we'll focus on the portfolio evolution performance, portfolio characteristics and exposures. just some quick highlights, a reminder the role of the equity portfolio is to provide long term growth capitol and liquidity. it's 10.8 zillion, this representative 33.1 of the total plan. 2023 was a great year, we had strong absolute and relative performance. we had two and a half percent access return on the portfolio. going forward we're going to work with merser to upgrade the portfolio in construction and provide more details on that later. as you mentioned the long term growth, we had a great year last year. the 5-10 year numbers are in line with the benchmark, 2023 was great but 2022 and 2021 were a bit challenging for us. we'll talk about that later. 30-year return, ba'ath our benchmark at 7.4 percent. the second role for particular equity is a source of he liquidity to fund other asset class sxz meet our pension publication. public equity has raised 6.8 billion in net cash over last 9 years. and reraised --we raised a billion dollars. i'll now discuss the portfolio evolution.

and your mad money portfolio. please get to know yourself before you dumb down the rabbit hole of getting to know individual companies, something we always try to emphasize in the channel and investing club as you know. the bottom line, trust me. i get it, when you get excited on a particular stock you often want to dive right in. first you need to consider what you are trying to get out of the market. you don't even know yourself. the answer to that question is not going to be the same for everyone but everything else stems from it. you cannot make judgments about stocks, until you know what characteristics you actually are seeking. and, you value. tony in washington. >> thanks for taking my call. >> of course, what is up? >> when i was working and contributing to my 401(k), the only choices i had were mutual funds. i never made any real money until i started buying individual stocks. i don't understand why mutual funds is so popular. >> well, let's give mutual funds their due. there have been some that have outp

the investment was part of the spers portfolio. it did not make it into the printed materials that you have. we invested 10 million in fund 4. classified as a real estate investment within the real assets for the pole and our sixth investment with fortress. also invested in the fortress japan 5 under the delegated authority. we invested 57.5 million in opportunity 5 which closed on march 1, 2020. classified as a real estate investment within the real assets portfolio. finally, sustainable asset fund 4 under committed 80 to sustainable asset 4 of which 57.55 closed on december 27, 2023. the remaineding 22.4 million closed on march 12, 2024. this is an infrastructure investment wnl the real asset portfolio. >> question. those funding items that you just mentioned are they going to show up in the minutes but you didn't put them in the written report that we see? >> we will get them into the minutes and we can update the materials with it. >> with the policy change there, we should not look for it in your report? >> we can get the text

will that portfolio remained intact will brookshire get broken up?ht thing and what you think will happen? asbrookshire is an anomaly to a conglomerate when components are out of favor on wall street. united technologies broke up, big company like j and j and pfizer have sure division buffett wants to keep it together think there's a benefit to being a giant company given the earnings power the company's has in some other tax benefits. there could be pressure on the company to break up from activist investors or others in the post buffett era. >> how is warren buffett stayed? how is his personal brand stayed still strong over the years he's perform in line with the market for decades he is around 15 years older than two guys running for president we talk about them as being way too old for the job. my map said he somewhere between dolly parton jesus in terms of popularity i'm trying to be more popular, make some friends, how does he do it? >> he is done in his unique way. basically he said it takes 20 years to build a reputation of five minutes to lo

will that portfolio remained intact will brookshire get broken up?ill happen? abrookshire is an anomaly to a conglomerate when components are out of favor on wall street. united technologies broke up, big company like j and j and pfizer have sure division buffett wants to keep it together think there's a benefit to being a giant company given the earnings power the company's has in some other tax benefits. there could be pressure on the company to break up from activist investors or others in the post buffett era. >> how is warren buffett stayed? how is his personal brand stayed still strong over the years he's perform in line with the market for decades he is around 15 years older than two guys running for president we talk about them as being way too old for the job. my map said he somewhere between dolly parton jesus in terms of popularity i'm trying to be more popular, make some friends, how does he do it? >> he is done in his unique way. basically he said it takes 20 years to build a reputation of five minutes to lose it pretty spilt his over 60

will that portfolio remained intact will brookshire get broken up?u think be the right thing and what you think will happen? asbrookshire is an anomaly to a conglomerate when components are out of favor on wall street. united technologies broke up, big company like j and j and pfizer have sure division buffett wants to keep it together think there's a benefit to being a giant company given the earnings power the company's has in some other tax benefits. there could be pressure on the company to break up from activist investors or others in the post buffett era. >> how is warren buffett stayed? how is his personal brand stayed still strong over the years he's perform in line with the market for decades he is around 15 years older than two guys running for president we talk about them as being way too old for the job. my map said he somewhere between dolly parton jesus in terms of popularity i'm trying to be more popular, make some friends, how does he do it? >> he is done in his unique way. basically he said it takes 20 years to build a reputation of

will that portfolio remained intact will brookshire get broken up? what you think will happen? asbrookshire is an anomaly to a conglomerate when components are out of favor on wall street. united technologies broke up, big company like j and j and pfizer have sure division buffett wants to keep it together think there's a benefit to being a giant company given the earnings power the company's has in some other tax benefits. there could be pressure on the company to break up from activist investors or others in the post buffett era. >> how is warren buffett stayed? how is his personal brand stayed still strong over the years he's perform in line with the market for decades he is around 15 years older than two guys running for president we talk about them as being way too old for the job. my map said he somewhere between dolly parton jesus in terms of popularity i'm trying to be more popular, make some friends, how does he do it? >> he is done in his unique way. basically he said it takes 20 years to build a reputation of five minutes to lose it pretty

you can get eight to 9% on a leveraged loan portfolio or a high yield portfolio.de this thing out but i am curious though, because, we do have the jobs report on friday, joe. powell weren't out of his way to mention a hiccup in the labor force, right? we mad the .2 of a percent, that was surprise. no other major firm had 3.9% going. again i couple that with the bond market which is the canary in the coal mine. there are parts of this economy we used historically as indicators but they're not, we're not being fearful about any of it. >> no, we're not. up the thing is, mrs. come back to the fed, the fed wants to buy the optionality, in case something is weak they can pivot toward rate cuts. the inflation numbers have been a little bit better than the case a month or so ago. that is probably one of the reasons the bond market has not rallied as much as history suggests. we have 11 months before the first hike that is historically long. another reason why the bond market hasn't rallied. if the labor market weakens, it will be very interesting at the same time the infl

i knew that my portfolio would kill me if we got caught in a storm.de too much money all at once. so as the market lifted or as my performance was swinging too much to the upside, i'd pull back, sometimes fiercely, selling. >> sell, sell, sell! >> to prepare for that big down day just around the corner and it does prove to be just around the corner. sometimes the corrections never came, and i had toswallow my pride days later and maybe buy everything back that i had sold. but when we did get hit with a major sell-off, my hedge fund outperformed that my clients thought i was genius itwas discipline, preparation. plus, i'd been able to use that money to buy all sorts of high quality stocks into weakness look, we may not be able to predict when a storm is going to strike, but we do have a barometric readings that can help immensely where should you get your weather report well, i got one. i like to follow the proprietary market edge oscillator a terrific indicator i pay for it that tells us when the market is getting overbought and oversold whenever ther

it is in our portfolios, leading to the mid to value side. i think those are all opportunities for investors. katie: i did not know that bloomberg had a spinoff index. you will have to send me the ticker after the show. and you walk me through why that dynamic exists, why spinoffs are doing well? is there anything to extrapolate out of that? david: i believe so. over the last 25 years, spinoffs are a terrific formula to create value and small-cap stocks. you typically have a large company spins off a smaller company. now they stand on their own. they are no longer cash flowing to the bigger entity. it unlocks value. the large-cap investor may be cells off the spin. value is created. it is back on its treadmill. spinoffs historically are a terrific place to add value in the small-cap area. we know they are trading with some of the largest valuation since we saw small caps go on a five to six year run where they outperformed large caps. in has been a long time coming. but i think the ellsberg -- the iceberg is thawing in the small-cap value are

rotate you are rotating your portfolio? >> we are not rotating portfolio.otation in the portfolios for example, in our growth portfolio, we have meta down 12% pre-market we also have paradigm. you have a company down 7% year to date and guess what as of last night, that is looking like they reported good earnings and that is up 8% today. united rentals that is looking up 6% today. as of last night i'm seeing rotation within the portfolios equally interesting in our equity income strategy, we see ibm looking down 8% because -- by the way, i'm annoyed with everybody picking on ibm they beat on earnings and those were great they came in with better margins. again, they used a.i. a lot because there was enthusiasm in that maybe too much you see ibm down >> we will pivot away from a.i let's go to the report coming up today. 2.2% for gdp what do you think the possible deceleration means for the market does it mean to a selloff or has jay powell set up the narrative of rates will stay higher for longer. >> rates higher for longer i think a higher read would be neg

we look at the multifamily portfolio, the single-family, the public housing portfolio. we looked at what is the research that is out there that we need to pay attention to, are there things that hud is doing now by way of building more resilient housing that will help reduce insurance costs in months and years to come? and we have some wins just last week. we announced the new wind and storm damage insurance initiative from our office of housing that we think will help in terms of ways that hud is bringing its authorities to bear. >> so this is a focus. adrianne: absolutely. >> you been working this issue for about a year. adrianne: also things that we can do to meet the moment, many housing owners may not know when and if they can send additional information that increases the amount of funds that hud can provide them. there is a large issue, just like the insurance cost to begin with, and we are going to have a special session on that in the next month or so. >> great. another important topic, many of us were startled or surprised -- not pleasantly, when the members w

remember, i'm not just a portfolio manager. i'm a wealth manager. if i sell all of these magnificent names in my portfolio, i'm going to crush my clients in taxes. so, can i hedge them with some options in creating some ability to keep those names? maybe there's some upside. but if there's not, i'm going to get 12 to 14% income on the off chance. i'm okay with that right now from here on out for the rest of the year, frankly. >> what about small and mid caps? we'll make that the last one. >> yeah, i like small and mid. maybe a little bit more than adam does. i think, again, there's some opportunity there. you have to be careful. again, the russell 2000 has a lot of regional banks. >> yeah. >> a lot. and so, that's why -- >> biggest weighting, i think, is made up of regionals. >> it's why it suffered this year. we had a nice return on small caps in december. they were up, like, 12%, i want to say. i think there's legs in that area. but again, be picky about what you own. >> okay. that's the bottom line statement for everything. be picky about what yo

>> 60/40 was not a great portfolio because equities go up with bonds.t was a good portfolio because when equities don't work, the bond market works. that will still be the case. the reason why equities have held up so nicely in the face of rising rates is growth. you actually have seen since the beginning of the year the s&p 500 making the all-time highs with the rates rising. i assume if the equity market now has a sharp correction, the bond market could buffer you. geopolitical shocks and all kinds of shocks. there is a better place for 60/40 and return you can expect. to answer your question, how do you make your portfolio robust right now? you want to think about inflation protection. we said it in the past that you think about allocations to real assets. think about tips. the tips market yields are 2.2%. depending on where you look. that is a pretty attractive curve and breakeven inflation is below where we are realizing. you can argue inflation protection and assets like infrastructure and what i have said in the past is the dollar becomes a core

portfolio diversification is key.his stock is down. >> it can do that. >> it can do, that and it's very volatile. again, it's a crowded trade. a lot of the momentum stocks, momentum investors and hedge funds have it b , but it's a fabulous company. >> we'll get to the microscalers. microsoft, and amazon will be reporting over the next couple of weeks. what do you expect to hear from them in terms of caps? i wonder if some of these computation issues who go -- all of them developing their own. >> you've got to watch for a couple of things. the stock ran when meta said, we are going to be buying all the chips from nvidia, et cetera. what we're probably going to hear from all of them is they're going to say, we're going to produce our own chips only because they don't want to be paying the prices that nvidia is charging. there's nobody else to buy these chips from right now, and intel is starting to see -- it's a game of catchup, but by that time, nvidia will be one or two steps ahead. so it's just pricing and how much o

some portfolios take up to six months. sometimes a year or more.you are based in brooklyn but are you in other cities? marshall: we are 95% in new york . we have been building a platform to deploy at scale to third parties in finalizing the platform and start releasing two other partners in austin, berlin. katie: you talked about investors. where are you right now when it comes to expanding your business? you have 40 employees or so are you trying to raise more money? marshall: we are. we are releasing a newer product that bridges the gap between oil and fuel-based heating to electrified heating in a manner that works how the building operates and transitions. katie: we spend a lot of time on codices but what other products do you have currently? marshall: one of the things -- i am an enormous nerd and environmentalist and i care about decarbonizing everything but especially buildings. there are significant barriers to electrification's. in europe. if i have a furnace or boiler and i won't do anything with it until it dies. it usually dies in the w

a new cooperation agreement is already in the portfolio; the minsk free economic zone has signed eightents with russian colleagues. national agency for investment and privatization of belarus and associations russian clusters also signed cooperation agreements. thus, the groundwork has been created for the further development of industrial cooperation. connections between our countries, alina loppo will tell about the route of the russian business mission to belarusian workshops. this is a hydropneumatic source of seismic waves. the technology carries out exploration and exploitation of oil and gas fields, coal deposits and other minerals. they say at the enterprise that the thing is specific and narrowly focused, belhydraulics is the only one. driver, by at least in a union state for sure. previously, the leaders in this matter were exclusively french and italians. about 7 years ago, belarusian engineers mastered the technology. now the level of source localization.

dan niles, portfolio manager. dan, great to have you with us. talk a little bit more about this potential impact, does it complicate a soft landing narrative? >> i mean, it does and it doesn't. on the negative side, it obviously does ahead and feeds into inflation. so, you know, you transport all your stuff to your grocery store, you fill up your gas tank, you heat your home. so that's a bad thing for the inflation numbers coming out. but the fed's also, to some degree, part of the reason why inflation is as high as it is, the consumer is pretty strong, you can argue that's because of the stimulus left over from covid. but you are spending more at the pump and spending more for milk and eggs, et cetera. so i think it's a push-pull on that, but i think it feeds into the narrative that the economy is pretty strong, and it's just one of the things you're going to have to deal with. >> dan, when do you start to worry if we see oil prices go higher? >> well, i think you look to the markets to understand that. but i think you're going to get an import

how are you thinking about debt in a portfolio now?> you are raising that consideration between yields and spreads. that's a real conundrum for investors because yields and future returns on fixed income, they want to make sure you getting jazz you are getting compensated. when we look at the fixed income landscape, we like the much improved deals we see relative to the past few years. we are taking a look at the treasury yield curve. that's all above fair value and that's historic. with investment grade spreads being so tight and high-yield spreads being tight, we think we can capture yield in the treasury side of things even within the hard currency emerging -- emerging-market side of things without taking a massive amount of spread risk. once we look at investment grade, we feel that's when it's at its worst. katie: are you more comfortable with credit risk? >> fundamentals are quite solid and the spreads are type it you are not looking at falling apart companies. there is some amount of spread risk. for duration, we are at the shor

katie: once you get to 100 companies, how will you wait the portfolio?ill it be equal or some version of market cap? >> we take into account market cap and we will wait into two sectors, one is the $10 billion companies and the other half will be the 750 million-seven or $10 billion companies. katie: you see a lot of opportunity in the space and you have others pursuing something similar. you are publicly listed and you are traded as an equity. how big do you think this market could be, this opportunity for retail to invest in private companies when you say five years in the future? >> i think it's massive. i think there will be a lot of people industry looking at this saying this has the potential to be a better product for venture. over the last decade, a lot of venture has sold beta exposure is alpha and charged two and 20. in the long run, is not just individual retail investors but institutions that can have a liquid product and invest in the private markets. katie: do you have any concerns about whether individual investors should be in private com

charles: quick percentage of your portfolio. >> more than 50%.s. does it matter which administration wins because my greatest fear for cryptocurrency particularly bitcoin is u ltimately the u.s. will try to outlaw it. >> they may. don't think they'd be successful in doing that and in countries around the world and outlawed the ownership for trading the asset and adoption has gone up and it's pretty interesting and i don't think the administration necessarily matters and other than both administrations matter and republican and democrat g oing to be the way and both republicans and democrats and they continue to contribute to the national debt and continue to contribute to that. charles: they contribute to the debt evaluation and they get a chance particularly having control of congress and the white house is going to do something and block this thing off and not concerned about that . >> i think larry fink and a bunch of people on wall sprite would have a different opinion and see who wins that battle. charles: next step, where we g oing now? kee

a new cooperation agreement is already in the portfolio.ed eight partnership documents with russian colleagues. the national agency for investment and privatization of belarus and the association of clusters of russia also signed cooperation agreements. thus, the groundwork has been created for the further development of industrial cooperation and business ties between our countries. about the route of the russian business mission to belarusian workshops. alina lapo will tell you. this is a hydropneumatic source of seismic waves. technology makes it happen. work on exploration and exploitation of oil and gas fields, coal deposits and other minerals. at the enterprise they say: thing specific and narrowly targeted belhydraulics is the only manufacturer, at least in the union state for sure. previously, the leaders in this matter were exclusively french and italians. about 7 years ago, belarusian engineers mastered the technology. now the level of source localization is about 80%. we are actively developing and mastering new types of products

you need to anticipate as a portfolio manager.tfolio managers that say you need staples in this environment, i don't think so. you may look at some selective utilities but generally speaking, there are better places to be overweight and that's where we are, avoid text, energy, materials and industrials. katie: would you say you are underweight staples or that is not the sector you want to be heavy in? >> we are definitely underweight staples. at the moment, we are underweight electric utilities as well. couple of interesting names we are looking at that will be beneficiaries of the ai cloud computing boom but a lot of those names we have already run so we are late on that one but we are waiting for an opportunity to get in. katie: we will take a quick look at what's moving underneath these markets with bailey. we start with the data leak? >> i am an at&t customer so hopefully my information is not out there but at&t is down 1.7% after the company said 70 throw me -- 70 thrilled -- 73 million accounts were leaked onto the dark web.

a very healthy portfolio there of arr-type businesses, which is what wall street loves.he annually recurring revenue model coupled with, i think, a significantly stronger ipo market, and the market side this year, i think you have a double barrel shotgun approach and it works to 76. i am long. i like the technicals and i like the fundamentals. >> jason, quick on amex. deutsche says it's a good place to hide. the safest place among the card issuers. >> i like the consumer they focus on. credit quality is strong and plays well in that space. i think, for me, as i look forward and i look at the quality of the consumer and where business travel is starting to grow. i think it's my favorite. >> a good day to hear from mike santoli. every day really is, but especially today given this second inflation print. a lot of fed speak. the market is acting interesting. we'll talk to him next. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. encore energy, america's clean energy com

peter: 75% of the portfolio is fixed income. in this new interest rate environment the investment income is going up. the remaining portion will be a form of alternative investment, such as private equity or commercial real estate. that is on very conservatively. we are not going to win just the investment income, you need to make an underwriting profit. we balance both very well. david: i should say private equity, my own firm has a relationship with aig. you can't put too much money in private equity, right? your investment professionals cannot put too much money in that area, right question mark peter: absolutely, they do a great job. david: in terms of investment returns, are all insurers making money both on investment return and on premium underwriting? is that basically the core? peter: the business is making underwriting profit and it's on the investment side. david: it's often said lloyd's of london would insure almost anything. are there things you won't ensure if somebody says i'm worried about my wedding being rained

peter: 75% of the portfolio is fixed income. this new interest rate environment the investment income is going up. the remaining portion will be a form of alternative investment, such as private equity or commercial real estate. that is done conservatively. but we are not going to win just the investment income, you need to make an underwriting profit. so we balance both very well. david: i should say private equity, my own firm has a relationship with aig. you can't put too much money in private equity, right? it investment professionals cannot put too much money in that area. peter: absolutely, they do a great job. david: in terms of investment returns, are all insurers making money both on investment return and on premium underwriting? peter: the business is making underwriting profit and it's on the investment side. david: it's often said lloyd's of london would insure almost anything. are there things you won't ensure if somebody says i'm worried about my wedding being rained out or something like that? is there any insuran

i want to talk about your portfolio as it stands now.completed 58 acquisitions since the 2006 ipo. how do you feel about the size of your portfolio? 58 is probably a good number? or in this environment are you looking to add or subtract? elias: along with the acquisitions we do, we do divest as part of our strategy of businesses. today we own 10 subsidiary companies. we think that that is a good number. we have the capacity to own more. the m&a market today, especially in the middle market, is weak. this has been going on for the last 24 months. our competitors, traditional private equity firms, are struggling to find access to financing, especially debt capital financing. as a result, it puts us in a great position to acquire, because prices have come down given that supply and demand dynamic. we generally have a bullish outlook as far as being out the risk curve and equities. there is all ofthis talk about ai . i think it is real and we are at the beginning of that. if ai can unleash productivity benefits that we expect to come into th

. >> that is a stock that you know, it is a core name of the portfolio.o you buy stuff like that individually and that is kind of what you want to look for. charles: i want to look at some individual ideas. i want to get before that. you had two narratives coming into this year. last year, i always remind folks this rally was sparked on the notion of seven rate cuts, right? we've whittled that down to three rate cuts. still the rally hasn't missed a beat. now the narrative hey, the economy is strong. from you, from your perspective, would you rather see the market rally on weak data, that means more accommodative fed or stronger data, that means maybe the fed stays higher for longer but you do have the organic growth that can power the bottom line? >> your second argument is what i want to see. i don't want to see the fed cut-rates because what that suggests to your point they're only cutting rates because the economy is weakening. that is not what i want to see. i would rather see a robust economy and leave rates right the way they are. which by the way

but the question if you're building a portfolio the average investor will not put 100% of their portfolioarious portfolio constructions et cetera, take a couple non-core lated assets put them together and have a portfolio that should do well over time. bitcoin tends to be very low correlation or no correlation to traditional assets. it goes a lot and. if you gamble or trade this thing you will probably not do so hot. if you learn to buy an asset, hold for the long term, bitcoin is good for investors. i think it continues to do that moving forward. charles: 30 seconds, having thing we talk about before, could that be sell on the news kind of even? >> bitcoin goes up a lot day-to-day, if people are looking at that anything can happen. price can go up, sideways or can go down right? i think the having a classic economics 101. cut the supply from 900 to 450, we don't need demand for the price to go up. need demand to say the same, cut the supply in half. the price should go up t will not go up overnight. it will take a few months in order to work in the market. people should expect to six12 m

peter: 70 5% of the portfolio is fixed income. this new interest rate environment the investment income is going up. the remaining portion will be a form of alternative investment, such as private equity or commercial real estate. that is done conservatively. but we are not going to win just the investment income, you need to make an underwriting profit. we balance both very well. david: i should say private equity, my own firm has a relationship with aig. you can't put too much money in private equity, right? peter: absolutely, they do a great job. david: in terms of investment returns, are all insurers making money both on investment return and on premium underwriting? peter: the business is making underwriting profit and it's on the investment side. david: it's often said lloyd's of london would often insure. are there things you won't ensure if somebody says i'm worried about my wedding being rained out or something like that? is there any insurance you won't provide? peter: we are specific in terms of what we want to underwri

but we do have 2% to 3% exposure in portfolios. annabelle: homin lee, senior macro strategist, thank you very much for your time. still ahead, we discussed the upcoming bitcoin housing with emergent next digital asset insights. here why they think it is already well priced in. bitcoin trading back towards this year's highs. first, the latest on the german chancellor's china visit as beijing pushes back against pressure to rein in his country's powerhouse industries. details next. this is bloomberg. ♪ en you own a small business every second counts. 120 seconds to add the finishing touches. 900 seconds to arrange the displays. if you're short on time for marketing constant contact's powerful tools can help. you can automate email and sms messages so customers get the right message at the right time. save time marketing with constant contact. because all it takes is 30 seconds to make someone's day. get started today at constantcontact.com. helping the small stand tall. you know what's brilliant? boring. think about it. boring is the

we look at the multifamily portfolio, the single-family, the public housing portfolio. we looked at what is the research that is out there that we need to pay attention to, are there things that hud is doing now by way of building more resilient housing that will help reduce insurance costs in months and years to come? and we have some wins just last week. we announced the new wind and storm damage insurance initiative from our office of housing that we think will help in terms of ways that hud is bringing its authorities to bear. dennis: so this is a focus. adrianne: absolutely. dennis: it sounds like you have been working this issue for about a year. adrianne: we wanted to make sure we were thoughtful about what we can do and to really look at things that are required and also things that we can do to meet the moment. many housing owners may not know when and if they can send additional information that increases the amount of funds that hud can provide them. but there is a larger issue, just like the insurance cost to begin with, and we are going to have a special se

what is the club consider adding a rita to the portfolio to increase the portfolio diversity? if so, with the timing be related to interest rates coming down due to the federal reserve cutting rates? yes. i'm very interested in simon, and i'm very interested in tanker. and i'm very interested in federal realty. all three of those things work for me at situations that i might want to buy. thank you to all of our fantastic club members who sent in the questions. let me say a couple of things. one, yes i did have to recommend buying it. you can say being a member of the club. how about this? jim spends a big much of his life working in the club. so, he feels part of it. second, i do like reading her names. i like to see on the street. why? because i'm just another guy. if you like the stuff coming at you like what i do i am thrilled. i hope you sign up, and mad money is back after the break. >>> coming up, hit us with your best shot and to electrify fast power lightning round is next. the future is not just going to happen. you have to make it. and if you want a successful busine

peter: 75% of the portfolio is fixed income. in this new interest rate environment, the investment income is going up. the remaining portion will be a form of alternative investment, such as private equity or commercial real estate. that is done very conservatively. we really are not going to win on just the investment income. you need to make an underwriting profit. we balance both very well. david: i should say private equity, my own firm has a relationship with aig. you can't put too much money in private equity, right? your investment professionals cannot put too much money in that area, right? peter: absolutely, they do a great job. david: in terms of investment returns, are all insurers making money both on investment return and on premium underwriting? is that basically the core of the business? peter: i think generally the business is making underwriting profit, and it's on the investment side. david: it's often said lloyd's of london would insure almost anything. are there things you won't ensure? if somebody says, "i'm

i have a portfolio of over 100 companies and i have a 24-person team.es. caroline: many of -- many would know. is that the type of company want to get into? tell us the thesis you want to get into. kevin: there are a couple different groups we are focused on. ai is important. i started a company called radical that is focused on ai for material science. it is a very specific and technical area. last year we started a company in assisted fertility. 20 years ago none of our friends were having their eggs frozen. it will continue to grow. we have a big health care portfolio. mental health areas in particular. psychedelics in particular. one company has raised over $50 million. the point is there are pockets and things to be done. technology continues to change the world and make it a better place and we want to recognize these ideas and help build these companies. ed: kevin, you called them pockets but i recognize outliers of activity. you see a lot of rounds being done in ai. i am seeing some in industrial technology. i guess the commonality of the last 1

joining me right now to discuss it is nice' portfolio manager -- niles' portfolio manager dan niles.great to see you, thank you so much for being here. what is your take on the federal reserve? we saw some good numbers on jobs, and a lot of people are questioning whether or not the fed has so much room to cut rates, and the market is expecting three rate cuts this year. >> yeah. i mean, i think it's a coin flip on whether we get one or two rate cuts this year, especially after this jobs report and where energy's sitting. for miss -- us, we're taking this day by day because so much things on where oil prices are because oil prices feed into with everything from the milk that's shipped to your grocery store to plastics and everything else. watching oil, which is up 20% roughly year to date, that's the biggest linchpin of what the fed decides to do. as you know, a lot of that's geomid call -- geopolitical, so i think you have to take this day by day. maria: a great point. in fact, when we were teasing you were coming up, i said this is the one thing that dan niles thinks is most importa

take advantage of that in your portfolio. this is some of the best return opportunity we have seen in fixed income. sonali: thank you both very much and is complicated market the house announced they had enough he drove votes to advance and aid package for ukraine, including a provision to force the parent company of tiktok to divest. what do you think of the events of the weekend upcoming? kailey: what the house did today was pass a procedural vote that will allow final passage for this $95 billion foreign aid package throughout the day tomorrow, saturday, four pieces of legislation with $60 billion in military aid to ukraine and another with aid for israel and another for the israel pacific -- indo pacific. and then taking the frozen russian assets that can be used to advance the effort, including the tiktok bill allowing bytedance up to one year to divest or be banned. this was passed with a massive high partisan majority. 304 -- 3016 for. because of that, mike johnson faces a threat to his ship. marjorie taylor greene has

i have a portfolio. i have cash on the side.what happens when we test that level. does it hold or does it not? charles: freight stuff, kenny. thanks a lot my friend, talk to you real soon. >> always a pleasure. thanks, charles. charles: i want to share a special message about "becoming unbreakable." later in the show i got some things i want to share. heard some amazing feedback. don't go away. thanks. ♪ to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need some big help. and chase ink was that for me. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. make more of what's yours. charles: all right, folks, the pantheon of cool has legendary names, newman, mcqueen, miles and now let's add greenhouse, as in dan greenhouse who is as cool as the other side of

bring in quadratic interest rate volatility, etf portfolio manager, nancy davis. landing. by now do you think he might have made a mistake, the fed made a mistake in telegraphing all those rate cuts? >> yeah, definitely. the fed is really backing off of that. they're pivoting from their pivot, right, charles? they're trying to back it off because the data has been really strong. i think regular people still feel a lot of inflation in our day-to-day lives. i think you said it well. it is really a story of the have and have-nots right now. charles: you also mentioned, periodically this word comes up, stagflation, potential of it, maybe bubbling up here, what is it, what would it mean for investors? >> so stagflation is definitely not great for investors. it is a very dirty word. it is essentially, a made-up word that happened in the '70s and '80s when you had high inflation but low growth and stagflation has historically been a disaster, a la, 2022 when both stocks and bonds sold off together. stagflation is bad for code. credit spreads are incredibly tight, when yo

barbell portfolio. 25% short, 25% long. go into stocks. bet a buck bond market will beat the stock market. charles: really? end of the year? >> i will take that. charles: on record a buck. i got a buck. need you to hold this for me, jason. let me talk about your picks here. uber, progressive you talked about a little bit and ford. what is going on with uber? snook look at double-digit earnings growth. looking at cashing flow increased from price to earnings ratio. they're final thinkly there. 35% total sales. charles: what about profitability? they always had problem with profitability. >> they're now, at ebitda basis fancy term after all costs making money. i think in the growth aspect it is really exceptional. this is my tech play. i always like to balance you out. i talked about progressive from a cash november and profitability they're crushing it. where else do i get 5% dividend, single best truck company that will make an ev truck. charles: i think the reason the stock is moving now, they're putting ev on the shelf. >> exactly. but t

i would like your opinion on my portfolio. they may come back like the chiefs who fell apart like the cowboys. i appreciate this market. my top five stocks are geiser, ford, disney, shop say, and wells fargo. jim, am i diversified? >> first of all, for a moment there, i was just going to bless it anyway because of what you said about the cowboys but i still have to drill down. maybe one day when i worked for nbc sports. so ford is going to have a major earnings breakout. why? because of the hybrids they have. pfizer, we have got a pharma company. not good earnings. wells fargo. reports friday. the disney company, we are going to stick with that. and slb. i always liked slumber-jay. hail to the chiefs is what i say. hail to the chiefs. let's go to debbie and pennsylvania. debbie? >> hi, jim. my husband and i have enjoyed watching you from our small town just outside of hershey, pennsylvania. >> my wife is not that far from you. what is going on? >> it is pretty good. >> all right. let's go to work. >> i own apple, engine, disne

brokers, what are the portfolio companies, should we check these and give the answer? almost now, these queues have disappeared and we are almost up-to-date to provide these reviews and licenses, which was to provide better services to the shareholders, if we remember. ok, 2019, especially shareholders with serious problems. in providing services , we are faced with the services of brokerage and portfolio management companies. well , the next issue was the discussion of providing the necessary tools to economic enterprises for financing, which we also paved the way for the discussion of joint stock companies in the project for the participation of shareholders. big projects that paved the way last year, even though we had turbulences in the capital market , we had two relatively good examples of companies coming and financing . it was a small and completely small number of people to attend an example of a company where 10,000 people came to an initial offering and a joint stock company to participate in the project, which, god willing, will reach its final exploitation

i've also added some gold to the portfolio and to our view. if we're wrong on everything else, gold seems to be the beneficiary historically. if we were more hip, we might think about bitcoin, but we're just not that hip around here -- [laughter] we also like a little bit of duration. i know that rates moving the way they are starts to worry e people, but historically being 3-6 months early on a duration call is the right place to be. showing up on time you get penalized pretty hard, pretty quick. so we're taking some of our proceeds and starting to extend out in that base case. could be surprised by the fed, though, in the section six months and react accordingly. kelly: don't sell yourself short, alex, you're hip. come on, you're on "the claman countdown." telephone, i know you are loading up i on one stock in particular that is all about drones and guns. what is it and why? >> symbol is abab. it's a -- it's our largest position, and we've been leveraging into it. it jumped from 125 to 182 on their last earnings. they're all about drones and

obviously, all of this is important to humanity and your portfolio. and my takeaway on the political follow hi of trying to put a happy face on illegal immigration. all that and so much more on "making money. ". ♪ ♪ charles: all right, so the jobs report came in better than expected. while that's no shocker, i'm sure you saw my commentary yesterday. listen, the fix is always in. i will say this, this one's a good number particularly for the stock market and corporate earnings. in fact, some say they felt the earth move under their feet when the number came out, hence the market's reaction. okay. i suspect that average hourly wages, this may be your key, right, to maybe the fed still cutting in june, down to 4.1% if 4.3%. in fact, if you annualize the monthly gain, it's up even less than that. so that gives the fed maybe if they still want to cut to start some point this year, it is unlikely that a june cut is going to happen. certainly as it becomes slimmer officially, this is what's happened immediately with the cme fed watch, the probability of rate