booklet endorsing the former president on x after the assassination attempt despite supporting president biden to the democrats in the last election and despite what seems to be an open feud with trump as recently as two years ago you can bet it'll make headlines but how much could it sway voters, we will follow it on "mornings with maria" joined me 6 - 9:00 a.m. eastern on fox business. i hope you will join us. i'll see you on sunday morning on the fox news channel 10:00 a.m. eastern life or "sunday morning futures" this weekend i have exclusive interviews with the chairman of the rnc michael watley, florida congressman michael waltz, uk party leader nigel farage, pennsylvania senate candidate david mccormick, join us live on sunday on fox news at 10:00 a.m. eastern. that will do it for axon fox business, thank you for joining us we hope you have a great rest of the weekend and we will see you next time. >> variance roundtable sponsored by global x etf's.

>> welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. i am jack howe in for jack order. class is in session. the dean of evaluation is here to tell us which stocks investors should be looking at right now. later wall street getting a wake-up call this week. how investors can push past the market recession fears. we begin with the expert panel and three things investors ought to be thinking about right now, on the "barron's roundtable" my colleagues al root, megan leonhardt and teresa rivas. if you think you the only one in between you and i who can grow a decent beard, you are correct i want to ask you about the big stock selloff that were building our way back from were talking about the macro factors later but you say you're appalled by the number of times you heard the word crash, rage about that.

>> this week was not a crash we had a bad monday, the nasdaq dropped 3.4%, something like that. we should reserve crashes for crashes. we are talking 21% on the s&p, october 1987 we're talking 12% on the nasdaq, march 2020 covid into throwing the dow were talking down a present for the dow and 20 away in the great financial crisis, days like monday in the u.s. happened about a dozen times a year we could not have a dozen crashes a year it is not a crash. even the nikkei the japanese index that dropped 12% on monday creating all the havoc only ended the week down 2.5%. jack: not a crash or correction, hiccup bordering on his knees is what i'm hearing, what about corporate earnings were through the reporting season what we learn? >> the markets have been volatile were down four straight weeks. earnings have been pretty good were now 450 of the s&p 500 that

have reported. earnings growth, 9% year-over-year. that's pretty good the last quarter about 8% per close to 80% of people are beating estimates, that is always the case. they have to lower them then jump over then high-five. >> half of the companies be estimates, that is a disaster in the average stock is up a little bit so you're beating and getting a bump. there's always examples super micro to the a.i. trade they missed earnings and the stock went down 20% and everybody freaked out. that was more about profit margin then sales, 10% of the cost are nvidia chips and those are getting pricey. jack: what will you watch in the week ahead. pretty interesting stuff home depot reports, housing stuff they're coming off of six straight quarters of year-over-year same-store sales declines then we get walmart that gives us an indication on

the consumer and cpi data on wednesday and we bought a little bit of easing, not too much so we get cpi on wednesday. jack: google, alphabet lost the big antitrust case does it make it a dangerous stock for investors. >> google did not have a great week and the ruling did not help any of that but i think the biggest financial risk and my colleagues have covered this might be apple. it's interesting google was the default search engine on apple device and apple was paying google for that or google was paying apple to the tune of 20 billion. this is not trump change and if google is forced to give consumers a little bit more choice with the ruling it's actually early happened and that you it did not make that much of a difference. it turns out google won't be hurt too much by this but apple could because is no longer getting the. play.

jack: i'm wondering if big tech monopoly are like lay's potato chips where prosecutors are not going to want to stop at just one who might be next. >> google will appeal the ruling we will hear more about this there facing another big lawsuit from state ag's around monopoly allegations but facebook is also sitting there seen action of the federal trade commission, we have facebook on the chopping block, meta wanting to be broken up by federal regulators and amazon and apple itself these are a dime a dozen. >> i want to talk about theme parks, prices are up 39% since before the pandemic and perks are disappearing, take a look at the clip from the disney youtube my family used to watch this to get jazzed up for the disney world vacations. >> flying into orlando airport you get to experience disney's magical express service. >> we can pick you up with her airport bus, drop your bags and you at your doorstep, with the drive of your mind leave your

worries behind. >> but the free bus bit the dust in the free perks that you heard about in the video, j.p. morgan says expecting market share shift because the theme parks have gotten so expected toward cruise ships, do you agree. >> you probably would not have thought that a few years ago since then basically floating petri dishes but it's hard to be a good bargain. people learn from the pandemic and they don't want to stop going on vacation but they're very focused on value and in terms of value you cannot beat a cruise it's more bang for your buck than anything on land so it's not surprising that they are booming. jack: 20% cheaper than land alternatives versus 10 - 15% cheaper for the pandemic. j.p. morgan is bullish on royal caribbean any written positively about them and their bearish on six flags. when asked about airlines if

there is a market shift going on what do you think this means for airlines. >> there is about three quarters of the u.s. population that lives within driving distance of a port and that's another thing driving people toward cruises because nobody wants to go to the airport if you can avoid it. you're saying people don't like airports. >> i'm going to go one limb and make a bold statement that people want to avoid the tsa, the delays and the crowds and that's what appealing about a cruise a one-stop shop you get on in your vacation begins immediately. jack: thank you. a rough week for the market spooking investors. the dean of valuation is here to weigh-in on where you can find long-term returns next. ♪ nexium 24hr prevents heartburn acid before it begins. get all-day and all-night heartburn acid prevention

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jack: stocks ended on a higher note friday down after a volatile deal days of cellophane rallies the s&p 500 and nasdaq tracking the fourth straight week of losses, joining me nyu stern school of business finance professor in the dean of valuation to tell us where to put our money, hi professor, you wrote the book on asset evaluation more than one book. would you say the u.s. stock market is attractively priced right now for long-term investors? >> is fully valued and expectations that things will work out for the best. i think that might be the biggest risk that you face if you price it in expectation of inflation that will come down in the economy is not going to go into recession then you're setting yourself up for disappointment but based on earnings and rates the stocks look fully valued.

jack: tell me about big tech in particular, investors worry whether growth is sustainable do think big tech is too expensive and big tech names that you find the most or least attractive of the group. >> here is a danger in avoiding big tech, the mag seven in the last years if you avoid the stocks you're missing the heart of the market. just to give you a sense of the numbers, during the course of the first week of august the mag seven lost $1.35 trillion in market cap, that sounds amazingly large but if you look at the entire year they added with the loss built-in to it have trillion dollars in market cap, to an half trillion that is bigger than the entire market. as much as people like to look at the mag seven in the stocks and say they look expensive they have been carrying the market not just for the last year or the last two years but pretty

much the last decade there is something fundamental that happened in the economy that is making the companies the places investors want to go. >> tell me about nvidia and intel it was recently down 60% for the year, how do you tell whether a stock like that as gotten attractively priced or whether it's a value trap. >> i'm a great believer in the corporate lifecycle which is companies have startups and young companies you become a growth company in the middle-aged mature company and the decline. right now the market is looking at intel not just as a mature company but accompanying decline. i'm not sure that that fits. it's one thing to take bed bath & beyond or brick-and-mortar or even a tobacco company and say the future looks negative revenue is going to shrink in your revenue is going to go down but intel is in a sector if they can find a pathway i don't see why it cannot go back to being a

mature company, not a high-growth i think those days are done there is enough opportunity in the space and intel is enough advantages to turn things around. at this stage if you're investing the judgment that you're making is the management and denial in which case i'll keep doing what they're doing or do they understand that they need to fix their story, change the way that they do business. intel might be one of the companies if you're willing to make a bet on management being realistic in bringing the company back i think it might be a company that you want to add on much more so than nvidia at this point in time. jack: where you stand on bitcoin still over $60000 has gained credibility by staying this expensive for so long and you think investors should buy it. >> bitcoin's biggest sales pitch it made a lot of people rich. it developed the reputation

entirely around speculative trading. the reason i say that i often talk to bitcoin advocates i'm not one of them i asked them what they think bitcoin is and then i get one of two instances of currency were to collectible. if it's a currency is not a very good one. i ask if you're a bitcoin advocate i have a question for you when was the last time you used bitcoin to buy something. the currency is supposed to be usable to buy other things. it's not been a very good currency because it's inefficiently designed and as a collectible people say it's millennial gold the only thing collectibles hold their value and everything else in bitcoin over every crisis in the last decade has behaved very risky stock. jack: thank you, nice speaking with you. investors getting a wake-up call as markets whip through a turbulent week. we'll talk about the risks of recession and how you can best position yourself next. ♪

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jack: panic hitting wall street as markets plunged at home and abroad reminded investors to stay prepared despite seeing lofty gains. it is the barron's cover story written by barron senior writer he joins us now. what the heck made stocks tank so violently. they're coming back but is it going to happen again. >> i don't know but a habit again. hopefully not this is a lot of whiplash on wall street read the volatility started a week earlier because of concerns about weaker manufacturing, weaker jobs reports. that sparked concerns that the federal reserve was behind the curve and needed to cut rates in late july and now the worry do they have to cut rates more

aggressively. you add the unwinding of the carry trade in japan which al will talk about what happened with the yen and people selling the magnificent seven. warren buffett, berkshire hathaway unloading some of the apple steak and continuing to unwind bank of america that added to the jitters but it's mostly about the economy and the sudden weakness that might be in the u.s. economy. >> i totally agree i think were seeing the pivot from bad news is good news to bad news is just bad news this is interesting the lower-than-expected jobs that started the whole train on the station. we will see the mixed-signal from the economy and that's going to happen in jobless claims. obviously at the start of the month those were a little bit down and that sent folks into a little bit of a worry signal but they didn't do so bad this week and help the markets rebound. we will definitely get the latest inflation next week that

may be the mixed signals but this will be something that we have to monitor and it could create volatility in the near future. >> economist told me this past week it's too late to panic we can skip panicking but what else should investors do. >> they can it on monday you to want to panic at a time like this. you want a levelheaded approach. this is the time to look at your portfolio and say i have a lot of apple and nvidia and meta and all the magnificent stocks they have been living up to their name in bed magnificent and to unwind a little bit of that and sell them invite things that haven't done as well particularly companies with strong dividends that can do fine in a slowing economy read staples, food, hershey's, campbell soup, they look attractive and some of the utilities not the ones that got the a.i. the backdoor nuclear trade companies like constellation and bistro there

probably a little too expensive you want, edison in any dividend paying stock when bond yields are coming down. paul mentioned the carry trade in japan. we don't have the blackboard of the financial calculator to tell us what do we still have to worry about. >> carry trade you borrow something and sell it and you take the money and buy something else with a higher yield with japan you sell a low yield and you take the yen and go to the bank to get your euros in your dollars and you buy whatever you want in europe and the u.s. everything works out great unless currency depreciates. the bank of japan raised interest rates and currency started to go up. it was a shock he wake up on monday morning and japan's index is down more than 12%. it is a panic you wonder what's going on. with something like this the real worry is contagion you find out. nap somebody hit the panic button it was liquidation, you worry about a bank that led to a

hedge fund and they're in trouble and their creditors are in trouble and you worry about contagion i don't think after worry about it, that japanese market only ended the week down 2.5% and everything calmed down people probably looked at their portfolio and adjusted. jack: bfa says don't expect an early rate cut before the next fed meeting that bond yields ever to come down, the mortgagor is coming down could that be enough to give consumers a boost even without the fed cut. >> s&l right now it looks like no we haven't seen that much movement in the housing american people who have phones have been refinancing the people still no market or sideline because while yields have come down housing affordability has been such a problem for so long it is not enough to move the needle. jack: would you refinance a mortgage. >> not right now we've seen this happen from anything from the fed and presumably we hopefully have that to come in the future.

jack: we have about 30 seconds. do bonds look attractive yields were as juicy what should we think about bonds. >> i think our government treasury bonds there are still opportunities on the long end because you're getting a decent yield and the appreciation as yields come down but i think were present looking a little bit more compelling investment grade and the highest end of junk you don't what to get too far into low credit quality companies but the double b.probably looks attractive and a couple of etf's, the tlt and one from vanguard long-term intermediate that is also very attractive at these levels. >> the least junkie part of the junk market if i understand correctly. thank you well teresa and meghan and al i s telling us how tesla is smarting up the self driving tech. stay rightt is sky there. ♪

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jack: i'm hearing a lot about robo driving in delays and should not do this for robo driving delays at tesla but tesla owners got a robo driving software update and you say is the most impressive one yet, tell us about it. >> i'm one of the tesla drivers. the reason behrens is sitting in their tesla writing these things is because the stock is about self driving cars and wall street's math is a trillion dollar opportunity read recently tesla delayed the robo taxi and witness can have the self driving cars competing with uber and the likes on roads they delete it and it sent the stock down but then they sent out the update and we've been testing

different versions of the self driving software for more than a year i've driven a thousand miles or let the car drive me more than a thousand miles. it's a really good driver. it takes me to work and back without me touching anything, very consistently new england roads with intersection it handles them. the message, people wondering why tesla stock is stable and the sales are falling, why is a p/e ratio expanding. right now it's about self driving. we will get to october and be ready to act what you have folks on. >> you and al teamed up to write about a stock pick do you want to tell us about in unison you can sing like i did earlier. why do you take this and tell us about it. >> talk about driving and moving our pick is parker hannifin not a household name but if you bidding anything that moves you probably enjoyed its parts a lot of people think of it as

industrial company that's not very exciting but the earnings are exciting new management and a lot of things that could keep the stock going up. jack: tjx, this is t.j. maxx, marshall's, home goods and spooky season is around the corner, they are going to kill it. >> spooky hot halloween. i did not know if that was a financial retail term, al, meghan and teresa. to read more check out this week's edition@behrens.com. before we go congratulations to our producer jenny bermudez and her husband nikola for welcoming their first baby a girl named teresa best wishes to the happy family. see you next week on "barron's roundtable". ♪ -officer: you better stop. ..