weekday with us. hope you'll do that. and that'll be just friends now have a wonderful new year end think it's much for joining us. from all of us here wishing you the best in 2020. i'll see you again next time. hello and welcome to the wealthy journal large peers well we are in the final few days of 2019, and overall it's been an eventful year in the business and financial worlds. stocks of course has soared by double digit percentages with the dow jones industrial average breaking both of the 27 and 28000 marks during the year. setting where that it doesn't record high closes. companies such as apple and disney led the way as they too made record-setting look easy. businesses hide to the breakneck pace, the labor department says about 2 million jobs are created in

the first 11 months of the year. that's an average of a hundred and 80000 a month. then employment rate dropped to 50 year lows and your some minority groups felt the lowest it's ever been. workers have seen the average outing wages increase in healthy pace, by about 3% in the cost-of-living remains low. the economy continues to chug along at a solid pace, and fears of a reception that we did have earlier in the year have mostly abated. and all of this positive news, there are consumptive concerns. especially for certain companies. boeing is one of the country's major manufacturers had a 737 max played and grounded in march following two deadly overseas crash sprayed the temporaries temporarily suspending production as they block the aircraft them coming back into service. more brick-and-mortar stores are payless and gymboree, have bankrupt or close locations. as en route let online retailers eat away at their market share. several companies have once seen as the darlings of a new economy, fell flat on their faces as investors realize their actual profits didn't

come anywhere close to the hype that was surrounding them. and today were to look back at the major business and financial stories of 2019, and see what might be ahead for 2020. and to do that, i'm joined by two of the sharpest minds to my colleagues and sharpest for the wallace street journal charts for all. gerry: let's start with you if there's coverage of all of the coverage, there's one overarching story that really you think kocher attention, really drove, gave us a picture of what's going on a corporate america, what was it? 's speemac will major fall from grace was rework it was a real estate got an evaluation of $47 billion is on track for and i do on the employer on the finish line. and actually looking back, it should not of been such a surprise. the wall street journal reported two years ago that people were overvaluing this

company and looking at is a tech company when it was really a real estate company with the sort of start up cool vibe around it. the investment community got enthralled with the founder, and it was journalist and investors giving scrutiny at the end that fell the deal. gerry: what is the lesson from that catastrophe more broadly for investors for people. >> groupthink, it was a commons theme are wrong these groups it's one person advocating their judgment to another there very, very smart people all around this typing evaluation, when the facts were there. gerry: charles when the markets were different, when they were continuing to very low interest-rate environment, people are pushing for the

envelope and looking for up to opportunities. what was it for you for 2019. >> we saw that everywhere we sought across a credit space, and income markets. we work with people who are the a pity me of that. this company was not even close to profitable. and still people were throwing all this money at them. i thought what was fascinated about what happened worth we work. is it the return. if you think about where we were at the end of 2019 and this will be the work for ipos it's a new generations of unicorns were shaken off the dust of the.com crash in every thing was coming back. it really puts and breaks on it. because people to completely reconsider, and that have been starting with uber and others earlier, but we work with certainly the one that made us think the tightest turn. gerry: and excitement about these tech companies in the ipos dried out. >> it endeavor was also polled, and a lot of hi ipos,

pinterest was the good performing one, and that's pretty much flat at that. a lot of higher profile in one of the best referring ipos was trade wind. it was a market data, bond trading platform business that is sort of is far from pinterest and we work as you can get. and this is a company that had profits, paying dividends, paying cash dividends, and that was the real success we had going. gerry: one of the big stories was boeing company and that kind of saga continues. what his gone wrong what went wrong there? >> just about everything. and the company did not help matters. obviously there was a problem and how it designed this plane. and in our reporting, were the key things was that they assumed pilots could handle -- and they assumed very strong pilots when that is not human behavior and four seconds of panic. gerry: was there regulation

issued to? people talk about the regulatory catch parade where they able to get away with this, with tragic results partly because regulators were kind of somehow turning a blind iron something? >> regulars trust boeing which had worked for many years. and they not only trusted boeing in the design of the plane, but after the first crash, the reassurances that things to be fine, the october crash, and then there was another crash. and it was china was the first country to ground the plane, not the united states. so there has been a lot of scrutiny not only on boeing but on the faa that will continue in 2020. gerry: boeing was the exception this year many companies saw big increases in their stock prices, the market overall more than 20%. what's driving this, continuing bull market which is been going for very long time? >> it to be totally honest it's a low bit of a mystery.

one answers the u.s. economy has remained really fundamentally strong and in you.out introduction declining unemployment rate, generally pretty healthy u.s. economy, a lot of stuff happening around the world, and global movements in china, and trade, and this is pretty solid american economy at this. it continues to power a large part of the worlds capitalism. it's very much and america had a good year story. gerry: evaluations looking a little bit pricey right? >> yes but that's always a relative question. it depends of your comparing it to. it depends how you think about these sorts of things. it depends what your other options are compared to this bonds have also gotten quite expensive. so it's hard to say that we are into some sort of big evaluation because it doesn't have the classic signs of irrational exuberance. gerry: jamie what other countries should be looking at this year were there

companies. >> shows the wildfires in a been so troublesome in california were quite exacerbated by systemic failures at this company. we did a lot of investigations to reveal that for years they did not upgrade their electric lines. that may be made it more vulnerable to fires. and this company has now been blamed for the campfire that led to the death of 85 people last year. and more that investigated that were not forthcoming with the regulars over the years. it's a very sad story because especially, as a ceo, the new ceo said it's going to be at least ten years of blackouts, periodically in california before they can fix the problem. gerry: will come back at a minute work and take a quick break jamie and charles stay with us. coming up to look at some other stories, stay with us.

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gerry: i'm back with the wall street journal's charles and jamie. charles mr. with you. in september of this year, we saw a kind of very strange moment kind of sort of a panic, to do with their repo market which caused tremendous dislocation and concern and financial markets are on the world. briefly explain what happened. >> this is something that really came out of the blue parade the repo market is a secured lending market between large institutions. you're getting 70 a treasury bond or something and similar value of the game's impact cash and you swap back and forth. this should be a market that should be common along the circumstances. there is really no reason to suspect something ago i'm missing something did go to mr. their people who were unable to borrow the repo market to the.of the rate spike very high in the industry's clear prayer and part of this is what's lasting thing, that is a topic for 2020 and seven keep an ion is the fed is pumped money into the system to try to alleviate

the strain, but we are at a.where is not entirely clear and poised postcrisis and post- regulatory framework after the crisis, of how banks should be, how much reserve bank should be holding and what that looks like. it was very clear in 2008 but is not clear now. and that leaves the market vulnerable. because you don't know how much a bank needs. gerry: they draw down a balance sheet there's was to building up. is that going to ease those particular? >> it will ease it somewhat but the fed's had to put it in for this emergency and they haven't been able to pull it back. and so the emergency has extended to a longer time. the long-term question is what should be done to sort of get us out of the permanent emergency? gerry: i want to speak about 2019 was inserted interesting cut by central banks the federal reserve. >> if you turn around a bunch of magistrate hikes in 2018

and 2019, the cuts particular in the context of the unappointed picture in the economic picture there are very few people that see this. gerry: what is driving this summer he thought maybe jay powys feeling under pressure? >> i think that the tough tough question. i think most of the academic work, and most of the work around looking at that question has settled on not really. but, it's definitely true that the trade conflicts, that the worries outside the united states did because the fed to say okay hang on. we need to worry about what the possible impacts might be on the u.s. economy. we start cutting rates. gerry: it seems to have stopped now. >> they seem to stop now, they said this is what we are. but still, we are to low level. we are to low level, given how far we are into an expansion, and there's not a lot of people with a ten year yields, if you look at the yield curve it looks steeper than it was earlier in the air. it's still relatively flat and we should ask people don't believe the interest rate hikes and normalization is

coming. gerry: jamie, one of the other biggest business sources 2019 was streaming. everybody has the subscription now the go amazon prime, and the whole way in which we consume content is changing dramatically. tell us a lot about that. >> there's a hole reshuffled this year with the major media companies. at&t which now owns hbo and disney comcast, deciding they had to be in this game and a big way and that's what has overtaken them an apple ii. gerry: disney kinda going on their own? >> absolutely going solo and they launched 699 which netflix popular program of 1299 and then apple plus tv came in at 499 even though they have less to offer. it's basically a case study and how do you price? and all the shows are going to do well of the new original content? and how much will people pay? we did a survey, our media team did a survey with harrison we found that people,

consumers were willing to pay $44 a month for an average of 3.6 services that's a people are saying now. we will see when it rolls out, what their appetite is, how many services they'll pay for, and will basically turn into another cable subscription? gerry: it's kind of a mushrooming of this. people used to say is paying hundred and 20 but now then i'm almost paying, and now are they gonna pay is the same? >> i think one of the differences it's quite easy to cancel and resubscribe to streaming service much easier than a traditional cable service. so we'll see how much turnover there is. gerry: in one quick thing that whisks passing this year's food delivery. and that has become again part of the sort of service oriented economy the way we become so used to. >> yep we've seen all the dream shows in everybody sitting at home morning food and watching movies. he comes back to we work to

the because these companies, door -- they've been fueled by venture money on david able to grow without necessarily being profitable. hoover eats as well. there's been a huge grab for market share. but not necessarily profits. and so how those companies shake out in 2020 will be an interesting thing to watch. gerry: thank you both are integral more break, but up next we'll look ahead to see what might be coming up in 2020. don't go away. ♪ ♪ ♪ everything your trip needs

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gerry: welcome back charlton jamie for the wall street journal, we're looking ahead at 2020 but two very quick questions about 2191st pair jay mejia. one of the things we saw this year was back in the late summer, the business

roundtable, group that represents a lot of corporations in this country, came out with a big statement about what the proper objectives of the company should be. no longer simply receiving shareholder value but i what are their obligations? we've heard a lot about that in recent years. how real, our company is really rethinking their role in the capitalist economy? >> at this idea they should care more about stakeholders, like employees, customers, community, environment, over profits. into some people this is just kind of stating the obvious. it's like if you are not in touch with your employees, their concerns, and doing things that people care about, diversity or climate change, then you're not going to be profitable. so in a way people are advocating themselves they're stating the obvious. but others felt it's going down the ray wong path. and even some the things we just talked about, and we were, adam newman, the head of the company was focused on whether meat was going to be

served up company parties for environmental sustainability and was not paying attention to parties. so even the advocates of the stakeholder model will tell you that it's in addition to profits, like you can't just skip profits. >> charles o1 quick question the story of the duchess and the baby. >> it's due to our wonderful tax economist pointed out prince harry and meghan markel's child is american and subject to the irs as long rates. and part of the delight in finding this outcome is how much the irs will reach into the lives of overseas citizens, and things like gifts, you have to be careful about gifts. and you can imagine as a royal baby, he might be subject to receiving quite a number of gifts. which just make sure you keep your eye on that with your taxes. gerry: americans and britons have gone to war on tax in the past, just kind of wondering about taxation without representation for americans. jamie quick look at 2020 what is your perspective what you

think you're going to be the big themes in business in 2020? it's continuation of 2019 r1 new focus on something else cream? >> well for boeing, now that they've halted production, that's going to be a huge economic story. there are 600 stories in this the clyde shane there's really no visibility on when it's gonna come back. so that's a huge economic story. the election, you know assessing president trump's record on business and of course his rivals and what they mean will be to big things. gerry: charles, financial markets? >> it's going be a fascinating years can be volatility, we see a couple big episodes of volatility in the markets and part of this is a big shift towards sort of a factor investor in other ways that people think about the markets is not just i what do i want to buy microsoft or apple? but i want to have exposure to these technical factors inside the market. a lot of the step is driven,

the behaviors driven at the end of last year end that something to keep an eye on for the coming year. trade obviously a big concern, the economy broadly speaking is globally speaking a big concern. there's a lot of things to keep an ion in the financial markets i think payments is something were going to see a thing in 2020 facebook had its attempt with the leverage to try to rethink the payment system. and i think that is something to keep an eye on and think there's a bunch of banks who wants it closer to customers and being away from being just pipes. this is can be an area this can be pretty interesting. gerry: thank you very much indeed have a happy new year both of you thank you much for joining me. i want to thank my colleagues at the wall street journal. coming up next lessons learned over the not just the last year but the last decade, and what they might mean for the decadedededede

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for avoiding mayhem, like me. sorry! he's a baby! gerry: this week we've been looking back at the year, but is of course the end of a decade. the big trends of the last ten years i would argue have been probably twofold. one economic and one political. the 20 tens have been the first decade since records began when there hasn't been a recession and the united states. now growth has been somewhat slower and previous expansions, but that tenure long expansion is still a remarkable record. and there is no immediate sign of a coming to an end. now course the new political trend of the decade's fashion

is populism. most radically in their election of donald trump and in the british peoples move to leave the union. economic factors have played their part in this with the effect of globalization and fear of the displacement of traditional jobs by technology for example. but i think these were amplified by a sense of alienation from many people in western democracies. in alienation from their business, political media, and economic elites, who over a long period of time have been denouncing traditional cultural norms on issues such as social issues that we see. they denounce those views is bigoted and the people that hold those views as deplorable. while looking back, it's clear now that this was the decade when those derided people found her voice. at any of decade begins and there's no sign that they are losing it. will that this process week for the latest updates please sure to follow me on twitter, facebook, and signum paired i will back next week when ellie back with hedge fund manager

mark lazarus, that's right here on the wall street journal at large. thank you for joining us and have a very happy new year.

jack: welcome to a special edition of barron's well roundtable i am jack otter. this week when the investment lessons of 2019 and three important things investors should be thinking about as we head into the new year. retail closings. thousands of stores shut down in 2019. is the carnage over urschel we expect more in 2020? the consolidation of asset management and brokerage industries is the changing investing landscape. what you need to watch out for. an impeachment, trade or concerns, and no earnings growth. the s&p 500 is on pace for a fantastic year. we'll next to be just as good? on the barron's roundtable tonight ben levinson beverly goodman and jack how. jack i will start with you. it's an ugly year for retail. is the light at the end of the tunnel? >> or an oncoming train? in terms of spending, spending was a great, we are ten years into a bowl market and within expansion, and yet we had 5000 net store closings, after subtracting for store openings, that is double what we had the year before. so the issue here is we are just over stored in the u.s.

we have 23 square feet of selling space. person in the uk that they have five. we got a little nuts in the 1980s building chains bigger than they had to be. and some of these stores we saw massive closing of palos, gymboree, dress barn. we can all think of chains and do we really need this store? will we needed ten or 20 years from now. i am asked that question about jcpenney's. we wrote about macy's, it's much better financial condition but then got stores and strong malls and weak balls. they don't need as many stores as they need now. jack: jcpenney stocks was used was just over dollar now. >> am pretty sure i was : i was a kid and this is the cool place to shop. i got my church and school close from here. imagine how far this company is fallen. jack: so tell me this day and age what is the hallmark of a successful brick-and-mortar operation? >> for spot has to be working right now.

i don't want to talk about turnaround stores that this part in the county. i look at target and i say every time one of these chains closes, if there is overlap with what target cells, it gains a shares burn its gaining shares in housewares, toys, lots of other things. so target has the rest be right, that is accompanied is going to succeed. jack: another area very different arab disruption in 2019 was the brokerage industry. yes and that has been mostly good for investors. i mean the long investing history has been good transaction costs of come down, they practically plummeted everywhere. the price of mutual funds, their annual cost of come down dramatically. technology has made every thing easier. and regulations have improved transparency and provided trade trader. but this longing to supinated consolidation is happening in full force and 2019 is good change the competitive arena.

jack: was on the mind for investors will just keep getting better? >> companies are less and less able to compete on price. coke and pepsi don't compete on price anymore, it's going to be about service and that this could be a good thing for some investors, but ultimately these companies are going to have to make money they can't give everything away for free. so investors should be kind of wary about new products and different ways they may be charged. jack: one thing to look at is the interest rate that the company is paying you on what's called the sweep account. so when you get dividends for your stock it just goes into cash account. some companies are paying 1100th of 1%. >> exactly, and even that is kind of an effort for them. so as interest rates start to arise, most people expect the rates of their money market funds and sleep accounts to rise along with them. that may be an area where you don't see as much movement because the companies are trying to recoup a little bit of their own costs. jack: that's why you need to do comparison shopping i bought one half percent or what that going rate is and

don't settle for less. >> a lot of people thrilled with one half percent. but a lot of the products they are offering is technology make things easier. and as some of these new rollouts likes may be robo advise, are different kinds of trading platforms could come with these. jack: it of course we are all gonna demand better technology. you want to get your account and your information on this phone. ben eyman to go to you, a lot of scary headlines this time a year, last year, but yet we had a wonderful year in the market. >> if someone told you all the things that were gonna happen in 2019 that the ú-letter curb would invert, that donald trump would really ratchet up the trade work, that earnings would be about as they have been, you'd say my god this is to be a terrible year for the market. but yet we are up almost 30%. and it really teaches you not to -- the market is forward-looking and you have to look at your beliefs and your fears and negative do what's going on in the market but you can leave a ton of

gains behind on the morrow market. but the same time you don't do the same thing go falling forward. you don't have to say everything's going great and i don't have to worry about the market dropping because it might do just that. jack: for one thing investors also want to think about what's going wrong but you should be thinking what else to go right? interest rates are superlow there's some things are not in a trade war, we think we know it's gonna happen in the senate with the impatient. so what else should we look at? >> so that's part of the problem here some much is what is starting to turn in the right direction. the economy may start retarding to turn around. the fed started to cut rates, and there's a lot of good news episode starting to be reflected in the markets. said this part i would probably start worrying a little more the beginning of last year. jack: are you seeing anything out of this can make you worry? >> of course idea and. jack: question are you are been. >> of course i'm starting to worry bergen to see the bottom, there since crack starting to show in some of the data. not in the overall payrolls, we just had that blockbuster

number. but some of the pmi's, and the manufacturing. starting to see some weakness there the hiring intentions are not what they were. so what that is something to pay attention to going ahead. but for right now were getting it summer gains. jack: 's investors ought to go into 2020 with her eyes wide open. coming up how can investors prepare for the innovations coming in the next decade? but first we are and shines a stop spotlight on the ten biggest stock winners of the past decade. that is

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so happy new year, and welcome to the family. the chevy family! the chevy employee discount for everyone ends soon. jack: as we head into 2020 we take a look at which stocks for the top performers in the past decade. and which still offer opportunities. so jack, people might be surprised by this list you've crunched. you would think the others to

dominate. the only one of those is netflix and that is the top of your list. the best performer for the last ten years. and the fangs if you want ia or to a netflix and google and facebook and apple, the others were just too big already at the start of the decade. they have done quite well, but there are others that have done better. if you put $10000 into netflix, you turn into $400,000. the at least of these top ten you turn into more than $100,000. with got the s&p 500 but you still got a great decade bathed them while they stocks. >> and netflix return 309 earned 72%. obviously did that partly because it's such a great disruptor. and there are others on your list that her disruptors as well. yeah i'm just gonna hit a starting.for netflix was humble it had no original back then. hollywood is called the shots. and now has a ton of originals in hollywood scrabbling to

follow its lead. so the other disruptors market are market access holdings. stock trading went electronic long time ago. that's just now happening to bond trading and then is one of the most bond trading platforms. >> that's really revolutionary, everything i said earlier about how the investor friendly has been focused on stocks. their 7 trillion-dollar bond market has been ignored. they have cut costs for investors in half. >> and united rental, this is construction equipment. so it's people used to buy heavy equipment and then nowadays it's more popular to just use it, to rented as you need it. >> nobody wants to have these things on their balance sheet, so it's better to rent in my uri habit. >> align technology this is crooked teeth. used have to go get braces or even if you went for the invisible line, you had to get the goop in your mouth, he had to get the mold. now you go get a low "star

trek" light scan and they are gaining tremendous business. and the last one is also beauty, i'm not going to lie to it's been a while since i've had my hair blown out style, but they do salon stores mostly makeup they have taken share from drug chains, mass merchants, and things like that. so there's just dropped her there. >> there's another category roll ups. there's three of those on your list. >> we call some one a serial acquirer but that's not that flattering. but three of these are serial acquirer's transit dime, that's a components for aircraft. it's the components they are the sole source so their margins are twice as high as a group average. some of the semi conductors are not the sexiest ones out there, these are not intel type chips but they have very high gross margins and old dominion freight line, they do trucking, they built the record of being on time, their customers like that. they don't chase low price business, they don't chase volume in any areas.

>> when you consolidate a business and you run it well, the skies the limit. >> the last two mineral technology and drugs. these can be booms or bus for companies like this into the booms are a biomed which makes a little pump for heart surgery and regeneron which is a big hit i drug. jack: those are basically dangerous investments either when bigger lives big. >> and you quickly build up a portfolio with other hits. jack: said the important question jack are there any visa looks cheap to you still? >> i am favorably about broad come, i still think that is quite sheet. i fill very comfortable to trend dime, regeneron used to be a darling stock in terms of valuation is come way down, they might have another hit on their hand this drug for eczema. it's headed for a couple billion dollars. it could be a 10 billion-dollar drug. jack: are there any others you just a far away from? >> on this list, they say by

which you know, so i don't know anything about the mockup by. of course i'm about i have had big run up so they started to come down a lot but i want to see where that settles. sold her out to me looks a little expensive. abby omitted, i'm not the leading authority on pumps that get inserted to see your heart during surgery to keep blood flowing, we don't want to rely on one product. that has been a little bit of a backlash for a couple of studies that were covered recently at a medical convention. simon wade and see on that one. jack: and united rentals selling it eight times? that's cheap. jack: ideas awakened you right now to improve your portfolio. looking ahead at 2024 innovations and trends that will help shape this man: sneezes

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jack: let's get our time machine and jump ahead to 2030, what innovations and trends will dominate the decade and how can investors prepare for these upcoming opportunities? joining the roundtable to discuss nea venture partner been there us in. but i'm a go to jack first. you've been looking a lot of the automobile industry and how we are gaining electric engines. but we might be losing drivers. but just not as soon as every one? >> i am going to do a little pooh-poohing on this. i would've wanted to tell people all cars will be electric and they will dry themselves half the people i say say you're crazy it's not going to happen is i can happen it's can happen right away. recall can be driving electric cards next decade. i don't think, first of all there is a flood of electric vehicles coming on the market right now. and so someone is going to

struggle to be profitable on these vehicles. i don't see the infrastructure in place for all of these companies to do well right now. the charging infrastructure. i suspect that the decade might be dominated by a gasoline cards that have increasing electrification, increasing hybrid technologies, with people going out saying i'm in a buy a hybrid vehicle they will be called that they will be called the hybrid systems that are buried in there that gives you extra fuel economy and will eventually make our way to greater uptake at the end of the decade. jack: we had the ceo and he said his technology said it would drive help baton must vehicles but he said we are decades away. said the first 90% not harbor the last 10% not hard. and then what you see in the valley? >> i think were looking at decades not years. the highway miles are easier control call me if that allows variables, you are not worry about a dog running across the street. but having said that in having

spent a lot of time, a lot of people will have a pre-significant underestimate of how long it will take. now having said that on electric i would push back on that. i think every mary major cara said they would have won there's a lot of reasons to move to lecture, but obviously the same time it takes about 14 years for the use of a carpe diem a whole legacy of equipment that's getting older and older people are keeping their cars longer. >> and regardless of how quick it happens what happens to the residual value of these cars? a lot of people lease these cars if you want to make a good lease you have to note the residual value is good to be. it's going to go nuts of people not knowing. >> it was a really big problem in the beginning and i looked in the company investing that

is a trade only transaction. where the best deals? he said while tesla. because nobody is what they're worth. so nobody can have a steady market. you're going to have a lot of transitional time and basically not just a new model but, a new model of your drivetrain comes out of people don't have weight of value. whether prior cars are undervalued, i think the bigger issue, you have kept charging out there, there some core issues that have to be dealt with for a lot of reasons. like the fact that you have an extremely detrimental products called the battery that's an enormous side and there's no clear path to how one disposal. and people talk about that yet, but the time when that comes around people get to carry a lot. jack: bergen jumped to a different topic beverly you can look at the healthcare longevity industry and this is abigail's bh. >> 's can be huge bigger than most people expect.

a hundred years ago the average lifespan was 47 today it's 90. and it's rising quickly. it's more than just pharma it's more than finding a cure for cancer's antiaging drugs, gene therapy, machines that help with mobility free their injuries are just helping us get around longer, it's also housing, caretaking, technology is going to be a huge influence in all of that. personal care products. >> how can you invest in this? >> it's not easy. to think we're still the early railroad stager we know this is gonna be a revolutionary change that we don't know what the companies are leading it. it's a little etf's what has a ticker old, that are trying to kind of capitalize on this, that acf. said the other third is about senior housing, it's much more real estate. but fidelity select healthcare has a nice combo technology and healthcare vent to it, but i really think it's early days in terms of investments. jack: i'm gonna go get a very different topic. then, we love this easy money, i know ben you must let easy money in your business. but you say those things are coming to an end? >> yes leave had ten years of near zero interest rates and that is made impossible to invest for almost nothing into anything. and the companies that are getting that money, didn't even need to turn a profit. we are seeing an end to that, the swedish central bank has

finally moved out of negative interest rates. we're going to start seeing money get more expensive that means money that means companies that didn't have to turn a profit will have to turn a profit. it means growth companies companies that could just grow without having to turn a profit, they are not going to be valued the same way they are now. and it's going to be a big change even for the stock market which is god up on ten years based on this. because low interest rates, people are more willing to pay high multiples for stock. jack: been how the venture capital world deal with more expensive money would that pay real rates? >> it takes about 7% to pay off if you're a large company to pay off your pension plans. and you are not gonna get those in the foreseeable future is from traditional instruments like bonds. so this is force a lot of organizations to move to alternative assets which is how venture or private equity buyout. in i don't see that changing anytime soon. there's a massive amount of money in our marketplace. the money in the valley comes from everywhere. so its sovereign wealth comments massive companies, every time i turn around there's some new player with

some ridiculous amount of money this impeding for a deal. so we constantly have to get better what we do and make sure we utilize the value that we get. jack: been working have have you back to tells where you're putting that money making great returns on it. up next, the roundtable gives their investment ideas for at fidelity, online u.s. stocks and etfs are commission-free. and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk while our competition continues to talk. i am totally blind. and non-24 can throw my days and nights out of sync, keeping me from the things i love to do. talk to your doctor, and call 844-214-2424. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com

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jack: and barron's tradition were gonna send you into the year ahead wit ready to make a big move. so ben, beverly, jack, give us one actionable idea. jack on one stock just missed your top ten for the past decade, amazon purity thicket might have a good 2020? >> amazon.com maybe some of you have heard of this. it's a topic for 2020. i think it's a good one, people like the free cash is

coming they think it's still narrowly profitable. $33billion of free cash projected for 2020. that figure could more than double in the next four years. if those estimates are right the stock is cheap. jack: and annual profit that would be huge. now beverly you've taken a long look at investing in what's called environmental social government manner. more and more money is flowing into their goldman just announced 700 billion in climate change. your fan. yes i am. this is not just going away. more than a million dollars of an inch of the funds it's more than triple is less than 2 billion the year prior. companies are doing more and more with this in terms of their own regulations. so it's not going away. the real winners are going away, the managers that can pick stocks headed here to this criteria. they can also beat the market. parnassus funds, do that in general, i like that equity in particular. jack: been real quick that's gonna get jack rao that.

>> its lows. this can outperform home depot this year looks i get into at this years gonna do it again next year. jack: with that jack beverly then thanks a much follow us on twitter have a great weekend, everyone. [♪] gregg: good evening, i'm gregg jarrett sitting in for the vacationing lou dobbs. president trump ending the week with another jab at the absurdity and hypocrisy of the radical dimms, calling their impeachment hearings the most unfair in american history. the president exasperated by nancy pelosi's refusal to send articles of impeachment to the senate, agree qught analysis from yours truly that pelosi's stall tactics are exposing the weakness of the democrats' case.