efficient, and that is what this whole objective is it's what the doge effort will be out and you're going to see a bicameral cooperation, and it will be, by the way, bipartisan over the last 24/48 hours, you've seen a number of our democratic colleagues in said, me up. i want to be a part of this. we welcome that. it should be a bipartisan effort i think we will do great things for the country. one or two questions >> without cutting medicare and medicaid will this meeting be an opportunity to set a more realistic number do you support clawing back federal funds that the biden administration is pushing out in its final days, including to a competitor of tesla?

>> let me answer in reverse order. we are frustrated by what the biden administration appears to be doing, shoveling money -- as someone said on a hidden camera on a clip i saw, someone in the administration who is charged with distributing the funds said, it's like we are dumping gold bars off the titanic at the end. we take over in january. until then, big government democrats are in charge. they are spending money, in our view, recklessly yes, we have had a lot of discussions over the last couple of days about what our authority would be to claw some of that back and to stop it. it's a serious challenge we need to stop it and etch pose what's happening that's what this effort will be about going forward. there's an enormous amount of waste, fraud and abuse in the government everyone knows that intuitively. the efforts with our subcommittees and with the doge effort is to lay it bare for the

american people to see that's how we will bring about the change we need >> some labor unions are fighting back, they have signed contracts to try to get this -- that they can work from home, things like that your reaction? >> there was a report that came out today. someone did a survey of how many federal employees are working in the office by one estimate, it may be 1% if you don't count security personnel covering these buildings. that's absurd. it's not something the american people will stand for. one of the first things that i think you will see is a demand from the new administration and us in congress that federal workers get back to the work they're supposed to be doing that's common sense. the overriding theme here is a return to common sense and a return to accountability and owe efficiency in government more to tell you in the days ahead. thanks for being here.

>> all right, everybody. welcome to "power lunch. that was speaker johnson wrapping up the prelude to a day-long series of meetings with elon musk and vivek ramaswami and both sides of the senate and house on cost-cutting for government this is "power lunch." some comments from chair powell yesterday being seen as giving bitcoin some legitimacy, at least he didn't trash it. >> that's hilarious. i think it was the sec if the fed chair ends up being

the reason we went over the edge, that would be ironic we are expecting to hear from president macron this hour yesterday, there was a no confidence vote on the government france is far from the only country in turmoil europe is facing problems with germany's problems bessent said he thinks le pen will take power. >> it certainly looks like so much of europe is leaning right as so many parts of the world are. i believe it was romania overnight where a right-leaning party took sort of charge of the elections there. there are currency issues affecting china as well. right now, king dollar is king >> for better or worse. >> we have great reporting coming up. thousands of millionaires don't file tax returns

they don't file. it's only a misdemeanor. many gamble they won't get caught they dispense with it. >> i could never do this i understand that people want to say, okay, you have to come and get me most of the time they do a surprising number of times >> it's hard to believe. if you are receiving a w-2 at the end of the year, that is being filed with the irs as well it seems strange they wouldn't catch up with you somewhere. >> a lot of this is about self-employment, various business structures that are being used stocks are taking a breather after hitting record highs yesterday. dow negative right now still up more than 6% over the past month valuations starting to be a bit of a concern where else could you consider putting your money right now joining us is keith fitzgerald welcome. good to see you. stocks seem -- u.s. stock

particularly seem to be the prime place to put money that's where the mutual fund money is going lots of money going into equities even though valuations are high. >> well, you know, it's funny we were having a discussion in the office about that. depending on your perspective, it's the best looking horse in the glue factory or a sign of better things to come. i'm in the latter camp innovation has never failed in the history of time to put more money on the table right now, the key is identifying great companies using the right tactics to get into them rather than fear of risk you can't control >> what are some of the great companies that you are seeing right now? i happen to know some of the names. why do you zero in on them what is it that makes them stand out? >> that's an interesting question it's all about perspective one of the things we look for is, do they have a great ceo who has a history of executing

amd or apple or tesla, those are strong visionary ceos. do they make must-have products? if they are nice to have, i don't want to be near them if they are something that will carry the world forward, i'm very interested. finally, we want to look for companies that have really got strong metrics what do the customers say? are they running to them or away from them? if you get all three right, it's hard to go right >> i hear you on strong ceos i wonder -- elon musk has a lot on his plate can he really run tesla? >> yeah, i think the answer is yes. and here is why i say that i have had the good fortune to meet lots of controversial visionary people that's the charge levelled against them these are the kind of folks who have got minds that never stop

they are playing chess while the rest of the world is playing i tiddliwinks. he is not only going to be able to do it, he will catch people by surprise. >> is that jax >> you would flip these things around in the age of dinosaurs. >> i will look that up we have talked about invidia, tesla. what are the highest holdings going into 2025? >> you have named some here is why. i don't believe you get off a winning horse in the middle of the race you have to manage risk, use the right packaging. we are continuing to focus there. i'm looking at next order derivatives. into defense energy, for example, chevron is big. we are still going to need dinosaur juice for a long time to come.

>> let's talk about bitcoin. what advice would you give to an individual investor who looks at 100,000 and says, this has gone up -- i don't know what the percentage is. but at any rate, it's been going up a lot this is exactly the time that individual investors are pulled in what advice would you give them? >> fomo is not and investment strategy if you go in because you believe it will go higher. if you go in because you feel like you are missing out, that's the wrong thing to do. this is the wrong time to be buying i think you have to make up your mind how you want to approach it i don't like it because i don't like the way it functions. i do believe we're going to digital currency i'm hunting for investments around bitcoin what's how about digital clearing that's a real investment bitcoin, love everybody who is on board but not for me.

>> i will ask about -- on way out, apple has not been a momentum stock this year we can check its performance why do you think this could be a sleeper star going forward >> i'm reminded of two instances in apple's history the markets line up almost page for page they introduced the iphone and nobody thought it was a big deal i'm reminded when they introduced services in 2014. they thought it would take the focus off the iphone. software system, ai, these things are early innings the fact that nobody is paying attention to apple again in a time when it is making big changes, to me it's an investing opportunity, not a threat. >> i love how it's up 26% this year it hasn't done that well >> i mean, it's -- it messes with your head >> it does >> it's not up 150%. it's terrible. >> i know.

i think 26%, roll that over -- >> all the way to the bank >> all day >> we joke that 26% was a good week >> keith, thanks so much >> perfect transition. bitcoin crossed the 100,000, almost 104,000 this came just hours after andrew ross sorkin asked powell about bitcoin. >> people use bitcoin as a speculative asset. it's like gold it's just like gold only it's virtual, it's digital. people are not using it as a form of payment or a store of value. it's highly volatile it's not a competitor for the dollar it's a competitor for gold that's how i think of it >> president-elect trump announces plans to nominate paul atkins as the next sec chair it's friendly for the crypto market that might have helped propel

this it's good to see you i have seen the charts going around there was a wall of selling we were going to hit around this level. we seem to have plowed through it >> there's always a wall of setting in the crypto markets. $100,000 is a price that should not be celebrated. it was implied in the bull market it's not a massive move in a daily price movement standpoint. it's more symbolic $100,000, we celebrated in miami. there's a lot of crypto communities down here. i was having dinner when bitcoin crossed $100,000 it's symbolic. the war is over. the war between u.s.ing are re and the crypto community is done you have peace negotiations and treaties we are working on those. we have laid groundwork. i think crypto is a top of the

stack priority for the incoming administration it certainly is a priority it's very -- it feels incredibly good to be at $100,000 before 2025 i think on my way out from goldman -- i messaged lloyd saying i think we would get there by 2025. we are here. >> we will bring him on for comment. i don't think he was -- was he a crypto fan >> you know what i would say, lloyd was open to anything where he could manage the risk of the position bitcoin at this point probably would have played into that. >> how important is president trump's seeming support for bitcoin obviously in this most recent move, but heading into the future >> i mean, the way that i think about the crypto markets and price movement relative to what's happened in the last six weeks, the opportunity said, it may have grown somewhat.

we have always been bullish in stable coins, decentralized finance, financialing certain assets the opportunity set expansion isn't as important as the risk reduction. we have seen a material derisking from the big joe rogan podcast where they discussed de-banking 2.0 that happened to the market that was one part of us overcoming what was a strangle hold on our market we have never -- in my eight years of being in this industry full-time, we have never had an oppressive regulatory regime in the u.s. we were risking brain drain. this will hopefully bring that back >> let's say i'm an investor and i'm a little bit skittish about going into bitcoin itself or i don't have $100,000 to buy a

bitcoin. you can buy fractional pieces. what are other ways to play this trend that you think are worth looking at companies, the exchanges, et cetera >> you are every family member and colleague and friend that texts me let's assume that for this example. the other thing that i think people don't -- till don't really understand is, you don't need $100,000 to buy bitcoin bitcoin is the most stable of all digital assets currently when people say, i want to put x dollars to work in crypto, what should i do? stagger that over a period of time invest along the cycle this is a western euphoric -- the east hasn't participated the metrics that show the euphoria, we are not seeing that in the east. this is a western bid.

break it down to, stable assets down to a long tale of more risky assets everyone says bitcoin. i think you basically go in, here is my target allocation you know what? i'm going to go into some of the crazy communities. then also, i think the other part is, i think this will engage and encourage people go -- to take $10, $25, play a game all of a sudden, people that traded mean coins on base were air dropped a valuable asset just for participating on chain. i think it's scary it's very scary. i still hand hold -- i gave my parents a ledger

the way to get exposure, you have etf, coin base, the bitcoin miners that's an important piece don't talk about that was under siege the previous administration was trying to have tax regimes on the miners the incoming president used it as a national security effort. if we're going to be having a bitcoin treasury reserve, we need to ensure that the transmission of that bitcoin is secure and done when possible on u.s. soil. there's different ways to crack at it. i would say over the holidays when you have free time with your kids, with friends, experiment, have fun with it, play it on chain game, buy mean coins. just toy around. getting off zero is the most important part. >> michael, thank you very much.

have a good holiday. >> thank you physical currency facing volatility the french government in disarray, uncertainty in germany, weak growth across area we will dive into the currency space next do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought

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welcome back we have news out of france president macron speaking fter yesterday's no confidence vote >> president macron addressing citizens after a stunning no confidence vote yesterday that ousted his government and prime minister he says he will stay on as president for his full term. that would be until 2027 macron adds naming a prime minister is a priority someone who he says can pass the budget via a special law a growing budget crisis put

pressure on french leaders to resolve the situation quickly. we look at french stocks moving higher >> thank you very much in addition to that news out of france, there's uncertainty throughout the world germany facing uncertainty after its finance minister was fired last month economic pressures continue to weigh on china is the dollar still the best bet with all the issues taking place around the globe the managing director of fx strategy at bk asset management is here. is king dollar likely to stay king >> i think that there's many signs to believe the u.s. dollar, which has had a very, very nice run, is rising for reasons that are very appealing compared to a lot of other countries around the world for the most part, it has to do with the underlying strength and out performance of the u.s. economy. we have seen back-to-back

disappointments in economic data from china, the euro zone, other countries around the world in the u.s., we are seeing mostly data improvement. we have a very important report this friday of the u.s. jobs report which may not be as lofty as people anticipate or economists are looking for regardless, it will show strength in the labor market i think that will keep the market and traders buying dollars. >> how does the strong dollar and the relatively weaker or weakening currencies of other countries, whether it's the mexican peso or the euro, how does that play into the tariff debate does it make the tariffs pinch a little less or pinch the same amount how can we think about these two things in tandem >> that's a very good question the greatest threat for a lot of

these countries, as you mentioned, mexico, canada, china, in the coming years is going to be the possibility of seeing damaging tariffs. what ends up happening is that when you have a situation where the dollar -- the u.s. dollar in this case is so strong, it does make the tariffs a little less painful for americans. but at the same time, i think if we are looking at it from a trajectory of what it means for those countries, it may make it less painful i think it poses a threat to overall growth it's going to make more manufacturing facilities move into the u.s at the risk of exports from the countries being suffering as a result >> when i think about the dollar the next year, couple of years, it makes my head hurt trying to figure out where it's going to go the first trump administration we saw a run-up that went flat for the next few years before covid hit.

what do you expect this time around >> i think it depends upon whether this is just deal making on behalf of trump we have seen him meet with trudeau. we have seen him talk to the european leaders if there is a deal or some sort of concession reached before his -- at the beginning of his term or before anything gets really serious, it may not really affect the currency market that much they may actually benefit those currencies and push the greenback down a little bit. maybe it's a serious threat and he will move forward day one, 20% tariff on canada and mexico, which i think is unlikely. right now, what we are seeing is uncertainty and volatility investors are looking at the greenback as a safe haven.

that's the driver at this stage. >> one thing, over the next year or two, you will be on cnbc explaining this more often than you have been and we have to get smarter about the dollar tariffs and d issues. let's turn to the bond market i think currencies pushed the bond market out of the headlines. rick, bigger-year- yield moves been in europe >> when you have countries like france that have political issues going on, they will have snap elections but they can't happen before the summer there's a lot of geopolitical issues when you mix it all together, it makes sense that the tail is wagging the dog with respect to foreign exchange what's going on with interest rates? it does come down to issuance and debt that's one of the hot topics that's in europe, germany and

particularly in france last jobs report, 12,000 that was the lightest rate on non-farm job creation going back to 2020. if you look at the most recent spat of inflation data and specifically the fed's favorite, the pce core year over year at 2.8 was warm traders are split. are we getting a bounce tomorrow non-farm was affected by weather and hurricanes and strikes last month. that's what we want to know. my traders are split what say you >> every single time for the last four years that it comes in slightly weak and people start pricing in a recession or slowdown, what happens the fed stimulates and we get a bounce and we see inflation heat up it's transitory again. here we are. inflation has been sticky. if we get a light enough, i wouldn't put too much into it. you could get an acceleration into january and february regardless. >> let's take a macro step back

and make this easy if tomorrow we are all looking and we see a rotten non-farm number, it's on the light side, which means we didn't get a big bounce, what kind of activity may we see >> more important right now at the end of the year are the flows. you have a significant amount of flows that are happening for different reasons. december is where most of the structure products are tied and the exposure is. december has been a leap and on the board for many years all of that decays as we go into the end of the year which leads to stock buyback never short a dull market is a function of that on top of that, the market is up more than 25%. >> that's a big thing. >> there's releveraging. there's new investment santa claus is tied to -- >> it happens. >> you will get a little bit of a squeeze higher i think ironically, if you get a hot number -- >> hot means it's a bigger number, we're going the other

side >> right in that type of a skep ar cenare market should fly. if you get a weak number, the lowering of interest rates should come in. >> it sounds to me like you have a bias if you go into this, you have to have a position, sounds like you would rather be long ies. >> don't fight the flows >> back to you >> thank you, rick still to come, if you are looking for protection against the risks, market navigator is for you. we will delve into that. on the day bitcoin hit $100,000, we have stocks joining the party. shortly before 2:00 p.m., the trader known as roaring kitty, tweeted this a fake "time" magazine and a reference to the 420 meme. the sharp move higher in gamestop and amc at the same time they are up 10%.

we will keep an eye on it. we will be right back. deadline in five! finished and sent. [sending swoosh] we have tight turnarounds. at&t business helps us deliver. okay! client wants his head bigger. wow, fast response. sent! okay, oop! even bigger. sent. [sending swoosh, notification alert] still bigger. okay, yeah i'm not doing that— [typing noises, sending swoosh] i think it still looks good! [notification alert] oh — even bigger.

welcome back to "power lunch. bitcoin over 100,000 we could have other milestones as well. on that note, dom, we are looking at what to do. >> specifically, other parts of the market besides the technology -- the war on inflation not necessarily over at this point. there's mounting evidence that the battle could continue well into next year one of our bond experts is fortifying his portfolio against any surprise inflation issues in 2025 joining us is the head of systematic edge. thanks for being with us i wonder what'sworried about the inflation story in 2025 and how do bond and income investors prepare for it

>> thanks for having me. it's great to be here. i think if you lock at inflation, i think the upside surprise we saw a few days ago, the pc number that came out was higher if you look forward from a policy standpoint, i see risks from three perspectives. the three category ies we potentially see, around deregulation, tariffs and tax cuts all three are inflationary in nature given that, i do see that there's potential for the fed to either pause the rate cut cycle or even change their stance and even hike their rates if there's upside surprise in inflation going forward. from my perspective, the policy uncertainties are going to play a huge role. >> what exactly do do you ly d

it how do you protect a portfolio >> i would say three things. one is just to -- it's better to go up in quality manage the credit risk, i would say it's better to essentially -- some of the lower quality sectors and go up in quality. diversify across the duration in curve, sectors and geographies the third is increase your allocation to tips that's the best way to hedge your exposure. >> portfolio protection for 2025 and the possible looming inflationary threat. thank you very much for joining us we will see you soon >> all right thanks for having me take care. >> you know what that reminds me of i-bonds. a lot have been cashing them in and taking the penalty to get

out of the product which was supposed to be a beneficiary it has come down they get 3% maybe. look at the rest of the market they feel like they've been left on the sideline. >> they have been. anybody allocated to anything other than the s&p 500 or the nasdaq or bitcoin has been left behind. >> i wonder if he's right and inflation is sticking into next year we will see a turn of events you don't want to be on fixed income, but maybe it's more of a hurdle point for the market, for bitcoin and maybe not. >> i wonder if dividend investing is in vogue again. >> right thanks we appreciate it coming up, tens of thousands of u.s. millionaires fail to file taxes why? to see if they can get away with it that story is next

welcome back to "power

lunch. we have heard of an earthquake hitting off the coast of northern california. >> that's right. northern california hit with a 7.0 earth quake. it was north of san francisco. the u.s. national sue tsunami cr said one was issued. it was felt up and down the coast. some of us did feel swaying. a local affiliate reporting water markers near the epicenter are not marking, indicating a tsunami isn't particularly likely the governor's office says california goff newsom has been briefed. he is beating with state officials now. he tweeting, officials with california's office of emergency services are actively responding

to the earthquake this morning in northern california californians should follow guidance from local emergency responders he tweets a location to get the safety tips. we should note here in the bay, bart, one of the public transit services, suspending service under the bay and at this moment the tsunami warning is still in effect back over to you >> thank you very much many of americans seem to be gambling with the irs. not filing tax returns and hoping to get away with it >> that's right. cnbc learned tens of thousands of wealthy americans have not filed tax returns. many of them are not complying with irs efforts to get them to do so according to data obtained by cnbc.

it may incentivize millionaires to not file. it's a felony to file false tax returns. but it's only a misdemeanor to not file at all. what's more, a millionaire not filing a return is highly unlikely to face prosecution at all due to limited irs and department of justice resources to go after them in february, the irs sent more than 25,000 compliance letters to people who had not filed returns since 2017 and had more than $1 million in income between tax years 2017 and 2021. of the 25,000 high-income non-filers as they call them, with more than $1 million in income, who got the warning letters, only 5,460 or 24% have since filed their returns. 76% have not yet done so that's according to data as of august so far at least it does not appear many of the 25,000 non-filers identified with more than $1 million in income are

facing legal consequences for their failure to live up to their obligations. i spoke to an irs official who explained the cases can take a long time to investigate the tax agency has made progress he told me that they have gotten 26,000 of a broader group of 125,000 people that they reached out to to actually file their returns. that has generated he said $292 millio million. they have a lot of work do. >> you are playing the odds and saying, it's unlikely they will catch me or come after me. if they do, not only would you be subject to misdemeanor penalties, but aren't they going to come after the tax that has not been paid plus penalties, plus interest? that could be a big number >> it could be a big number. you could do jail time for -- if you willfully don't file there could be a misdemeanor, it could be less than a year.

for a corporate executive or somebody making more than $1 million, think of the professional ramifications there are potentially stark consequences for people here we should say that there are potentially legitimate reasons why somebody would be unable to file maybe they have had a long-term illness or adverse circumstance. not all of these people in this bucket are doing something nefarious. the irs suspects a lot of them may be and that there's a lot of tax to be collected from a group that is what they say brazenly defying tax law and taking their chances that the irs won't get to them and if the irs gets to them, the doj won't bother to prosecute. >> i don't want to take you into an area that veers into politics or an area you are not comfortable with earlier this week, hunter biden was sentenced for failing to file and pay >> there have been cases

it's not as if they are not prosecuting any. the irs told the senate finance committee that there are only 62 active cases right now out of the tens of thousands that we talked about only 62 active cases so you can see what the odds are that you might even be investigated by irs criminal investigation let alone then prosecuted by the department of justice. the irs official i talked to yesterday said, these u.s. attorneys around the country have to make decisions about what type of crime they want to prosecute in their jurisdiction. often, this one falls to the bottom of the barrel it may be that these millionaires do have good odds, whether you like what they're doing for the country, whether you like what could happen to them if they get caught, those are other conversations. >> thank you very much

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welcome back let's do three stock lunch here are our trades is court ney garcia we have a lot of movers today. lululemon is up 1% the stock, as you can see, down 32% this year. an opportunity to pick it up on the cheap? are you staying away >> this is something i would stay on the sidelines of i'm a customer i like the company as a stock, there are headwinds that aren't going away you see sluggish sales and competition. same-store sales were up 3.2% last quarter, which is up, but a far cry electric from double di during the pandemic. what's going to justify the growth not only are people focusing on

active way there is competition i don't know what the catalyst is long-term, the answer is abroad. you are seeing china probably one of the biggest opportunities, it was 10% of the sales last year. i don't think that's a short-term answer for them probably more longtime >> let's move on to applied materials. morgan stanley downgraded it weak operating environment what say you >> this is something that is not immune to some of the macro and geopolitical risks out there you are seeing higher inflation, interest rates that are probably not going to come down as fast as people hope that's going to affect some cyclical sectors it's well positioned to benefit from the artificial intelligence demand this is a big story. they are well positioned not just here but they have a lot of

opportunity in europe and in asia, which is great for the global demand but also can be an issue for them geopolitically. 30% of the sales are in china. that's a big political football right now that can affect a company like this. this is something that's worth to hold for the long run given artificial intelligence demand, but it will have volatility. hold it for the long run but know there's going to be short-term risk. >> brown foreman they make jack daniels and other whiskey. demand in that brand helped fuel an earnings feed this is triggering discussion about whether spirits are going to make a comeback would you pick up the stock? >> i think this is something as a buying opportunity, even though it's up almost 10% today. it's down more than 20% this year i think there was a lot of concern of younger generations, are they going away from alcohol

toward cannabis? seeing the earnings is showing it's not a short-term issue. there's still a demand more than half of the sales are abroad this say global phenomenon i would pick this up as an opportunity. >> she's picking it up thanks very much he meacdaels. "power lunch" will be right back and... a v6 engine. ♪♪ the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo

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to increase production in the u.s. gulf of mexico. our latest deepwater development, anchor, produces previously inaccessible oil and natural gas, allowing us to deliver the energy we all need today so everyone can follow their own road. that's energy in progress. december is a busy month at the mall, the other 11 months not so much. that led us to creative solutions. over the next few weeks we will dig into ways malls are being repurposed, starting with gabrielle today open the transition from retail to residential. this is happening across the country in many places. >> it is real estate developers are swapping out dying department stores for housing sometimes they are inside the

mall, build inside of former storefronts. other times they are standalone. at least 192 malls plan to add housing. these a number of things they revitalize dying malls, provide a customer base for the shops and restaurants and they increase the supply of local housing. the real estate executives i spoke to said there's too much retail in the u.s. square footage is about four times higher than any other nation we need more housing than we need stores. i spoke with tenants of the mall apartments it's a unique way of living. here is what one had to say. >> welcome to the tiny shoebox apartment inside "the arcade." there are others like this mine is about 250 square feet. there's a walkway in front of the facade this used to be a shop front people had to access shops in

the building >> not all of them are that small. that's one example >> 250 square feet that's a hotel room that's bigger than that >> i would live in a mall, especially if they had a day care sign me up there's one near us making this transition fun to watch welcome to closing bell. i'm scott walker live at the new york stock exchange. this make or break hour begins with the hunt for more highs whether it is stocks or bitcoin. big stocks getting above tha level for the first time ever. yesterday bitcoin at 100 jus below. s & p 6100, just below that an nasdaq, we are on 20k watch in sight of that round number apple, meta hitting new highs. we are watching tesla too, bac above a trillion dollars