mitch mcconnell rejected a $908 billion bipartisan proposal. and now you know the news. for this thursday, december the 10th, 2020, stay with us a cnbc special is next "the path forward, race and opportunity in america." i'm shepard it is 5:00 a.m. in new york city and here is your top five at 5:00. another big step in the fight against covid-19 an fda panel giving pfizer's vaccine the green light moving it one step closer to distribution we could see inoculations begin within days. and the markets remaining relatively muted futures are down, the big focus back on brexit. and we'll have the latest on the negotiations of a stimulus bill shares of airbnb surging

capping what has been a red hot year for ipos. and our weekly exclusive look at the stocks seeing the most insider buying by their own exec i hautives including a big company with a big time trade. it is friday, december 11, and this is "worldwide exchange" right here on cnbc good friday morning, good afternoon or good evening from wherever in the world that you may be watching. happy friday only 21 days now left before the year 2021 and by the way, happy hanukkah began last night. but we're still right now in 2020 and right now, here is how your money is winding up its year as we wind down this year futures are a little bit lower winding down a bit off 134, about half a percent for the dow. in fact half a percent for all

the major indexes. as we pointed out monday, remember, yesterday was the day that quarterly futures contracts began rolling over for the s&p what does that mean? it is a little wonky, but it just means that we could see a little added volatility today as the markets and message funds start to reposition some of the options and futures contracts. by the wait ay, all the major averages expected to end their win streaks this week unless we get a big time turn today. staying big time, the small caps, russell 2000 closing at yet another record level yesterday, it is up 1.5% this week and that does not sound like much i know, but it is that index's six theth straigth stray gain, longest since february of last year. also having a big run, crude oil at its highest level since before the pandemic and lockdowns. and energy stocks have had their

best 21 day rally since all the way back in 1972 optimism about reopening, opec's move contributing to oil, down you a little bit right now, but is has had a good run. your stock of the morning maybe stock of the week, shares of airbnb skyrocketing as much as 112% in their public trading debut. but as robert humm points out, it did quietly close before its opening price of 146 as it drifted into the close spending a lot of time between a buck 346 and a buck 48, it is down right now, still a heck of a debut for airbnb and we'll have more on that in your bonus friday rbi a bit later on in the show let's go worldwide now it was a mixed session in asia, south korea, we don't talk about it a lot, but the kospi was the big winner, it rose nearly 1%. hang seng rising as well

and a lot of talk about vaccines, but brexit is also a big story as well. the european markets are down, germany down just over 1%. but while brexit certainly is a big deal, saving lives is an even bigger one. let's get to the latest on the major decision by the fda panel on pfizer's covid vaccine, moving it one step closer to approval and distribution. frank holland is here with more on that and some of the morning's other top headlines. good morning, frank. >> good morning. the fda advisory panel is recommending approval of pfizer and biontech's treatment for emergency use. the advisory committee voting 17-4 in favor of the matter. it is the last step before the full fda can give the final okay if the fda accepts the recommendation, which is expected, it could grant emergency authorization as early as today u.s. officials have been saying that they are prepared to

distribute the vaccine within 24 hours of authorization pfizer and biontech both higher, pfizer up almost 1.5%. meanwhile, an experimental vaccine from a know if i and glaxosmithkline has suffered a setback saying it showed immune response the pair plan to launch another steady next year with the reasons of coming up with a are more effective vaccine by the end of 2021. shares of both are lower this morning. and hopes for congress reaching a deal on virus aid for millions of americans, those hopes are fading mitch mcconnell's staff has informed congressional leaders that senate republicans likely would not support the $908 billion bipartisan proposal. they have until next friday to reach a deal that is the latest >> frank, thank you. we'll see you in a few minutes so the question for all of you out there, just how much

that vaccine rollout and the thought of a return to normal sometime in spring or summer is already priced into this record bounceback, not just here in the united states, but also for the world. you may not know it, but every major stock index globally, pretty much every single one is higher on the year mark anderson is chief investment officer and co-head of asset allocation at ubs global wealth management and is joining us appreciate you coming on enjoyed the 2021 outlook that you and your colleagues did put out. and it sounds like you are bullish on the united states equity markets, but not wildly so explain the thinking >> thanks for having me. first of all, a tremendous rally in the stock markets in the month of november and many of us are challenging ourselves when we look at the large cap u.s. stock names, that how can this rally continue and we think it will for global stock markets. so first of all, if we look outside of the large cap names

in the u.s., we're trading at roughly 17 times earnings. and when we look through the available investment instruments not only across equities, but fixed income, excess commodities and so forth, we find the expected return on global equities is probably more promise nebnen prominent. and it is certainly supported by the vaccine rollingout thadvan happen >> and calling it the roaring '20s, really the roaring '22s if you want to get specific but has that already been priced into the global equity market? we know things will boom, it is just how much of that has already been butt iought in >> and that is a valid point we have seen nasdaq up 35%, 40%.

we have the uk equity market down more than 12% value stocks are lag behind, financials are still down, industrials, a lot of the traditional sectors that would certainly be mind a strong rebound are the ones we are in you mentioned small caps they have staged an incredible rally since the beginning of november we think that that has further to run typically small cap is outperforming in this kind of recovery type of market. we also see industrials, financials, value, a lot of opportunities where we haven't really seen this kind of broadening out so we're basically advising our investors to look at the next road to recovery as we look into 2021 >> and where exactly is that going to be? is it going to be in developed europe and the united states or should our viewers, your clients, be looking to invest in africa and parts of emerging markets in asia?

>> so we do have a preference for asian equity markets we've been pressed to the extent by which china has managed to sustain its growth by covid-19 hitting china very early this year so asia is a favorite market we are looking to diversify out of some of the large u.s. names. we like uk equities where it is a market that has been lagging behind its composition is exactly around some of the sectors we like, financials, industrials, et cetera. and then for those of our clients, and as we know as well, obviously there has been an acceleration of a lot of the technological developments from covid-19, but we think that it is happening in some of the transformation that will happen in other sectors as well so what we really like to see is this rollout of technology into something like health care we've seen tele medicine being incredibly interesting drivers

in that segment. green technology is another one, a lot of the fiscal stimulus that has been announced. and a lot of companies have green agenda so with stimulus in the european union of more than 2 trillion having just been announced, globally fiscal stimulus in the area, $5 trillion even for 2021 in a year of recovery, a lot of that would basically be centering in to these kind of green technologies and that is creating opportunities >> $5 trillion, some big numbers. mark andersen says look around the world. the show is called "worldwide exchange." mark, best to you. thank you very much. and we're just getting started. when we come back, how hospitals are preparing to actually inoculate the vaccine beginning just days from now what will it looks like? we'll let you know plus, will that vaccine get millions back out to restaurants and bars next year

chairman and ceo of pernod ricard will join us. and what private equity executives are now saying about next year and what it holds fm&. labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid. so do businesses. so, today they're going hybrid with ibm. a hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. that's why businesses from retail to banking are going with a smarter hybrid cloud using the tools, platform and expertise of ibm.

welcome back the fda advisory panel's decision to recommend approval of the pfizer covid-19 vaccine meaning all of us are one step closer to receiving treatment potentially within days. and hospitals across america are gearing up to address minister those treatments and begin inoculation. frank holland spoke with an area hospital about their preparation and is back now with us. >> good morning begin. we went to a hospital in newark, they will be one of the first to administer vaccines as early monday and they have been under preparation for months the 1,000 frontline workers will have the option to get the pfizer vaccine as part of the pilot program. and they are testing the initial logistics of how to safely inoculate large numbers in a

single location. they have an assembly line they register, get a quick meck health check, they are given the vaccine and monitored for 15 points and the ceo of university hospital says that they need to keep the pfizer vaccine super cold and use it all once it is thawed are just a few of the complications in this particular vaccine process. >> we have a spooresponsibility communicate what is going well but also thing that may not be working. the concept is continuous improvement, we have to move fast, the science moves fast, even moved fast to try to get us here and it is our responsibility to vaccinate as many people as possible fast but also to learn throughout that process and communicate that learning to everybody. >> and university hospital will report any issues to "operation warp speed" and the state. the hospital also surveyed its own workers and found about half are willing to get the vaccine,

a quarter want more information and a quarter say they won't take the vaccine the doctor says convincing the staff is a key step in convincing the broader public that the vaccine is safe and effective. >> you know, frank, a key part of this is getting hospital staff to your point vaccinated before the public. so that they can feel safe i have a buddy of mine, i'm sure you know doctors, it takes him about an hour to get dressed, then he has to get undressed in his garage, he doesn't see his kids, he goes right in, takes a shower, everything goes right into the washer and dryer every day. how long do you think officials believe that this will take. >> well, the key part of this story is that the employees have the option to get the shot they took a survey, about half are willing to do it the hospital believes that it will take about a week even though that they can do 600 a day and they only have 1,000 workers, because there will be a lot of questions, they believe that it will be a process even for their own workers to get the

vaccine. so kind of representative of the broader public so these are people who are educated and know a lot about the vaccine and even some of them are hesitant, so about a week >> yeah, and apparently from what i understand, once you open up these pallets which have about 1,000 different doses on them, you have to use them all and by the way mondayi might b in a rural area, i don't want to give too much away, following vaccine distribution as well frank holland, great story thank you very much. still on deck, it is your bonus friday rbi and this one will show you how the don't own anything model is paying off big time. today's big number -- 19 that is how many u.s. ipos have doubled in their first trading day so far in 2020, up from just three last year. arme sharing company airbnb rose

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in or out of the office. anyone have any questions before we go? that's great cause i really need to get out of here. snake people are freaking me out. hey sheryl, you have a sec? -nuh, uh. for work place productivity you need lenovo, and it orchestration by cdw. people who get it. welcome back surprising pretty much everybody given how the year kicked off, most of 2020 was a pretty red hot deal market, particularly the last couple months private equity and financial sponsors were very busy even as they had to do it via web cam. so what is in store for 2021 law firm surveyed senior execs

around the world and we're joined by the chair of their private global equity practice mark, good to see you. when you look at this year, deal volume understandably march through the middle of summer collapsed. how hot has the deal market been the last few months and is that momentum expected to begin into 2021 >> good morning, brian great to be here look, q32020 was up 10% for private equity buyouts over the same quarter from 9202019 so as you said, a big surprise for a lot of people. right now i think the deal activity is verging on the red hot and good visibility going out into the first half of 2021, that is not withstanding the fact that lot of investors hit the pause button late in q3 and early q4 as the presidential

election looming on the horizon. with that behind us now, i think that the deal activity will continue to surge forward particularly for private equity buyout activity. >> and i know that interest rates, the ten year has ticked up a bit, though nobody will say 0.9% is high by any means. it is higher money is still flowing there is about $4 trillion in cash sitting on the sidelines. as much of that controlled by private equity how much do low rates play into this deal story? >> well, it plays through on the deal story on a couple different fronts first of all, i think everyone expects low interest rates to continue for some period of time until we start seeing meaningful wage inflation that lays out a good immediate term horizon, cheap debt can fuel a lot of pe buyout activity very easily. as understand,you said, $3.8 tr sitting around, 1 pp.7 trillionf

dry powder ready to be invested. combining those two, i think that you will see continued activity and those two facets will drive the returns that private equity would expect because you will see increasingly higher multiples to purchase prices, historic yields for private equity, normally trading 9% to 10%, say 15 greye ago over public security, thousand with all that dry powder and the low interest rates, market observers are expecting to see yields from private equity traded at 3% to 5% premium over public securities >> i would imagine that you are bulking up your distressed provision. we know that vaccine is coming and there is optimism around broader economies next year and into 2022, but let's be clear, credit markets still remain very tight, everybody i talk to says that we'll see more defaults, the distressed market is going to go up

where do you see specifically those opportunities and when do you think that they may start to hit? >> so great question i think that everybody was waiting as we entered last march thinking that there was going to be a wave of bankruptcies. we saw some, but not nearly as much as anticipated. the huge elementally liquidity being provided by governments and by the private markets, you know, really created a band-aid that got put on a lot of companies that were dreeeply troubled as revenue plunged, overall leverage increased on a relative basis. as you said with the business pickup hasn't come in a lot of sectors yet, nothing has happened to ameliorate that. as we get in to the first quarter of 2021, a lot of those band-aids put in place in 2020 will start the expiring. and a lot of those businesses are going to be hitting the wall i think that you will see a few things coming down the pike off correlating, but you will see increased restructurings coming

into the end of the first quarter, increase in the number of bankruptcies and distressed activity that it translates into secondly companies that are doing okay, think about larger companies, they can't grow their way out of the intense leverage that they are in right now so you will see an increasing number of asset sales or divisional carveouts coming on the market as companies sell assets in order to pay down debt and balance their leverage and i think for the sectors that are in stroeg ain vogue and pro economic return, it will be about increasing demand and chasing those assets >> you might have to hold on some of your clients overpaying, but that is your job, i'll let you and your team do that. mark they're dirfielder, apprec it and coming up, pfizer's vaccine just clearing a hurdle

and we'll speak to one member of that panel who voted to recommend emergency use authorization. and as we head to break, shares of broadcom lower as they announce a new cfo and coo when you switch to xfinity mobile,

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inoculations could happen in days we'll speak to someone on that panel. and who is buying their own stocks with their own money some. and it is 5:00 somewhere 5:00 p.m. that is. the ceo will be joining us to talk about alcohol sales as they look to toast to a much better year in 2021 it is friday, december 11, and this is worldwide c"worldwide ." welcome back or welcome and good friday morning and happy hanukkah which kicked off last night. glad you're with us. thanks for joining us. here is how your markets and money are looking as they begin to wrap until week futures are a little bit lower too much, dow futures off about

would be half one-half of 1% fair value on the nasdaq is slightly in the green. quarterly futures contracts on the s&p began to roll over yesterday at the cme, so could add a little vol stillity to the markets maybe today. the dow, s&p and nasdaq are all lower on the week set to break multiweek win streaks. likely based on the futures, but hey, it is 2020. and you never really know. it has certainly been another big week for the little guys, the small caps the russell 2000 closing at another record level yesterday, it is up 1.5% this week and yeah, i know that doesn't sound like much, but that is the russell's sixth straight weekly gain and the longest run it has had since february of 2019 also having a big run right now is oil don't look now, but collude is -- drud is tkrufd crude is at

level. and energy stocks have had their best 21 day rally since all the way back in 1972 can you believe it also the magic kingdom is looking pretty magical for its investors lastly as well disney shares at a new all-time high, the stock up 8& in extended hours trading that will help the dow they revealed in their investor day yesterday that their disney plus service now has nearly 90 million subscribers, and they believe that they can get that number to between 230 million and 260 million subs by 2024 also all you baby yoda fans, you know who you are, you can rejoice because disney also said they are working on two spinoffs of the hit show the "mandalorian." time for your exclusive insider buying segment where every week we look at those companies whose executives are

buying the most of their own stock with their own money the data coming from insider score.com. and as we count you down, five to one, everybody knows the rules. let's go stock number five is griffon, long time director buying about $100,000 worth there came back into the market as that stock pulled down who is griffon a holding company, they own some home products companies stock number four, invidia, 107,000 buy by the cfo and the third most insider buying this week, avnet, a director's first buy since joining the board buying $290,000 worth buying on weakness by the way, that stock down ten bucks a share from the beginning of the year the second most insider buying mortgage company black knight, a director buying nearly $500,000 worth there. he is also by the way the former vice chair of u.s. bancorp where

he has been a seller of that stock. so maybe selling usb to buy bki. and the most insider buying this week a big company with a big trade kraft hintseinz, board member bn just under $3 million worth. so there are the names and we do this every friday here on "worldwide exchange." and all the stocks that we've highlighted have been outperforming. let's get back now to today's this week's, this month's, this year's big developing story. a key fda advisory panel voting to recommend the approval of fizzer and biontech's covid vaccine for emergency use. this is a nonbinding recommendation, meaning the fda does not have to follow it, but it often does and most likely will so the next step is waiting to hear from the full agency on

whether it will grant emergency use. and that announcement could come as early as today. joining us now to talk about it is temporary voting member for the fda advising committee evaluating both the pfizer and moderna vaccines, also director of the precision vaccine's program at boston's children's hospital doctor, we appreciate you joining us there is a lot of skepticism among some people around this vaccine. mrna technology, relatively untested, some view it as rushed without getting too in the weeds, tell us the kind of data that you and the other voting members see. how much information do you actually get in pfizer and biontech >> thank you for that, brian actually although the process has moved forward with unprecedented speed, i'm happy to report that with respect to safety evaluation, this was

rigorous i carefully reviewed all the briefing dumocuments, they were made publically available and there was detailed safety information provided by the sponsor in this case pfizer. and that safety data was also independently analyzed by the u.s. food and drug administration, fda. so what i saw was a very careful safety analysis of this product. >> now, there were a few -- i think there were four no votes and that will get some headlines. however, there is a very key caveat, is there not, doctor i think some if not all of those no votes were for people who wanted it authorized for those 18 years old or older not 16 or older. correct? >> there was some discussion around that point. obviously for those members who voted no -- i voted yes, it is a

he matter of public record there were as you pointed out a few committee members who voted no obviously they should best speak for themselves there was, brian, some discussion around the age range, the sponsor did provide some information, some study participants in the 16 and 17-year-old category there was no particularly different safety signal for them as the older individuals and so the majority of the committee members felt comfortable voting yes >> now, you also are at a hospital, they're receipt tick lir when this is approved, you will be getting the vaccine hopefully this weekend, within days assuming the fda comes through, doctor. can you take us through the time line, what would be the earliest, assuming the fda comes out today and gives the final approval, the earliest that inoculations could begin >> thank you for this, brian as you know, the committee gives

swris to advice to fda. the determination, i don't know, but it could come as soon as today or the next few days and then there is a step with the centers for disease control, cdc, they have a committee that looks at it. i don't know all the facts, but i'm told that it is possible that even within days you might have vaccines shipped and they need to ship to locations that have the right kind of freezer systems as you know, negative 80 degree celsius to store this vaccine, and it to be stored under specific conditions. and each state has put forth guidance as to priority populations such as frontline health care worker, such as elderly individuals in long term care facilities, who will be first in line to receive this product. >> and you are also a voting member for the moderna vaccine you can give us any in-sites in where we stand with that vaccine candidate? that does not need the ultra cold temperatures, so some view

this potentially as easier to distribute do we know anything about the time line for moderna? >> thank you for that. i first should say as a matter of record that the roster i don't believe has been finalized for thursday's meeting so for the next thursday's meeting on moderna, so i just want to point that out what i will say is that what we were told is the moderna vaccine doesn't have to be stored at quite as low a temperature, it rather is negative 20 degrees which is similar to your household fleezer. o freezer. obviously it would have to be monitored but that is somewhat more practical and we need vaccines for the whole world. yes, the homeland, the united states of course but also the whole world this virus does not respect borders, does not understand nationalities, it just spreads as an infect sthus diseaious die and there is no way a vaccine that needs negative 80 storage could be a long term solution

for poor countries, et cetera, so we need a range of different vaccines and thankfully there is a strong pipeline of a variety of vaccines across the globe you know, i would also say that yesterday was a milestone, but there is a long road ahead >> but it was the first step in getting on that road and we appreciate the work that you and all the other voting members certainly are coming i know you've got day jobs, so we appreciate it dr. levy, thank you very much. >> and as a person of jewish faith, i observe hanukkah and the festival of lights and hopefully we're starting to see the light at the end of this long tunnel. >> very well said. happy hhanukkah. this is maybe the first day of that light at the end of the tunnel >> thank you very much >> getting a little choked up there. but talking about saving lives and all the work first responders are doing, it can make you emotional

coming up, you know what else brings you good feeling and emotion? the idea that some day soon we'll be able to go back out to bars and restaurants and see our friends, and just have a good time i for one, i'll buy the first round, folks but not all of you at the same time coming up, we'll speak with the chairman of pernod ricard about 2021 getting back to business, buying booze at home, but not at the restaurants, we'll see what their outlook certainly is dow futures down about 100 in as we have reason to be optimistic r going the extra mile... and for the extra pump of caramel. thank you for the good food... and the good karma. thank you for all the deliveries... especially this one. you've reminded us that no matter what, we can always find a way to bounce forward. so thank you, to our customers and to businesses everywhere, from all of us at comcast business.

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this year certainly brought a lot of reasons to want to tuck this with a nice cocktail or two once in a while, but the closure of bars and restaurants around the world meant that many producers actually took a hit on sales. what they call in-premises pernod ricard saw a droop p in sales, largely due to bars and restaurants being closed you can't go somewhere and drink if they are not open decline in travel also meant sales in travel retail outlet, hotels, et cetera, also declined but things could look up heading into the holidays and ahead to 2021 as sales likely to tick up as we all bust back out. joining us now exclusively is ann moucher from pernod ricard

i love the segment and i want to focus on the future. we don't need to remind our audience how tough 2020 has been did you pernod ricard have any insight into what 2021 may look like >> first of all, thank you for having me. i will tell you, 2021, we're all looking forward to it. i think that there is going to be a lot of trends that we've seen in covid that i think will go into 2021 it it is not the new normal anymore, it is the now normal. and i think consumers who have done in-home consumption of spirits, they are looking for convenience. we're seeing a lot of ecommerce growth and a lot of variety in how people are partaking of spirits. and we're seeing people go to their trusted brands in covid because, you know, they don't have a lot of time to shop, money is tight, so they want to go to the brands that they know

they love. and i think that you will see a lot of that convenience go forward as we get in to 2021 a lot of cocktail making, people are learning how to make cocktails. so that is also going to continue and i think that you will see a huge trend around what we're seeing in what we call premieizati premiumization a lot of people are buying brands priced $50 or $100 because they used to enjoy those in restaurants you know, you could get a couple glasses of cognac and spend 100 bucks and now you can get a bottle for 100 bucks and get 10 or 15 glasses out of it. so i think that consumers will value this category very differently and you will see vibrancy even post covid >> and i've been trying to think and plan for how it will look. and i don't think that it will be like the end of the war where there is a specific day and we all just bust out and start partying again it will be a slow roll by the way, tens of millions

have already recovered and they want to go out already do you get advance orders, do you have any idea as to when hotels and restaurants will say we'll start restocking up? i know that they are open, but they are not really open in many areas if you know what i mean. >> absolutely. again, bars and a lot of restaurants are still closed so we'll probably start seeing an indication, you know, 60 days out. we usually get some lead orders especially with the more national customers that we see in restaurants so it will be different especially here in the united states state by state, every state, you know, this is a regulated category by state. so we'll see different patterns across the country and that is why in this industry right now, stayi staying agile will be very key >> you can explain the big jump in take keeequiltequila?

people just sitting at home and making margaritas every night? >> that's it i'm telling you, cocktail making is huge. so tequila is off the charts it is up 50% even things like cordials, like a kahlua which is a great brand for us, it is up over 30%. so people are looking for those spirits where they can recreate the bar experience at home and people are getting really proficient at making cocktails >> ann, listen, i'll tell you what, at some point we'll be out there together and out at a bar or -- i cannot wait by the way i'm a social animal. hopefully we can do it with you and your team. i just want to be clear, this is only coffee. you have something we can probably put in there later. >> listen, i will toast you with a beautiful glass of glenn lovit. >> it is 5:47 a.m. so we'll

weights until t wait until the p.m ann, thank you for joining us. >> stay safe and on deck, your morning rbi and what i call the don't own anything economy is making some insiders very, very, very rich

welcome back we normally don't do the rbi on fridays, but we thought why not. this week doordash and airbnb just crushed it in the market. airbnb is about $86 billion and that is nearly as much as the combined value of every major publicly traded hotel company right now. think about it, hilton, marriott, windham combined are only slightly bigger than airbnb all those companies do things like own big buildings or employ hundreds of thousands of people.

or pay leases to the owner of the buildings. well, the technology firms, they really don't own anything at all. in fact, if you think about it, some of these companies, their only real product is our stuff our cars to make deliveries. our homes or apartments to rent out, our words and videos on social media so i thought it might be interesting to look at some of their values in a different metric, we'll call it market cap per employee just made that up. and check this out, darden, by the way you can get that delivered, has a market cap of around $15 billion they employ 178,000 people so valued at around $38,000 per worker hilton hotels, about 167,000 per person marriott a little more at 241,000. and now airbnb based on its market cap, airbnb is worth $16 million per worker. got a value of about $87 billion and they employ only 5500 people

according to capital iq. put another way, airbnb is worth 6500 times more than hilton on per employee basis what maybe irl start calling the economy of using other people's stuff is sdriidestroying the ecy of build our own stuff at leastn random but hopefully interesting, although maybe not. and speaking of interesting, joining usney gibson to wrap up the week lusk capital preside luke capital president and cnbc contributor. and it shows how the market values don't own a lot and we will reward you. but do you think some of the ipos are a little too red hot? >> so good to see you, sully

really appreciate it you know, it is really interesting to see what the market is valuing and what it is not. i think what we're seeing is a shift in what society values, right? when we think about the digitization of society and you think about the squares afrntsd t and the paypals, those are companies that no one would have expected to be valued the way they are but they are valuable because they are bringing you something new and unique in a stream lined and effective way to do what i've always done better. when you think about an airbnb, yes, what they have done however is say, hey, court any, you have a pretty decent house, if you want to live somewhere else for a while and rent that house out to someone else that values it, you can get rich doing that just like the him tlton family can. and i think that airbnb did a fantastic job with building that business and let's not forget, they didn't just wake up one day, this company has been around for a very, very long time and they have worked at this model. when you think about an uber,

people thoit ubught uber would disappear. but uber has built over time an incredible business and really morphed with what society has valued strategically and the market is rewarding them for that value >> and i was thinking last night, it is all about a platform all these companies, they don't really have products twitter is really an empty warehouse, they fill it with our words and you're picture facebook, tiktok, all the same way. airbnb your homes, your apartments. there probably is one, but if there isn't one, we should start an etf that is just 34r59 foplam companies. they own as little as possible but they build a platform that scales incredibly. >> it scales incredibly, and we -- i'll talk to you about something i'm doing. and by the same token, i don't want this to be lost upon people, when you think about twitter, instagram, facebook, some of the social media platforms, youtube, what it has

allowed is the everyday person to become a millionaire. and those are probably things that people would never have been able to do. so when i talk about the hilton family, which i'm not knocking how they made money, bullpen what it also allows to happen is the sullivan family or gibson family, if people want to watch what we do or watch our kids open presents to make $30 million in a year which is unheard of so i think these companies are not just taking our words and monetizing it themselves by selling ads and the like it is allowing other people to take advantage of the american dream. and i hate to sound all, you know, euphoric about it and whatever, but it is true it really is granting people access that they otherwise would not have had this morning i got-46 i was watching a comedian on instagram who i think is amazing and he has 500,000 followers and advertisers will pay him to do things which i think is awesome >> and by the way, no one is paying me $30 million to dance i

can assure you on video. courtney -- they pay me not to dance. outside of that, okay, we are seeing this shift, we mentioned small caps, they are boring, we didn't talk about th don't talk about them a lot, but they have been killing it. are you a believer in the small cap story? >> i am a believer in good companies. solid management teams that are focused on building wealth for their shareholders and following what their constituents and their stakeholders want them to do so whether that is a kevin johnson at starbucks that we talk about all the time or it is a small cap company that one has never heard of that sells parts into the apple iphone, i'm into and i think the more that we see breadth in this market, the better society will be as small caps do come back, what it is saying that that they can

degree and turn into the next large cap stock. but ultimately it is businesses that are growing and building and that is the back ben of america and candidly the world >> well said and based in cities like winchester, virginia. >> or racine wisconsin. >> courtney, thank you very much and folks, thanks for watching happy hanukkah to everybody celebrating. sdwa "squawk box" is next for skin as alive as you are... don't settle for silver ♪ gold bond champion your skin

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good morning, awaiting full approval, an fda pan willing has endorsed pfizer's covid vaccine.

now full emergency authorization could come as soon as today. it will be hard for me to say a stumt bell ov stumble over stimulus, the house address journin adjourning you until tuesday as a bipartisan package fades in the senate and i think that is in large part responsible for what we're seeing in the markets this morning. and disney saying streaming subscribers could triple by 2024 that would be a big number announcing a new slate of content from marvel, pixar and the "star wars." it is friday, december 11, 2020, nothing has changed at the nasdaq squawk box begins right now. ♪ ♪ everybody singing all the bells are ringing out and it is christma