thanks so much for watching "strange inheritance." and remember -- you can't take it with you. ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend, everyone. welcome to the program that analyzes the week that was and helps position you for the week ahead. we've got a big show this weekend. coming up, investing venture capital legend alan patricof is here, then later, phil ruden joining me to talk about phase two of new york city's reopening. but first, the u.s. has hit an all-time high in new covid cases this week as recent spikes have some concerned that the targeted shutdowns in certain regions could be necessary to slow the

outbreak. but white house economic adviser larry kudlow tells me he's expecting a double-digit growth rate for both the third and fourth quarter, expect unemployment rate will drop below 10% by the end of the year. >> a whole lot of indicators, retail sales was a blowout. one after another, housing demand is very strong, traveling with the upward mobility index is very strong, new business applications very strong. actually, business opening now, small business almost 80% have reopened, one way or another. shipping, trucking i notice on some of the private sector surveys. so, yeah, i think you can see the v right now, and i think once we get into the summer months expect third quarter data, we'll probably be looking at a 20 percent growth snap pac in q3 and q4. maria: joining me now to discuss

this is one of the leaders in the world of investing, gray croft founder, alan patricof. alan, thank you for joining us. i know you do not agree with larry kudlow about a v-shaped recovery, that things will snap back. he just talked about 20% growth in the third quarter. how do you see the backdrop? >> i don't think he's reading the latest covid numbers of cases and deaths. i mean, we are clearly now hitting a porous period, and they have to retreat somewhat in terms of the recovery, in the first place. secondly, there are a lot of companies who were covered by the first stimulus and were supporting workers during this period of time. the revenue recovery is not fast enough and their stimulus money runs out, we're going to see an

increase in unemployment my guess is in the middle of july and thereafter. so with an extra stimulus, i think it will be helpful. without it, i think no matter how much people are anxious to get out and spend, i think it's going to be a much slower recovery. maria: in the meanwhile, you are still finding great investing opportunities. i want to ask you about ipos. this week on friday albertson's went public. initially that deal was priced below expectations. how do you expect the ipo market to trade going forward? where are the highlights on the upside, and what's not working in terms of ipos right now, al ann? >> it's interesting you say that, because i think what's happened in the ipo market this first half of the year when we had about 50, i think the average isup about 25 or 30% from their filing prices, and they went higher in the pop after the initial filing. it's an anomaly in the fact that

in this difficult environment, we have a strong ipo market. the ipo market usually needs windows of exuberance in the marketplace, and then you slip into the window and take out something public. and with a very irregular market, people have still been able to get through that minefield. and i think it's an indication that there's a lot of money sitting on the side. everybody wants to put the money to work, and there's a certain excitement about, particularly about companies' names that they are familiar with. so, and, of course, zoom was a perfect example. peloton. those are companies that everybody knows about, and their benefiting -- they're benefiting from this period of time. so albertson's will be interesting. they've been pending for a long time. maria: yeah. >> we'll see how that comes in -- maria: yeah. we'll see how it does over a

long period, we'll see how it does over a long period of time. how are you investing right now, alan? tell me where you're finding growth in this economy. you have found some great ideas and even industries overall that you've bought into at very, the infancy stages. where are you allocating capital today? >> well, we've been, had a limited amount of money, but we've been focusing, i have particularly for the firm, in the podcast area. we've now made six investments including the leading independent company in the field. we've also gone into five different technologies from ad attributions with a company called pod sites, another called chartable, another one specializing in subscription technologies for the podcast industry which is a real hope for the industry called glow, another company which is dealing with the sounds and cataloging

and sound base, and another company called stackable which does search and discovery which is probably the answer to podcasting in general, because everybody wants to find something. podcasting is a very hot area now, as you can see spotify has all of a sudden taken a major interest in this, diversifying the music business or to complement the music subscribers. that's been a very hot area. we also just made investment this past week -- i'm sorry -- in the real estate area, in case you're interested. maria: and tell me about that. are you referring to leg? -- le? >> yes. it was just announced publicly on friday that lex has made an aa rangement with nasdaq that we will be able to give liquidity to real estate owners of minority interests and bring the

public in as investors in small dollar amounts so that they will be able, for the first time, whether they're qualified investors or unqualified, they'll be able to buy a stock, in effect, in a real estate, in a segment of a real estate, commercial real estate property. and it'll give an opportunity for broad generic ownership of real estate around the country to the individual small investor for the first time. so we're very excited about that. maria: alan, great to see you this weekend. thank you so much for joining me. alan patricof. >> thank you. maria: don't go anywhere, real estate giant phil ruden is next, we will get further into commercial real estate. stay with us. ♪ ♪ in neighborhoods across the country,

you'll see gratitude. communities showing support in their own way. our way is massmutual healthbridge, a free life insurance program just for healthcare workers fighting covid-19. ♪ so to all the healthcare workers on the front lines, thank you. ♪ [shouting] [clapping and shouting] [cymbals clanging] [knocking] room for seven. and much, much more. the first-ever glb. get 0% apr financing up to 36 months on most models, and 90-day first-payment deferral on any model.

there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us.

that selling carsarvana, 100% online wouldn't work. but we went to work. building an experience that lets you shop over 17,000 cars from home. creating a coast to coast network to deliver your car as soon as tomorrow. recruiting an army of customer advocates to make your experience incredible. and putting you in control of the whole thing with powerful technology. that's why we've become the nation's fastest growing retailer. because our customers love it. see for yourself, at carvana.com.

must be must be. ♪ maria: welcome back. with phase two of new york city's reopening now underway, a projected 300,000 people are expected back to work. what will that look like? challenge of retrofitting business is and office spaces post-covid-19 has become a priority. and this, to of course, on tom tom -- on top of this month's looting. for more is bill ruden, ceo of ruden management, chairman of the real estate board of new york. thank you so much for joining me. i want to kick it off with what you've been doing because i love the idea you have now safety handbooks that you're giving to all of your buildings. tell me how many buildings you have right now in new york and about these safety handbooks. >> well, we own about 10 million square feet of office space and

about 14 buildings. and we created, with our operations team and my daughter and son, this tenant handbook so that once people started onboarding back into the building, which happened -- started on monday, and everyone knows what the rules of engagement are. wearing your masks, the flow-through into the lobby, we have people in the elevator corridors touching the buttons when you say you're going to the a 25th floor, limitation of people in the elevator x. then we have a handbook for our own employees, you know, talking about always wearing your mask when you're walking around the office. we set up hand sanitizer stations throughout, we put in sneeze guards limitations into conference areas. all the things that are important to stop the spread of this virus.

and you have seen our city and state go from the worst to the best in terms of lowest rates of infection and hospitalization. you're now seeing in other parts of the country where cities and states went a little too fast opening up, record increases in infection, and i think the governor of texas announced yesterday they're putting a pause on their phase two of reopening. so we have to take it very carefully and slowly, and that's what that handbook does, reminds our tenants what they should be doing to make sure that they have a safe experience coming back to the office. maria: bill, how will commercial real estate look different once we do get back in? because i know that there's a lot of plans to do touchless everythingment what kind of an expense are we talking about for

companies, and how will your buildings look different in terms of commercial real estate? i know this didn't happen overnight, maybe this is long-term plans, but tell me what you're planning. >> we've been planning for a long time. we have a plan to make our buildings smart, the smart buildings, what we call them. we started at 55 broad street downtown right around the corner from the stock exchange back in the '90s where we have broadband connectivity, we have easy access to the internet. but now, today, we have a technology company that we created called nantun, and it provides our building engineers and operators realtime data on occupancy, electrical consumption, water consumption, co2 levels, and we've now literally this week started to roll out a tenant app that will give our tenants as they're coming to the building seeing

how many people are in the lobby, they may want to come in quicker or slow down a little bit as people are queuing up to the elevators. but we're also giving them realtime data on air quality and data points like that so that people feel, again, comfortable coming into the work environment. maria: let's take a break, and we'll get further into commercial real estate with you. bill ruden is with us this weekend, got a lot to talk about with him. in the middle of it all with 10 million square feet in new york city. stay with us, we'll be right back with more. when you think of a bank, you think of people in a place. but when you have the chase mobile app, your bank can be virtually any place. so, when you get a check... you can deposit it from here. and you can see your transactions and check your balance from here.

you can detect suspicious activity on your account from here. and you can pay your friends back from here. so when someone asks you, "where's your bank?" you can tell them: here's my bank. or here's my bank. or, here's my bank. because if you download and use the chase mobile app, your bank is virtually any place. so visit chase.com/mobile. then you might have a dcondition called dry mouth.? biotène is clinically proven to soothe and moisturize a dry mouth. plus, it freshens breath. biotène. immediate and long lasting dry mouth symptom relief. essential for sewing, but maybe not needles. for people with certain inflammatory conditions. because there are options. like an "unjection™". xeljanz. the first and only pill of its kind that treats moderate to severe rheumatoid arthritis,

psoriatic arthritis, or moderate to severe ulcerative colitis when other medicines have not helped enough. xeljanz can lower your ability to fight infections. before and during treatment, your doctor should check for infections, like tb and do blood tests. tell your doctor if you've had hepatitis b or c, have flu-like symptoms, or are prone to infections. serious, sometimes fatal infections, cancers including lymphoma, and blood clots have happened. taking a higher than recommended dose of xeljanz for ra may increase risk of death. tears in the stomach or intestines and serious allergic reactions have happened. needles. fine for some. but for you, there's a pill that may provide symptom relief. ask your doctor about the pill first prescribed for ra more than seven years ago. xeljanz. an "unjection™".

♪ ♪ >> one of the interesting things that we've learned through this

crisis, that teleworking is very effective. i don't think it'll ever go back to the way it was before. and there are a lot of people who are going to be able to work from home. that's going to free up a lot of commercial space, which can be converted to affordable housing to take some of the pressure off. and we are very much looking at that right now, looking at ways to be able to facilitate that transformation. maria: and that was ben carson, the secretary of hud, joining me this week on "mornings with maria." i am back with bill rudin, and you just heard ben carson talk about commercial real estate and what he's expecting to be a lot of empty floors, you know? we're talking about density of cities and how some people do not want to go back to high-floored buildings, wait on long lines for security, and ben carson says, well, there's going to be a lot of empty space in

commercial real estate buildings, i'll use that for low income housing. what do you say about that? >> well, first of all, there's an interesting article in city lab just came out, and it talks about this is not the end of cities. so i think we're going to have to look at what the future of cities are, and we're going to have to work very hard to look at things possibly converting like we did in the '90s, maria, when you started off down at the stock exchange in the early '90s s and we talked about it a lot then. downtown was a ghost town. there was 30 million square feet of vacant space. we came together, the business community, government, and we created the downtown plan which allowed conversion of older office buildings to residential. and back then there was about 0,000 people -- 10,000 people living in lower manhattan. today there's 70,000 people, and about 30% of those people walk to work. so we're going to have the look at these type of ideas to

reimagine our cities. but people want to be in the cities. even with all the things that have been going on, this report by a doctor in florida from university of terror coe talks about the powers -- toronto talks about the powers of cities. we strongly believe and i think other ceos want to get their workers back in to work. tim cook was talking about the seven diptous meetings that -- serendipitous meetings that happen when you're in your office, collaboration, that impromtu meeting, even with social distancing that's going to happen that helps reinforce the company 's brand, loyalty to the company and makes the people connected who work at the company more connected with each oh. and so that's going to continue to happen. maria: yeah. >> we're going to have to make changes in terms of the office space, we're going to have to deal with, you know, the changes

that are happening within our cities. but there is always going to be a place forties and for office space -- for cities, and there's been dozens of surveys by gensler that did interviews with people. they want to go back to work. they want to be with their coworkers. they want that boundary between work and personal life x that's what the office environment does do for the workers -- maria: yeah, no. i totally understand that, and i think -- >> [inaudible] maria: -- really, really good points about wall street because, you're right. after 9/11 it was a ghost town. you go down to the new york stock exchange, and there are residential buildings right there, and it's a very sweet and lovely neighborhood, by the way. but, bill, in terms of what ben carson is saying, so then you would be okay turning some of the floors into commercial building into low income housing then? because it just wasn't equating to have a big business building

and some of those floors low income housing. that's exactly what ben carson is talking about. >> well, i think it's going to be a mixture of different type of housing. we've had a very successful program in new york city called 421a where you create different levels of housing. you have high-end housing, middle income housing and low income housing. and if that's been going on for decades here in new york city x. that's the power of our city, is the diversity and the changing nature of neighborhoods. so i think we're going to have to take advantage and use what's happened. but i also don't think, i mean, in the last four months if i told you in new york city 2.5 million square feet of leases were signed, you would probably say that's crazy. but companies like, tiktok, bank of new york-mellon, dozens of

other companies 2,000 feet to 10,000 feet have signed leases during this pandemic. maria: that's terrific. >> cities, particularly new york, have been written before -- maria: have you had to adjust pricing? are you lowering rents because of lower demand? >> well, there's been some price adjustment but not that much yet. and we're renting our apartments, we're seeing demand pick up after, obviously, a period of time where things were on pause. finish in terms of office space, there was definitely a pause except for these couple million feet of leases. and we're just reopened our building in brooklyn at dock 72. you talk about what we need to do, that building's a perfect example of the smart building. we've put in all the infrastructure, and we have a food hall that's very large, 15,000 feet, so we can do the social distancing. we have a health center also

about a 15,000 feet where we can create the spacing. a lot of outdoor space. and so these are the type of buildings that owners are creating today that will, i think, address a lot of the concerns that tenants have in terms of making sure that their employees come back into the city and feel safe. maria: yeah. come back soon, this deserves much, much more conversation. we are all interested in the health of our cities. bill rudin, thank you, sir. >> thank you, maria. have a good weekend. maria: don't go anywhere, more "wall street" right after this. ♪ 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, right? we don't have those. so, what's in it for you? our fees are structured so we do better when our clients do better. at fisher investments we're clearly different. there are people who say things aren't made here anymore. those people should make a trip to michigan. or kentucky. or illinois. where you'll find our workers and dealers and engineers and technicians. building for america. we're proud to employ more hourly workers

than any other automaker in this country. because we build for this country. -always have been. -and always will be. never letting anything get in my way. not the doubts, distractions, or voice in my head. and certainly not arthritis. new voltaren provides powerful arthritis pain relief to help me keep moving. and it can help you too. feel the joy of movement with voltaren.

maria: welcome back. that'll do it for us this weekend. thank you so much for joining us. next weekend, we've got a big show, 9 p.m. eastern for another edition of "wall street," we'll talk about the june jobs numbers as well as the most important business stories of the week. all that coming up right here next weekend. this weekend over on fox news on "sunday morning futures," live, 10 a.m. eastern, joined by tom cotton, devin nuñes and georgia congressman doug collins along with michael milliken, my special quest. news about vaccines on the horizon coming up. 10 a.m. eastern sunday morning on fox news. start smart every weekday right here on fox business, weekdays

from 6-9 a.m. eastern for "mornings with maria." set the tone with us for the day. that'll do it for us, thank you so much for joining us this weekend. have a great rest of th weekend, everybody. i'll see you next time. ♪ ♪ rer rer welcome to the "wall street journal at large." while it's been another week in year zero of america's post-white imperialist history, it seem es, the orgy of building renaming, the virtue signaling has had many of our cities in its grips for weeks show no sign of letting up. the white house, an effort to topple until statue of andrew jackson led the administration to call out national guard troops. at least the protesters picked