jack, carlton, ben, those are great ideas. thank you, welcome to 2021. to read more, check out this week's of barron's.cot to wish y new year. thanks for watching. >> from the fox studios in new york city, this is maria bartiromo's "wall street." >> and welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm cheryl casone in for maria bartiromo. coming up in just a few moments, maria speaks with some of the biggest names in business as we look back on this incredible year. and take a look at markets, all of the major averages ending higher for the year with the nasdaq surging more than 40%. this is the best year for the nasdaq since 2009. here know first gerald group principal -- fitzgerald group principal keith fitz jared and

ryan payne. keith, do you think we should be sticking with big technology as we invest this 2021? -- in 2021 in. >> yes. there is no question in my mind, because i think we're presaging, preset, a repeat of the roaring '20s of a hundred years ago. that is when key technology took over our world, and we had all kinds of innovation. technology is about reinventing our world. it's not simply about doing things better. so to me, that's a key area of attention this year. cheryl: and, ryan, who thought we would have been working from home and shopping at home, but that's kind of what our lives have become during the pandemic. you think that these trends in technology continue into the next year? >> yeah, i'm going to argue here, with all due respect, i mean, i think a lot of this good news has been truncated into a short period of time. i'm having zoom that teague -- fatigue, i don't know about you.

i think investors are going to make the mistake next year is, okay, i'm going to own the s&p 500, and i'm going the participate in the reopening of the economy. and that's not necessarily true. and i've talked about this a lot, these large cap names now drive the s&p 500. tesla in there, you know, they're not really economically sensitive. so i think with the economy are opening, to really benefit you've got to diversify away from big tech which all that good news this year just got baked in, and now they're trading at obscene valuations. i think you have to diversify outside of big tech to participate in this roaring '20s which are coming. i'm with you, keith, it's right around the corner. cheryl: i think the ore question too -- other question too, guys, is what do we do with our money. some wall street experts will i say we should be shorting the market, things are overblown, 2020 the market's overvalued. and then, keith, you've got others that are saying go all in, go all in for stocks in 2021

because there's no place else to put your money. what do you say? >> well, i gotta tell you, you know, a lot of the perma bears are people that, quite frankly, missed the rally to begin with, so i take them with a really large grain of salt. as for those folks that go all in, i don't think that's such a great place to be either because that's like going to vegas or atlantic city or your favorite casino. you want to be smart about what you're doing. excuse me. to me, that's a measured approach that's concentration on the technologies that are changing our world, concentration on medical tech, concentration on biotech, concentration in things that are technological -- boy, i have running lips this evening -- [laughter] things that have absolutely the capacity to move us forward for the next ten years. the roaring '20s were a decade-long exposure, i think the danger is most of them don't have enough. cheryl: well, and also too, ryan, you know, we always talk about, oh, diversify your

portfolio and make sure you've got something in every basket, if you will, but one of the things, we've seen emerging markets not perform that well. it's been kind of a u.s.-based stock story for the last several years. but a lot of these merging market economies are actually discounted, and if you think about where to maybe look for a little extra gain, it could be the emerging markets for 2021. >> yeah, you said it. i mean, i'm chomping at the bit just thinking about the emerging market because your point, the growth is going to be so much higher than u.s., 6% plus gdp versus 4% in the u.s., profits are going to be higher, and they trade at, like, a 25% discount. and you just think, like, 85% of all economic activity is outside the u.s. so it's been a really rare decade where the u.s. has actually outperformed and, you know, going back to to 2010, wed a whole decade where we did

nothing, and emerging markets actually roared. we're already seeing that rotation happen, and talk about being on the sidelines or having your money to work, you want to be fully invested, but you want the global markets and emerging markets in your portfolio, small caps which are more economically sensitive. it is about having your money invested, it's just spread out. i think the message over and over again is diversification. cheryl: keith, one of the things about 2020 that we've seen is like with the russell, for example, that we really didn't get sick performances there. i'm trying to look for places where maybe overlooked some opportunities that maybe they should pick up in 2021. finish. >> well, you know, i tell you, that's a very interesting question. i have a mantra, the best not the rest. it's very deliberate. you want best in class companies, best in class ceos, best in class products and services. and whether they're merging markets or home markets, to me, isn't the distinction here. you've got to be playing with the best in class, or you are

going to get left behind. it's a matter of picking companies that absolutely have the competitive, that have the savvy ceos moving forward. emerging markets, many of which, in fact, sell u.s.-centric products and services. for example, apple can expand into africa and south america, i would argue you want to invest because of emerging markets, not necessarily in them. respectfully, now my turn to push back a little bit. i think, again, the risk that that people simply don't have enough on the table. that's the bottom hine here. cheryl: so you would still double down markets for 2021. and also too, you know, it's about the economy, world economies, ryan, not just the u.s. economy. talking about gdp, what's it going to be in 2021. we hope it's going to be better than 2020. so if we get that growth especially if it is the u.s. economy or maybe other economies around the world, that's also going to continue to prop up the stock market, and that's a good thing.

>> yeah, no, absolutely are. but i think also the speculation is coming into play here. we talked about people getting invested, now margin accounts. weapons of what i call mass instruction for investors, up to $700 billion on margin now and options trade this year which are the ultimate weapons of mass destruction are end end in 50% -- up 50% in volume. you already have speculation basically seeping into the market. not all markets are created equal, and i think some next year could roll over. again, just to push back on keith, because it's fun -- [laughter] you know, basically the fact that, you know, next year you could have the s&p actually go down while other markets go up, and it's highly probable. that's exactly what happened when the tech bubble burst back in 2000. other markets went up while the s&p actually went down. cheryl: keith, final word to you. we're about out of time, but you mentioned apple. any other names you like real quick? >> best, not rest. i'm going for apple, i'm going

for microsoft, companies like pfizer that are critical, jpmorgan, visa, digital payments. i'm looking at setting up for the next five, maybe ten years. cheryl: and my thanks to ryan payne and keith fitzgerald. don't go anywhere, our look back at "wall street's" best moments of 2020 the, that is comin your journey requires liberty mutual. they customize your car insurance so you only pay for what you need. wow. that will save me lots of money. this game's boring. only pay for what you need. liberty. liberty. liberty. liberty. twto treat acute, non-low back stmuscle and joint pain doctors with topical nsaids first. a formulation they recommend can be found in salonpas. a formulation they recommend can be found in salonpas. salonpas. it's good medicine. hisamitsu.

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♪ ♪ cheryl: and welcome back. a global pandemic that has reshaped our lives, a historical presidential election. 2020 was a year unlike any other, and while we saw a world hurt and in pain, bealso saw moments of pain and recovery with the promise that good times will find us once again. here's a look back at some of the top moments this year on wall street. we begin with maria's one on one interviews with financial titans jamie dimon and ray dalio. >> i do think it's a little bit of a decoupling between china

for security purposes, but i still think china's going to continue to grow. day one i think they want jpmorgan to be this to help set transparency standards and rules. the chinese, they want efficient companies and capital a allocation. they need very good financial markets and, therefore, i it won't be just ours, we can come in and set those standards. it should mean something that jpmorgan did our due diligence. it should meaning something. you create healthier markets, and that's critical to developing a country. if you don't have that, it's almost impossible to do it. so they want us here. of course, i agree with you, we will be stymied in a lot of cases by local are competition, try to get the regulators to hold us back, but we -- governments everywhere kind of do that to banks a little bit, so we're kind of used to it. maria: what about the theft of intellectual property? if this has has been an issue fr decades.

you're just talking about all the money you're investing in technology, what if they steal your secrets? >> there's two different things. the biggest problem today, it's this forced transfer technology into uncontrolled subsidiaries. we're controlling subsidiaries. if the chinese if opens up industries, any company complaining about that that will complain less. >> -- cash are going to be zero, and when we look at the timlation, we're going to be -- stimulation, we're going to be creating large deficits that have to be dealt with by the increasing printing of money. you can't let interest rates go down -- go up. so we have a situation where if you're looking at asset classes right now with a lot of cash on the sidelines, you want anything that's going to have a higher return. so a diversified portfolio of assets that has a higher return because cash, that's how we've had a leveraging up of assets. so the key to the success that we're enjoying has been

combination of interest rates that are so low that it pays to buy assets plus so much quantity of money because of the quantitative easing and and also those policies. and so we're having a financial inflation in which cash is going to have the lowest return, so you don't want to own cash now. there are two pluses in the world that you -- places in the world that you see technology, united states and china. so i think we should talk about china because i like investing in china, okay? i know it's controversial, but that's where, that's an opportunity. so the bug -- europe has no monetary policy, it's got no important technology development, it's highly fragmented, you know, and that's a european problem. but if we look at, let's say, the asian and i emerging countries in asia as well as some other countries, i really do, again, i'm bullish on china.

maria: let's talk about china, absolutely. this is the front page story of the day. the issue is are you going to be investing and getting a fair shake when you know that you're dealing in a communist country where you also have that government subsidizing, supporting chinese companies. >> if you look at the technological innovation, if you look at entrepreneurship in china, if you look at the amount of money that they are putting into information technology and the data that they have, the number of engineers and the production of billionaires, you know, i think we are closer to getting to the point that they prefer capitalism to america's. maria: when you look at the 2019 levels, is it fair to say you're not getting back there in terms of the 2019 levels until, you know, 2023, 2024 at the earliest? >> yeah, i think we believe it'll take a full three years. the one wildcard, of course, if

a vaccine is developed and widely distributed sometime between now and then, everything might change, and it might come back in a much more robust way. but no one can predict that, so this is the course we believe is right to plan for. maria: you came in here a ceo, and you've got a plan for a lot. you came in trying to fix the culture after the 737 max disaster, and then you have a pandemic that you face. >> there is no question that the mass of problem, the accidents set us back, set us back for roughly two years, if to you think about it. but remember, during those two years we producedded a lot of airplanes. so with respect to market share, those airplanes will find their way into the market, and there will be a catch-up associated with that. so we will not have given it up over a long period of time. maria: and when would you expect international travel to come back? is that a 2021 affair?

>> it's a 2021 affair, maria, very much so. we thought here that it's going to lag domestic by probably 12 months. so i'd say anyone that's looking to go overseas, i'm optimistic that next summer will be a good opportunity to do that. cheryl: more of the best with of "wall street"

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that's a-e-r-o-trainer.com. ♪ cheryl: and welcome back. here is part two of our best of "wall street" 2020. we begin with maria's one-on-one with vice president mike pence and media mogul barry diller. maria: they say the big withst issue right now -- biggest issue right now is the president having failed in his response to

covid-19. can you speak to that? what's your response to that? >> i couldn't be more proud of president trump's leadership of the coronavirus response from day one. and you speak about china. joe biden never talked about china in his speech, but the coronavirus came from china. and when president donald trump, before the end of january, suspended all travel from china, joe biden said it was xenophobic. and for months and months, he criticized the president's steps in suspending all travel. no president in american history had ever done it before. china is the second largest economy in the world, but president donald trump said we're going to put the health of america first. if we had done what joe biden wanted to do, we would not have had the time to stand up and martial the extraordinary national response that i believe has saved hundreds of thousands of american lives. maria: i want to ask you how

things have changed at walmart because i guess the days of the material store counts are sort of, you know, behind largely -- >> we had to learn to work in different ways, to become more digital, to put data to work in different ways, basically to create a seamless experience for customers. we don't want them to sense any difference whether they're shopping inside a store or having it delivered. all of those differences and channels that we might have thought about in the past need to be erased and taken away, and our team's been doing a great job doing that. the outcome is just this ease of shopping that's unique and different. maria: what have you seen in new york, barry? what's your talk on are cover post-pandemic and this, you know, protesting and looting that we saw earlier this year in new york city. finish. >> new york is a weird place to be around. i mean, we opened our offices actually labor day. we sent our, in one facility,

our main headquarters which is about 750 people we said please come if you can. we're not ordering you, so to speak, to come. and truthfully, no one comes. very, very few. it's about maybe 10%, 5% of our people are coming back. new york's not going to get back again until we get clear signals that you can go about without taking these extreme precautions. maria: give us your take on getting back to normal post this pandemic and the impact of this shutdown. >> look, everybody wants to get back to normal, but i think we have to be realistic about it. a vaccine, while one might be available or more than one by the end of the year, that means that it might be technically available. getting it distributed to everybody and making certain

that everybody feels comfortable with the vaccine is going to take some time. i think the leading people in the area think that it will take probably until the middle of the year if we have a vaccine at the beginning of the year before enough people are vaccinated so that people feel comfortable going back to work. and if then you have the childcare issue as well. i do know that jpmorgan is asking traders to go back, but i recognize in most cases in new york and major cities large numbers of people are still going to work from home, i think, for another 6-9 months. >> i wanted to make sure that anything being done that we need to be at the front of this line. the black people who have been here for centuries, who suffered here for centuries need to be at the front of any line when it comes to helping businesses, you know, over the pandemic over 43% of our businesses have shut down. nobody's talking about that. and so i just want to make sure that, you know, all these

political people understand that we have to help a specific group of americans to stop all the tough that's going on in the streets. because the country is coming apart at the seams. i don't know why people don't see the real problem. maria: yeah. >> it's not just police, it's financially. maria: today you're hearing corporate ceos say, look, you know, what i've learned is some of my employees are doing at home. i'm going to keep this unit whether it's.r., h.r., whatever it is, i'm going to keep that unit advertising at home because they're actually more productive than they were. so how does that change from your standpoint with clients changing the way people work? >> well, look, i think one thing i've learned over these last are, again, eight, nine years is one of the most important things in addition to changing your portfolio is changing how you work. and now the pandemic really accentuated it. there's no doubt in my mind that

the outcome is we'll all be in a hybrid working environment. cheryl: don't go anywhere, more "wall street" after this. ♪ ♪ our new house is amazing. great street, huge yard. there is a bit of an issue with our neighbors fencing. neighbor 1: allez! (sound from wind chimes) neighbor 2: (laughing) at least geico makes bundling our home and car insurance easy. which helps us save even more.

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♪look into my eyes ♪you will see ♪what you mean to me ♪don't tell me it's not worth trying for♪ ♪you know it's true ♪everything i do ♪i do it for you cheryl: and that is all for this week. be sure to watch fox business every friday night, 9 p.m. eastern time, for another decision of maria bartiromo's "wall street." and tune in sunday morning to the fox news channel for "sunday morning futures." 10 a.m. eastern time.

plus, start smart weekdays from 6 a.m. to 9 a.m. eastern time. join maria and me for "mornings with maria," that's ooh right here on the fox business network. that'll do it for us. thank you for watching. we'll see