give me your quick final trade >> starbucks, consumer trade remain intact. thanks, scott. >> thank you jenny. >> medical properties trust. 5% dividend yield. sorry. i said the wrong one clearway energy. >> weiss, just a name, doc, a name >> porsche >> kohl's. >> have a good weekend everybody. "the exchange" starts now. >> thank you, scott. and hi everybody happy friday we're going to try and clear up some confusion about the economy today. if inflation is the fear, why are interest rates falling and if rates are falling, why are momentum stocks also sliding? we're going to speak with one strategist who says he has the answer to all this and it's a bullish one coming up in a moment plus the ipo boom continues and we're going to talk to the head of one company who's gotten a big boost thanks to the pandemic they make glass viles for

covid-19 vaccines among other things the spending just won't stop i'm really enjoying these rhymes dom chu is over there with the markets. >> i love it, i'm sitting here going it's so poetic on this friday kelly, i don't have anything to top the rhyming you just had going on but it's a negative day for the markets overall. we've taken a bit of a turn but it's not dramatically to the down side. dow industrial is off 100 points, one-third of 1%. s&p 500 about 10 handles lower and .2 down. if you take a look at the overall picture for this week, it has been predominantly one where we talk about the emergence, if you will, the emergence of that value trade, the dividend trade, the defensive trade all over again over a one-week basis, its utilities and consumer staples, those dividend paying sectors that have done the best in that

one-week span. and look at energy 7% that gap is pretty wide at this point for the last week. energy taking it on the chin, the worst performing s&p 500 sector and speaking of some momentum waning, chinese internet stocks didi global getting a visit from regulators in the government there questioning some of the parts of their business model that's kind of dragging the entire tech sector in china down with it. has been for weeks if not months now. this china etf is off 2.5% right now and we've pointed it out before but it bears mentioning again. since the highs we saw earlier this year we are down roughly 40% in that one. so, again the sentiment still very negative for those chinese internet stocks. kell, i'll send things back to you. >> all right dom, thank you very much the"the wall street journal" is reporting intel's biggest to date merger.

a global foundry spokeswoman said they aren't in discussions with intel, but my next guest says he wouldn't buy intel shares regardless. also with us is paul meeks, independent solutions wealth management portfolio manager two great guests to have on this discussion larry, i'll start with you i hope i didn't overstate your thoughts on intel. i know you're a big fan of what amd has been up to >> yeah, thanks kelly. no, you didn't overstate it. i think the news is out with intel looking at global boundaries is almost explicit acknowledgment that they don't think they're going to regain technology leadership in semiconductors they're looking at spending a lot of money on a lower margin business, and i think it points to a significant pivot in their corporate strategy that, again, is an acknowledgment that there are a number of other players out there that are going to maintain a competitive advantage against them for quite a while >> first and foremost amd which

you call the intel slayer has been validated by cycles at amazon and google. i want your thoughts on intel because you think it's coming from a place of desperation, but would you own the shares if they did a deal like this >> i wouldn't because i agree with larry this smacks of desperation and in one sense i would welcome the fact that they're finally throwing in the towel and admitting what they've needed to admit for a long period of time, no surprise under new management the other thing i would push back on, kelly, is this is an awful, expensive deal for manufacturing technology that is not necessarily state of the art. >> larry, just in a quick koda to this, what would you want intel to do here you say this would dilute profit margins, others say they have to beef up their manufacturing prowess. what else could and should intel do here? >> they're kind of stuck, kelly. i mean, if you look at the big

trends this semiconductor and data center computing in particular, we all know they're on a -- they can't get up to the current manufacturing note they're having a lot of problems and other companies like amd and nvidia are having problems that are hitting niches in the data center >> let's broaden this to tech more broadly right now you like zen desk and app. what are your thoughts on the trading environment we're witnessing how would you explain what's going on here? >> you know, it's sort of this -- tech is kind of hostage to this idea of whether or not we're going to have a cyclical, a strong sily cal recovery in the recovery i think that sort of binary thinking around it is pretty misplaced. i can understand why the market is gravitating towards cyclicals and values, value stocks at the moment but when you think about a lot of these companies like amd and

data center computing as a whole and zen desk, as you mentioned, there are a lot of industries with strong secular trends that are really at the earlier stages of adoption cycles i think over the next two to three, five years, investors are going to want to own these names too. so i don't get this either/or market we've been working through. i think that's problematic it's problematic for investors day-to-day, but obviously gets misplaced. >> that's well described paul, let's get granular where do you think investors should put their capital >> you know, i continue to like scatter tech but not all the tech i might disagree at the beginning of 2021, tech was out of favor the value, dividend players, the ones that were sensitive to reopening the economy were back in vogue but the last couple of weeks we've turned back into tech. so, i think some tech stocks have actually gone from being

undervalued to very quickly and probably too quickly overvalued. but there are always some individual names that i like and believe it or not after being away from the faang trade for some time, i'm actually back in and i am particularly enamored with facebook and google despite the regulatory threats, given fact there's going to continue to be a boom in digital advertising, and they dominated. >> that's quick word on this, paul what areas do you think look a little bit overextended? >> i think some of the stocks that cloud and some of the other names, some of them with this rotation tech, out of tech, back into tech, have become a little bit scary, particularly if they're not supported by worthy fundamentals >> both of you seem frustrated with the broad-based trading that we are seeing really appreciate your thoughts on all this, great to have you with us today. analysts still think tech has a thought of tail winds in

the long run so, that got me thinking if tech's prospects are so good, why isn't the kathy woods trade doing better right now as we talked about yesterday, her arc k was down for the 10th day out of 11th even as the 10-year yield plunged. while the 10-year yield has slumped this month, the rkf is down about 11% materials, which should do poorly if growth is slowing, pretty much hanging in there and the financials are actually up by half a percent none of this makes sense, unless maybe the drop in yields is different this time. michael darr dus says rates are down because of a drop in premium and that's a bullish sign for the economy he's the chief market strategist and he joins me now, lurking behind me. mike, it's great to have you here do tell why you think the drop in yields is about the slow in economy.

>> thanks for having me on if we go back to march 31st when the 10-year yield peaked just above 170, the entire decline through the end of last week when we hit those interim lows has been driven by real interest rates. barely a move in inflation expectation since the end of march. they're off the highs of the year a bit, but basically this has been a yield decline driven by real interest rates now, that could be good or bad it depends on what's driving it. so, the question is, are real rates falling because there's a dropoff in investment demand relative to saving supply. it's what some of the bears believe. or, instead, is this essentially due to a wall of liquidity hitting the market high yields spreads have narrowed since the 10-year yield has been falling >> exactly >> industrial metals prices were

1% off the high. i keep hearing about lumber and other individual commodity prices, but a broad index of metals that's sensitive to the global economy basically is on the highs. it flattened out a bit but we're not seeing the 2015 scenario where there was a legitimate concern about the fed prematurely tightening, inflation expectations crashing, commodities crashing, spreads blowing out and that was going on for some time i think it's really important to draw that distinction. >> sure. sure >> the macro indicators do not support the idea the economy is falling off the cliff. you mentioned in the piece you wrote jobless claims fell to a post-pandemic low this past week we have small business confidence there's a subindex of hiring plans. and that's a leading indicator, an inverse leading indicator for the unemployment rate rose to an all-time record high in june so, that is consistent with the

idea that we're set to fall off a cliff here in terms of economic growth, and that's why the 10-year yield is down. >> which is so important because on the one hand maybe we're in a pretty good economic situation where there's not a huge inflation concern anymore. and also in regards to the fed, there are some who describe the environment as a bit of a tantrum over their tapering. you would look at it differently and say almost that they have to, that this liquidity, swamp, if you want to call it that, is a consequence of them running policy too easy, not too tight is that right? >> yeah, that's exactly right. this is the reverse of a taper tantrum when we think about the 2013 situation where markets were surprised just the opposite is going on here there could be technical factors also effeaffecting yields with treasury count that's adding money otothe system.

it's going into bank deposits and back into the treasury market we might have some strange technical features that are also having a downward force on yields here as well. the broader question is if this reverses, if the economy -- even if we're at peak growth and peak inflation, i think the second derivative stuff has gone into hysteria and been taken too far. let's just accept it and say, okay, if we're still way above trend in terms of growth rates next year, then the risk in term of markets is in some of the high valuation sectors you were talking about is valuation con gregs. the risk is an earnings plunge but rather valuations are pressured in much the same ways we're seeing those areas struggle as the 10-year yield was rising from last summer into the spring of this year. >> final question, especially as we've seen the child tax credit this year. there's a huge budget under proposal we have a lot of spending and

debt and no room to crowd out other spending do you think at some point the fed will decide it wants and enjoys rates this low? >> well, it's all going to be determined by whether it's consistent with the fed's goals. right now inflation expectations, you know, 230 basis points or so, the fed probably feels pretty comfortable about that if real rates can just sit here and the economy doesn't overheat at all, you know, then great, we'll be able to maintain a pretty high evaluation plateau my guess is that's probably not going to prove to be the case. but i think next year will determine a lot in whether this economy really settles into just trend growth and inflation, eases back to pre-low levels but even in that scenario, even for a trend growth setting, the 10-year yield is actually 100 bay bis points below what we observed just from the last cycle. so, that kind of upside i think

would be a risk -- a major risk -- to certain sectors that dominate the s&p 500 market cap. so, we do -- i think that's the key risk for investors is on the valuation side here, not the business cycle >> absolutely. i was going to say it's oddly reassuring about the economy but also nerve wracking about the same factors as it relates to interest rates plus the debt and how people are positioned as a whole other issue. mike, thanks for your time today. we'll let you get back to surfing. micha michael darda. vile maker group is falling after pricing at 21 bucks a share and that was at the low end of the range we're going to speak with the ceo next vacation home prices are red hot this summer and one start up is aiming to disrupt the high end part of the market what it takes to buy your own slice of paradise. we're back after this.

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possibly with stevanato group. they make viles for vaccines they ip o'd. today. with us is mr. stevanato congratulations on the ipo and a lot of your efforts as you've been involved with the pandemic. are you disappointed in the performance today? what do you make of it >> not at all. so, first of all, thank you kelly for inviting me to be on your program we are quite happy because the ipo for stevanato was in our program. we are listing in the new york stock exchange we are really extremely proud and extremely happy. stevanato is a model piece in the pharmaceutical industry and we are here for a long time to serve our customers. so, we are not looking for this

single, we are looking for the long term. >> i know our bob pisani has a couple of questions as well. bob? >> thank you and congratulations, mr. stevanato >> thank you >> i want people to understand what you do. you're a very critical supplier for the medical infrastructure of the war on covid. you make the glass viles, the drug delivery systems, the injection systems all over the world. i understand you have 90% of that business for supplying covid treatments around the world. is that accurate >> absolutely. so, stevanato is a company that specializes in the glass enclosure for the pharmaceutical industry we produce this, this, and this type of product. we produce more than 10 billion solutions every day and every day more delivered to patients so, we were quite present in the vaccine space since more than 20

years. this is why we are so proactive in the contribution for the covid-19 but at the end of the game, we are a bit small portion. 20%, represent only 5% or 6% of total revenue. so, we are so proud that we have contributed to the vaccine space for covid, but it's going to be a minor part of our total business >> you're very important in the whole war on covid you supply the picks and shovels, essentially, to make it possible for those drug delivery systems. we've been talking a lot about inflation, about the effects of higher commodity prices on products around the world. i wonder if you can share with us your experience about the higher -- if there is any higher energy costs, patenting costs, what is your experience at stevanato on inflation >> we have stronger supply

chains, so we have strong partnership with our supplier and also our major energy. we put a lot of attention to being a solid supply chain with the covid outbreak last year, we immediately increased capacity in all our operations around the world today we're present with 16 operation plants in nine countries around the world so, i think everything is under control. >> bob pisani, thank you very much for joining us, along with franco stevanato of the stevanato group. bitcoin minors are moving out of china after the country's crackdown on crypto. but new data shows they were looking for a new home long before the ban as we head to break, take a look at the names hitting record

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we recognize that energy demand is growing, and the world needs lower carbon solutions to keep up. at chevron, we're working to find new ways forward, like through our venture capital group. backing technologies like electric vehicle charging, carbon capture and even nuclear fusion. we may not know just what lies ahead, but it's only human... to search for it. welcome back here's a check on the markets. dow's down 110 points after being up as much 102 flip side on the picture here are some of the movers. moderna shares on pace for the

best week since january after the indices said they will be added to the s&p 500 moderna are up 8% right now. and they're going to replace take a look also at shares of american outdoor brands today. they are plunging 22% after the company reported an earnings beat but missed on revenue for the quarter. they're going back to the spinoff from smith and wesson brands just last august. equities trading around $28. places like texas and miami have been putting the full-court press on bitcoin minors after beijing announced the sweeping new ban. but minors were moving state side even before that crackdown. mckenzie is here with more for us zbll new data shows that the united states has fast become the darling of the bitcoin money world. according to research from cambridge university, the u.s.

is the second biggest mining destination on the planet, just after china. we've known for months that china was kicking out all of its bitcoin minors and we suspected they were headed to the states because of the competitive energy landscape this data confirms that suspicion. the u.s. is home to nearly 17% of all of the world's bitcoin miners, which is a 151% increase since september. and what's especially noteworthy here is the fact that the migration to the u.s. started even before the china crackdown began. what i'm hearing from some of the biggest u.s. based mining operators is the u.s. share is likely much bigger ed frontier thinks that north america could have close to 45040% of all miners by the end of 2022 with the u.s. accounting for that share one important note, this could change the narrative around bitcoin's carbon footprint

because the u.s. is known for its abundant sources of renewable energy >> which would be a nice turn from the concerns about mining in china kazakhstan is a miner. could this be a good thing for human capital here in the long run? there are a lot of people scratching their heads because they're saying china is pushing out of the country some of the brightest minds working on if you want to call it mining or crypto or software you have to be -- these are very, very bright people and evidently they're moving to the u.s. >> yeah. they are and if i spoken to a lot of companies, these u.s.-based bitcoin miners and they say they have deals going to inherent the activity i think it's going to be interesting what happens in this space going forward. >> absolutely. thank you. let's turn to amon javers for our update deadly floods have left the

giant sinkhole in a town in western germany. authorities are working to free those still trapped in their homes. at least 125 are dead. take a look at that rushing water. hundreds more remain missing now for more on the rescue efforts and now officials are working to prevent further flooding, tune in tonight to "the news" with shepherd smith recovery efforts at the site of the collapsed florida condo site are nearing an end nearly allic victims have been identified a russian plane made an emergency landing in siberia the aircraft was found laying on its belly the in a field no serious injuries have been reported there and not everyone is excited for the olympic games to kick off next week. dozens marching in the streets of tokyo protesting the upcoming event. why? well, covid has been surging in the country as of late, and many

are worried about the impact it's going to have on the country. >> in japan, dozens of people is a protest. we've seen this time and again as people get ready to host jack dorsey's cryptic crypto business, apple's crackdown and the roaring '20s for billionaires, all those topics and more you can catch us any time, anywhere, listen to and follow "the exchange "podcast so you never miss a moment. we're back in a minute knowing he'll be okay. goes a long way. this is financial security. and lincoln financial solutions

will help you get there as you plan, protect and retire.

welcome back everybody it's time for a couple stories that also need to be on your radar. it's time for rapid fire here to break down the headlines today, kim forest, sara fisher, media reporter at axios, and i have a feeling robert frank will be dropping in any moment as well jack dorsey is tweeting his company, square, is launching a new platform for decentralized financial services it will have a focus on bitcoin. he hasn't revealed anything yet.

paypal is announcing users can purchase up to $100,000 worth a week and bitcoin is still down 40% from its highs, it's on the rebound this afternoon kim, i'll start with you because you're in the lame old traditional financing world. what's your big -- do you have a big thought on defi in this space that's gathering momentum? >> sure. i think everybody wants to have their cake and eat it too, right? but you're not going to have that i read some of the information provided by the company, and i can't quite get my head around it but essentially you know that they are going to be making money off of you doing transactions or at least leaving a deposit somewhere in your square or whatever this new thing is going to be called in the footprint. so, investor beware. nothing out there is free. and this certainly isn't a free

transaction to you >> it's a good point, sara because if you look around, this is one of the things going on between crown base and strike right now. it's very reminiscent of the traditional space where this fee war in compression has already happened >> yeah, that's right. and the other big risk, kelly, is there's no third party that's a part of this transaction it's not like you can get insurance on any of the transactions happening between you and the cash app, which i think is what they're going to be calling the this new de-fi product. i think aside from the fees and what it means for the consumers in that perspective, this is a risk i think most consumers need to take. everybody knows we're moving to towards a digit tal currency world. if you're jack dorsey and you're seeing people move towards this decentralized world, if you build it, they will come >> he's been bullish on it for

some time. when we look at the fintech performers which has been tremendous, these are huge markets, paypal is among the top five banking apps in the world are you concerned about that or like sara is saying, does that just tell us that these are where the flows are going? >> i think that's what it tells us right now the funny thing about all the crypto stuff is people don't actually use them to pay for transactions this is about people buying them and waiting for the value to go up, right? so, i think probably the biggest thing that -- bit of information we're going to get in the next five years in this space is is there an appetite for transactions and if so then, you know, somebody's going to make some money off of it. is it the innovator or is it going to be the traditional banks? we won't know. but that's probably what i'm looking at the most is where are the transactions >> right and who's making the fees and

then who's going to rake in the benefits in the long run absolutely let's move along and talk about apple employees reportedly up in arms over the remote work policies according to the verge, apple employers claim ever since workers should be back in the office beginning in september it's been harder than ever to get work from home requests approved one employee denied their disability and that could put their job status in jeopardy more than 36% of apple employees are concerned they would have to leave the company altogether because of the lack of flexibility at work. robert frank is with us now. robert, we're seeing this battle play out in new york city between the big banks, for instance, where many want these workers back in the office but are aware, like we discussed yesterday, that high-paying jobs are on the offer more than ever. >> yeah. with apple, you know, they're already allowing hybrid. so, they're allowing tow come into the office three days a week and be home the other two that is a big improvement.

and i think part of this has to do with the housing prices and the nightmarish commute that a lot of those apple workers faced pre-pandemic four of the top five most expensive housing markets in the country are right around cupertino in that part of the bay area so, i think a lot of these people probably moved during the pandemic, probably loved not having to commute. and now even the two days a week or three days a week that they would have to be there is tough for them so, look, i think apple's being flexible, but i do think a lot of this is about what happened to housing prices. they've probably only gotten higher the average home price there is over $2 million. so, for a lot of those apple employees, even the mid- to higher level executives, that's expensive. >> yeah. sara, as we listened to the different ways people are battling with employees over coming back, there was one financial executive -- i think it might have been the ceo who said if you're that burned out, you need to look for a new job >> i don't disagree.

you should be able to go to your manager, talk about it and find something that's suitable. but i think a big root of the apple problem here is that there's such high demand for engineers, for people who work in technology. so, if your company is not accommodating you the way you want, you can just leave the demand for your skill set if you're working in technology is so high, just go to one of apple's competitors that is going to allow that hybrid work. and apple's competitors are all on top of it twitter, facebook, you name it they've all said they're going to allow up to # 50% of their workers by 2025. they're going to allow a very flexible life. if apple's not going to allow that, they should expect that some employees are not going to be happy with it >> all right kim? >> well, having started out as a software engineer, i feel their pain but here's the true issue. if you allow people to decide where they want to live, you're going to have a much less productive work force just because you have to have team

meetings, you have to get people together and if everybody's at home, that's one set of challenges but they all are facing the same time kind of commitment. but having that hybrid work force, it makes it really, really difficult and i understand that people want to work from home but life's funny and companies are just going to have to get a handle on this and really try to discern who can work productively, what teams can work productively, and what ones need to be either all in or all out of the office. >> it does seem there's a big divide between the ma tra a lot of the financial world is taking apple seems to be the outlier saying you can do what you want, not saying you can do what you want >> the cyber truck, yes it could flop, but elon musk said the risk is worth it because it's such a different kind of truck to be frank, there's also a

chance a cybertruck will flop because it's so unlike anything else he says, i don't care. i love it so much. cyber truck looks like it was made by aliens from the future i remember the 2019 debut was sort of famous flop. the guy punched the window and the glass broke. but, i mean, ken, you do have to love how they roll with it the thing a lot of people hated about this on twitter, he said, listen, this guy just came out of a trial where he was charged with putting his interests ahead of the company and turned around and issues a tweet like this what are your thoughts on tesla? >> i think that's just how they roll, right? they are one crazy company and i don't ever want to own them when things like this are happening but doesn't it make watching them fun and the other thing i have to say is if anybody thinks this is a real truck that's going to start replacing the f-150, you are sadly mistaken this is a -- the people who want to look like they want to drive

a truck in 2100, right that's what they'll be driving and those are the people who are going to buy that truck. >> the interesting thing is even while this is going on, he sort of publicly stating something that a lot of companies have run into issue with. they're going to have to delay production on supply chain woahs, those are reports we saw from bloomberg a few moments ago. meanwhile you have a fiasco with lordstown. we've seen nikola and all the rest of it this is an area where there's basically regulatory probes. and is his candid take on it, you think, a way to actually fend that off by saying, listen, we don't know if it's going to work >> yeah, kind of and i also think it's sort of false humility the cyber truck has already been a smashing, so to speak, success, and that's because of the marketing they've got. you know, they have something like 500,000 orders. but to get an order you only had

to put down $100 and it's kind of like the roadster, which was announced in 2017 but have we seen it yet? no we haven't even really seen what it's going to be and there are a lot of orders for that, people putting down $100,000 or more so, these are small relative to the overall important models of tesla. and whether they sell or not, whether they even go into production or not kind of doesn't matter because the ora that they've gotten from the marketing of these vehicles is huge so, i think it's already been a success, and anything they actually make, if they do, is a bonus. >> yeah, farah, to that point, elon musk himself said at his trial his use of twitter is successful advertising in marketing. he said basically it allows them to price teslas cheaper because they don't have to spend the budget on advertising. but look what's happening to date how many times have people been talking about this cyber truck

this man is a one-handed -- not one handed -- single handed marketing genius >> he is, kelly. we did a survey earlier this year we polled 100 companies for their reputation both tesla and spacex were in the top 10 that doesn't happen by chance. it doesn't happen because consumers love the product it's because people love elon musk they love what he did on "snl" they love him as a person. it helps to push product >> speaking of billionaires, they're accustomed to getting whatever they want when they want it but not this year. slow supply and pent up demand are creating a log jam for a lot of luxury services robert, you've been following this for us. what are the supply chain issues that we're seeing? >> it's supply chain and just this incredible amount of wealth we're seeing pouring into the same high end resort towns in america. you're talking about the hamptons, new england, aspen, lake tahoe

and this is sort of a window into the most extreme end of the inflation curve, which is everyone's obsession right now is inflation in the hamptons, just a small example. there is now an $87 plate of pasta at a restaurant. they're serving it like crazy this summer. the problem is getting into the restaurant you can't get into any restaurant in the hamptons for the next month or so because they're all booked the top caterer there is booked all summer she's telling billionaires who haven't been long time clients, look, i can't do anything in the summer you look at yachts, there is now a yacht shortage you can't find dock space. you can't find a marina. you can't find a yacht to charter. those that are chartering, $125,000 a week for a mid-size yacht. it's nuts. >> we only have time for one comment here kim forest, somehow i know you can make investible this

billionaire shortage theme that robert's talking about >> well, can i i don't know i'm going to have to change my vacation plans apparently. totally kidding. no, i think that this really exemplifies the shortage of both manpower and just whole classes of product that are needed to go into a final end product so, even the rich have to suck it up this year. >> immigration shortages especially this summer absolutely thank you all. kim florez, robert frank and sara fisher. sticking with the luxury theme, the ceo of pass ka sew joins me that's after this quick break. (♪ ♪) whether it's a technology first, (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪)

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you should ten-x it. ten-x is the world's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it. welcome back the pandemic actually spurred a banner year for vacation homes last month home prices and

seasonal homes hit on average $468,000 silicon valley, unicorn, picasso is taking advantage of this red hot demand high buy and flip luxury single family homes to sell subdivided ownership. it's great to have you tell us how this works >> kelly it's my pleasure to be here. thank you. so, picasso is on a mission to enrich people's lives by making second homeownership possible and enjoyable for more people. we're modernizing an old practice that's been around for years. imagine if you and a small group of friends decided you wanted to own a home together. that's what picasso does except for we handle the details, everything from bill pay to maintenance to design to you can enjoy your second home and not have to worry about the headaches. >> what do you mean by own because most of us are thinking about a single title and a mortgage attached to that.

>> every home is owned through a special purpose llc, which is a common ownership structure when we look at most second house markets, there are thousands of homes owned in llcs and there's multiple members through the llc. the others have complete control. you can sell any time. and picasso is a property manager. once you purchase your interest in the home. >> what if i have a falling out -- i hate to suggest this could happen, but what if there's a difference of opinion among the members of the llc >> that's one of the reasons why co-ownership is hard to do on your own because it's tough to reach agreement with six or eight other people picasso plays the middleman and handle all the details there is no opportunity for you to get into dispute with another owner about what kind of refrigerator to install or what kind of art we put on the walls. picasso handles all those

details. we're effectively a full service property management company so that owners can just enjoy their home >> you don't let them get too involved basically how does this differ from what we think of as traditional timeshares which have garnered such a shady reputation. >> it's a great question timeshares are effectively hotels where you're purchasing a right to use property. with picasso, you're purchasing real estate and not time and you have complete real estate and you have complete control the best analogy i can provide that's outside of a real estate space would be car-pooling co-ownership is more like car-pooling than a time share. imagine an empty suv with one person in it, the equivalent of an em>>terry: home, would you rather one suv or eight empty suvs of course we'd rather have one

empty because it's less pollution, less traffic. most second homes sit vacant for 11 months per year we're making better use of the housing stock by modernizing this old practice which we call co-ownership >> it's fascinating. my final all in one question is can i monetize this property do i participate in the gains once i sell my interest if there's price appreciation the same question if the price goes down. as we think through the biz model on your end, thoughts, hopes, dreams, wishes for a public listing >> yes, so this is true property ownership. if the real estate value goes up, you as the owner benefit if the relal estate value goes down, you will bear that as well it works as in a whole home case pacaso makes it easy to sell f. you buy a pacaso share for, say, half a million dollars and decide a couple years from now you want to sell it for

$600,000, we provide a seamless experience that enables you to do that. >> and public listing? >> you know, we're growing quickly. we have big ambitions for the company. long term we think we can empower millions of people to realize their second home ownership dream. we plan to be a public company but we don't have specific plans to announce. >> thanks for your time. thanks for explaining how it works. up next, cruises are open to vaccinated and non-vaccinated passengers alike the un-vaxed may have to pay up to $700 for a family of four this is andy, my schwab financial consultant. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk, and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee.

accountability, i like it. so, yeah. andy and i made a good plan. find your own andy at schwab. a modern approach to wealth management. sofi is a one-stop shop for your finances designed to work better together. save, spend, borrow, invest, and earn cash back rewards, all in one app. that's how you get your money right with sofi. this is dr. arnold t. petsworth, he's the owner of petsworth vetworld. business was steady, but then an influx of new four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned

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welcome back, everybody. here is a quick look at the markets nearing session lows the dow is down 146 points, or it's the worst performer down 0.4% cruise lines are getting hit as delta variant covid cases ramp up while they are sailing again companies are implementing stiff penalties for unvaccinated folks. seema moody with the details looking through the pricing, an additional $700 a family of four will have to pay if they're

unvaccinated to cruise that according to trip adviser making trips more expensive is seen as a way to discourage them from sailing as primarily an issue in florida where the state is preventing businesses from requiring customers to show proof of vaccination they are mandating insurance policies of up to $30,000 for costs related to medical treatment and evacuation from the ship norwegian does not want to comply with the rule filing a lawsuit against the state arguing that the state's rule won't allow its passengers to sail safely and the delta variant poses a huge risk. a spokesperson for florida saying the cruise line policy discriminates against children under age 12 and others. a hearing is set for august 6th, and the stakes are high. if the judge rules in favor of norwegian cruise line what is stopping hotels hosting weddings from saying we, too, want to

require the vaccine. >> it feels like the first time florida has had to deal with the ire of the business community, it's been a pro-business friendly state that's being switched. we're seeing it gaining tracks in places like france. where else >> singapore as well these are two nations saying if you are unvaccinated, we are going to restrict your activities eliminating activities at cafes, bars, restaurants. i have two friends who own a shop in paris who say this is unclear how it will be enforced. some questions there >> i have a couple friends who own a store in paris, too. >> the fourth circumstancele >> the fifth -- i'm wasting time and that does it for "the exchange." power lunch is talking the dark side of solar after this quick break. don't go anywhere. our retirement plan with voya, keeps us moving forward. hey, kevin!

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in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach with watson ai helps them roll out new innovations anywhere without losing speed. from telco to transportation, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. good work little buddy. ♪ ♪ ♪ hi, everybody, and welcome to "power lunch. i'm kelly evans along with eamon javers americans are spending on everything from restaurants to clothes to gadgets the former ceo of macy's breaks down today's retail sale