now. so we need more people, more agents, more judges, more beds >> all right guys, thank you both dan and scott with a look at the impact that does it for "the exchange". thank you for joining me today "power lunch" begins right now new at 2:00, stuck with each other. with investors stuck in the middle what president trump's latest attack on fed chief powell means for market confidence. and tech unicorns, the scary stats you need to know and financial freedom. is the game still winnable tony robins will join us live. a check on the markets stocks carving out gains at this hour optimism about a trade deal a catalyst there are fresh concerns the hiring boom may be running out of steam "power lunch "starts right now we begin this hour with the

american economy, the pace of hiring slowing again and it comes as president trump takes yet another whack at a seemingly favorite punching back, fed chair jerome powell. steve liesman is here to break it down. >> weaker than expected data on services and jobs confirming a slowdown has descended upon the american economy and newly revealed presidential comments about the fed chairman make it clear whom the president blames for all of it let's look at the private sector data from abp. 129. that's against an estimate of 173. they stuck with their strong february number at 198 7 the government came in around 0 20,000 they're sticking to their guns on that. negative services kind of on the weak side. there's the nonforeign payroll, 170,000 for this friday. some people may take that down given the adp number moodies put it together. they say the job market is weakening with employment

slowing. businesses are hiring cautiously as the economy is struggling with fading fiscal stimulus, the trade uncertainty and the lagged impact of fed tightening you can see how it's off the highs of last summer it remains at 56 at a strong level for the economy. the president has chosen to blame this on jerome powell for the weakness cnbc confirmed a phone call reported by "the wall street journal" that president trump made march 8th, the day they released weak february job numbers. we don't know what they talked about. perhaps one positive sign, president trump said on the call, i guess i'm stuck with you. that may be a hint that at least for now the president is not considering firing the chairman. >> steve, stay with us we want to bring in eamon javers at the white house what's the latest on what the

president has or has not said about chair powell and what was interesting to me in the article is he likes to also complain treasury secretary steven mnuchin for recommending powell. everybody is getting blame >> reporter: that's right. this is a president who likes to bust people's chops. he does it to their faces and behind their backs that's a standard operating procedure of the president since he got into office and perhaps for a long time before that. but ultimately if you ask the white house officials about this, they tell you they are entitled to have their opinions about what the fed is doing but they're preserving fed independence by not issuing explicit orders to the fed or expecting the fed to carry out the orders larry kudlow was at an event earlier today saying almost exactly that word for word but the question is here to what degree is the fed bowing to administration and trump

pressure or to what degree was trump right when he said interest rates didn't need to be higher thanthey were and ought to be coming down? it's not the white house's fault, they'll argue if they were right and it took time for the fed to figure it out >> there's almost a feedback loop the president says something, the markets react. powell rackets to the market which is a data usually don't comment. when the fed does move, you have the doubt as to why they did it. and eamon, i take a little exception with the normalized way that you just talked about that >> sure. >> okay. it was weird when the president first made those comments. right? >> yep >> i feel like they've crossed a line here. when somebody says the fed should cut by a half a point, the idea that they're no longer directing federal reserve policy

fromhe whi house, well, i think that's kind of an indefensible position. >> wasn't there -- >> it's only -- >> if your best argument is to go back to 1964, i submit my colleague it's a poor argument >> to be fair, isn't just that only in the past three presidencies or so there hasn't been this sort of commentary we've become used to -- >> right only since the dollar has become the world reserve currency since we have $20 trillion of debt outstanding. a good portion of it to foreign buyers only sbout it i would submit there's a cause and effect there >> eamon, go ahead i'll let you defend yourself >> i'm not attacking eamon >> no, look. that's right the official white house line here is no collusion the white house is not colluding with the fed to lower interest

rates. they're just suggesting interest rates ought to be lowered and saying it on television and nationally publicized events therefore, it's not a direct order to the fed, and the fed is not bowing to any pressure the fed is simply discovering the right side of the argument, and doing exactly what the president wants on their own i mean, that's what the white house will tell you. i think one of the real questions here for historians, economic historians, political historians is what is the content of the conversations that the president is having with the fed chair we don't know exactly what the president said to jay powell when he had him here for dinner. we don't know exactly word for word what he said to jay powell during the march 8th phone call. we don't know how many phone calls there have been between president trump and jay powell to really understand what's happening, you need to know whether the president is issuing explicit orders and making threats. the problem is the white house doesn't have a lot to stand on here in terms of forcing the fed to do much of anything jay powell suggested he doesn't

believe he can be fired if the white house wanted to try that, they would embroil themselves in a probably months long legal battle with an uncertain conclusion so politically, they can't really force them to do anything and they're sort of jawboning the air and hoping some of it lands at the fed >> before you go, jpmorgan appointed this out a while back, that it's pretty clear that the president can't fire the fed chair, but he could -- it's more ambiguous about whether he could name a different member of the board to be a fed chair. if, for example, steve moore were a board member, could he plausibly become the chair >> i don't know the answer i read the federal reserve book several times. my understanding is the board votes for whom is chair is now, maybe his people could vote in the chair that way, and then you'd have to get the senate to confirm it

so i think the idea that eamon just mentioned which is that the administration is loathed at the moment to open that pandora's box which would -- remember, be powell said. >> they haven't been loathed to open many pan do ra's boxes. >> that's true i submit, but let me say that it's a place that they may not want to go, because of the effect on markets. and there are people that also say some of the turbulence in december was the result of comments made by the president >> right it's -- the speedback loop that's creat >> you bet >> conventional wisdom is the president isn't supposed to bash the fed, and the central bank is supposed to have ammunition to blunt a recession if it arrives. let's bring in a new face. rebecca felton, senior portfolio manager with river front

also with us is steve grass. i won't call you an old face of cnbc >> how about a familiar face >> a familiar face there we go. director of institutional sales with stuart frankel. >> rebecca, what concerns do you have about the discussion taking place here, if any, about which way the fed gos? >> well, certainly the moves in december and some of the tightening we've seen in the past 12 months are some of the largest moves we've seen in years. right? there were reactions or supposed reactions in terms of slowdowns. we want the fed to remain independent. so far it is and so far the fed reserve is data dependent and independent of any of the other governing bodies >> no real concerns about the impact steve, what about you? also by the way, if markets at the end of the year were selling off because they thought the fed was making a policy error, is the president rightfully upset >> well, exactly i was going to say why don't you do a poll and see what the

market participants and people who have money invested in the marketplace see which way they would side on this the markets love it. and it's -- powell definitely positioned himself against the president. but ultimately it was against the market so if you had money within this market, you had money invested, you take the president's side. you want easy money. it's addicted to lower rates do i think it's a good thing no but it is what it is and the market seems to enjoy it thus far >> if we took a poll today, would the markets vote for another 50 basis point cut at this point or is that one step too far in terms of what it might signal about the economy or global growth >> i do believe that it is one step too far and melissa, your question is do you think the markets would like it i think the markets would be knee jerk reaction, moving higher but when you're fending off a recession, the fed needs five or six percentage points to fight that battle. that's what it's been historically we don't have that yes, we have the balance sheet

once you start dipping again into the balance sheet, i think it's the white flag and that would make investors nervous ultimately but right now anything that's seen as dovish is going to move this market higher >> that's what we've seen. in fact, today we see real signs of risk appetite, risk on right now. we have the s&p information technology sector about a half point from 52-week highs we have em making its highs for 2019 where do you stand regardless -- regardless of where valuations are, you have to admit that easy money allows you to take on some more risk. >> certainly and certainly it does. and i think most folks are looking forward into the next half of this year and into next year even with the fact that this year's earnings versus last are slower than most had expected even 12 months ago so a lot of discounting ahead. i think as we navigate through

this current q-1 earnings season, a lot of the forecasts are going to be critical >> steve, isn't asking stocks if they want rate hikes versus rate cuts like asking if they want broccoli or cookies? >> exactly we've already factored in a great outcome with china trade who knows what a great outcome is in brexit there are a lot of things factored in and we've negated all the head winds i believe there's a couple head winds left unfortunately it's never the head wind that you know about that sends the market spiraling lower. >> it's the head wind you don't. guys, thank you both very much steve and rebecca, good to see you. >> thank you >> thank you let's get a market flash on bitcoin. >> bit kointd continuing the move to the up side up another 4% today and moving on strong

volume on what still seems to be a technical move back above the 200 -day moving average and breaking above $5100 which was seen as a psychological level. bitcoin gained about $30 billion in market cap in the past 46 36 -- 36 hours other consistent currencies are moving to the up side as well. shares of lyft higher but below the ipo price. investors are cautious our guest says the more money lyft loses the better. and wynn shares up in one week a crucial hearing for the company in boston as we speak. a live report coming up. . we have a pretty good relationship. . you've done a lot of good for the world. but i feel like you have the potential to do so much more. can we build ai without bias?

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the reports showed almost half a billion dollars worth of stock out on loan. annualized borrow fees largely topped 100%. it costs a short seller 27 basis points per day to hold this thing short. i'm told that the cost to short has been coming down this afternoon. lyft shares borrowed relative to the amount of available shares for trading is also higher than many other high profile ipo's and lyft's cost to short supersedes that of facebook, twitter, and snap. >> how does lyft's early performance compare with recent tech ipos? let's look back at the history >> lyft's first day pop was more subdued than other big tech offerings over the last few years. snap and grew upon surged 34 and 31% on their first day of trading. they were like lyft,

unprofitable and they have since struggled in the public markets. going further back, google was up a more reasonable 18% in the debut. facebook barely gained at all in the first day of trade and both have, of course, gone onto produce huge returns for investors and are some of the most valuable companies in the world. these examples, this is the point, and broader research tells us early trading days are not an indication of how an ipo will perform in the longer run after about five years, about 60% of all ipos had negative total returns and only a small percentage had positive returns. what does it mean for this year's batch of upcoming unicorn ipo. ubs says it's likely to be more of a slow burn than a hot market back over to you >> thank you very much let's bring back our guests.

he says his research says a highly touted ipo with negative returns in the first six months is not a negative investment in the long run jay, welcome to the show we appreciate having you there's a difference between a company losing money and whether or not the stock will actually make a accident retudecent retu. what can you tell us in terms of the profitability of a company when they go public years own and whether or not their stock performs. >> the profitability does have prediction for the long-run returns. but only for smaller companies for companies with less than $100 million in sales, the companies with negative profits have historically underperformed by quite a bit relative to those with positive profits at the time of the ipo. but for the companies with more than 100 million in sales and lyft is certainly in that

category, profitability doesn't predict the long-run returns. >> so when you're looking at lyft and how it priced and how it traded in its very, very early days, what was your take in terms of how that pricing was and whether or not investors were really reaching and have been reaching for this sort of growth >> well, it's certainly the case that lyft is being valued with very optimistic assumptions about the future in mind but that was also true with facebook and google, and apple not to mention microsoft and many other companies that went onto a lot of success. what i have found for companies that had a hot ipo where the offer price was raised to above the file price range as was the case with lyft, that for the next six months, whether the stock goes up or down, has

relatively little predictive power for the longer run, and, in fact, those that decline in the next six months actually did better than those that went up in the first six months. >> yeah. you said 22% gain in the next two and a half years even longer term, isn't that much longer term leslie, i think when we were discussing lift as we look out to the other unicorns in the pipeline, a key difference between now and some of the other ones that the professor mentioned when they went public during the boom is these companies today are, they are longer they have a longer operating history. they've gone to the vc market several times. these are bigger companies with a history of operations. >> they do, and they have the same investors that invest in the public market investing in them privately one of lyft's biggest investors was fidelity one would think in the discussions that center around valuing a company privately, they should be somewhat similar to what you're going to see in the public market.

now, not perfect you get one investor as opposed to a collective group of investors in the public market you get to see some of those same discussions should be happening privately and that's something we didn't see in the 1990s where you had the crossover investors like today. >> on the specific case of lyft, we were talking about it last hour our guest said he wasn't interested in order for them to be profitable, they'd have to raise prices in other words while we can look at the whole history of the ipos, with lyft in particular, is there a problem because in order to be profitable it would have to raise prices and maybe alienate customers. >> i'm not worried about lyft's profitability in the short run they're trying to buy market share. i think that's the right strategy i think what's going to happen with lyft is they're going to merge with uber. and the bigger their market share is, the better their bargaining position, and buying market share by subsidizing rides is a very good strategy for that bargaining. >> i would think there would be

numerous antitrust concerns with that if uber plus joined with lyft, the market share in the united states would be almost monopoly. >> yes but it's a winner take all business uber was competing with diddy in china and struck a deal to have winner take all. uber was competing with grab in singapore, and the same thing happened uber was competing with kareem in the middle east, uber just bought kareem. and in the u.s. i think the same type of arrangement is going to happen >> so leslie, final word on this this goes back to the dual class structure that a lot of ipo ease's the founders can say yes or no depending on what they think is the right exit >> exactly they're less inclined to sell their business it's their baby. it's hard for them to sell something they've built and grown. in lyft's case it's a 24 billion

valuation. that's why you tend to see companies with super majority voting power trade at a discount you don't have that takeover speculation that would ever happen, because it's just such a high hurdle to get over when you have a founder led dual class structure. >> thank you leslie and jay. shares of amd getting a pop up today they are up 60% so far this year can the rally in the chips keep going? we'll ask and tony robins joins 'l in the studio hel share his four point tips for financial freedom. stay with us

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welcome back to "power lunch" semi conductor stocks surging today. the smh semi conductor etf up 28% this year. is this rally just kicking into gear or is it time to let the chips cool off we have guests to talk about it today. mark, a stupendous run the semi conductors led tech in the overall market down last

spring, almost a year ago. here they are in a leadership position how do they look to you? >> i don't like the group here i think they're unattractive a couple reasons you're getting right up to prior highs we saw last march. 114. three months ago the group traded at 82.64. now it's over 112. that's a 35% gain in three months up to prior highs second reason is that you're seeing momentum gradually start to stall out a little bit. it was higher in february and march when you look at things like the rsi we're moving toward prior highs. up side is limited 3 to 5% i'm not a buyer here >> all right maybe the move looks a little bit stretched for us but what about on a fundamental basis? what's the market saying about the semi conductor market? can you play it? >> they're cyclical. i think the market is looking at something that's secular

it's making a big bet on 5g and data sensor continuation i think if that bet comes through it's a different ball game chips become embedded in everything we do could create a wider bigger demand than we can imagine. they could bust through the highs if that's the story of 19 and 20 that's why i think the market is more bullish >> would you choose to own it as a group? >> i would own it as a group it's probably going to pull back, but i would be a buyer in a pullback i think the story is compelling. >> all right we'll see how that plays out for us for more trading nation head to our website or follow us on twitter at trading nation. ahead on "power lunch" a survey listing the top companies to work for in america. one ben counter is ranked high we have the results. plus tony robins is here live. he has four tips for financial freedom. regulators meeting right now to

decide whether wynn resorts loses the gaming license in massachusetts. the latest straight ahead. and now the latest from trading nation and a word from our sponsor. there's a classic investment thesis called the dow theory it says the transportation stocks can confirm or deny a broader market trend but it's important to remember the transports can be sensitive to changes in oil prices and other market influences. don't rely exclusively on this theory when making an investment decision i'm randy frederick, and schwab is the better place for traders. ♪

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welcome back, everybody. here's your news update. nato chief addressing a joint session of congress. the gathering on the alliance's 70th anniversary is meant to highlight the bipartisan support it enjoys among u.s. lawmakers >> this strength of nato is that despite our differences, we have always been able to unite around our core task, to defend each other, protect each other, and to keep our people safe. the fda is warning about a

possible reaction from the use of e-cigarettes. it has launched an investigation after receiving 35 reports of users experiencing seizures while using the products over the last decade. many of those users were young adults and night at the mu teem will become a reality for two lucky guests who win tickets to spend a night at the louvre in paris. the exclusive visit will include a tour by an art historian the chance to clink glasses and to dine next to the venus de demilo that's the news update this hour >> doesn't sound like it was meant for kids, sue. >> not at all. not around that artwork. are you kidding me >> that's true thank you, sue a hearing on wynn resorts' gaming license in massachusetts turning explosive when the topic turned to what the board knew about steve wynn's behavior.

contessa has the details >> reporter: right now they're grilling people on why the company would pay out $10 million in sef rens to the general counsel when he's the person who did not elevate all the multiple allegations of sexual misconduct and even rape to the board, that she only told the board about a 2005 $7.5 million settlement she told the board in 2019 when it was a publicly filed court document a board member told the commissioners the board was froze. they went in and believed steve and trusted the general counsel who told them this was an old and cold settlement. it was a one off, an outlier she says she regretted the decision >> i could kick myself from here to china that i did not speak up that i didn't say wait a minute,

who cares who's making the assertion. i let myself get sucked into that vortex of visit ree yawl, and for that i'm furious with myself >> this gaming license was issued in 2013 today the chairman testified we don't have a business if we don't have the license >> contessa, if they did lose the gaming license in massachusetts, how would that impact the company's revenues? i ask because we're looking at a week where a stock is up 16% as bad as the hearing might seem, the stock is taking it in stride to see the least. >> reporter: yeah. well, yesterday they had a consultant hired by the investigators testifying about the financial stability of this company, and melissa, the person testified that the financial stability of wynn resorts is contingent on regaining the gaming licenses in las vegas and

mccaw where this is unreview and in boston. >> all right contessa, thank you. contes contessa brewer. linkedin as the top companies to work for. alphabet amazon dropped two places. daloit makes the top five. tesla isn't crack the top 25 here we have linkedin's editor and chief. >> the fact tesla is still in the top 25 is pretty shocking. this is a company that had layoffs. one of the things we're looking for is job growth. it's one of the requirements people that work at tesla love working there. there are fewer of them than there were and i think one of the things we've seen on the list is there's a massive lag in -- between the way the people see the brand or the way they're attracting headlines and when job seekers want to work at the companies. even when a company is getting through negative news cycles, we don't see a slowdown in hiring

or people trying to get into the companies. a few years later, suddenly that hit starts happening >> you see a company move up like alphabet. amazon moves down. is it more about facebook and alphabet doing better or were there reasons amazon went down >> these companies are so tight. it could be any of them any time they've been the top three since we started this list we're in year four now one of the surprising ones is daloit you have big tech companies who teach you great skills >> does that mean accountants are nice to their employees? >> they can be nice. they move you around and train you. one of the trends is people are looking for skill development. they want to go to companies to train them no one is sticking around for long millennials will change jobs about three times as much as baby boomers they're not getting married to these companies. they're dating

with daloit, you date, you say you worked there that's promising for job seekers. >> the media stuff was interesting. disney fell out of the top ten comcast fell two >> this is another example where it's pretty shocking to see them on this list i think a lot of it has to do with who they're hiring and the way the investments they're making in streaming technology, in all of the entertainment-related properties people wanting to look at the entertainment properties, and that they are all -- if you look at who they're competing with, everyone is competing in the same market for the top talent and the entertainment companies are having to try to poach from facebook and google and all of these other places that are paying a lot more. in some case they're giving their workers perks. the fact that comcast, disney, et cetera, are able to get that talent is a pretty big testament to them keeping up >> uber is number six.

what happens once they go public what's the track record of some of these companies on the verge of going public? >> we're seeing a couple of them fall off and a couple stay on. there's no question there's a rush to get into the companies before they go public. and so there are four companies on the list we're waiting to see go public. next year will be a test to see whether pinterest and lyft, air westbou -- airbnb and uber stay on. people like waiting for the payday that's a big deal. >> dan, thank you. >> dan roth is linken's editor in chief rick is tracking the action at the cme >> hi. a lot of eyes focussed on treasuries and today you're seeing a pretty compact trade. as a matter of fact, if you look at the short end a two-year note look at a two-day. the jump in the middle is

following the sun. tight congestion up about three basis points from two year outs about to 7 7 on, up about four basis. compact jumps up overnight compact. that's a good sign we're staircasing. we're creating a consolidation pattern to build off of. here's a year to date to ltl i want you to look at january third for ten-year and look at the right side they're almost touching. if you look at that for ten-year note yields there's about four or five basis points to where we are at 251 in either case it's giving you good information on where we find resistance. the gyro versus the dollar, it goes back to june of 2017. the point is it looks like we're going to lose the 112 handle next week we get to ecb meetings this is a chart to pay attention to >> rick, thank you up next, juul hiring one of

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e-cigarette maker juul announcing it's hired one of the company's strongest opponents. we have the story. >> reporter: she once urged the fda to crack down on cigarettes but now former massachusetts attorney general is joining juul she had already been working with juul for several months as a consultant juul says she'll work in the government affairs team to educate officials and organizations on juul's efforts to fight teen vapinging. she was an outspoken critic of use among youth. she was among 40 attorneys general who urged the agency to regulate e-cigarettes. in a statement she says juul has an incredible opportunity to switch adult smokers and i look forward to working with stake holders to fulfill that. the successor says the

announcement has no efforts on our efforts to keep young people healthy and safe in massachusetts. cokely starts in mid april al tria has a 35% stake in juul. after the break we'll be joined by tony robins. 'lshe naial tips you cannot afford to miss. let's build a better world for investing. let's hold ourselves to the highest standards of ethics. as investment management professionals, let's measure up. cfa institute. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade?

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s&p 500 up by four points right at the session lows right now intraday we're 15 points off the highs of the session. let's get a news alert on lyft and carl icahn >> i have two sources telling me icahn sold his lyft stakes prior to the ipo actually, it was filed between the initial s 1 and the amended s 1 that launched the road show. carl icahn's stake was worth about 550 million there are. we called for comment and we'll let you know what we hear. >> leslie, thank you tony robbins out today with a new op ed on cnb.com he lays out four important

pieces of advice for securing your financial freedom invest in you. ready, set grow. a new partnership with acorn with us now is tony robbins. life and businessstrategist anda adviser to our cnbc advisory counsel. tony, always great to have you in house, in particular. so many americans have seen all those documentaries where investors get taken advantage of and they think that the financial game is rigged that it's all working against them. you say, no. it's winnable. it's absolutely winnable >> i'm not saying that based on my opinion i've spent the last eight years interviewing 50 of the smartest people, the warren buffetts, carl icahns and saying, is it really winnable? they showed me yes, but there are caveats. you hear all this argument about socialism versus capitalism. you look at our society. why is that happening? 60% of americans don't even have $1,000 saved for retirement. 40% say if they had an emergency and needed $400, they couldn't raise it how is that possible in the

greatest economy we're taught to be consumers, not owners the first step, obviously, is understanding that you'll not earn your way to a fortune even people that do that don't usually keep it. you have to make money while you're sleeping. if they put aside $50 into the market, historical returns, it's $2.2 million you may say, i'm not 19. you should know your number. if you are 20, now need $3,000 a year if you're fou40, you need $15,0a year what i wanted to do is give people an unshakeable feeling that no matter how much volatility there is, there are truths about the market you have to know. if you don't understand those, those are the people that own the game they become owners, capitalists. >> something you said we hear a lot. how do you know you'll get 7%. and they hear people come on and talk about how they think returns from now on in the stock market may only be 2% or 3% or look at charts about how we've

gone up since the lows and, how do i know i'm going to get 7%? what have you learned from speaking from investors? >> look at history if you look at the history you see in the last 36 years, say 19 -- 1980s to 2015. if you look at the studies there you'll find something really interesting. we've made money in the markets. we've had a variance of 14% a year i am sure you remember two years ago, the worst january this year the best january we make money 77% of the time. 28 out of those 36 years it's made money we're up 300% on the dow since 2009 yet so many people on the sideline hear these stories and because they -- >> especially now. 300%, why would i get in now i'm going to get in at the peak. >> are we going to continue to grow as an economy do you think five years from now it's going to cost more for a burger more for your internet service the answer is yes. there's going to be inflation. are we going to have a growing economy? when you talk to the people in charge if you talk to the warren

buffetts, they'd say the worst thing is -- will we have a bear market of course we will. we have a correction every year since 1900 but we come back. a bear market every three to five years it's been ten years, the biggest bull market and people aren't used to volatility i'll give an example in the last 20 years, the s&p is up 8.2%. if you were out of the market because you're trying to time it it's the wrong time. just 10 days the ten best trading days you made 4.5%. out 20 days in 20 years, 2%. 2.1. if you're out 30 days, you lost money. here's the crazy part. 6 of the 10 best trading days in 20 years are within two weeks of the worst trading days when people are saying y would i go in now >> people get so hung up on what will the returns be. the things that people can actually control, they are not controlling. this is your tip number two. eliminate excessive fees and taxes. this is something people can do

right now. >> jack vogel was a friend of mine and he used to say the only thing you get in investing is what you don't pay for and he said the average person doesn't know that 1% more in fees than you should be paying is 10 years because of compounding of fees. ten years of retirement income you gave up. ten people paying supposedly the same amount of money like 401(k). 71%, most americans have their money in a 401(k). 71% of americans think they're paying no fees in a 401(k) because for 30 years the industry didn't have to tell you what they were charging you. now they do and cover that as a 30-page document here's what you need to understand if you're paying 1% versus 3%. let's say you're 35 years old. you put 100,000 in the market and leave it there if that person who paid 1% in fees will have --'the person in 3% of fees owned the same stocks, same s&p they'll have almost half as much. that's the difference of fees. you hear a 1% you don't realize

what it means. in the book i walk and show you there's 13 hidden fees that most people have no clue about. they wonder why am i not going up at the same level as the market >> the interesting thing that leads into your next tip which is to find a fiduciary adviser you just told me to push all the way down on my fees in the market why should i then pay somebody for help with this instead of putting all of my money into the market directly. >> you have to put it through somebody anyway in most cases. most people are going through a broker brokers are great people no derogatory thing about a broker but they're in a system where they are being needed to sell what's best for the company. they are taking care of shareholders but they're not giving you the best deal. so you need somebody who is legally required to put you ahead of themselves. and the only person to do that is the fiduciary it's a good "f" word 310,000 financial professionals, wealth analysts, wealth advisers >> they're called so many different confusing things >> 90% of them are brokers of the 310,000 in this country,

only 31,000 are raa, registered investment advisers. only 5,000 aren't duly regist registered they say they're fiduciary they can be a broker and -- >> you have to ask >> you got to know >> tip four, understand how the markets work avoid behavioral mistakes. is that what we were talking about before >> i would add one piece to it if you're trying to time -- jpmorgan did a great study let's take a group of people somebody got in on the best day possible the market crashed the next morning. it's on its way up and they had perfect timing someone got in the worst day, the night before the market crashes. somebody did dollar cost averaging or put all their money in when they did it over a 20-year period of time, the difference between the person with the worst day and got in the best day was $7,000 you want to be on -- the biggest mistake is not being in the market unshakeable, "the new york times" best seller get it for $14.95 on amazon. i bought a bunch i donate 100% of the profits to

feeding america. we fed 420 million meals with that plus what i've added. we'll feed a billion people over the next 10 years. you can go to unshakeable.com and i'll give it to you for shpd shpd i want people to get it and become financially literate. we're living in the greatest time and people aren't taking advantage of it. >> thanks so much for joining us >> tony robbins. for more from "invest in you vts visit invest in you. nbc universal and coasmct ventures are investors in acorns and check please is next don't go anywhere.

always fun having tony robbins in house >> he rattles off these stats. it's amazing >> great message thanks for watching "power lunch. "closing bell" starts right now. it is the final hour of trade. investors are waiting for the latest read on tesla deliveries. we'll bring you those numbers as soon as they're released box announcing a new release. we'll talk about the d.c. crackdown on silicon valley. and signet getting a pop on earnings but down more than 50% over the last six months alone the "closing bell" starts right now. welcome to "closing bell." i'm sara eisen