estimates. i like this as a near core position. >> amy and then courtney and then pete, names from everything else. >> vgp, good growth in front of it. >> court >> bam, 550 billion in assets. >> okay. pete >> amd, scott. amd. they keep buying calls. >> thanks, everybody "the exchange" is now. >> thank you, scott, and hi, everyone, as we abought the outcome of the presidential race, welcome to "the exchange." crucial swing states, pennsylvania and arizona and georgia all yet to be called the race is so down to the wire we're getting new vote updates right now the electoral votes stand at joe biden 253 and joe biden 214. we're lower today as the markets take a break coming after a

monster week the dow is up nearly 7% and the same for the s&p the nasdaq up nearly 9% and it's been a broad-based real. yes, tech, but also materials and health care up 8%, each this year's laggards, energy and financials higher on the week, and as we mentioned all of these gains come as uncertainty remains over the future of washington that's where we begin this hour with eamon javers crunching all the latest numbers for us. eamon? >> yeah, kelly, one thing to update you on is we you're pecting a press conference from clark county nevada at the top of this hour so any moment now we should get some word from officials there. they have been updating their vote throughout the course of the day as well so let's take a look at where we stand in it the states that have not been called by nbc news' decision desk so far and what you see overall is the president is falling behind in a number of these battleground states. in pennsylvania you see joe biden ahead with a lead of more than 12,000 votes now as they continue to count in philadelphia and philadelphia surrounding suburbs.

that's a biden-heavy area. in georgia look at that narrow vote there 1,560-vote edge for jo biden that's going to be very tough. arizona, you see the vice president, former vice president ahead by 43,000 in nevada. the former vice president ahead by 20,000 plus north carolina and alaska, that's where you see the president has sizable margins there as well, so take a look at nevada right now, because that's where we're going to have this press conference coming up shortly, and you can see that nevada is a state where, you know, in clark county and around the rest of the state, there has been some movement throughout the day, that 20,000 vote margin though holding up as of right now for joe biden. and if you look at arizona, we've also -- i think we've got a full screen here of the state of arizona there's nevada and you can see that difference of 20 plus,000, 49.8 for biden and 48.1 for

trump. 50% on the nose for biden in arizona, 48.6 and a difference of 43,000 votes in the state of arizona, and in georgia, you know, the secretary of state says there will be a recount in that state and there's that narrow, narrow margin of just over 1,500 votes 99% of the vote in in the state of georgia interesting to watch and see if military ballots continue to come in from overseas, if that affects a margin that is that narrow, those military ballots, you would expect based on political science and history those ballots might lean for trump, but we'll have to wait and see how much those come in and who those folks voted as well meanwhile the guidance that we're getting out of the biden campaign is that the former vice president may speak as early as tonight, possibly in primetime i'm told by officials not to expect the former vice president to speak during the day today

necessarily. they are going to wait and see how things go and even if there are calls coming in throughout the day we can expect biden to wait until tonight it all of that sort of tentative right now given the tentative nature of everything that's going on in the country, but that's a sense of where we're headed here as the biden camp looks very carefully at these numbers coming in in pennsylvania because if he wins there, that's the whole ball game there, kelly. >> that's the whole ball game. it's the kind of day where they have said have they called it yet, have they called it yet that's how close it feels to the finish line but is it possible we could actually be -- have this feeling for several days as this really plays out. >> it is. >> it feels imminent and yet it's not. >> yeah. look, officials in philadelphia just held a press conference in which they said, you know, there could be counting going on for days in philadelphia they have got provisional ballots and other things that they have got to work their way through there. they could be done with the bulk of it, but then there could be the tricky ones where they have

to go through and authenticate all those particular ballots that could take days now the question is whether the nbc news decision desk will feel like it's got enough data at that point to make a call there in the state of pennsylvania, and so far no call from nbc news on that, and these other states that are still hanging in the balance, and, remember, these network calls are projections that the networks make based on their analysis of the date a they don't have legal binding, though the legal binding comes from the electoral college. >> they don't. >> when that votes in deeb so under the constitution we have a ways to go. >> yes well, sometimes they feel like they carry legal weight because i know they are that significant. >> they do. >> we'll check pack in soon. eamon javers with the latest for us let's go to that state that could decide the presidency, former vice president joe biden has taken the lead over president trump in pennsylvania and that's where we find or frank holland in philly with the very latest. frank? >> hey there, the counting of

mail-in ballots continues right over here at the philadelphia convention centership. the count is going on right behind those walls, and as that count continues, joe biden's lead just continues to grow here in the keystone state. it's really a sharp reverse a. at one point president donald trump, had a double-digit lead here in pennsylvania, now joe biden has a lead of about 12,000 votes. let's take a look at the count of mail-in ballots received by election day here in phillie 94% of those have been count and 23,000 are left to count that does not count provisional and mail-in ballots. i e-mailed with the state earlier. they will gather all the information from every county and release those numbers sometime next week i know i keep saying mail-in ballots received by election day it's a bit tedious and i'll get to that in a minute. 80% has gone to joe biden, that trend will likely continue which will only grow his lead in the keystone state counties around philadelphia, the four counties around philadelphia joe biden has gotten 55% or more of the votes

in all of those counties you can see there's still thousand of mail-in ballots received by election day left to count there. the president, he actually discouraged his voters for mail-in investigate and pushing them to vote in person and it would be logical to think that biden would get half or more of these votes maintaining or growing his lead statewide 95% of mail-in ballots received by election day have been count. now 123,000 left to count, under 124,000. the secretary of state has estimated that count will wrap up some time today you might see behind me or hear behind me there appears to be a demonstration or a dance party that's a majority of biden supporters celebrating his victory, but there's a whole lot more counting left to do, so as i mentioned, first all the mail-in ballots received by election day, they need to be counted today. despite all this partying there's still a lot more partying to do after that the state will count ballots received between 8:00 p.m. on election day when the polls closed and 5:00 p.m. today which is allowed under state law. those ballots that were received

after election day, they are kept completely separately and counted only after all the votes that were received by election day are counted, so as eamon mentioned the officials here in the city of philadelphia say it may take more days to count. a similar situation for other counties all around the state. while our news organizations, they may call this state, the counting will continue kell, back over to you >> all right, and it will go until it's all official. frank, thank you very much important updates there on what to expect in pennsylvania. our frank holland. turning to the markets, stocks are paring some of their earlier losses, the dow down as much as 200 points, down 727 and the nasdaq has gone positive all three major averages are on pace for the best three weeks since april. let's check in with bob pisani for more on today's action how are things shaping up today, bob? >> well, four big up days and a pause and it's been a remarkable week volume is lower today but given the volumes we had all during the week that's happens

understandable let's take a look at the s&p 5 up remember, we've moved 7% this week and at one point we were 2% from the hold historic highs that was 35.80, back on september 2 and. 2% from historic highs, folks, essentially. some remarkable move to the upside if you look at the dow leadership, mostly defensive, kind of a flattish day, foizer, walmart, procter & gamble, defensive stocks and united health taking a pause. united health, these health care stocks are up double digits and united health up 14%, no bit of a surprise here had. i call this everybody in the pool week because everything won this week. real can't make an argument that anybody lost in a dramatic way large caps like the s&p were up dramatically and the small caps were up 7% and defensive stocks like health care were up 8% and growth stocks like tech were up 8% or 9% and even transports were up 5% or 6% on the week and it's a global real i want to point that out here. besides the s&p, the best week

since june, up 7% and asia had the best week since april. the nikkei closed at the highest level since 1981, folks. 1991 today here so we've got a global rally here partly based on some changes in trade, ideology perhaps, but the markets all moving to the upside and you can't blame them for being optimistic besides no major tax hikes if the gop keeps control of the senate. we've also got the vaccine coming and we've also got the fed still out there, and we've got stimulus potentially coming as well. kind of like a goldilocks economy for the stock market guys, back to you. >> wouldn't that be nice bob, thank you, sir. bob pisani with our latest now while election uncertainty is causing market jitters, legendary value investor bill miller is sticking with his strategy and continuing to bet on a bull market his flagship opportunity trust fund is up 23% since the low on

march 3rd. joining us now is the chief investment officer of miller value partners bill, thanks for joining us back in march and i'm sure our viewers remember the same day that bill ackman was here talking about hell is coming, you said it was a once in a generation buying opportunity. is it a tougher call today >> well, yes, it's a much tougher call today because prices are very different than what we were back in march that's what made it so uniquely timely to make sure that people got invested right now the market is -- it's still a bull mark. i think that's one -- that's a message of the election. the extremes were kind of pared off. mr. biden, a much more let's say calm person and less confrontational than president trump and most of the policies that people in the markets are worried about are probably not going to happen. one of the risks in the market will be -- and i don't expect this to actually happen because

i know that vice president biden and mitch mcconnell have known each other for decades and get along pretty well, so i think there's a good chance for kind of a ken terrorist set of policies with modest tax increases, if any, and then fiscal stimulus that's not as excessive as has been talked about, but overall -- overall i think that the market is telling you that the bull market is continuing, and it's a bull market that began on a secular basis back in march of '09 and it continues, and it can have corrections and can have setbacks but until the basic building blocks of any bull market change, you're in a bull market and those, you know, those building blocks are the economy growing, the fed accommodative, interest rates not -- not excessive and inflation quiescent, and we have all of those things so i think that -- that those are the four key things that you have to look at >> so let's go over some of the names in this portfolio that have gotten you returns doubling

from the lows, doubling with the s&p has done some familiar names like am soviet republic, alibaba and facebook and alphabet, but i know that you're not as bullish on big tech as you are maybe the more valued parts of the market. in other holdings you have, including adt, stitch fix, one main, taylor morrison home it's not like you're saying throw out big tech but are you one of the people who thinks that the long, long awaited and overdue shift to value is here especially because we started to see this pause when it looks like the blue wave wasn't coming so is that just a temporary setback? >> i think the bull market is going to be good for growth and for -- and for traditional value, but i do think that the traditional value names will move into the ascendancy here, and that's what, you know, we saw a reverse afl some of the -- some of the selling that had taken place in tech, the two corrections that we had in the mega cap names and overall the other names did quite well, and

then that got reversed out because of the expectation that biden was going to win and the republicans would keep the senate and i think it will be much more balanced going forward. do i think it will take the fed a while but they are going -- if they -- if they stay the course, they will be able to get inflation to 2% and that's how it's going to go higher to do that because they want it to be symmetrical around two so they have to let it get to three or so that means greater pricing power for the value names and obviously that means greater growth and both sides of the economy growing so growth won't be so scarce as it is, and so the great growth names which are still going to do fine, i think, but they won't do as well relative to the market as they have done, but we own both we have factor diversification so we've got the big tech and small names and we've got, you know, companies -- you mentioned taylor morrison. people say you can't find a cheap stock, six times more than next year's earnings and they are a home builder and one of

our favorite names is trading three to four times earnings there's a lot to buy out there >> and i'm also interested that you say to quote your line here that gold should provide solid returns and bitcoin perhaps stellar ones now i know you've been a believer in bitcoin for a while here but it's been impressive to look at its performance over the past month is that an aberration? why does bitcoin trade like a high beta stock and, you know, what was your explanation for people as to why they would want to be in these couple of areas. >> you know, some of the great investors of our time, stan druken miller and paul tudor jones, gold bulls and if they are not gold bulls they at least believe that -- that inflation -- it's possible that inflation comes back which is with the fed trying to gun the money supply here and with great fiscal stimulus and more fiscal

stimulus i think that -- i think it's reasonable to own gold gold has done very well this year and i think silver is a better bet than gold, and the gold to silver ratio would tell you want to own silver but with respect to bitcoin i -- i just make it a little bit more of what you were saying been a great month for bitcoin and also been a great year to date, three years, five years and ten years and then bitcoin's inception was 12 years ago and it's been the single best performing asset category in every one of those periods not that it hasn't had a bad time, it went from nearly 20,000 down to in the 4,000 to 3,000 to 4,000 range so it's been very volatile i think right now its staying power gets better every day. i think the risks of bitcoin have been to zero are much, much lower than they have ever been before, and you're getting greater adoption microstrategy put half their cash, 400 million into bitcoin

paypal announced that they are going to make -- people can buy bitcoin and can you use it at all their vendors and square had, you know, a blowout numbers yesterday, you know, due to their -- the sales and the demand for bitcoin can, and the bitcoin story is very's' which is that it's -- it's supply and demand and economics, not 101, .01, which is, you know, bitcoin's supply is growing around 2 been the 5% a year and the demand is growing faster than that and it's going to be a fixed number of them, so i think every major bank, every major investment bank, every major high network firm is going to eventually have some exposure to bitcoin or what's like it which is gold or some kind of commodities. i did see a thing that the -- that the chief investment officer of brown university, you know, endowments tend to move slowly out there i'm on the investment committee at john hopkins and we have a

great cio and we don't have bitcoin and may never own bitcoin but because of its asymmetric properties that everybody is going to want to own at least some bitcoin so i think that's -- for a college endowment that's a bold statement. >> well, it signals that if they go first and everybody follows you can see why investors would be salivating at that prospect bill, it's a good thing you're a stock picker because when we've talked about the bond markets you know, i think us and many, many people for years have said, you know, how can interest rates keep falling and you would rather be on the other side of the trade and yet these low rates persist. so given everything that you've said about this kind of goldilocks scenario that's shaping up for stocks and i would imagine low interest rates or at least a piece of that, can you just give some context on whether you really expect rates to stay low here you know, what you would say to people who are either betting they are never going to go up or to those who say they have got

to go up, and all of this deficit spending, the high debt levels, you know, that we're going to face problems if the fed kind of gets what it wants here and that's all coming to bear, you know, what do you make of -- of bond yields and where they are today. >> it's -- it's interesting you bring that up because going into the election what had been happening was that there had been sort of a steady creep upward in the ten-year, and it got to actually i think the day before the election or so, it got to 91 basis points and that -- for the people to look at charts. that a critical break point that would indicate the curve is going to continue to steepen and you want to really get overweight financials and financials have been doing much better as that was happening then when the -- when the expected blue wave didn't happen, that got quickly reversed but it only took a day and -- and last time i checked earlier today the ten-year was

back to over 80 base points. it was down a chunk today and that i think is interesting because that indicates i think that growth will pick up and -- and also that -- that the fed is going to keep rates pinned at zero at the short end that the long end of the curve is going to tend to gradually rise, and that's very, very good for stocks the only time that money went out of bond funds and into actively managed equity funds and not index funds was in 2013 during the so-called taper tantrum when chairman bernanke made a comment that rates won't stay this low forever. i think they are about 150 or 160 at the time on the ten-year, and they went to 325 in about five months, and then peaked and came back down and -- and that was -- you know, that was -- the only time in the full market when money has gone into actively managed stock funds, because people were losing money in bonds and, of course, bonds, you want bonds to protect you from losses, not to generate losses, so if this

happens on the curve i think the curve could go easily to -- the ten-year could go easily to 1.50 or 2 without any significant harm to the equity market. in fact, i think it would help the equity market, but i do think that that would signal that actually, you know, what -- with bond yields peaking in october of '21, we're four years into the bond bull market and -- and, again, i've -- i haven't found bonds attractive for at least the last five to seven, eight years and that's been wrong because they have worked very well, but i still think that -- i think back then the risk/reward wasn't great on that now that they have worked out and now the advantage is to stocks >> yeah, and if you're right about that, obviously it would benefit the financials bill, i get one more question so i'm trying to make it a good one. i think what i would like to open it to you to say, often looking at some of these under

the radar plays, things happening in biotech and different parts of the economy, can you kind of leave people with run investment recommendation that you're most excited about right now? >> well, if there was only one, i wouldn't own all the stuff that i own, i would own that one, but i would say if people don't investigation posh you're -- i would say people don't have exposure to bitcoin i would strongly recommend it at current prices that they do that for a stock, you know, i mentioned it earlier, but i'll just tell you why, so i think the largest generic drug company in the world, generic drugs are part of the solution to health care, not part of the problem, and they trade at three to four times this year's earnings and a 20% cash flow yield and does it basically for one reason, opioid liability and they undoubtedly have that product liability, and they have expressed confidence, the ceo of endo pharmaceuticals and other ones have expressed confidence that there will be a settlement hand had theies try of the product liability things has been that the estimated

liabilities which come out of what the manufactures are asking for and then analysts, you know, take a look at that and use that as the outer limits, although not impossible limits, but it's almost always the case that they are dramatically lower than that, and we believe that even if the high end of the estimate for teva is right which is 5 billion, i would be surprised if it's greater than 1 billion and that's six months worth of cash flow and if i'm right and what the ceos of those companies are saying, they think there's going to be a settlement in the next 12 months then without the liabilities teva would tray of 25 to 30 bucks and it's right now about 8.50 >> exactly yeah, showing it on the screen right now, about 3% on your remarks and trading around $9. bill, always appreciate it thank you so much for joining us with your update and kind of post-election and where your thoughts are we really appreciate it. >> thanks, kelly thanks for having me on. bill miller of miller value part errs coming cup the dollar continues to weaken and that's starting to

trickle down into other market we'll explore and tell you what's going on and driving names like gold, silver and bitcoin higher and covid-19 cases in the u.s. continue to rise across the country. we've got the latest figures in development, and a quick check on markets right now stocks are holding steady with slight declines this hour. the nasdaq went positive around the start of the show and the s&p has just gone positive by about a point, too the dow is down 50 we're back in a couple stay with us

welcome back another grim record on the covid front with daily cases exceeding 120,000 for the first time meg tirrell is here with the latest this hour meg? >> reporter: hey, kelly, we're exceeding 120,000 the day after the first time we exceeded 100,000 daily new coronavirus cases, so this is just a pace that is amazing to watch and terrible to watch frankly. johns hopkins recording that 120,000 case number along with more than 1,200 deaths reported yesterday in the united states now hospitalizations, of course, also rising more than 53,000 americans in the hospital with covid-19 right now now which states are adding the most cases illinois, texas and wisconsin as well as florida and michigan on

a total case number basis. illinois yesterday reported 9,900 cases. today they just updated their numbers. now they have more than 10,000 new daily cases today. on a per capita basis, you can see states like north dakota and south dakota really being hit the hardest. north dakota has more than 2,000 cases per million people in that state. south dakota more than 1,500 iowa and wisconsin also being hit really hard, kelly, and this comes as governors in those states, particularly illinois, with the trajectory they are on talking about implementing stronger measures, not going so far as to say a statewide stay-at-home order again but talking about going back to phase two and face three of their reopening plans so these trajectories really not what you want to see going into the colder months. kelly? >> no, and we were thinking about it this mornings you know, we got the jobs report and it was better than expected in many ways, but when you pair it with the news like this you just hope we're not kind of going back down that road where we're losing momentum again.

>> meg, any special factors leading to the surk in cases ge and is it true that possible president biden has been spending time attending covid meeting while we await the election results >> there was a report that the former vice president had his regular sort of weekly covid briefing yesterday as he's awaiting these results he's been taking these weekly meetings, and, you know, he has laid out a plan for how to tackle covid but at the same time if he does become president-elect he wouldn't take office until january 20th so the current national sort of driving of the coronavirus response will continue under president trump for a few more months, and there's concern there because there isn't really a national plan, a lot of public health experts say, to try to stop this as the trends keep getting worse. as for what's driving it, it's a lot things but epidemiologists saying this is like a forest fire and you take your foot off

the gas of trying to stop it and it just burns, and that's what we've seen. >> no. it's like we were hoping, like, we counted a whole bunch of cases at once and it was some sort of catchup but, no, just appears that that's where we are in this barn democratic. meg, thanks so much. as always, meg tirrell with the latest coming up, gridlock, is it really the best outcome for stocks with you the dow down 43 trying to turn positive on the day and bitcoin having a big comeback to hit the highest level since 2018 over the past month or so in particular. it the has been surging. bill miller recommended exposure to bitcoin and we'll dig a little keeper toin what's driving this move still ahead on "the exchange. we're back in a couple

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welcome back let's get to sue herera for an update on the election >> thanks so much, kelly here's what's happening at this hour as counting continues in several key states including pennsylvania where here you're seeing ballot counters in allegheny counter being sworn in as they prepare for another day of work. joe biden is leading in that state. nevada, arizona and even has a small edge in georgia. winning just pennsylvania would give him the electoral votes he needs to top 270 the nbc news count now has him with 253 we're hearing from the biden campaign the candidate may address the nation tonight.

anticipating a biden win, house speaker nancy pelosi says she is, quote, officially pleased with the outcome, end quote, and sees one key issue ahead for congress >> where are the issues that we can find as much common ground as possible? now if we're talking to our supporters in the labor movement, jobs if you're talking about the poorest people, reverend barber's poor people crusade and all that jobs. everything in between jobs, jobs, jobs a four-letter word. >> republicans though continue to complain they are not able to watch the counting as closely as they would like to >> the american people need to have confidence in our elections. right now we don't have that because across the country democrat officials are shutting down transparency. >> you are up to date, kell. i'll see you again in an hour.

back to you. >> all right, sue. thank you very much. sue herera. still ahead, stocks staging a massive rally this week, but it's a different story for the dollar we'll talk about what's pressuring the greenback next. also, whether there's a rope can or democrat in the white house, well, it may not matter much to the muni market. either way it could be a good thing. we'll tell you w cinupn hyomg o "the exchange. on the outside.ook sime but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans. creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares. powered by over a century of investment expertise before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. for a prospectus containing this information. as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers...

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welcome back the dollar is on track for its worst week since march as pressure on the currency continues to mount why? rick santelli has more on this for us rick >> reporter: well, buckle up i have seven charts here and i'll give you what i think is the answer look at one week in the dollar index. currently it's down to close to 1.9 it is. stu pack if you look at the dollar ves yes yen, the dollar is at its worst in two months. let's look at these three charts the dollar on top of one-month chart onemerging markets etf and one month versus the daxx versus dollar what do all those markets have in common? risk on, risk on we could talk politics but

that's kind of like chasing your tail the reality is the markets are risk-on. they have been risk on all week and risk on is never good for the dollar index kelly, back to you >> rick, that was seven charts i was bracing for like a much longer thing and you flew through that and got right to the point. it's just because it's strength, economic strength? it's kind of -- what do you call it >> i'm not sure about economic strength i think that this was a good jobs report. under the context of which we're dealing, i think it's the best we can get and with regard to politics, i think it's pretty obvious that we're not going to have a big democratic strong hold in any part of the government, but it doesn't mean we're going to have the current administration with regard to the economy, i think it can go either way, but i think right now considering what's going on, especially that we'll be on the other side of covid in three or four months, medicines, therapeutics, whatever it is, and i think that

right now is giving investors a thumbs up to dabble in a riskier pool >> all right as long as it's not a thumbs down about deficits and all that doesn't feel like that one quite yet. that's a story for next year richter, thank you appreciate it. rick santelli, we'll talk more about it for more on the moves in the dollar and what's going on in stocks in general, i'm joined by the founder and ceo of zoe financial and mark smith, financial adviser at ubs mark, you've been recommending gold for a while but was that more of a defensive risk-off kind of play is that because of the dollar's weakness or -- tell me why you like it and what you make of the fact that the greenback is sitting at these lows here >> i like it and so does every other investment bank on wall street multi-facetted you saw one, that there was 0 percent interest that the fed has in place right now that's not necessarily like a great thing for the u.s. dollar

and for our economy that the fed thinks that we have to remain at zero and then you have both sides of the house and whoever is going to be president will have to enact some type of fiscal still lurks a lot of spending, so with that being the backdrop gold is, you know, just a great hedge against any possible scenario and unlike risk who just spoke, i don't think everything will be good in three to four months that's wishful thinking and so do a lot of other people and that's another reason why gold is going up so with all those things at the backdrop, using gold as a hedge. >> we spoke to bill miller at the top of the hour who is keen on gold, on bitcoin and the performance we've seen on a number of these metals is the flip side of the dollar's weakness is the dollar going to keep weakening and what do you think are the drivers of this move anything to worry about, or is it kind of a reflection of the more positive equity environment that we've been in this week like rick was saying >> there's a kubel of drivers

for the dollar one is interest rate differentials. the other one sin flakes difficult rengsz meaning our inflation versus the rest of the world, and then the last one is growth differentials, and with all the focus on the election we miss the fact that we had a batch of pmi data come out earlier this week that showed that global growth xus is actually picking up at a much faster pace than the u.s that tends to be negative for the dollar regardless of who is president or not, the dollar tends to actually react there's a much stronger relationship with that growth differential, so i'm not surprised that the dollar is weaker when growth outside of the u.s. seems to be stronger. >> what would your advice be to investors then in this environment? does that mean that they should be buying emerging markets here? >> well, first of all, i think everyone should have a diversified portfolio and specifically to the comments on gold, we've ran statistical

analysis gold is not a great inflation hedge. people think it is, it's not there's no statistical significance there at all. what gold is great at is that it zigs when everything else is zagging. it's a diverse fire for a portfolio. it's not a great inflation hedge. not even a great risk off hedge. there's -- right now we're risk on and gold is doing well so there's no almost like reason or rhyme to gold which is why it's great to have a sliver of it in your portfolio because it tends to actually diversify. overall portfolio so i would say, look, if you want an international exposure, you should always have some because there are going to be years in which international does better than u.s. and like we've seen last couple of years, the u.s. does better than international. >> yeah. i don't mean to run but we have more break news, just the kind of week we're n.guys, thank you both for your thoughts today in helping to break down what's going -- what's been going on in the dollar as well let's get to some breaking news on the election front.

eamon javers with us what's going on? >> reporter: yeah, kell, a new statement from president trump through the trump campaign issued on paper, nothing on camera just yet from the president, but the president signaling his intention to continue the fight here. here's the key sentence of his statement in which he says that his fight is all about the -- preserving the integrity of the election system itself he says we will pursue this process through every aspect of the law to guarantee that the american people have the confidence in our government i will never give up fighting for you and our nation, so those are fighting words from the president of the united states in terms of the political and legal situation that he finds himself in as the vote-counting continues in a number of these states, and former vice president biden seems to be inching closer in a number of the key states that would give him the electoral college votes to become the next president of the united states. the president has been making baseless accusations of fraud in this election. he's already claimed that he won the election although the

vote-counting has continued and there you see the electoral college votes biden 252 and trump 214. joe biden needs only 217 more electoral college votes. >> back over to you. >> eamon, thank you a, sir eamon javers, let's stick with the election one of the states we were just looking at, nevada, one of the races still too close to call as their vote count continues kate rogers is out in reno with us with the very latest. kate >> reporter: hey, kell, and as eamon was just mentioning, former vice president biden has widened his lead here in the state of nevada to just about 20,000 votes over president trump. that's a result of approximately 30,000 ballots that were counted this morning 92% of the vote is now in statewide, but, again, nbc says this race is still too close to call and the all-important clark

county, 91% of the vote is n.biden is leading there with 53.6% of the vote and trump at 44.7%. the results there really not surprising, home of las vegas, a democratic area, and beyond that a lot of these are mail-in ballots. results from around the county just reported have trended heavily towards vice president biden just as they have nationwide in clark there's about 63,000 outstanding ballots to be count asked and about 60,000 provisional ballots. we expect that process will continue throughout weekend. the results here in the state are not looking good for president trump's team but his team is really doing whatever they can to stay in the race the campaign has not filed the lawsuit that they said was coming yesterday alleging that there were 10,000 non-residents who voted in the election did you two republican congressional candidates in the state did file something similar alleging that 2,000 ballots cast by ineligible individuals for what it's worth though, that lawsuit does not ask the court to do anything but stop the county from using

automatic technology to perform signature matching on ballot envelopes and provide more access for election count observers. they were 20,000 short of what was expected the registrar has been taking some heat for the slow pace of counting he does say they will be doing twice daily updates and we'll get another update just before 7:00 p.m. eastern, 4:00 p.m. local time we'll keep you posted on anything we hear back over to you >> you know, kate, when we spoke to frank holland in philly earlier there was practically a party break out behind him what's the mood like on the ground in reno >> reporter: yeah, so here we talked to the registrarier she's very proud of her staff. we did ask you've been taking some heat statewide about the process and how it's kind of taking a bit she said we want to make sure we get this right i also talked to a voter who was dropping off her provisional ballot today she had until 5:00 p.m. today to do that, and she said she feels

like her vote really does count because the counting is still ongoing so i would say, you know, there's not quite a parade and party breaking out but people are feeling good about the process and the accuracy of the process. interesting >> kate, thank you so much kate rogersous in reno for us today. coming cup, take a look at the mystery charm. up 12% this year we'll reveal what's driving it higher and whether there's more room to run right after this quick break here on "the exchange." [typing] i had saved up some money and found the home of my dreams but the home of my dreams needed some work. sofi was the first lender that even offered a personal loan.

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welcome back with the presidential election still inching along towards jan outcome, let's take a look at the senate republicans and democrats, including the two independents caucusing with them are locked in a dead heat for control of senate body, 48 to 48 seats. would gridlock be good for the multi-trillion dollar uni

market mar -- muni market i think there was concern it would be bad for the muni market >> there's no question a blue wave would have been good for the muni market but we got part of that to some degree the market does like status quo, clearly the equity market likes status quo there are things that get done at the state and local level the muni market's been up this week it's had a good week we believe there's good technical calls in the muni market, that stimulus is on the horizon. maybe not as big as in a blue wave but we think the muni market is in good shape to end the your and going into 2021 with the way that it looks like the election has shaken out.

i think a blue wave we would have got a lot of things but don't always get everything. >> so if the senate goes democratic, does it make a difference to you in terms of the outcome or is it going to have very little practical difference whether it's technically controlled by democrats or republicans >> i know we got the run roff in georgia coming you i think a stimulus package will be passed no matter what the size of the package may depend on whether you have a democratic-controlled congress or not we don't need the huge numbers being thrown out there stimulus would help states and localities even iffy g we get a smaller package, that could be a good help, too. states and localities can raise taxes, cut spending, take the buoyancy here of the economy, you got a good jobs number today. the economy is doing well. so it's no doubt it would certainly be a good -- more of a

positive for the muni market but i think the muni market is in good shape, even with the divided government >> for a state like illinois, which is among the worst credits out there, are they going to get downgraded to junk what would the ramifications of that be? >> ne cthey can raise the tax, flat tax and they can cut spending illinois has had absolutely active access to the marketplace. and they're using the municipal liquidity system, too. the fed is keeping rates low er that boring a the a little bit more than at penalty but they're getting good access to the marketpleace and just by raising the flat tax number up, they can get a lot of revenue

from that, too we actually bought some bonds this week that we thought were very attractive. >> oh, interesting make sure people thought that, you thought they got cheaper than they should with the potential junk status coming mark, thank you from invesco all the uncertainty around the election is sending bitcoin surge to levels we haven't seen. it's up 45% in the past month. despite continued scrutiny, bill miller just told us he believes bitcoin is the place to be >> i would say people who don't have exposure to bitcoin, i would strongly recommend at current prices that they do that >> kate rooney is here with a closer look at what's driving this rally kate >> hey, kelly, big names investors like bill miller backing bitcoin are part of

what's driving the rally this week it topped 16,000 today analysts are pointing to a few other factors as well. first, the election. bit coin is seen as a flight to safety, the same way as investors have bet on gold during some macro uncertainty. it has the same scarcity aspect. there's a prospect of more stimulus and weaker dollar making digital currencies a bit more attractive and the feds keeping rates near zero. some could set the stage for inflation, saying bitcoin is, quote, the best hedge against that his vote of confidence, as well sm mean street companies getting into crypto give skeptics a bit more cover to invest squares' ceo jack dorsey on the call calling it the native currency of the internet

covid has accelerated the digital economy and digital c b currency could make more sense back to you. >> pick your reason but they all like it. that does it for us on "the exchange" today. pot stocks have moved today. we have some name to buy i'll see you with tyler mathisen after the break. which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert.

good afternoon, everybody. a warm and sunny afternoon in november here. for power lunch, i'm tyler maie- tyler mathisen and the nasdaq just 1% away. democratic candidate joe biden taking the lead now in pennsylvania and in georgia, but it is a very thin margin we will break down the latest numbers for you. plus, a record breaking 120,00