mastercard we see unusual activity in this name i bought it during the show. obviously some of those stimulus dollars are going to be pouring through the plastic card. >> all right josh brown >> people are finding out it is difficult to actually mass produce electric vehicles and the money continues to gravitate to the company that can, which is general motors. staying long in all right. good stuff thank you. the exchange is now. and the exchange does begin right now. i'm brian sullivan in once again. thank you, everybody, the welcome. the tech treasury battle continues. investors fleeing my valuation names as bonds jump a lot. who will win this war that has trillions of dollars on the line baseball, money bull, and bitcoin. the oakland a's will take crypto as payment

why? kohl's is telling shareholders who tell them to reconfigure to hit the road. good news on coronavirus and vaccinations let's begin as always with your money as rates rise they continue to pressure some technology stocks. >> you can see the underperformance is still happening with the nasdaq composite down nearly 2% 1.75%. we are just off of the worst levels of the session so far the dow industrials continuing to outperform. triple digit gains there for the s&p 500 on a mar balanced basis down five points at the high, 31 at the lows. tilted more at the lower end in that range a mixed market value, outperforming. interest rates a key part of the story. we have shown you over the past 30 days the 30 year long bond,

the ten-year treasury note all of those coming into play. here's the difference between the two year treasury and ten-year treasury longer term rates. over the last six years they have been pretty much in decline. over the last several months a sharp turn higher. this puts short and long term interest rates higher than they have been since 2015 favorable for the banks but not the big cap technology parts apple down, microsoft down, amazon down. afl ben as well. collectively, brian, these particular moves are the most important because these four stocks make up 36% of the nasdaq 100. so if you are invested in qqq, that etf, 36% is driven by these four stocks. that's why they are important. valuations matter, especially with interest rates, brian, i

will send thing back to you. >> we are not done yet dom there is something occurring in the market which is kind of important and kind of cool it was a worry years ago, i was one of the guys that it is hard to say -- i was wrong about this i didn't think the margaret could go up if those and a few other big market cap tech stocks went down. as you noted their weight in all the tooefz and index is so great that if they went down no way the others could peck up the slack. i am happy to be wrong it is cool that the dow is up -- not a lot, but it is up lately even as apple goes down. maybe there are other stocks that can pull the cart. >> not maybe there are other stocks one of the interesting parts the look at -- the broadening of the rally is something that a lot of experts have been weighing in on they are saying it is healthy for the market when it is not just ten stocks that determine the outcome of it. when you look at those that

track the s&p 500. shows you that on an equal weight basis the entire s&p is doing better if you strip out the negative effects the mega cap tech companies the rotation towards value stocks, the tilt towards beelten up names, the broadening out of the base for the rally may perhaps indicate perhaps to some folks out there that this has legs because more types of companies are participating. it is not just the handful of stocks that have been darlings for i would argue the better part of a decade plus. >> i am looking up -- throw up a year chart of governoldman sach. up 120%. jpm goldman, leading the dow i say it and you are magic >> up 150% in the last year. jp morgan not far from a record high this year as well >> big banks, and oil and gas stocks leading the market in 2021 who have thunk it.

dom chu, thank you very much. as dom said the stock market and your money out there really kind of being controlled by the bond vigilantes right now. bonds move, so do stocks despite all the moves, though, fed chair jay powell made it clear yesterday he is not ready to step in here's what he said to our own steve liesman about the rise in rates in we monitor a broad range of financial conditions and we are always attentive to market developments. we are still a long way from our goals and it is important that financial conditions remain accommodative to support the achievement of those goals >> all right let's bring in rick santelli rick i jokingly tweeted out yesterday that unless powell are going to work at a vaccination clinic and literally put the jab in people's arms i am not sure what a monetary policy is going to do. we don't have a financial crisis, we have a pandemic and millions of people not traveling

and hospitalsist decimated while rest of the economy hums along this is not a textbook recession. do you think the fed is going to nail this one and get it right because they are approaching it like it is kind of a financial crisis, when it is not. >> no, no by the way, i am not trying to be overly kind because i call it the way i so it. stove's three-part question was good the issue i had, i thought the chairman danced around the issues listen, no fed person in the world, past, present, or future is going to be able to thread to needle on any of this. these policies are going to have costs. these costs are going to be charged to everybody in the u.s. economy and maybe in global economy over the future years. we have definitely pulled forward many things, whether it is activity, whether it is housing. but at the end of the day, you are correct, this is a one off and we are dealing with it in ways to make sure and

overcompensate that we do five scoops too many instead of one scoop too less maybe that's the way you are supposed to think about it if you are jay powell or you are christine lagarde. but at the end of this dance, when the music stops, and the gasoline starts to come bust throughout the global economy with the u.s. leading the way, they are going to have one heck of a time finding enough fire engines to keep things contained. >> yeah. we are going to find out and listen, i also tweeted out last night rick i think we will have 5% unemployment almost full employment bythe end of the year as long as the variants don't take over and we all get out. the economy could boom we are going find out. it is going to make a lot of rich people even richer over those years because of these rates. rick santelli thank you. >> it is not rich or poor. >> go ahead. >> it is about people that haven't each been born yet that haven't cashed a check yet that already have a bill. that's what it's about. >> the deficit has never been this high except for maybe a

brief period in the revolutionary war and world war ii as a percentage of gdp. in only as percentages, yeah the numbers with the trillions, they are out of control. we should come up with an analogy to try to get our arms around $1.9 trillion every day so that the politicians who all voted for this understand exactly the humongous dimensions that they put the country under. >> the fed's balance sheet is almost double the july budget of the united states of -- seven or eight unelected officials running a balance sheet twice as big as the entire nation who have thunk it. >> i don't know. do you want some of the elected officials in charge of that balance sheet? seriously. >> i am going to move on rick santelli, there you go. >> thank you all right. i try to stay out of the world -- need a shower after talking politics rt l. as this tug-of-war continues to play out between technologies and treasuries is it a winner take all market or

can both settle down and mecke your portfolio thrive? let's ask two jamess james camp, i will begin with you. we are talking bonds, fixed income, rate rise, we are talking the fed. what is that $7 trillion or $6 trillion on the balance sheet stimulus, maybe a $2 trillion infrastructure package coming in what is that going to do to the bond market? is there global demand for our debt so we don't have to worry about the deficit, at least not for a while? >> it is good to be with you i think rick hit on something important. if you try to figure out what $1.9 trillion means i will say it this way. it means that the collapse between potential and real gdp is upon us once you get to that point because of this massive stimulus you are going to get inflation you are going to get short ans you already have commodity prices at decade highs and

treasury yields will go back up. if the market were not arbitrating this in the form of long term rates going higher i would have genuine concerns. right now, as we really forecast because of the out of phase nature between fed policy and fiscal policy we are going to overcook it. >> james mcdonald, do we have to look at the market differently as i said earlier, it's not a sort of a run of the mill recession, it is not a great financial crisis it is financial devastation for 10 or 20 million families at that work in industries that have been decimated. the rest of the economy seems to be doing fairly well do we need to look at this very differently? if so, how do we tweak our thinking >> these are extraordinary times. and when the paradox o greatest threat to our humanity came in perhaps came in triggers

the greatest testimony comeback and in terms of stock prices greatest rallies on record the paradox is unreal. we saw an alignment in correlation of deaths and rates of infection lock step up with the s&p 500 and the dow and the nasdaq we saw the risk growing and the markets growing. and there is a disconnect. and there has never been a greater disconnect, to rick's earlier point, between main street and wall street there are going to be consequences for this stimulus, but we had to do it. we had come in and save the economy from going off the cliff with us not being able to operate as normal. and so we have to look at the market differently both monetary policy, valuations, and portfolio asset construction as well everything is different now. >> well -- and i agree with you, james mcdonald, i will stay with you. i have actually said we should have given $20,000 checks to restaurant, hotel, travel, and small businesses that were absolutely decimated rather than sort of sprinkle it equally.

but that's a whole different argument and spilt milk under the bridge as they say james mcdonald how do we look at it did we look at this unprecedented intervention as just a reason to own stocks long and strong all day long? >> right so what it has done is it has catalyzed herd mentality in behavioral finance woe see patterns of people crowding into a sentiment. it could be a bullish sentiment or a wearish sentiment to the earlier analysis, the fangs and all big tech have started to come down they just took the bull market somewhere else the dow broke out, the s&p broke out. what we find now is a mentality that there is money to be made going long, and it's finding a home and i think that we see pressure here on the russel finally in the last couple days but the dow broke out. people are finding areas to make money or pushing stocks or areas

higher dow transports are breaking out. it is a bull market and it is going the persist to find pockets of strength. >> i guess, james camp, forgive me, i am getting olding i am like the guy yelling get off my lawn when i lock at double b minus debt, trading at 3.5%. companies that people thought were going to go bankrupt two years ago now has debt that's trading like their triple a blaets how does this -- bhaets. >> the fed opened up the purses. in that corporate space, they have gotten very comfortable operating as triple b operators. the majority of corporate debt is now triple b. the issue is going to be all of those are not created valley different leverage, different dividend policy, different management and business operation when we look at income

generation triple b is not bad but you better understand the leverage that you are taking in the form of a bond or a stock. the rotation is happening, the income lag of 2020, which was historic, is now catching up if any of these balance sheets from great american companies were conservatively managed in the form of dividend policy and that income acceleration on the -- side is going to happen >> james camp, james mcdonald, both of you kind of saying the same thing there will be a pipe hear the needs to be paid but it is not right now. thank you both have great day. all right. welling speaking of interest rates, and the fed, rbc out with a list of stocks that could be winners if the fed lets inflation run hot. for those names, head over to cnbc.com/pros. interesting pick there is. we have a market flash for

you. a big possible deal. look at hot foot financial jumping. -- hartford financial. chubb is exploring a deal to buy hartford hearthford halted on that report it is trading now. up 11% chubb actually is higher despite being the reported potential buyer. no deal yesterday. but the report is chubb sniffing around the hartford. watch that stock now up 12%. on deck, baseball meets bitcoin. the oakland a's accepting the crypto, bitcoin, for a limited time to buy a luxury box we will speak with the team's president about move as well as the countdown to opening day. first let's get a check on the chips. some of the pain the big names have caused investors lately if they are not paying attention. amd down 19% from its highs, nv nvidia, 15%. qualcomm off 21% from its high

of the year. dow is down 108. we are back in two minutes >> announcer: this is "the exchange" on cnbc.

want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymobile.com/mysavings. all right. welcome back well, you know that bitcoin has been on an incredible run. you may not know how much, thome it is up more than 1,000% this

the past year. bathing 1,000. baseball fans in oakland are probably rooting for it to tank. why? well, because the oakland a's just announced they are selling full season access to one of their luxury suites for the price of one bitcoin either way, the best part is that we can go to a game, even if california, albeit with limited attendance for now let's bring in the oakland a's president. dave, as longtime angels fan i apologize in advance for how this interview is going to go. i am kidding love rickey henderson run the bases. why are you doing this is this some kind of a bitcoin promo stunt or are you true believers in crypto? >> we have had so many of our fans reach out and be interested in paying with bitcoin, whether it is tickets or sponsors. we thought it was a good way to test the market to see if there really was the interest level in

transacting in the cryptocurrency as opposed to just using it as a store of value. we felt that a suite to the a's games for the whole season was a good place to start. >> so what would a luckry suite normally cost? i am trying to figure it out versus one bitcoin and how much you are bow tensionally losing must be or maybe making money if bitcoin soars. >> et cetera usually $64,000 for a full season suite for a whole year so the current price of bitcoin, i think it is around $57,000 it is a little bit of a discount if you paid with just one bitcoin. you are getting a bit of a bitcoin discount these days. that's why wed interest. over 100 inquiries, i think we will have a transaction here today or tomorrow. >> is it just one suite? or like if people see this, man,

i love the a's and i have got a bunch of bitcoin, let's do it. >> we set aside ten suites for this we have the ability to tell up to ten we would love to sell all ten. we have between now and april 1st to do the transaction. like i said we have been hearing from fans that are interested in paying with cryptocurrency i think if you see had in baseball you could see it anywhere in a pain stream location it is an important point in seeing if this is a real way to transact in the marketplace. >> all right let's talk baseball. i would love to come out to oakland, alameda, maybe i will wear the angels stuff. as long as people aren't throwing stuff at me, it's fine. you have got nice fans i appreciate it. what's the season -- california has been sort of doing their own thing. i am not going to judge either way. they are a little more closed than a lot of other states what do you think the season is goi going to look like in may or august >> we worked with the governor's

office and the alameda county authorities to help officials basically set up a 20% opening plan which starts opening day. april 1st. so we will have 20% capacity, and it could increase to 33 and potentially 66 as the season goes on. hopefully at some point this year maybe by the fourth of july we could be fully opened because we fell like we have a state plan, more people are betting vaccinated we have been working hand if hand with the health authorities. we just want the get people out to the ballpark and having a great time. >> the science is subtle around being outside. i think we have got that on our side as far as the safety levels are exponentially higher than indoors. but you do play indoors. there are teams that play inside i am looking at you, toronto have you had conversations how it may look -- by the way, are you going to be able to go to canada to play >> they are starting in florida. the bluejays are not playing in canada to start the season.

>> didn't know that? wohl see how that changes over time. >> didn't know that. >> yeah. i think the teams who have dome stadiums are playing with them for that reason, to make sure there is open circulation and air flow, important to preventing the spread of covid i am not going to ask you to make a bold pronunciation about covid or science, hopefully we are headed to a better situation. do you think there is a point late this season where you have a full stadium >> i think there is. i think we are on that trajectory we want do it in a safe way both for our players, obviously for our fans and for our staff we want lead with the science and ensure we do it in a safe manner i think it will happen this year i think it will be from moment to celebrate getting through the pandemic, being able to go out, get a hot dog, go out with your

family, celebrate an a's win and see fireworks afterwards that's what we are shooting for. >> i think it is a noble goal. i am thinking about all the families in california struggling with kids out of school take the kids to the ball game buy them peanuts and cracker jack, we will sing some songs. as long as it is not against the angels we will do it dave, best of luck to the team, and everybody this year dave, thank you for joining us on cnbc. >> thank you so much all right, coming up, and staying with california, it has been a long time since any winery or wine company tried to go public. that's all changes delicious deck horn is settling for an ipo and doing great remember ipos the ceo does >> if you are getting out, watch us on the cnbc app maybe at the ballpark, watch cramer, watch it all on the cnbc app. dow is up 140. back after this.

some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) gohealth has blossomed from an idea in a chicago apartment nearly 20 years ago to a listing on nasdaq today. we help seniors compare and shop for medicare options in their areas using licensed, trusted advisors and an online platform. gohealth has compounded at 52% a year for 20 years. we believe we're just beginning to realize the opportunity to improve access to healthcare for consumers.

it all starts with an invitation... ...to experience lexus. the invitation to lexus sales event. get 0% apr financing on the 2021 nx 300. experience amazing at your lexus dealer.

all right. welcome back to the exchange, everybody. let's check on your money right now. stocks, they are mixed but it has been the trend that we have seen the last couple of weeks. you have got the boring old cyclicals, the banks, oil and gas, whatever, the dow is up 153 points but technology stocks, they continue to sell off yields rising. the ten-year at 1.75 popping

today last time i checked. pressuring names like apple, microsoft, amazon, the names you know the nasdaq is down 1.5%. the dow is up .5%. industrials financials and materials are your leaders as we talked about with dom chu, goldman sachs stock is up 150% in 12 months goldman printing money technology and energy are the biggest laggards right now crude oil is down a bit. a lot of concerns about what is happening in europe. they are seeing cases rise and italy and other places their vaccination rate is about a quarter of ours. unfortunately they are seeing a rise in new cases and new lockdowns in places like italy as well. hopefully they can get the vaccination moving faster. now to the movers, retail and reopening. shares of cooking supply company williams sonoma sharply higher demand for home furnishings ten

to be a tail wend. we are all locked in, all cooking, learning how the cook retailer also seeing strength in stores where restrictions have been lifted. you are either cooking at home or going to the mall amc higher again the company reopening more theaters around america. check this out 9 % of amc's theaters will be open in some form, capacity limited or whatever, but open as of tomorrow. who would have thunk that just a couple of months ago airline stocks again this the green. united trading at its highest level of the year. bank of america credit card data showing people are spending a lot of money on flights and tickets. looking out at the future. let's get a cnbc news update >> the senate has confirmed xavier becerra as president biden's health secretary to head the department of health and human services. a cardinal close to

appropriate francis is supporting the pope's ban on same-sex unions. a belgian bishop said the decision is, quote, painful and incomprehensible. a weather satellite got an amazing view of those severe storms across mess miss and alabama. the flashes of lightning strikes are exactly what the geostation lightning mapper was built to capture. the fight against murder hornet they will be setting up traps to catch queens before they can set up new hives be sure to watch the news with shepard smith. >> what's your take on giant bugs give me your immediate reaction when i say giant bugs? >> usually not my thing, but apparently shep is very interested so you have got watch to learn

more. >> throw me on the shep show i will tell them -- cicada brood x, 1.5 million cicadas are going to come out of the ground in new jersey and d.c. per acre starting in may. >> do you know what that is in. >> 1.5 million per acre. >> do you know what that is? random, but interesting. mic drop >> you are good. that's it. rbi. cicada brood x i love it. rahel thank you very much. >> sure. >> 1.5 million cicadas per acre. disgusting. now for your daily vaccine and health update -- how is that for a transition the news continues to improve here not in europe. in all 74 million americans have now had at least one shot. 40 million in the u.s. are now fully vaccinated which of course doctors say your chance of serious illness or death is maybe not zero, but it is dorn

cl -- darn close in all 113 million doses have been administered so far even better, 38% of the highest risk population, those over 65 are now fully vaxed. even though cases are popping higher in a couple of states, michigan and some others here's the data that matters. the cdc reporting hospitalizations are down 72% from their highs of early january. listen to the experts and the science. cases are key. but outcomes, hospitalizations and fatalities are far more significant metrics to look at listen to the experts. all right. still ahead, the battle for kohl's while the stock dug it is out of a deep hole now big money is starting to circle the row tailer and they want changes we will speak with one of the investors on what they want out of the wisconsin company. right now as we go to break,

it is show and tell time today's chart, you will at that beauty, up 150% this onier a lot of the credit goes to outgoing ceo mary dillon here she is in her own words on how they managed through the lockdown. >> you have to do it all but certainly through the pandemic we went from having about on line pick up ready in store to pick up curbside it is convenient in an off mall location for a guest to pick up their order. we will continue the see the rollie involve for stores, we are going to continue to build more stores for many years to come as well as rampinup og ur whole omnichannel capability ♪ ♪ ♪ ♪

♪ ♪ in the romo household we take things to the max oh yeah! honey, you still in bed? yep! bye! that's why we love skechers max cushioning footwear. they've maxed out the cushion for extreme comfort. it's like walking on clouds! big, comfy ones! oh yeah!

all right. welcome back well, if you like wine, you know the name duck horn, known mostly for their reds, her low, and decoy, and paradox red blend not that i would know. now they are going to be known as a stock being public. not a spac, but an actual ipo. remember those

shares indeed are moving higher with the fantastic ticker, napa. now they got that i have no idea joining us, duck horn portfolio chairman ceo alex ryman. congratulations on a actual by gosh ipo big fan of your product -- maybe too big of a fan of our product. why do the ipo route and not like everyone else, just get in a spac >> thank you very much for having me. we are traditionalists, for 40 years we have been building a one of a kind luxury winery asset. for us to control the message and control the performance we thought a traditional route was part and parcel to our culture we controlled it from start to finish we are very happy about where things are heading again we are a luxury wine maker. we like control and messaging. we thought the traditional route it was right way to go for us. >> well, it is working out because the stock, again, napa, fantastic ticker, not sure how you got it is higher.

we have unfortunately seen in the pandemic and lockdowns alex alcohol consumption this the home going up. it has been good for you guys probably but we are all ready to bust out have you done any analysis -- it probably is impossible but what sales may look like in a year given that a lot of us are just going to go out? some people will be more reluctant. >> i think sales are going to be good for wine. we have had an opportunity to share a lot of wine with our close family at home that's ban good thing. people have seeked out our wines, especially this the grocery premise. i think it is going to be sticky we have not only educated the people who loved our wine and lot of new people have had an opportunity to try our wine work tlug the issues of covid when they break out had he we all get out of our homes and out to main street i think we are going to continue to enjoy those brands who provided us joy and

comfort through the pandemic >> you are also a travel andlyture company, you are not just a wipe maker. you have got vineyards, tours, destinations most of them, i think all of them right now are closed. what is -- i don't know if you heard the oakland a's president interviewed a couple minutes ago saying he thinks they could have a full stayed wrum sometime later this year. that's not far from where you are. what do you foresee for travel and leisure, that part of our business >> we are an experience-based business people like our product but love the experience evan wants to be part of lucks roe, part of napa and part of wine we are seeing people coming back starting to couple out of their homes, coming back we have a lot of people in california, the is uppy state here people are starting the come back, i think they are going to come back and want bigger pieces of the wine experience as their lives return to some type of normalsy so we are encouraged by the trends you speak of. >> we saw with it the bank of

america credit card data i referenced alex, people are starting to buy aaron tickets en masse. are you starting to see people calling up and saying when can i come >> yes, it is working. it is coming now we are seeing it in spring time. during a couple rainy spring days people still wanted to come to the winery. they want experiences. they want to enjoy experiences with their friends the wine country experience there is no better way to do that but with your loved ones. it is trending we are hoping it will hold for the foreseeable future in certainly hope so. aleks ryan of duck horn portfolio. napa the ticker. investors responding positively. here's to a good spring and summer. >> thank you very much enjoy a glass of wine. >> all right or two. all right, ahead bet bath and beyond. big lots, and now kohl's hmm. what do they all have in common?

they have all been targets of the investment firm mccallham. we will speak with them next. as we head to break, we are soughtlighting some of our cnbc colleagues and friends for women's history mont here is shannon saccocia on breaking barriers. >> we need women in cfo seats, credit, tos, we need to no longer accept that as we break through our particular barrier that we should be happy to be there, just happy to have a seat at the table we need to coop our feet on the gas so that female leaders that come behind us can srtrota fm day one in making an impact. the future to improve today. at emerson, our digital twin software makes power plants smarter, helping facilities optimize operations

and increase worker safety. emerson. consider it solved.

welcome back let's talk about the fight of

the retailer kohl's. recently saying, no thanks, to an investor group's attempt to seize control of the board by placing nine medicals on it in late january, basically kicking nine off and putting their own nine in. the group revised their portfolio cutting the proposed slate of new director down to five where do they stand right now? courtney reagan jones with us the latest in the fit for the proxy campaign >> earlier this week, the activist group mccallham sent their proxy statement to shareholders including that narrowed board nomination done, quote, in absence of meaningful progress towards a resolution. the revised proxy campaign nominates five kohl's board aiming to unseat five current members including the chair. the letter noted, historical underperformance saying it will continue unless there is a refreshed board that becomes

elected. kohl's has a website dedicated to its side stating quote the activist investors' campaign threatens kohl's's momentum and calls out a stock price up 170% from the time it detailed its strategy from december to early march. further, it says the kohl's board -- >> the company points out to cnbc s&p increased its yut look from stable to they gotive just on wednesday joining me now is one of those activists. the ceo of mccallham capital management he is also one of the five nominees for the kohl's board. thank you for joining us there has been so much action. one of the latest moves is a meeting, i understand, that you had can kohl's' ceo michelle gass earlier this week what happened? did you make any progress? >> we had a wonderfully constructive conversation. if i could take one step back.

you know, you characterized this as a fight it is not a fight. we are the company's largest shareholder. we are here to help the company. it's good company. woe think we can help it become a great company. we have excellent nominees this is a conversation between michelle and i to spend time discussing our views about the business we have more this common than we don't. i think it was a very productive conversation and we focused on business and what we can do to make this a great company. >> so if you are aligned towards ultimate goals here, why did you then decline to meet with the board of directors kohl's said as much in a preliminary proxy statement they filed this morning. >> well, that wasn't entirely accurate, courtney what i said was i think that the board needed to do more work in terms of understanding what the shareholders wanted. you know, these campaigns really come down to what the shareholders want. we are one shareholder one of many.

we are large, but there is another 90 something percent that own stock i think it was important that the board have an outreach program to existing shareholders to hear what we have been saying we think most of the shareholders align with what we are saying the board i don't believe had done that. i felt there was a better opportunity to have that conferring further down the road once they gained more information and more insights about how their shareholders were viewing this. some of the things they said about their momentum or how much the stock is up is misleading. if you want to lookback throug any time frame, one, three, five, ten, even 20 years the stock has underperformed dramatically and the results have been down dramatically. even down 44%. when if you look back to 2001, march of 2001, the stock was at

$50. give or take where it was when we launched our campaign we thought it was more appropriate for the board to do outreach to shareholders and hear what their constituents had to say and then we could have a discussion. >> kohl's have said that your goals lean more toward short-termism and financial engineering. there was also a "wall street journal" article that sort of pointed in the same direction saying it was short-term i guess in general explain to me why that's wrong how you intend to create value, and how long you hold a position on average before you move on? because it does seem that you are launching one of these activist campaigns about one every year or so so shhh a short-term boost for the stock price for you to make your money and move on >> that's a great question i appreciate you asking. the reality is we are a different type of fund and organization we are more like private equity in a public market

if you lock atting if you look at citi trend, we owned it for multiple years created tremendous value by getting appropriate retailers in that board room. [ indiscernible i don't know why they think -- how they think they can characterize us as short-termers. if we make one investment per year it doesn't mean we sell it the next year. we make one per year and hold it for multiple years we are here to create long term shareholder value. i don't think anyone who holds 9.5% of a company can do anything short-term. [ indiscernible i think there is mischa mischaracterizing a. ironic that they are calling us short-termers when they are high loiting their performance over

the last five or six months that parallels the dme reopening and not their own momentum >> right >>. [ indiscernible >> jonathan, we are out of time for one today. make sure to stay close. we will follow this one closely. i believe this one closely jonathan, thank you very much. it's the battle of -- thank you very much. the pandemic caused a logistics nightmare across the country. enter transfix the uber of trucking if you will i'll speak to the ceo about the road back this year. transportation index hitting an all-time high today opything that moves things or pele is up today

we're back after this. are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t. mom and dad left costa rica, 1971. and in 1990, they opened irazu. when the pandemic hit, pickup and delivery was still viable. and that kept us afloat.

keeping our diners informed on google was so important. the support from our customers, it honestly kept us going. i will always be grateful for that.

one year after the pandemic first hit we are still facing supply disruptions in the supply

chain. enter transfix company's using technology to connect shippers with carriers to cut cost. target, bj's and wayfair their clients. joining us is ceo of transfix. this is an industry, i have friends in the industry, i don't want to offend them, stuck in the past a guy, a truck, what's changed where did you identify that the hole in this industry was? >> that's a great question, brian. thanks for having me on. as you said, the industry has -- there's a lot going on in the industry a lot has been manual and highly inefficient over time and the role of technology and data has transformed the ways in which people truly think about supply chain and being digital first has become more important than ever a lot of businesses during covid last year who weren't prepared

to be digital did not do well and many went under and those leaning into technology truly thrived. e-commerce increased 40% year over year. supply chain executives have been investing in technology and working with companies like transfix to lead things forward. >> so would you compete with a landstar or an xpo or would you compliment that type of either trucking or logistics business where do you fit into your own supply chain >> sure. so i would say that it's both. right? i think that ultimately what we are doing is bringing together shippers and really connecting them to carrier. we are enabling carriers to access freight much more consistently and reliably and we

are enabling shippers to access capacity in a far more streamlined way. >> you know, we were down in the port of charleston six weeks ago showing the container industry is all kind of screwed up. where do we stand right now? as you see it, what are the problems we are still seeing from the incredible surge in imports? in fact, christmas items still coming into the port of charleston as of a month ago and i don't mean for next christmas. >> there is certainly a backlog and there's been a ton of volatility and in a year seeing extreme highs and lows and the truth is the nature of freight it is highly volatile. things are constantly changing there is a backlog and seeing strong demand and with the

customers we are continuing to see tremendous growth and projecting strong growth in year there's a lot of optimism. >> yeah. you know what? a big thanks to everybody on your side and the people in the trucks and when everyone was fleeing here you were coming in and these truckers unsung heroes with no attention putting themselves at risk lily, thank you. appreciate it. >> thank you. "powerun" ar aer is quick break hope you have a great day wherever you are see you soon wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it.

principal. for all it's worth. it all starts with an invitation... ...to experience lexus. the invitation to lexus sales event. get 0% apr financing on the 2021 is 300. experience amazing at your lexus dealer.

i have an idea for a trade. get 0% apr financing on the 2021 is 300. oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk.

♪♪ welcome to "power lunch. i'm melissa lee. fed chair jerome powell tries to hold the line. bank stocks are booming. much more on the new rate reality and shake shack doubling down on the digital push with uber eats. the ceo will join us "power lunch" starts right now