that's what the boys and girls' club of harlem does, a very special interview with a young man, those who are helping him to truly achieve his best life possible. all that and so much more on "making money." ♪ ♪ are. charles: all right, so it was a good week for the market. let's face it, it wasn't a good week on economic data. and while corporate earnings have largely come in above with wall street consensus, you know, very few have really beaten on revenue. you're look here at the list. so let me just really quickly, because this is going to boggle the mind, nfib small business optimism, missed. producer price index came in a hot hotter than expected. advanced retail sales, a big disaster. empire state, that's new york area manufacturing, a miss. consumer price index, same as a year ago. national association of home builders, that was a big miss if on their sentiment.

philadelphia fed, that was a huge miss. building permits and starts were down and industrial production missed the mark. so, you know, yet to a degree maybe earnings helped. certainly, let's face it too, you know, the earnings situation is one now that there's a shift, right, from growth and being able to say, hey, you know, the earnings because of pricing power, and now the focus is on how well management can navigate dark clouds of inflation above. and nobody, nobody's talking about price power, folks. and yet risk appetite, hook at this, it is erupting. everyone has a lot of risk appetite these days. remember the fear and greed index? well, it's moving pretty quickly. just a month ago it was nestled into fear. how much longer can bad news be cheered instead of triggering concern? let's bring in bianco research president jim bianco. we know that the market was soft, the soft data can be, you know, seen as enough for the fed

to become more aggressive on ate hikes, but there is also this old saying to be careful what you wish for, right? >> oh, yeah, absolutely. i mean, really what the market, you know, the stock market has been looking at for the last several months has been a 5% yield in the bond market. the long-term prospects of the stock market is for 8% gains. so if you can get 5% in the bond market, you're getting most of the gains in the stock market without as much risk. and it's seeing that as a big competition. so when you get this weak data, and hopefully the market thinks the fed's going to cut rates, yields on long-term bonds are going to fall, that reduces the competition, and that gets everybody excited about stocks. so we're solid isly into that old bad news is good news. and to your point, be careful about wishing for bad news and thinking it's good news because eventually bad news becomes bad news this in that the economic data is bad and it's bad for a

reason, and then all of a sudden we don't like it that the economic data's bad. charles: to that point, i do find it interesting how desperately wall street is clamoring for rate cuts. there are two things, a -- and i've got the sheet in front of me -- the market normally goes down initially after that first rate cut. check this out, folks, the highlighted column there. in recent years it's really gone down a lot. this goes back to 1974. overall, your average is 276 days from the first rate cut to when the market actually makes a bottom. and i do not think the fed has ever really cut rates when the market was at an all-time high. in fact, decline before and after these cuts average about a 25% move, and more recently it's been more detrimental than that. i just wonder why are we clamoring so much for these rate cuts when, in fact, unless -- the only to thing i can think, jim, is wall street knows maybe at this point it's just with feathers, you know, their

portfolios because historically rate cuts initially don't help the market. >> right. historically, rate cuts typically become because the economy -- initially. it usually comes because the economy is struggling or there's some legitimate fears that there's a problem with the economy, and that's why the fed cuts rates. now, they have can cut rate when we've been at an all-time high, they did it in 1995 and in 2019, and the stock market went ballistic right after both of those rate cuts because in that case what does an all-time high in the stock market tell you? there isn't a whole lot of things to worry about. and if the fed is going to say, okay, since there's nothing to worry about, let me throw cheap money onto the equation -- [laughter] that's why the stock market goes crazy. that's why you get meme stocks coming back, bitcoin going crazy, that's why you get all this speculation that's been going on. and if that's why wall street wants rate cuts, because it

doesn't think there a problem, and it just sees cheap money, and they want to enjoy the advantages of that. charles: it's like every day is their birthday. i had jim grant on earlier this week, talked about a, of course, entering the bond market now, perhaps it has entered into a secular bear market. we're talking 35, 40 years of yields a higher from here, bonds lower. you wrote an article act this in ft last week -- an article about this. what are your thoughts about this? >> i tend to agree with him that that we are in a secular bear market and we are going to see over the next many years higher interest rates. don't be worryed about that. what that means is you're going to get the competition there from stocks from higher yields. what that also means is we're probably going to be in an era of stronger growth. what does that mean if you're a borrower? whatever you're borrowing for should appreciate faster whether it's a house or a business to be able to pay those higher interest rates. it does not mean, you know, it's the end of economy or anything

like that, it's that we've transitioned away from that zero interest rate world that we were many. we're no longer in that world anymore. charles: all right. hey, jim, thanks a lot, my friend if. hope to see you again soon. >> thank you. charles: all right. so my next guest has been very precise in his forecast. you know how some people come on and equivocate? not my man. he has broken it down into quarters. he was looking for a peak in the first quarter for the market, a decline or a bottom by memorial day. i'm going to bring in heritage capital president paul -- looks like that low in april is probably the low at least for now for this market. ,. >> yeah. good to see you, my friend. i'll tell you what, you know, the peak -- so i looked for a peak in q1. it came right at the end, so it was a little later than expected but still within the framework of q1, and i thought we'd have a bottom by memorial day. you and i kidded around about that when i was in studio last time, and i thought we'd get new highs by labor day.

everything's been compressed. so the fact that stocks peaked later in the quarter and bottomed earlier in q2, it's a really bullish sign. the market didn't need all the a time to bottom, it didn't need all the time to, labor day, to get back to highs. we're already there. so over the intermediate term, charles, that's a really, really good sign. we've got thrust in the market. there's a lot of positives. we've got rotation that's positive, but we also have this, you know, kind of mini dot.com-ish kind of craze this week. so late comers are going to get punished and probably sooner than later. charles: all right, so met me pick up on that because -- let me peck up on that because much is being made and you just said that the rally is broadening out, that we've got these breadth thrusts, but i'm looking at the number of s&p 500 companies changing hands above their 50-day moving average. i've got to tell you, the percentage is a lot lower than it was in late march. so, you know, we're at an

all-time high, but the number of names above their 50-day aren't anywhere near where they were almost 30 days ago. how do you explain that? >> so quite easily. and if you wanted to poke if holes in my thesis, i'd tell you to ask me about new highs. kind of sort of the same thing. new highs are slightly expanding, but they're not at the levels they were last time. and that's okay. if when you're in a bull market, each and every rally doesn't have the exact same broadening coincidentally as the previous rally. so to your point and the point about new highs, just because it didn't happen at the previous peak and we're making new high now, it's a divergence, but it's not something i'm terribly worried about a because there's so many other things that are overwhelming to have. the breadth thrusts, volume, this is all a intermediate term not short time -- charles: let me jump on that real quick because we have got a

minute to go, paul. in the last month, utilities up 15, staples up 7%, real estate up almost 8. are those really the names that can lead this market higher over a long period of time? >> absolutely not. and as we say, i think you're on the press disright now of different leadership -- precipice right now of different leadership beginning. we own staples, we sold a little bit earlier this week because they've melted up so much. same thing with real estate. i think a lot of that is because you had relief, frankly, in the bond market. but i would say this, right now you've got energy which was envogue, now it's left for dead. i think there's your opportunity. people don't want to talk about the banks. i don't talk about them. we bought hem the haas, in the last month -- them in the last month. i think you're on this precipice of new leadership taking over and, frankly, i'm happy to come on can and do the mea culpa if utilities, if staples, if r are ei, ts -- reits continue to

outpace semis and banks and discretionary and energiful i'm wrong, we've got a bigger problem. i think we're going to have a quick down draft. you get a little pop in the vix, 12 billion shares trading on the nasdaq in one day this week. there's a little froth there, my friend. charles: a little bit. by the way, i do want to let you know we had your stock picks up. amd, the action on that has been absolutely remarkable. full disclosure, my subscribers are in it. you hike bp and oih, both plays in oil. it look like it has bottomed out. paul, have a great weekend. >> see you soon. charles: all right, man. so financial media's cheering this week's cpi report, but with my next guest really not convinced. you know, or chris lowe, he goes through this data really unlike anyone if else. it's his job, but he's one of the best at doing it. he's going to tell us what he's come to conclude next. ♪ i came in like a wrecking ball

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when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi with xfinity. charles: it's been a few days my next guest, they say look at this where we were three years

ago, although there's some things hike the base lien effect. we're talking -- baseline effects, we're talking comparisons against a year ago. i want to bring in fhn chief economist chris lowe. there was a line in your report that caught my eye. it says that after that, further improvement requires this year's increases be smaller than the tiny increases through the last year, through last year's second half. it is entirely possible they will be, of course, but it is not likely. >> yeah. what it come down to, all of these numbers are seasonal hi adjusted, right? -- seasonally adjusted. so you shouldn't see patterns repeating from one with year to the next. if they do repeat, it means the process is broken, and that's possible. but looking back over the years, it's really rare for something to break down to that degree. charles: right. >> and i think what it does is it underscores, charles, at the heart of the rate cut call

everything has to go right. no room for error. charles: to that point, we showed a chart yesterday to the awed yerntion if the rest of the year was .03 month over month, we would end the year at 4. that's a long way from the fed's target. >> yeah. and another way to look at it, the wall street journal this morning, lowest inflation core since 2021, but look at headline inflation if. it reached this level in june of last year. it's been going sideways since then. charles: right. >> so, you know, the improvement is partly because with we're spending more on gas, and is we're not spending on other things as a result. charles: yeah. and so people watching this show, they don't live core, or right? they lev head -- lively headline. i know this has lost a little bit of catch che, two years ago -- cache, two years ago everyone hung their recession

hat on the lei being down so to long, but does it say something about the health of the economy? >> it says a little bit. and i think part of what the lei is picking up is the same thing that some of the surveys are picking up. gdp looks great. the employment numbers look great. people are miserable. ask is one of the reasons for that -- and one of the reasons for that is very rapid growth in emigration which means rapid growth in the work force. it's not being picked up by census department which means it's not getting into the data. but effectively what it means is that per capita each one of us, our income isn't growing as fast as the ago redate. our spending power isn't growing as fast as the aggregate. people are miserable. so it's things like consumer sentiment and the inverted yield curve that are pulling the l everything i down. charles: i want to put up a chart for the audience, and it shows when the fed began hiking rates and, well, it shows now we

don't have the black line in there, but there's a corresponding line that goes straight up when the fed began hiking rates, and those other lines represent different measures of inflation. when the fed stopped hiking rates, it went sideways -- >> right. charles: -- still has the decline in the rate of inflation. i guess the question is, are rates sufficiently high enough? >> that is the ultimate question. and it's one that people inside the fed are starting to ask. neel kashkari especially at the minneapolis fed. it comes down to this, what is a neutral fed funds rate, one that's neither if tight nor easy? charles: right. they think they know what it is, but with he's suggesting if it's higher than we think it is, then policy's not as restriskt as we think it is. and the evidence of that, he says, is we've still got rapid gdp and rapid job growth. that's not a restrictive economy. charles: jim bianco posted someone buying a steak for

$1,000 at the fountain bleu the other day. [laughter] >> wasn't me, i promise. charles: real quick, i'm not an economist but at the very beginning of this, the rate cuts didn't match the emergency. i thought the fed should have been far more aggressive initially. i know all of this is hindsight. the only reason i bring it up is i'm still concerned, chris, that such a large portion of this economy, they've run out of money, and the aggregate's still okay because you've got a tiny portion that hasn't. and all of a sudden we won't just have a ground rule, we could see the economy sort of at least on paper, you know, not just on paper, in real life fall off a cliff. >> yeah, look, this is what powell was getting at way back in '22 when he started hiking, when he said every time the fed's let inflation get out of control, it usually ends in a recession. we're going to try not to break anything, but i can't make promises. charles: yeah. >> well, now, as you said, they haven't hiked since last july, inflation's been going sideways

the whole time. if they have to start hiking again, it could get tricky. charles: but he won't be arthur burns. chris, thank you very much, appreciate it. so renting or buying, which one is the smart move right now? we've got real estate expert if lance lambert after this. i'd love to the hear your thoughts. tweet me @cbpayneful we'll be right back. ♪ pretty if, i'm in love. ♪ friday, i'm in love ♪ (♪) (♪) choose advil liqui-gels for faster, stronger and longer-lasting relief than tylenol rapid release gels because advil targets pain at the source of inflammation. so for faster pain relief, advil the pain away.

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charles: all right, so there's certainly an ongoing debate about the health of the consumer. you've got two gauges that recently have seen pretty big falls, right? back in april consumer confidence dropped to a 21-month low due to concerns about fad and gas prices. of course, there was the consumer sentiment that tumbled just here about a week ago. but proprietary research from my next guest says that consumer sentiment has been edging higher. let's bring in director of consumer research jerome thesen. -- thiessen. obviously, i'm intrigued with your data vis-a-vis the headlines we started this session. off of. >> yeah, so it's based on the fact that consumers are actually employed, and that's what's fueling the economy. this first quarter, retail's already reporting earn, and the consumer is starting to spend a little bit more on general merchandise, and they're doing that at a time when the overall amount of merchandise on sale is

actually lowest we've seen in four years. so is the average percentage discount. so this is telling us despite the lower markdowns, we're seeing a shift towards general merchandise. charles: shift from where though? >> remember the y work lo,? -- owe low? they are coming down -- yolo? they are coming down compared to the strong numbers we've seen. it's still healthy though, still trouble can-digit growth. charles: i was looking at bank of america, the credit card data. the last day was the 11th. entertainment was down 10.5%. airlines down over 3%. that was the core of yolo. so now, so if people are saying, okay, i'm not going to travel, i'll just buy a pair of jeans, is that good or bad? >> right, so for the paris quarter we saw u.s. retail sales post a very healthy number. april was flat, buzz clothing was up -- but clothing was up. charles: it was up. >> the thing about the retail

sales effect is the -- easter effect. it came much earlier, you do that and you still have a 0.3 average, soerer -- so consumers are still spending -- charles: but they're spending on, the biggest thing is a 3.1% jump at gasoline stations. something that caught my eye i did want to ask you about, department stores were up. and the internet was down. same thing with that bank of america data. the department store data was up, internet down. when did we start switching department stores for internet? listen, i root for the department stores -- >> it was found month over month because you saw stronger sales in march. so remember, march saw a lot of the -- you have to look at it also year-over-year. but having said that, yes, the department stores, dillard's reported yesterday, they have a very good mix. we're expecting to hear the from macy's, also a little bit of a turn-around. but clothing really stole the

show. charles: someone had a theory that because everyone's on ozempic, they look good, and they want to let people see them. >> you know, that's a possibility. but in general, what we see is when easter comes around, people want a fresh new wardrobe, and that really plays very strong in 2024. charles: so the consumer sentiment, the michigan gauge, has a high correlation with inflation expectationses, right? so sentiment goes down as expectationses for inflation goes up. we know expectations are starting to rocket again for consumers. in your report you say 143 retailers reported and 84 mentioned inflation. i'm curious as to how the stocks reacted for those names that mentioned inflation. did they fare better or worse than the general market? >> home depot this week, they said that they suffered because of higher inflation, higher mortgage rates, and that's affecting, to an extent, the other home retail -- charles: right. >> like love sack, they're all expected to be in the bottom 10

when it comes to same-store sales this quarter. on the flip side, when the inflation peaked, during the pandemic, right? since 2019 walmart saw an increase of $130 billion because of inflation. so you're seeing that inflation, yes, again, that's shifting consumer spending away from the big ticket items can and going towards the bargains. so that's the play that we're seeing here9 with the retail a space. charles: and it helps that they have froeslies too. i've got -- goeslies. i want the share the names you do like, abercrombie. >> it's on track to post four consecutive quarters of double-digit comps. >> lulu and american eagle. >> and urban outfitters, and watch out for the gap. analysts believe the retailer will post a positive surprise -- charles: really? you have an amazing preference for retail. i never doubt you. thanks a lot. >> thanks for having me. shar hrls the other end of the spectrum, the housing market made a lot of news this week. we saw starts and permits lower,

mortgages hanging around 7. median home price in the united states now, the last time we measured it -- 3933,5000 -- 393,500. the peak was $416 towrkd back in june of 2022. redfin says on rent, they also peaked in 2022 and remains elevated as well. all of this part of the rekindling of the debate of whether it's better to own or to rent. it's really intensified of late. so we're lucky enough to bring in editor-in-chief lance ham bert and, lance, i give that -- lance lambert. i get that real estate is local, but generally, which one is better, renting or owning or buying? >> yeah. the story here is that renters have really taken it on the chin during the pandemic and with all this inflation. rents have gone up a lot. home prices are up 47% from pre-pandemic levels, mortgage rates from 3% to 7%, so it's really been a tough time for

representers. but when -- renters. but when you run the numbers, many most markets now it is cheaper to rent than to buy and by the tube of about $700-1,000 a month for a lot of renters. but if you run the numbers and is you consider some appreciation in the future and maybe you consider that maybe mortgage rates come down from 5 -- or from 7% to 6.5 to 6% and they re-fi, the numbers get a little murkier x it could be better for some to buy -- charles: right. >> but, you know, that's a lot of ifs and a lot of assumptions, and prices could go the other way. we have seen some softening in texas and florida -- charles: but let's just say, lance, let me jump in for a moment, let's just say over a 10-year period. isn't it safe to assume that the value of the home is going to go with higher? >> yeah, that's right. when you look at the short term, there's always that correction risk. but 10 years down the road home prices are going to be higher on

a nominal basis, yes. charles: there's been a big push to -- >> most likely. charles: to get fannie mae and freddie mac to ramp up home equity loans. everybody is talking about this could be a way to inject trillions of dollars into the economy, and i'm worried. it feels like we did something like this before. what are your thoughts now about somehow home equity loans just coming to the rescue of the economy? yeah. freddie mac recently asked for permission from fhfa to do the home equity second mortgages to back those. and right now there's $32 trillion in home equity out there and about $300 billion in home equity loans. and so they want to help more homeowners tap into that without having to re-fi and lose that lower mortgage raten on their first mortgage. and wall street loves the idea. they would make a lot of money. they'd pump trillions of dollars in in stimulus are, or they say. but they've got to keep in mind the fed is still on the other

side of the dual mandate. we're not even discussing stimulus right now, it's still inflation. so do we really want to have homeowners use their homes as piggybanks right now and tap into that equity? and there's a lot to tap into. home prices are up 47, and it just sounds like a lot of inflation. charles: yeah, yeah, it scares me. when they start creating these potting to of -- pots of money. you kind of talked about near term homes being toppy home. invitation home, they've been selling just with as many as they've been buying since the fourth quarter of last year, notwithstanding that big purchase from starwood. could that be a sign that at least, you know, the so-called smart money think maybe the housing market is peaking for at least right now? >> well, the smart money has been on a bit of a lull when it comes to just going out and buying money -- or buying homes. the institutional side in term of scatter homes. but what they've done inside is

they're putting a lot more money into build to rent right now. i talked to ark homes for rent, amh, their head of build for represent, and that's where the institutional capital is moving into right now. they're bullish on the home building sec sector and on build for rent. in terms of buying properties throughout neighborhoods, the math doesn't make as much sense. home repairs are very expensive, they're just not getting the returns on investment. so they'd rather work directly with builders. charles: great stuff, lance. appreciate it. all right, folks, the election season underway. the main thing investors are wondering is when will rate out cuts happen? could it still happen before the election? hillary kramer's here to share her thoughts and why jay powell is trying his best not to be a villain even though some may think he's that after all. doe ♪ ♪

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move with xfinity. charles: my next guest says jay powell hates being a villain, so inflation numbers are mysteriously falling into line to give him the cover he needs to cut this summer. want to bring in investment analyst and portfolio manager hillary kramer. so, hillary, is it -- so you're suggesting then that somehow the data's going to be there, enough

change in the data. i think it's going to be an employment number. i think unemployment rate, 4.1, the fed will cut after that. but it's going to work out we still could see a out cut in july. >> we will see a cut -- charles: or in september. >> i would definitely we know september will happen because jay powell wants to keep that job, wants that, to be in that passage of power, right? he wan withs to keep that. so the only way he can do it is to cut. but i think, charles, we could very well see a cut in july even with the market to new all-time highs. we could still see, as you said, whether it's an employment number, whether inflation surprises everybody again and continues to drop even though all of our insurances are rising, rents are rising -- charles: right. >> especially all those who are graduating school and trying to make it. he'll find a way. the numbers just conveniently worked out. charles: it's interesting, i had this conversation with bianco earlier in the show, and he mentioned two times that

happened, and the market went ballistic because, you know, the market loves it. the hangover won't be great for main street, would it? >> it wouldn't be and that that's why from the very beginning, charles, you were calling for rate increases when you really needed them, and then we're just so behind -- charles: we're wee mind -- behind. >> and that's when you fall off the bicycle. charles: you've been imploring folks to get out of cash and put that money in the market. >> yes. charles: what's the central argument for someone saying, hey, i'm still making 5% on my cd? >> rates are going to come down, but there's this rotation -- [audio difficulty] that are out are there that are opportunities that could end up being doubled, so that's what we're looking for. charles: i'm glad you brought that up, because it feel like most guests, we talk about maybe two stocks, maybe 20 stocks in a week, right? if almost everyone has the same stock ideas, and i'm looking at all a kinds of names that you never hear anyone talk about on

tv that are up huge. to your point, there's a lot of opportunities out there no one talks about. >> oh, absolutely. there's so many especially whether it be these israeli stocks that have come down hard, i just have to mention elbit systems which we've been watching for over two decades nows which is an israeli defense company that upgrades all all the technology, and the stock is down in the last 12 months going into a world -- charles: speaking of israeli stocks, you gave us od in april. it's up 30%. congratulations. are you still holding? >> yes. oddity is amazing because everyone's looking for the next artificial intelligence a.i. play. oddity is sephora, ulta but using artificial intelligence, and it works. using a.i. to come up with brands with nor makeup, cosmetics and customizing. that's the world that we're entering into. so this is a.i. applied. oddity, stay with it. it came out and ipo'd when no one was coming out and buying

ipos, and that's why under the radar, as you were saying. charles: amazing call. before i let you go, we talked about these big names, the biggest of them all in terms of influence reports next week, nvidia. i want to met the audience -- let the audience know, the last six quarters, the week after it reported it was up 5, 24, 9, 3. so the last five or six times they've reported, this stock has rocketed higher. of course, things have changed since then. what are you doing? if are you buying, selling, holding into this report? >> i am holding the nvidia i have. i did cut back about two months ago. nvidia will probably rocket again, but everyone out there on the street is wondering why did nvidia go on "60 minutes" and help themselves in is it an acquisition or is there disappointment coming? charles: to that point, the first thing they talk about a -- is an event many june. sometimes you have that to

buttress, like to mitigate can disappointment just in case earnings are disappointing. hillary, thank you very much. appreciate it. all right, so earlier this week, folks, i had the opportunity to attend a very special scholarship benefit for the boys and girls' club of harlem. the young man pictured beside me left a huge impression. we'll introduce you to him and the folks that are the helping to change hiings life in the process. process. we'll be rightstra back. think process. we'll be rightstra i was talking about? -not a game. -not a game. -talking about cashbackin. -cashbackin. cashback like a pro with chase freedom unlimited. how do you cash back?

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charles: so on tuesday the boyses and girl' club of harlem held their youth of the year benefit at the famous edison ballroom. to say it was a rousing success would be an understatement. but to make destiny come true in the future, the club needs help from the private sector. joining me now, ceo sharon joseph, and -- who joined the boys and girls' club in 2016, he's interning on wall street

and, sharon, i want to begin with you because with, honestly, you have brought an amazing vision to the boys and girls club. you've got a private sector wall street background. talk to us a little bit where you want to take it. >> well, thank you so much. i think for me it was about building a bridge with. having been on boat for 20 plus years, i saw company bring in students, but they weren't prepared. often times they didn't have the social-emotional a. and so i realized that i wanted to start earlier in the process to go down in that pipeline and to continue to build a bridge so that students like q, and that's what we affectionately call him, could get exposure and opportunities. charles: so, q, what attracted you to the club in the first place? >> i'm going to high school in harlem. it's been, like, just like -- not different, but like, you know it's been weird in the sense of, like, you don't get

many opportunities to, you know, do a lot of things in certains aspects k. if going to the boys and girls club has really been a place where i can go and be safe and have a comfortable space to go to every day to just enjoy myself and do things not normally people can do. charles: and, listen are, the reason i bring it up is because i went there, it started out as m.l. wilson boys' club, and me and my brothers moved to new york and went to harlem in '75, '73, '74, and i joined in, like, '76. and it was his -- an amazing, to your point, safer space where you had people who were helping you. they ran a football team, i played on the team, and it was really, you know, aces. an area that was extraordinarily dangerous, and it was hard also, to be honest with you, to be an individual when i was growing up, you know? everyone had to act and be a certain way or you were actually in trouble. do you ever feel some of that yourself? >> not -- charles: not to that degree, but

finish. >> not, no, not really. charles: okay. >> it's been, like, it's been -- how do i say this? it's been, like, where you grow up and you're not, like, exposed to certain things is and having a lot of opportunities to be successful. charles: right. let me talk to you for a mobility because robert orion, the firm itself was with founded by a vietnam veteran, purple heart recipient, and it feels like this is sort of in the ethos, in the veins of your firm, to go out and help people. >> absolutely. actually, we founded the firm on the principle of actually giving back to veterans. i mean, we're a for-profit organization run and owned by veterans, but we have a social mission to a take a percentage of everything we make give it back to organizations helping veterans every single day. one of the biggest things you find is you meet these incredible people. i -- it kind of gives you faith

in the country, and you meet people like sharon and someone who gives up a goldman sachs paycheck to come and help kids in harlem is somebody that we wan to be associated with -- want to be associated with. we're the only veteran firm with a floor presence, and q is down there with our team. charles: you like the action down there? >> yeah, everybody has been, like, has opened me and my friend with open arms and like, you know, it's made everything comfortable and and seamless. charles: yeah. sharon, i know one of your goals is to get off the dependence of the kind of funding that is sort of the grants and the government funding which is slow, inconsistent and limited and and to bring in more private sector funding. how's that going? >> i have to say when we first started, again, with my wall street background, i believe in a diversified portfolio. and while we appreciate the government funding we've had over the last few years, we wanted to diversify our funding both corporations as well as

foundation. and to make sure that people really understood the work that we do. i believe that it's not just about the money, it's about building long-term relationships. so we partner with a corporation, it's now opening up job opportunities for our students. and when they a start to see what they can do, it helps them to go back and excel in school because they're more intentional about their career, more intentional about school as well as with it helps with the racial equity divide, right? so we teach the kids financial literacy. i get that through the corporations and the foundations. charles: right. >> they support that mission. charles: it's amazing that financial literacy is not something that's hand -- mandatory -- >> [inaudible] charles: at a young age. isn't it amazing? >> yeah,s it is. it's not amazing, it's, like, pretty bizarre and, like, not -- it's like -- [laughter] >> he knows that i get on top of them. we have financial literacy classes weekly. sometimes i teach the class.

we partner with wharton university to teach financial lit literacy -- literacy. i have to say thank you to our banks because, again, a lot of our local banks not only teach our students financial literacy, but teach their parents as well. the reason why we have our work force program in the summer is because a lot of -- charles: talk real quick about that before we run out of time. >> we not only train the students for six weeks, we train them in banking, in technology and media, in health care, in retail. and we pay the students. i go out and fund raise, we pay them $1300 for project learned to learn work skills. and right now i have a wait list of 150 students that i need to raise money for so they can do it. but it's those type of opportunities that prepares him go work for firms. charles: well, it's amazing the helping hand that you've provided. >> we're honored to do it. happy to do it. charles: i think sharon's always bugging you with, tell more of your friends. >> hopefully as we with grow

we're going to bring on more and more -- charles: and,ing questioning, we're going to be watching you with, my man. you're the trail blazer. >> yes, sir. charles: you look good, you sound good, and you're an amazing success story. a lot of younger folks in the neighborhood are looking up to you as el -- as well. and, sharon, what can i say? you are an absolute superstar, you really are. >> thank you. charles: all right, folks. want to say thank you to share, ed and, of course, questioning. if you'd like to donate to the boys and girls club of harlem, text dgch give. to 44-321. and before with we go and i hand it off to cheryl, i want to say a quick word about the boys & girls club of harlem and other organizations like it. you know, it really does take special people so dedicated that really they only see the finish line. they don't see the obstacles which in many cases can be like mount everest and a lot more than a speed bump. one such man that was there during my time was a man named

leroy carter: to this day, i don't even know what he did for a living, but i do know the finals that he helped me and my -- do -- the times that he helped me and my brother or that we would come up short of the fees to play football, he all reached in his pocket. he would fill out paperwork to get insurance, he went out and found the coaches, you know? there were numerous ground breaking ceremonies for the boys and girls club. a bunch of politicians would come in, make speeches and break it back up. here's one of the events where i stood next to mr. carter, and the cameras and the politicians would leave, but i always had faith that he would be there, and he would never give up on the kids in the community. and every community, in my opinion, needs a many carter. if we had that, we'd be a better nation. shout out to all those who volunteer and help the young in their communities. lauren simonetti for liz claman. lauren: and i like seeing pictures of you when you were younger, charles. charles: thank you. lauren: have a goo