conversation with just about anybody, because he really was a jack of awful trades. somebody that knew -- a lot about so many different topics. >> a legend once again, partner to warren buffett at berkshire hathaway. charlie munger died today at the age of 99. with that, that does it for "overtime." "fast money" starts now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money," i'm melissa lee. on the desk tonight, carter worth, dan nathan, guy adami, and julie biel. we have breaking news at this hour. charlie munger, warren buffett's right-hand man and the former vice chairman of berkshire hathaway has passed away at the age of 99. he was just a month away from turning 100 years old. our becky quick looks back at munger's long life and his role in helping warren buffett becoming one of the richest

people on earth. >> charlie munger was best known as warren buffett's right-hand man. their investing partnership dating back decades. >> i would say every time i'm with charlie, i'll get at least some new slant on an idea that causes me to rethink certain things and we've had so much fun in the partnership over the years, it's almost hilarious, it's been so much fun. >> buffet credits him with teaching him the importance of paying up for high quality businesses. >> when he weaned me away from the idea of buying very so-so companies at very cheap prices, knowing that there was some small profit and looking for really wonderful businesses to buy at fair prices. >> it's not that much fun to buy a business where you really hope this sucker liquidates before it goes broke. >> the willingness to pay for quality paid off for munger and buffett in deals like their purchase of see's candies and

the decision to buy a substantial stake in coca-cola. before his berkshire days, munger owned his own successful investment firm and practiced law. in 1962, he and a group of attorneys founded munger tolles, a very prominent law firm. munger, like buffett, grew up in omaha, nebraska, and as teenagers, they both worked at buffett's grandfather's grocery store, but not at the same time, as munger was seven years older. it wasn't until buffett was in his late 20s and munger in his mid 30s that they were introduced to each other by mutual friends. >> we had dinner together in 1959. in five minutes, charlie was rolling on the floor laughing at his own jokes and i'd do the same thing. >> they gab to speech hours each week on the telephone, talking investments, and buffett urged munger to turn in a career in law into one in investing. >> i told law was okay as a hobby, but it was a lousy

business, so -- >> fortunately, i listened. >> from 1962 until 1975, munger's investment partnership produced a 19.8% compound annual return versus just 5% for the dow. it wasn't until 1978 that munger formally joined berkshire as vice chairman. munger was a major influence on buffett from the time they first met, helping berkshire hathaway grow into a million billion dollar conglomerate. munger, however, didn't limit himself to just berkshire. he was chairman of wesco financial from 1984 until 2011, when i was totally asimulated into berkshire. during those years, he was known for his dead pan humor and straight-shooting style. after wesco, munger moved the show and his growing collection of fans to another company, where he remained chairman.

the daily journal. >> charlie? >> yeah. >> one of my favorite lines from you is, you want to hire the guy with the iq of 130 that thinks it's 120 and the guy with an iq 150 that thinks is just 170 -- >> you must been thinking about elon musk. >> he brought his brilistering one-liners to berkshire hathaway, too. >> i needed to compete against idiots, and luckily, there's a large supply. professional traders, they go into trading crypto-currencies, it's -- it's just disgusting. it's like somebody else is t trading turds, and you decide, i can't be left out. >> charlie is big on lowers expectations. >> absolutely. that's the way i got married. my wife lowered her expectations. >> and despite a net worth of around $2 billion, for munger,

money wasn't everything. >> all you succeed in doing in your life is to get early rich from holding of little bits of paper and you get better and better at only that for all your life, it's a failed life. life is more than being shrewd at passing wealth accumulation. >> becky quick joins us now. becky, you knew charlie better than anybody at this network, covered berkshire hathaway for so long. we all knew charlie for his wit, his mungerisms, so to speak, but i think the interplay between warren buffett and charlie munger is really fascinating. the friendship, but also sort of the give and take and how charlie was the true foil to warren buffett in terms of bouncing investment ideas.

i remember warren called charlie the abomabominable no-man. >> yeah, saying, this doesn't work and here's why. they did figure out together a different thought of investing, a different way of building things. warrren buffett had been an act lite, buying good businesses, decent businesses, at really cheap prices. charlie munger is the one who kind of changed warren buffett's thinkings on these things, where he said, we should be buying great businesses at decent prices. you don't have to go so low and get a great bargain price for it if you have a great business, that will eventually take care of ooitself. today, warren buffett putting out a statement, saying,

berkshire hathaway could not have been built without charlie's inspiration, wisdom, and participation. and just a couple of weeks ago, when i sat down with charlie, he did talk a little bit about how things started at berkshire hathaway. here's what he had to say. >> i did not really think that we'd ever have one. it would -- in the -- so many hundreds of billions in berkshire. i did not anticipate that. and warren and i were starting with our little piddly start, that we'd ever get to $100 million, much less several hundred billion. it's -- -- it was an amazing occurrence. >> what happened? that you didn't anticipate?

what led to that success? >> well, we got a little less crazy than most people. and a little less -- and that really helped us. in addition, we were given as much longer time to run than most people, because something kept us alive into our 90s. and it gave us a long track from our little piddling start, all the way to the 90s. those are the two things that really happened. and of course, we wised up over time. we got into better and better companies and we understood more and more of the bad things that could happen, how easy they could creep in, and we avoided them even more, when we were old than we did when we were young, and it all worked. >> i think back in 2015, for the 50th anniversary of berkshire, you wrote in the shareholders letter that among many other

things, you had a $60 billion pile of cash at that point. you thought that -- that pile of cash would decline over time, because you'd be able to buy more and more things. now you've got almost $160 billion in cash. is there an opportunity for a really big purchase with that? and do you think you'll see one? >> of course. there's an opportunity for a lot bigger. and people who don't have 160. we have $160 billion in cash, plus a great credit rating we deserve. and who in the hell has that? not very many. yes. but what it's going to be, i can't tell you. it can't be anything too small, because it doesn't matter how good it is. we're of a size now, too small doesn't move the needle very much. so, we have -- we need something big to come along, and use up

all our cash and some borrowing. but who is more likely to find something than a guy who has $160 billion in cash? plus a long history of buying bargains? i don't think it's hopeless. it may have to be done by some different people, the next time, we may not to be able just to squeeze a little more lemon juice out of the old lemons. we may be able to -- we may have to squeeze some new lemons, meaning new people may have to make the decisions, but who can make them better than somebody that's watched the early process all through all those years and seeing how well it works? and who starts with a little legacy, $160 billion in cash. >> so, you're talking about greg able -- >> yes. >> ted and todd. >> or somebody not yet there.

>> melissa, that was just two weeks ago today, and charlie munger, at 99 years and 11 months, really still had great command of everything that he saw, very quick mentally. very capable of sitting and kind of reflecting on all of these things, but he's a huge reason why berkshire hathaway is the company that it is today, and he will be sorely missed. >> are there investments that berkshire hathaway has held or has currently that has charlie munger's fingerprints all over it? >> sure. probably byd is the biggest example of that. they got in very early and that was something that charlie munger was very excited about, because of the guy who was running the company. couple of trips to china, one was warren and charlie both, traveling to china to see their

investment there, andi think they were both kind of blown away by what they saw, but c costco at different times, but byd is probably the biggest example of that. >> all right, becky, thank you for joining us tonight. becky quick on charlie munger. very sad news tonight to digest. he was a larger than life force in the investment scene, guy. >> yeah. it's incredible. you want to say to becky, i'm sorry for your loss, because how close she is with mr. munger and mr. buffett, clearly over these years. that's more than a friendship. that's a long relationship they've had. i'm sure it's an emotional night for becky, but in terms of the loss for the community, you learn a lot of things. i'm sure this show sort of flew in the face of everything they believed in, and i'm sure sometimes they had it on, they would sort of wince, but the genius of what they do, just understanding good businesses and the power of investing and staying with something, i don't think any of us should forget

that. >> he's been a critic of bad corporate governance companies, calling companies out. he's called investing crypto-currency gambling in drag, he doesn't beat around the bush when it comes to so many topics. >> no. i mean, the costco thing is interesting, because munger was on the board in '97 and buffett bought in '98, and they sold their position until 2020, after -- and it still is right now at that relative high, has not made a new high relative. >> it's interesting what guy just said, "fast money," and there's investment styles for all sorts of people, and i think if you are a trader and the like, you learn lessons from people like charlie munger and warren buffett, we've been listening to becky. as long as i've been in the business, i feel like i've been listening to her interview them, and every single one of the interviews, i've taken something away that's helped me think about the markets. >> yeah. julie? >> yeah, no, us that came, we're long-term quality investors, so,

a lot of charlie's ethos is very much in ours, and what i appreciate so much about him is the humility he took to investing. he never tried to make it fancy, he never tried toll declare whas good, he made it accessible. he'll be very missed. >> we're looking at this footage of the annual meeting, which is so widely attended. so many people want to go to meet. it was almost like meeting rock stars here, but these were average investors for the most part, who invested in berkshire hathaway, because they believed in the investing ethos that julie outlined. even before the age of a "fast money" or so on, he opened up this meeting to legions of investors who learned from them. >> groundbreaking, without question. and in the last clip we watched, becky mentioned $160 billion of

cash, i think it's 157, but what's interesting about that, that's a record amount of cash they currently have, and the bears like myself will say, that's because maybe they look at the climate and say, there's nothing -- and the flip side of the coin is, you heard mr. munger speak to it, we're just waiting for the right sized deal to come along, and it has to be something that will move the needle. >> think about maybe the most incredible of all, in the financial crisis, there was one person left. goldman sachs turned to him and said, if he gets our stamp, we're okay. it was the only thing left. only thing. >> let's now bring in value investor whitney tilson, who attended the last 26 berkshire hathaway meetings. he's a longtime charlie munger follower. great to have you with us. thank you for bringing your perspective on charlie. i know you have known him for a long time and you're part of poor charlie's almanac, because he's known for the mungerisms. what are your favorites? what really sticks with you? >> yeah, well, i've been

listening with interest, all the comments from the folks there about what a legendary investor charlie is, and that's how i first discovered him, when i started my little hedge fund back in the late 1990s, discovered them, been going to all the berkshire meetings since then, and then charlie would have his own wesco and more recently daily journal meetings, couple weeks after, usually, and it was like, it's sort of like a church, and you've got the pope, that's warren buffett, and you have the senior cardinal, that's munger. and what i quickly discovered is that i was getting a lot more from both of these wise old gentlemen in areas outside of investing, and that's what i think, you know, once people discovered these guys, most people discover them, because they're trying to make money. they're investing their own money or in the investment business, but let me give you an example. i remember more than 20 years ago, sitting there at the wesco

annual meeting and munger in response to some question said, all i want to know is where i'm going to die so i never go there. and everybody laughed, and he said, no, i'm serious. he said, once you've reached a certain position in life that basically all of you in the audience have reached, a certain level of education and financial security, your main focus in life should be not to screw it up. so, he always talked about invert, always invert. so, he said, most people, the way they think and approach life is, you know, how can i reach for that brass ring and reach another level of success, right? and what he said is, instead, once you've reached a certain point, pretty early in your life, your main goal should be how not to screw it up, and so, he gave many of his famous speeches like the 24 causes of human misjudgment, he was always telling stories of how people who had it all brought themselves to ruin. and that really made a big

impact on my life, and so, after being one of the contributors, here's a copy of poor charlie's almanac, which is the first thing i would reck men anyone read, if they want to understand charlie, i was one of the contributors to this wbook, because i was so obsessive. it's one of the great honors of my life, writing this book that's a tribute to him. >> it's amazing how much he has contributed to, you know, things and subjects outside of investing, whitney, but i'm curious, as an investor, what did you take away from munger, were there investments that you were led specifically to by munger or munger's thinking, at least, when you are thinking about going in? >> yeah, well, he -- i wish i had followed him more closely. i sort of followed the first part, because he was very clear, very clear thinking about investing in high quality businesses, even if you have to pay a little up for it going in, and that led me to some of the greatest investments in my

career, in companies like apple and mcdonald's and home depot and all, where i didn't control myself as well as i should have. i should still own those stocks today. thanks to charlie's teachings, i identified some of the greatest businesses of all time, but i wish i'd had more of munger's patience and owned them, you know, for a lifetime, because that's what he and buffett have done with their most successful investments. >> whitney, it's interesting, you are a disciple, clearly, you've had a great career, but you know, i listen to mr. munger talk about giving back and mr. buffett, as well. you've done that, as well, and my sense is, there are a lot of things you've done on the continent of africa, maybe have been inspired by the teachings of mr. munger and mr. buffett. can you speak to that? >> yeah, both of them are very generous and philanthropic and are giving their fortunes away to their charities.

but interestingly, both of them mostly spent their time on what they felt they were uniquely good at, which was investing and compounding their money over time. i've probably spent a greater percentage of my time, you know, traveling to africa, supporting ukraine over the past year, et cetera, just because it's something i'm very passionate about, but you know, i tip my hat to these gentlemen for being laser focused on what they were uniquely good at and building enormous fortunes that are going to make a big difference to millions of people for generations. >> whitney, you've discussed how much you've learned about investing from them over the last couple decades, and you've seen them do it over, you know, very different market cycles. has there been any big surprises? have you ever seen their mettle be tested in a way that surprised you? >> well, i do remember back in

the early days during the internet bubble, when berkshire's stock hit a multi-year low in march, the day the nasdaq peaked in march of 2000 was the day berkshire hathaway bottomed. i remember the meeting around that time, about a month or two later, and everyone was questioning, you know, how they could have missed this, and they didn't care one iota. they were just so comfortable in their own skins, they knew it was a bubble, and they -- it just didn't bother them, and that's happened again and again. they have more recently, they've been -- both of them have been super vocal about the dangers of crypto-currency, just pure instruments of speculation , an have warned people away from it, and there, the story is still out. bitcoin is at $37,000 these days. so, i -- i'm pretty confident, though, that they will be vindicated on this, just as they've been vindicated on all of the other big calls of the

years. >> can there be -- i don't want to ask this in this way, but can there be another charlie munger in, you know, an investor who spans a generation, who has that sort of following, who can speak out so honestly about so many different topics in such a blunt manner? it just doesn't feel like the environment can produce anyone like a charlie munger anymore. >> yeah. i hear you, like, i'm struggling to think of, other than buffett himself, who is seven years younger and hopefully has, you know, many many years to live. they're both cut from the same mold, but after that, boy, it's hard to think, you know, munger was really one of a kind. i don't think there will be anyone who could ever replace him or anyone who will be quite like him. >> whitney, thank you. good to see you. >> my pleasure. >> whitney tilson. julie biel, what do you take from munger in how you invest,

you were talking about how the investment style is probably more similar than the investment style of any of these traders here on this desk to charlie munger's. >> you know, i talk to clients a lot about how, you know, the real value that i add is when i say no, it's not when i say yes, and i think it's very much in line with always looking to be extremely discerning and not just being attracted to something because it's a little shiny or it's a little cheap. and it's hard sometimes, because you'll think there's a real opportunity and you're so smart for wising it up and finding it out, but often, the situations are pretty simple and straightforward. you need to understand your businesses. and you need to say no. you need to be extremely discerning, and not just go for something that's a kind of quick flip, because chances are, someone knows something a little bit more than you do. so, i think for me, it's just being very discerning and focusing on quality, and sometimes that's very hard, because quality won't be sexy, it will be out of favor, just like that time period in the nasdaq.

there are periods where we lag, because we don't have the sexiest companies, but they're really great businesses and over a cycle, if you can have the discipline and the character to just sit still, sit on your hands and not just trade to create value or make yourself feel like you're so important, you really end up better off for the long-term. >> all right, again, the news here, charlie munger, dead at age 99. back right after this. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. after last month's massive solar flare

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welcome back to "fast money." the gl etf rising. up 9% over the last two months alone. the s&p 500 is up close to 6% in that period. we'll hear from one market watcher who says gold's rise could fuel a risk on rally into the new year. before we get to that, let's ask here on the desk. can stocks in gold really keep moving higher together? guy? >> it's interesting. and carter clearly has thoughts, but one of his thesis for awhile was, rates would go lower and stocks would follow. if rates continue to go lower, the dollar will go lower, that will be a tailwind for gold. i think stocks will then subsequently go lower, as well.

so, yes, there's clearly a scenario where both can happen. i don't think it's probable. and i think gold is within a whisper of having a huge breakout. >> what do you think gold is telling us, dan? >> well, it's interesting. like, you know, whitney just mentioned bitcoin, also touched 40,000 today, you know what i mean? so, it seems like there is an appetite for sort of safe haven sort of things. they're buying treasuries, buying gold and bitcoin and selling dollars, and i agree with guy, i think they're going to get to stocks and think they're expensive. >> carter, we'll goet to you ina minute, but you put out a note this morning on bonds? >> yeah, so, oil was stretched at 95 a barrel. yields were straight up at five, and what's happened? oil's collapsed, the dollar has collapsed, yields have collapsed, and i do believe equities will go that way. but let's look at some yield charts. we have three, they're identical. and the first is, we know that we have now sold in terms of bonds and rally, rates have

dropped from five to where we are now at 4. 3 and i think going to 4 and below. look at the next iteration. there is an unfilled gap, a chart theory, but it comes into play at 4.195, which is to say, that was right after labor day, it was a tuesday, and what happened was, the bond market lurched at the open, yields surged, bonds sold off and i think we're going to get there. and the final chart for yields is the well-defined channel in which yields were ascending before they broke. that same channel can be overlaid to the dollar and to oil and all three have broken. ultimately, i think, equities do the same thing. >> 4.195 is the next test in the ten-year, and after that, we break 4? >> i think so. >> let's get to ben eamons, head of fixed income at new edge wealth. carter is predicted decline in the s&p 500, but you're saying

that gold could be telling us that there could be a risk-on rally coming? why is that? >> yeah, an interesting combo, melissa. normally, you think of gold like a hedge against inflation or uncertainty, and i think both still play. i think that's one reason why gold is up. yields are down, dollar's weaker, that's macro story for gold. but it's also seasonal issue here, so, really strong november month for stocks. it could be a good month for december, it looks like it historically. gold is an interesting pattern here, too, it's actually doing even better than stocks in december. specifically in years when the fed is either easing or going towards an easing buy, so, i think we're in this stage here, this is why i think coming from the risk-on part of the story, gold appreciates in value when there's uncertainuncertainty, i

appreciates when there's a change of easing, of fed policy towards easing. >> you had a note out this morning, and there's one little bit that sort of confused me, because you cited december outperformance of gold versus stocks two to one. since 2013. is it just the 2013, because then you also say that in november, if the s&p rallies, then it's even -- that's an even better sort of outcome. but we've only had one easing cycle, really. >> true, and that is a shorter history. but it is interesting to note that since that time, it's been very consistent every december, pretty strong performance for gold, especially when there is a rally in the stock market in november. what's also interesting, in september gold tends to get sold off over every single year that time, so. so, i think that's what investors are maybe doing. it gets sold off in september and we visit it again in november/december. so, i think the seasonality plays a role. >> carter, i asked you what you

thought about the idea of seasonality and you said it was bunk. i'm curious, because you are looking -- >> i think, look, there's this. for instance, how does the stock market do in years than in five? guess what? it's up almost every time. but here we go, in 2025, would you put everything you have on the market, because it goes up in the years? there is seasonality, but you can, at this point, get any data series to make any case won once. so, i think there's a lot to being very mindful of data series, but one thing is this, that i think statistically, you need something like 130 inputs to officially have something be statistically meaningful, and almost all data series in the stock market, 13 years out of 15, there's just not enough sample sets. >> right. let's say the data is a good indicator. what is the fundamental story? it sounds like you're saying gold right now is telling us a story of deflation, that's what's driving that story, and that notion of inflax tion comi

down sharply is a good thing for the markets. >> it is, if you listen to waller today, who is kind of extraordinary in his comments, he really started confirming that the fed is moving towards to. that we have descending inflation, so, the real rate is high, positive, and they could lower that nominal rate. i think that gives gold a bit, because ultimately, that's the true story of, i think, the gold rally in the past. you know, it is interesting to think about gold as this smile idea. i was telling carter before, if the dollar smile, the dollar goes up when there's uncertainty and a strong economy. similarly for gold. there's uncertainty next year, an election, we don't know what's going to happen. we get a recession, maybe not. so, lots of uncertainty. so, that is probably part of reality why gold is up. and gold rallies when there's this risk-on feel in the markets. and that's really when interest rates are declining. so, i think this gives gold, i think, a really good push for

the breakout, i'm with guy and carter, it's likely going to break out to the upside. >> ben, good to see you. >> thank you. coming up, the china trade. big names heading in opposite directions as the country dealing with a major outbreak. all the details ahead. you're watching "fast money." back right after this. ♪ you were always so dedicated... ♪ we worked hard to build up the shop, save for college and our retirement. but we got there, thanks to our advisor and vanguard. now i see who all that hard work was for... it was always for you. seeing you carry on our legacy— i'm so proud. at vanguard, you're more than just an investor, you're an owner. setting up the future for the ones you love.

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welcome back to "fast money." the dow is up 83 points, the s&p up a tenth of a percent. the nasdaq up nearly a tenth of a percent here, as well. three tenths, i should say. in terms of stocks that have been moving today, payment stocks continuing to surge here. we got paypal up 3.4%, block up five and affirm up 11.5.

holiday numbers, how many people were using buy now, pay later services. and shares of crowd strike on the move after reporting its results. shares are lower after the company posted a beat on the top and bottom line. coming up, all the headlines out of china. the country faces a major outbreak. eunice yoon is here on-set with ndicor the first time since the paem. her look at china, when "fast money" returns in two. with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin.

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welcome back to "fast money." the u.s. listed pdd holdings up today. reporting a 94% year over year revenue increase for its third quarter. alibaba dropping. to help us break it down, eunice yoon is here on-set for the first time in four years. eunice, welcome. it is a pleasure to see you in person, a pleasure to have you here on-set. >> thank you so much for having me. i'm so happy to be here. >> let's talk about this ipo and how it's impacting the others here. it's really interesting, because

it's really taken the u.s. by storm, it's a threat to other retailers, but yet, it thrives on this sort of loophole in tariff land, where they can just ship directly to the consumer, because it's worth so little, there are no taxes on it. >> right. >> and so, that -- that's a hauj part of the business model here. >> yeah, it is. and i think that what i think people might find interesting about shein over here is that in china, nobody knows about it. from a consumer perspective, because temu and shein don't have any presence in china. but from a seller perspective, it's seen as a good way to sell to u.s. consumers, and especially with all the economic uncertainty, a lot of sellers are looking for that kind of opening. >> so, just thinking about how we saw alibaba shares decline, the thinking is that the sellers will sell on a shein on a temu instead of alibaba, so it loses that part of the business as opposed to the sale, because they are selling directly to china. >> that's part of it, but also, pdd has been discounting so

well, and really kind of leading in that area, a lot of the bargain sales and gen z, too, consumers are trying to strive for a bargain, as opposed to having the best and most luxurious item, like maybe you want to have second-hand lv bag or something like that, which wasn't really the case, you know, years ago. so, it's just because the economic times are so negative right now that people are looking for different ways to save money. >> so, eunice, since you've been gone, i don't know if you noticed this, but tiktok has come under a lot of scrutiny here in the u.s. so, i wonder if these companies that are selling into the u.s., and there's a host of things here. they have this consumer relationship. tiktok is about data, it's about, you know, user generated content, but now it's a financial transaction. i wonder, as we start testing, or they start testing the waters for u.s. investor appetite for these things, is regulatory going to be a big risk for some of these stories? >> i think so. it's just the -- all of these

companies, one of the things they have in common is they are chinese companies or companies that have roots in china that are trying to play down the roots. so, with a shein, i thought, okay, u.s. investors are going to want to know what the corporate governance is how the structure is of this company, because when you look at for shein, or the founders and the people who are around shein, on chinese databases, it's very murk murky. you can see the founder, a guy who is named sky or chris xu. in china, he was first known as sky and now i think he's going to be more chris overseas, h his -- you saw that he had a lot of different companies, they're kind of related to shein and the executives are sort of related, there's a link to the singaporean entity. there's kind of -- it's a lack of transparency over exactly how it's all linked together. i think that's something that

they're going to look for. and to your point, about the customs of the parcells. one of the big selling points for shein, instead of the traditional model of mass market -- mass manufacturing and getting the prices down, what they're doing is, they have these small batches and they're able to sell into the u.s. market, and one of the ways they're able to sell into the u.s. market is with these tiny under $800 consignees. you don't have any documentation that you need. so, for customs, there isn't a lot of information about who they're working with. >> it's amazing. you can buy a $4.99 kids bathing suit and get it shipped from china in a day. >> you know this? >> i have done that. >> so she's heard. >> i have done that. you mention ed the economic times. it's a very precarious time in china. youth unemployment is very high, and now there's a health care. >> yeah. >> what can you tell us about the latest scare? is it covid-related, something different? >> well, right now, according to the chinese health shorts and

the w.h.o., there is no sign of a new pathogen. it's just a mix of a lot of different pathogens, bacterial infections, viruses such as rsv, that have been seen in other countries. so, the w.h.o. has said this is something that you guys were seeing about a year ago, where there's suddenly isn't as much masking and kids are getting sick because there hasn't been as much exposure. but because there has been such a trauma over the lockdowns and the -- and covid, and just the lack of transparency around it, probably overseas, as well as domestically, there's just a lot of rumors about what is this, is this another variant, is this covid, is this just something, a new all together, and it's not -- it's not, like, totally unjustified as to why there would be this skepticism. >> eunice, thank you. great to see you. you'll be here all week, right? >> i will. >> hopefully we'll see you

again. all right, sneaky small caps. we're digging into the russell to drill down into two names. plus, tesla shares rallying today, even as production problems mount for the cyber truck. we'll take a look under the hood of this ev stock, next. ♪ my name is josh sanabria and i am the owner at isla veterinary boutique hospital. i was 5...6 years of age and i knew i was going to be a vet. once alexandra called me to let me know that bank of america had approved my loan... it was important to me. we not only just provide the financing piece, we do everything that we can to surround them with the right people. all you need is a perfect, amazing team that will guide you through the right steps to be successful. and that's what bank of america was for me.

welcome back to "fast money." don't look now, but small caps could be primed for a breakout into year end. the russell 2,000 has underperformed the larger indices this year, but after trumping jumping 10% in the las month, one trader here as names to keep about eye on. julie? >> i'm trying to think, are we out of the woods yet? i think both of these businesses are looking kind of interesting at this point. the first one is molis. a boutique investment bank that's based in los angeles, started by star banker ken molis. and his approach started right before the financial crisis. in down periods, he would take that opportunity to hire the best bankers on the street. and he's created a real powerhouse. obviously right now, with m&a very, very soft, it's been a

challenging environment, but they don't tend to cut costs, they just ride through that and keep their talent over the long-term. for a long-term investor, this is interesting. the other one i'm curious about is aspen technology. this is a very high quality software business. some of its end markets in terms of understanding sub surface engineering have been softer. i love its digital grid management products, that's growing very strong. i'm curious what carter thinks, as far as where are we with these charts? >> are these in your portfolio currently, julie? >> yes. these are long-term holdings for us. >> okay. so, carter? your view of the charts, please? >> a little collab race. let's look at molis. it is a textbook example of a bearish to bullish reversal. a stock that dropped from 77, as low as 35, and is making the turn. the sequencing has changed. a series now of higher highs and higher lows. i like it a lot. now on the other hand, aspen,

for me, is a pair of twos. you can see the volatility. gapping up, gapping down. must be saying things on a quarterly basis that no one can quite contend with. my hunch is to leave this one alone. >> all right, coming up, tesla's precious cargo. the ev maker will unveil the cyber truck at a special event this week, but is it worth the hype? don't go anywhere. more "fast money" in two. all right. 60 seconds to draw the perfect gift. what's it gonna be? a bottle of don julio, 1942, delivered. delivered with drizly. gifting without the guessing. drizly.

welcome back to "fast money." tesla getting ready to unveil precious cargo. the ev maker holding its cyber truck delivery event this thursday. manufacturing has been delayed several times. elon is set to go one-on-one with andrew ross sorkin at his conference. tesla shares are up 20%. this rise coming in the face of his recent controversy surrounding x and a wave of anti-semitism on that social media site. a lot of questions to ask. so, dan -- >> yeah. >> what would you want to ask elon must snk. >> the kids call it the ct, on the twitter, okay? that's the cyber truck. >> oh, okay. >> i think the cyber truck is going to be the new coke of ev launches. i think it's going to be the

apple newton of ev launches. i think it -- >> a dud. >> and i'm just saying, the kids on the twitter are talking about the ct like it's going to transform the story, this is going to be the thing for 2024, so, i just don't think it's going to be that. >> the manufacturing is going to be a beast, which he's talked about already on twitter and in other venues. it's made out of stainless steel, which is harder to shape and mold, not that i have any experience personally with that, versus regular commodity steel. >> yeah, delorean tried that, didn't work out well. this is what i would ask him. this time last year, you said that margins would contract, but you wouldn't get down to between 17% and 18%. are you concerned with all the price cuts that it's going to eat into your margins, and if so, what are we looking at? >> carter? >> tesla kind of goes in the pair of twos category, as well. >> really? >> it's the same level it was essentially three years ago. a lot of volatility, but it's not really progressing. and the truck, i think it's cool

until one day you walk into the garage and go, my god, that thing is ugly and you never drive it again. >> up next, final trades.

welcome back to "fast money." in case you are just tuning in, we want to let you know that charlie munger has died. he was the former berkshire hathaway vice chairman. he was just under a month away from his 100th birthday. cnbc will have continuing coverage on munger's life and massive impact on the investing world on "mad money" and "last call." it's time for the final trade. let's go arneound the horn. julie? >> i tried to think of the highest quality business and vrsk is probably one of them. >> carter? >> gold or silver or both, precious metals. >> dan? >> yeah, i like julie's moelis call. they had $5 in 2021. if the cycle turns, they're going to look really cheap. >> dan likes it. guy? >> first of all, great to have eunice here and we were saying off, she should be nominated and/or win a peabody award. from 2021 '22, incredible, great

to have her here. rest in peace mr. munger. condolences to everybody at berkshire hathaway and the family. agnico-eagle mines. >> thank you for watching "fast adon" th "m meywi my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to save you money. my job isn't just to entertain but to educate and teach you. call me at 1-800-743-cnbc. or tweet me @jim cramer. as the late baseball great yogi bear once said about a