ternatives i think first solar is going a lot higher. >> okay. finally, last but not least, farmer jim >> yeah. i keep coming back to viacom/cbs because it keeps consolidating and moving higher. it's almost quadrupled off of the lows earlier this year and it's ready to go higher now. >> good stuff. good to see everybody. thank you very much and thank you very much for watching "the exchange" starts now. >> thank you, scott. hi, everybody. happy monday merry christmas. welcome to "the exchange." i'm kelly evans. sign, sealed and delivered goldman boosting its first-quarter gdp effort to 5% growth after president trump signed the stimulus bill is the market overreacting as stocks keep surging? dow up 325 at highs today. we'll ask. plus, why this recession could mean a more rapid recovery is ahead than we've seen in the past does that justify these market moves. >> reporter: we will dig into is it t. plus wonder woman" wobbles for some, video games go wild and the gold/bitcoin battle.

amazing. look at that price for bitcoin we'll start with the market and mike santoli is here with more on that. mike, you say today has kind of a reopening feel to it. >> it certainly does every time you think the vaccine optimism may be priced not market, i joked every day that passes presumably is a day to when we're fully back to normal so maybe that's the reason to buy some more. let take a look at the mainly or indices. real synchronicity between the s&p and nasdaq happens sometimes when apple is a big winner s&p officially up more than 15% and price year to date and also up more than 70% from the march low show those are two eclipsed today. here's a closer look at that reopening type of trade. leisure and entertainment stocks, an etf for that as a pretty steady uptrend since the eexwill. tics you back to february 25th so you have the initial burst lower and basically recovered almost everything until then and then, of course, the flip side of that have is the stay-at-home work-from work, workout from

home type of stocks have begun to roll over in a more pronounced way take a look at peloton and zoom video. now they were actually pretty good synchronicity here in terms of their percentage gains to date which, of course, are still massive no matter. what this is a bit ominous for zoom though. that kind of rolling over action, people talking about maybe going back towards this area where it went vertical and suddenly you can hardly see it there. peloton has curled lower as well not quite as ominous but something to keep an eye on, kelly, because people have not been really sure very hard to calculate how much exactly this is george bush to be an annuity type of business if the adoption of these technologies are going ahead as opposed to just something that we made due with while we had to >> exactly mike, so as we look to all these little signs of, you know, euphoria and sentiment and the chase and everything, i mean, like you said, the momentum etf is actually down today but at the same time the journal is highlighting the fact that margin debt is back to all-time

highs which makes sense, right isn't this the ultimate coincidence indicator. the is this telling us something about the next move or the market's riskiness >> i think you characterize it correctly. it is coincidence. it's perfectly typical for margin debt to be at a record high when in fact the overall equity market value is at a record high. if anything what was conspicuous, is we hadn't had a record high in march going back a couple of years as the stock market went higher so interestingly investors were very reluctant to take on more risk like that, so it fits in with the idea that the public is much more comfortable owning stocks they have rushed in to the market in a big way in the last couple of months in terms of fund flows but the fact that there's an increase in margin debt, it's not out of whack in terms of percentage of overall market value versus what it is historically it fits in the idea that people like the market but not necessarily a flashing red light for the rally. >> interesting that we hadn't been back to highs yet until lately.

>> yeah. >> so that is some catchup. >> mike, thanks so much. >> all right >> yeah. we appreciate it the mike santoli let's talk about the signing of the stimulus bill, definitely giving a jolt to markets, also for goldman's outlook. the firm raising its first-quarter gdp outlook from 5% growth to the 3%. remember, a few months ago jpmorgan was thinking we might have a negative q1 we were talking about is that a double-dip recession, if that continues? nancy tangler is chief investment officer at laughler, tangler investments and richard rice with multi-asset strategies of american investments. nice to see you both nancy, 5% gdp growth to me feels like it's catching up with what the market has already been telling us so the market seems to be betting all along we'll get this stimulus bill and now we've got it you surprised we're not selling the fact. >> that's a great question, kelly, because that's often the case i think what investors are seeing is not just optimism from the stimulus bill but corporate earnings growth, reopening and -- and just generally that

stocks while they have run quite at bit will beginning to be supported by earnings as we go into 2021 so there's a lot to be optimistic about there's still a lot of encertainty. i think we get our selloff in the first quarter when we start to transition to the new biden administration and not for political reasons but just because it's always been thus, that when you get a change in the white house stocks kind of recalibrate so i think we're ending out the year with the santa claus rall re, yay for stimulus and then we'll begin to see some sort of correction in the first quarter. >> rich, you were looking at kind of the end of the call rare year phenomenon, also the georgia senate runoffs that are looming, so more and more people are asking the question about whether that's going to become the tripwire, but as we know what this market -- it climbs the wall of worry, right if we're already asking if georgia will be a tripwire then maybe it's not going to be i mean, what are the real risks around that event and what do

you think is likely going to happen there >> well, sure. as far as georgia is concerned, you know, maybe it's a tripwire but it's a very low one. you know, the betting sites all have the republicans taking the senate it's a 3-1 underdog for the democrats to take over i don't think that's the real issue here all along it's been three things, the virus, the vaccine and the stimulus, an -- and the real tug-of-war here is between the virus and the vaccine. i think the markets appropriately priced in as far as we know a mid-year, maybe a third-quarter time period for reaching herd immunity, and then it's presumably back to normal in 2022, so we agree with nancy, you know in the near term definitely some room for disappointment here, virus mutations or -- or the dissemination of the vaccines, some delays or snafus, but looking out as the stock market always does, 6, 9, 12 nunmonthse

see a brighter strategy. >> nancy, let talk about what that means strategy-wise, investment-wise. the nasdaq up 15% this quarter, just astonishing, but we do turn into the january effect when people get the 401(k) inflows coming into the market and, you know, you often get a little bit of continuation of the recent trend so tactically what should people do here do they rotate i mean, look, even energy, look at the move we've seen in energy already so what's your best advice. >> so i'll just tell you what we're doing in our portfolios. we like stocks that are connected to the consumer. consumer free cash flow is at historic highs with the new additional stimulus. we think you'll get stimulus in the early days and we like consumer stocks that are embracing digitalization so in the restaurant space that would be mcdonald's and starbucks n.retail it's walmart and target and then roqueu and square are another way that we think you play the consumer

improvement, and then, you know, the ppp loan portion of the stimulus bill is -- is very important because as we all know small business is the driver, the engine for job growth so that adds into our thesis on consumers. lastly, we think you'll continue to see increases in cap "x" which will improve productivity. i don't hear a lot of people talking about that i think that is going to be one of the things that keeps inflation muted as this economy takes off in 2021 so we like a lot of the software tech names i know a lot of people are coming out and talking about hardware, but we still like some of the cyber security names and data aggregators so we're overweight in that segment as well. >> rich, financials and industrials, materials, you're saying take your profit and growth sectors, what if you're wrong about that what gives you the conviction to say, you know, hey, this is definitely something we're going to kind of stake our money on and opposed to trying to hang

on i mean, look at the pop in apple today, you know, to close the year out what gives you the conviction to say those three sectors, that's where you definitely want to be. >> well, those and real estate reits in particular. in question in the short term with the virus surging still in pandemic mode and so tech can still benefit, but as we move from pandemic to panacea, the vaccines, this rotation that we've seen recently from growth to value, we believe it has a lot more to go in fact, i just looked at the s&p value index this morning i think it's flat year to date whereas the growth index is up what, 30%, 40%, so there's no question back on earnings, valuations that value stocks in particular have a lot more room to move, especially as we see gdp estimates move up from here given the fiscal stimulus and the hopes for herd immunity later this year, next year

the. >> yeah. yeah it's understood. that's the narrative we appreciate, it guys, very, very much today. richard reeces and nancy tangler talking about markets. again, on a strong session as we look to close out the years. the five-year bonds went up to action and let get out to rick sell to see how that went went down. >> it's the second auction today. today we are two years earlier that was 58 billion. now 59 billion in five years did not go well, same grade. "d" as in dog. yield at the dutch auction, .394, higher than when issued when trading and just to underscore the first two auctions of this three-auction week we're going to have, well, we're already bigger just with the first two than we were with all three a year ago we used to have 113 billion in this pack many a, already auctioned 117 billion and still have 59 billion in seven years tomorrow all the metrix for this auction

were weak except for direct bidders except for governments, mutual funds, hedge fund, seemed to have had a presence in the 2s and the 5s and i fully expect tomorrow's seven-year auction and longer duration may have more participation kelly, back for you. >> all right richter, thank you rick santelli tracking that action for us. shares of chinese tech giant alibaba are in the spotlight once again amid continued pressure from chinese regulators on the company deirdre bosa is here down 14%, are 15% just since christmas. >> reporter: yeah, that's right. losing some 100 billion in market cap over a few sections developments over the weekend, that's putting even more pressure on jacks ma's empire. ant group met with chinese regulators that set out a five-point tech regulators that would upend its business model, north of $300 billion just before it pulled its ipo but a month ago. it includes orders to revamp its

credit business and return to its roots in payments and where ant's loan model has been asset light meaning it didn't take on much of the risk, it would would now have to put up more of it own capital and be regulated more like a bank these are big changes for the company. the writing has been on the wall since late october since jack ma who founded ant as part of alibaba criticized the chinese banking system publicly. he has been an rare outspoken chinese ceo nickname the people's billionaire in the past, but this time it's been different, and beijing has since moved to regulate ant and launch an antitrust investigation into alibaba. now we haven't heard from ma since and ant falling very much in line over the weekend in a statement the company says that it appreciates the guidance and help and calls the rectifycation an opportunity to strengthen its foundation. now that kind of language, the recent actions, the responses,

they have raised concerns that beijing could be drifting towards a very hard line against not just jack ma and his companies but big tech and china at large, and we could just be at the beginning of a tougher regulatory landscape in china. now at the same time though kelly, we have seen in the past that beijing's bark can be bigger than its bite, so perhaps a key question going forward is whether regulators will actually follow through with the tough talk we have examples in the past many times we've heard about chinese internet law that hasn't really at all dented their dominance. >> yeah, and i'm curious in his case can, you know, if he is just very quiet for a while or if he says anything else about what's happened over the past couple of months and watching that all play out. deirdre, meantime, what are people saying? alibaba, tencent, these are the companies global companies have piled into because they have done so well now, like you said, it's a question of are they also going to go after the internet players

or do they leave them alone for the time being >> mm-hmm. >> that's a good question. the lack of sort of regulatory framework in china has allowed them to become so big and dominant, but take a look over the last few sessions. i know we mentioned alibaba at the top but tencent, the chinese food delivery company, i think combined those three companies have lost some $200 billion over the last few sessions, so this is already having an effect and, kelly, it's so interesting to see how different that is, the effect is on chinese companies than it is for our own tech giants which continue to just push higher in the face of greater regulatory scrutiny but, of course, this is china and the communist party don't necessarily need to prove their case to the public to take action so it could mean, you know, tough times ahead for the companies and perhaps more opportunities for the smaller rivals, but same time, think about how many people alibaba and tencent hire nor china and

globally so it would be a big hit for the economy in many ways, too. >> exactly that's what makes this so fascinating. deirdre, appreciate t.deirdre bosa following that storrow for us thank you. coming up why the unusual character of this recession and the federal response to it could lead to an unusually quicker rebound. yeah, that's right plus, the high-end real estate market began to see a rebound in the year end. wasn't just the typical areas that were hot. details and the outlook for 2021 there. shares of disney, up more than 3% to another all-time high. the stock was trading at $79 in march. it's at $179 today we're back in a couple turn on my tv and boom,

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welcome back to "the exchange," everybody this year's recession was unlike any we've seen before in the u.s. not only was the cause unpress denned but so, too, the response from the government and the fed but that could lead to long lasting positive changes for the economy as it's headlined from "the wall street journal" says the economy next year could be a lot better than you think. joining me now is the author greg yipp. great to have you. you're not talking the stimulus bill or short-term factors we're usually going over here. what do you think are some of the deeper changes that are positives? >> well, kelly, i think people

right from the start have never grasped what was special about the recession we had, not a classic recession brought on by higher interest rates or tighter financial conditions, it was brought on by a natural disaster once the disaster is over supply, the ability to provide goods and services, sbrings back to where it was before this has been a very long and deep and broad-based disaster, of course, but principle still applies. we had a have d.a. shaped lockdown when first ended but we've never fully lifted the retrucks that will happen in the next three or four months given the vaccines remain effective and everybody gets vaccinated and then you'll see an enormous rebound in activity as people go out to spend, and the anothe key thing is the policy response has been completely off the charts when had you include the stimulus bill that the president signed yesterday, there's now been more a share of gdp stimulus in less than two years than we had over five years during the great recession

all that money storing up, a ton to be spent in a matter of months so i think that's while you're looking ahead is an outlook that in many ways is much more positive than i think most people have taken on board. >> yeah, and also, greg, i know you've written and this is kind of separate, but happening at the same time about why the pandemic has propelled businesses into the future you know, all of these different technological changes, the nasdaq tells you that story, the massive new customers that we have for all sorts of technology that have been brought forward into one year that would normally you know take four, five, six, ten years to play out. i want to ask you because it's not getting a lot of play today, but i think you bring up something really interesting about how big the government response has been to the pandemic, especially with the latest bill. something that jim paulson was talking about a couple months ago, you know, that we've had a much bigger response from the fed and on the fiscal side is it too big? in other words, all of the targeted help is one thing, but are the dollars that we're

putting into the economy, are the dollars, is the balance sheet expansion that the sped doing, is it more than necessary? is it going to cause problems here as things normalize >> well, i think another future of this recession which is different from any of the others that you or i have lived through that we went into it with monetary policy, very short-term interest rates quite low and, therefore, the fed used it all up quickly and that meant that you had only fiscal policy left so while the fiscal response has been much larger, and i think that's what jim paulson has spoken of the debt we've take on, we didn't have the usually firefighters at the federal reserve with as much equipment and ammunition, but number two the very fact that interest rates are at zero means we can take on more debt at a lower price so when i look at the aggregate numbers, even though debt will come out of this with a debt much higher than before, interest rates have fallen so

much that it's actually just as sustainable if not more sustainable. i'll tell you, kelly, i worry less that the amount of debt is a be prompt i worry more about just how wisely we're spending it i meaning the idea that we need to keep spending people $600 checks, $2,000 checks, i'm not sure, the sky seems to be the limit. the country has a lot of needs we have energy needs and education and retraining needs and all the investments we need to make to adjust to this increasingly virtual economy that i wrote about, and i'm not sure that just sending out checks to people, 90% of still have jobs is the wisest way to use. what are end at the day still finite resources. >> yeah. i mean, although -- that's kind of what larry summers was saying i know other commentators have said as well that if you look at the way china responded in some case and they did direct stuff,

too, but its infrastructure, it's stuff that could help in the long returns i just don't -- was this the moment to, you know, spend several billion dollars to fix the amtrak tunnel, you know what i mean guess if there's jobs that's one thing, but if -- it just always feels like it's kind of the wrong fix for the wrong time. >> well, in answer to the amtrak tunnel the right time was ten years ago to fix that tunnel it, and honestly when interest rates are as low as they are, then that makes the case for public infrastructure investments with a very long, very high social rate of payoff period even more compelling the problem in this country has always been that it takes so darn long to get all the permits and the political, you know, dominoes lined up so that we can actually get the job done, and i don't see that changing any time soon i mean, president-elect biden has fairly ambitious plans, you know, to invest more in green

energy he's going to be facing a regulatory, judicial and quite likely a senate environment that's not necessarily sympathetic to spending money on those things but i do want to finish on one point which you touched on earlier and that's the role of the federal reserve here so i think that the stock market may have gotten a bit ahead of itself anticipating both the strength of the recovery and the extent to which a lot of these, you know, asset light models whether it's jordache or amazon will benefit from it, and the usual story you get in a situation like this is that people get carried away, the economy is really strong and interest rates start to back up as they anticipate that unusual inflationary reserve and that's what basically takes it the air out of the stock market. that, too, might be a little different than usual because we had the fed making this commitment to basically keep interest rates at zero until it sees inflation get to 2% and unemployment fall back to where it was before the pandemic, both of which could take a few years from now so in my own mind i

haven't quite decided whether that is different this time, factored into consideration now or whether it's just another excuse to get carried away and regret the prices we're paying for equities. >> or like a lot of people still think that it's true today, but it won't be true tomorrow if the facts change that's the other issue, you know, how do we know if they are going to stick to it. >> greg, thank you so much always good to check in with you. >> all right >> we appreciate it. >> greg ip with "the wall street journal." coming up after a quick break, the new "wonder woman" filmmaking history offering a glimpse of the future movie industry maybe we'll have all the details. and some have said bitcoin is the digital version of gold both have rallied big. what's driving the gains and whether they are both sustainable. stay wh itus new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database.

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welcome back to "the exchange." let's get a quick check on markets half past the hour dow up 189 how about 100 points off the highs. two-thirds of gains still well over 3790. both the s&p and nasdaq up .9% today. materials and energy, communications services, consumer discretionary, up 2% p.speaking of consumer discretionary. strong retail numbers as we check on some of the movers this

hour take a look at some of the names, macy's, choels, nordstroms, all seeing nice gains and macy's up 10% and tjx hitting an all-time high again for a company hit really hard by having stores shut down. anyway, this is all after a report showing that holiday retail sales were up 3% with e-commerce jumping 49%. shares of aft zeneca are higher on news that its covid-19 candidate are effective against a new variant of the virus in uk this is expected to win approval from regulators today. and as the u.s. government continues its rollout of covid vaccines from pfizer and moderna, cnbc pro has consolidated the four best ideas for 2021 check those out at cnbc.com/pro. speaking of pros, let's get over to leslie picker for a cnbc news update. hi, leslie. >> hi, kelly, thank you. tennessee authorities investigating the nashville suicide bombing say once tips from the public pointed them in the direction of anthony warner,

they were able to match dna from a hat and glove in a vehicle he owned. they also used vehicle identification numbers found in the wreckage to connection the rv that exploded to his registration records the u.s. justice department is appealing a judge's orderlyier this month that blocks the commerce department from effectively prohibiting the popular chinese-owned video sharing app tiktok in the u.s. and in anticipation of a rebound in travel after the pandemic, jpmorgan chase has agreed to buy privately held cx loyalty, one of the country's third party loyalty credit card operators according to a person with knowledge of the deal it's exciting to just think about accumulating points and traveling once again, kelly. it's been a while. back over to you. >> i'm almost thinking about traveling again. >> reporter: almost. >> almost sounds exciting again. pack that suitcase and go to the

airport. leslie, thank you very much. our leslie picker. coming up, streaming got its first big test against thesers this weekend the value of the video game industry is even bigger than you might think and the bullishness for bitcoin continues. it's all ahead in "rapid fire" on "the exchange." we're back in a couple woo! you are busy... working, parenting, problem solving. at new chapter vitamins we've been busy too... innovating, sourcing organic ingredients, testing them and fermenting. fermenting? yeah like kombucha or yogurt. and we formulate everything so your body can really truly absorb the natural goodness. that's what we do, so you can do you. new chapter wellness, well done.

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the value of the video game

welcome back, everybody. let's get you caught up on a couple of stories that should be on your radar today. time for rapid fire. here to break down head lyons, brian kelly and seema mody and steven kovac welcome, everybody another record high for bitcoin. just crazy watching it the cryptocurrency went above 28,000 only broke above 20,000 a couple weeks ago and then pared those gains. this is a three-month meteoric rise now, its longest win streak in over a year the controversial crypto may also be edging closer to the mainstream according to cnbc's quarterly stock report which is out today, 58% of those surveyed said their clients will most likely buy their first bitcoin in 2021. 33% said they will get into spacs next year and 9 boston are considering their first options

contract sully, what do you think >> listen, if everyone is piling into an asset class or commodity or whatever you want to call it with very fixed supply, what do you think is going to happen to prices i think the biggest bitcoin bull case, say that ten times fast, you can make, is there will only ever be 21 million i understand they divide them up, but as a macro level there's only 21 milne yo 18.are 5 million have been mined. can you imagine, kelly, if amazon had 21 million shares outstanding or tesla. >> right. >> they have a billion shares outstanding or even more i think limited supply, huge funds, the retailer getting involved just be careful. it can be certainly i think pushed around. the mark uskco agreed to that and bitcoin searches today on google are up 750% year over year nothing to worry about there. >> seema, it's interesting to me because some things are different this time versus 2017,

but it is going mainstream it feels like three years ago it was more of like, hey, did you hear about this cool new thing and some people were kind of cultishly talking about it now, today, it's more i see kind of people in the general public who are asking what's going on with bitcoin, is like what explains this, and we've talked a lot about this, right? you have big-name investors who say, yeah, it's probably got some staying power you have institutional money just starting to pour in, and we're talking about trillions of dollars potentially, are at least upwards of $300 billion if you just kind of take, you know, half a percent of g-4 portfolios i mean, like brian said, if you have a fixed supply and increased demand, the price keeps going up, i guess. >> and all of that now leading to coin base, the largest cryptocurrency platform on course to go public sometime next year, a company that has a private valuation of $8 billion and when this ipo could potentially provide is greater

level of transparency around data, transactions, the average customer profile sure, we have a lens into that type of data from multiple different companies, but imagine having that level of information as an investor on a quarterly basis to really get a sense of how many retail investors are putting their money where their mutt, is not just on twitter actually into bitcoin. that could really help elevate this conversation just intellectually, psychologically, whatever you can say about where this goes from here because that data can be really powerful. >> kovac, i'll give you a quick last word on it. >> oh, man bitcoin can go to a trillion or can go to nothing, right, so i've been covering bitcoin since 2012 toor 2013 and the crazy sem to be someone heard from somebody i made some money when you talk about the average person getting into it yeah, it's extremely volatile and, i don't know, just makes me nervous. i've seen it go both ways. >> gotten so professionalized

that i think the ultimate move would be satoshi reveals himself goes, you know, forgot the 21 million cap, what the hell it was a fun experiment, we worked, got everybody into it and now you're all suckers and i guess that's not going to happen. >> that would be a great story for us. >> it would be a great story period "wonder woman 1984" scored the highest box office opening of the pandemic, a whopping $16 million. hbo says about half of hbo max subscribers watched it on the same day of that release now its duel success so encouraging warner apparently fast-tracking the third film does this validate warner's decision to do a simultaneous release, or are we going to see them drop that strategy which has not gone over well with hollywood, you know, once the pandemic lifts >> oh, boy, first of all, i know and i know brian agrees with me on this one. the movie was a disappoint m.loved the first movie, super

into it. thought patty jenkies did a great job and this movie was confusion and i couldn't follow it to be honest i tuned out for most of it we had a record in the pandemic in theaters hand human streaming numbers. hbo/warner media is being a little confusing about how they report the streaming numbers hand that could perhaps be to the tension between its decision to release all those movies on hbo max at the same time as theaters and what we're hearing from directors like chris nolan about that decision, they want their movies in theaters, but it proves there's a pent-up demand even in the middle of a pandemic and even with theaters at part capacity, 50% capacity, people are going. people showed up to the theater to watch this movie despite the safety concerns and it at the same time it was a huge winner on streaming if you count the number of people in households millions of households streamed, it and triple that and 20

million, 30 million people watched that movie over the weekend. more eyeballs saw it this weekend than saw the original movie three years ago back in theaters >> brian, did they all think it was terrible i mean, you guys are two out of two here with the thumbs down. >> i didn't make it through the movie. it was confusing i didn't really understand what was going on anyway, the tomato, rotten tomatoes has it like a 65, but to steve's point, does have to be good? it's something new it's something shiny, right? at this point in time especially in the northeast where it's march 312, we're all looking for something new h.by the way, you'll thank me later. check out the brazilian movie, baccaral, a little weird, portuguese you'll thank me later on that one. >> little weird, portuguese. no grass yeah, however you say that in portuguese i'll skip that one. >> if you don't want to watch "wonder woman 1984" you can play

video games. the animal crossing to the flap that was cyber punk 2077 know these are huge fixtures and got numbers behind it. how big 2020 has been for the industry the gaming industry is on track to reach a 20% increase in revenue according to idc that makes this industry bigger than the global film industry and north american sports this year combined. now this each refers to the industry last year we're not talking about this pandemic crippled movie industry, so, i mean, this is where -- steve, it's interesting. we know that video games have been huge. we know people are pouring resources into this whole thing but does this become -- at this think about the nba. this is not at perfect analogy but a couple years ago it seemed like everything was going right. the warriors were amazing and the new style of play and it was like the nfl was struggling and they were having a moment and then, i don't know, it feels like they are in the middle of a reset right now. could the same thing happen for

video games, any way that the whole industry needs to go through a reset, or do you think they will continue to keep growing and growing? >> i think it will be keep growing. right now it's in the sweet spot, but i think the question is will that condition as we -- if we do leave our households next year once the vaccine is made available, do we leave the video games behind us because right now there does seem to be a fascination with any time of a video game out there fewer people wanting to leave the house and this is a perfect way to socialize without having to quarantine, and looking at video games through some of my family members who are obsessed with them, i can see it. it's sort of this -- this relationship that they new built with -- with the actual game they play, the characters. i mean, it's really interesting how that all played out this year >> and a quick last word for you, steve >> yeah, and can we just admit that video games are mainstream now. people my age who grew up playing in the '80s and '90s are now adults with families and kids and they are still playing

these games, and i -- i don't know about you i got real excited when the "new york times" pushed a story on their app about cyber punk's debacle, and that just proves it has entered the mainstream consciousness because a lot of people have aged out who weren't playing video games and we have a whole new generation coming up that this has always been part of their life and even into adulthood happened middle age, it's part of their life. it's only going to grow. >> a good lookingcality, steve. >> that's larry. >> look over your left shoulder, steve. >> hi, larry. >> he made his tv debut. >> brought to you by purina. >> he looked like -- >> he's a gamer, too. >> he was licking his chops. >> he almost knocked over my camera. >> where's my dog. >> a look now at how not to run a cyber security test for companies this year. godaddy sent a staffwide email wishing everyone happy holidays and i nounsing a bonus, but if you tried to open or redeem that email it turned out to be a

phishing spam test godaddy has apologized to upset employees who felt the email wasn't sensitive but this seems like the work corporate phishing test of it all time. >> well, first off, it just wasn't a good test because the idea behind phishing is that the email address may be looks like something it should be but if you open the whole thing it has got some weird some of extensions on it as well looks from the e-mails that i saw some publications had, it looks like it literally came from godad to, promised $650, so number up, got everybody's hopes up, womp secondly, let's not forgot godaddy had a couple of layoffs, you're laying people off and you're tightening the ship up, just a fail -- that was sort of the "wonder woman 1984" phishings scams. not good. >> seema, last word. >> i mean, i can't watch "wonder woman," two bad reviews but i did update my tv so i feel like i have to watch the action

movie. godaddy, a total fair, sore eye. hopefully they can recover >> yeah, and everybody knows this is like a big year for cyber. all these companies have to do these tests because everyone is off premise now. all their systems are vulnerable i understand why they are trying to be like super safe and careful, but this is the wrong way to go about it larry, a pleasure to have you here for "rapid fire" along with steve kovac, seema mody and brian sullivan brian, i'll see you in a couple of appreciate it. >> that segment was purr-fect. >> a look at the often overlooked real estate markets that were hot in 2020 and see if the momentum can continue next don't forgot watch us live on the go use the cnbc app. "the exchange" is back in a couple 17 education & technology is a

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and looks like the momentum will push into 2021 according to my next guest secondary markets are leading the way and destination vacations leading the way with stocks up 30%. will this slow down as vaccines and travel and normalcy resumes? joining me is jeff highland, "forbes" property global founder. we know this has been such a strong segment of the housing market which broadly speaking has had a huge 2020, so what tells you that this is going to last and that it wasn't all pulled forward >> all right thank you, kelly it is going to last, and it's -- it's good news going into 2021 there's opinion a very strong demand for people who are looking for backyards, walk streets, secondary neighborhoods, unfortunately fleeing some high rise locations which will come around in turn, but it has really fueled our market, and at the high end we've seen a very, very strong

response we've had some record sales. i'm based in beverly hills, but through the ""forbes"" global properties initiative which we started about maybe two weeks ago we have now in excess of 70 markets, very, very strong response with people who are looking to invest with very low interest rates and this is a very, very good time in which to expand outside of major markets into secondary markets, but at the same time stopping markets like the half. tons, florida, texas and southern california are doing extremely well >> and so it's interesting that you guys are launching this. "forbes" global properties is a membership-only portal for elite real estate firms, so tell me how this works is this something that anybody can access but only a few companies can be involved, or is it something that even if there are buyers that they need, you know, special access in

order to look at these properties >> it's been a long time coming, and i don't understand why it hasn't been done before, but we're very happy to be the first movers of it "forbes" has about site and we d why not have these same people looking at high net worth properties in the over $2 million range off the site so we went to forbes, they loved the concept. they loved it so much they are vested partners, minority partners with us we are already in -- 350% of our traffic is now outside of the united states. we think will it be about 75, 25% when we're fully up and running and we'll be in about a hundred markets altogether, where we do not have a member, we'll allow other brokers to

come into the network to advertise on the site so we can gain that access to the 140 million unique monthly visitors. that's unheard of with a brand that is over a hundred years old and is basically one of the best known global brands out there. >> oh, sure. no, it absolutely is zillow for the uber rich, as the l.a. times put it. thanks for joining us. it's good to see you thank you. >> kelly, thank you. >> jeff highland is with forbes global properties. still ahead, gold hit a record high this year as investors sought safety during the pandemic how the big investors are ste ing it and the rooki miake to avoid are next when "the exchange" comes right back.

welcome back to "the exchange." the weak dollar making it a banner year for many asset classes, bitcoin especially but gold having a decent run of its own. eric chemi joins me. >> as gold prices have soared,

individual investors and collectors are buying up gold coins in record numbers. the u.s. mint telling cnbc, its bullion sales are over 700% higher than a year ago michael whitmeyer says the pandemic has led investors to buy safer assets amid economic uncertainty. >> you see bitcoin setting new highs. pokemon cards and assets are selling really well. >> whitmeyer says his customers have been worried bin crease government spending leading to a larger money supply, weaker dollar and possible long-term inflation. most long-term investors take physical possession of their gold, usually keeping it outside their home whitmeyer thinks the demand surge can keep going >> our revenues have triple year over year. we've added over 300,000 new

customers this year. that's an enormous number for us and it indicates just the tremendous demand for precious metals products, particularly from people new to the marketplace. so certainly surprised i could have never another seen this level of demand prior to coming here this year. >> whitmeyer says his biggest customers have ramped up purchases this year in addition to first-time buyers buying physical gold for the long runs. for brand new buyers, the key factors in buying gold efficiently is minimizing the premium you pay over spot price. some buyers make the mistake of playing hundreds of dollars in premium and candidate make a profit even if the underlying gold prices spike up a lot kelly, over to you >> i'm glad you're an educated gold buyer i hope that pays off i guess i already looked under the christmas tree, i don't know, i didn't see any gold

coins. >> it's too expensive this year. maybe next year if things are cheaper. >> once it corrects. that's how we do it around here. eric chemi, thank you very up next on power lunch, we'll talk about how 2020 set record trade levels a tndhe ongoing trade imbalance running with countries like china i'll have more with brian sullivan after this quick brea ten companies for $50 on instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.

. hi, everybody. welcome to power lunch i'm kelly evans. stocks are rallying today, up nearly 1% across the board the dow is up 219. president donald trump finally signing the stimulus bill and now the push is on for more money. retail sales up this weekend, even as many people didn't set foot in a mall and we have to check on bitcoin. 27,000 and change. can this parabolic run continue? "power lunch" starts