anemic recovery is not what truly expected and consumer confidence is down. it's hard. the psychology of the country is not great in that translates to the economy. gerry: miranda devine and sean duffy thank you for being with us. that's it for this week. i'll be back next week on "the wall street journal at large." thanks for joining me. jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. i'm jack otter bitcoin a bubble that's about to burst pipes will ask seau and later sara maleate joins the roundtable with our outlook for the top stock picks and we begin with a what we think are the three most

important things investors ought to be thinking about right now or the market continued to hit new highs but the disappointing jobs report shows a slowdown in what he can tell us about the economy. after a slower summer the ideal market is heating up. and biotech stocks have been left behind in the recent rally and why they are in season opportunity. my colleagues ben leveson carl english and alex. then let's talk about the jobs report we saw on friday. looks like the delta variant finally caught up. >> it really did jack after digging a little bit i would call a disappointing 1035 jobs and that's a lot lower than expected but the unemployment rate fell and it was clear that covid had a big impact. there are no extra hospitality jobs added. ultimately the s&p 500 finished

up the week 0.6% in and the dow was down on the nasdaq was up 1.6%. jack: it's an interesting point and leisure and hospitality. you would have expected jobs to the delta but the kibosh on that so does this mean the stay at home trade is ascending in the opening trade is going away? >> i think it's less about the state-owned trade and investors buying know what they know works but know works but stocks have been on the move upwards recently and apple is setting an all-time high despite the antitrust investigation so at this point big tech is what people buy and we are worried about things you don't want to get out the market. jack: this market keeps chugging up over the longer term of seven straight months. what does that tell you? should we start worrying? >> it actually means the market keeps going up. it does now is going to straight

line but for 13 out of 14 previous times the market has been higher six months later so it's usually good thing for the market correction and it can happen at any moment but right now it doesn't look promising. jack: alex the other players want to take advantage with a lot of companies coming to market this fall. tell us about that. >> it's been a crazy year was 700 ipos in 2021 and it's a crazy number. part of that is there aren't operating companies at but its record territory already and it's not de. we have on line retailers and yogurt maker and giovanni and it's the cart these are all big companies and people know them

well and they are prime market evaluation anywhere from 2 billion up to 80 billion. jack: at the smart money is selling to investors should we worry that maybe investors shouldn't be buying right now? >> two good questions. this market hasn't convinced you to go public i don't know what will. stocks at an all-time record in volatilities and check. if you're going public now i think you might as well stay private. in terms of whether it makes me nervous i always get nervous. wall street bankers are looking to maximize profits for their clients so a hot market should offer -- for ipo buyers because they could be paying too much for these companies and investors as well because it's assigned a profit. jack: one place however we have not seen it is biotech. what's going on with that sector? >> our colleague found a number of why attack are down below 50%

this year there are three main reasons for that. it could be as simple as some got too far ahead of themselves in 2020 with biotech surging on vaccines. earlier this year we had the fda and their approval and investors wonder how the fda will go forward on future approvals and jack the last thing you have is the federal trade commission is going to be tougher on mergers. if you're a small midsize biotech your game plan is to get a product to market. jack: jack: before we go to break real quick can you give us the story on this topic? >> x. celeron farmer working on a cardiovascular drug working on a t cell therapy that can treat or prevent viruses and patients that had have had stem cell treatments and finally come this pathway is developing what is

known as magic mushrooms on the street and treatment for patients who have depression and that there are pjak. jack: not hallucinogenic i'm sure. coming up the crypto market needs more regulation? we will asked the ceo of -- next right after this break.

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but we certainly aren't here to do what's been done before. and neither are we. at palo alto networks, we are ready to secure our digital future. as companies innovate to transform, we innovate to outpace cyberthreats. so you can embrace technology with confidence and make the next day safer than the one before. we've got next. jack: is more money flows and did digital access which is the coin is it time for more regulation and she didn't esquith joining me cicio kuchta currency asset manager grayscale

michael. thanks for joining us michael. i appreciated as we head into the long weekend. very quickly i want you to explain what grayscale is. in short you are at digital currency asset manager and you. is that about right? >> correct. their product families that facilitate access to income currencies in the case of grayscale we have 15 different and festive -- investment products to clearly focus on that part. jack: i want to start what a consulate here from skeptics. the client has no earnings and no intrinsic die young people buy it because they think someone else will be willing to pay more for it could what's wrong with that analysis? >> i think what investors thinking about whether bitcoin is priced it's not going to be right for all investors. they usually find something that resonates with them whether

perhaps digital gold or bonds or other areas when their portfolios turbulent and perhaps they are excited about the underlying technology but ultimately you are right in that bitcoin does not have cash flow and minute the same metrics that investors may use to value thought of investments they typically invest in may not be involved this bitcoin. jack: bitcoin -- criminals using it for ransom. investors could lose their shirts with some kind of a sham coin. do you think there's room for some intelligent regulation here to bring in more to the mainstream of financial assets? >> i really appreciate the question because it couldn't be further from the truth. because the underlining

technology that affords all transactions taking place in bitcoin and many other digital currencies there is a verifiable undisputed record of every action that takes place so it's probably the worst of mechanism possible for someone to use if they are doing it nefariously are illegal and they don't want government eyes prying on them so forcefully that the narrative that plagues bitcoin but it's certainly not something that's happening today. you see betting cash and other forms of payment. jack: that's why the government was able to get a little bit back. i want to take you to a potential opportunity for investors. talking to rick edelton and he's a fan of digital assets. the grayscale that coin trust is a closed end fund or similar to one and i don't think investors always understand this. the price of your funds can differ from the underlying

assets. the moment it's about a 16% discount which means you're paying 84 cents on the dollar for bitcoin. if you convert as you plan to do to an etf suddenly he would make 16 cents for every dollar you invest assuming the price is the same. can you explain this opportunity? >> it's the largest bitcoin investment vehicle telling investors that they can put it right in their brokerage account to get a higher rate. it's a really easy way to get exposure to bitcoin without having to buy the coin directly. that's what gives the shares value and to the point you made jack that's the price of the fund can and does often very from the asset die you so a dollar invested today into

buying it at discount would cause an investor to own or control more in that investment than if they were just buying bitcoin in the market and that's what they look at it opportunistically. and tear their point where committed to converting it towards mid-acid values the way we see the mechanisms. >> the chairman implied that the ftc is looking at this and one more question. the energy use requires it used to be you and i could do it at home with a pc and now i think there's a statistics i saw the annual let electricity use by the inland is less than what is used for bitcoin. this is then narrative that is taken space the 2021 and stands

to reason this is an opportunity. bitcoin mining is intensive when it comes to energy consumption but have increasingly been going towards renewable energy so there's a competitive advantage because it's the edge they may have and what is a very competitive landscape so overtime am certain bitcoin mining will be increasingly sustainable and energy consumption will come down. jack: michael sonenshine it will be fascinating to watch our industry and hope to see a lot more of it in the coming years. coming up top stock picks for the fall global equity cio s s

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jack: this week in javier's we asked global equity cio sara malik to join us. let's start with u.s. market one of the forces will push stocks one way or the other and will the bull run continue? >> the markets focus on three key factors going forward are the first is the delta variant. unfortunately think its peaking so any economic slowdown could be short-lived and second to where we are seeing between economic -- lisa strong manufacturing data payroll data and restore confidence taking a downturn in family the good news is that payroll is giving the feds breathing room in terms of delaying so we don't expect to see that until 2022 and that's a silver lining.

you are seeing a low market that should consent -- should continue but under the surface it's interesting because it's the economically sensitive sectors performing like technology and the utility sectors and that's because the sectors are nervous about economic growth. jack may yet in interesting cole in the store and you said the everything rally is over. what did he mean by that and where should investors look for opportunity? >> eubie go back to the beginning of the year we had die you stocks working low-quality high-quality. going forward it's more of a stock market. he can focus on growth stock in select areas such as on line cloud areas such as health care where that sector has lagged going in and out of the pandemic and being selective like industrials where we will have them for structures spending and family they tend to perform well

in periods of higher inflation and higher interest rates in trading back at levels that we saw late last year. jack: we should talk about a few stock picks. >> i know you are bullish on alphabet and it seems like there's negative headlines around inflation. >> regulations are concerned and will strike a balance between what regulators are looking for and what works for shareholders. what's good for that is the strong secular tailwinds they have an on line cloud in the 100 billion-dollar market in 20 million plus in revenues for the cloud in 2022 and expansion for alphabet is the key. we think they can grow big -- with over 100 billion cash on the balance sheet. alphabet trades at a discount.

>> are you seeing an acquisition target? >> it could be with larger companies and taking a big picture look at health care ear lagged trading at a discount. the company focused in on colacci which enforcement was not a focus during the pandemic. that had these great multibillion-dollar drugs on the market and another one in the pipeline. as everything normalizes and people go back to focusing on areas of oncology this will be strategic. jack: the sectors done pretty well in one of our supporters is a big fan. >> we like it he could with the combination of the a self-help story and spun out from united technology and sustainability given the environment the focus

on cleaner air quality from schools to hospitals to commercial office buildings. and they have return cash to shareholders. a great detail when but it's on ability to become more efficient because it was part of the conglomerate in the past. jack: i want to talk about global opportunities. we have been so focused on the u.s. market and that's where it's been for the last 11 years but at some point that pendulum tents to swing. i use recommending investors look overseas and if so is it emerging and developing? >> the european benchmark and recovering some of these markets would like areas such as europe and in emerging markets are seeing a lot of regulatory -- in china and china savings in

health care and brazil which has been a big laggard during the pandemic but that will have excessive trade going for it. keck saira malik thanks for sharing your ideas. carlton tells us about our conversation with ftc chairman ♪ ♪ ♪ ♪ ♪ ♪ security at your fingertips. control feels good. chase. make more of what's yours. what makes new salonpas arthritis gel so good for arthritis pain? salonpas contains the most prescribed topical pain relief ingredient. it's clinically proven, reduces inflammation and comes in original prescription strength. salonpas. it's good medicine. as someone who resembles someone else... i appreciate that liberty mutual knows everyone's unique.

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mostly payment for order flow. this is something that's existed in trading for decades but it's come under attack with the so-called free trading platforms what gensler told us is it something the sec is considering. robinhood shares down 6% in swab down 3%. again order flow has always existed in the markets. when you are paying a broker commission you may not take about the other fees tacked on with trading by with free trading a lot of investors say it's great rate for he is never free. if the product is free then you are the product as they say. it may not be getting the best execution of prices on free trading platforms. jack: essentially they know you're about to buy that stock so they did it a little bit

higher and you are paying a quarter cents per share. what else is on gensler's radar? >> it all comes down to market transparency. if you have less transparency that means you -- are mom-and-pop retail investors may not the at the fair market price or with available information to make investing decisions so he's trying to make sure there's much more transparent in the market. jack: thank you. that's so tell's cover story. >> no news on this one the stocks are moving back up and that was a high that goes back to 2017. stocks have been -- but it's cheap and starting to things -- turn things around. jack: alex what you looking at? >> i've match group a play on apple and google loosening up their regulations. on line dating or match paid a

combined $500 million to apple and google last year so if we see it go a part of it the way it's going to get the bottom line. jack: great ideas guys thanks very much. check out this weeks edition of barron's.com and follow us on twitter at barrens on line. we will see e >> it's every parent's worst nightmare. your child is born with a deformity -- a face no one wants to see. in poor countries, over 200,000 children a year are condemned to a life of pain and rejection, hoping for the miracle that will change their lives forever.