plutocrats were supposed to be smart as well. well, that's it this week. please be sure to follow me on twitter, facebook and instagram, and i'll be back next week with more in-depth interviews on the "wall street journal at large." thank j j j j j j j j j j j j jg us, have a great weekend. ♪ ♪ ♪ jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. i'm jack otter. coming up, john emerson explains where the new power centers are in washington. and later, safe haven picks going into 2021. but we begin, as always, with what we think are the three most important things investors should be thinking about right now. the markets surged this week in the face of election uncertainty. why investors seemed happy with the outcome. the fed is continuing efforts to sustain the economy during the pandemic. chairman jerome powell saws

recovery will be slower without additional stimulus, but more aid may require cooperation between democrats and republicans. mind-altering drugs, is it time to invest in pot stocks? ben levisohn, carlton english and reshma. ben, voters are always half unhappy, half happy after an election, but investors were clearly gleeful, and the market was up 7.5%, almost 7.5%, its best postelection return since 1932. break it down for us. >> yeah. i mean, it's a new narrative going around the market now. before the election it was all about the blue wave and how you were going to get this massive stimulus that's going to drive the market. now it's about glued lock, that we're not -- gridlock, we're not going to get tax increases, massive spending, but without the tax increases, everything's going to be okay. we're basically going to have status quo with some small changes around the edges, and you could even get lucky e and

see a little cooperation between biden and mcconnell who knew each other from years in the senate, actually worked together when biden was the vice president and mcconnell was in the senate. so there's actually a lot of optimism that gridlock is going to be good. [laughter] jack: i remember that word, cooperation. haven't heard it in a while, but i do remember that term. what are you looking for in the next few weeks? >> i really think this is more about the economy, that we've been seeing the data come in, and it's fantastic. the manufacturing survey was great showing continued growth, our payroll report today, the unemployment rate dropped. the economy is just fantastic at this point. not fan tsaing e, i -- fantastic, but it's recovering a lot faster, and if we keep it up, there are going to be good things ahead for the stock market. jack: it's true that there were other things happening in the market other than an election, this week, erik reshma. for starter, the fed did not want to make waves, but

investors were reasonably happy with what came out of that meeting. >> yeah. they went out of their way to reiterate support for continued stimulus and indicated they have more tools to help that's definitely given investors comfort. but the fed officials did also warn of considerable risk to the economy for the surge in coronavirus cases that we're seeing. you know, we hit a grand new daily record here in the u.s. of 120,000 reported infections. and the fed genre it rated the need for another stimulus package. it's fallen on deaf ears, negotiations at a stand still before the election. and now the $3 trillion package the democrats had wanted is likely off the table. but both leaders of congress did say today that they would kind of restart negotiations. i guess that, you know, if the election is -- even if those guys get an agreement hammered out, we could see a delay in stimulus. jack: and friday's job numbers came in better than expected.

i think we lost about 20 million jobs, we've got 10 million back. that's a positive, right? >> that is a positive -- [audio difficulty] and optimism here. there are other signs that show we may be losing some in the recovery and that, perhaps, sort of worried that in the medium term if with don't see some sort of stimulus, the market is not really factoring in the possible hit to the economy. small businesses are still suffering, there are concerns if we we don't see more stimulus, we could see another wave of layoffs in november and december. blackrock's bond guru says growth could vary by several percentage points based on what type of stimulus we see. and then, of course, there is the coronavirus risk not just here, but also in europe. we've seen new restrictions put into place in france and germany and the u.k. not as strict as before, but still raising concerns of potential double dip in those parts of the world. jack: thursday was the worst single day in this country for new cases.

or carlton, if all of this drives you to drugs, you are in luck! i think it was arizona, south dakota, new jersey -- remind me, one more -- recognized recreational use of marijuana. mississippi said medicinal use was okay. how can this help investors? finish. >> so montana was that fourth one you were talking about. so it was kind of interesting in the trading this week because initially i think those cannabis investors had expected a blue wave. when that didn't quite seem to be happening on wednesday, those stocks sold down. but on thursday as joe biden started to take the lead, the stocks rebounded. and the reason behind that is a joe biden presidency, even with a republican-controlled congress, might be one that can pass banking reform that will help some of these cannabis companies grow. if you remember, cannabis is still federally a class i drug, so that means banks face a number of compliance issues, many of the larger banks have stayed away for that reason. so any measures that pass, that, you know, would help, would

certainly help the cannabis industry. now, it is worth noting that even though those states are allowing recreational use, us typically takes some time before you see that retail rollout. it's usually around 18 months. and for investors it is a volatile sector to involved in. a lot of these stocks do often look expensive, but in light of tuesday's voting on green thumb and harvest health are some that are poised to benefit. jack: it turns out that if pot's not enough, mushrooms may be coming back, used for depression and everything else? >> yes. so i encourage everybody to look at the piece by bill alpert. there are some publicly-traded companies that are investigating this. again, or t an area of caution, but bill wrote a really fantastic piece that i urge everyone to read. jack: we will all check it out. coming up, what the election results could mean for your

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♪ ♪ jack: every election creates new allies and new mccallum. >> the fox news decision desk can now project that former vice-president joe biden will win pennsylvania and nevada putting him over the 270 vets he needs to be the protection president of the united states. >> president trump said said i will never stop fighting for you and the nation, will not have another term the path is

clear for the new president elect. time is the charm, for former vice-president joe biden. 47th vice-president, he becomes the 46th president and now is

president-elect. we begin with bill hemmer at the billboard. once that's all officially certified, bill. >> and a late good morning to both of you on this saturday morning, just a tick before noon eastern time. joe biden at 290, donald trump at 214, what was breaking overnight and broken so far today. not a lot in nevada, but some breaking here in pennsylvania. with the vice-president taking half point lead. 49.7 over 49.2 to donald trump. state law in pennsylvania requires a recount. if you're at .5% or less, and that's where we are. so perhaps you get a recount, maybe you do not if the lead for joe biden continues to grow. a day break earlier today, this marker right here, the difference, 34,458. at day break, that was 28,800. we just had another dump from

pittsburgh, pittsburgh is here in allegheny county in the western part of the state that was able to give joe biden more of an edge. he's getting 60% of that late mail ballot count and he added to his numbers a short time ago. here in philadelphia we'll see how this goes throughout the day, guys we have been talking for days now about how you win elections in pennsylvania. if you're a republican, you have to keep the margins lower in philadelphia and lower in pittsburgh. if you're a democrat you have to drive those numbers up. joe biden has done that in the year 2020. philadelphia, these collar counties here, is a very good example. bucks county, pennsylvania. why is this so significant? it's a bellwether county. it's been razor tight for the past several elections, in 2016 here is where it was, on the margin, .5%. 2012, very close with barack obama on the ballot, about a point winner in that county. now in 2020, you see what joe biden and the democrats have

done. they've increased his margins in locations like bucks county, the suburbs south side of philadelphia. i'll pop around to montgomery county. you see the difference of the margin biden, 2 over one. chester county not as impressive as montgomery, but still very good for the blue team. delaware county you see meets his numbers yet again. democrats knew if they were going to win pennsylvania and its 20 electoral votes and take that state back from donald trump and the republicans, this is where they were going to do it and over here in pittsburgh, they were going to do it there as well. there were three counties in pennsylvania that donald trump flipped from barack obama's day in 2012 to 2016. here on the map, they're barely perceptib perceptible. here, northampton and erie county. watch it now in 2020 it's blue and so is this. it's a blue collar area right along lake erie.

this was sought after by both campaigns and the moment joe biden outperforming donald trump by a percentage point. that's not to say that the republicans did not do well at finding their voters and turning them out. all over the map you can find locations throughout the rural parts of pennsylvania and you can see where republicans did very well in finding their voters, getting them to the polls, or getting them the vote early. i think the significance of 2020, bret and martha, will be found how the democratic party capitalized on mail-in ballots. they knew where their voters were, they got them to the post office, they got them to the mail and got them to return those ballots. that was an aggressive part of the dnc and they were successful there in pennsylvania. a quick look at nevada it's early out in nevada. this is our starting number, 22,657. we have now called the 6 electoral votes for nevada joe biden holds a two point lead in

the 6 electoral votes from nevada in combination with pennsylvania puts him over the top comfortably at 290. bret, martha. >> thank you, bill hemmer. >> we said from the beginning that joe biden as a candidate was not hillary clinton and he's outperforming and will get the most votes and will become the 46th president of the united states. please stay tuned to fox news channel and this fox station for continuing coverage of this story. i'm bret bare much more signifit in terms of client portfolios are going to be things like the actions of the fed, whether and how quickly we get a vaccine to this virus and how quickly it gets disseminated. and then, of course, the fundamentals, which companies are going to do well as we come out of the covid situation, who's positioned to do well, who are the winners and losers likely to be. those are the kinds of things that the analysts and portfolio managers that we have all over the world are looking at on a daily basis.

jack: john emerson, thank you so much. those are important points, and we're going to be talking about them next whether you're looking for a safe haven or opportunities in the market's ♪ ♪ [ engines revving ] ♪ it's amazing to see them in the wild like th-- shhh. [ engine revs ] for those who were born to ride, there's progressive. [ engine revs ] noand if you're troubledan a lifby falls and bleeds,ers. worry follows you everywhere.

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phone here all of this, is this going to concede or is he going to fight on? let me just read you this, it's a lengthy statement from the president, in anticipation that this was going to happen today. the president out at his golf club at sterling likely watching this unfold. the statement reads we all know why joe biden is rushing to falsely post as the winner and media allies are trying so hard to help him. they don't want the truth to be exposed the simple fact is this election is far from over. joe biden has not been certified the winner of any states let alone any of the highly contested states headed

for mandatory recounts or states where our campaign has valid and legitimate legal challenges, that could determine the ultimate victor. in pennsylvania, for example, our legal observers were not permitted meaningful access to watch the counting process. legal votes decide who is president not the news media. now, here is the key part of this statement, and where we are going from here. beginning monday our campaign will start prosecuting our case in court to ensure election laws are fully upheld and the rightful winner is seated. the american people are entitled to an honest election that means counting all legal ballots and not counting illegal ballots the only way to assure the public has full confidence in our election, it's shocking that the biden campaign refuse toss agree with that and wants ballots counted whether they're ineligible-- only a party engaged in wrongdoing would unlawfully

keep observers out of the count room and block the court to access, and what is biden hiding i will not rest until the american people have the vote count they deserve and-- >> what the president is saying it doesn't matter if pennsylvania and nevada are called for joe biden or that he has 270 plus electoral votes. the president does not intend on conceding, in fact, beginning next week, he plans on fighting. >> i am told by sources that the president is trying to beef up his legal team he's taking a look at the legal team and need the sort of legal team that president bush had in 2000 by the recounts led by james baker. the case argued at the supreme court by ted olson who went on to become solicitor general of the united states. one of the people that they are looking forward, i am told is the former attorney general in the bush administration, michael mukasey. i reached out to mukasey to see

if he had been approached by the trump campaign. i got a no comment, not a yes, not a no. and they're looking at the states and trying to put together a top-notch legal team to fight the battles going forward. the next big, big, big part of this election is december 14th when the electors get together and announce the president of the united states. in the initial, joe biden looks like the president-elect, but a lot of playing field when they meet on december 14th. they'll fight tooth and nail and exclude ballots after the polls closed we saw sam alito from the supreme court that those ballots need to be sequestered. there were other starts where they came in and north carolina, i don't think the president cares about that because it looks like he's

going to win that state, but other states where ballots came in after polls closed on election night. the trump campaign it going to do everything it can to exclude those ballots and do everything it can in recounts and exclude other ballots, ballots potentially that were cured, ballots where signatures didn't match. so there's a lot of ground to cover between now and december 14th when those electors meet that the trump campaign believes it can mount a challenge to what we're seeing in the initial vote count here. do they have a chance to do it? unknown. when you look at florida, with the narrow margin between bush and gore, we may not get there. we'll see. >> okay. >> john roberts at the white house, thanks, we'll head back, obviously, that projection is a projection and they'll fight in court. court. >> the fox news decision desk can now project that former vice-president joe biden will win pennsylvania and nevada putting him over the 270

electoral votes needed to become the 46th president of the united states. >> donald trump, the 45th president of the united states vowed not to concede. legal challenges will ensue over the course of monday and beyond. we'll see what happens. >> keep it here on these stations. now, we're headed back to peter doocy. he's headed out in wilmington, delaware, and we have an update from the biden campaign, a statement from the biden campaign on that call, peter. >> bret and marsha, it's a statement from the president-elect. allow me to read it, 60 seconds, i'm honored and humbled that the people of america have placed in me in the face of unprecedented obstacles, a record number of americans voted proving once again that democracy beats deep in the heart of america. with the campaign poefr it's time to put the anger and harsh rhetoric behind us and came

together as a nation and come together and u neat and heal, we're the united states of america and nothing we can't do together. the former vice-president is at home 15 minutes away, the parking lot has become a secured secret service perimeter since tuesday afternoon, thought tuesday, wednesday, thursday, friday might be able to come for a victory celebration. it appears that's now possible and we don't expect to see him until later on this evening. it's set up like a drive-in, last night they screened a couple hundred cars ready to come in and wound up not letting anybody in and put the vice-president inside, the former vice-president and now that he's the president-elect he's got this celebration planned, 47 years to the day from when he first became a united states-- when he first launched his initial senatorial campaign in delaware. back to you. >> peter let me ask one they

think, is -- we don't have the timing on when they're going to come out. when they're going to address people. >> no, we don't. and we would expect based on the way that it's set up with kind of a light show and fireworks, that it's not going to be until later on this evening. and as for what's going on here right now, it's unlike announcements of this magnitude in the past where there would be a hotel ballroom filled with people cheering because we're not inside the hotel, we're outside the hotel and walking in the parking lot to get to the camera, you hear a few people honking their horns, some scattered cheers of people who can get close enough or honestly the a parking spot because of the secret service perimeter. it's going to be a couple of hours, we would expect more tour y curious locals trying to get a look and now the former vp who has a speech to right.

i'm sorry, former vp -- the president-elect. >> and in wilmington, delaware, this election still the balance of power in washington that a president biden will have to deal with, is still hanging in the balance with two-georgia runoffs that will be january 5th. and there you see the possibility of democrats picking up races. we expect to call alaska and north carolina eventually for the republican, but if democrats were able to pull off two surprises, which is highly unlikely in a place like georgia, but if they were they would control all three branches of government. the white house, the house, and the senate. >> and the outcome of that senate race is going to set the stage and the tone for how much joe biden can achieve as president, and how much pressure he would get from the left. we remember the bernie sanders comment with the squad, who everybody has become very familiar with over recent

years, so, the tug and the push and pull in terms of what kind of presidency joe biden would have and what would be on his agenda is sort of where we are going to begin to think and to turn our attention right now. >> we should say that this is pretty-- this moment is pretty astonishing. i mean, the president is saying i am not giving up. i'm going to fight. and he has every right in every courtroom. this projection the statement is right that the media doesn't give the presidency it's the voters and just projections don't make it official. he has every right to go into consumers. we just haven't seen all of the case that is going to be made to changingings, why the projections are made. they still have to be certified by all of these states and that happens starting at the end of this month. >> yeah, it's a mathematical assessment on the votes that have been cast and the numbers and where they fall, that is

how you make these projections. that's how these news desks, decision desks, make these projections and that's where we are right now, but the certification comes in mid december and the president has said he will not concede. in fact, he tweeted, i won this election by a lot. >> stand by. >> fox news decision desk can now project that former vice-president joe biden will be elected the 46th president of the united states. and know you with that projection news that the president will continue to fight saying he will not concede and will fight this legal battle in consumers across the country. standing by with us now the host of fox news sunday, chris wallace, your thoughts on this projection and where we are in this unique part and time in history? >> well, first of all, i'll vividly remember in