♪ (animatronic santa) ho, ho, ho! (vo) time to move? make it easy with opendoor. sell your home in any season, for any reason. (animatronic santa) look at me! i am festive! welcome to "power lunch." alongside kelly evans i'm tyler mathisen. we're joined by sir rat seti. we are focusing on your investments being with stocks. higher again. the dow leading once again all three averages higher by nearly 2% for the week getting close to those all-time highs. serrat what do you make of this? 2% gains this week. there was a little bit of a

breather post-election, but back on track. >> what i like most about this is the rotation. if you look the dow is up 0.8 today, the s&p lower nd the nasdaq lower and that's ha we need. the market as we know has been driven by a handful of stocks but if you get the other participants, the non, you know, top seven -- >> financials, health care. wherever it happens. >> industrials. financials have done well leading the way. >> yeah. >> health care sold off with rfk. consumer staples have sold off. so those are areas where we could see opportunity. industrials are doing strong, energy doing strong. i think the broader market doing better is really go od for the overall market, more capital flowing to the market. today nvidia is down 3%. >> wow. >> and the market is still up. >> tells you something, that wasn't the main headline. >> google down 5. >> stop the presses. >> the stock market -- >> do they use presses?

>> we get newspapers every morning. there's still someone out there churning it out. >> i get one every morning. >> if the stock market valuations by the way are a little much these days, there are attractive yield in fixed income and we'll talk to the president of guggenheim treasuries about private credit and corporate credit so strong, and it's actually at the point i'm not sure if you need a bigger stomach for stocks or credit for the valuations. >> i think there's an important part for everybody's portfolio depending on your risk profile, and i think the opportunities in credit are pretty big right now. where do you want to play? in the stock market you don't have to buy just the s&p. you can still be in different parts of the market and the one thing we've learned over the last decade the place to be is more u.s. so really you could diversify into more u.s. stocks, move away from ex-india and then have other opportunities whether it's gold or crypto or credit or -- >> indeed. we want to get into gold and bitcoin in just a moment, but

you mentioned europe and that's where today some of the data that is coming out of europe, under performance we're receiving there, it's been negative for european equities. we have contraction for all of these business sentiment indices. i mean a lot of people have been trying to look for value for a long time, but at some point do you throw in the towel? >> you have to look at fundamentally the european structure versus the structure here. and when the stakes are different the stakes are more of the people that work for the company. the stakes holderholders are equitiers on. as they become more profitable it goes back to the stakeholder. >> it's a minor matter of russia lobbying intermediate ballistic missiles into ukraine which would destabilize a lot of people in europe. >> slicing undersea cables,

sending the price of energy soaring. >> so you take a combination of that and where can i allocate capital? for similar companies look at bp and royal dutch and chevron and exxon, the multiples of chevron and exxon are twice what they are for bp. the market is telling you something there and today you can allocate capital anywhere, so i think they've been kind of sold off. i think the european markets is up 3%. we're up 25. >> that's this year. three, five, ten, look at 401(k)s where you want to be and in emerging markets do you want to be in china? where does the capital flow? it flows here >> yep. >> and if you look at where we're going in terms of the economy, the economy drives the stock market and our economy is pretty strong right now. >> 2.5%. >> flows going into -- we'll talk about it. >> we're watching bitcoin continue its slow and steady march toward 100,000. we've also got our eyes on gold. rising once again and having its best week of the year. the ceo of barrick is going to

join us before the program began we were talking about bitcoin and gold, proxies for one another, compete with one another? is it a zero sum game if bitcoin is winning. both moving higher now >> gold took a little break when we had the new president elected. >> it's continued in the rally and i think gold, bitcoin, what crypto is going to be in everybody's portfolio but gold as we need a hedge for more volatility and i think you're seeing more capital go into gold and as the dollar gets stronger, commodities do well, so you got a lot of tailwinds in that too. >> i think it's a good sign gold is rebounding if you want to believe in the sustainability of the bitcoin move. something to me more cosmic going on when it's driving it. when we had the pull back in gold, maybe because this sort of real value of the dollar is appreciating and that means that bitcoin is going to go through a

correction phase as well. gold gets another bid. this is happening even as europe is about to go under parody to the u.s. dollar. gold and bitcoin doing as well as they are what does that tell you? >> we're risk on and people want to be invested and want to be allocated and these are two areas for people who never invested in there before, the crypto exposure because you have an administration favorable for it like the ai trade in the sense that we're going to find a use for it. as soon as we find a use for it, do you want to be invested when the use comes or invested before we find out? at least if you put a small part of your portfolio in there you get the exposure. don't put 80% of your portfolio in seven stocks, don't put a huge amount crypto or gold but if you have the risk profile and you are long term investor you

could get exposure through there. there are many ways glue let's bring in nancy, ceo of laughfert tangler investments good to have you with us. i don't know how much of the preceding conversation you've been able to hear. equities have had a good week and serrat points out one of the good arts the market seems to be broadening out. >> yeah. agree 100%. and i think we started seeing that in the summer really when we got the tech swoon and tech stocks sold off and even a little bit before that you started to see the broadening out into industrials and the consumer discretionary names but then after the election we saw financials, and i didn't hear so if i'm repeating what serrat said i apologize we're happy with earnings season and we saw not only that the estimates beat, they always do, right, two-thirds of the time, but doubled estimates from wall street and saw margins

expanding. i think this is a pretty sweet spot for equities for the next couple years. >> and a sweet spot for the u.s., right? >> absolutely. yep. we're underweight global equities pretty significantly and did that a number of years ago. but, yeah, if we get any of the impact like we saw from the tax cut jobs act, if the president the new administration's able to go in and cut corporate tax rates further, we'll see continued improvement in margins, continued improvement in earnings growth, and the government will benefit because corporate receipts doubled from $200 billion to $400 billion under the tcja. i think that could be pretty compelling as an equity investor to hang in there. >> do you believe that was because the corporate tax rate came down and spurred growth or because it was repatriation of profits and it was a one-time kind of hit, benefit? >> i think it was both, tyler.

i mean certainly there was repatriation and we started to see reshoring and onshoring. i think, i mean it's hard to know, but that has sustained at $400 billion through last year. i think the one time effect would have been in the earlier years, and we're continuing to see growth in corporate tax receipts. you know, that is good for everybody and if we continue to see productivity improve that's what we've been hanging our hat on as you know, this will be one of those economies like in the '90s where you can coexist with higher rates and higher than target inflation if you get the productivity driven growth that we think we're going to continue to get. >> one thing that steve said in passing, he thinks next year could be the year of software and owns salesforce because of that and a lot of people have walked away from the segment entirely thinking that ai is going to kind of put it out of business. i don't know if you have a position on that or if there's stocks that you think are interesting and worth having in

the portfolio? >> yeah. no definitely. we -- in our 12 best ideas portfolio we own servicenow, we own adobe which has not been the best idea lately, and we also own, you know, amazon and microsoft and that's really it on the software side. so we are big believers. microsoft has taken a big, long pause and so we would expect to see acceleration in stock performance in that stock next year. i'm 100% there. we've already seen it. servicenow has been a workhorse in our portfolio. it just continues to outperform because of the ceo continues to outperform. so i do think you want to own those names directing traffic and really driving the cloud computing portion of generative ai. >> nancy, glad you could join us by phone. sorry we couldn't see you in person. nancely tengler. >> thank you. >> i love a contrarian take on

big themes of the day. not all that glitters is gold with gold up 30% this year nothing compared with bitcoin's 130% gain. we're going to dive more into their performance after a break. (♪♪) (♪♪) (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here. state street. invest in your future with spy, the world's most traded etf. (♪♪) the world's most traded etf. ♪

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welcome back to "power lunch." stocks are higher today and so is dot, dot, dot, bitcoin. right now just shy by about $400 of 100,000. it is up more than 40%, 40%, since the election. that was november 5th. >> yeah. two weeks and two days ago i think. while bitcoin continues to soar, gold is rallying as well. the precious metal has jumped 5% now over the past week for its best week in over a year. there's strong demand in the face of further escalation and the russia-ukraine war, dovish remarks from federal reserve officials driving it. barrick holding its investor day

today and here at a first on cnbc interview, the president and ceo. welcome. >> thank you. >> can you tell us what's driving the gold buying lately? what did you think about the post-election slump? >> i think what we've seen is that gold is always a measure of risk, of global risk of course and i think we saw a little correction with the elections, but i think what gold is measuring is much more fundamental and on a global basis concern about risk move to hot assets. i think bitcoin is a completely different commodity. >> did you ever look at owning bitcoin? ever think about getting into the crypto game? >> i'm a gold miner. i don't own bitcoins. >> just real quickly when you said it's a proxy for risk does that mean when the price of gold rises the risks around the globe are rising as well? >> yes. i think the big gazillion dollar

question now is you've got a high stock market and high gold price and what is it telling you? i think when you look at the world today, it's not a cohesive family and we're going to see, you know, more challenges and certainly some of the concerns about the u.s. and elections as is it going to create more issues and in the fragmented world we live in today or play a unifying role? that's the big challenge and i think everyone's worried about that, and i think the other things driving gold really is the big -- when you look at budget deficits across the world. china not in a good place economically. lots of things to worry about

and gold does well in those circumstances. >> do you also think that as the dollar gets stronger you've got more money coming out of the other currencies that are moving to gold as more of a hedge? we've always talked about gold being the safe part in your portfolio and diversifying like you said from risk. and then the other question do you feel gold is competing with crypto. in the past it was you want other assets in your portfolio. do you think it's complimentary or say for some people i can have either/or? >> as you've seen crypto goes up and down and as it's. all over the place and certainly it's responded to the elections. i don't think it has the same fundamentals as gold. when you look at the global monetary system, the debt, big investors around the globe, you know, liquidate their investments and move it into

gold, we've seen the emerging market central banks look to lighten up on the exposure to the u.s. dollar and bar gold. it's been a good trade and i think we're going to see more and more of that. i think the important thing is, you know, the u.s. dollar is still the world's go to currency. everyone would like to have an alternate and right now it appears that gold is that alternate. >> let me come back to what serrat asked you about and pose it in a slightly different way. i understand that people would buy gold for a different reason than they would buy a crypto currency but is there a way in which crypto currencies and gold are competing for the same sort of pool of capital or people with the same sorts of sensibilities ability about

where to put their money. >> the sparks post-elections and gold attracts the more cautious money and it's a longer and it's really outperformed over -- if you look over time back to 1972, it's outperformed most asset classes and as you know crypto is a recent entry into the market. >> so you say crypto is a trading vehicle, you see crypto as a trading vehicle. without that element of value which gold has certainly had forever. >> yes. and i think that's correct. you know, crypto you got to -- you know it's used for many different things. it's a currency. it's not -- it doesn't have the same classification as gold. >> yeah. and it certainly -- it's the ultimate currency not backed by anything it would seem to me.

i guess. mark bristow -- backed by anything except fingers crossed. thank you so much for your time today. we appreciate it. >> pleasure. up next, living in the shadow of speculation. nvidia dominating the tech and chip space right now, but our next guest says there are overlooked names ut there worth paying attention to. we will discuss in the market navigator. next. you founded your kayak company because you love the ocean. not spreadsheets... you need to hire.

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[ screeching ] [ chuckling ] [ vocalizing ]

that's a choice. [ vocalizing ] think of what we could do together. we've been talking this week about nvidia, what week do we not talk about nvidia, but another tech company that reported earnings the same day, our next guest thinks traders may not be looking hard enough at palo alto networks. the stock up 40% in the past year. jay woods chief global strategist at freedom capital markets. why is palo alto overlooked? i mean this is a sector that is, boy, if i had to bet on one sector, this might be it. it would be right up there >> i happen to agree with you. you're not nvidia, the biggest stock known to mankind so it's

going to get lost in the shuffle and it's been an interesting ride since the earnings came out. they beat on eps and revenue but what people are focused on is that year over year billing cycle. it came in light, 13% down year over year but they restructured how they're doing things and they're going to a more annualized approach. their free cash flow may be slowing down over the near term but this is a long-term story and i believe in it. they did catch a downgrade today and this gives us an opportunity to really dig in and buy the stock. >> the stock is going to split as well. what's your trade or play here beyond going long the stock? >> yeah. i love the fundamental story, i love the sector. this is best in class. i think from a risk-reward setup this is beautifully. watch the 50-day moving average. it should hold this 375 but it could fill that gap, get to 365, i would buy here and on that dip, and then the stock a couple

percent the 50-day moving average. the upside this is what i love. the risk a small decline. the reward, this stock has grown 26% year over year, return wise, for the last ten years. it's up 28% year-to-date now. i think 450 target is easy over the next six to nine months once we get through this chop and that's a 20% gain below average. i love the setup here and a good opportunity for someone to jump into the name. >> any thoughts? >> question for you, one knick don't -- thing don't have the same day earnings as nvidia. if you look at its competitors, crowdstrike, are they getting more business or do you think the space is so big you can have multiple competitors there? >> i will answer first. crowdstrike reports next week. watch their subscriber growth. they lost 2% of the subscribers after the glitch with delta and microsoft last quarter and see

if they can hold on to that user base. palo alto could be a benefactor of that. if you see the numbers decline maybe that's a good thing for palo alto. then cyber security it's a need that continues to grow. we see that. the -- they're saying gart ner expects $215 billion poured into cyber security, information data and places like the new york stock exchange behind me their number one concern. this is a story that has legs and if you look at the etfs, i'm a technician, we saw breakouts in the hack and cyber etfs. i believe there's a tailwind as we head into the next year not only in palo alto but in the cyber stocks altogether. >> we will leave it there. jay woods thank you very much. have a great weekend, sir. >> you too. >> all right. , kelly, back to you. >> thank you. whether looking to take advantage of rising yields or hedge the run up in stocks fixed income could be a bet. what are people buying. >> we'll get you the answer when "power lunch" returns.

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welcome back "power lunch." i'm pippa stevens. texas education voted 8-7 to allow bible infused teaching materials in elementary schools. it's optional for schools to adopt the blue bonnet curriculum but they will receive additional funding if they do so. the material faced criticism from parents and educators who say they alienate students from other backgrounds. supporters say the bible is a core feature of american history. a irish jury awarded a woman they found was sexually assaulted by mma fighter conor mcgregor. she claimed he brutally raped and battered her in a dublin penthouse. mcgregor testified he never forced her to do anything against her will. the cdc confirmed the first case of h5n1 bird flu infection in a child. california health officials reported the then suspected case

earlier this week. the cdc said there is no evidence yet of human to human transmission of the virus but the agency will continue contact tracing. back to you. >> thank you very much. pippa stevens. quick check on the market bitcoin everyone is watching to see if it will hit 100 k, a new fresh high in the past 15 minutes or so. the dow and s&p and nasdaq are all higher. the dow by the most while the nasdaq up 9 points or so. for bond markets they've been quieter this week. the 10-year around 4.4%. to rick santelli in chicago. the dollar is a bigger story. i don't want you to digress. >> the that are dollar is a big two-year high on pace to close. the 2s versus the 10 spread, there's a week to date chart you can see how it's gone from an intraday high of 17 basis points wide to where it's hovering right now around 4 basis points. why is that important? well look at a two-year chart.

two year are guns hot. right now if they were to close they would be at the highest level since the end of july. the longer dated treasuries you allowed to, two-year note yields up four on the week, 10-year note yields down four on the week and hovering near the highest yield close since early july but this is the ninth session in a row where the low 4.40s in the trading range. yields aren't going down in a 10-year, they're just not going up. that dynamic is really all about the fed. the fed most likely is going to ease less and investors are sending that message through the markets and today is a perfect example. s&p, global pmis. they were all sequentially higher but maybe the most important issue is how strong the services and composite were. now if we look at what's going on in europe a different story. you look at german gdp on a year

over year adjusted basis, lots of negative months in a row and negative quarters and that caused bund yields to drop dramatically. 10-year u.s. minus bunds you could see it is almost near the highest widest spreads since the fourth quarter of 2019. what does that mean? that means that our borrowing costs are higher and most likely we're going to be competing with other countries and other economies to fund many of the debt and deficits we're going to continue to run no matter how the next administration tries to deal with it. kelly, back to you. >> rick, thank you. that's fascinating. did not realize how flat the yield curve was right now. rick santelli in chicago. talk more about where the best opportunities in fixed income are right now let's bring in dina, president of guggenheim investments and managing partner of guggenheim partners, has over $335 billion in assets primarily in fixed income. serrat is still with us.

credit has been strong pretty much across the board. make you can talk about where people find the most attractive segments of the market. spreads have come in a lot. where might the best opportunities for performance be? >> you're right. private credit markets have been in the news often and a lot, but for us it's not all the new. we've been managing private credit assets over 20 years. and, you know, where we focus mostly is where we find relative value outside benchmarks. >> sure. >> as it relates to the private credit markets we see four areas that we focus on. one private debt, two, infrastructure, real estate, as well as structured credit. >> private credit is one part. you can broaden this out to the fixed income landscape. we've seen high yield the spreads are low. investment grade some of the lowest on record. that whole complex. it seems like there's a demand,

maybe because yields are still relatively high. >> we find real opportunity in the smaller sectors like securitized credit and the private markets where there's relatively, you know, elevated spreads and really in the -- going back to the structured credit there is real opportunity there and it's an asset class that we believe people, you know, it's been around for decades, but it's somewhat still mistifies investors because it's complex, but we find it has a lot of attractive qualities where you can find opportunity. >> help me among the mystified. if i'm tempted to get into these markets what's the best way for an individual investor of some aruns into affluence and sophistication to get in. >> the best way is to higher a manager like guggenheim who has a deep rooted team. >> do you like that ball anywhere else about there?

>> that was a big pitch. >> thanks especially on a friday. seriously, though, it does take institutional know how and we've been practicing that for 20 years. and i do think that it requires, you know -- it is a complex asset class but it does deliver three primary qualities that we always tell our clients are important to consider. one, it allows, you know -- it gives investors protection for diversification, so it, obviously, gives them access to a differentiated set of assets. it also gives them a higher risk adjusted rate of return relative to similar credits in other alternative fixed income alternatives. three, it's uncorrelated to traditional fixed income asset classes so we found that including those in the allocation finds those opportunities.

>> so when you look at your demand, where is it mainly coming from? is it institutional and retail? has that grown over the last few years? >> so that's a great question. and we definitely see an increase in retail demand for a variety of different products. it's generally in two places. one, it's definitely the private credit markets and, you know, products that will allow them to have a certain amount of liquidity so that they can meet their objectives. it's important for retail investors to understand the private credit products, one, because they're not as liquid as some of the public market products and over time they want to be able to rebalance their portfolio since those types of products don't price as regularly as public markets. the second area we get -- so, therefore, we offer products in integral funds to get access to the private credit markets. the other area we see retail clients looking for flexibility and customization is in retail

asset. our traditional fixed income products now the advisors want to have those not just in the packed products like mutual funds or etfs but want that customization for the retail clients, particularly in core plus, limited duration and municipals. >> how much do you need to pay to play in this game? >> so -- >> what -- the typical customer who comes in how much are they putting to work here? >> for the right allocation for each strategy it's probably $250,000, right. >> that's lower than i would have guessed. >> yes. and -- >> more accessible. we have a way that we achieve diversification within those retail smas through completion funds which is sort of a marketable -- it's a nonmarketable mutual fund within the sma that achieves the right diversification. in the integral funds you can go lower ticket sizes around

$50,000 and in the private bdcs around the same amount. >> as we move into a new administration and regulation now is being removed, how does this help you guys in terms of getting to the end customer and where does that work? >> first of all with the new administration, we've identified that there's probably going to be an increase -- policies focused on increased infrastructure investing in hard assets, right. we are advising our clients pay attention to investments in infrastructure and real estate. we also think that identifying investments where you really can find the return outside of the traditional indices is also really important and so going forward, appropriate credit selection is going to be more important than it was in the recent past because the new policy changes are most likely going to create some volatility

and, therefore, we want to be able to manage the risk and maximize the return so having that diversification within a fixed income portfolio through really actively managed strategies is going to be key going forward. >> thanks for being with us. >> pleasure. >> thank you so much. >> one last thing, tomorrow is a very important game. >> yep it is. >> yes. >> it's lee high -- >> i thought you were go indiana and ohio state. >> do you have an important game if. >> no. go lehigh and indiana. >> yesterday we talked duct piece, it's easy to laugh about it, there's an anger when it makes it difficult for families to afford groceries and regular bananas. we'll talk about that and more with when "power lunch" returns.

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welcome back. time for a power check on the positive side we can't shape super micro up 13% continuing its streak of wild swings on the negative side, you got intuit, a weak forecast hitting that name and that is your power check. still to come, college yads -- yads mission season is upon us. the industry has shaken up a student loan, yads missions down and the decline in the appeal of the ivy leagues. that and more when we come back.

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welcome back to "power lunch." college admissions season is here again and for many, having financial ability to pay for school is the most important factor. the university of texas system just approved a plan to provide tuition free education at all nine campuses for students from families earning less than $100,000 beginning next fall. this comes as millions of

student loan borrowers face an uncertain future as a new administration makes its way to the white house. an expert in the field of admissions and application nation, sara harboreson with us. >> thank you so much. >> how is this application season stacking up versus other applications down, down to the ivy? what's happened? >> at least at yale the results for the early round for them that single choice early action down 14% in applications. we want to keep in mind that this was a change, this year, they changed their standardized testing policy. >> back to requiring it. >> they were test optional about five years during the pandemic and now they are requiring testing once again. and so is brown, dartmouth, harvard, ut austin, cal tech, so we're seeing -- >> do we know whether those institutions have seen applications decline the same way yale has or no? >> yale is really the only

school we have early results. >> that has told us. >> from a student newspaper. they are good journalists. >> yale daily news are good. >> but i would suspect if a college, you know, went from are test optional to testing required again, we have to anticipate that they're going to see application drops. that is to be expected. a college has a test optional policy they see a surge in application, they tend to see higher average schools for their admitted students and a better cross section of the student -- the students that they want on their campuses. so test optional policies definitely help colleges. the only issue is especially the ivy and ivy type institutions haven't really adopted test optional in the way that was created. they are clearly giving advantages to students reporting high test scores in the admission process. >> have you seen a difference in how students are applying to college now, especially through

covid, with the cost of education for some of the schools over 80,000? are they identifying more trade schools or schools with outcomes? any of that happening right now? >> the four-year degree is still valuable for families across the country. the ivies are expensive and they have great need based financial aid but middle and upper middle income families that don't want to pay that price, so a lot of students are very attracted to the southern universities. and their price tags are usually a fraction. >> some of those schools are charging roughly what the ivy do. university of miami is one of them. usc in california is another one of them. >> but the public -- >> vandy. >> public universities in the south are a great deal. great honors programs as well. they're a pipeline for those big international academic scholar shps like the rhodes scholarship. at least one, sometimes multiple

students coming from the larger public southern universities getting chosen for the rhodes. these are schools we got to really be aware of. they are kind of the new elite and they are very popular amongst students not just instate and southern students but all over the country. >> i live in new jersey and it's filled with southern schools where everyone is excited to go to school. the question around the ivy around how their culture is creating backlash. i'm glad you mentioned the issue of test which might factor in and we'll wait to hear from others. can you tell from your students that you talk to and the parents if the preference is away from the ivy or is that a short lived type of thing? >> i think the ivy will always be highly desirable for students

coming from college educated back grounds. but these southern universities are the ones to watch. before 2019, before the pandemic hit, the southern universities were doing great, but in five years, we've seen application totals double, triple, quadruple give you an example, auburn has seen a 17 2% increase in applications since 2019. that also affects the acceptance rate and so for a student who thinks it's easier to get into southern universities they are sometimes surprised because it has gotten so selective. >> very interesting. of course there are a lot of public ivy and near ivy including usc, boston college and others that are increasingly popular. we'll have you back soon. >> thank you so much. and remember you can always hear us on our podcast, find and listen to "power lunch" on any platform wherever you go and we'll get some final thoughts from serrat next.

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welcome back, everybody to "power lunch." yesterday's show we talked about the man who bought for $6 million a piece of art, the art being a banana duct taped to a flat surface, a wall. banana not included. i joked this was the sign of the coming apoc his but on my way home i began to think about the investment. we should mention the buyer justin sun is being sued by the sec for fraud related to crypto trading but setting that aside, sun or anyone else with money if legally obtained can spend it however the hell they want. and a buyer of art can decide what to them is art. to me, art is art in part because it is enduring, lasting, eternal. not perishable like a banana. it's fair to ask what's the difference between a banana for

$6 million and monet's water lillys for $65 million. monet has stood the test of time, the banana won't stand the test for a week. having money, how you use it on a banana or on a $200 million yacht says a lot about who you are. the $6 million could have done good. instead, justin sun in pursuit of art or publicity or both went bananas. that's an egregious almost tragic waste. what do you say? >> i think people have options and looks like that was a decision he made and could have been used for a lot of better purposes too. >> it's a question of right and wrong or right and not right to me. >> we're also in a world of social media and people like to get attention to do things that bring them attention and that's the 15 minutes of fame that he's probably going to have. >> 15 minutes of fame and buy a

lot of bananas. >> you to give him a couple minutes of fame. >> a little fame. >> you know how i feel about it. very much -- >> do tell. >> you know, i would be more excited if there were some really great art that we could all be excited about and doing well and robert tried to bring some of those examples from the auction, but when everything devolves into stuntry if i can coin the term i find it less reassuring. >> i don't mean to be a scold but applaud people who make a lot of money and show enterprise and presumably this individual did notwithstanding sec charges against them. >> houses used to get tp'ed, you might get duct tape the. >> we have a broken lid on our washing machine in the basement, and i'm able to duct tape that lid down. that's an effective use. >> if joan doesn't stick a banana under the duct tape. >> from that to a next topic of

checking bitcoin about to hit $100,000. we haven't done so yet. we've been getting so close over the past hour or so. we're just under 99,500, roughly where we've been churning all day long. >> final thoughts. >> i think final thoughts are right now it's risk on and the market is doing well, money flowing in. people are pretty optimistic about the economy. you've seen the pmi numbers, the employment numbers. the question is how sustainable are earnings going to be? earnings are going to drive this market. so -- but the other part is, you can expect volatility. we have not had a 10% since august. >> august. >> as a long-term investor you can probably say it's coming. can't time it. it will be there. >> lehigh, tomorrow. >> tomorrow. >> are you going? >>. >> i am not but i will be watching. >> lee high-lafayette. big game. >> one of the oldest rivalries.

>> we have a good team. we're hoping. >> that's good. >> >> positive results. >> my son all eyes on indiana. go iu. thanks for watching "power lunch." >> serrat, thanks for being here today. "closing bell" starts right now. welcome to "closing bell." i'm mike santoli in for scott wapner. this make or break hour begins. here's the scour card with 60 minutes to go. the benchmark s&p 500 modestly positive up there a little more than a quarter of 1% on the day, though, that is restrained by some more sluggishness in some of the megacap growth stocks out there. nvidia the biggest drag on the index. falling let's see about 3% on the day. it is down below the closing price from before the company reported strong results and raised guidance on wednesday. the dow industrials are out performing. they are up about