i'm jamie colby. thanks so much for watching "strange inheritance." and remember, you can't take it with you. ♪ ♪ you for being with us. >> announcer: from the fox studios in new york city this is maria bartiromo's "wall street." maria: happy weekend. welcome to the program that analyzes the week that was and helps position you for the week ahead. citi private bank head of investments is with me, and erika nardini. let's get over to the fox business newsroom. reporter: another busy news week. president trump drew a hard line in the sand at the nato meeting in brussels.

he insisted the members pull their weight and increase defense spending. president trump: i want fairness for the united states. nato is very important. but nato is helping europe more than it's helping us. reporter: he expressed his support to do business with the u.k. with or without brexit. president trump: once the brexit process is conclude and perhaps the u.k. has left the e.u. i don't know what they are going to do. but whatever you do is okay with me. that's your decision. reporter: jpmorgan led with a strong quarterly report. their earnings rose 26%. and revenue climbed 10%. wells fargo missed big last square while citi's earnings report was mixed.

despite trade concerns with china, all three major markets closing firmly in the green. in washington the justice department announced indictments against 12 russian nationals. the doj indictment accuses them of hacking into several computer networks including the dnc and the clinton campaign. on capitol hill fbi agent peter strzok is forced to say publicly the contents of his texts with lisa page. he spent hours answering questions. hillary clinton's email use and possible collusion between the trump campaign and russia. >> that text was written late at night in the shorthand. >> i don't care with it was written, i don't care tonight was long hand or cursive. i don't appreciate having an fbi

agent with a high level of animus work on two investigations. reporter: the president nominated brett kavanaugh to replace anthony kennedy on the supreme court. the president described him as one of the sharpest legal mind much our time. maria: the markets rebounding after a steep sell-off wednesday spark bid concerns over an escalation in a trade dispute. how are investors positioning themselves in the midst of all this global uncertainty? joining me to answer all of that, global head of investment for citi private bank, david bailin. thank you for joining us. what a week. you had the president traveling overseas. he did nato and went to the u.k. to meet with theresa may.

and he's on his way to meet vladimir putin in helsinki. let's talk about all of this and the trade issues that came up in the nato meeting. you feel this a misunderstood issue. >> for investors it's extremely confusing. what is the purpose of having a trade war? it's to change the way trade is actually done in a way that favors the u.s. what are we concerned about in intellectual property rights and software rights. but what happens in terms of its economic impact is far different. what people underestimate is the degree to which this trade war could affect u.s. companies' earnings. you can imagine it reducing gdp. but you could have $100 billion reduction in earnings in the u.s. if you had a full-blown

trade war in the u.s. that what be 10% of large cap earnings. maria: i feel like this market has been giving this president and this administration some leeway. they believe he's negotiating. if not, i feel this market would be ray down if they didn't trust at the end of the day we will probably get a better outcome. >> that's not true in chain today and not true in the automobile industry. if you look at the ag industry, i think that is true. what do you make of that? the question is are we actively negotiating? there is mixed evidence. you have seen articles this week about the fact that there aren't active negotiations going on right now. maria: the president told me two weeks ago when i sat down with him in my exclusive interview that lots of countries are calling. he said lots of countries are calling and want to do a trade deal.

but we have to see the trade deals on the books. he has to get a deal done. is that one of the big issues you focused on in terms of how to invest? >> we looked at two contradictory trends. one is incredibly strong u.s. earnings and in europe and asia as well. that's the positive. negative is the impact a trade war could have on portfolios and actual investment by corporations. we see that as potentially significant. we are beginning to see signs of weakening already. maria: let's talk about the earnings season for the second quarter. we have jp more dan, wells fargo missed. i bleach city obviously you are from citi so we won't go there. but in terms of the overall earnings period how would you characterize it.

>> our expectation is in the aggregate earnings could be up 20 to 22%. it's a strong period of time for u. s-corporations. and yivment s. stocks are not moving. to your point when you say there hasn't been a lot of impact in the u.s. what would u.s. stocks be if the trade situation isn't what it is. i would argue the impact is significant. maria: you think we could see a reaction once we get the deals done. and if we don't get a deal done, the the same thing. >> correct. if a series of transactions get done, but especially with china and the nafta, then you would see the markets pop to the up side. if we go to a full-blown trade war. and we are talking $500 billion in tariffs, that would have a deleterious effect. maria: where do you see the

opportunity around the world. >> if you look at europe. we are probably at 17 times and europe is 13 1/2. european to bees have an average dividend of 4%. china is extremely cheap. it's trading under book value. it's an attractive market. it's an area where we want our clients to go. in emerging markets that are cheaper now, clients should be exposed there. the reason is because economic cycles are obviously taking place at different times. the u.s. is late in the cycle where the emerging markets and europe are actually less well advanced in their economic cycle. maria: so it doesn't bother you in terms of china that they are stealing intellectual property, that we are on the doorstep of the fight you are having. you want more exposure to china.

>> as an investor you do. i'm not in favor and we are not in favor of intellectual property theft. we think that's the area trade should be focused on. but when you look at it as an investor, wealthy clients want to basically build a portfolio. china represents 20% of the economy and .3% of the world equities. if you look out over 5-10 years you will want 10%, 15% of your equity portfolio in china. maria: david bailin from citi private bank. up next, the ceo of bar stool sports, erika march continuey. -- erika nardini. >> what i love about bar stool

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maria: the media happened scape continues to grow and shift and sport is one of the most of competitive landscapes. our next guest payment ceo of bar stool sports. it's the edgy, controversial guy-centric pop culture. erika nardini says she has embraced the site from the beginning. thank you so many for joining us. congratulations. you and the founder have been on this program before. we note reaction we get from our viewers. congrats. >> we are fired up about it.

maria: what's leading the growth at barstool. >> there will never be another barstool sports. this company is growing and expanding by the minute. dave started the company in 2004 and built a loyal audience with a strong brand and strong point of view. we are bringing that to more and more fans every day through social, audio, commerce, through events. so we are expanding -- we are multiplying rapidly because we understand how to make content in a digital age. we understand how to distribute and we love our fans and understand what they want and how to give it to them. maria: when you say you love our fans and understand how to give them what they want. tell us what they want. >> our fan is looking for an escape. they are look for a laugh, they are looking to relate to people

who are aspirational but also completely relatable and into the same things they are into. barstool has evolved to cover and talk about the things we are interested in and we find that our fans are interested in as well. one of the things i say is traditional media companies, the people who make content are far away from the people who watch and engage with that content. at bartool we are very close. we have a ton of conversation that surrounding it nearly simultaneously. maria: millennials love barstool. when you first got the job, you were the only woman. >> yes. maria: was it cool? when you have all men does it morph into conversations that don't resonate with women? there was a story about espn

stepping away from barstool after a podcast contained offensive remarks against women. >> i loved barstool from the jump. i didn't get my own bathroom at the beginning which was a tactical mistake from the beginning. i always found barstool funny. at its core barstool is a comedy brand. but what i love about bartool is we call it like it is. every single personality calls it like it is. some traditional companies don't like that, our fans do. we have about 108 people now. we have a phenomenally talented cast of characters. pat mcafee came out of the nfl

joined bartool sports. dave himself is a larger than life character. and the list goes on and on. we have an incredibly talented group. they appeal to their own fans and appeal to the broader audience. and we try to wav weave those sy lines seamlessly. maria: rear in an era where original content is big. next year the whole media industry is trying to keep up. tell us how important that is in terms of original content. are you investing more in original content? >> yes. we invest in personalities and we invest in the content they make. what is different about barstool is how we make content. we make content very quickly. an idea goes from idea to

execution almost inand taken wasly. last flight we sold outer village plaza and created a punk rock band out of people who have day jobs. we think the idea of premium content has changed. and we understand that when you make something, the conversation around it and what happens after that piece of content is produced is what's most of important. >> when you look at the valuation of this company at this point, how do you feel? >> it's awesome. we worked really hard. dave and dan and kevin and keith, the original gang worked very hard for a long time. and we have seen an explosion in the last two years. i'm proud of every one at barstool. maria: i want to ask you what's next. we have erika nardini with us.

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maria: welcome back to "wall street." i continue my conversation with barstool's erika nardini. >> most of people think barstool is just for guys. we tend to focus on what's funny. but nielsen just released information for us that says our audience is 45% female. it changes whether it's on our

blog or facebook or instagram. we are attracting a young audience and captivating them. maria: do you want to sell of any our content to bigger players? >> i tried that for a year. we did that with comedy central. it was an incredible persons to be on television. but what we realize, we have it all. we have production capabilities, distribution capabilities. we have the ability to monetize very effectively. so what tv offers us in allure and audience are actually things we have ourselves. maria: what's the end game here? do you want to take this company public? >> no. i have been through an i.p.o. i think there is a huge runway for barstool sports. i think this is a very dynamic

company. i think we become a consumer products company and i think we continue to be a media juggernaut. and i think it runway to build this out is very long, and we'll see where we belong. maria: the goal is to keep growing independently and not look for an acquisition. >> yes. maria: thank you very much. more "wall street" right after this. and now for the rings. (♪) i'm a four-year-old ring bearer with a bad habit of swallowing stuff. still won't eat my broccoli, though. and if you don't have the right overage, you could be paying for that pricey love band yourself. so get an allstate agent, and be better protected from mayhem. like me. can a ring bearer get a snack around here? jardiance asked: when it comes to managing your type 2 diabetes,

what matters to you? you got a1c, heart, diet, and exercise. slide 'em up or slide 'em down. so let's see. for most of you, it's lower a1c. but only a few of you are thinking about your heart. fact is, even though it helps to manage a1c, type 2 diabetes still increases your risk of a fatal heart attack or stroke. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit for adults who have type 2 diabetes and heart disease, significantly reducing the risk of dying from a cardiovascular event and lowering a1c, along with diet and exercise. this really changes things. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction.

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>> time for a look at the market events that could impact your money. also business inventories. retail sales will be ports. this is a real window into how the consumer is doing it's a huge week for second quarter earnings. including the major financials. we heard from jpmorgan and city and wells fargo. next week we'll get bank of

america, netflix, blackrock. tuesday, industrial production numbers are out. goldman sachs will report earnings along with charles schwab. then wednesday the beige book is out. that's a market mover. american express, morgan stanley, a lot of people will be wondering what companies have to say about guidance. weekly jobless claims are out. microsoft will report earnings along with the black stone group and union pacific. we wrap up the busy week friday with earnings from beleaguered general electric, and we'll be watching for news there. on the political front monday president trump is in helsinki, finland for a one-on-one meeting

with president vladimir putin. we begin early pat 5:00 a.m. eastern. next week a big program here. a big tech showdown. microsoft ceo is my guest and bill mcdermott. so join me for sap ceo and microsoft ceo be saty a nardella. we'll talk about congressman ratcliffe who was one of the questioners of peter strzok. tune in on the business network

for "mornings with maria." we have a big week ahead. have a great rest of the weekend and i'll see you next time. ♪ >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe.