berkshire vice chair and warren buffett's right-hand man died yesterday at the age of 99. we're going to bring you highlights from becky's interview with him just two weeks ago, wednesday, november 29th, 2023, and "squawk box" begins right now. ♪ good morning, everyone, and welcome to "squawk box" right here on cbc. we're live from the nasdaq market site at times square. i'm becky quick along with andrew ross sorkin. joe kernen will be along shortly. the lineup includes elon musk, vice president harris, jamie dimon, many others. you can see bob iger there as well. he's in the news today as well.

jay monahan. we're going to bring you live coverage throughout the day right here on cbc, and we'll be talking with andrew a little later in thing. let's take a check on the markets. you're talking triple gains for the futures for the dow. the dow up by 106, s&p up 14 and nasdaq 75. the 10-year right now is sitting below 4.3%. you've got the 2-year all the way down below 4.7%, just below, but you were talking significant pressure as some of the fedspeak we heard yesterday, even from some of the more hawkish fed speakers turned out to be more dovish. the rate cuts could be coming sooner rather than later. >> one of the biggest markets in the world and most important -- the move up above five was like what the hell was that.

it really shook people until they figured out what it was. >> rattling the markets. >> right. did jay powell really say longer for higher? did he say it in a more convincing way? >> they could take it over because of the high debt we have in this country. >> yeah. trouble selling it, which we're still having some trouble. these auctions are not going so well as rick was pointing out yesterday, but then the move back down just as fast and just as hard to understand. it did have a weaker jobs number and good inflation numbers. >> bill ackman was talking to david rubenstein, and he thinks the fed is going to have to cut rates sooner than later. >> he's not the first person to say that. >> he's not. when they said it the first quarter of next year, we thought, are you sure? because we don't all of a sudden

see something which is not going to be great. to get us the cut in the first quarter, what does that say about the economy. >> it probably says there's something scary that happened. >> right? or that we slowed down -- the lag and the higher rates really does bite gradually, gradually, and suddenly. a source telling cnbc that apple has given goldman sachs a proposal to end its credit card and savings account partnership, and that could come within the next 12 to 15 months. it means apple would need to find a new financial partner for its new popular card in its high yield savings account under the apple brand. the moves come as goldman sachs retreated from its foray into consumer banking, well known. but, you know, goldman at 337, for all the problems goldman's had, the stock really hasn't performed that badly, not like

this one. >> yeah. disney's ceo bob iger saying he's looking to build again at the entertainment property. he wants to increase the theme parks and improve the studio business. he plans to sell a number of key media assets. he's the featured speaker today with andrew and we'll be talking with analyst michael nathanson later this hour. he says building things is a lot more fun than fixing things. he spoke with david faber back in july, talk about about what he saw. >> and then mary diller came on and said instead of trying to immediately embrace aulg this new stuff, you've got valuable legacy assets. why don't you try to fix those

or at least realize they have potential. >> i forgot about barry saying that, yeah. >> you know, streaming, i know that's where it's headed, but they're still digital nickels, not analogue dollars. look at network tv. i see them trying to introduce new shows. i have no interest on any of them on any of the networks. have you looked? one of the networks has "yellowstone" on. i saw it two years ago. they say back to back. it was already on. >> that's also a reflection of the strike. >> people haven't seen it. it is -- >> i watched it late. i watched it in the last year. >> not this late. not like -- i know there are a lot of things that happened.

should i say any of them? >> no. there are still people who don't know some of these things. >> it's their problem. some big new this morning to talk about. charlie munger, warren buffett's longtime business partner and close friend yesterday at the age of 99. money ger was about a month shy of his 100th birthday that was coming on jabnuary 1st. i spoke to him two weeks ago that we were planning to show marking his centennial. i asked him if there were any regrets. >> is there anything left on your bucket list? anything you'd like to do? >> it's an interesting question. i am so old and weak compared to what i was when i was 96 that i no longer want to catch a 200-pound tuna. that's too much work to get it

in due to physical strength. i would pay any amount to catch a 200-pound tuna when i was younger and never caught one. now given the opportunity i would decline going. there are things you give up with time. >> you're pretty active. you've got a pretty busy social schedule, you're on zoom, you have breakfast and lunch. >> i like it that way. that's the idea of a proper old age for me. i didn't plan it. it just happened. when it happened, i welcomed it. i am very good at unfair advantages, and i got unfair advantages in old age the way i got unfair advantages in non-old

age, and when they came, i just grabbed them, boom rks, boom, b. the one grab i never made was for a third wife. too late. >> that was charlie, again, just two weeks ago at his home in los angeles. the wit and wisdom of charlie munger has been something we've talked about. >> i love what i heard there. i will sign. give me something to sign that says i have noticed i'm so m mucher now than-- much weaker ti was at 96, that's amazing. >> it is. >> i'm so much younger. back when i was young, when i was 96. >> that was his regret over the last three, three and a half years is he would no longer want to catch a 200-pound tuna. >> getting old, it's very

difficult to do it gracefully, but you know what? it's the human condition, and that great poet who says ask not -- i get stuff that is the cesspool, twitter, old man, this, that, and the other thing, really? give it some time, my friend. it goes so much faster as you do get older. you know, that's not for whom the bell tolls because it tolls for thee eventually, and we can learn a lot from the way he handled things and the way he lived toward the end of his life. >> charlie never complained about anything. >> i complain now. >> i think physically he must have had some discomfort, but mentally, he was 100% there. >> that's different for everyone. >> yeah. >> which is -- we're still trying to figure that out. now we just call it dementia. we don't know whether it's alzheimer's or parkinson's, but to be that sharp, i mean we

really should check out exactly what was going on there, what he did, some of his personal habits, genetics. >> genetics, i think, plays a large role in this. we talked -- in this conversation from a couple of weeks ago he decided to never smoke, pick that vice up. others pushed it. he drank from time to time. at times he drank to excess when he was younger. >> check, i've got that going. >> but he also talked about how you stay away from the stupid things in life. a lot of what charlie would do is think about the outcome you wanted and then do the inverse, right? inverse, inverse, start from the back, figure out what it is you want to get to and don't do stupid things. he preached a lot about that. talked about some of the sort of biblical things that were good too. don't be envious of people, don't be greedy. all of those things -- you know, he spoke pretty highly about that a couple of weeks ago.

the conversion of what not to do. that's pretty good rules for life too. >> you -- i don't know whether it's been quantified but you can see people who are very bitter or very unhappy and they get sick. that i can get horrific diseases. i don't know if it's scientifically provable statistically with significant results. but happier people, more positive people, i think, definitely are healthier. immune systems are stronger. >> actively engaged mentally. charlie was still very actively engaged. thinking about business deals, potential deals he could do,do, thinking about trades. very actively involved. that's a lesson for all of us. >> did they ask you or -- >> they didn't ask me. i had a pr person reach out to me because there was a new book that was coming out.

it's a new edition coming out december 5th. so he was doing a little bit of publicity, not a lot. when given the chance to talk to him, i called him up and he said sure. he said, i'm not looking for publicity. this was some we were planning, some for the book and some for his birthday. by the way, we're going to bring you that one-hour special here this week, prime-time on cnbc. we're going to move up the details on that. we'll talk more about this later this morning too. >> you've been a lot of places and you've got family. when you said you were doing this, i thought, you're going all the way out to l.a. to see charlie. that's where i'm not going to say it was luck but serendipity. thank god you did that. >> i'm glad. >> the hard work and be willing to do something. >> charlie was a special person.

we actually spent three hours with him. we thought it with us going to be a one-hour interview. we sat for three hours at his house talking to him. when you get the opportunity to talk to someone who's so wise -- >> he was 99. even if it wasn't charlie, just the vast -- >> that's the book, again, that's coming out next week. we were looking through some of it too. >> where is that? >> it's his house. oh, i don't know l.a. very well, but by west hollywood, i think. that's where we stayed. that, by the way, is a house he designed 70 years ago and he's lived in ever since. a lot of times he would take $100 million to move across the street. he liked what he liked. >> $100 million, a drop in the bucket, which is also pretty amazing. we'll have much more on the life of charlie munger.

right now "squawk box" will be right back. >> announcer: this cnbc program is sponsored by truist securities. experience expertise, execution. i know what it's like to perform through pain. if you're like me, one of the millions suffering from pain caused by migraine, nurtec odt may help. it's the only medication that can treat a migraine when it strikes and prevent migraine attacks. treat and prevent, all in one. don't take if allergic to nurtec. allergic reactions can occur, even days after using. most common side effects were nausea, indigestion, and stomach pain. relief is possible. talk to a doctor about nurtec odt.

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brings so much joy to your life. a family trip to the team usa training facility. i don't know how to thank you. i'm here to thank you. federal reserve governor michelle bowman says she expects

a need to hike interest rates. she said it's to keep policies restring active but she did not telegraph an ima continental hike, indicating another pause in december. in the meantime christopher waller said he's increasingly positive the economy is well positioned to slow the economy and get inflation back to 2%. he said he could see a point where they start to lower rates if conditions continue to ease in the next two months. bill ackman said he is expecting the fid will cut rates sooner than predicted, as soon as the first quarter of next year. let's get right to the markets. joining us is ian lingan. ian, let's talk a little bit about what we saw, this dramatic decline in yields yesterday with all of the fedspeak and beyond.

does any of this surprise you? where do you think rates shout be? >> i think we're at a fascinating place overall. the fed has been relatively successful in re-establishing price in the u.s. economy, but that has come at a cost, and the cost is tighter monetary policy in the u.s. but we're also seeing that globally. it follows intuitively that rates should continue to decrease as inflation expectations should moderate, which will compress evens and get back to a rate environment that's not that dissimilar from where we were prior to the pandemic. >> where will the fed cut rates? >> i think the fed will underperform. i'll take the other side of the earlier comments, i.e., u expect that what the fed is doing now is they're trying to introduce the idea that they might hike another -- maybe another two, depending how it plays out. >> you expect more hikes.

that's far different than what the market is signaling? >> i don't expect them to hike, but i anticipate they will delay hikes -- excuse me, cuts until the third quarter. >> we were talking earlier about this. if cuts come sooner, it ee probably because there's something that breaks or a geopolitical issue that arises that forces their hand. >> they're betting on something breaking, whether it comes in the form of a credit market or something that leads to a contagion. what the fed is trying to orchestrate which adds balance to the labor landscape. >> is that possible you could see something so -- we've

definitely seen a slowing in the la i bore market. could the lag effect we've been waiting for kick in where it really surprises us, maybe a negative number or a plus 30,000 or something like that? could that happen? >> i think it could be very consistent to see a spike in the unemployment rate beyond 4.5%. what the fed is telling us is they think the unemployment rate is going to reach h.4.1 as a pe next year. that would be a very typical outcome. we're going to get to 4.5%, 5%. it's going to be accompanied by either a double-digit print or non-- >> see, that would be breaking the whole economy. and i don't mean that -- i mean instead of breaking something so specifically, that would be a sharp slowdown in economic activity and that would be enough. everyone says we're finally

getting normalized to where we were before the financial crisis. we were at 5% on the 10-year. do we deserve cuts? why can't we go back and stay there? normal is normal. why isn't that where we should be and there's no reason to expect cuts. >> i think the definition of normal in a context where the fed believes that in neutral rate is 5%, that means it's going to have ramifications. >> permanently higher base inflation rate. >> yes, if inflation is structurally higher, then it should be. if we look at the inflation complex, the only thing that has been driving it is the housing market. sticky rinse and sticky housing prices. so eventually that's going to go in the other direction. this is what the fed is trying

to orchestrate. that's something they often lose focus on. the fed wants it to happen. they want it to be a very traditional recession. they don't want a financial crisis, but they want a little bit of demand. the risk is excess demand construction. >> where did you grow up, ian? >> minnesota. >> are you minnesota nice? minnesota nice is where you're nice no matter what even if you feel like not being nice. but ian lngen, youcould come in here and do the madonna british accent. wouldn't we buy it? why not do that? you'd sound smarter. we'll buy it for long. did you think he was going to have an accent? >> i would not have been shocked. >> i might try one with my presentations. >> or come in with the fargo thing. >> you betcha.

>> you are minnesota nice. >> no, he's playing right along. >> we like that. >> what's going on with mark cuban? he plans to live "shark tank" and now he's selling his stake in the mavs. is it a mid life crisis? i don't know. we'll talk about it next. would be an emblem of what small communities can achieve. trying to give a better life to people that don't have the means to do it. si mi papá estuviera vivo, sé que él tuviera orgulloso también de vivir de esta viviendo una vida como la que estamos viviendo ahora. es electricidad aquí es salud. i was on a work trip when the pulmonary embolism happened. but because i have 23andme, i was aware of that gene. that saved my life.

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in bismarck cuban is selling majority stake in the dallas mavericks to mary adelson and her family. cuban is going to maintain a stake in the team and still run basketball operations. adelson is selling $2 billion worth of las vegas sands stock at about 10% in order to buy the team. meantime cuban said in a recent podcast he plans to leave abc's "shark tank" after next season, which will be the 16th season.

he flirted with an independent run for president in 2020. apaurjtsly ruled out running in 2024, telling nbc news, my family would disown me. i'm not running either. >> it's a lot to dpz -- >> yeah, my family would be mad too. that's why i'm not because of my family. i mean i probably could win like him. coming up, the price of bitcoin climbing above 38,000. we're going to talk to congressman french hill. we look at yesterday's s&p 500 winners and losers. >> announcer: executive edge is sponsored by at&t business.

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good morning and welcome back to "squawk box." we're live at the nasdaq market time square. dow up by 95 points, the nasdaq up 71 after gains in the market yesterday once more and s&p up

13. general motor providing guy answer since the strike. we get right to phil lebeau. he's got the latest on this. >> take a look at general motors shores moving higher as the company announces new guidance for 2023, not dramatically different from what they pulled during the uaw strike. we start first off with the new guidance. full year even adjusted from $11.7 to 1$12.7 billion. the street right now is at 7.45. previous guidance was 7.15 to 7.18. auto from 10.5 to $11.5 billion. previous guidance was 7 to 9 billion dollars. the company's suggested the full impact is $1.1 billion.

now to another reason why shares are movinging higher. general motors deciding that we paid the union and now it's time to pack the shareholders. this is a big move. a $10 billion excel rated stock repurchase program is being announced. $6.8 billion of gm shares immediately retired. i did the math. it's going to be about 17% of the float that's out there right now. 33% increase in dividend. the quarterly dividend up 3 cents a share going to 12 cents a share in 2024 in the first quarter. big moves by general motors this morning. we'll discuss all of it coming up on "squawk on the street." you don't want to miss our conversation with gm chair mary barra. we'll talk about this, the impact of the strike, and this is a very strong statement they're making, especially retiring $6.8 billion worth of shares immediately. that's going to be one reason why you see the shares moving

higher right now. >> big moves for the company now, phil. why the sudden change in all of this guidance? is it stuff they didn't want to say when the uaw was still striking to give the uaw a stronger hand? >> they've got clarity. becky, they didn't have clarity before what the final cost was going to be in terms of the uaw strike. remember, when they were close to finalizing this, and i it was right when they got the tentative agreement, day said, we've got $1.5 billion in ev investments expected to kick in next year, we're deferring those. we're pushing those out. there's clearly a shift at general motors, and we'll probably hear the same thing from ford, the shift being, look, we piled a lot of money into evs. that market is not developing as quickly as we thought it was. we're still going to be investing there, but in the meantime we're going to be more

judicious, and that's the main thing. >> they're not advertising in the super bowl. i guess that saves money too. thank you. we'll see you a little late jeer . according to "politico," patrick mchenry is advancing crypto legislation by the end of the year. but resistance from his colleagues on capitol hill is narrowing in on getting something to done. joining us now is congressman french hill. congressman, what does the bill do, what's in it, and what are its chances in your view? >> well, first, joe, let me first say to the "squawk box" family and the munger and buffett families, my condolences on the loss of charlie munger's, berkshire hathaway's vice chairman. what a remarkable person.

i hope everyone gets poor charlie's almanac as a christmas gift. what an ultimate guy. we have two dies concerning regulation and legislation in the united states. first the bill that was passed with bipartisan support. it represents a stablecoin. secondly we created a regulatory framework that directs the s.e.c. and cftc as to what the rules of the road are. we provide investors, innovators, consumers how to invest safely and securely in krupp toe currencies and leaders as to what the rules are. they go to the s.e.c. right now. they don't know if they can have a digital asset project and raise capital around it. >> so it reminds me of the old

cartoons where they go -- so whose fault is it? they point their fingers at each other. how does this -- whose fault is it and how does its finally get rectified. >> is it congress's fault or gentzler's fault? >> i don't think it's anybody's fault. this is a new dynamic innovative market. web3 requires us to reframe or framework look at it differently. that's the framework. they don't have the new tools to look at the own irship and individual action whether on the investment side or innovation side. we're giving them those tools. i think the fit for both will help innovation to keep that money here in the u.s. >> i mean, congressman, people would say it's dragged, kicking

and screaming. this didn't come out last year. it didn't start five years ago. it didn't start ten years ago. you don't think by now you could have expected they would have taken -- either congress or cftc would have had more success in taking this issue up? look at what's happened. look at some of the problems because it was a wild wild west. what are regulators there for? they're there when they should bjt -- overregulating, but when you can do something -- go ahead. >> i think the s.e.c. has been asleep at the switch when you look at the ftx particularly. no, they are, but they don't have the tools to use. and i think gary gentsz letter has done a bad job as chairman on this topic by not coming to congress following the president's guidance and the executive order asking for a

regulatory framework that has a legislator background. i don't think you can solve this by cramming it all into the existing laws, and that's what gary gensler's trying to do. i think he's failed at it. i think congress needs to act both on stablecoins and the general framework when it comes to innovation in this country. >> how do you handicap it? which part would be the cause of it going down in flames, which it does? >> i don't anticipate it. there wu one that didn't go anywhere. that was a potential opening for perhaps the stablecoin's legislation, but we want to go to the floor with both the stablecoin bill and the framework bill early in 2024. there will be both the ad committee and house financial services committee working on

it. it will be bipartisan, and i expect us to be successful in early 2024. and then spot bitcoin etf will come after that? >> what we do is create oversight for the spot coin from a regulatory view. but i think those applications are near completion at the s.e.c. i think it's something that will benefit institutions and institutional investors. >> all right. great holidays. i know that -- you guys just got back, i think, right. >> >> merry christmas, happy birthdays if i don't see you before then, joe. >> you bet, joe. coming up we'll talk with jonathan greenblatt. the organization is out with new

data on the rise of hate on college campuses. >> you can get theesof bt our "daily show"s on squawk pod, you can listen through any podcast at any time. "squawk box" will be right back. loopnet. the most popular place to find a space. the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie!

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which hamas steals. ja we will be sharing clips all morning from charlie munger. the berkshire hathaway vice chair died yesterday at the age of 99. charlie munger and warren buffett were friends and partners. it started over dinner in omaha over 60 years ago. >> go ahead. >> there was a prominent doctor couple. his name was eddie davis. her name was dorothy davis.

she said, we've heard you manage money and we'd be kind of interested in listening to your story about how you do it and what we might do with you. so i went over. i talked to them. i was full of myself. i couldn't talk fast enough about stocks in those days, and dorothy davis, very smart, she'd listen to every word, and the doctor was over in the corner with a yo-yo or something, not paying much attention. she lookedov ed over and said i going to manage $100,000. in a nice way, i said, doctor, you haven't said much. i'd kind of like to know why you're giving me this $100,000. i was much more modest as i edged my way into it.

the doctor looked at me and said, well, you remind me of charlie munger. i said, well, i don't know who charlie munger is, but i like him. and he gave me $100,000 and then they told me about charlie, the young kid, how he would be over there asking them questions about medicine and giving them a lecture. they clearly loved him. it sort of became their mission that sometime they wanted to get me and charlie together. then his father died and he came back. the davises got us together. they arranged dinner. five minutes into it, charlie was rolling on the floor laughing at his own jokes, which is exactly the same thing i did. i thought, i'm not going to find a guy like this and we hit it

off. >> charlie, what did you find out about warren? how did they describe? >> the davises were like parents to me. they had two sets of children. i lived in that house back and forth as though it were the house of the mungers and mrs. davis gave me the honor of switching my legs when i misbee heched just as if i were one of her own. >> you probably gave her a bill too. >> anything mrs. davis asked me to do i was going to do. >> what did you think of warren when you first met him? >> we got along fine. >> both of our wives thought, my god, another one. >> what i like about warren is the irreverence. we don't have automatic reverence for the pompous heads of all civilization. >> is that something that came with age or were you born with

that? >> we were always that way. we were more extreme. i learned to behave a little bit better. charlie, not much. >> that irreverence is something that shareholders at berkshire hathaway admired and i think were treated to every may for the annual meeting in omaha for berkshire hathaway. charlie's one-liners and his takedown of anybody in business doing things that he thought was immoral or wrong or anything askance. that's one of the things he was known so well for. >> he's pretending to be less rev rent because i have seen -- with me, he does not pretend. i ask for something -- think what he could give me and he sends me a brick, a stupid brick. >> from acme. >> i don't want a brick. i want a net jets card.

>> with nothing on it. >> it won't work. like that would kill him. he's a ball buster, when it comes right down to it. he says you learn to behave. you get a little bit older. >> although, charlie's been that way for decades. i don't think there was any restraining him ever. he said what he thought. even in this last time when i talked with him a couple of weeks ago, he said some people think i'm rather opinionated. that's a badge he wore, a badge of honor. >> we were talking off camera. it's amazing to me. so charlie was from omaha, worked in the same store -- >> worked in warren buffett's grandfather's store when he was a kid. >> when he was a kid. they didn't know each other. >> they didn't know each other because they overlap.

>> then he goes into world war ii and then resettled in california. >> he left omaha. went to michigan first when he was only 17 and then woinld up at tl california institute of technology and went into the air force. >> and the two guys from omaha hit it off even though he was in l.a. by then. >> they used to talk long distance back when long distance costs a lot of money. he said berkshire would not be what it is today weret not for charlie's influence even before he became financially involved in albuquerque. they were friends for quite a long time before that. >> quite a team. odthink charlie made him feel go. >> i think they each made each other feel very good. "squawk box" will be right back.

foot locker shares up 11% in premarket trading. the athletic foot ware and apparel retailer reporting better than expected profit and revenue for the third quarter. although same store sales did decline by 8%, but analysts were looking for a 9.7% decline. so that wasn't as bad. meanwhile, we're going to talk disney, i think. >> that's right. the ceo bob iger holding a town hall with employees yesterday outlining the challenges that he's faced in the year since he returned as ceo including dwindling box office numbers and proxy battle with nelson peltz. at that town hall, he played down reports that he was considering selling disney's linear assets. of course, those reports sparked by bob sang, originally, that he was looking at selling them. joining us now is michael

mayfuson. abc not necessarily on the block anymore, is that because they couldn't find a buyer? >> i think that he probably spoke too soon, right? i think to your point it was disclosed in a conversation with david. probably were not -- they were thinking about it, but probably wasn't a great idea. i don't think they shopped it. they reversed course from where they were in july. >> okay. >> yeah, so i don't think july was a real -- it was a conversation that kind of went away at that point. >> what happened? why is it better to hold on to the assets and what does disney look like today from all the assets that it already owns? >> okay. so the reason why you own abc is because it gives you that broad reach. you own nbc and comcast. and it still delivers big reach for sports and live events. you also can launch shows off of some of the golden bachelor off

of abc and then hulu. there is a value going forward to having the big tent for streaming after sports. that's why you keep -- that's why you keep t it. the other networks that are smaller, those are at risk of being closed down over time. that probably will happen over the next five to ten years. >> disney stock has been under some pretty significant pressure. we're looking at one week. but if you take it out for a year, looking at that time since iger has come back, there have been some real downs more than ups to this point. one year, only down 2%, but you saw where it was back in february. what is the future hold for this stock? what are you telling investors at this point? >> so we upgraded when he came back. so, you know, i know exactly how we have done, it has been not a great call because the market is up a lot more than disney. i think the key to disney from here is really about the

streaming business, right? so, you've seen activists come into the stock, you have the stock ran a ton in -- during the pandemic because of streaming hopes and now it has fallen pretty far back. to me the real story is what can they do on streaming. netflix is the clear number one. they run away with it. there is no number two. and the question is what will they do when they buy hulu, buying all of hulu. to me, it is around streaming. parks will do what parks does. linear as well. but to me it is about how big can streaming get. >> what was the price when you got back? >> it was about 90. >> i thought it was down from when you said. okay. you're right. so it's up, but not as much up -- check that. you better watch it, i was listening. it is not up as much as the market, but it is about 90. was it 90, 91? that was not the panacea that it was supposed to be. hasn't even been a market

performer. >> no, it has not been a market performer. >> it is hard. hard work. i'm not -- believe me, i would have no idea how to fix that. i know where a few places i'd start with disney, believe ame. i know a few places to start. that would be easy. magical creatures. good god. all right. i'm saying good-bye. have you ever heard of magical creatures, michael? what are those? they just invent magical creatures? i love that story. i'm sorry. i'm sorry. >> snow white. >> yeah. the whole -- the whole thing. i mean, come on. thank you. coming up, we're going to talk about elon musk's trip to immist, the relationship with pre nier netanyahu and the news about starlink's satellites in gaza, biographer walter isaacson is going to join us straight ahead. "squawk box" coming right back. the biggest ideas inspire new ones.

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rates. we'll get an outlook for the rest of the year. and the anti-defamation league releasing a new study on campus climate before and after the hamas terrorist attacks. we'll hear from adl ceo jonathan greenblatt. the second hour of "squawk box" begins right now. good morning and welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square. i'm joe kernen along with becky and andrew is going to be joining us in the next hour ahead of the big deal book conference where he has this lineup, which includes -- i feel bad about leaving anybody out. maybe i shouldn't even talk about it. we haven't mentioned that lina khan is going to be there, shonda rhimes, david zaslav.

and headliners like the vp kamala harris, elon musk, jamie dimon, jay monahan, bob iger. just about everyone. who did i forget. i'm sorry. i forgot the people on the bottom, i can't see it. what does it say? the last two. jensen huang. >> and the president of taiwan. >> the president of taiwan. and i forgot speaker mccarthy. former speaker mccarthy. how quickly we forget. he's going to be there. that's always interesting. u.s. equity futures at this hour up about 108 points. there is more people than just those. >> oh, yeah. >> pretty unbelievable. 108. s&p up 16 and change. i'm not wearing glasses, so just getting that many from what is way over there is really not

that bad. 4.294% on the ten-year. that we noted immediately because six weeks above 5%. >> yeah. >> six weeks ago. >> yesterday. that's a big dropdown even from yesterday. >> yesterday, 4.28%. oil, this morning. oil is indicated at -- up a little bit today, still under 80. bitcoin is above 38,000. and, i mean, we should look at gold occasionally too. gold has been getting a bid. yeah, i think we're going to bring up gold which is i think 2, 040 or so. nothing going on today, but we have seen a move above 2,000 and then to the mid-2,000s which matches where it was earlier in the year. but this is a long-term high, if

it gets above that. >> right. >> and is it similar to bitcoin? some people think bitcoin is similar to gold, obviously. gold has been around for much longer, but the store value, the antifiat characteristics during money printing, a lot of it has to do with the fed, some people think they still might raise, not many people think it is going to raise. they think they're going to open the spigots again at some point. we don't know why. >> and waller's comments yesterday confirmed that. you might not see a hike again. >> right. >> in december. >> more and more people are talking about cuts, next year, which we thought was crazy. there was a time we thought it was going to happen, but it didn't. to dom chu, with a look at this morning's premarket movers. tigers playing, things are good, jay monahan, talking to andrew today. you could send some questions in there, couldn't you? >> you know what, i already did. >> i know you. >> probably a few weeks ago, i

think, i had spoken to team andrew about it. >> yodo you like being predictable? >> i have become like that guy who just -- i do my thing here, i talk about golf. >> i can read your mind. but that's why it is good when we talk. >> it is good. and you know what's funny, because i was talking about this idea i was going to focus on gold prices. you did it for me. >> no way. >> 50 bucks away from record highs to speak to your long-term highs point of view. about 2,089 was the record high in august of 2020. anyway, from a stock perspective, we'll kick things off with a check on earnings this morning. hormel is the focus this morning, up actually fractionally, two-thirds of 1%, thinner volume, around 2,000 shares have changed hands this morning. this is the food processor best known for namesake canned chili, dinty moore beef stew, spam, skippy peanut butter. it missed analyst expectations.

retail sales volumes and sales themselves fell, which did offset some of the gains in its more institutional or food service-based operations, but nonetheless, shares up two-thirds of 1% after losing 30% of their value year to date. you got shares of general motors which are revving higher to the tune of 6% now, 6.5% at this point. nearly 7%, keeps on going higher. over a quarter million shares of volume. the auto giant says it is initiating an accelerated share buyback program of $10 billion. also going to raise its quarterly dividend by 33% to 12 cents a share. in addition, gm will reinitiate its full year 2023 financial guidance in the aftermath of the uaw labor strikes. that's going to include, by the way, an estimated $1.1 billion impact to adjusted pretax profits given strikes, we'll keep an eye on shares. tesla shares higher by 1.5%, over half a million shares of volume so far building on yesterday's 4.5% gain. this investors are attributing

the recent strength to more optimism about the cybertruck delivery event coming up this week, tesla shares trading in a narrow range, you can see here so far. we're just about 18% below the highs that we saw for the year back in july. so, of course, elon musk featured speaker at the deal book event. we'll see whether or not there is any kind of movement on tesla because of those particular comments being made later on. back over to you. >> yeah. had to get back from israel to get the -- >> i think he managed to do that. >> he probably was able to -- >> we track his plane, right? >> the flight, yeah. i don't know if he got any delays, they lost higgs luggager anything. >> when you fly private, i don't think that happens very often. >> no. i would like to try that. >> right. dom, thank you very much. legendary investor, long time berkshire hathaway vice

chair charlie munger died at the age of 99. he and warren buffett had a decades long partnership at the conglomerate and munger act as a sounding board offering analysis on the pros and cons of potential deals. i spoke with munger two weeks ago for a special we were planning to mark his 100th birthday about what he made of berkshire's huge growth, the company's market cap is around $800 billion, and here's what charlie had to say. >> i did not anticipate -- we were starting with a little piddly start that we would get to 100 billion. >> what led to that success? >> we were given a much longer time to run than most people because something kept us alive to our 90s and that gave us a long track from our little start all the way to the 90s.

those the are two things that really happened. and, of course, we wised up over time. we got into better and better companies and understood more and more of the bad things that could happen. >> 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 would 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 -- >> of course there is an opportunity for purchases a lot bigger. 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 is 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 to move the needle very much. so we need something big to come along and use up all our cash and some borrowing. but, who is more likely to find something, the guy who has $160 billion in cash, plus a long history of buying bargains? i don't think it is hopeless. it may have to be done by some different people, you know. the next time we may not be able to squeeze a little more lemon juice out of the old lemons. but who can make them better than somebody that has watched the early process all through

all those years? and seeing how well it works. and starts with a little legacy of 160 b$160 billion in cash. >> you're talking about greg abel, ted and todd. >> or somebody not yet identified. >> again, that was charlie just two weeks ago on his passing yesterday, there have been remembrances that have come out from the business community and beyond. in fact, jamie lee curtis posted something on instagram last night. they were friends. and good friends. and bantered back and forth a lot. she said, my mutual crush has passed away. his bestie warren buffett must now keep calm and carry on. regards to his family who loved him so. she posted that with the picture and the music from "queen," you're my best friend playing over that. and then tim cook posting last night too, apple is berkshire hathaway's biggest holding of all the holdings that it has and tim cook posted a tweet, posted on x that said a titan of

business and keen observer of the world around him, charlie munger helped build an american institution and through his wisdom and insights inspired a generation of leaders. he will be sorely missed. rest in peace, charlie. >> that was an interesting discussion too. so they really -- i mean at that point, i think, do i really need to do something with $160 billion but they still want to grow. we can do some little things, but doesn't move the needle anymore. >> by the way, little things are $10 billion. >> right. you never sit back and say, i've done -- and then also passing the torch. >> we'll see about this. just with an investor like warren or charlie, i guess it is a combination two of things. they have to identify things that are incredibly -- they have an incredible amount of potential to change the world. or to do something really well and then on the other hand, they

got to really anticipate what could go wrong with their thesis. i just wonder what is more important, figuring out something that has -- it seems like in the past, they might have waited on things early on that had great potential, whether it is google or apple. >> charlie talks about that. we'll have more on that in the special. >> they always had to think of -- i'm not going to buy something that -- blockbuster. >> don't take the risk. >> or eastman kodak or -- >> in fact, charlie talks about eastman kodak in particular and about how that was such an example to him of what can go wrong. they were playing with other people's money in the beginning. other people who they loved dearly. warren started that partnership with his close friends and family. they intentionally did not take risks because they never wanted to disappoint those investors. and so, yes, the answer is always if you're not sure, you don't swing. >> yeah, swing for the fences or just make sure that you're not going to -- >> whether you're sure about it,

they swing for the fences. that might be ten times over their career where you really load up on something like apple. >> i was wondering what they do with $160 billion. i don't know what -- they can buy whatever they want. they can buy any of the great -- they could have bought nvidia, theoretically. >> sure. they also wait for times of opportunity. and that's what they did during the financial crisis, when there was nowhere else to go. we will have much more on charlie's life and tes.im that will be later this morning. "squawk box" will be right back.

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next guest says the santa claus rally in stocks will continue through the end of the year. here with more, research president ed yardeni. a lot to think about here, ed. it is all happening for you. it is all coming true. the things that you've been talking about with us for the past six months. like nailed this. i was thinking about charlie munger and warren buffett go back to '75. were you there at '84? >> i think i had moved by then to what was then called

prudential beach. >> you had moved by then. you were there prior to that when i was at merrill i think and i followed your work. i think of you as more of an overall economist, but when you've come on the show recently, you've been a total stock market forecaster. >> right. >> right? that's kind of a change. but you were right. so what you're saying now, and that was -- you're basically saying inflation is going to moderate, fed won't have to go any further. this is a much hated stock market rally. it does have legs. and i think it is all come to fruition and you think it is going to continue? >> i do. i think the economy has proven its resilience since early last year when people were anticipating a recession. actual early last year i said we're in a recession, it is just a rolling recession, affecting different industries at different times. we had something like that in the mid-1980s. i felt like that inflation would turn out to be very spiky, as it

often is. there is a lot of worries it was going to be like the 1970s all over again. but, in fact, it turned out to be relatively transitory. for some people, that seems a little bit naive to say it was transitory, but in the grand scheme of things, in the scope of history, it really has come down remarkably quickly here and in a very symmetrical fashion. and a lot of that has been led by goods. i think rent inflation will come down. and the good side, one of the reasons we haven't had to have a -- did not have a recession or have not had to have a recession to bring it down is because china has done it for us. china is in a recession and we import a lot of goods from china and the prices of what we import from them has come down a lot. so, there is a lot going on here, a lot of moving parts. i did turn more optimistic on the bonds at 4.25% and pretty miserable there in august, september and october. but here we are, almost back to

that level. >> back to 4.25%. there is articles written that the 5,000 club is growing for the s&p. and no one was there back when we were at the -- a year ago, the october lows. now we got to say which october. so we meant the october from 13 months ago. those lows, no one was in the 5,000 club by then. and you say maybe you were, but now you say -- sign yourself up for the rip roaring 2020s. what does that mean? 5,000 and beyond? >> yeah. and, late october of last year, i thought that we had made the low on october 12th. and i started talking about 4600 by the end of this year. we got there by july and, you know, the tendency, the human tendency is to say let's double up here. i thought we might have a correction and that, in fact, played out. this year turned out to be with

the benefit of hindsight a classic year. third term of a presidential election, we had a january effect which was very bullish. we had an october -- september and october sell-off. and now we have got this year-end santa claus rally. but even a year ago whether i was -- i started to predict 2024 i said we could get to 5400 which seemed far fetched and delusional, but now as you said, there is more people joining that club. >> are you in the 6,000 club? >> not there yet. i'm not there yet. i'm not there yet. but let's get it over 5,000 and then ask me again. but, look, i think like -- i'm in the berkshire hathaway camp in the buffett and munger camp that, you know, stocks really are meant to be held for the long run. a lot of the wall street pessimists did a good job of telling people to get out early last year.

they forgot to tell everybody to get back in and they remain bearish. the stock market over the long run does extremely well because the economy does extremely well. >> right. to really make bonds, to really float my boat for bonds, like a ten-year, we need a really croppy secular bear market. because, stocks are going to outperform -- that's the best you'll get is 4%. that's okay. you get your money back. you get 4% a year, you get your money back. i get it. if you're any good at all for what you do, i think you can find a dividend yielder that is going to grow over time and, you know, maybe protect the downside and -- it makes sense. it just depends on your personal situation. i can never get too excited about bonds. >> much depends on inflation, joe. and i think inflation is coming back down to 2%, 2.5% over the next 12 to 18 months. >> we got a lot of powerful technology that -- and then you mentioned, we're importing some

of that from china too. who knew that that was going to help. ed, we go back to early '80s. not quite 1975. >> i am talking about the roaring 2020s as a real possibility for the rest of this decade. technology led innovation through productivity. >> you know what followed the original roaring '20s. >> yeah. i do. but that was a big government mistake and the government -- >> that could never happen again. that could never happen again. look at these great guys we got in charge. >> yeah. >> yeah. we're in -- yeah. clear sailing from here on out with these guys. thanks, ed. coming up, walter isaacson joins us to talk about elon musk's trip to israel, cybertruck deliveries, starlink, and much more. we're coming right back. >> announcer: time now for today's aflac trivia question. in 1972, three nelob prize winning scientists developed what popular holiday side dish?

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developed what popular holiday side dish? the answer, stove top stuffing. that's a good one. one i did not know. stove top stuffing. >> i don't think they won the nobel for developing stove top. >> no. they won the nobel and then developed stove top stuffing. that's good. >> i like it. >> great things. >> i like stove top. i just don't know if it is nobel. >> no. but, good enough for them. >> nobel peace prizes, even better than -- >> elon musk paid an impromptu visit to israel where he met with prime minister benjamin netanyahu and president isaac herzog following criticism for endorsing what many labeled an anti-semitic post on the social media platform x. musk also discussed whether israel gets to decide if starlink's service is available in gaza.

that trip sparked criticism and was called a pr stunt by some. joining us right now with the key takeaways is walter isaacson, elon musk author and cnbc contributor and, walter, i think it depends where you're sitting on this. some places definitely gave elon musk credit for going and seeing what happened on october 7th. how did you read it? >> well, i think also important was the deal he made on starlink. he has a good bonding with prime minister netanyahu. but musk also knows the communications minister and when gaza's communications was shut down, there was some talk about starlink being used there. when he talked to the israelis, it was you should allow it to be used, but it can be monitored. so it can be useful for israel to know who is using starlink and where they are. so, i think he's working closely with both the u.s. government and the israeli defense forces, but also doing things that will open up communications both in

israel and then in gaza. >> it is so -- elon musk is in the headlines every single day, walter, no matter what he does, it draws ate s attention. a crisis manager said people have been on the lookout for the death watch for elon musk's career for so long, that they all have been wrong. just wonder if that's a situation that -- >> you know, in my book, we start with 2008. the first death watch is in 2008 when tesla runs out of money, spacex runs out of money, christmas eve, nobody will give him money, and yet he comes out of it. ten years later, 2018, it is even worse. his tweeting is even worse. that's when he does the pedophile tweets. and everybody thought he had just flamed out.

>> with the pedophile, the thai cave diver, with private funding secured and goes into these rabbit holes of conspiracies and these tail spins, but it is part of the whirlwind that also involves getting rockets into orbit and launching a cybertruck tomorrow. >> i was thinking about it, he may be more powerful than any of these leaders he's meeting with. whether that be netanyahu, whether that be the president of the united states, he's not somebody who has to go up for re-election again, and his reach in terms of what he's done from a defense perspective, space perspective, i mean, he can talk to anybody at any point and they will welcome the audience. >> yeah. somewhat dangerous in a way that a mercurial person has so much power. he has rockets that can get to orbit, get things in orbit and land and be re-used, something

china can't do, russia can't do, boeing can't do, nasa can't do. even with electric vehicle chargers, the u.s. was trying to do a charging network, now everybody is going to the tesla super charger network. and with communication satellites for the u.s. military, spacex is the only one to get into high earth orbit. you have to ask, he has so much power and part of what i try to do in the book is not defend him having so much power, but show why he's able to make things that other people can't. >> walter, during the whole controversy from the tweet, you always had sort of a -- i don't know, your hair was not on fire like so many people. and homer jenkins has an excellent piece about how elon became an anti-semite. it shows a six-word tweet and how quickly "the new york times" and "washington post" was able to get to that crazy conspiracy

theory and that that's what he was espousing and homer jenkins said that wasn't what he was owe spousing. he has more of a problem with the adl and we're going to have jonathan on in a second and i'll bring this up to him, but then homer also points out it should make mainstream media a little sheepish about how little its criticism really matters these days because elon is going to be -- he's the headliner of "the new york times" conference today. >> right. with andrew ross sorkin. i can't wait to hear what andrew is going to ask him. >> if you're going to brand him an anti-semite. i don't know. did anyone really think after that that he was an anti-semite? somehow that's kind of gone away. >> he retweets and reposts. it has, he retweets and reposts weird things he finds and i would call conspiracy theories and then he does memes saying,

hey, what you think is a conspiracy theory turns out to be right. well, no, most of the time conspiracy theories like pizza gate or whatever are totally wacky and that's one of the ways he shoots himself in the foot is these repostings of what i consider to be wacky, fringe theories. and as it was explained, it was some complicated thing that involves groups that support immigration, which is one of his obsessions. he and jonathan greenblatt and i -- i love jonathan and admire him -- they have had a pretty interesting back and forth together and jonathan said he's not an anti-semite, but, boy, sometimes when you cross musk and you tell people not to advertise on the platform, that makes him go ballistic, but i think the detente between misk and musk and the adl is a good thing too. >> in terms of previous detentes, half life wasn't too

great. we'll ask jonathan about it. i didn't read this part to you, but i really do believe this, walter, that elon's problem with the adl is that they have basically taken the progressive left -- what he calls identitarian and adopts them as their own. i don't think elon likes that. >> that's the basis of the beef and that's behind the tweets, which is that what he -- what musk calls the woke mind virus that musk believes he has to fight. >> right. well, did you know the woke mind virus included just blatant anti-semitism out in the open, saying genocide -- you to see all the woke people that created safe spaces on college campuses for microaggression and they're now marching saying from the river to the sea and genocide to the -- the same woke virtue

signaling people are now just blatantly anti-semitic. how did that work? >> i must say i was surprised, probably shouldn't have been, at the anti-semitism on college campuses. fortunately i'm at tulane, which is much calmer. but i do think that -- >> you had your own problems down there, my friend, at tulane, with this. >> i know. but people got their heads on straight, and i think, but i was -- i'm appalled. >> it is unbelievable it . it is like a bizarro world. like a bizarro world. none of us could have -- it happened so fast. and it happened with such -- >> i'll say this, joe -- >> such horrific incident caused these people -- that's the last time an anti-semite should come out after that, after watching october 7th. >> absolutely. i actually think -- because i'm

much more of an optimist than you, i think i feel the pushback happening more now than i see the problem. in other words, i think we're seeing pushback and i think that's going to be a good thing. >> hopefully some education too on all these matters. >> we'll see what musk -- >> not about being right. that's where we differ. i'm usually right. >> okay. but that's -- >> to the right. how about to the right? >> you know. by pushing back, like, even you do, musk does, that's the way we get on balance in our democracy. >> yeah. walter, always a pleasure. thank you for being with us this morning. we'll see you soon. "squawk box" will be right back. not an airline, but our network connects global businesses across nearly 160 markets. ♪♪ we're not a startup, but our innovation labs use new technologies to help keep your information secure. ♪♪ we're not architects, but we help build stronger communities.

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charlie munger, warren buf buffett's long time business partner and friend has passed away. >> charlie munger was best known

as warren buffett's right-hand m man, their partnership dating back decades. >> we rethink certain things and we had absolutely -- we had so much fun in the partnership over the years. >> it has been almost hilarious, so much fun. >> reporter: buffett credits the berkshire hathaway vice chairman 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 there was some small profit and look for wonderful businesses we can buy at fair prices. >> it is not that much fun to buy a business where you really hope this sucker liquidates before it goes broke. >> reporter: the willingness to pay for quality paid off for munger and buffett, in deals like their 1972 purchase of see's candies and their decision in the late 1980s 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 tolls, now known as munger tolls and olson, 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. not at the same time as munger was seven years older. it wasn't until buffett was in his late 20s and hmmunger in hi mid-30s that they were introduced too each other by mutual friends. >> we had dinner together in 1959. in five minutes, charlie was rawling on the floor laughing at his own jokes and i do the same thing. >> reporter: they spent hours each week on the telephone, talking investments. >> i met charlie. he was practicing law. i said that was okay as a hobby, but a lousy business. and so he -- >> fortunately, i listened. >> reporter: from 1962 to 1975,

munger's investment partnership produced a 19.8% compound annual return versus just 5% for the dow. it wasn't until 1978 that mup munger joined berkshire as chairman. but his approach to investing was a major influence on buffett from the time they first met. helping berkshire hathaway grow into a multibillion dollar conglomerate that owns dairy queen, geico, burlington northern. munger didn't limit himself to just berkshire. he was chairman of west co financial. during those years, he was known for his dead pan humor and straight shooting style at shareholder meetings where he interacted at length with his investors. after west co, he moved the show and his growing collection of fans to another company where he remained chairman. a 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 is 120 and the guy with the iq of 150 who thinks it is 170 will just kill you. >> you must be thinking of elon musk. >> he bought his blistering one-liners to the annual meetings too. >> i needed to get ahead, it was me against idiots and luckily there is a large supply. >> professional traders that go into trading cryptocurrencies, it's just disgusting. like somebody else's trading turds and you decide i can't be left out. >> charlie's big on lowering 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 at doing in

your life is to get early rich from passing holding of little bits of paper. and you get better and better at only that for all your life, it is a failed life. life is more -- [ applause ] than being shrewd at passing wealth accumulation. >> warren buffett put out a brief statement about his friend of almost 65 years saying berkshire hathaway could not have been built to its present status without charlie's inspiration, wisdom and participation. two and a half years ago i sat down with buffett and munger in l.a. and buffett had far more to say. you two have been friends forye. what is one thing you really admire about the other? >> i like the humor and all that. but dependable is more important. >> what do you admire about charlie? >> really just the kind of person he's been to me.

he's contributed to giving individuals andalso the society. i mean, goes well beyond buying a stock and selling it higher. he's designed normtories and helped build them, he's worked in hospitals and to understand how they can be made better and serve more people and do it at less cost. that's an uphill fight all the time. charlie worked on big problems and he's -- he doesn't need to. and charlie has never shaded anything ehe's told me since we met in terms of presenting it to me in a different way than reality or he's never done anything i've seen that is self-serving in terms of being a partner or any kind of way. he makes me better than i would otherwise be. >> you did the same thing in reverse. >> it does work that way. it is better to associate with people who are better than you are. >> it really is.

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coming up, a number of college presidents being called to testify in front of congress to address the rise of anti-semitism on campuses. we will speak to adl ceo jonathan greenblatt right after this. at the top of the hour, white house council of economic advisers heather boushey will talk inflation and the state of the economy. "squawk box" will be right back. (vo) this is more than just a building. it's billion-dollar views. perfectly located. an inspiration. and enough space to start an empire. loopnet. the most popular place to find a space.

capitol hill addressing rising anti-semitism on college campuses. harvard and other universities under fire recently for not doing enough to keep students safe. our next guest has a survey out showing nearly three quarters of jewish students witnessed or experienced anti-semitism on school campuses this year. bring in jonathan greenblatt from the anti-defamation league, and at the risk of almost sounding like biden's press secretary, president biden's press secretary, there are things to be concerned with in terms of anti-semitism. >> shooting of three young men in burlington was despicable. >> and no one excusing or overlooking that at all, certainly front and center what we're seeing on campuses does involve anti-semitism.

you've got the stats. >> datastaggering. a adl tracking it. findings deeply alarming as parents of two college students, can't believe what we're hearing. less than half of jewish college students feel safe on their campuses, and they don't feel safe, because they're seeing the images, watching videos, hearing the stories of their classmates and friends being attacked on the quad, having to barricade themselves in libraries, facing harassment in the student center. i mean, i heard stories yesterday from columbia university of students who are just getting ready to leave campus altogether, because they are afraid, in the year 2023, at an ivy league university. it's stunning. >> you watch the show? watch -- ever get a chance?

>> now and then. >> watched yesterday saying that the only racism that suddenly somehow is okay is anti-semitism among these college kids? i keep making a point again and again. lowest common dedominator on safe spaces and microaggression are somehow able to be totally outraged by the most ridiculous things, and yet they're the same ones now saying genocide to the jews? how do you explain that? >> got it right talking to walter a few minutes ago. a bizarro upside down world canceled for misgendering someone but celebrated for describing a jewish classmate. >> fired as a college professor for misgendering. >> yet we had professors who were out there celebrating. >> i have given you a lot of grief about throwing your lot in with the woke left, too.

in the past. i've been right, by the way. i think we have this for you to read and respond to it, because he's right. somehow elon, all said and done. elon took the tweet -- >> 37 words for a 6-word tweet, hardly, heatedly denied the journal exam and content saying musk was exercising you, adl, because he thinks you've largely adopted the i dentarian of the progressive left. i've given you grief. throw your lot in with them and look what they give you? >> pushing back on white nationalism and great replacement theory is i dentary in politics -- >> do you think those 100 morons in charlottesville are the problem or the college professors totally brainwashed our children on the left with anti-semitism, where's the real

problem? >> acknowledge that, like, shooting jews praying in the synagogue in pittsburgh, it's a problem. attacking, death threats against the cornell student of a problem. we can have problems from the extreme white, white nationalists and froms hard left and the crazed anti-zionists. both problems. right now be clear. we are -- >> 1,000-1. >> crowding these -- >> look, we have tracked almost 1,500 anti-semitic incidents in the 50 days since the massacre. that's a 30% increase over the past year. wasn't that at the time. the highest number -- >> how does october 7th engender that exactly? can you explain to me? >> the jews, collective blame. it's a despicable form of hate. trying to legitimize anti-zionism is contemptible. >> if you're taught that, you know, america is imperialist and

a terrible place and columbus, you know -- all of these things we've canceled and that we've done and watched it happen on college campuses. >> i will tell you. the image of these protesters tearing down american flags last week at grand central station. image of these people yesterday trying to violate rosalynn carter's memorial. do they think hamas would treat them well? some of these marginalized grooms? got it right. it's idiotic. it's a bizarro world. the question comes what will we do about it? adl is pushing back on hate on klemp campuses, launched with a group of the grandi center report title 6 violations. we should be talking about that. waiting for these -- god bless

the congress -- >> tell people fra title 6 is? federal funding. >> 1976 civil rights act protects students from discrimination including jewish kids. the universities could lose federal funding for violating creating environments where these kids aren't safe. look, i applaud bill and mark using muscle to try to get their alma maters to do the right thing, harvard and penn. if the college presidents candidate find their moral center i will go to trustees and remind them of their fiduciary responsibility. three weeks launching a line over 260 cases. trained up now 125 lawyers. bringing these cases like an armada against these institutions. >> how of that federal funding goes to private universities outside of states? >> i don't know the exact number. hundreds upon hundreds of millions of dollars for each of

these. university night mot care about one donor pulling back his or her dollars. losing an nih grant they're going to listen. what we're going do. it's not about your moral obligation, that should be enough, but about your fiduciary responsibility. >> and talked to any of these university presidents? >> oh, i have. >> about this in particular? >> yes. struggling to figure out what are re going to do? our prodding of the department of education launched investigations. many are coming. we need to get the groups pushing anti-jewish agendas -- >> knee-jerk reaction. where was that incubated? happening for years, i guess. right? >> look, anti-semitism on campuses isn't new. you're right to point out a few minutes ago coming from the hard

left. from the anti-zionistic extremists, an oppressor of -- >> crazy victimology that posits that diversity and equity. >> where were you an elon now? in another detente, number four? >> elon is -- elon is clearly a complicated guy. >> right. i see could have been alluding to now. not nearly as -- if you -- you should never say someone brought something on themselves. that's like the last thing that -- >> look, we know elon. he's very impulsimpulsive. tweet, retweet out and regrets. took back his pizzagate. twitter, x, a safer place for jewish users is good for everyone. by the way, we should point this out. x is not the only problem. we need to be talking about

tiktok. we need to keep talking about facebook. all of these social media problems have rampant anti-semitism on them and that's part of the reason we're in this fix. >> jonathan, thanks. always good to see you. >> thank you. >> keep it up. folks, breaking news. david faber joins us now. good morning. >> good morning. news in the world to share that elliott management, large activist then private equity firm but certainly often known for taking large positions in companies has taken a $1 billion position in phillips 66. a company many of our viewers may know and seeking, my understanding, at least, according to the post, as many as two board seats and phillips 66. take a look. roughly 50-odd billion dollar market value, a sense of the size of the position. elliott no stranger to this industry. viewers who may follow the company may recall for years it was a significant shareholder in

marathon, a competitor of phillips. and did move for significant change there that elliott would argue has benefited marathon shareholders overall. if you take a look at a two-year phillips versus marathon and bolero. the other two big players in refining in our country, amongst those in the refining industry, you'll see that they have both outperformed. that seems to be the focus where, for elliott. mainly that they underare performed on refining. an area, opices per barrel higher than that whether mpc or vlo. phillips has a new ceo, relatively new. call it roughly a year on the job. it does not appear they're focused going after that job. in particular. in fact, they may ultimately be supportive, but are challenging, again, for what may end up being two seats. moving into this time of year you know, becky, going to see

activists show up because the proxy windows, nominating windows are coming oftentimes in january time frame. the case for phillips as well. get that news out there given it is certainly not something people are aware of, though some reports, perhaps, elliott was building a stake. again, $1 billion. two board seats. more at the morning goes along. tight on time this morning for any number of reasons certainly wanted to share that. back to you. >> stock up 3.6% already on your report, david. make it 4.3%, people digest the news. elliott very involved with pushing for oil and gas deals back in 2022. when it wasn't really in vogue on wall street at that point either. they've been long-time investors and looking at oil and gas deals as a real place to be. >> no doubt. go back actually i remember spending a lot of time reporting on the fight around hess. a name viewers again, have seen recently, of course, after its

recent acquisition by chevron, but, or announcement of acquisition. they played in this area quite some time. hess being certainly one of the key names. again moving on, marathon another. now appears phillips certainly in their sights. >> thank you very much. we'll continue to watch the stock and check in with you in the next hour for more on this, too. thank you. >> you're welcome. new inflation data due out tomorrow. mixed messages from two central bank officials yesterday. fed governor christopher waller said he's increasingly confident that policy is well positioned on the other side. but fed governor michelle bowman reiterated, thinks rates may still need to be higher. joining us on inflation and state of the economic, white house counsel of economic advisers, a member, heather bouche. like so of things, heather, there's a half empty and a half full way of looking at all of these things.

is the white house weighing in on what the fed should be doing? can you do it just this once? i know you're loathe to do that, but what should they be doing? an election coming up in about year, heather. >> we cannot weigh in on fed policy. they are an independent entity with their job to do and we have our job todo. so as you know, we cannot comment on that. >> you know what i might say, heather? i'm giving you some gris to use this. it's starting to look, now, i'm not saying that -- if we can in mind sight infinitively say inflation was transitory but make a spike more than people think? maybe it wasn't overspending for the first two years of president biden's administration. maybe it wasn't all of the money sloshing around for covid relief. maybe it really was supply chains closed, transitory and here it is coming down?

what do you think? >> wow. i think that is a big conciliatory statement here this morning. you know, that is what we have been arguing all along, was that the pandemic created this unique economic moment. it was challenging for not just the united states but around the world. it led to these enormous challenges across the sly clayne, upending the economy and add on top of that war in ukraine upending global energy prices and all that needed to work its way through the system. turns out harder to start things back up. took more time than it was to turn things off. the good news is that we focused so much energy and the president talked about this earlier this week. so much energy making sure our economy could get back on track and making sure supply chain was functional again. that markets functioned in a competitive and open way. that work, starting to see so much evidence that focusing on the supply side really has

helped bring inflation down. it's helped make sure that goods could flow again and prices coming back down as we've been seeing over the past months and years now. >> maybe the total debt is not to blame for the higher interest rates or any of the things we're seeing, but has to on your radar screen, i think, heather and on the president. i'm wondering, seems so intractable. i mean, growth would help, obviously, but what are the solutions to grappling with that? if there is another term for the president? >> so the president has been focused from day one on a whole, you know, a wholesome economic agenda that is about promoting economic growth and making sure the growth is shared and markets are competitive. interest that the economy grows.

seen historic recovery in labor markets. people are back to work. we've seen this reflected in very strong economic growth numbers for the united states. and we've seen we've done better than our economic competitors on these metrics. of course, we have this long-standing debt issue. the president's perspective to make sure what he has put on the table what he's done has been paid for and as he's said all along. we need to focus on ways we can tax wealth and not work. why the work happening across the street from you right now at the treasury building with irs making sure we're enforcing laws on the books and irs can do its job. that's so important because part of bringing deficits down and the debt down ultimately making sure our tax system is fair and enforced and the government has resources to do that. we remain, the president remains very committed to doing this part to bringing down deficits. that's reflected in every budget

he's put out. >> we've got to end it there. speak again. you got plans on the weekend, heather? is it possible there's any white house things going on? we'll -- is that going to be something on your planner? >> you know, the weekend seems so far away right now. right now we're just focused on the economy. >> oh, okay. all right. i get it. off the record thing. i got it. maybe i'll see you. good to have you on. thanks. >> okay. thanks, guys. still to come this morning, andrew will join us live from a conference a huge lineup including elon musk. vice president kamala harris and jamie diamond. be with him in a moment. meantime look at futures higher this morning. sd ifutures up by 127. naaqn triple ditch us up pby

107. "squawk box" will be right back.

(vo) this is more than just a building. it's billion-dollar views. perfectly located. an inspiration. and enough space to start an empire. loopnet. the most popular place to find a space. charlie munger of berkshire hathaway's chair and warren buffett's business partner died yesterday at the age of 99. all morning sharing clips to mark his 100 birthday and new

edition of his collection, we spoke two weeks ago. at that tyke i asked about a piece of advice warren buffett got from charlie when they were young men. write his obituary the way he wants it written and live his life accordingly. >> i've written by obituary the way i've lived my life and if want to pay attention to it, all right with me. ignore it, okay with me too. i'll be dead. so -- but i think it's a good one. it's not a bad idea. warren and i both owned the same house decade after decade after decade and our friends get richer and build bigger and better houses. naturally we've both considered that. i had a huge number of children. so it was just able to believe it. i still decided not to live a life where i looked like the

duke of -- or something, and i was going to avoid it. i did it on purpose. >> why? >> i didn't think it would be good for the children. >> that it would spoil them? >> yeah. it's -- a rich family, your duty consider learning from the people doing it. >> is the, the plan for your life the obituary you would right in your 30s the same you would write today? >> sure. i basically believe in, in the soldier-on system. lots of our -- you, you've got to handle it well by soldiering through. and a few, opportunities will

come. learn how to recognize them when they come and not too much for the counter when the opportunities are available, and those are the simple lessons. >> again, a conversation with charlie munger just two weeks ago at his home in los angeles. we are working to bring you more of that special conversation and airing it tomorrow night on cnbc at 8:00 p.m. primetime. more details to come on that. also an audio version out on squad pod by the weekend. we smoke just two weeks ago before his death. 99 years and 11 months old. would have turned 100 january 1st. stay tuned. "squawk box" will be right back. in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit,

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kicking off later this morning here in new york city. bring in andrew talking about what to expect and when did you starttrying to put this -- this

lineup together? you started, like, tomorrow a year ago? basically. right? 364 days? >> pretty much, joe. pretty much, joe. that seems to be how it goes. we are kicking off what's now the 13th annual dealbook summit, and a lot, a huge lineup, joe, you said it. we did begin a long time ago talking about bringing together what i think is the most cons special people frankly on the planet these days at the intersection of business and policy and our world. jpmorgan chase's jamie dimon kicking thingsing off this horning. talk to kevin mccarthy about his experience in washington and all things politics and nvidia ceo with us. of course, his story remarkable one in the middle of a.i. powering so much of it. by the way, openai basically was brought to the world as a function of his company. talk to him about everything

that happened there. then going to talk to taiwan's president. our first interview with the western press in several years. after thatwarner brothers discovery ceo david zaslav in the midst of streaming challenges, strikes, everything else. this afternoon an interview with vice president kamala harris, she'll be here. disney ceo bob iger joins us. then perhaps maybe the one of the most powerful people who oversees all of these people in their own way, lina khan from the ftc and then, joe, you'll appreciate this. interesting and special interview. pga tour commissioner jay monahan talking about everything going on with liv tour, with this merger, with the geopolitics of it and talk about mental health issues he experienced as well. first time speaking out about that. as we get closer to end of the day going to talk to perhaps the most influential tv creator of our generation.

shonda rhimes and then won-on-one with elon musk back from israel here in new york this afternoon. all of that, and, of course, bring you parts of it throughout the day right here on cnbc. follow along also on nytimes.com and for those folks on x and other streaming platforms, pieces of that, those, some of those interviews available as well. >> my head is spinning with that lineup. like -- the conversations you are going to have today, andrew. >> and if it was -- >> we're hopeful. >> and tim cook or steve jobs, one more thing. trying to think who it could be and came up with elvis, maybe. not sure who else -- i don't know. the pope? there's nobody else. is there? >> we -- we're good for now. good for now, but it's -- we do have a lot to talk about. >> i hope you got note cards.

i know thinking about them. i mean, i can't wait to see elon musk and all of them, obviously. >> joe, give me, is there a question, a question for anybody on this list that you desperately want answered i can put to them? >> i think you've got it covered. i have every faith in you andrew. every faith you've already thought of them all. >> yeah. i might have a couple. i don't know if i want to -- i don't want to say them here. >> share with me? >> i don't want to say. >> why not? why not? >> ah -- with charlie and warren both existed whole life, existed being irreverent. sometimes that's better if a little under the surface and then you use your tact and charm to ask it in a way that it's not quite as inflammatory, maybe. can we do that? >> i'm sure we will talk about the issue of irreverence and

more. getting into all of that, actually. we'll hit it all and bring it to you, as i said earlier, various parts of the day and i'm sure talk and have tape of more of it tomorrow as well for viewers. >> kind of what we do. substantive things about interest rates and the economy and all kinds of things you're going to do, and then there is some water cooler stuff that could explode social media like it's never been exploded -- got to think about all of those things. i'm sure you have. >> yep. >> andrew, we can't wait -- >> yes? >> go ahead. >> thanks. >> no. go ahead. >> the goal with all of these things is, no. some of these folks obviously have news on various issues. the goal of all of this in a way try to understand how people think. all of these people are the most powerful people in the world now. trying to understand why they think what they think, how they think what they think and to get underneath that is really the goal in so many ways. >> world peace would be good, too. might be asking a little --

>> might get ideas. >> be able to actually further humanity a little from that group, andrew. >> we'll be watching later today. can't wait to see what you bring back here tomorrow, too. all day. coverage of andrew's dealbook. this is going to be the people watching today. check in with you a little later. when we come back, though, breaking gdp data. then the reasons why shares of gm are shooting higher this morning. phil lebeau joins us. reader heading to the break, get the best of quk x,"sawbo" listen any time on squadpod. we'll be right back.

coming up, breaking economic data revised. look at third quarter gdp. that's next when "squawk box" comes right back.

welcome back. rick santelli standing by with breaking economic data. rick, take it away. >> yes. we are waiting the gdp. of course, this is our second time around the block. second look at third quarter gdp. still can be changes. the wires are hitting the trade balance first on trade expecting minus 86.5 billion. end up with minus 89.8 billion. minus 89.8 billion. that's the biggest deficit going back to july when it was 90, minus 90 billion. on the gdp looking for 5% upgrade that 5.2. actually a rather healthy

revision. 5.2. still makes it the best quarter going back to the last quarter of 2021. on the consumption side we lose a little bit. 3.6. expecting it to remain at 4%, but as i said, 3.6. now, if you look at the price component there on consumption, or price component it is 3.6. that is 0.1 hotter than the last look. that is significant 3.6, because we want to continue to see, of course, these numbers remain under pressure, and also compared to the last quarter, it was 1.. so 1.7, smallest going back to the second quarter 2020. popped up to 3.5. now you add in an extra 0.1 at 3.6. look at core component of that price index on a quarter over quarter basis, it went in the other direction. it was down 0.1 instead of 2.4,

it's 2.3. 2.3, smallest going back to the last quarter of 2020 when it was 1.8. forgets a couple of things make sure we hit on. looking at wholesale inventories, down 0.2. notable here is, that means that eight out of the ten months of this year have been negative months on wholesale inventories. something to pay attention to especially grog into the holiday season knowing that inventory levels made big adjustments over the years and supply chain issues. retail, expect a nice pop-up. 0.6. wasn't meant to be unchanged but a revision last month also in the wrong direction, from 0.9 to up 0.4. zero on inven ftory lightest number we've had. going back quite aways. have to go back to november of

last year when it was minus 0.2. better growth, synthesize it, split decision on inflation. core may be more important to many observers. that was down 0.1 versus the price up 0.1. interest rates under pressure after that number. and preopening equities remain very healthy. added a few points on dow futures. but to be fair, we had a big down draft on rates not only today and yesterday, this is pushing into an even a bad option yesterday on the seven year couldn't stop march of rates lower. 4.25 today. close at current levels, lowest yield close basically since mid-september. that will be true for 10s, 30s, even 7 year shorter ma cmaturit longer comp.

>> why with a 5.2% print on -- have to turn around quicker than the ten year. >> yeah. you know, joe, on the growth side i have suspicions there, you don't believe the 5 -- the 5.2? >> no. i really don't believe the 5.2 and can't give you exact reasons. just being honest. a bit exaggerated and also i think there's issues, of course, that are post-covid, postsupply chain that have made distortions. pay attention to even though we've made progress on some of the inflationary numbers, many of them are still well above the 2% target, and that is all that really should matter to the federal reserve at this point. >> rick, thank you. joining us with more. steve liesman. what are you thinking? >> thinking if you're going to get revision, upward revision to gdp in a world we're worried about too much growth, this is the way to do it. noted what rick said, told us

that gdp was revised higher but inflation number revised lower meaning that there was more real growth. also tells you more productivity in the economy. just one debate going on among fed official. whether or not a surge of productivity last two quarters, does it remain and something to rely upon for policy. obviously, do more with what we got, less inflationary. one. two, upward revision to savings rate. a good number up to 4%. up a couple tenths. positive development. whether or not, and i think joe was getting at this. slowdown is really the story here. right now it's all anecdotal. cfo council here, hearing mixed results. some companies doing quite well seeing things progress fourth quarter into next yore. others concerned, having a tougher time with the outlook for their businesses. we have barkin coming up from richman fed at 9:55 this

morning. the story a fed official relying more upon anecdote than actual data. joe's question is a good one. how much will we slow is really the question the fed will ask one more thing, the big debate in the markets did waller mean to say what he said when he said, say, logical we would have cuts next year. remember that powell ducked on that question. wouldn't answer it. i asked collins and mester last week about it. they wouldn't answer it. waller went right after it. intentional? sent out there to ease relations? look at probabilities. now 77% probability for cut in my and starting to think about and romance march for a possible cut, of course, what's happened to the two year is pretty important. i think down over 20 basis points over the last couple days. didn't get to look at it right now to see if it's still out there. still is. 4.67. guys, things are moving now and a lot of questions about the

outlook. maybe we'll get answers here at the cfo council. >> steve, thank you. keep watching that, too. joining us now to talk more about the economy is dana peterson. chief economist at the board. yesterday that organization said consumer confidence ticked up in november after three straight months of declines. what do you see? hard to figure out why yields are coming down, why the market's expecting rate cuts when things look good everywhere you look in the economy right now. >> well, yes. we did have a little uptick in the overall mischer, but after many, many months of declines. pretty low compared to what you'd like to see at this point given the fact that consumers continue to spend. what really pushed the measure over the top was expectations. ticked upward. still that measure was below 80. anything below 80 still signals recession at some point over the next 6 to 12 months. >> you saw what the gdp just came in,raised, revised higher last quarter?

>> yeah. the third quarter. we're in the fourth quarter now. certainly third quarter we had one-offs, really big concerts and people spending over the summer going on vacation, but now in the fourth quarter we have student loan debts coming back in terms of repayments. we have the excess savings that consumer had really slowing down. and you also have the fact that credit card use is well above $ trillion in aggregate and consumers are facing higher interest rates on that. certainly when we ask consumers point blank, do you think there's a recession? it's not as high as they were earlier this year, but still roughly 70% of consumers say, yes. we still think there will be a recession at some point over the next 12 months. >> a taylor swift 5.2% number, dana? what did you say? did you say -- beyonce? is that -- which concerts? >> you named the two big ones.

certainly people went out spend a lot of money traveling around. >> no "squawk box" effect on gdp yet at this point, yet, i would like to do that. pretty cool. anyway -- sorry. amazing. >> dana, i mean, sounds a lot what we heard from rick. skeptical the numbers are good as they're showing. you sound the same way? >> look at other things in the gdp report like business investment, it was barely there. businesses that we talked to, ceos of big fortune 500 companies cost is rising and not really hiring. not firing that many people but also not really hiring. away from basically three sectors. government, hospitality and also health care. we know those sectors are having big labor shortages. away from that not much hiring going on. asking ceos what do you think

about recession? they expect recession at some point over the next 12 to 18 months. >> any idea whether that will be a shallow recession or -- one that really makes us sit up and pay attention? >> we've been calling for short recession first half of next year. small negatives on gdp and climb out of it in the second half. what does that characterize? probably negative consumption. further uptick in unemployment rate. roughly 700,000 job losses. >> okay. every job lost is something we feel, but that does not sound as bad as something that would necessarily require them to cut rates quickly. >> absolutely. we do have four rate cuts or something like 100 basis points easing for next year. we don't know if that would be in 25 or 50 basis point increments. look at sep, pupupdated soon.

last one, 50 basis points. probably not start to middle or secretary half next year depending upon the pace of inflation getting back to the 2% target. that by end of next year whereas fed has it in 2025. >> dana, thank you very much. >> absolutely. thank you. general motors out with big financial news moving stock earlier. phil lebeau joins us. >> turn of the day shares the general moat. moving higher, talk about the new 2023 guidance. remember, pulled it during the uaw strike. guidance not dramatically different from the previous guidance. now expecting even adjusted profit for the year of 11.7 to 12.7 billion. previously 12 to 14 billion. earnings per share adjusted expected to come in between 720 and 770 a shire. street's at 745. just narrowing previous range of

715 to 815 and here's the rocket fuel for shares moving higher. a $10 billion accelerated stock repurchase program being announced. $6.8 billion worth of gm shares immediately retire. that's 17% of the flow gone. immediately. that's why the share, moving higher. also announcing a 33% increase in the dividend. look at shares of general motors over the last year. quarterly dividend, starting in 2024, by the way, up to 12 cents a share, where its currently at 9 cents a share. they are estimates the uaw strike impacts $1.1 billion and, guys, as we talk about mary barra coming up on "squawk on the street," right out of the gate talking about the stock repurchase program saying, look. stock is 15% below ipo price back in, what? 2013? whenever it came out.

2010. they are well aware have to move stock higher. a big part why the stock repurchase program being accelerated, announced. lots to discuss with mary barra. cruze, evs, tons of stuff coming up at 9:15. >> seems a lot of stuff to spend money on. other than money back to shareholders. i mean, a donking future with ev transition and everything else. >> yes. 100% right. deferred some spending already. announced instead of spending $1.5 billion next year -- >> isn't it kind of like throwing in the towel seems like? not advertising at the super bowl. i don't know. it's weird. >> i will say the number one thing they've got to work on and they know it. they have got to get the supply chain for battery production up and running. the battery sales too slow. automation not working.

mary barra talked about it during the conference call. we'll talk about it on "squawk on the street." they have to get it going and know it. front and center what they're talking about. investors conference tomorrow. further deal why they believe they can get to single-digit margins on their evs by 2025. >> okay. all right, phil, thank you. look forward to that interview. when we come back, more on the life and legacy of charlie munger and his long-time business partner and investing pioneer in his own right. died yesterday at age 99. that's next when "squawk box" returns. move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background]

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welcome back to "squawk box." over to senior markets commentator mike santoli. mike, 5.2%. what else is going on? gdp i'm talking about? >> exactly. obviously a little stronger than expected. a little more confirmation given price components of the soft landing. belief now. also interesting that the s&p 500 indicated up half percent in pre-market almost gone exactly nowhere six sessions. probably the most painless way to cool off after a three-week 10% sprint. a really steep recovery from the correction we went through three months, bringing us right. basically open july highs maybe just below intraday highs. the situation here in july that set us up for a little bit of a gut check jie?

overbelief, aggressive positioning and overoptimistic sentiment and obviously going into a rough seasonal period and right ahead of a massive yeed surge. not all of that is in place now at the same price as although i think soft landing belief is getting in there. look at u.s. dollar index. has been weak. that's part of the story. gold higher, real yields and bond yields sunk, and as we get past this idea that the fed's going to do anything more except cutting next year. this basically is when the fed first started raising rates in early 2022. kind of almost a round trip supportive of loosening of financial conditions. another element of the market dynamic is a little spicy speculative stock jumped. ever names, video games, virgin galactic. the old ones.

the vsh s ev stock about a go away. under 3 million in management but tracked over two years exactly the innovation more than 5 billion. i want to point out see big percentage moves off lows in speculative names where it's coming from. okay? also that in the summer, but not even -- even now not approaching, a little speculative froth from back few months ago. >> mike, all right. thanks. ten year above 430. so it has moved. 428. >> 428 is crazy. still a big drop from where we were. back up. 432 almost. charlie munger, warren buffett's long time business partner and close friend died yesterday at age 99. he wasable to celebrate his 100th birthday january 1st. i spoke to him with a special program planning to mark that occasion. he was trained in sciences, turns out even charlie munger

had a few things he wished he'd done differently. >> i could have done a lot better if i'd been a little smarter a little quicker. >> what are you talking about? you've had success in everything you've done in life. what would you like to do differently? >> well -- but i have -- i might have had multiple trillions instead of multiple billions. >> do you sit around thinking about this? >> yes, i do think about it. i think about it. yes, i think a lot about what i nearly missed by being just not quite smart enough or hardworking enough. >> what would you have changed? if you could go back -- >> well, i would go back -- knew what was going to happen now, i would be the richest man on earth. >> charlie munger is survived by a large family, dozens of grandchildren and great-grandchildren. we'll have a special cnbc

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a little more than a half

hour to go in the opening bell on wall street. dom chu is here with a look at some of the morning's top premarket movers. >> a couple of the consumer-focused earnings movers starting with dollar tree. the discount retailer down about 2%, 80,000 shares of volume after it reported mixed results. profits did top estimates. revenues fell shy. sales growth at existing store locations for dollar tree and family dollar chains came in below estimates as well. lowered its full-year sales forecast. the company said it did see softening trends throughout the quarter, particularly in october, and then it saw a notable pullback in spending from lower income customers, particularly in higher margin discretionary items so those shares down. we're also tracking shares of foot locker, which are up north right now of just about 12%. nearly 400,000 shares of volume. the athletic footwear retailer, sales declines at existing sales locations were not as bad as

expected. foot locker forecast full-year profits ahead of estimates as well. we'll end on one of the original meme stocks out there. gamestop is up a whopping, at this point, 13-some percent. nothing really notable here, but it comes on over 1.2 million shares of trading volume just premarket. builds on yesterday's 13% gain on much heavier than average volume. the action comes ahead of the earnings report next week and as some online discussion platforms see a pickup of mentions of gamestop stock, so the meme phenomenon may be kicking up a little bit, although it's still down 17% year to date. joe, back to you. >> great, dom. thank you. appreciate it. joining us now to talk markets, emily roland from john hancock asset management. we going to see some positive momentum going into christmas and the santa claus rally, do you think, emily? >> yeah, joe, one of the biggest

gifts that investors just got from santa was just mentioned on your last segment, that the u.s. dollar has been weakening, and what we've seen is that these disinflation readings that we've gotten have been really welcome news for markets. it's caused u.s. treasury yields to fall. it's caused the dollar to weaken, and that just causes this really global liquidity release valve for markets, which is helped risk assets immensely going into the end of the year, so we can continue to see financial conditions loosen here, the dollar weaken. i do think there's some momentum here heading into the rest of the year. >> so, when we get a revision on the prior quarters gdp, we're so far into the next quarter that we have a way of just saying, well, yeah, that was a long time ago, even though it wasn't that long, but 5.2% gdp doesn't look like a friendly number for fed rate cuts or for even stopping on hiking. but you think there's extenuating factors in that?

>> yeah. i mean, we're big believers that friends don't let friends use lagging economic data, and gdp is certainly, you know, a prime example of lagging data. it's well known that the economy was strong heading into q3, and we're still seeing some positive news in q4 here. we look at things like initial claims at 209,000 last week. the labor market is doing phenomenal. consumers are hanging in there. we've seen an upside surprise, a modest one, though, in the business surveys, things like pmi, so the economy continues to crank along here. the challenge, i think, is that investors are really leaning into risk here. we're hearing a lot of the narrative that this early cycle environment is beginning and we've sort of skipped the recession, gone right from late cycle to early cycle, and we want to be really mindful of chasing that narrative here. i was interested to hear in your last segment around meme stocks coming back into the news flow.

we're seeing copper prices up 6% over the past month. the vicks is now sub-13. high-yield bond spreads really contained at under 4%, so it feels like there's been this shift in the narrative that everything is awesome heading into the end of the year. we do want to continue to own risk assets, but we want to be really mindful about the ones that we're embracing. we still like higher quality stocks, and we want to think about also looking at bonds as having the ability to do some heavy lifting in portfolios into next year. >> do you, because of who you work for, do you like bonds more than the average asset allocator, do you think, emily? insurance companies need to know the money's going to be there a lot of times. >> that's right. we are certainly experts in the space, but i'll tell you, as an agnostic market strategist, we frankly haven't liked bonds very much in the last decade. we have had a low-yield, low

environment, low-inflation, low-growth environment, which hasn't supported bonds much at all, and then we saw this massive rerating. we now all the culprits, higher inflation, aggressive fed. we saw the worst returns for bonds in history with the add down negative 13% last year. you talked about equities on your show, and investors get excited when there's a correction in the equity market, and we all get to buy the stock that we love at a cheaper price. nobody thinks about bonds that way. we think there's tremendous opportunity there to lean in, take advantage of the income, 5 to 6% on high-quality bonds. you're also going to see duration, in our view, as a tailwind into next year. we're not saying, don't own stocks. we're just saying that bonds can start to do their job in portfolio. >> that's the perverse thing about bonds. when bonds do well, that's usually -- financial assets do well. you'd rather be in stocks again anyway. but that's what we talked about mostly. it's not bad to talk a little

bit about bonds. all right, we'll be looking for tempered returns, and quality is important, but we appreciate having you on today, emily. thank you. >> thank you. it's just starting. >> i'm tired. >> i'm glad i don't have to do that. i'm not going to send them any questions. >> he's got it covered. andrew will be there all day. >> join us tomorrow. we'll definitely be talking about it. "squawk on the street" is next. ♪ good wednesday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. futures solid as lower yields continue to provide ammo for the bulls. ten-year hits 4.25%. big morning on tap. dealbook summit in new york. richmond fed president barkin at the cnbc cfo council summit and in a few moments,