knew about covid-19, billions of people all over the world still deserve an explanation, dr. fauci needs to share everything about the u.s. taxpayer money that went into want in the global horror that came out of it. that is it for us, jerry will be back next week with in-depth interviews on the walljojojojojr joining us. >> "barron's roundtable" sponsored by invesco qqq ♪ ♪. jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. i'm jack otter. valuable investing advice from a market group and later if you invested in las vegas is a time to cash in or let it ride but we begin with what we think the three most important things investors ought to be thinking about right now. the main jobs report missed estimates for the unemployment rate in a pandemic low what

investors are looking for from the fed, stocks rocketed higher and how to find investment ideas inside of the meme bradley and bank stocks among the hottest sector as economic recovery continues which are best for loan growth, my colleagues ben levisohn, carleton english and jack hough, been a normal times the friday jobs number would've been in awesome blowout given where we are the pandemic, a good number but maybe we would wish for a little better. >> the number was great 595,000 but it was not good enough it did not hit the expectations of 670,000 this is what we've seen a lot of recently, the data comes in, it is getting great and this is a little but the market reaction is very muted to all the data it is really not going any place, it was not just this week which saw the s&p 500 post a small escape if you go back seven weeks to the middle

of april the s&p 500 has gone nowhere and i think this is the market trying to make sense of the data that comes in we have all these narratives we have narratives of booms and inflation and all these things that can happen but we don't know what normal looks like, i think the market is waiting for that. jack: what signal to read one that caught my eye the fed announced it's going to be selling corporate bonds and body that the depth of the pandemic to reassure the market. that was not a meaningful amount of money spent but i'm not wondering if that's jay powell sending the signal same buying is not the only thing that we do sometimes that we sell. >> i think you're right i know this is in the big deal is a tiny numbering right now bonds are being scooped up like crazy there can have no trouble selling these, but this emergency plan that we put in place is time to dial it back, we can do it again if it needs

to so it won't get a real reaction, i think there is a tiny little message. jack: may be that the fed makes a lot of money for taxpayers i have a feeling they bought low and selling high. jack let's go to you on amc crazy up-and-down up-and-down week but it ended more than 50% of were started. what do you think. >> this is the second time this is a repeat main trader, think they might be running out of fresh material and recycling, we may be playing wacko meme, it showed all the signs in the frenzy messaging on reddit, a lot of call volume i thought at one point what's next forget about the smart money where has the dumb money gone in the past, one of these is getting the company name wrong like how they used to get zoom wrong so i thought, there is a wrong amc, the television company not the

movie theater company, by the time i had that thought it was already up 13% on friday so the early onto that one, management at amc entertainment the theater company did the rational thing they issued obscene amount of stock there is more than 500 million shares of our company outstanding and a year ago barely a hundred million the value has multiply 20 times during a pandemic that shut its theaters, ballooned its debt and shifted hollywood business model away from theaters and streaming. while this is a mean trade, the theater business is anyway from a joke they are doing their best right now and their promising signs, the research has outperform ratings on cinemark and imax they said it's a good value there. the analyst said cinemark has similar profits with amc before the pandemic that is trading one

tenth of the value. jack: i think that sale of stock is a good move if somebody handled you a whole pile of currency and said tomorrow this may be worth nothing, you would spend it and that's basically what they did they turn silly money into real money. i think that's a good move. i want to move to carlton who is looking at a durable rally in bank stocks, tellis was happening there. >> when you look at the banking sector is a great year up about 30% that is due to the economic recovery and not been as bad as feared any of the larger banks have benefited from the ipo and all of that sort of stuff but the real key for the bank to continue is going to be a loan growth so far that has been flattish to negative and that's because companies are flush with cash because of stimulus, the s&p 500 sitting on 2 trillion in cash so the companies don't need

to borrow but they might be feeling cautious about borrowing as recovering and as we talked about a few weeks ago some companies that may want to be investing in inventory and borrowing for those sorts of things they may not be able to right now obviously loan growth is going to return but it's a question of being patient for investors. jack: who were the banks that are most poised to benefit the loan growth does in fact come back. >> the big theme is going to be looking at the southeast and texas area that's where we saw a lot of migration from households and businesses to name the highlighted international based pinnacle financial and also a bacon texas, two other places that could be interesting is pnc based on the eastern seaboard so they have the northeast clients them i am migrated southward, this is a wildcard by one of the analyst i spoke with but they catered toward silicon valley tech crock.

they've done well and it's very different for the banking industry but one that expects to see growth in the mid-30% this year. jack: that is certainly where the growth is and they can borrow a very attractive rates even companies that don't need to bar will do it. thank you very much, ben and jack is a market overvalued and jack is a market overvalued and how should you invest right they said it couldn't be done but you managed to pack a record 1.1 trillion transistors into this chip whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq

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jack: with the market far above the pre-pandemic hi investors are concerned about steep evaluation, how to evaluate a market by means in crypto ny business professor joined me now, thank you so much professor for coming on the show i really

appreciate it you were known as the d of evaluation so i think that's where we should start the market looks pricey by any metric unless you compare stocks to bonds and maybe they look okay. >> i think it is sense were living in unusual times you look at the level of grades, there is levels we have not seen in 100 years. given that rates are so low, stocks will deliver low terms and they used to. the question is if this is temporary and were only less than 6%, historically that would've been too low but in today's market that might be the best you can do. jack: is your prediction based on word evaluation are now stocks are price to deliver about 5.86% down the road. the best case that bond prices only creep up slowly and inflation is fairly tame and that's a decent return?

>> interest rates going up a growth driving is a much more healthy outcome from records and rates are going up because inflation goes up, if you're not optimistic markets, growth comes back strongly and rates go up gradually and if the market finds a way to navigate at least not drop a case hold on to its value. >> how much credence do you give to the optimist case you think is likely or can you share your worst-case scenario as well. >> i think it's possible i don't think it's to appoint the could see this guaranteed or close to likely. i think that is one outcome perhaps the most likely outcome but what is possible if investors if rates grow up but inflation that is going up, historically higher inflation has never been time for stocks people talk about how companies can navigate through inflation, that might be true baha'i

inflation brings the uncertainty about future in inflation and that's difficult for stocks to overcome from your worst-case scenario inflation comes back before growth, rates get pushed out for the entire economic recovery and they get put into a risk. >> that's why i have to be in inflation and know when it's coming back. jack: these are different profitability that you've given us given the likely profitability or covering yourself, what is the best thing for investors to do with the scenario. >> investors should not overreach in any particular direction or when a crazy i put all my money and gold and real estate because that's what broke in the 1970s and i would not put all of my money into young money losing tech companies either because you're making about on one possible scenario and if anything else happen you're in deep trouble. i think more than ever before you need to spread your bets across sectors and across

companies with different degrees of pricing power that is perhaps only way you can at least cushion the impact of a scenario that's different from the one you think is most likely to unfold. jack: let's move over to sentiment, one sign in the market the possibility of a bubble bursting is investors tails are wagging too hard, looking at name stocks will you take it away from that? >> i think it's part of a broader issue the markets have been going on for a long time investors get lazy and sloppy and then you outsource your thinking, you look at means stocks, you're letting somebody else drive what you're doing. when you look at what's happening with celebrity stocks you are letting somebody all strive what you're doing but market sentiment doing good people tend to assume that this will work because it worked in the past. i think that is always a worrisome component the markets have gone up for a long time and we've been at this market for an

long time. investors are reflecting the sloppiness thinking they can do whatever they want and make money. jack: that rarely ends well, we have to go soon but i want to ask you some people think that coin is a great hedge against inflation millennial gold, i have a feeling you're not so optimistic. >> i always kept an open mind and i be willing to consider that it is the next to gold, it's how it does during the crisis is supposed to hold its value during a crisis, i know this is just one piece of evidence but in 2020 bitcoin did not behave like a collectible it went down and stocks are down and went down more than stocks and went up more than stocks. if you look at 2020 that coin behave like a risky stock than a collectible. that could change in the future but something fundamentally to shift for that change to happen and i do not see that happening

yet. jack: it's a risk on trade with more leverage. thank you for sharing your insights. coming up after a year of covid restrictions las vegas is finally fully open to the public the how will the gambling the how will the gambling capital of the world ♪♪ [sfx: revving trucks] pilot over radio: here we go, let's do this. ♪♪ pilot over radio: right there, right there. [sfx: revving trucks] pilot over radio: g complete. how do you introduce the larger-than-life gmc yukon? with the world's biggest tweet. the next generation gmc yukon. premium that's made to be used. (vo) this is more than just a building. the nit's an ai-powered yukon. investment firm with billion-dollar views.

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jack: las vegas came back to life casinos are open set to resume how is the pandemic changed in sin city should they roll the dice on the gambling capital of the world, cover story and barron, our colleague got the assignment to travel to sin city, what did he find. >> i can't think of many places of the pandemic it harder than las vegas nothing was a bigger

slap in the face than las vegas and fans to abandonment tours conventions are the life love of the city and covid knocked out both this is travel dormant in sports gabler's were getting their fix online draftkings, the good news vegas is making a comeback, bruno mars have announced new shows and even the cabbies are optimistic, tables once completely empty are only half-empty and we conservatively busy, mgm is seeing strong bookings and interest rates are starting to rise, even the buffet making a comeback. nothing will ever make me a denver broncos fans and the roots of the las vegas raiders but it's not hard to think of the city as an underdog. jack: i'm a jets fan but i've got to say the jet start is pretty cool the new stadium in las vegas is impressive i wouldn't mind getting in the game. , talk to me about online gambling, you've done a lot of writing we have the draftkings ceo on the show the guys on the

couch are used to betting that way, will they go to the sports book in the casino. >> been touched on it, what they would do with their time in the pandemic and reading a classic but the rest of you have been going nuts with online gambling judging by the growth, and casinos in vegas i think this is going to stay online the last time i spoke with the draftkings ceo, he told me we definitely consider them friends and partners and he points out that he's required to partner with containers in the experience in new jersey were online gambling has been along for years up until the printer mickey points out how containers are tracked. jack: i had the poker brian at the household was up there

skyhigh i'm not so sure about the push-ups but let's talk about the other side of business in vegas, the convention business, normally i would've been on stage at the below 0, that did not happen but very exciting the world of cement conferences set to open this coming week and is that good things to come. >> i think it is and i'm missing the conferences to i used to stop at the in and out burger by the airport. but the conference that you typically brought in 50000 people and they change the date it's held later this year you might not see as many people, we talk about the parties and shows but if you think about the tens of thousands of people that would do the midweek visit there not disdain at the hotel, they're going out to dinner and going to some of the shows and if you forget i had to bite emergency eyeliner at one of the

pricey stores, there's a lot of money missed over the last year because of the pandemic but were seen a few signs of turnaround obviously the cement conference in the electronic show coming back in january but the big question how many will attend these things, businesses may think we used to some people to the conference and were getting ourselves back on our feet. jack: that will be the thing to watch let's do the lightning round of the stocks picks, you're looking at one that would be a leverage bet on business coming back. >> you with want to look at caesars entertainment, this is a long play on the business and conference sector returning. >> the caesars forum is anything that would cater to business, what are you looking at. >> we suggest only building, i'm looking at mgm property which spun out and they can see notes

are basically getting paid as long as the casinos make money. jack: jack what caught your eye on lawrence's story. >> the bellagio, i know you're parachuting in their but i think blackjack use their feet regular people are going off the strip and by gaming and red rock resort, those up a lot and they can rebound without having to wait for traffic or flights to come around there and asset management, they own both and they like them on the strength of a local las vegas economy with a population growth in house prices going up. apparently they are 83% close to the peak the air travel is way down from normal level maybe down from normal level maybe it's a local traffic,

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jack: i know you been focusing on the celebrity breakups j. lo and a rod mill under bill and melinda but much more important in that the threat that elon musk and bitcoin be calling it quits? >> i feel all of those that you mentioned deeply but this is troubling, a pair of tweets as a tesla founder and crypto whisper elon musk the hud breakup memes with veiled references to bitcoin and bitcoin fell on the

tweets there was confusion about what exactly they meant, i tried to perform the discounted # analysis but my work is conclusive it is down over $60000 to 37000 recently. shareholders were not happy to see those tweets from elon musk. jack: it's amazing that he can move the price of that, he owned a lot through tesla, he can say good things and the price goes up i wonder if he wants to buy cheap, we will see, we have more actionable ideas than bitcoin let's go to carlton, what do you have for us. >> i'm taking a look at dropbox the stock hasn't done much since its ipo three years ago we discussed an activist in it and even before elliott staked the company was looking for ways to boost margin and monetize 700 million users and there is also talk of it being a potential takeover target in light of the acquisition by salesforce, it's one to watch. jack: it's very interesting, what he looking at. >> oil had a great week it set

to a half-year high and it's a great way to play, strong balance sheet that have gone up a lot but if oil goes higher it's a great way to play. jack: certainly a classic recovery play, thanks a lot for that. jack keep an eye on bitcoin. to read more checkout bearings.com, don't forget to male announcer: coming up next on "leading the way." dr. michael youssef: short circuiting god's plan can take you far away from your home in christ. but thank god that his grace always calling you to come home. whenever i've tried to short circuit god plans in my life, i go through unnecessary pain and discontentment. short circuiting and shortcuts never works for me, and i know they don't work for you either. announcer: coming up next.