degree will be good for your second, third, fourth job? are there different iterations down the road because we're taking longer to find ourselves to find our dream job. jackie: i'm a little contrarian on this. i studied history in college. it has nothing to do with what i do now. but you learn critical thinking. you learn social skills. you learn how to write really well hopefully, if you're taking the right classes. i don't know how much it's got to match up exactly although everything is really different now as we discussed many, many times. i know the options can be very niche, so that could be problematic. taylor: we'll get a a quick chek on the markets ahead of the key inflation data we're waiting this week. we're dipping below 17,000 on the nasdaq. pulling away from some of the records on the s&p. it was 5320 what we were looking for. jackie: we'll send it over to charles payne. "making money" starts right now. charles: thank you all very

much. i'm charles payne this is "making money." breaking right now investors continue to cheer the rally but it is becoming more narrow. certainly not a celebration of a market, right? how much thinner can participation get and should we all just chase the big winners. all all-stars are on deck. gary k. michele schneider, lance roberts. 2:45 wall street investing legend stephen auth, breaking down american exceptionalism as reflected in the stock market. don't fight it, folks, embrace it. the more wealthiest americans they have never had it this good. face it, the rich have never had it this good. many on wall street said you shouldn't be upset, you should live vicariously through them. we know that is not the case, right? despite all the money cascading in the economy consumers are being left out. no wonder fast-food is considered a luxury that is what more americans believe in a real

shocking survey i can't wait to share with you and much more on "making money." ♪. charles: all right, so you know, we had a lot of really tailwinds coming into this week. last week we were up pretty nicely, listen, we were doing okay despite the three-day weekend but it is really amazing, we say the market, the market is hot, it really ain't the market. it is nvidia and other stocks. this is last week. look at the ways you can invest. value, every type, small cap, mid-cap, large cap, core, everything, mid-cap, large cap. the only thing that rocked big time was large cap growth, right? large cap growth up 14.4% coming into the session. everything else is just starting to melt away a little bit here. that's not really a great sign. so you talk about breadth right? they have been talking, you heard a lot of guests to come on, the rally is beginning to

broaden out. it is not just a handful of names. you know what? coming into january that was true. right into the april selloff, that was true. remember we bounced back from the april lows yet even as we hit all-time highs. look how further down we are from participating. these are stocks changing hands above their 50-day moving average. that number has come down dramatically, folks. that is not participation. that is not what we want to see. so you have got a couple things driving the rally. one is hope that the rally baton will shift from nvidia, right, this is nvidia, this is your mag-7 names, first-quarter earnings, that the rally baton will shift from those see also-rans other stocks in the market, by the fourth quarter the tables will turn, those names will be higher. that is the rally argument, right? here is what the pe ratio is for the mag-7, 38 times. that can't can't keep going up. if these companies can really bring up their earnings, equal

weight, s&p, 18 times that is what people consider reasonable. but it is a big but, that it is got to happen. meanwhile there is lot of faith faith in seasonality. we talk about this all the time particularly in a presidential year. this is where we are so far. came into this year. came on like gangbusters. got the april swoon, maybe, maybe we'll rally into the rest of the year. this is what typically happens during an election year. again a lot of people banking on that happening. still doesn't mean that it will. here's what really has some folks really concerned. we've seen this movie before, where the top 10 stocks have such an overwhelming impact on the entire market that a lot of folks fret. if you go back to 1929, 1929, folks, it happened, not too long ago. almost in 2000. two of the biggest crashes in wall street history occurred when the top 10 stocks had this much market share. so, at some point you know what? this market is doing well but

the rally is going to have to bring, really find a way to get down to some underserved stocks. meantime this is truly a stock-pickers market. let's bring in one of the best stock-pickers i know. joining me kaltbaum capital management president, fox news contributor, in the best t-shirt i've ever seen! gary k. hey, gary, i love the t-shirt, my man. let's talk about this rally for a moment or sort of lack thereof because it has really been about nvidia, the chips. i have your favorite index here, smh, the semiconductor index. absolutely killing it. crushing it up on all fronts, up 70% for the last year. here is the thing, feels like you have two choices in this market. you can try to bottom fish or you can chase something like this? what do you do? >> well, look, first off in honor of your 10th anniversary, my shirt right here of you, you're a good man. the only time i'm going to take

it off for tonight's rangers game. so congratulations for a great show. charles: thank you. >> look, charles, seriously, every bearish phase or every bearish market has started with big divergencism. what that means, most stocks are not working, money going into select few areas. i say that we bought back into nvidia friday, already up $100 so we're quite happy. if we look at the dow, look at nike or mcdonald's, these things are getting squashed. look at the transports, very bad shape. most people don't know this, a ton of technology stocks that are not a.i. or megacaps are getting squashed also. so it is a very, very narrow market. we'll stay with what's working but keeping a very close watch because all you got to do is just go back to 2021. the whole year little by little, piece by piece, inch by stock,

stock by stock started breaking down leading into november when all the growth names just went bye-bye. we don't want to see that. we haven't even it yet but leave no doubt it is getting narrower by the day. charles: i brought back up the chart top 10 stocks by size versus market. 1929, 2000. >> it is up there. charles: again you, you don't want to try to guess when these things will top because you could jump out too soon but i guess you should be aware. i want to talk more about some of your recent ideas. you got back into nvidia, crowdstrike, qualcomm, microsoft. feels like names are beginning, really far and few between. is it just better to chase momentum for lack of a better word than again, to try to find something that hasn't turned yet? >> well, be careful about the word momentum. we don't buy a stock after it's up huge. we're looking for things emerging and nvidia emerged the last week on the big gap off of

earnings just like in january, five-month trading range emerged. so we're going to look foremore of that we'll stay where the strongest areas of the market. look right now easily is semis. i can tell you amd may be turning the corner today, arm holdings may be turning the corner. my only word there, softbank own as ton and i worry about a secondary but, as long as things show up we'll go after it. stay away from areas, there are some bad shape areas right now. this just comes from as i always say to you, we'll scan 1500 names tonight, 200 sectors, every country, and stay with the uptrends and completely ignore the downtrends and there is decent amount of them right now. charles: i have got 30 seconds, just real quick, what downtrend, you talked about the transports before. i have ity here. they have been coming down. there has been no bounce from the april lows, whatever, really breaking down. what does that say about the economy and should that make us

even a little bit more cautious? >> i'm pretty darn short saying something about the economy. i think the economy is in somewhat of a downtrend, not big recession or anything but heading the wrong way. when you see rails and truckers doing that. by the way, not just transports, economically sensitive names doing it, while a lot of defensive names, recession resistant areas have better relative strength. so i think the market is speaking up here. we'll keep a close watch. i promise you if we head into recession the market will be down 10% before we even know it. charles: all right. gary k., love the choice in t-shirts. you're one of the best. i appreciate everything, my man. >> keep up the great work, charles. charles: thank you. my next guest is also an avid watcher of transports as well. mark get gauge michele schneider. i thought about you. you talk about the transports all the time. there is no denying. they're breaking down. this is telling a complete different message than a.i., the broad market, but the question

is it good for stocks, could it be good for stocks? >> first off i want to say i may not be donning the cool t-shirt had on congratulations for yourage versery. thank you for having me on. charles: thank you. >> last time i was on transportation is a huge concern. to use your words at the beginning we've been at this movie before. we've been at the point where semiconductors are ripping and we start to see signs of weakening. the most recent one would be last year when regional banks started to fall and of course we know what happened after that. this is definitely concerning. i cannot emergency this will be a overall good ending for equities if this trend continues, where transports, 6% of the gdp, huge job creator. as far as i know we're not moving goods and food through ai. we're still moving through trucks and freight as gary said. this is definitely a warning sign and if it cannot catch a

bid soon i would be very cautious about getting long, particularly anything suffering as a result of inflation and rates. >> let's talk about some of the names i know in your top tier watch list right now. feels a little electric although feels like maybe there is also a theme here too. you like coin, which i guess, listen, it made a hell of a move but let's talk about fsm because i'm not familar with this one. that is a silver play? >> it is and, we have this in one of our quant models, small cap with high earnings growth. that's why this one came up. silver miners right now, although i prefer to look at the underlying commodity and we can all see that silver is not necessarily as mentioned as nvidia but it is doing pretty darn well, trading back over $32 an ounce. this would be the miners. because we had such low production in terms of mining stocks, including gold and

copper which we're hearing a lot about this one is actually really benefiting as well. it made its high in 2021 at 9.85. it is not up there yet but it is definitely one that has momentum in its favor. charles: i have got less than a minute to go, 30 seconds but i want you to help us out here. one of the goals obviously we love to teach, right? i know you're looking at palo alto networks. this is a favor of everyone in that space but the stock has a tendency to get hammered. it got hammered there once, it got hammered there once and you're looking at it, but i find it gets hammered and comes back fairly quickly. when would you pull the trigger on this? it has gargantuan gap up but even then would be a good trade? >> this is unusual sort of buy and hold type of mentality because we're much more activity because of cybersecurity, especially a.i. continues to grow in the data centers is a thing, it is not going away.

this is a great stock to buy on dips. we got in when it dipped below 280, got out of some before earnings, bought some more back. if you are a dip buyer would i be a little patient. 280 is definitely a good area to 300 but there also can be a stock bought on strength. i would watch it now, if it can get back over 322 i would possibly add. 335 which has been really basically a january high i would add. and the same thing over 350. this is one i would follow momentum on. charles: absolutely. just on the chart alone, it has room back to 400 to form a double top. wall street loves it. execution inconsistent but it is a stock that comes back quickly. michelle, thank you very much. talk to you real soon. >> thanks,. charles: folks as michelle just mentioned we're celebrating the 10th year anniversary "making money" with charles payne. the first show was june 2nd, 2014. couldn't be more grateful to all of you, the viewers. thank you for being with us and

more "making money" right after this. >> my friend and colleague charles payne has been on the air for 10 years, extraordinary what a fine performance. seriously, charles, you're all-p osright. ♪ co but i'm staying focused. and doing more to prevent recurrence. verzenio is specifically for hr-positive, her2-negative, node-positive early breast cancer with a high chance of returning, as determined by your doctor when added to hormone therapy. verzenio reduces the risk of recurrence versus hormone therapy alone. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred.

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♪. charles: all right, don't look now but corporate profits come

continue to come under political attack. by the way, here is the interesting thing, it is not inflation when corporations are raking in record profits you will see this stuff more and more, but here's the thing, corporations are not only making more money but as the federal reserve, this year corporations versus operating profits they have moved hand in hand together, just absolutely phenomenal, but also, what has really been intriguing for a lot of people is the net interest payments, you know that corporations have to pay. they have actually gone down. this is the blue line, even as this yellow line which is the federal reserve, those numbers have gone up, obviously you know from the credit card bills, you know from the mortgages, if you can get one, so corporations have been sort of inoculated from that. that frustrates people even more. this is where we are right now. what's going to happen here? my next guest says no, it's not corporate greed. that is not the cause of inflation. he goes on to call the claim

absurdity. let's bring in ria advisors cio, lance roberts. lance, here is the thing when i was reading your report, i was going to say thanksgiving, you're getting ready for the july 4th family arguments, right? you are hearing this more and more corporations are cause, inflation. you know, you hear about, you know, shrink-flation and these sort of things. you feature a lot of reports in this, to sort of talk about it. i want to pick up on one you started with. this is really telling. producer prices, consumer prices, the blue line being consumer prices, red line producers being able to retain higher costs, this sort of speaks for itself. >> well this is the whole point. so corporations don't cause inflation. inflation is a function of too much government money into the system so when we shut down the economy, we flooded the system with trillions of dollars of stimulus. you have no supply and a lot of demand so you get inflation, right? so the problem is, corporations

only spend to inflation. and so when inflation is rising, and corporations, there is a lot of demand for goods or services, corporation can pass on that inflation to consumers. now though we're reaching the point we're see this in the spread between ppi and cpi, producers price, versus consumer prices, corporations are having to house more of that inflation internally. charles: right. >> this is showing up in reports. target, walmart, mcdonald's, starbucks, you're seeing impact in the corporate profit and earnings reports. charles: right. here again the red folks here recently corporations had to retain the higher costs. they were unable, unable to pass them on and this is your chart, inflation is a monetary phenomenon. the more government money in there the higher inflation goes. so, you know, we're through that. we'll see what happens there i just thought it was great to bring that up. i have to ask but the stock of the moment, that is nvidia, the a.i. cycle.

you posted this fantastic chart. you compare the a.i. cycle where we are right now here to the mobile internet cycle a 10-year phenomenon, that was absolutely phenomenal. does this chart suggest we're at the very beginning of this a.i. craze? >> absolutely. and again, if you think about, just today as a matter of fact elon musk announced six billion dollar investment into a.i. this is where everything's moving. so we're very early in that process. a.i. has been around for a decade, right? siri on your phone, bixbi on android phone, we had a.i. for a while. what is indoctrinated into the way we do business, the way we work, the way we transact, so a.i. is very early in that process and the adoption rate is going to be very fast relative to the adoption rate of internet or even the mobile phone. so this is going to occur very quickly and the knock-offs of this ultimately who will supply all the power, who will supply the water for a.i.?

because it is very, very energy and water intensive. charles: all right, by the way, folks that mobile internet cycle for 10-year, netflix, qualcomm, amazon, google, you would have made a fortune 10 years holding those. this is the a.i. cycle, nvidia, microsoft, meta, amd and google. lance, thank you so much, my friend. talk to you again real soon. >> thank you. charles: all right, buddy. so the money supply as we all know has exploded over the years and consumers, they're feeling left out. where is all the cash going? we'll break down exactly where it is going, what it means not only for the economy but maybe in politics as well. julia coronado, peter morici are next. >> i think back over the years it was a great ride and it was great to be a part of it. it was a privilege and an honor. it was even better working with you. here's to the next 10 years, charles. ♪.

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♪. charles: so the great debate, let's call it that, it continues. we're talking about the true state of the economy. i think really the only way to answer it is on a granular level. when you take everything put it in a basket. not really working. economists, financial media, they insist the consumer strong. but you know what? the consumer has something else to say about this. madison alworth with more details. madison. >> reporter: charles, we got new data today, today's consumer confidence index. it came in above consensus and

prior month but look over the numbers on the long term we do see consumer confidence has been down. breaking out that report it noted specifically compared to last month confidence improved among consumers of all age groups in terms of income, those making over 100,000, they expressed the largest rise in confidence. and that bifurcation seems to reflect what is known as the cantelone. richard is considered the father of entrepreneurship. he studied the effect of price changes as a result of the money supply. money supply erupted over the years especially during the great recession. this yellow line shows money supply in the market. this other line here, that is the net worth of top .1%. you can see they trend exactly in line. and because of the can tell loan effect this doesn't seem to be a coincidence. breaking it down the cantelone effect what essentially it says

the cast first distributed goes to the ultrawealthy and financial institutions. they then pass it down to entrepreneurs by investing, lending money, things of that nature. they then eventually pass it on to everyone else. the problem with each transition, the cash loses real value because of inflation. so the people who get to touch that money first, they get the most value for their dollar. and when you look at the past couple of years, those people at the top, well they just keep getting wealthier by the second. one study shows us that u.s. billionaires wealth increased 88% from the start of the pandemic. so, before the pandemic, so 2020, billionaires had a combined wealth of $2.9 trillion. well, we looked at the same study from march of 2024 this year, combined billionaire wealth is now $5.5 trillion. that was in march. so that value has gone up since then in just four years, nearly doubling that wealth.

many meanwhile, talk about bifurcation this is shocking. 71% of those making less than 30,000, 71%, they say that fast-food is now a luxury, fast-food is a luxury for some americans while others continue to do exceptionally well. argument that there are maybe two economies at play. charles? charles: i think it is also interesting, i think, 31% of those making 100,000 believe it's a luxury. madison, thanks a lot, appreciate it. joining me now, macro policy perspectives founder, president, julia coronado. we know wage growth recently outpaced inflation for 12 straight months but that was after 25 consecutive months of negative wages which at times there was a massive gulf between the two. it feels like the consumer still hasn't, the average consumer still hasn't recovered. your thoughts? >> well, charles, my thoughts i would totally disagree with

that. this has been the more even recovery relative to prior recoveries. actually those strongest wage gains have been earned by those with the lowest wages, so the lowest quintile of earners have seen by far the strongest wage gains. recent wealth survey they have own track, young generations are just as on track if not ahead of the game as prior generations in terms of wealth accumulations. we had the fastest job recovery we had in four business cycles. we recovered 11 million job losses in just over two years that compares to six 1/2 years to recover fewer jobs lost in the prior cycle. so by many, many metrics, this business cycle is actually more egalitarian, this recovery is more egalitarian than prior recoveries. it is always the case in a capitalist society the wealthy

get wealthier. when we're in a strong economy with solid gains in the stock market the wealthy gain the most. charles: i guess though the question here though isn't necessarily -- i think the stock market is not driving the wealth. i think they're both being driven by the same thing, trillions of dollars of money the country did not need to, pandemic funding, even more trillions through the federal reserve. this is the m2. when someone tells me the lowest income has the greatest gains, like telling me if i have a dollar my pocket i find 50 cents, my net worth is up 50%, i should rejoice. even thousand the gains are faster still the lowest. leisure and hospitality are weakest jobs. you can't live in new york city -- >> it is just not the case, charles. it is not just the case. leisure and hospitality workers saw a level shift up in their real wages in the pandemic. charles: but their real wages are aren't anywhere near living wages. >> real wages controlling for

inflation, sir, it has been a strong recovery for lower wage workers. charles: wow. >> you were talking about business dynamism. we are seeing business dynamism well in excess of everything we've haven't seen. small business support. charles: i know those things. there are going to be consequences to the a.i. revolution as well at some point in terms of who has the jobs or who doesn't, before we get there -- >> we're working real hard to tell a negative story about a strong economy. this is a strong economy. charles: it is strong for some people. it is not strong for everyone. that is what i'm trying to tell you. do you know any poor people. >> the economy is never strong for anyone. another survey from the conference board shows job satisfaction at record highs. so there is lots of surveys out there you can tell lots of stories. data tells the economy is strong. charles: julia, is the average american so dumb that they don't know how bad they have it? they don't know how good they

have it according to you? >> consumer confidence you just recorded went up in may. the data that came out in may. charles: after going down three months in a row. >> consumer confidence up. we're asking consumers, they're okay. charles: no they're not. no they're not. they're hurting really badly. they're hurting really badly. when mcdonalds is a luxury julia, they're hurting badly. take my word for it. >> you can get a rotisserie chicken, bag of pasta a lot less than happy meal. feed a whole family. >> all right. we'll talk you to real soon. i will introduce you to middle class people next time i see you. >> i know a lot of them, charles. charles: not on cape cod. where are you on cape cod? >> i live outside the beltway, remember? charles: oh okay. i have to bring in my next guest. he wrote a amazing article, americans must pay, must pay higher taxes if they want to keep a higher standard of living. university of maryland

economist, peter morici. peter so where do taxes need to go? >> basically we're running a huge budget deficit and it is about to get a lot larger. over the next 15 months the tax cut and recovery act of, president trump expires. charles: right. >> and the budget projections are based on that expiration. if we renew that, all of sudden we're looking at deficits 7% of gdp. at that point, we have to ask yourselves, are we really willing to cut the social safety net? even when the republicans were in charge, when they had both houses of congress, donald trump was president, mitch mcconnell was trying like heck to push through the senate some sort of adjustments in entitlements he could not. i'm operating on the assumption americans want all the entitlements. if you look at taxes we pay, we have a european style safety net, what the europeans pay, we pay a lot less taxes.

7% budget deficit would mean that essentially, you know, we're going to be borrowing, paying more interest on debt than we pay for defense. charles: peter, i'm with you there, i understand where you're going with this let me ask you, whenever someone brings up compares america to europe for instance i like at dynamism of our nation. >> oh, jeez. charles: look at top 100 companies in the world, they're not in europe. they can't be in europe. there is, there is no money to go into those investments. when you have a welfare society, open borders you spend all your tax money maintaining that. people talk about free this and free that but there is no investment dollars there. there is a reason why we have these amazing companies in this country that are changing the world. do we want to sacrifice that because government is going to spend, no matter what. i don't care what the taxes are, i don't care what the revenue is. bring in 10 trillion, they spend 15 trillion.

bring in 15 trillion they spend 20 million. you know they will spend it? >> i agree with you, the american economy is exceptional right now. first in class in terms of growth. our stock markets, equities are valued at much higher p-e ratio than any other advanced country than china and all the rest. generating jobs at terribly high clip and so forth. pick a metric, we're first in class. i want to keep that going because the animal spirits in america are fantastic. what other country with rythmic certainty, decade after decade mints companies like nvidia? charles: right. >> all of sudden become 3 trillion-dollar companies overnight. not because they're all full of hype and flimflam but because they're producing something substantive, that is useful, people want to buy, to improve productivity. much like microsoft was two decades ago. that is all there. i think we have to recognize, to continue to make these investments, for example in the semiconductor sector. you know we need help from the

government there, that we'll have to have a larger amount of money going to the treasury or we're going to have to cut social programs because we could destablize the system with a run on treasury securities. all of sudden global investors won't all that the federal government needs to borrow. they won't take a trillion dollars a month. charles: yeah. >> my feeling it is a matter of getting our finances in order. by the way agree with you, if you compare real wages now to just before the pandemic we're even. the trouble is, on average, hardly anybody is average. there has been a lot of structural change. there has been a lot of winners and losers and if you look at businesses that are in most trouble, the businesses that are most challenged right now. trouble is a strong world but people like target. charles: right. >> burger king and so forth. they're having trouble keeping their sales up because they sell to those people. charles: by the way, peter, those are companies and people that i will call main street,

right? >> correct. they're my neighbors from where i grew up in long island. those people -- charles: we have to leave it there, my friend. we've gone over. wanted to bring you back real soon. this is going to be a major topic, particularly this year. folks we'll be right back with more "making money." ♪. >> charles, i want to wish you a very happy 10th anniversary. when i got to have a live audience, my dad came, took time to talk to my father. it was a true american dream, italian immigrant. you spent time with him after that time we talked about the market would rip higher, fourth quarter of 2023. never forget for my father andi) influence on markets that day. (elevator doors opening) wait, there's an elevator? only pay for what you need. ♪ liberty, liberty, liberty, ♪ ♪ liberty. ♪

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syracuse university's d'aniello institute for veterans and military families has empowered more than 200,000 veterans to serve their communities and their careers. from professional certifications, to job training, to help navigating programs and services, we give veterans access to support from anywhere in the world. ♪. charles: so it is 2024, it is an election year, folks. we'll hear a whole lot about what is wrong with the country. although it is not a perfect process, it doesn't mention like bicycle lanes per capita, the stock market, not now, past dozen years has been something of a mind-boggling miracle. look where we are with the rest of the world is. it is something toe behold, right. riding this wave is corporate profits. they dwarfed the entire planet. good news, 62% of americans have

a role in the stock market which is also playing a role in the so-called wealth effect. even the magic is of feeling rich has become to fade. lower middle class households are are feeling pinch. big time earnings misses from big time retailers, recently. this is the credit card spending trends, year-over-year, a lot of red on the screen. bring my next guest, says the weakness means the fed is still in play although the rate cut story could be more of a 2025 story. joining me federated herm mace stephen auth. before we get into the consumer -- >> let me say, congratulations on 10 years. you added value to the viewers. that's why you're here. charles: thank you so much. i really, really appreciate. start with the first chart up there, the earnings, the u.s. stock market. every year, particularly in january, all the guests come on say, buy emerging markets because they trailed. >> yeah. charles: but they have trailed for a reason. buy these other markets because they trailed. what do you say about this, just

the american exceptionalism, as reflected through the stock market? >> we have the most dynamic country in the world, most dynamic capital markets. we're constantly bringing new companies to the surface. remember the tech index, or the s&p index is almost 50% tech, consumer services, consumer discretionary, telecom services. so relative to the rest of the world you're almost getting double the exposure to these areas that have been the big growth areas in the market. so i think there is a reason why the u.s. is higher but for the same reason we're telling people time to diversify a little out of that big coil, not necessarily sell the names but add outside, we think the rally will start to feed into it, especially the back half of the year. charles: right. >> you will see earnings we think expand on the other parts of the economy, industrial, utilities, banks. charles: right. >> and emerging market, particularly china. charles: china has been a tough one though. a lot of fits, a lot of false

starts. they make a move, all of sudden, neh. i would rather be in 493 than china, than the back half of the move. >> yeah. charles: let me ask you about the federal reserve because that seems to be in the last couple of weeks seems to be bothering the market a little bit outside of these gung-ho stocks. i think that's why last week only large cap growth worked out. a lot of people are coming to grips with maybe no rate cuts this year. you're okay with that you say no matter what rate cuts are coming? >> i think longer term they're coming. we were one or two all year long anyway. i think it was the bears on the economy that wanted a lot of hikes because, cuts because they were assuming we would have a recession. charles: right. >> for us the market is healthy, the economy is strong, earnings are growing. earnings numbers came up in the back half of the year and in '25 through this earnings season. so what's the discount rate you use for that? obviously the inflation rate is starting to come down.

we got the core pce it will be sub-3 this year. charles: on friday. >> the fed is kind of, on friday, it is thinking 2 1/2 to three. they're saying two but really. so we're in that range where they can start to cut and importantly people like us that are discounting long-term investments we're using 3 1/2 to four as the 10-year rate, not four 1/2 to five. that makes a difference. >> i got to go but i got to squeeze in a question about the election. right now, betting markets are saying it could be a republican sweep. how does that change things for the stock market? >> helps the broadening out thing because it will be good for smaller cap companies earn, it will be good for industrials, it will be good for utilities and for banks. last time trump got elected banks had a big rally. all is good for the broad -- charles: that november he won the election, national federation of independent businesses, small business the index erupted overnight, parabolic. same thing with the national

association of homebuilders. erupted. those are two areas depressed. >> he will unleash, regulation has been a disaster for small companies. it is very costly for them. he will cancel a bunch of these things day one. charles: stephen, great seeing you. >> charles, appreciate it. charles: folks, we'll be right back. (♪) at enterprise mobility, we never stop looking for new mobility solutions. because sometimes the best road forward, is the one you didn't expect. (♪) daughter: hey, dad. dad: hey, sweetheart. daughter: what are you doing? dad: i'm gonna clean the fence. daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. when you work with someone who knows a lot

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charles: all right, move over bitcoin, here comes e here to crumb with. that's right, in the -- etherium. the question is what's driving it and where does it go from here. had to bring in pomp if investments' investor anthony pomp. ly january know. by the way, yo had a headline, it sounded a little ominous about these here to yum etfs. are you a fan or not? >> yes. i think wall street's woken up to the fact that they can make money in the sector. three, four, five years ago they were saying we don't like crypto, now they realize there's profits here, and they're going

to continue to push not only to get the etfs, but to go through this full stack. the we is, will regulators allow, how many are they going to approveing how many coins are going to be on wall street by the end of this year. charles: sounds like you don't want too many. you don't want some of the lore-end coins -- [laughter] >> e bitcoin is this very unique thing that has this store of value. these other things are technology platforms, and what's the difference between google, amazon, facebook, etc. so i think we look at etherium, salon and many others, they're tech platforms competing with each other because the story just isn't as clean as bitcoin. charles: former president trump has a really been like, hey, i'm down. i'm, i like bitcoin, and i feel like a lot of democrats -- not necessarily the president himself, but a lot of democrats are starting to change their tune a little bit. maybe fearful of losing that young vote. >> there's 50 plus million americans that hold these assets, so if you're going to basically concede the fact that the republican party's going the

to be pro-crypto and you're taking an anti-crypto stance, you can kiss those 50 million votes good-bye. who is best for what i can do financially, and crypto is the latest man possessation of that. so i think -- manifestation of that. so i think trump changed the game. if you don't embrace this, you are setting yourself up to be in the crosshairs of these crypto voters, and i think the people realize not only are they passionate, it's a large group, and they're willing to go to the ballot box, and that's going to the change how politicians change thises a set class. charles: less than 30 seconds, another company is making this their key treasury asset. >> micro strategy pioneered this, there's five different companies that i'm aware of. one does it, it's a dot. two, it's a line, three, it's a trend, and i think we're going to see many, many more over the coming years. charles: saylor, you have to tip your hat the him, he's done a fantastic job. he put his money where his mouth is, and it's worked out ott so far pretty good for him. >> made a couple billion dollar.

[laughter] charles: soon he'll catch you, my man. tack to you soon -- talk to you soon. my next guest excited about this market, but he does note a little question mark about the u.s. consumer. that's your big question, what's next there. let's bring in momentum advisers' managing partner if alan boomer. 58 an, it's been way too long -- alan, it's been way too long. you're looking distinguished there. the earnings have been phenomenal, but the reactions weren't. if you missed, forget about a it. even if you beat, you know, you didn't get that much. so was the market priced for perfection to begin with? >> in a lot of rays -- ways, it was. you hit it on the head, very, very strong season, but what mattered most wasn't how did you do, but how do i think we're going to do in the future. this was the all about expect takes. if you said we've got a good can guidance for the next quarter, then you were rewarded this quarter. >> mag 7, you say now mag 5, i am curious, tesla, apple, the two that are out right now so to

speak, would you be looking at those at all? because these names all along the way have stumbled from time to time, if they're always a come back. >> i'm still a buyer long term. i just think right now they're not pollutioning earnings at the same clip -- producing earnings at the same clip as the other guys. when stocks miss, i tend to want to buy. aye been buying a little bit. but when i look at the ev space, i'm seeing so much competition, i'm a little more worried about a tesla. charles: let me -- nvidia. >> yes. charles: we've got the mag 55, but there is nvidia and nvidia alone right now. as a value guy, someone who wanted to chase a it, what would you tell them? >> i'd say wait for a pullback -- charles: what's a pullback? >> a week ago it was at a 34 times earnings, now it's at a 60 times earnings, and i'd say this is the one of those stocks that's earned every dollar of its multiple. i'd still be a buyer, but if it gets a little pullback, i'd be a

buyer. charles: where are you on inflation and the fed -- >> i think we may get nothing until next year. charles: you okay with that the? >> i'm okay with that. charles: target, ally, nvidia with and amazon. target, is this some bottom fishing here? >> absolutely. this is a stock the i'm buying as a value play. this is one of those if i'm wrong and if the consumer is struggling, they need discount place to go is and find good value, and this is a stock that trades at under 17 times earnings. nice 2.7% dividend, that's a value may, for sure. charles: eventually, it will come back. you'll wake up one day, target will be back at an all-time high. good to see you again. >> going on 10 years, this is awesome. charles: it's been far, far too long. all week we'll be celebrating 10 years of making money and trying to live up to the hype, right, liz? [laughter] liz: always. listen, you are -- it's so great to see a decade of this show,