no, no. >> he's going to withstand every issue. i've got to go, ed. i'm sorry. michael goodwin and we thank

we are joined by marc lasry and ben huneke, a managing director of morgan stanley. were you surprised by the vote, marc? >> no, we were prepared either way. we ended up taking a look at it. if i had to make a bet i would have thought they would stay in. but for our portfolio we ended upsetting it up so it would be fine either way. >> we were definitely surprised. we were looking at the polls going into it thinking there was going to be a remain. our clients are strachg our heads wondering what they are going to do.

gary: with mayor tom bradley, people were saying they are voting for tom bradley, but when they got to the polls they didn't vote for tom bradley. that was happening last night and it seems to be happening for donald trump. how much confidence do you have in poll numbers going forward? >> it was pretty close. at the end of the day i think everybody thought it would be 52-48, 51-49. and that's where it was, but on the other side. with brexit people didn't mow what was going to happen. a number of people sort of changed their mind at the last minute. but i think all the polls leading up to yesterday sort of indicated that they were going to be daying in. so i think that's why everybody is kind of surprised. the market has gone up 500 point last week. part of that is everybody has

made the he sum shun thing were going to work themselves out. >> let's take it to investing. you said you were prepared because you run a helping portfolio. war the outcome was going to be. how do you prepare? and now what do you do after today? >> part of the way you prepare is you have to have a lot of cash on hand. our view was for our european fund we are 40% invested. on what you are invested you will take a little bit of a hit. but now you have got this huge amount of capital where you can go forward and talk advantage of that. i think what you see is everything is getting reprised. the question is is it repriced by temper * or down. gary: the idea is to have cash to repair for the worst. you said the polls, you look at the polls.

does that mean going forward that you change the way you look at these things? this is the beginning of a movement, not the end. >> we were looking at the bookies, the markets and the polls. and we are surprised by the results. our clients are funding long-term liabilities. so it's incouple weren't for the advisers to get on the phone. to have private equity and volatility associated with these market event is critical. look at your asset allocation and stay the course. we don't know where the market goes from here from a reprising perspective. and that's important. anthony: do you think more volatility ahead, marc, is that god for hen funds? >> you have a huge amount of volatility ahead. it's good for investors.

you are trying to take advantage of what you think is going to happen. so if you think things are cheap, this is great. if you think thing are expensive, you will make the opposite. anthony: do you think europe is headed for a recession? >> i do not. you are looking at the world's second largest economy going into this vote. morgan stanley was out with their impact. moderate case, 3.3 to 5% reduction in case. aggressive case, maybe a point. gary: what happened in term of the currencies? is that the one variable that could change and create economic slowdown that's not being anticipated? >> the thing to look at on that is looking at the dollar and how much it strengthened and look at the yuan.

>> i don't think the fed is going to raise rates right now. over the course of the next three months i think things will be fine. gary: you don't think there is a 2017 fed rate hike? >> i would be surprised if there was. >> i think going into it we thought december was the most likely outcome. now we are thinking it pushes to 2017 for the next rate hike. >> announcer: a rout after the uk votes out. if your money is in the cross-hairs "wall street week" every day you read headlines about businesses being hacked and intellectual property being stolen. that is cyber-crime. and it affects each and every one of us. microsoft created the digital crimes unit to fight cyber-crime. we use the microsoft cloud to visualize information so we can track down the criminals.

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be the opposite results. there was a huge market rally in the united states as the brits went to the ballots. i got it wrong. i thought they would remain. what do you think will happen for foreign investors? >> the timeline for actual exit is two years. so it inserts a ton of uncertainty which i think will weigh on our investors. gary: does that mean raising more cash and watching more closely and actively deploying things aggressively. >> you need somebody with a two to three-year time frame. >> you will have a lot of uncertainty. it will be a process. everything is getting pre-priced right -- is getting re-priced

right now. gary: last year you talked about the european institutions that have gotten hammered this week. you have got access to go anywhere. what are you look at? >> we play on the debt side. that's where the opportunity is. that you can buy the debt from these bangs that they are being forced to sell. because of what's happening now you will have more debt that's available.has done is make everybody in the region more nervous right now. so that's the opportunity for us and for anybody who actually wants to be able into vest over the course of the next two or three years. tone rrp a client walks in and they are super concerned about the market val tilt. >> we have an earning season coming up. fundamentally the vote didn't change anything from the economics.

that effect of the vote will take a long time to be transparent in terms of what's impacted. tone rrp relax, have a -- anthony: relax, have a long-term game plan and don't be impacted by the market gyrations. gary: this reminds people what the alternative is. so, ben, talk about the average viewer. how do you access alternatives and how do you make it work to create a total return in the portfolio? >> we think there is a wide way to allocate the alternatives. we have models that pal kate 5% to 15%, depending on your net worth and risk tolerance. everybody should have some exposure to alternatives across the board.

gary: are there any safe havens anymore? and if there are, where are they? >> there are. where the safe havens are will be more in niche situation. i think you will be surprised. i think a safe haven is on the energy side and the debt side. denmark the pricing of oil, $40 to $45. equities $70 to $75. the problem is there is no safe havens if you want to look at it over the course of next month. what's going to happen next week, what's going to happen tomorrow? you have to say what's going to happen the course of the next two or three years. if you can do that, you have got a huge edge. anthony: ben, you are on the debt side because you think

that's been re-priced. >> you are getting overpaid for the risk you are taking. and i don't think people fully appreciate that. you are also getting paid to wait. >> good time to buy currencies? >> we are urging caution. we don't know where the equilibrium is here in terms of market volatility. we are urging a wait and see approach as the assets re-price. europe still trades at a premium. we want to see how far things fall. gary: i have to tell you when i look at the negative interest rates around the world, and a swiss bond that was negative today, japan, germany. can this end in a positive way? i mean, i'm very concerned when i look at all the negative rates

around the world. it doesn't seem sitting end in a good way. >> everybody is nervous. that's why you have got negative rates. part of what you have got to do is you have got to find a little bit of what we talked about be the opportunities, if it continues, all that's happening is the markets will tell you, i'm nervous. if you want me to take care of your cash, you have got to pay me for it. you used to get paid 5%, 10%, 15%. now you are paying a bang and that's very, very odd. >> it scares consumers and makes them not understand what's going on. i want to thank you guys. stick with us. more after the break. we'll discuss the presidential political situation as well. >> announcer: wall street got it wrong. president obama got it wrong. hillary clinton got it wrong. but donald trump got it right. >> my inclination would be to

get out. got it alone. it's a mess. >> announcer: charles payne and deirdre bolton are next on why this could have big i am are

>> let me get your take on what's going on in britain. this movement for the uk to leave the eu, what do you think. >> i don't think anybody should listen to me because i haven't focused on it that much. but got it alone. if you look at what's happened with migration and the things going on over there, my inclination would be go it alone and go back to where you came from.

that's just my feeling. with that being said, i want people to do what they want to do. but if somebody asked me, what would you do, i would probably vote to get out. maria: prime minister cameron said the vote to get out is donald trump politics. >> it doesn't help me one way or another. getting out or staying in has don't have any effect on me. i'm just telling my recommendation. anthony: he got it right while both the president and hillary clinton wanted the uk to stay. our fox panel all-stars charles payne and deirdre bolton. some of the issues that fueled the leave vote are some of the issues we have in this country.

gary: donald trump made the same comments that nobody should make a decision based on what he says, but the way he sees it, this is almost a referendum for what's going to happen here. charles: there are parallels not just in the uk but through all western nations. the euro skeptic migration situation and compounded that, more specifically to the people of england. we have two things. it's been a long time coming. we think about it as recent. they admitted 10 more members of the eu in 2004, when peoplple think about immigration, they are thinking middle eastern immigration. but people are coming in from is stone yeah. when iran took that ship hms cornwall, held the sailors for 15 days.

they had to go to brussels. england hat had to go to brussels to get help and brussels dragged their feet. it's been coming a long time and it's a powerful movement. deirdre: regulation, red tape, bureaucracy, this has been happening for decade. in germany a lot of the workforce is from turkey. it has worked out okay slowly and steadily. but there is a tipping point from a social level that people want to reject, and that's the vote. anthony: where does europe go five years from now. deirdre: look at the countries already asking for their own referendum, france, italy, netherlands, they are saying we should be reconsidering this structure. charles is going every type we want to do something, we have to check in with brussels. and it's very heavy.

anthony: charles is less government more? charles: less government typically works well in a free market society. a lot of those european countries, what they really want is the ability to print their own money and come to their own aid. but if they don't adjust decades of socialism-like policies, all they are doing is buying themselves more time. deirdre: the weaker countries are going to the stronger ones. you saw that with greece, germany and the uk had to bail out. the stronger countries don't want to deal with it anymore. gary: the mainstream media talked about this being an immigration issue. this is really an economic issue. there has been across europe this idea and issue of who's benefiting and who is being penalized and who is supporting whom. and that's why this is the

beginning of a movement, not the end of something with this vote. charles: marc lasry during the commercial break we were talking about global elites. when they disconnect from the middle class you get a disruption. charles: what happened is these are the nations that had it good for a long time and they put it in neutral. this is what we are missing. people think you can vote your way to prosperity, there are going to be tough goings on if they want to get back to that past glory. gary: was trump a winner from this? charles: it's a big winter donald trump, i think it's a bigger win for people who follow politic closely. but i think it's a win. we see it as a legitimate win. it's something going on across the western world. it's real and the elites in america better pay attention.

deirdre: there is a rise in populism. we communicate easier. these pair years are being broken down and the voice of the people for better or worse is getting louder and greater. anthony: do you think we'll hear from secretary clinton at any point? charles: she issued a press release. bernie sanders picked a terrible day to say he's voting for hillary clinton. charles: he's actually the candidate that represents this movement just as much as the donald trump. so it kills him to have to jump in and help back an establishment candidate. gary: i know the rhetoric sounds great, but the policies are a disaster. charles: i think they romanticize a notion of a society where things are fair. if someone tells you i can make

it more fair, someone getting up at the same time in the morning -- we have to train at the same time, we both work a long day and catch the train home. but you make $2 million and i make $10,000, i'll say something is wrong with this picture. deirdre: if you can't build a business or you will be hamstrung or you can't fire or hire anybody. you can't move. gary: we have got to go, charles and deirdre, thank you for joining us. anthony: next week we'll be joined by the ceo of northwestern mutual. you don't want to miss that. have a great week. [♪] is back with the iphone.

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we thank you for joining us. kimberly guilfoyle and peter schweizer monday. join us please. [♪] >> announcer: this show has never been solely about investments. we talk about anything that affected people and their money. from fox headquarters in new york city, the new "wall street week." anthony: welcome to a special edition of "wall street week." i'm anthony scaramucci along with gary kaminsky.