"mornings with maria" right here on fox business. we hope you will join me as we set the tone for the weekday business. that'll do it for you. thanks so much for being with me. have a great rest of the weekend, everybody, and i'll see you again next time. ♪ ♪ gerry: hello and welcome to the "wall street journal" at large. we're now about a month into the u.s. feeling the full effects of the coronavirus outbreak and the impact caused by the virtual shutdown of much of the economy is becoming more and more apparent. the labor department reported on friday that a massive 701,000 jobs were lost in march. that breaks a string of 113 months in a row of job growth in america. meanwhile, the unemployment rate skyrocketed to 4.4%, and economists believe this is

really just the tip of the iceberg with probably millions of layoffs still to come. on monday the first big wave hit the retail sector with macy's, kohl's and gaps announcing they would furlough tens of thousands of mows. the closure of stores to prevent the spread to have virus has taken a heavy toll on its business. and president trump had to give up on his hope expressed just a week ago that the u.s. could be opened up by easter. he's now saying the company will have to keep practicing social distancing for the entire month of april, and he add added that we should prepare for a very painful two weeks ahead. meantime, his top medical advisers warn that up to 240,000 americans could die from this disease even with current safety measures in place. on wall street stocks ended their worst first quarter ever. the dow lost 23%, that's the biggest quarterly decline since the quarter of the black monday market crash of 1987. and the new york stock exchange floor remained eerily quiet, temporarily closeed because of

the virus. overseas there's concern about what will happen to countries that are struggling, their economies are struggling when they've been hard hit by covid-19 such as italy and spain. central bankers in europe along with those here in the united states are taking extraordinary steps to try to prevent a major financial meltdown. so what can we say about economic conditions at this point in the crisis? is there any light at the end of the tunnel? and how will the coronavirus and its effects change the way the united states works and, indeed, the way much of the world economy works? what will the long-term impact be? with me to discuss is the chief global strategist and head of emerging markets at morgan standly, and he joins me by skype from india. rashir, thank you for joining us. >> it's good to be with you. although i can't be in new york with you, this is the best we can make out of it. gerri: well, good luck. stay healthy and isolated.

we've seen already these job numbers released on friday, we saw unemployment claims, the u.s. has already lost 10 million jobs at least in the last couple of weeks. how much worse is this going to get? >> well, i think what do we know so far? we know that of seven global recessions over the last century, and if this one is likely to be worse now, it seems, than the 2008 and 2009 global financial crisis compared to the magnitude of the decline we are unlikely to see economic output. this is a dramatic change. remember, until a month ago there was not a single economic forecast that was calling for an end to this long economic expansion that we've had in the united states. so the most dramatic change in economic outlook possibly in the history of economics.

so this is a fast evolving situation still. we know that the first half of this year the likely contraction in economic activity in the united states is going to be the worst since the end of the second world war. so there is no sort of getting around that, that we are already baked in, so to speak, that this is going to be the worst global recession in post-world war ii history. gerry: and yet, ruchir, there's still a reasonable amount of optimism that as deep as this is going to be -- and it is exactly as you've described, deeper than anything we've seen since the second world war -- we're not necessarily talking about a depression in the sense of a to longed 1930s-style prolonged period of suppressed output, very high unemployment. i don't know if you share that optimism, there is still a sense

that this will be short-lived and we'll bounce back. >> yeah, i think that is what the consensus is, but what the consensus expects, that the lockdown is beginning to ease from next month onwards in the most important economy in the world. and by early summer, economic activity begins to rebound and get to some sort of normalcy. over the next two weeks, the rate of infection globally starts to slow down significantly. that is what is the expectation. the lockdown that we have in some of the major economies in the world, if it extends into may or june, then we're looking for something that is much worse than what is directly baked in. so the optimism is really the fact that we are seeing in some pretty critical hot spots such as italy, even spain, germany, the rate of new infections slow down. just like the entire world is

focused on that one data point -- gerry: haven't seen that in the u.s. yet. we've got the largest number of cases. >> yes. but the personal hope is that the u.s. a is at the tail end of the wave. so the u.s. is the last place where we see the curve begin to flatten. but if it is following a sequential pattern where first it's china, then it's korea, then in the critical hot spots of europe such as italy, we begin to see the flattening of the curve in a sequential way, then the hope is that even the united states we start to see that, and some sort of easing of the lockdowns begins in may. that is what is in the forecast. gerry: sorry, go ahead. >> the problem is this, the great depression is -- [inaudible] that is a great headline, and on i sort of use it, this could with the greatest economic decline between this and the

great depression, but there's such a huge gap between then. because there you had the massive decline in global economic output and a 25% -- [inaudible] but there's one big critical difference that we have now is -- and also the amount of capital being up leashed in central banks around the world. the stimulus is already twice the size of what was put into effect during the entire global financial crisis of 2008-2009. so this is a huge counter-response that's going on, and this is even in the united states it seems the ideological lines between the left and the right in terms of how much the government should do and what the intervens is to be, we've seen quite a significant blurring of it, and that is something we should talk about the long-term implications of that. gerry: i'm going to take a break, but just very quickly,

one quick question, markets. the market -- the u.s. energy market down about 30%, one of the steepest declines. markets are supposed to be good predicters of what's coming town the road. we saw a bit of aization this week. does -- stabilization this week. does that make you optimistic? >> no, for two reasons. wall street was completely blinded by this, you're completely correct. a lot of work on this, and the work we have done basically shows that markets -- and economic recession about seven months in advance, and the average decline in the stock market during a recession is about 30% or so. but that happens over a 15-month period. look what's happened this time. this time we've gone from expecting a pretty good year of economic growth to now expecting the greatest contraction in post-world war ii history, and

the financial markets down 30% which is the average decline of a bear market, but the difference is this: the 30% took place over 18 trading days. gerry: yeah. >> historically, that would take 15 months. this is the fastest fall the markets have had since 1929. gerry: we have to take a quick break, i'm sorry. when we come back, we'll talk about the markets and look at how this global pandemic is going to change thehehehehe i'm your mother in law. and i like to question your every move. like this left turn. it's the next one. you always drive this slow? how did you make someone i love? that must be why you're always so late. i do not speed. and that's saving me cash with drivewise. my son, he did say that you were the safe option. and that's the nicest thing you ever said to me. so get allstate. stop bossing. where good drivers save 40% for avoiding mayhem, like me. this is my son's favorite color, you should try it. [mayhem] you always drive like an old lady? [tina] you're an old lady.

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♪ ♪ gerry: my guest is morgan stanley chief global separate just, ruchir sharma. the markets do seem very volatile, of course. do seem to have bounced off their bottom in the last week or so. does that make you optimistic? do you think we've reached the bottom, or could there be worse to come? >> well, i think if you look

back in terms of what's happened here, that this is the fastest decline we've had in the stock market since 1929. typically in a bear market, the u.s. stock market is falling back out 20% over a 15 month period. this time u.s. stocks fell by 30% over 18 days. this is unprecedented. the last time this happened really was 1929. and even after such a big decline then, the u.s. stock market stabilized before a secondaway of selling -- a second wave of selling began. so i would not take any comfort in terms of the current environment, but i think this is contingent on two things which is all about the coronavirus. one, that you see we can deal with infections very quickly, and two, that there is not a second wave which comes out of china. because a second wave when the people were returning to work, is if that comes about, that

will really spook people and think this is an endless process, not something which was going to pass quickly. so i think the markets are queuing off what's happening on the virus, and we've seen some exhaustion which is natural after rapid decline. but the future is so dependent on the path of the virus. gerry: one of the concerns that you've had and other people have had even before this crisis came along concerns the level of debt in the economy, the u.s. economy, the global economy, marley corporate debt. and we are seeing, obviously, you know, it's happened with interest rates, we've seen a lot of volatility there. but obviously with no revenue coming n a lot of companies that were already struggling perhaps with these debt loads are facing ap even larger debt challenge. -- an even larger debt challenge. how much of a problem is that for the economy as it grapples with this crisis? >> i think it is a big problem. this is not the classic credit crisis.

what you have is -- if the cash flows don't come back very quickly. so the vulnerability of the economy has been exposed by what has happened here. no one could foresee the shock, but the volatility was always there. global levels are so high and you have so many companies in the world that i call zombie companies, companies that are not able to even earn enough to pay the interest with on a regular basis and so they're constant libor rowing. the fact that the -- constantly borrowing. that gives you the vulnerability that you have in the global economy out here. now, it has taken all sorts of measures including the unprecedented measure of buying corporate debt directly, corporate bonds and investment rate bonds, taking those kind of measures to try and -- which possibly would work. but the problem is this, that

there's a limit to how long you can keep on doing that. so, again, they're all hoping that the underlying assumption that the global virus infections will peak pretty quickly is going to hold true. regardless, i think the long-term consequences of this is that we are likely to enter a period of debt-phobia, is what i call it. one of the largal solutions we should speak about. what do i mean -- gerry: yeah, explain what you mean, but very briefly because we've got to take another break, also what effect that will have on the economy. >> so i think the 2008-2009 crisis, that, the epicenter of that crisis was basically u.s. consumers in terms of mortgages that they held along with the u.s. banks and the financial sector. after the crisis got over, u.s. households and the financial sector, the banks were very reluctant to take on new debt. instead, the people who took on

new debt was the corporate sector and the government. i think what's going the happen after this crisis, the corporate sector now is going to be very reluctant to take on new debt as was consumers and banks. so so i think people are going to be very averse in the private sector to take on new debt, and the debt supercycle that we have had since 1980 when interest rates started to fall, i think that debt supercycle has come to an end because it was slowing down after the 2008-2009 crisis, but i think after a shock like this, that supercycle comes to an end ebb, and you're you're going to have people much more averse because of the shock they received with the sudden stop. gerry: one more break, and then i want to take a look at the long-term impacts of the coronavirus on the u.s. and global economy. ♪

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♪ ♪ gerry: ruchur sharma is with me. very briefly, i want to look at the longer term tim applications of this. crises, wars, things like this change the way economies and societies work. give me, if you would, do you think the role of government is going to change? we're very dependent on government to save the economy. is that going to lead to a long-term change in the way people see the role government says? >> i think so. i think that's going to be a result of this crisis which is that you can see the lack of a proper government response that got it to this current stage. but it really seems to me that what we're going to be living with as a long-term consequence of this is much more state control. i think we're feeling the

effects already which is we already are feeling the gap between monetary and fiscal policy disappear, that the so-called monetary independence, banks divorced from the fiscal -- [inaudible] buy much more in terms of government bonds. and in general, more state surveillance and a greater role of the states because of the amount that will be required here, again, to save the private sector from this emergency just means we're going to be living with much more government control. so i think these are some of the long-term consequences of this post-pandemic world that we're going to have to live with. i spoke about the phobia, more government intervention and the other point which i've written a lot about, as you know, is global sawtion. -- globalization. that was already underway, and i see that trend accelerating after this crisis even subsides.

gerry: and finally, ruchir, what does it do for america's role in the world? you read a very interesting article recently which was about the comeback nation, about the great comeback of america, comeback nation, foreign affairs just in the latest issue, in which you wrote mostly before the virus hit how the u.s. had come back from the great recession and despite all the talk of decline, we're still the dominant nation in the world. does this change your view on that, or does america emerge from this somehow even stronger? does china emerge from it -- what does it do to role of america in the world? very quickly, because we've just got a minute or so. >> i would not sort of -- an example of american decline. for one, the piece i wrote about spoke how as an economic and financial superpower, merck is extremely powerful, as possibly as -- america is extremely powerful.

the u.s. dollar has been very strong through this crisis. people have been rushing to the u.s. dollar. and this crisis is hitting all economies. in fact, the emerging economies that we haven't spoken about have been hit even harder in economic terms by this crisis. so, yes, it looks very grim today in america and in new york in pleasuring but if you look -- and new york in particular, but america is still standing out as a bit of a safe haven because of the u.s. dollar. so you would not use this crisis as another example of american declinism which i think has been proven to be pretty wrong over the last few decades anyway. gerry: that was fascinating. thank you very much for your insights. thank you for joining us from new delhi. look toward to speaking to you again. and just ahead, i'll explain why it makes no sense right now to be playing the blame game over

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♪ ♪ gerry: as a number of those who have died as a result of the coronavirus and the scale of the epidemic becomes shockingly clear, there's also the inevitable finger-pointing. armchair experts, particularly in the media, say we should have acted faster and sooner to shut down the country and save lives. it's an understandable reaction, perhaps, but it's at odds, in fact, with everything that we know about the way we respond to threats. just a month ago we had experienced only a handful of deaths in this country.

the word from the experts is we would probably get by without the risk of a complete catastrophe. imagine at that point government had ordered a more or less complete shutdown of the nation's schools, restaurants, shops, factories and all kinds of economic activity. would it have been possible? i doubt it. few of us would be prepared to tolerate such disruption, and indeed, the economic calamity that would result in the face of such an uncertain threat, history has shown us again and again that it's a tragic feature, perhapsif, of the human mind that we only respond when it's upon us. the key is to do everything we can now to limit the human and economic loss as we go forward. blaming each other, especially those in the media or politicians and others, for what we should but probably could never actually have done is simply futile. well, that's it for us this week with. be sure to follow me on twitter, facebook and instagram. join me next week when with i'll

talk with jon meacham on his new book. that's right here on "the wall street journal at large." thank you for joining us. stay healthy, stay safe, and we'll see you next week. ♪ >> barron's round table, sponsored by: ♪ ♪ jackie: welcome to barron's round table where we get behind the headlines to prepare you for the week ahead. i'm jack otter. we begin with what we think are the three most important things investors should be thinking about right now. it was another volatile week, actually a tale of two markets. some companies were hit hard while others were resill e cent. what we can expect going forward. the pandemic exposing and exacerbating deep troubles in retail. which companies are best positioned to weather the storm. and big investors pressuring companies to take care of their employees. why this is good for business

and workers. finish on the barron's round table tonight but at a safe distance, ben leveson, carl english and jack howe. ben, first to you. let's talk about what's happening in the market right now. in the beginning of the bear market, we had that crazy panic stage, lots of missed pricings. now things seem to have settled down, investors maybe trying to find what the right prices are? >> they are. or at least they, you know, they're making bets that some kinds of companies are going to have a lot of trouble going ahead, and that's your traditional retailers, airlines, cruise companies. after rallying last week, they've gotten hit very hard this week. and there are companies that have been winners including biotech companies who are working on treatments and vaccines for coronavirus. and they've done very well. the one strange one is energy which has been among the losers but had a fantastic week because of reports that maybe we could see some production cuts to oil,

and that would help drive the price back up from where it's down around $20 right now. and maybe help them get back into the business of making money. jackie: what should investors -- jackie: what should investors or be doing in this environment? >> really the best thing you can do is just sit there with your portfolio. there's a big drop, maybe you want to start nibbling. but the other thing is to look for companies that you think have gotten beaten up too much but you know are going to be able to pull through this no matter what. there's lots of them out there. we could talk about them more later on. but it looks like the individual companies more than the major indexes are where the action really is. especially as you go through into smaller and smaller sections of the stock market. you're going to find that you're going to have more issues. what i've been looking at is dividend stocks. dividend eats you up, you might have problems because right now a high dividend isn't

necessarily a sign of anything except market stress. >> because when a stock gets sold to off, that dividend is relatively higher, but that doesn't mean that's it. >> that's right. jack: so you mentioned the cruise lines, the airlines, all these companies that have really been in the forefront of getting hammered for obvious reasons, they went down, they went up, they went down again. but you could almost say that about the whole market, right? we've had these furious rally, the next day has been ugly and vice versa. >> yeah. that's been one of the best strategies right now especially this week. you know, you had some nice up days, 2 or 3%, they've been followed by down days of 2 or 3%. it's just the way the market is now. we're really range-bound but in a very large range, and so you can expect to see more volatility where people are just trying to figure out where the value is. they're going to be doing this for a while especially because they don't really know, none of us really know how this is going to play out. what is the -- how is the

disease itself going to play out, are we going to start seeing a peak in the number of cases, but also things like the efficacy of government programs. they're rolling these programs out for airlines and for publicly-traded companies but also for small businesses. i think we're going to want to keep an eye to see if small business gets the cash it needs to keep going. jack: jack howe, you've done a deep dive into retail. we know retail's just getting hammered, but there's some nuances within that group. can you explain that? >> yeah. i mean, the group is in a coma now, but i think investors want to think about how it will be reshaped after the virus is gone. that's what i wrote about in my column and in this my podcast this week. first of all, we had way too many stores in america before the virus, and we've written about this before. we have 4-5 times the square footage selling space per person

in america as the u.k., germany, other peer nations. so we expected maybe ten years of accelerated store closings here even if consumer spending was strong. now you have you have to be aware that consumer spending won't be strong. and that's another point. every day that goes by on lockdown is a day where customers get more used to staying at home, shopping online and spending less. so we will get recovery. it might be a sharp recovery, but it might be a while before it takes us back to where we were before. and the last point i want to make is, you know, imagine if jcpenney and macy's go away. that's not his base case, he hopes that doesn't happen, but if they do, that puts $35 billion in consumer spending up for grabs. and if you're a long-term investor, you have to think about who's going to be in a position the grab it. the likely candidates are company like target, walmart, amazon, costco, companies that are doing well right now. and once stores are open again,

start thinking about the apparel closeout chains like tjx. they're not the strongest online playerses, but they'll be worth a look too. jack: my add vice, use those gift cards now. one thing retail companies is doing is trying to keep their mows afloat until we're back in -- employees afloat. you've been thinking about why that's important to the market at large. >> absolutely. corporations that have been talking about this stakeholder capitalism for years now are really going to have to walk that talk. it's not just thinking about your shareholders, your employees, your suppliers, all of that. so what we're finding is a number of companies have taken measures to try to insure that they can keep those payrolls going. you have comcast, marriott, they're taking a cut in paw, starbucks paying their workers for 30 dayses even if they don't show up. you have the big banks saying they're committed to keeping their work force in place.

now, this is a lot of feel-good stuff, but there's a business reason for this, because when we do come out of this -- which, you know, looking at the jobs data we've gotten this week, you know, it's tough to picture that time -- but when we do come out of this, we want these strong, viable companies that are going to be the able to just soar back on the other end of it. the cost of bringing on new employees, training them, all of that, it's a huge cost. and what companies want to be able to do is serve not just their employees, but also their customers, their business partners, you know, just to make sure that money is still able to flow. it's a tough time, a lot of companies are going to be taking a hit during this time, but it's about the long-term outlook. jack: it's an interesting dynamic, doing well and doing good taunt. coming up, what 800 years of financial crises tells us about how to h h h h h

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♪ ♪ jack: the government is stepping up with massive interventions to try to support the economy until we are all back at work, but how will the pandemic affect the economy in the long run? joining me now, former imf chief economist ken rogoff, thank you for being here. how does this financial crisis stack up? >> i mean, it's really too soon to know, but i think if you look at the dive in global output, not necessarily one country's, but in global output, it's probably going to be as big as any on record. gdp only started being kept in the 1930s really, but going back to the great depression, how long it's going to last is

really the big question. is this a pause for two or three months, is it going to be a pause that hits six out of the next eight months? we just don't know. so a lot depends on the pluck health response -- public health response, how we choose to respond and things about the virus we still don't understand. jack: so i would say there are basically three fronts on which we are fighting this war. there's, obviously, the health front. then there's the fiscal front, and there's the monetary front. i think the biggest action is by the fed, so can you briefly address what you think about the fed action so far, what else should be done? >> well, i think the fed's done a terrific job. it's been very aggressive doing things that it said it would never do like backing money market funds. i sat in on meetings where they said they weren't going to back money market funds, but now they're doing it because i think they have to. but, you know, that stops the panic. that stops the liquidity crisis. finish but -- but if you're

shutting down the economy long enough, and let's understand it's still very open-ended up to the point where there's a vaccine that's widely available where this ends. like, you know, where are we going to really normally go back to work, what's normal going to be, will this go to the southern hemisphere and then come back or just go to states that didn't shut down and come back? i really don't know. my guess is that we still have a long ways to go before the public health problem is sod. and the fed has -- solved. and the fed has stood there saying we're going to solve the liquidity problem, but up to a point there's only so much that it can do. jack: sure. so that's where maybe fiscal stimulus comes in to try to keep everyone afloat. what are your thoughts there, are we spending too little, too much? >> we're definitely not spending too much. i mean, you know, even fiscal conservative, i regard myself as

a centrist, but robert bare rows, a leading scholar on fiscal policy, and everyone advocates when you have a natural catastrophe or a war, that's when you want to use debt very haley. you want to be -- very heavily. you want to be in a position to do so. you don't want to have abused your ability to issue debt. we have a lot of capacity. i just think we're at the beginning of this. i think there'll be a further stimulus, simply because i'm not so optimistic the health problem will end requestingly. there's going to be a lot of lost tax revenues here too. so that's still finish you know, i think our monetary and fiscal policy's been heroic. our public health response for the united states -- i'm not just looking at this administration, going back, our preparedness for a long time was woefully inadequate. and the good side of that is i

think this could be worse, we could be facing an even worse virus, and we need to prepare not to mention bioterrorrism and such. and this is a really a wake-up call. so that's sort of the silver lining in this. jack: ken rogoff, thank you very much. we had a great q and a with hum on barron's.com. coming up, how the rate of infections will truth this market. the panel tackles that next. ♪ ♪ at fisher investments, we do things differently and other money managers don't understand why. because our way works great for us! but not for your clients. that's why we're a fiduciary, obligated to put clients first. so, what do you provide? cookie cutter portfolios? nope. we tailor portfolios to our client's needs. but you do sell investments that earn you high commissions,

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♪ ♪ >> the coronavirus now rapidly spreading trout the country -- throughout the country with new york being the epicenter of the crisis. we look at health, business and economic conditions there to try to anticipate what the rest of

the country can expect. bofa supervise joins the round table. i want to go to ben first just to explain this thesis about why we're looking at new york and what we think that can tell us. >> right. so new york is really the first to get hit, and it is the biggest, and right now it really is the epicenter of covid-19 in the u.s. we have more cases, it's spreading faster, and there's just -- looking at new york to see what's happening here, what works, what doesn't work, i think, is going to be very useful for other cities as they have to deal with this. and it's also going to be a model for how city recover and maybe, just maybe, if things do start to get better here, it's also going to be some positive news for the stock market. jack: are you looking at new york, are you looking at other places to get a sense of where we're headed? >> you know, i think globally

new cases is probably the best barometer of where we see a peak in terms of, you know, the market's bottoming process. so one of the things we noticed is that during the sars outbreak the hong kong and shanghai stock exchanges, the benchmarks were actually super correlated with just the acceleration -- or the desell ration in new cases. so i think that might be ad good barometer to watch. in terms of how to think about investing in this market, one of the things we're noticing is that companies that are actually allocating a lot of resources, 19 are outperforming the market. so one of the things i thought was really interesting is companies that have happy, satisfied employees. for example, companies with strong glass door rankings are outperforming companies with weak glass door rankings, because that suggests that these

employees are loyal and are going to stick with the company even through tougher times. there's a lot of interesting dynamicses in this market right now, but i to think there are areas that one can buy. jack: yeah, that is really interesting, carlton was just discussing that. what are you looking for specifically in a company to say, hey, this is a company that's treating it stakeholders correctly, in the right way, and we think it will outperform in the future? >> yeah. one of the things was not just employee satisfaction, but policies around leave, around childcare, just a general sense of a good culture at a company. we also found that a lot of companies that are donating, that are allocating, you know, kind of ourselves, significant financial resources to this problem in terms of loan forbearance, you know, small business loans, these are companies that are actually -- interestingly -- outperforming the market. the other thing that i find fascinating is that if you look at flows on our desk, we've seen

massive equity etf outflows, but the one area where you've seen continued inflows throughout this bear market has been in esg types of etfs. so i think longer term investors are still thinking about these as good risk barometers. >> it's jack howe. we've never seen jobless claims like we're seeing rolling in now. we've never seen a decline in gdp like we're probably going to see in the current quarter, and yet the stock market, it's off its highs, but all things considered, stocks are doing pretty well right now, and we don't yet know what the course of this virus is going to be, whether it's going to come back in the fall. why aren't stocks doing worse right here? do you think the recovery is already priced in at this point? >> you know, i think we're going to be in a big trading range. i think we might go back to some of the prior lows we've seen. here's the thing, i think the one signal that the market got

that is positive is that we have a bed that's going to do literally whatever it takes -- a fed. i mean, we have a fed that's buying investment grade bonds. this is unprecedented behavior. so i think the idea that the fed is there to prop up the credit markets, to prop up liquidity, you know, cupid -- kind of backstop risk at some level, it suggests that the floor on the s&p 500 might be higher than it was in 2008 when we didn't have that learning curve already established that, you know, liquidity matters during a downturn, and it's stemming that really dramatic fall is critical. jack: unfortunately, we've got to leave it there. we have a lot more questions for you, i hope you'll come back because this is, to say the least, a fast-moving table. >> absolutely. jack: round table members give their best investment ideas for the coming week, so stay right there, please. ♪ ♪ you're clearly someone who takes care of yourself.

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♪ ♪ >> before we get to jack and street wise, a correction. last week we inadvertently put the wrong chart for zoom video communications, so we're putting up the correct chart now. and a heck of a chart it is. jack, so my family is trying to use this time to convince me, dad, to get a cat. the wife and kids have wanted one for a long time. we found out the shelter literally didn't have any. >> yeah, good luck. i don't know if goldman sachs i upgraded dogs and cats a strong buy and no one told me, but i'm hearing more and more stories of shelters running out of pets. i'm going to give one piece of advice to anyone who did get a pet for this, don't name your

pet quarantineo. you do not want to be here a year from now, you go out on the front steps, you yell for it, and 14 dogs and 2 cats run into your house. think about original names. look at the pet care stock zts. jack: i just want to make it clear here, you're kind of a contrarian. you're not suggesting people go out and sell dogs because they're well priced right now. [laughter] >> it's not a seller's market right now. jack: we always have one actionable idea from each of our panelists but, carlton, you've got two of them. you couldn't narrow it down. >> i just couldn't. the quarter just ended, your 401(k) statement is going to be coming in the mail. if you're a long-term investor, just disregard it, stay the course. my second piece of advice, you know, we're staying indoors, i'm looking for a stock that i like, procter & gamble is looking

interesting because the dividend yield is 2.7%, it looks pretty strong. but i'm also thinking about the things that i'm doing. i'm staying home longer, i'm cleaning my apartment long, i can't get enough mr. clean magic erasers. people will be buying their products more and more. jack: they're great, by the way, if you have kids. [laughter] ben, you're looking american tower. we're also on our cell phones a bit more these days. >> that's right. this is, if you look at this company, it's not like the ones that have got into trouble recently, the real estate ones that buy retail space and rent them out, office space and rent that. they build towers it is. they rent the tower space, and that's a really great business to be in right now. we have 5g coming, that's going to mean more powers. right -- more towers. right now people are using their cell phones, this is an interesting hooking stock at this point. -- jack: thank you, great ideas, thank you. viewer, to read more, check out

this week's edition at barrons.com. follow us on twitter @barrons on line. stay safe, wash your hands. see you next week on "barron's see you next week on "barron's roun harvey levin: the objects people choose to keep in their home define who they are. this is "objectified"... this is what kylie jenner wore home - from the hospital the day she was born. - oh! i'm harvey levin. this is the story of arguably one of the most famous moms on the planet, who became the architect of one of the most visible and lucrative empires in entertainment. ( people clamoring ) as a little girl, kris dreamed of being a housewife and mom, but that fairy-tale life with robert kardashian was short-lived. when he filed for divorce, that was pretty devastating for you. oh, yeah! i went to the market one day and my credit card didn't work, and i'm like, "i can't even buy a tomato."