they are doing. >> house of mouse, disney. this is your pullback. get in there under 90. >> it has been a great week. hope all of you have enjoyed it. we will see you on the other side on monday. that does for us. "power lunch" starts now. that is a picture of investor ron baron. >> when he speaks people listen. he says stocks will double. sue and tyler are out today. >> here is what mr. baron said earlier on squawk box this morning. >> in my lifetime they have doubled every ten years. i think that will continue. from the levels we are at right now which is the median valuation, 15 times, it is normally 10 to 20 i think that is the case. the reason they have done poorly for the past 15 years is because

they were too high in 1999. 33 times to 15 businesses have grown now you are at a pretty good level. >> is ron baron right? let's get straight into the conversation. and bob pisani here on the floor. we want you to weigh in. do you think stocks will continue to climb? go to cnbc.com/vote and weigh in. what is your take? >> i absolutely do. i think we are in the middle of a secular bull market. i have known ron baron for almost 30 years. he is one of the most asitute players. he had a v bottom as much as i believe boughtps are processes as opposed to points in time. stock market did bottom out. we had technical and fundamental confirmations of the rally.

advance climb line. seasonal and structural reasons to think the market goes up from here. >> just as a question of math to double over five years is only about 8% or 9% compound interest. >> he is talking about a decade. you are right. >> doubling over. >> 12% to 15%. >> about a 7% increase every year. that is a historic norm. typically what the s&p would go. for ron ron baron's fund has outperformed. he has been a bull for a long time. he is one of the classic long-term buy and hold guys. 5.8% unemployment right now. interest rates at historic lows. the market is up. >> i don't know if you can bet on that. the biggest argument against this is that this rally over the last few years has been fuelled

by rock bottom interest rates, massive quantitative easing and stimulus. that is not a guarantee. we are done with qe. what comes next is higher interest rates. can't that kill the rally? >> what we think comes next is higher interest rates. i'm not convinced the feds going to move next year. the inflation data going in the opposite direction. there is no real reason for the if ed to move prematurely. the rest of the world is deflating and desperately trying to reflate so if we got rock bottom interest rates in 60% of the world right now and other countries and areas are trying to get things going that is positive for stocks -- cyclical factors.

the october to april holding period. all of that is favorable for stocks, as well. >> it's good to see you on this, our 21st anniversary. let's lock in the viewer vote. 59% said yes, 41% said no. >> a bullish sentiment indicator. berkshire hathaway set to release information today. get this, over the last four months the value of mr. buffet's holdings in ibm alone has gone down a billion dollars. the rest of the portfolio has done better. >> if you take a look at ibm, no secret the slide in ibm shares has hurt warren buffett. ibm shares are down 10%, 11% just since the end of the last quarter. this is june 30 we are talking about. down 11%. if you translate that into what is happening with the berkshire

portfolio and ibm specifically they had as of the end of june about 70.2 million shares of ibm stock. now, if those shares went down by the value that we just showed you you would have seen a market value right down or market loss of $1.4 billion. it's a big, big deal for ibm. we know they don't often trade around these major positions. you can expect them to maybe hold this for a while. we will find this out next week when they put latest results out. if you take a look at other stocks in their portfolio, the big ones, exxon mobil, no surprise there. oil prices going down. not by as much as other energy companies. wal-mart shares have managed to gain about 3.5% since the end of june. check this out. proctor & gamble up 13%. all these are of these stocks

are ones that are at least big parts of the portfolio. if you tally all of the portfolio losses and gains right now he has lost about $700 million in market value but that equates to only about 70 basis points. he is down less than a percent during that time. it is all about diversification with the berkshire portfolio. while the economy in this country is getting better a lot of the indications are that europe is finding it difficult to improve at all. the rally driven in europe by yesterday's ecb meeting has certainly disappeared. michelle caruso-cabrera on why european stocks aren't holding the gains despite talk of qe on the other side of the pond. >> and the particular focus here on european bank stocks which are declining again today. they did yesterday even in the middle of the rally. they are down for the month. when you look at the european bank stock index. based on recent events you might have bet they were going to do

better. just yesterday mario draghi said there is unanimous agreement to use instruments if necessary to change the inflation picture. the results of the bank test came out and were supposed to put to bed whether banks of europe need more capital. speaking with market participants they think there are doubts that germany will permit -- >> we have breaking news. we need to get to the breaking news desk for that. >> reporter: hi, simon. judge steven roads, detroit will emerge from bankruptcy. he approved the city's historic restructuring plan to end the largest municipal bankruptcy in u.s. history. detroit in the space of about 15 months is getting rid of about $7 billion in debt. there is another 1.5 billion or so tacked on to improve city services, new development for the downtown.

the detroit heart institute -- >> let's go to washington. for running very strong campaigns. as i also said the day after the election, what we have seen now for a number of cycles is the american people just want to see work done here in washington. i think they are frustrated by the grid lock. they would like to see more cooperation. i think all of us have the responsibility, me in particular, to try to make that happen. and so this gives us a good opportunity to explore where we can make progress on behalf of the people who sent us here. the good news is today we saw another good set of jobs numbers. we now have 56 consecutive months of job growth, more than 10.6 million jobs have been created and the unemployment rate is down to 5.8%. so business is out there

investing, hiring. the economic indicators are going in the right direction. as i travelled to asia for the g-20 summit i will be able to say we created more jobs here in the united states than every other advanced country combined. and they notice that we are doing something right here, but what we also know is that the american people are still anxious about their futures. and that means that what we can do together to ensure that young people can afford college, what we can do together to rebuild our infrastructure so we are competitive going forward, what we can do together to make sure that we have a tax system that is fair and simple and unleashes the dynamism of the economy, what we can do together to make sure that we keep the progress that we have been making in reducing the deficit while still making the investments we need to grow, those are all going to

be areas where i am very interested in hearing and sharing ideas. the one thing i have committed to both speaker boehner and leader mcconnell is that i am not going to judge ideas based on whether they are democratic or republican. i will be judging them based on whether or not they work. and i am confident that they want to produce results, as well, on behalf of the american people. i appreciate their grace coming here. i am looking forward to giving updates on progress we have been making on issues like ebola and isil. there will be specific work that has to get done during the next several weeks before the new congress commences and my hope is that even as we enter into a new congress the previous congress has the opportunity still to make progress on a whole bunch of fronts. i'm confident we can get that

done. thank you again. and that was president obama moments ago surrounded by some of the leadership in congress after their lunch meeting. clearly the president was touting the progress that he has seen in the labor market. any indication how the lunch went. >> you may have heard the high water mark for congressional relations for the rest of the term. the members of congress sat silently while the president talked. there are some modest things they will be able to agree on. they will keep the government open. i would expect they authorize military force against isis and will probably be an appropriation for ebola and maybe trade deals in the second term, perhaps something small on infrastructure. the big ticket items talking about comprehensive tax reform, entitlement reform, immigration legislation, i think it is

extremely unlikely the two sides can bridge their differences. on some of those like immigration the president is intending to act on his own and republicans are predicting quite a back lash. i think there are fireworks to come but today is not the day for those. >> a dose of realism from outside the white house lawn. we want to go back to detroit with that major decision on bankruptcy. sorry to cut you off. we were hearing from the president. >> no problem, at all. this is a major event, though, for the city of detroit and also for cities across the country, municipal bond investors, remember that is a $3.7 trillion market. this sets a precedent for that. detroit is going to be able to emerge with a new lease on life from this largest bankruptcy in u.s. history. as we said judge rodes who presided over the case like

clockwork along with mediation worked out a number of deals with detroit creditors and labor unions who opposed the bankruptcy because it would mean very large scale cuts in pensions. they will get pension cuts but cuts of only about 4%. the bond holders will receive a bit of a hair cut, up to 75 cents on the dollar. the municipal bond insurers who objected almost to the end ultimately reached a settlement with the city where some will be able to develop some prime river front land. you can see behind me there are a couple of protesters on the sidewalk here. when this case unfolded last july these streets were lined with protesters, people saying that it was essentially a hostile takeover of the city. now not only are they resigned to the resolution but the city has what it has been looking for for decades which is a new lease on life. >> it is a momentous day as the

judge has approved detroit's bankruptcy exit plan. thank you for bringing us that move. back to the markets now with the dow up 13 will a strong u.s. economy and strong dollar be a catalyst for the year end rally? with us craig columbus, ceo of first asset management. craig, i find your take interesting, strong dollar, you say is actually a catalyst for stock market gains to continue. most people are saying the opposite because it cuts into overseas earnings. >> if you look at the dollar corrected about 25% from 2002 until 2011 we only gained about half of that. it makes it more attractive for foreign investors and makes the notion of a yen carry trade misguided. it puts risk back into the market. as a consumer tax cut just in time for holiday spending. that i think is the big deal. disinflation because lower

inflation puts the fed on hold for longer. >> that is certainly an interesting one. what is on your holiday shopping list? you have a few key sectors that you are buying right now. >> you have to look at the season ality. clearly you dip your toe in there. it is the best time to be in the markets. history shows in a four-year presidential cycle europe 15%. economy will accelerate. you want to be in industrials and energy and sectors that are sensitive to economic acceleration as we enter the end of the year. >> gentlemen, thank you. good to see you both. let's go to dominic chu for a quick "market flash." we are watching shares of fresh cut surging in market debut priced 10.4 million. fresh pet sells cat and dog food made fresh. they use refrigerators installed in pet stores and grocery

retailers. those stocks up by 33%. in a programming note fresh pet ceo will be live on "street signs" here on cnbc. thank you very much. take a look at this. november 9, 1989 the day the berlin wall came down. 25 years ago allowing east germans to cross freely to the west for the first time since the second world war. today germany will kick off celebrating that anniversary by placing lights where the wall once stood. josh lipton with a look at robots helping to solve the ebola crisis. >> simon, today some of the best and brightest scientists in the country are gathering to try to find ways in which robots can help fight this ebola outbreak. i'm going to have that story for you when "power lunch" continues. bank 24/7, but there are no branches? 24/7 it's just i'm a little reluctant to try new things. what's wrong with trying new things? feel that in your muscles?

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welcome back to "power lunch." big oil companies are moving higher on the day as oil prices start to rise. exxon mobil and conoco and hess up. today germany begins celebrating the 25th anniversary of the fall of the berlin wall by placing 8,000 lights where it once stood. the border of lights project

will run across the wall that divided east and west germany. it will be on display until sunday, the actual day the wall fell allowing east germans to cross freely to the west for the first time since 1961. the debate is raging as to whether that was the launch of the euro. speaking of germany last week we told you about grocery chain aldi expanding right here in this country. the discount supermarket operator purchasing bottom dollar real estate including 66 bottom dollar food stores in the philadelphia, southeast new jersey and greater pittsburgh area. shares of the retailer are trading at 1%. >> got some momentum plans to open 1,300 stores in 32 states. for years we have been using robots to help us with dangerous jobs like diffusing jobs,

repairing international space station and now robots may have a role in solving the ebola crisis. josh lipton has that story. >> reporter: specialists in robotics are gathering at the white house and at three universities including the one i'm at here, uc berkeley. their mission is to figure out ways in which robots can be used to fight the deadly ebola outbreak. >> the idea is to think about what are the technologies that can be used in the near term to assist the workers and patients and also what are the research needs for the longer term. >> so what are some ways robots could be used? physicians could use robots to diagnose patients remotely so limiting their own risk. you could see robots decontaminating hospital rooms and robots potentially able to insert ivs. >> the robot, for example, you can imagine you would bring

something near the arm or hand and it would be able to scan with infrared or ultrasound and position the device to insert the needle. >> reporter: so you can see how that would have a lot of application for health care workers who have to don that protective gear, makes handling needles a lot more difficult. there are challenges with using robots in general. the only robots you could use would be ones you can sterilize with heat and gases. robots often have delicate motors. robots could be part of the solution for this devastating disease. ebola has killed some 5,000 people according to the world health organization. >> interesting story. thanks very much for bringing it to us. a volcanic eruption caught on camera. it is incredible video. if you think the eruption was cool wait until you see what happens next. we will play you the entire video straight ahead.

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amazing video making its way around on the internet. a guy on a boat had a camera pointing towards volcanos when all of a sudden eruption, it was all caught on tape. take a listen. >> it's coming. >> amazing stuff. it happened several weeks ago but the video was just now posted. more layoffs coming at jp morgan, the bank slashing 3,000 more positions than previously expected. trans ocean taking a $2.76 billion charge against third quarter earnings. the company delaying reporting the results. the charge related to a sharp drop in the rates for oil rigs. gnc surging. upgrading to buy from neutral citing the turn around.

time for the power pitch where one entrepreneur gets 60 seconds to convince a panel of experts that they have what it takes to be the next big thing. want to jump start the weekend? this company gets the libations flowing right to your door. >> my name is devaraj southworth. i am founder of thirsty allowing you to receive a delivery in under an hour. you are in a car service heading uptown and your friend calls and says we are having more people, not enough red wine. the red wine is at your door in under an hour. we built this business with tremendous talent, hiring best engineers, best designers and subject matter experts with years of experience. thirsty believes it is not just about delivery. engagement of consumer is extremely important. we have engaged in thirsty recipes. next time you are purchasing the bottle of gin, scroll down and

see recipes you can make with that. we have partnered with pretty cool technology so you can see your bottle on route to you. we are available in five cities and have close to 100 retailers and on the web, ios and android. >> we just heard the pitch for thirsty. let's introduce you to the power pitch panel. jennifer baum, clients include celebrity chefs and jennifer invests. she backed employment startup shift gig. venture capitalist ellie wheeler focuses on consumer web and mobile startups. investments include food deliver service plated. and we have lee schrager, vp of communications and man behind south beach and new york wine

and food festivals. great to have you with us. you are in the hot seat. i want to start with you. with the other regional services like this and you have one national competitor, how are you differentiating yourself from those? >> for us it is really about content and having editorial strategy. delivery is important. we hired somebody to be our head of editorial. you will see content and engagement. >> what about on the merchant side? >> we partnered with two people that have been in the wine and spirits industry for 15, 20 plus each. we have that conversation with the retail we know that it is most important part of the year for them. we can get with them close and understand promotions. >> i'm not quite sure how you make this profitable, how you can get the retailer on board. >> you need a lot of retailers to support this. and the small guys, can they afford the money? >> right now like every retailer

we bring on board we make sure it is a fee that is appropriate for them but understand it is a long term play. >> the only way to make money is through retailers. >> we have alternative and other revenue streams which include marketing and sponsorship. we are talking to two large brands. >> why create your own content and try to drive people to you when there are sites and resources that provide content? why not partner with somebody like liquor.com. >> we have spoken to them. there are plenty of other content providers. we will be doing custom content. people are contacting saying you are the voice of mixology. we want you to tell us what that recommended wine or cocktail is. >> you are in five states right now. miami being one of them which i was not aware of. how are you going to stay true to the three tier system based upon laws changing? >> one of the individuals i was speaking to all he does is state liquor law.

so we engage him on a weekly basis from everything to merchant agreements to design of our app, everything making sure it is up to snuff. >> we have heard what he had to say. we have to find out if the panel and you are in or out? >> if you were really a platform and a software company and you're really promoting the technology then i would potentially be in if i saw more of the differentiation. as a service company i would be out. >> i, too, fall into the out category. i would want to see a bit more on the user engagement. it is difficult to break out in the app store these days and particularly with competition within this particular market. >> i would have to say if thirsty stays true to their word of respecting the three tier system and acknowledges they are not delivering product to anyone under 21 then i would be an in.

>> we have two outs, one in. what is your reaction? >> i appreciate being here and your honesty getting feedback from the industry and investment community that is important to us. we will see where we are in 6 to 12 months. live voting is just about to close. thank you for your in or out votes, as well. cheers everybody. that is today's "power pitch." >> two in, one out. let's lock in the viewer vote. 51% say they are in on thirsty, 49% out. pretty evenly split. cheers. happy friday. gold prices are closing. let's see how gold digs. strong day for the precious medals, silver, copper, palladium and platinum. gold had a rebound today. earlier this week gold reached its lowest level in four years. let's go to dominic chu for a "market flash." if you thought the move up

in gold was impressive check out the gold mining stocks. if you look at anglogold, the major ones, the gex, market vector gold index, they are sharply to the up side. the companies that lever to the price of gold seeing outsized gains. so the dust is settling on this morning's employment report. let's pick up where we are with rick santelli in chicago. >> the chart tells you everything you need to know. we are at 2.39 before the 8:30 release of the current jobs report. we are at 2.32. we are down seven basis points on the day and two on the week if we stay here it looks to be the lowest close since a week ago thursday. if you look at a two-day chart it jumps out at you. the lead up to the big numbers many times puts in big moves in

markets. boon settled last week at 84 basis points. euro versus dollar bounced. 1.24. bit of backing up there. dollar giving up a little bit of ground as it sits around 114.55. it was at 1.1230 last week. a bit of counter trend moves on the week the dollar is still king. >> and went as high as 115. thank you rick santelli in chicago. check out this chart. the s&p 500 up 8% since the october 15 low. if you sold back then during the panic you are probably kicking yourself right now. do not worry, you are not alone most money managers are under performing this year. you won't believe what

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welcome back to "power lunch." check out shares of monster beverage, the best performing stock today in the s&p 500. analysts are raising earnings estimates and price targets on the energy drink company, target price being raised from a prior $98 after the company posted better than expected third quarter profits up by 6.5% just off session highs. a rough emergency landing for this air canada flight. the pilot called for an emergency landing in edmonton. you can see the sparks fly. the flight took off from calgary and blew a tire on takeoff. the pilot rerouted from original destination to edmonton. 75 people were on board, three suffers minor injuries. >> my worst nightmare mare. almost 40,000 protesters,

farmers protesting against france against new european regulations dumping 100 tons of manure and rotm vegetables on government buildings to protest the new regulations that cut off the amount of pollution causing nitrates. disgusting. >> the french have always protested like that. let's leave it there. if you sold the market during the october 15 low the s&p is up 8% since then. do not feel bad because almost three-quarters of long term managers are under performing. how can you play catchup? jim iurio is here with us. how do managers catch up before the end of the year? is this a catalyst to make markets go up? >> i think trying aggressively to catch up is probably a bad idea. whatever. i think there are opportunities. a day like today is a big macro

day. there is only one game in town and that is u.s. stock market. you are not going to invest in european debt and get policy returns. you have to get yield and stocks. >> i think i have a little more cautious tone. i borrow something from underarmer ceo. >> huge name dropper. >> what did you learn? >> awesome. he talked about no loser talk. at this point we have seen phenomenal gains and don't want to lose the gains. protect your portfolio. volatility in the commodities is inevitable. >> some people are saying commodities are starting to bottom out. good sto see crow both. the unemployment rate dropping to the lowest level since july 2008. where are the jobs in this country? we will have the answer in two minutes.

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welcome back to "power lunch." shares of medivation with strong sales of prostate cancer drug. the company saying revenue should come in at the high end or just above prior guidance. the stock up by 6.5%. i guess you can call it elevation for medivation. >> i see what you did there. as part of where the jobs are we look at how certain industries are filling the skilled labor gap. today we are looking at the tech industry. mary thompson is in new york city. >> where else would you find me on a friday afternoon but behind a bar? it is a mock up at one at pay pal's innovation showcase. they let small businesses come in and look at payment solutions they have for them. it takes hundreds of technologists to develop these payment solutions. right now pay pal is looking to

hire hundreds this year and next. the company has a multi pronged approach to recruiting. it goes to college campuses, hosts tech meetups across the country and it also sponsors hack athons around the world. >> for these tech wizards the money 2020 hack athon gives them a chance to solve a payment problem, lose sleep and maybe make money. for the sponsor pay pal it's a chance to recruit new talent. >> what i love is it really opens up the creative door and we can see people come in. they get to see our product. they get to see how our product is applied in the world and how it can help customers and merchants. then we get to see what they are able to build with our technology. >> reporter: talent found here is in high demand. one tech industry report noting 600,000 tech job openings in the third quarter were a tenth of the nation's total.

pay pal the chance to develop young talent by providing real-life experience to a more tech savvy younger generation. >> i think it is up to us to take that natural curiosity and let it bloom so they can become the future technologist of the world. >> reporter: the youngest participant at that hack athon that we showed you, he was 15. if you want to learn more about one man who was at hack athon and hired by pay pal go to cnbc.com and read my story. power run down time. october jobs report showing gain of 214,000 jobs last month but slightly weaker than some expected. joining us mark morial and ron christy, ceo of christy strategies and former special assistant to president george. w. bush. let's kick off with the labor

force participation rate static for six months at 62.8. that is 11% lower on participation than we had ten years ago. what do you make of that? >> well, i'm very discouraged by this. if you look at the labor force participation it is at its worse since 1978. we are getting jobs and creating jobs but seems like we are creating millions of part time jobs rather than full time jobs that people need to sustain economic needs. i am encouraged by the numbers but the labor force rate is way, way, way in the wrong direction for where we need to be. >> a substantial part of the labor force participation rate and level can be i think explained by demographics. you have the aging out of the baby boomers and moving into retirement. now you have more than 20 or ten years ago women in the workforce at significant levels almost equal to men. and while the labor force

participation rate obviously we like to see it higher we have to understand that demographic trends in this country also drive the number of people who, in fact, are in the economy. >> let me ask you about where we are on the wage increases. we have 2% wage increases for the year overall with an unemployment rate that dropped to 5.8%. what do you make of that? >> i think stagnation of wages is indeed a problem and that's why americans, i think, don't feel good about where they are. and low wages or stagnant wages that are not increasing as the economy improves i think also effects consumer spending and effects the overall performance of the economy. this exacerbates income inequality. it is part of the narrative we talk about of the widening gap between haves and have nots in the country.

we shouldn't ignore it. >> i think the mayor is largely correct in his commentary and indicative of why we had a landslide election on tuesday. i think millions of americans said you are part of the problem now rather than being part of the solution. wage growth has been very stagnant. 2% is not getting it done. there are a lot of initiatives that the people of washington can take, keystone pipeline to create very high payer jobs across this country would be a step in the right direction. americans are saying we need a change of leadership to get mainstream back in order. >> now that your site has control of both houses in congress. we saw the president meeting within the last 10 or 15 minutes. do you see progress there, a way to move forward together both sides to actually make a difference? >> i think there are a number of areas. i look at patent reform and

re-formation of the tax code. i think there are a number of issues that president obama and congressional leaders can come together on in the near term and find a way to forge bipartisan consensus. my sources are telling me that the house republicans want to work with democrats to push a number of bills early in january that will have strong and broad bipartisan support. i am encouraged by what i have heard. >> we need a transportation -- >> as a practical issue do you think deals can be done? it is all having the rhetoric that will work together. in practice, mr. mayor, do you think that is likely? >> the people want it and the people wanted it before tuesday. they wanted it for the last two years. the last two years have been marked by obstruction from the very leaders who now find themselves in the majority in the congress. the responsibility is now joint. it takes two to tango. they have to meet at the middle. i think a transportation infrastructure bill is what i

think is in order to create the kind of jobs that cannot be outsourced. i think if games are played around things like the affordable care act and other diversionary pieces of diversionary pieces of legislation that are going the conference call.

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data probes. 40 something percent of companies have been broken into in some way or the other. so you have spent a great deal of effort, energy and data as companies and organizations to keep yourselves safe and secure. >> somebody hacked my card in the last week and used it nine times in the 7/11. i haven't been in the 7/11.

>> my question would be, whether they would notice there was a miss. >> it is true. it was stolen and they used it at a gas station and i haven't driven since i was in high school. that was a dead give away. >> at least you can drive. >> i can. i'm pretty bad at all. we have someone on the show who says we have a global boom on our hands. a town votes to ban fracking. this thing is in texas. we are going to be speaking. we have the ceo of fresh pet. to what do i owe this delight of candy corn? >> i don't know. >> clearly not eating it fast enough. still loads and loads left and halloween was a week ago. got lots of great giftsen oour show. "power lunch" returns after the break. go ahead and put your bag right here.

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higher. that has been a big theme. money coming into the u.s. whether currency or stock market. >> your week is complete as we end on currencies. thank you for watching. that's it for "power lunch." >> "street signs" starts right now. > america, you may finally be ready to get a raise. what the jobs number tells us about your paycheck and why one man says a new global boom is about to begin. why your tax refund may be delayed for a long time. meet the town that is banning fracking. >> an interesting story. let's take a look at what is happening with stocks right now. another strange day. we are kind of marking time as far as indexes are concerned but managed to get highs out the gate this morning. tr