every other state in the union congressman anthony gons thanks for being with us come back soon thank you for being with us. see you tomorrow evening. good night from new york. everys wall street begins now. maria: and happy weekend everybody welcome to the program that analyzes the week that wasn't helps position you for the week ahead. i am maria great to be with you this weekend. coming up in just a few moments ceo of firm, maps election is our special guest. joining to talk about how a firm is disrupting the credit card industry. also asking about private evaluations and everything else. first big story of global headlines sending markets into record territory. phase i deal between the u.s. and china, and election victory for boris johnson in the uk, setting up brexit for

january 31, 2020. i to maim day meeting with no more cuts for year, and christine mcgarr first european bank meeting, also no stimulus there appeared let's talk about all these big stories and find the investment plays with them with me right now to talk about that is that cities private bank david balin. david is good to have in the program. >> great to be here. >> you are making recommendations on billions of dollars under management, private bank. these headlines are important to you because you are investing all across the world. what was the most important headline this week that causes you to change her strategy, if at all. >> i would they say the most important headline for this week is the brexit boris johnson is the overwhelming majority. we really like uk equities. we like dividend payers in the uk, and we think this once and for all will create the clarity that will allow that market to do better than it's done over the cause last year.

>> we needed some clarity and that's for sure. in the evaluation in the uk, and the valuations in europe are better than the u.s. >> especially for companies apple operating out of the uk and are global. that's where you find the enormous amount of value with dividend stocks was 45% yields and positive your earnings-per-share growth. and that's a market would like. maria: now looks like this china deal will include china buying up to $50 billion of agricultural products. they're talking about preventing currency installation. and protective measures in place. i'm not sure i'm buying that right now. but what was your reaction to this so-called skinny deal that the u.s. and china agreed to? >> this i agree with you one 100%. you have to be highly skeptical it's like a player to be named later in sports. [laughter] it's not something you can actually bank on. what you can bank on is the fact that tariffs in my mind will be no worse than they have been. that this agricultural buy link will be stimulating to the u.s.

economy and between now and the election, which is really what we're looking at perhaps there'll be no greater tension. and that's really what's been holding the market back. all year long is the fear that things with china, and potentially with the trump administration might do versus other countries including european autos would have gotten worse. so that is actually going to be positive for the market. maria: yes wall street wants us because it's going to open his doors to financial services countries to get a better foothold in china. and that certainly want to think china is promising. but the intellectual property protection remains an issue. although taking those, knowing this weekend we are not going to see tariffs increase on sunday, had markets happy about that initially. but there's a lot of questions if china is even going to keep its promises. >> correct and let me tell you what were looking at is going into 2021. we have this concept of the world. it's conceivable that as the world became more free and more global, and more politically

everett's gone and the other way. even if these agreements were reached, the fact is they are two different, and economic. with that they're going to be investigate dating and u.s. and western companies in chinese and eastern companies in your same portfolio to get exposure to fin tech, to banking, telecommunications, all of them. we're not going to see, the head-to-head competition and true globalization that we were really expecting five to ten years ago. kennedy: the big solution meetings. no rate cut. there is high speculation out there. the fed is knocking to be moving for a year, not all 2021 and maybe that's an increase in rates. >> that is certainly possible. let's just think about where you are one year ago to one year ago we were today. we're expecting another for rate increases. all the sudden markets tell the fed this is not a good idea. this year we have three rate cuts. and central-bank coordination and monitor listening all over the world. that has created the underpinning for this global recovery that's going to take place in 2020.

and they've done a very good job of it. in this essential coordination is in my mind can be very good for the global economy in 2020. we are going to see earnings-per-share rise in the u.s. and globally by about 7%. maria: and christina garza's no moves now. they gotta leave us to a some crumbs. the analyst is on the way. what you up in the bcb meeting. >> what i got was a wait-and-see approach monetary policy like this, there are very few levers left. it takes between nine and 18 months to really have its full effect. ellie patter really stimulus move on the last three months. so things are not looking badly if you are a central banker right now. and as i tell you, as i think about stuff and until clients, the absence of policy change, if we knew her things were to be in china, if we knew there be no more trade wars, if we knew the fed policy an central-bank policy was going to say the same, that is positive for investors. in rising earnings environment. that takes away head wounds the fear that is been in the market now for the last year to year

end a half. maria: i noticed talking on the market right around thanksgiving the usmc a's coming to the floor. we are going to get our vote on usmca and that's going to be a positive comment supposed to create tuna thousand jobs. even though the economy looks good here, we've got a not so great number on retail sales on friday. what a jamaican that? as a consumer still strong? it was only up to 107% and november. >> that is definitely not worth think about. i think that's a story it's underappreciated. in the united states, in europe, in europe the consumer has her main strong. even in germany that's going through issues the consumer strong. that consumer demand is strong globally which is going to force the manufacturing and cyclicals to actually recover because they have been under producing now for the past six or seven months anticipating recession that never came. maria: so how do you want to allocate capital at this.? you still want to be in the united states? i know you like valuations outside the u.s.

>> sold me think about investing, there's a couple of major themes. there are parts of the fixed income market that are dangerous, and i don't mean dangers that there's going be default. but where interest rates are so low that you're not being paid for the risk that you're taking and owning those bonds. and you're seeing that his rates go up from 140 on the tenure to 2%. that's really not been good for intermediate investors. so we want our clients actually think about their portfolios and find value. unit and find it in united states, you can find in bank loans, you can find it in certain residential mortgages and other places within the market. we like that. and so that's important. second we are telling clients to substitute some of their fixed income. to sell some and actually own more the dividend payers. that only united states but globally. in the private bank or other client actually owns us, their total return will be higher and they are not taking a greater risk. and the third most important component is that for the last decade, we've seen incredible performance in the united states in terms of the market. philip never seen a decade in the last six where that has been repeated. valuations of the united states

are full, they are not ridiculously hi, but they are very inexpensive. certainly in emerging markets and definitely in asia. >> david balin's guide to happy.

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and all your dreams take flight. lease the c 300 sedan for just $399 a month at the mercedes-benz winter event. hurry in today. welcome back the holiday crushes on, the shopping season is in full swing now, and shoppers are looking for different ways to pay for presence. and at the same time stat of that. i spoke with the cofounder of paypal,. >> leapt and he has some key insights into that as his company firm tries to disrupt the credit card industry. >> during the holidays theory season, and also throughout the year, just points is really plain to see there is a significant consumer poll in favor of credit card payment system. the fundamental offering that we have to the consumer is a transparent, easy to understand, easy to pay off a way of buying

things. that they want to pay overtime for, without having to concern themselves with when i'm going to be out of debt, what the cost, how megan be able to afford this? we'll ever pay it off? and so that's been the theme throughout the last years that we've been in business. but it's always rims up of course during the holiday when people are really stressed about how they are going to pack all the gifts, and things for themselves into a holiday budget at which the already stressed. maria: you've already done partnerships with various vendors and retailers. tell me how that works? explain to her audience those who don't use the firm and how this works, where the lending comes from. >> sure, so the firm, and always found out the.of sale on my off-line and you will find us as something as cool as an like pellets on the workout bike of choice. this is the season to burn off the calories, or soon-to-be, so we help you finance a very, very

nice exercise equipment all the way to everyone walmart nation and walmart.com. walmart is one of our most import partners. the firm is always there when i have this in my shopping basket and i would like to pay it off over time, and i don't want to put on my credit card because i'm not really sure it's in a cost me. will i get approved? why max out my card? but the firm will very much tell you six payments three payments whatever soon-to-be and here's

it's gonna cost you. in the internet. they it's fully done there are no fees of any kind including late fees. we will if you are late we will nudge you but we will not make money on you. someone will work with the payment schedule. the weight works mechanically in the background with the company as we paid the merchants and the consumer pays us back over time. at the nonbank we borrow the money with the financial markets. maria: so the fact that you don't charge overdraft fees is one of the reasons millennial's trust something like and affirm more than the traditional banks. you said that if your conference recently. young people don't trust traditional banks. >> they don't, part of it is they were young and impressive ballwin 2,008 crisis hits, nothing reminds you that the bank is on your size if they force your family to sell your house short or cut up your credit cards, or turn your loans down. and so the new generation coming interest googles and facebooks and apples a lot more than it does the old traditional financial institutions. in the firm as a part of that movement, we are there to offer something that you can trust and believe every time we tell you here's the final price. it will not change. it's a big part of why we don't charge any fees. we want to make sure that is our business model does not depend upon the fine print which is the business model for the most traditional banks. maria: people who don't read the fine print miss everything and that's what you need to be

thinking about. look you cofounded paypal now more than 20 years ago. tell me how things have changed and involved in the financial services industry. >> i think many different strands, and are in that question. for me personally being mission driven, having the financial health and well-being of my end customer, first and foremost in mind has become more front and center. when i was in my early 20s during the paypal years, as a diehard libertarian and i thought that i was here to grease the wheels of congress because that is the mission of every good capitalist. and they probably thought a lot less about what it means for my end customer. today every time i sign a product, every time we bring a product of target market, my first question is does this help or does this not. and i want to believe that every time we bring a product to market, we are letting people live their dream life give them the very best they have responsibly. we do not want to in courage

people to incur debt they cannot pay back. maria: how do you see digital currency paying out. you've got bitcoin and another of others. what is your take on all that? >> a couple of different things there as well. i think the most interesting thing that is happening in digital currency is something that no one has been talking about a lot. the fundamental competition is not between libra and not even bitcoin or thierry or anyone. the real question is who will be, which nationstate will be the digital currency of the world. like if the u.s. does not get his act together, and fully digitize the dollar, we run the risk of letting china become the digital of currency for the world. i think that's an interesting conversation. who will be the cryptic token of the day. maybe so, and facebook has

enormous contribution and if they wanted to push at the absolute could do it. not where their action is. its central banks who will ultimately go to digital currencies, how about battle play out? will china get in front of the u.s. with digitalization or will we get there first? maria: how do you do that how do you digital ties the dollar? >> we are already rapidly heading towards a digitally managed currency. i don't know the question you ask is how do you change the dollar, it's how do you eliminate non- digital currency circulation. the fully digital world is not about more digital it's less analog. so i think that's, you could you conduct your life day in day out without touching physical currency? currency? maririririri

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maria: looked back at 2020 campaign is being set up as a battle between capitalism versus socialism. growing up in the former cellmate union and ukraine, max had a front row seat on the real impact of socialism. here's his take. >> i have definitely a classic case of the american dream pursuer and a table pounding capitalist spirit i think growing up in a socialist environment is one of the things it teaches you that redistribution essentially planned economy and all the things people bring out as may be a good thing for us to try to hear, is not a good thing it does not work. people do the distribution always get the most somehow corruption is a perennial problem with essentially manage systems.

and so on. i think once you've lived under socialist regime part, the only thing you want to do is move up towards capitalism. maria: i had a friend who grew up in russian he was telling me when he was young he had three suits. a black suit, blue suit, and a brown suit. they were all the same suit. and then he went away to college to london and he knew how much that suit because no worry linton russia, could be one part that suit was this price it was a same price that another part of country. he went to london on that same suit he saw was a much higher price. he said wait a second or that suit i have that suit, it's not that price. and it occurred to him at that., that's capitalism. they can charge of they want because it's what the market will bear. where is where he was in russia, they told you what you can wear, and they only sold those three suits, and how much it was in a cost. just one small example of no choice, no freedom. jeff examples like that that you could share with our audience in terms of what you saw as a young

teenager growing up in ukraine? >> i will give you a more painful example, but are very real one. right before we left the country, a big debate in the kitchen of our classic soviet household, three generations under one roof. my grandmother, my mom, and kids. my grandmother refused to take a bribe to a government official because we needed to get some final piece of signature or paperwork stamps to get out of the country. i had not given bribes in my lifestyle will not do this this is dishonest. i cannot do it. and the entire family was getting up on her because they said hey this is how this country works if we want this final sample lead this country, juergen have to go with the nice bottle of cognac in a box of chocolates and that's how we get things done here. and i thought to myself, that is what we are running from. i went to live in a place where you can succeed on your merits not on what brand of cognac you

can bring to a government official official. maria: freedom is a good thing. and that's why the private markets and the public markets have been so deep in the liquid. a word about the private markets, you've started so many startups. valuations have gotten way up there, things like we work and overhead brought things back down to earth. what is your sense of what's going on the private market and why valuation got so extended? >> it's because of capital. rates have been low, lots and lots of capital flushing around, plenty of companies choosing to stay private longer and invest without the pressures to show profitability. the valuations run up and because these companies are not especially liquid, the time it takes to mark them down, as people start losing confidence takes longer, you have these continuous drops even though the public suddenly turns out they are 30% less valuable than investors thought. i think general public markets are the ultimate judge. once you go public, the truth of we told and you get your markup

or your markdown every day or every second period and so what i'm saying about one of things is happening is companies whose business model pretend to be something that they are not targeting found out a little bit quicker. investors are no longer willing to say oh yeah, just because the ever really cool name, but she really look like a brief jury and pretend you're not a reach. and that sort of stuff is playing itself out. maria: that sounds exactly what we were the company was up to 15 or $27 billion and now sound 8 billion. how did they miss that? >> you know it's hard to tell when i am not a public investor and affirm. i'm not sure, i have the right to appoint. i think excitement, and opportunity is what drives private and public markets. and so it's reasonable to expect things to occasionally run up and explode. as long as they don't destroy the industry with them actually

being a healthy dynamic. to have run ups and downfalls. maria: my thanks to max for the therm morse coming up, i'll be right back. (vo) the flock blindly falls into formation. flying south for the winter. they never stray from their predetermined path. but this season, a more thrilling journey is calling. defy the laws of human nature. at the season of audi sales event.

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maria: welcome. >> thank you much for joining us got a big show next weekend make sure join us then and then you can catch the show every friday nine eastern on foxbusiness news. next friday night i will talk to the chief marketing of the nfl. plus this week we will oversee on fox news channel the sunday morning futures, with got california congressman, texas congressman, and attorney general.

my special guest. catch the show live 10:00 a.m. is to eastern on fox news. and start smart every day weekdays six to nine eastern for mornings with maria. right here on foxbusiness, i hope you'll join us as we the challenge for the day weekdays. that will do it for us tonight, thank you for joining us, have a great one. i'll see you next time. ♪. gerry: this is truly a monumental week in history. on tuesday the fourth time there's articles impeachment against the president were announced. democrats charge president trump with his abuse of power due to ukraine and then obstructing his actions. two articles were later passed through judiciary committee along party lines and the full houses willing to do the same. it's tat