they tend to sell at or near the peaks and tend to buy at or near the bottom. >> that's why there are services built on telling you hey, this insider is buying or selling take in a signal. that does it for "the exchange," everybody thank you for tuning in. "power lunch" picks things up right now. ♪ kelly, thank you very much, everybody, welcome to "power lunch," i'm tie time here's what's ahead on a busy wednesday. shaking foundation rising rates, inflation, could hit the house market and home builders very hard we will talk to an analyst who now says it is time to dump the builder shares crypto crumbles. the global crypto mark below $2 trillion in value. why are investors selling? when will it stop.

an electric rv, winnebago launching the first of its kind, conceptually, the stock up 25% last year, lower so far this year we will ask the ceo of win bayinga if his e strategy with power returns. >> love to know the range on that puppy. dow turned negative, down 43 points the s&p hanking on to a four-point gain right now. the nasdaq up 38 but it was at one point today more than 10% below the 52-week high hit back in november. it has been a long correction already. the yield on the ten-year is pulling back a bit after hitting 1.9% earlier, its highest level since december 2019. we are at 1.83 we begin with housing, where rising mortgage rates is a consequence of those higher interest rates could force potential buyers out of the housing market we are not quite seeing that yet. let's bring in diana olick. >> a lot of numbers out today.

housing starts ended the year a mixed wag. single family starts up 2% for the month, down 8.5% year over year multifamily was stronger, up nearly 20% compared with november and 42% from a year ago. single family builders are having wigger issues with supply chain, material costs and labor, and single family builders need more lumber. the prices spiked 80% in the last few months. dpin that with rising mortgage points and no surprise that housing stocks are sanking the home building etf which includes building material makers down slightly names like lennar, poulty and toll are taking a hit. interesting, though, the weekly mortgage applications we got today showed a big jump in home buyer demand an agent i spoke with said he's seeing tons of first-time buyers

worried about rates trying to get a very early jump on the spring market because they are afraid if they wait they will get priced out >> that is the concern as diana mentioned the higher rates are definitely biting the builder stocks the home builder etf is down 12% from its 52-week high. our next guest doesn't see the selloff ending downgrading sick names in the space today. joining us is keybank market executive research analyst ken zenner great to have wyou with us. >> hi, kelly. >> we know the long-term story, the demographics are good, the housing shortage issues -- what's going on here >> we asked a simple question in our piece today called wow, stands for wall of worry, which explains how home builder stocks

do when the fed is tightening. in 16 of the last 18 cycles back to 1969, the stocks fall about 30%. the key question for the home builders, if you look at it fundamentally, is is the cycle covid unique it's obviously a dangerous game. supply is tight, margins are high, pricings are high. we saw parallels for these exact variables that indicate the cycle is not different the last time starts peaked in that cycle was 1979, it is no too late for the stock but right thousand we are making the call around rate tightening and home builders. >> you think we are about a third to half the way through the correction that could be in store for them do you expect that to play out the remainder this year?

>> tightening cycles vary. of the 18 we looked at the duration averages around ten months usually housing is early cycle you wouldn't want to necessarily say nine months, absolute. you have to be responsive to what the environment is. i would say that our report which draws a lot of peril levels to the 1970s n fact w rate volatility, presents kind of a different structure, and some of the cycles are shorter our down grades today are not related to company fundamentals. simply this was a macro backdrop we couldn't avoid looking at. >> two questions one that might favor the home builders, one that might not the one that might favor them s my understanding or my assumption is that the country overall is underbuilt and that there is high demand for housing. that's number one. that might give them a little bit of help. on the other hand there are persistent supply shortages and increases in costs of those

building supplies. that doesn't help. >> well, i think the demographic discussion around households, affordability, that's something that really we want to keep outside the purview of our quantitative analysis. i think you have arguments on both sides the fact is i am dealing with stocks that are more narrow minded in their duration as it relates to tight inventory explains we do see -- again, we look at this in our report that finished homes as a percentage of new home inventory at roughly 10% to 12% is at a record low. for context in the 1970s you had a range of 25, and it rose up the 35 new, inventory is tight. i think we know all these things and all the tail winds could become head winds with all the incremental tightening that's what history tells us. >> ken, we have to leave it there. we appreciateture time and up sight today. our next guest is finding

opportunity in the volatility and she says we are in the middle of a mid-cycle of an economic recovery. there is lots of cash on the sidelines, no recession, she says, in sight let's talk to loreine gill birt, the ceo of wealthwise financial. let's talk a little bit about where we find ourselves in the cycle. and you point out that the s&p 500 generally has done reasonably well as interest rates rise >> yes, it's no surprise that right now we are going through a repricing in the markets and it's all about duration risk and then repricing some of those areas of the market that have been quite frothy. but as we start to see rates increase, and as the fed moves somewhat slowly -- 25 basis points sat time is what we think, probably, for interest rate hikes this year when you look at the last three rate hikes that we have seen, the s&p 500, over the year,

generates about half the return of the previous year so we are still looking at high single digit or low double digit numbers, which is what we are thinking for this year >> is this a year that value tends to stick as the preferred style of investing or what do you feel about that >> so, if we look at last year, we had a similar route at the beginning of the year where growth was outperforming and value outperformed and then growth once again. this year we are seeing growth declining, value outperforming and we think this year is the year that it sticks. so a true rotation this year last year we were talking about a barbell between growth and value x. this year we are talking about more of a tilt towards value. >> let's lock at a couple of stocks on your watch list. one is reit, one is a company most of us will have heard of.

the other is one we may shop at. take us through these three stocks that you are keeping an eye on right now. >> sure, if we look at prologic, that's an stril reit their tom tenants are companies like amazon, home depot. those are the companies that are leasing from them. they have long-term leases they have a dividend yield that's higher than the s&p 500, albeit it's low b 1.65%. and importantly, they are recovering their ratio by 60%. we see upside, potential here in that reit. reits independent tend to do well as an inflationary hedge. the next tham we are looking at is microsoft a name that most people know and many people hold we heard yesterday about their merger with act vision, their purchase and acquisition and they are getting into more of the video gaming and looking

at the mobile gaming potential, which is a $90 billion revenue business that they would like to increase share there and they have a strong cloud business, increasing revenues by 50% year over year in cloud. so what we are looking at here as well is share buybacks. so companies that are buying back their shares. and we know there are board approved buybacks in september and they are probably going to increase buybacks by 20% this year. >> the final one is kohl's it is up a lot today, what to you like about kohl's. >> they have a female ceo which is plus. in addition to that they are looking at creative strategies on cobranding like with sephora. they are looking at increased e-commerce activity. they also have excess cash flow

and looking at share buybacks. a value play with a low p/e ratio that is attractive. >> lumbarine, we thank you for being with us today, lore ian gilbert with wealthwise financial. coming up, crypto craters. bitcoin prices more than 9% this year is the fed casting a shadow over the crypto market. plus a working lunch with the snowflake ceo. the stock lagging the market last year. down 15% to start this year. we are only three weeks in the ceo explains why he's not worried about the market's skittishness overgrowth stksoc more "power lunch" is straight ahead. we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web.

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welcome back, everybody. investors shedding cryptocurrencies to start this year crypto's total market value now below $2 trillion. according to coin shares, crypto funds saw more than $70 million in outflows last week, the fifth straight week of declines. joining us us to talk now about the bearish sentiment and what happens next is frank japaro, block director of news good to have you with us the total amount of redemptions in these funds total more than half a billion dollars over the past five week what is driving it does the fed figure into it? >> it absolutely figures into it as you said last week, we saw a

record $73 million worth of outflows according to coin shares and it is important, though, to keep in mind the backdrop of these outflows 2021 was a massive year for crypto products, crypto-structured products overall with billions of dollars of inflows considering that the market is kind of nervous and has some anxiety about raising rates from the fed i am not surprised that we have seen a bit of outflows, a bit of a correction in terms the amount of money pouring into these liquid crypto products it is also interesting considering what's going on in the private market last night i talked a bit about private money flowing into crypto we have seen it in the last few weeks with a number of new venture outfits coming on line including ftx's $2 million fund kdx is trying to raise a $900

million fund >> let's talk about what crypto really is and whether it is being affected by a risk-off frame of mind that seems to be capturing the market's attention these days and number -- and juxtaposed against that is the idea that some have thatcrypto is the ne gold, ie, a potential hedge against inflation. >> i think it is important to keep in mine that crypto is not necessarily monolithic in nature. >> true. >> not anymore bitcoin can be viewed as a hedge against inflation. sometimes acts as a risk asset as well. even last week with the outflows we saw solana see inflows. at the same time we have seen nft volumes steade this month is on track to outpace every month since october. so while you do see maybe

bitcoin and ethereum and the majority of cryptos, in fact, kind of acting spooked by the potentiality of a federate hike over the next year -- and we won't necessarily have more information to digest until that january 26 meeting -- other areas of crypto are doing much more strongly with nft floor prices for instance on the ups since the beginning of the year. while liquid tokens have come down. >> >> from, it iscaly. i am wondering if you can talk more about how much activity you are seeing in bitcoin versus some of the other cryptos. and i am surprised about the persistence of tether which you say is now being used for a lot of trades. >> well, i think the fact that tether is used as a sort of pair against crypto trades is different from where the market was in maybe 2018. and it kinds of speaks to the decoupling of bitcoin, maybe, from the rest of the market.

a lot of trading pairs are paired against at the timer and not so much bitcoin. it allows for these divergences we see in the market typically in 2018, if bitcoin was going up, everything was going up if bitcoin was going down, everything was going down. that's not necessarily the case. you have many cycles developing in crypto. while bitcoin might be coming down in one cycle you might have nfts coming up or algo stable coins coming up or def aye coming up. it is not in lock step but it makes it more interesting to cover. >> it is hard for investors to tooig figure out, if bitcoin was all the rage because it was the main way to employ crypto, but now the market is fragmenting. what do you think it means for its value over time? >> i think it is still definitely going to be the

benchmark for the space. but you raise an interesting point, which is what happens if there is a breakout and there is a flippening, and ethereum becomes the top dog or another coin becomes the top dog it does open up the flood gates, so to speak, for valuing as reaching proportions that we have never seen and kind of removes that ceiling, right? and to an extent, that floor so it does make it more convoluted for investors to put on a trade or think about where they are going to enter the market but the point remains buoen is still very important it is incredibly important for pushing new investors into the space. when bitcoin is up to $60,000 it is going to be put more pressure on a hedge fund or trading firm that's not in the market to get into the market rather then when it is sitting around 40, where it is now. >> we will see if it gets some steam, wind back in its sails, shall we say frank, thanks for your time

today. we appreciate it still ahead on the show, paper or plastic here in new jersey you won't get either in a couple of months but speak to the ceo of a company making a $600 million bet on a future without foam cups, plastic bags or any kind of plastic containers. we are back in a moment.

welcome back i'm rahel solomon. here's your cnbc news update at this hour. the irs wants to make online access to tax records more secure starting in the summer, the documents will only be available after signing in through the id .me identity verification service. to set up an account users must provide documents and a video selfie. a worldwide organization committee says international covid travel bans should be eased or shrifted because they do little to slow the spread of the coronavirus. the committee says that the global community should instead focus on raising vaccination rates above 70% in all cases. and rapper cardi b. says she will pay the fun lal costs for all 17 people killed in a bronx

apartment myer daddy b shy says she is proud to be from the bronx and when she heard about the tragic fire she knew she needed to help. a real super star on and off the mic. >> that's admirable. that was horrible news from the bronx there. let's get to dom chu for a market flash. >> gains in fintech names. financial technologies they have been under pressure to start off the year toast, they are higher today, still down 30% for january larger players like bloc formerly known as square and paypal are more than 40% from their highs. sofi shares are soaring today after the fintech company gained clearance from keybank regulators to become a ban holding company. but that stock is still lower

for 2022 fintech is in focus, back to you. ahead on "power lunch," an ev rv, win bayinga announcing an electric camper. the ceo will join us next to discuss this bold move and how the company plans to keep last year's big stock rally going "power lunch" is back in two minutes. i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling? sure thing. up top. high thryv! payments? high thryv! promotions? high thryv! email marketing? almost there, hold on. wait for it. high thryv! manage my customer list? can do. will do. high thryv! post on social media? hash-tag high thryv my friend! get a free demo at thryv.com.

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all right. we have 90 minutes left in the trading dame we want to get you caught up on the markets very different come flexion than yesterday, stocks, bonds, commodities. and finally the push into ev with the win baso ceo. we have to start with bob pisani on stock the dow now however at session lows >> yeah. the market is having a hard time trying to figure out what direction it wants to take look at the s&p 500. we have witness all over the place today. we were as low as 4560, but then in the middle of the day we rallied to about 4600. now look, we are back to 4560. that's not only the lows for the day. it is essentially the lows for the monday we are near it, let's not quibble about a point or two the good news, we are getting relief from the earnings anxiety situation today. the banksgenerally did okay. now, the regional banks, u.s.

bank corp. was disappointing in its guidance a couple of banks are reporting tomorrow, fifth third, key, regent's financial, mtb is reporting tomorrow they are weak in the middle of the day. there is is a source of some of the weakness i was encouraged by proctor and gamble different space but they had encouraging comments today they had 6% organizics sales growth half was because they were able to increase prices the other half because of volume growth 3% volume growth, 3% raising prices, 6% organic growth. the bottom line, they still have pricing power. even with that 3% gain in prices they still had some margin erosion on the growth side good news for that overall we will get earnings from the big railroads, csx, union pacific. keep an eye on that, about intermodal ship asking volumes

i think they are going to remain very, very strong. what analysts are trying to do, guys is figure out what's the body language of the ceos about the growth prospects we have inflation problems we have fed raising rates and omicron to deal with it is hard for analysts to start raising estimates right now because the body language is very uncertainty i want a couple more comments from the ceos and we will get a clear direction whether the trend is up for analyst revisions or down for analyst revisions. right now the markets don't know. before we get to rick, we have breaking news out of the s.e.c. eamon javers has the story >> hi, tyler s.e.c. chairman gary gensler wrapped up a media viability with a number of reporters and made news that hedge fund managers might not like to hear. i asked whether he is considering new rules around disclosures from large investors

that acquire that 5% threshold of a publicly traded company if you hit that threshold as an investor you have ten days to disclose that to the company againstler said he anticipates they might have new rules about that he is concerned about information asymmetry, that is that regular investors don't know there is a big investor out there acquiring a large chunk of a publicly traded company and thinks that that nine day period after the initial investment might be too long. he wants to shorten it he didn't say how long he would shorten it to or the time line for new rules changes. that's likely to be unpopular among hedge fund managers, many who tell me that that the ten-day period is already too short. they want to be able to hide their streams for that period of

time right now, gensler is considering new rules around this we will have to wait for more from the s.e.c. on exactly how tight they are going the make that time frame and when, in fact, it might go into implementation laid they are year nothing immediate yet but gensler giving us thoughts on where he is going in 2022. >> thanks very much. let's move to the bopped market the ten-year got to 1.9 earlier in the session rick santelli is in chicago for us hi, rick >> yes, 1.9% around 3:20 a.m. eastern. you see it on the 24-hour chart. but we really have been drifting south with respect to yields and north with respect to prices we had a 20-year bond auction. the 21st 20-year bond auction. it was quite aggressive. i gave it an . the reason i bring it up is investors seem willing at these levels to step up to the plate and dip their toe into the

buying category. look at a two-day of tens. yesterday's low yield was 1.80%. and we are making low yields and high prices as i speak if we close below 1.80 we would lose momentum. looking at a year to date chart we closed last year at 1751. we are up nearly 40 basis poimgts on the year. finally, bunds everybody was looking forward to a close in positive territory. i have tony in the pool. but even those you see on the intraday chart, at the exact same time, 3:20 a.m., it hit its highest yield in 32 months at .022% positive .022% it still closed in negative territory. >> the over/under for santelli is thursday on that one. oil is closing for the day continuing to make new highs opinion 'stevens has that and more for us from the commodity

desk. >> the march higher not slowing with oil once again at the highest in more than seven years. international benchmark brent crude is approaching a nine handle, trading as high as $89.17 giving back some of the gains into the close it is currently up to $88.19 u.s. oil is at $86.68 for a gain of 1.5%. we have got opec's oil outlook yesterday. today we heard from the international energy agency, which also pointed to a very tight market they said demand defied expectations last quarter even as omicron took hold according to the report, global inventory is at a seven-year low falling by more than 1 billion barrels since the peak in may 2020 the iea said this combo of low stroks and shrinking capacity means oil knob for another volatile year. in other words, tyler, the market is more vulnerable to shocks, including from

geopolitical events, because of the tight fundamentals back to you. >> thank you very much for that full report. now to the electric vehicle craze which is fuelling some changes in the rv industry winnebago unveiling the first all-electric zero emission motor home the stock at a stellar 2021. up about 25% caught in a bit of a selloff this year. down about % but the market is down as well michael happe is the ceo of winnebago and joins us in a "power lunch" exclusive. welcome. good to have you with us tell us about this winnebago it does not look like the large-scale motor homes for which you are famous but it locks like a very fun truck to own. >> yeah. we are excited to announce this week our first concept ev rv the erv, zero emission vehicle on a class b van chassis it is a proof point for us on

our road to commercialization of an electric vehicle in the rv space. >> it is right to you what we call a concept vehicle that does not -- that means it is not necessarily going to go into production if it proves out and there is demand there, how soon could it go into production >> well, we will give an update on our intentions later in calendar year 2022 but we would not be showing this concept vehicle at the florida rv super show this week if we weren't serious about our intents to bring it to market in the relative near future so we are asking our consumers and our dealers to stay tuned. we are gathering great feedback with the unveiling of this concept. we will continue the refine the technologies and have updates for everybody in the near future. >> michael, it is kelly. this would be one of the hardest things to electrify, these large vehicles, obviously something really meant for range as well it is actually one of the applications that fuel cell

technology and hydrogen are talked about in helping with because the fwaerts and the charging times remain head winds. what can this vehicle theoretically do how long would it take to charge what kind of technology is it using, and are you partnering with >> yeah, so, industry research has essentially said that about 55% of rv owners really do most of their camping and rving within 200 miles of their home base the initial early adopters will be more shorter range adopters the concept vehicle as we have displayed this week probably has a minimum range of 125 miles but we will be working towards commercialization on further range-extending technologies the other comment i will make is for us this isn't all about the electric power train it is really about what you can do when you make a truly electric recreational vehicle can the full integration of the appliances and the living area,

and the controls and some of the sustainability materials we have in here with recycled rubber cork flooring and woollen materials. we are really taking a holistic approach at this building from the ground up as opposed to just trying to adapt an rv to an ev we are really trying to create a true erv. >> let's talk more about range and charging obviously one of the reasons the range is what it is is that everything in this vehicle must be powered by a battery. correct? the -- >> yeah, this has an industry standard 86 kilowatt hour battery pack on it but we have got the control system really connected between the electric system and the appliances on the product. so there is high voltage subsystems really, everything can be full low powered from the electric on-board system. you know, that's why, you know, certainly mileage range is

important to consumers, but we also think about things like being at the camp grounds. how long does it take to charge? thisn this case we think you can recharge this vehicle in 45 minutes. we also want to make sure there is good off the grid capability so that even when you are not connected to something at the camp site you can run for days, pote potentially, on the system itself so, really arc total package that we are working on. >> you could run for days if you weren't driving it, i assume, if you were staying at a camp ground am i understanding that correctly? >> yeah, many of the recreational vehicles have power systems to allow you to be off the grid and disconnected, dune boone docking, overlanding where you are closer to nature again, we are excited about what we are bringing to market. we have got further work to do to extend the range. this is something you can charge

at home. you can charge at a camp site. there is accelerated charging conditions but the team is working hard on making this a reality in the future. >> real quick -- i need a quick answer here. you say the theoretical minimum range is 125 and you just said that you would like to extend that by the time this comes into production what would your target range be, quickly. >> there are adopters that would take it as is. but we probably need to be probably in that 200 mile-plus range to appeal to a bigger wave of early adopters. >> i think you are right about that michael, thank you very much love the concept thank you for coming on today. michael happe of winnebago. can paper replace plastic? one business is making a big investment to do yoous that. the ceo joins us next. and as we head to break, a check on the dow, which is drifting lower. we are pretty much at session lows right now you can see it only turned negative in the past 45 minutes or so.

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one of the world's leading packaging companies wants to make the supply chain cleaner. graphic packaging is returning recycled cardboard into greener packaging for beardall, soda and other products but it comes at a cost the company investing $600 million in a paper board production line and betting its customers from coca-cola to bud wiser and consumers will pay more to be ecofriendly here to talk more abouthis esg bet is michael does, ceo of the graphic packaging holding company, which is public thank you for joining us. >> thank you for having me. >> we have seen this trend quite some time already. tell me where i should expect to see paper make further inroads on plastic >> yes, thanks for that. if you look at where the consumer is going, they understand the science much better than ever before in our country's history ask. they are really looking for packaging that helps support the brands they want to promote.

we are doing things in the paper cup area, we are doing things as you saw with one of the pictures there, replacing plastic rings on six-pack cans with paper board packages that can be recycled up to six to eight times. >> how much better is all this paper for the environment? is it because recycling technology recaptures it better and can reuse it because on that front sometimes you hear issues about not all of it being recaptured. >> the real thing that really is great about paper in north america in particular, and in europe, who are the principal markets we operate in. the recovery rates for paper in the u.s. last year approached 70%. if you think about that versus plastic n the mid teens, that's really where paper has an advantage. as indicated earlier, these can be recycled many times and put back into the same time of material package what started off as a cereal

package can be a cake package the next time. >> i am still getting used to the paper straw. as you can imagine, it is much different. paper board is going to see sustained price gains because too little has been invested in production talk about that analyst's position eagree that's why we are making the bet we made, we are spending over $600 million to rebuild a paper machine which will replace four older reasons. it will be start of the art and reduce overall emissions it is modern technology, energy consumption, greenhouse gas emissions and the water usage will be substantially lower than our current platform. >> how much bigger do you expect your company to get? i know you have made acquisitions in europe i have spoken with international paper.

they have effort in this direction as well. where do you see this all heading in terms of the size your company can reach and the potential size of the market >> we laid out -- in 2019 our vision 2025. we said at that time our vision was to be a $10 billion plus company. we are well on that journey. this next year we will approach 9 billion in revenue with the acquisition we just made in europe we are excited to be in europe europe is ground zero for sustainability a lot of the packaging trends come out of europe now we are going to have a leading market share in that geography and that's going to help us move those trends around the world to the other place where is we operate in a faster fashion. >> great point we are showing that picture there. is that whatates going the look like with paper packaging? >> yeah. look how great it looks. it has merchandising capabilities and you can recycle it six to eight times and it doesn't end up in the ocean thou

an advertising spot. that's what it's all about right there. >> yeah, exactly. >> michael thank you for joining us michael does of the graphic packaging holding company. >> looks very cool thank you, kelly up next, time to check your calendar we have a virtual working lunch meeting with jon fortt he sits down with the ceo of snowflake this as cloud stocks have hit some rough skies. break. we'll be right back what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view.

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welcome back, everybody. taking a company public is a rare accomplishment. doing it twice even more so. in today's "working lunch," jon fortt brings us up close with a ceo who's done it three times. market value of $88 billion. he has written a book, it is out today. and now we have a man who has lots of operating style, jon fortt. >> well, thank you, tyler. we have the ceo of snowflake, the cloud data company that became public a little more than a year ago it was the biggest soft ipo ever frank grew up middle class in the netlands his approach is big on military metaphors, small on self-congratulations in a fort knox conversation a

little more than two years ago told he how sailing, a passion of his, is like business >> the interesting thing about sailboat racing is it is scarily analogous to what happens in business it's teamwork, it's the conditions, it is competition. what do they do, what do we do and what i love about sailing as it relates to business, immediate feedback [ laughter ] you make the wrong move, you know it. in business often time it's takes time to find out whether you make the right or the wrong move and the more feedback the better this is why i enjoy running smaller companies because the feedback is so direct and so intense. >> he was the ceo of data domain and service now before snowflake. when we spoke last week, he emphasized that despite the market's skittishness right now about growth stocks, he sees a significant transformation happening. he thinks it will power demand for data management software for years to come.

>> you may have been a retailer, but now it's digital through the likes of instacart and doordash. banks aren't operating through branches anymore all banks are 100% digital when that happens, all the operational disciplines are completely data and software driven so that is really, really happening. for snowflake, obviously, it is an insane opportunity and it reflects a lot of the way investors value the company because they understand this is not, you know, running tableau on salesforce data this is about completely changing the way that businesses operate. >> in case you're wondering about the book, it is called "amp it up -- leading for hypergrowth by raising expectations, increasing urgency, and elevating intensity. in his typical style he doesn't shy away from controversy. with some workers out there talking burnout and startups

moving to four-day work weeks, i jokingly asked him if he will. he said he's got a seven-day work week. guys >> he's been incredibly successful, jon. it's hard enough to do it once, let alone a couple of times. >> yeah, very difficult. hard work is a theme, and lack of sentimentality is a theme in the book one of his first jobs was cleaning toilets at a company where his dad worked and he was frustrated because there were a lot of toilets to clean, and when he was toward the last ones, the supervisor would check the first ones which had been used since then and said, hey, they're dirty and he complained to his dad and he said if you don't study, these are the sorts of people who you will be getting feedback from he also includes lots of anecdotes from data domain and service now as he sort of sketches out these principles of leadership and operations in this book. >> he must be a hard boss to work for >> yeah.

and he doesn't shy away from that he says that people self-select into certain companies and certain cultures and he's looking for people who are just going for it all the time, who really have that similar sort of intensity. it reminds me of tom siebel at c3ai we were talking to him about remote work. and he said i want people in the office and the pushback, well, isn't the new thing people working from anywhere? he said, no, if you don't like, you can go work somewhere else >> john, thank you again always good to see you jon fortt. kelly? >> love it up next, younger investors are taking on risk we'll tell you what they're buying now in their hunt for returns. don't go anywhere.

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accenture welcome back younger investors are all in when it comes to the market. maybe for worse after the past year, a new survey shows what they're buying and how much risk they're willing to take. dom chu has the details. >> forged during the covid pandemic are unlike many previous investor generations in a lot of ways. so according to a recent survey of 1,600 respondents conducted by investing.com, 86% of those who started investing for the first time in 2021 say they will continue to do so in the future. that's maybe a good sign but it's what they're investing in and how they're doing it that

makes them really stand out. they tend to be more open to risk taking than other investors in the past. 58% say that they have cryptocurrencies in their portfolio versus 37% of those who identify as more experienced investors. but it's not just crypto meme stocks are part of that equation as well 29% of first-time investors bought amc entertainment compared to 10% for other investors. 15% of first-timers also say they bought gamestop versus 8% for others as well so what it really comes down to, guys, is this new generation hasn't really been tested yet, but they do know what they like, they like seeing some of those great returns that we've seen over the course of the past couple of years, guys. >> i think that if they keep going where they're going, their view of risk taking may change >> they're getting tested. >> there will be a reckoning, we know we've seen enough market cycles where things will go down eventually but i also thought an interesting part about this

survey is that 42% of this new generation, they went to reddit and other places to help craft their decisions versus just 19% for others so interesting that social media is a big factor there. >> dom, thank you very much. thank you, everybody, for watching "power lunch. what do you say next, kelly? >> i say "closing bell" starts right now. ♪ thank you, kelly and tyler welcome, everyone, to "closing bell." i'm sara eisen a strong start giving way to another choppy session here on wall street. the dow was up triple digits at one point now in the red as we head into this final hour of trading. >> good afternoon, i'm wilfred frost. let's have a look at what is driving the action today earnings season kicking into high gear with reports this morning from bank of america, morgan stanley, and procter & gamble treasury yields moving lower for a change but remain well above where they started at the year and the