think can be pretty tough setup. the fed on the 15th if they even hint to accelerating tapering we'll see extreme volatility in my opinion. charles: all right, grinch, i mean, eddie. >> [laughter] charles: you've been spot-on my man, thanks a lot we appreciate it always. >> thank you. charles: the rally lost a little bit of steam during this hour i'm not used to that happening, you know the last hour is bonker s, liz claman, it's over to you. liz: [laughter] you know it's kind of funny you're saying it's losing steam and yet we're still up 630 points on the dow. just another crazy day, charles. by the way though, it is still all smiles and sunshine on wall street, as we kickoff the final hour of trade. the dow, by the way, is having one of its best days of the entire year, markets rallying as fears of the omicron variant devastating the local economy seem to be fading. might not really come to fruition so we've got the dow up 641, s&p up 57, the nasdaq up 142 the good news though, not great for the vaccine makers.

throw in president joe biden's vow that he just made live at the white house to lower prescription drug prices and the chemistry is not working for pharma investors. we're going to get you a full update live from the white house on exactly what the president plans to do on the u.s. announcement of a diplomatic boycotted of the beijing winter olympics and on the news that is just breaking that the u.s. is prepared to slap sanctions on russia if it invades ukraine. elizabeth holmes fraud trial moving into its final stages ahead of the disgraced ceo's return to the stand tomorrow. adam lashinsky who has been watching all the drama from inside the courtroom, he's one of the few journalists whose been there everyday, he's joining us live from silicon valley to explain what he's noticing about jury reactions to elizabeth holmes testimony and no stop work orders for the housing market as some economists say it could boom to the next decade. million dollar listings josh

flag is here to share what he sees on the ground in the luxury home markets across the nation, but first, breaking news, it is a one-two punch that has majors in the pharma space down for the count, a less worrisome omicron variant actually means bad news for the covid vaccine makers. investors are cashing out of the big three, moderna is at the bottom of the s&p at this hour, shares are falling 14.5%, just slightly off the lows of the session, flip it over to pfizer is also taking it on the chin, all three in the red, with biontech down 18%, pfizer losing four and three quarters even as new york city announces this morning that all private sector employees must implement vaccine mandates by december, and that children, ages 5-11, will be required to show proof of at least one shot before being allowed access to indoor dining fitness or entertainment venues you'd think that would mean more demand for these things but it's not happening. new york city mayor bill

deblasio saying the mandates will be a key tool in preventing the return of closures and lockdowns, part two of the one- two punch, president joe biden taking aim at this hour at high drug prices. we're going to have a full recap from the white house in just moments on exactly what he plans to do to bring those prices down you know, to the whole effect that we're talking about here, investors are brushing off the emerging threat from omicron with the dow hitting a session high of a gain of 775 points, it's on pace for its best day in 13 months. morgan stanley on board with wall street at this hour, saying they're not concerned. morgan people are not concerned about omicron as a major risk factor, in a note to clients the firms strategists wrote, " tapering is tightening for the markets and it will lead to lower valuations, like it always does at the start of any recovery." the note comes after fed chair jerome powell said the central bank will evaluate a faster tapering schedule during its meeting next week. the last one of 2021, and then

of course, the cdc just advised americans against travel to, write it down, france, jordan, portugal, and a few other destinations and they are citing covid-19 concerns, so what should the markets be more worried about? the fed or omicron? to our floor show traders kenny polcari and scott redler. kenny, morgan stanley says it's the fed that is way more of a risk to the markets, not omicron , but i mean, i'd go back to friday after thanksgiving, and we saw wild moves all over the place, because of omicron. which side are you taking in this one? >> i'm on the fed side, because omicron, the moves on the friday after thanksgiving came on a shortened day, nothing and it hit us out of left field, we hadn't been speaking about it earlier in the week, so when the news came out on that friday morning or thursday night, whenever it came out it certainly sent a ripple through the market. i don't think omicron is the issue at all. i think you can learn to live with it and we've got better

vaccines and more therapeutics, we're not seeing increase in it, we haven't seen any deaths yet while it's all over the world in 40 different countries people are not dying the way they were initially during covid-19, when we had no therapeutics and no vaccines. now we do, so i think the biggest risk to the market going forward is absolutely going to be the fed, i'm not usually aligned with morgan stanley but in this case, i think they are absolutely right. liz: [laughter] not usually in line with those guy, well you know, are you in line with goldman sachs maybe, scott redler? they just, over the weekend, says we've gotta lower our gdp forecast because of omicron. we think there will be fears, even though as we're looking right now, the cruise lines are going crazy. they are all up anywhere from eight, nine, or in the case of norwegian cruise lines up 10% at the moment so kenny is right. there doesn't appear to be fear but which side are you on here? >> listen, i don't like to agree with kenny all the time, but he's a very smart man so i

have to agree with him today. he's usually very consistent and i agree. i think the markets telling you right now that they are not in fear of the omicron variant, that the airlines are up more than they have been up, cruise lines are up, even casinos up, and the news you're hearing about this variant is that it is a little bit more catchy, but the symptoms are more mild, so more people might get it, but it's not having the same effect as covid from three, six, nine, 12 months, and i will say that it's good that it's getting watered down, and it's something we will have to live with but what's hard to live with for the markets is when, you know, the central bankers around the world start taking away a come indications. we have been spoiled for over a decade and the last two years they've put so much in the system and probably stole from the next year or two as far as s&p gains but i'm also a little worried they start accelerating the pace of

reduction from 15 billion on december 15 to 25 or 30 billion , when i do think the market will have a hard time with that. liz: okay, so where are the opportunities, guys? what opens up if the fed starts to tighten eventually in 2022? kenny? >> so i'm still in the camp that i like industrials, i like energy, i like financials, but i will also tell you, look at the destruction that's taking place in the disruption space some of those names are 40 and 50% and guaranteed they were elevated to begin with so maybe that pullback puts them in line but i think you have to start to sniff around some of these disruptor names because they are going to be the future so you don't want to be without them, but you have to tread lightly in those spaces but i just added ibm which i think is a big industrial name one of the core industrial holdings, and energy and financials like i said, i like jpmorgan and bank of america, are my two favorites. liz: okay scott redler your pick s right now, the

opportunities and guys, it doesn't have to be equities. i mean, don't you start to think that credit markets might do well when the fed begins to tighten, scott? >> you know, again, i focus more on equities but you're right about the credit markets and i also agree with kenny. there is a trade setting up for january, we call it the january effect and you have these names that are 50 to 70 to 80% off the highs and most of cathie woods names so i think there's a trade setting up within the next week or two to potentially play some kind of balance. it might be just like in docusign or even in peloton, disney, i actually got involved but that's more of a reopen-type trade, not the january-type trade and i also think paypal, look how bad it has been so there's a trade heading into the first two weeks of january, once the selling is done for tax reasons but then talking about where are the opportunities if they accelerate the taper, we're going to have to figure out how the market takes it because right now we're 5% off the highs and the s&p and you remember the

taper tantrum in 2018, we were down like 20 to 30% in the s&p. so we don't want to get ahead of ourselves just be aware of what could happen. liz: kenny, scott, now -- quickly, kenny. >> i'll tell you one thing though. they've done a very good job at preparing the market that this is coming, right? they have now seven different fed presidents telling you that it's coming. liz: [laughter] i know. nobody can claim they were shock ed, kenny, scott -- >> exactly. liz: just watch us everybody we'll keep you posted on every flag along the road. okay guys we're getting breaking news, reports that president biden's team is considering sanctioning russia in its effort to discourage any military action in ukraine which appears to be imminent because there is something like 90-100,000 troops , russian troops, near the ukraine border. this just ahead of the president 's call with russia 's vladimir putin tomorrow and the russian news comes after

the president spoke at the white house moments ago about lowering prescription drug prices. to edward lawrence whose on all of the news at the white house as a diplomatic boycott of the beijing winter olympics is also in play. edward? reporter: understand reportedly the treasury department is working on those sanctions and looking at the energy sector as well as the banking sector in russia, to possibly be sanctioned if there's some movement related to ukraine. now, back on what president biden was doing today. his social spending plan, that's what he's been pushing, specifically saying that if you spend more can bring inflation down, his theory from the white house is if you spend a little bit more, you can lower the cost of living; however, other economists will say wait a minute if you spend more government already spent more and all of the spending has led to a 31 year high in inflation. now the speech today specifically focused on prescription medicine. >> even if you think this doesn't affect you, it does everyone has less money in their pockets because high drug costs

make health insurance more expensive for everyone. reporter: now he told them, he told a group of people who were struggling to pay their medical bills specifically prescription drug bills that he has a plan for medicare to negotiate with drug companies for a better price in medicines. the president also talked about his executive order that has the fda working with states to open a supply of cheaper medicine from canada, and the president did not mention in this speech was china, the beijing olympics. the president has announced a diplomatic boycott of china not sending diplomats over the treatment of wegers and human rights abuses. >> we are not in a state where business is usual as appropriate at a time where there are human rights abuses that we have taken actions on, and we feel this sends a clear message. at the same time, we believe u.s. athlete, people who have been training, giving up a lot of blood, sweat and tears preparing for these olympics should be able to go and compete reporter: so, the white house

stopping short of saying this is a full boycott of the winter olympics in china. back to you, liz. liz: oh, yeah, oh, boy, if you're an athlete whose been training it's disappointing or nerve racking certainly but right now they get the moment to compete. thank you, edward very much. in silicon valley they are calling it the trial of the century. founder and ceo elizabeth holmes returns this week to battle charges she defrauded investors out of billions by lying about her blood testing company's success. is her defense strategy one that claims her boyfriend held a hold on her, working with the jury? journalist adam lashinsky has been inside the courtroom following every word of the trial. he's about to describe to you how the jury appears to be absorbing the testimony. the closing bell ringing in about 48 minutes, and the dow on track to erase all of last week 's losses, gain of 638 right

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liz: week 15 of the theranos trial and it could be a pivotal one, disgraced theranos founder and ceo took the stand to defend herself against charges she falsified documents and lied to investors and partners about the viability of her revolutionary blood testing technology which she claimed could test for 250 diseases with just a fingerstick and a couple of drops of blood. well, it turned out her science never really worked and the company collapsed. holmes plead not guilty and as her testimony continues tomorrow, her defense is that while she says she believed in the technology behind the $9 billion company, she was abused and coaxed by her former boyfriend and theranos coo ramesh sunnybawani which led to the data falsifications and with jury deliberations set to begin the end of the week we bring in fox contributor and business insider journalist adam

lashinsky whose been sitting in the courtroom during the entire trial. adam, your eyes have been ping ponging from elizabeth holmes from the witness stand to the jury to scruitinize their reactions. let's talk about holmes, which parts of her testimony have jumped out at you the most? >> well, you know, what stands out is and shocked me after watching her sitting at the defense table for weeks on end saying absolutely nothing not even removing her mask, was that all of a sudden we were being treated to pique holmes as if she had been frozen in 20 >>stuart: and thawed out on the stand two weeks ago when she first took it, she was charasmatic and competent and interesting using all sorts of interesting language with that familiar deep voice. it was as if she hadn't been through the trial, the ordeals, that she's been through over the past handful of years and i say this because if you've never

seen it before, it's a very very believable act. liz: okay, you're calling it an act, but jurors are smart. they know what 29 different testimonials from people the prosecution brought to the stand have said and that is she falsified data, she concealed the use of competitor's blood testing equipment because hers didn't even work. she faked demonstrations for her investors and her partners including walgreens and safeway, so now she comes up and she is saying, as we said, a svengali- type of hold, and he of course denies all of that and he's got his own trial coming up do you think the jury is buying her claims about him sort of like the devil made me do it? >> [laughter] you know, liz, i really admire the way you summarized everything, just now, and to

raise this notion of doubt, which is what the defense is trying to do, i just want to remind you that what you just summarized took 13 weeks for the juries to hear so it's not like some of these murder trials, for example, that we saw recently with kyle rittenhouse which i think lasted three weeks it has gone on and on and on with cross-examinations and rebuttals and confusion by the defense, so what i'm saying to you is everything you just said is true, and every time that the prosecution has said she did this , the defense has said a number of things like well it didn't happen exactly that way or there was a colonel of truth to it or someone else did it, and so to directly to your question, are they buying whether or not she was coerced into these allege ed crimes, i don't know but i can tell you she's giving a complicated response which is, i'm not saying i did those things but if you believe that i did those things, he forced me to do them. it's very complicated, i can't sit here today and tell you, if

i were a juror, what i would think. liz: okay, so, she was on magazine covers, she was on our competitors networks, i am very happy to say, our show and i'm pretty sure our entire network at fox business never bit, because it almost felt like kind of sounds like she's bending the rules and the laws of physics and chemistry and at that point investors should put their hand on their wallet and walk very slowly back out the door but people, like henry kissingeringer and james mattis, george schultz all of these former secretaries of defense and secretary of state, these elder statesmen if you will sitting on the board or being advisors they only ever dealt with her. she never did peer reviews but you talk about somebody else made me do it, didn't she admit on the stand that she did a little clip art action where she put the logos of pfizer and schering-plough without their approval on her report. i mean, this is just beyond the

pale it feels like. >> it's particularly damming evidence, and all i can tell you is that, you know, these were reports that were done about work they had done with those drug companies, and the juries going to have to believe, is going to have to choose whether to believe that she flat-out doctored those reports or as she said oh , i just thought it be helpful to show graphically where these were coming from. i want to point out to you, liz, as you know i covered steve jobs at apple for a long time. he used to willy-nilly take people's logos and put them in keynote performances that apple did. it doesn't shock me in the least she thought she was imitating him when she did this although she hasn't said this on the stand, but you give him one example of evidence that's been presented over and over at trial , but that nonetheless, she sort of shockingly took the stand and explained to some extent.

liz: yeah, i just want to be clear, we showed two younger people, i believe those are the whistleblowers, that's important. we don't want to confuse our viewers on that level but i guess the prosecution has to prove in tent that she intentionally did it, but to me, when you're clipping out the logos or you're lying, that looks intentional, so is it a case of overzealous cart before the horse ceo versus, you know, building a fake company on house of cards, we shall see. thank you, adam. >> oh, you bet, liz. liz: got a front row seat there so we'll have him back, especially as this thing gets closer to the end. regulation nation taking a wind out of ev high-fliers like tesla and lucid as president trump's spac partner also gets hit by the sec, with the closing bell ringing in 37 minutes and the dow still up about 670 points for a gain of nearly 2%, we will tell you what sparked

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liz: fox business alert, it's a manic monday for the securities and exchange commission. look at shares of tesla right now, it's not that they're moving so dramatically down, they're down just under 1%, the stock still holding at about $1,006 a share but this on reports on reuters, that the sec has opened an investigation into a whistleblower complaint that tesla, which as you may know, or may not know, has a solar panel business, did not properly notify shareholders or the public about fire risks attach to solar panel defects. so we really shouldn't be showing the cars themselves, because this is about solar panel issue, the panels were made by solar city which tesla acquired back in 2016. tesla is now trading in bear market territory a drop of 20% from its recent high, which

would have been november 4, shows a record. right now tesla as you see down about 18% since back then. lucid also down after the ev company said it received a subpoena from the sec relating to an investigation into its blank check deal with churchhill capital, and the sec, very busy apparently, is investigating a deal between former president trump's social media company and the spac it hopes reverse-merge with. digital world acquisition corp. says regulators are looking into the potential merger between trump media and technology group and a special purpose acquisition company including information about its trading policies and banking records so dwac is down about 2.8% and on its first day of trade, shares of buzzfeed, now slumping after jumping at the open. its been a wild day for buzzfeed the digital media company wrap ped up a $1.5 billion blank check merger with the spac 89 fifth avenue partners according to an sec filing 94% of

investors withdrew their money from the spac ahead of the ipo, leaving buzzfeed with just 6% of the proceeds from the deal. buzzfeed had spiked dramatically , it is now down 8.5 %. kohl's getting a boost on news hedge fund engine capital is pushing the retailer to consider selling itself, or separating its e-commerce division in order to improve its lagging stock price. the stock is up 30% year-to-date engine capital owns 1% of kohl's kohl's right now is up 6.25% on maybe the prospect of that happening. kohl's right now is at $51.50. and look at this one, dell taco restaurants is a big enchilada at this hour the stock up a dramatic 66.25% after hamburger chain jack in the box said it would buy the mexican food chain for roughly half a billion dollars as it looks to expand its customer base and take advantage of the tacos drive-thru footprint. jack in the box is going to pay $12.51, that's important, guys,

right now, it's at $12.52, so who knows. maybe another player might jump in, because when the acquisition price is suddenly hit on the day of the announcement, you never know. we shall see. jack in the box for its part is down about 4%. a white hot housing market showing no signs of slowing and we've got the hottest real estate agent on the west coast here to tell us how he sees the luxury market from rodeo drive to park avenue. million dollar listings josh flag joins us live next with the closing bell ringing in 29 minutes, the markets still pretty much on fire, while we do have the dow up nearly 2%, the russel 2000 is the percentage leader, it's gaining 2.25% right now. stay tuned we're coming right back.

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liz: fans of hbo's hit series " succession" will recognize this , remember that jaw dropping hamptons mansion featured this season back in episode 4, adrian brody, the actor, well can i please just have that, i love that house, it's actually 11,000 square feet, it's an actual home in new york, which is in the hamptons just sold for an astounding $45 million. the six bedroom, 11 bath home sits on two acres of waterfront land that features everything from a golf simulate or to a personal spa room. well luxury mansions are selling at crazy prices, the housing market overall continues to be absolutely muscular. the case schiller home price index report shows a 19.1% year-over-year jump in the 20- city index, the fourth largest annual gain on record. how long could this last? joining me now to break it all down is the star of bravo's newest spin-off series, josh and

josh, it's josh flag. josh, great to see you. well how long does this last? >> you know, who would have ever thought this would continue this way. i mean honestly, this is just a different, there's no answer. this could stop tomorrow, this could go for another 10 years nobody or anybody who tells you they know what's going to happen is full of it. liz: don't we have something that needs to really all come together, low mortgage rates of, you know, people who are interested and right now, the inventory, so thin that that is what i understand is driving demand, not necessarily or driving prices rather not necessarily this frantic, i need a house demand. that was more of a last year issue was it not, josh? >> yeah, but the problem is that it continues to be that even though i do mostly obviously beverly hills, i've never had a time before where a client has called me and said oh ,,, i want xyz, and i say i don't have it for you, literally it's to a point where it's like

there's just nothing available so i have to start calling clients of minor friends of mine and say hey, do you want to sell your house and they are like no because where are we going to go what's the point of selling it if i don't have anywhere to go? liz: let's stick with the high end for the moment. we just pointed out the hamptons house in succession. yes it went for 45 million but it was listed at $50 million, so a little bit of a discount there then there's something like eight properties that just sold in manhattan and i believe those eight were priced north of 50 million apiece, and that's this year alone so for the high end market, what's driving that demand? >> there's, well i'd say again, actually, here's the bottom line there's a lot of money available people have money, and i don't know where it came from all of a sudden. it's like we have, you think during a pandemic, you know, people be the last thing you'd think people be doing is buying real estate. it's totally counterintuitive like let's start buying real estate we're in the middle of a

pandemic it makes no sense but it happened, and i don't know where all of the money is coming from but it's there and people are willing to spend it, i'm looking at 432 park that's a very expensive building. it's just in credible, and remember for a minute the market was down, remember right before covid it was soft, and then it popped up like crazy. liz: right, right, and are you seeing change in the market since omicron peaked its evil little head up about a week and a half ago? >> none at all. it's still, nothing. liz: interesting. josh, tell me about the listings that you have recently, that you see great interest in, and talk about them and what kind of people are looking and let's get down a little bit into the less thin air, and for more regular folks who are looking for homes and what the atmosphere is like, now. >> well the only, i mean, obviously the examples i use are going to be higher price point, but they relate it, they're exactly the same as the lower

point anywhere in the country. everything is relative but i'll tell you this is what i find is really interesting. in the last week i've had four shows on a $30 million house, and i know we're talking about something that's a little bit more relatable but the point i'm making is i've never had four shows of a $30 million house before in my life in any of my listings because there's not that many buyers at that poise point, there's the house there, so when you get four shows in a week on a $30 million house that's just in sanity. this is all good stuff but what i'm saying is that this is why people are having such a hard time getting houses because they are being outbid left and right and you have in houses that are let's say $1 million there's 600 shows a week. liz: let's talk about your new show that debuts i believe december 23 with your co-host josh altman, so it's the josh & josh show. what's different about this particular spin-off? >> well josh and i always wanted, you know, million dollar

listing is such a great show but there's limited time, because you have five cast members, and you have with commercials 45 minutes of airtime so everyone is limited and it doesn't allow us to obviously show, you know, what's going on in our lives, everything. it shows enough but we can't get everything because there's not enough time for it so josh and i said let's produce a show that features the two of us, and not the other cast members, and we'll cover everything, our personal life, our families and everything, and he and i used to not be really friends, i guess to put it mildly, and it took us a long time to get together, but now, you know, we're best of friends, we live a couple blocks from each other, we're on the phone three times a day, we do tons of business together and this shows different, i guess also for a million dollars because it's really focused on listings that are outside of los angeles, so we go to different cities that are not in la.

liz: finally, we gotta run, but the federal reserve. i'm sure a couple of decades ago a lot of real estate people couldn't even name the federal reserve chief, but right now, we know that rates are going to rise and the 30 year fixed jumbo mortgage is standing around 3.22 % up from 2.94% a year ago. how closely do you watch the fed because when they raise overnight rates, that does tend to then translate through to the 10 year yield and to mortgage rates. >> yeah, i mean luck you'll it we aren't talking about a massive jump, i might get a little bit nervous if it keeps climbing, but i mean, that's obviously significant, a quarter of a point. liz: yeah, yeah, all right well if you need any help with the fed just watch the "clayman countdown", because we're talking about those guys all the time, because they make the markets move. thanks, josh. >> thank you, bye-bye. liz: great to see you josh flagg , million dollar listing check out the show when it debut s. the robot revolution helping

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liz: bitcoin had a wild ride this weekend, saturday in particular, over a single one- hour span. the crypto at one point lost more than a fifth of its value before recovering slightly. bitcoin had surged to an all-time high of 69,000 back

on november 10. on saturday, it dropped as low as 41,000, to 41,000 and now it's at 49, 171 and traders are attributing the drop and it wasn't just bitcoin, everything fell, ethererum, litecoin, xrp, they attribute that to worries about the omicron variant combined with lower crypto trading on the weekend which of course exaggerates market moves. ether also took it on the chin plunging 20% at one point before recovering and right now, it's at 4,236. the lack of workers is giving rise to the robot revolution, that's not necessarily news, but when you take into the whole picture this , it truly becomes major, friday's november jobs report showed slower than expected job growth and labor shortages are causing major problems at companies big and small. we saw a gain of 210,000 jobs, the expectation was to see more than 500,000 jobs, but some

companies have figured out a way around the lack of manpower via specific automation, so grady trimble joins us live now from a warehouse in chicago where robots are the newest team member, show us, grady. reporter: hey, liz, locus spots there are 78 of these buzzing around this fulfillment center in chicago so i'll show you how it works. it shows you the item that you're looking for after it already navigated itself to the part of the fulfillment center where that item is located, and in this case it's a christmas jumper, how appropriate, liz, i don't know if you ordered this one from american eagle but then you scan the item, confirm the quantity, place it, it's going without me but you place it on and then it goes off to the next section, where another order is filled. once all of those bins that you see there are filled up with items, it comes out here to this part of the fulfillment center, where more humans take the items off of the robots here and then they are eventually packed up and shipped out to wherever they are going, and

it's not just fulfillment center s that are using robots, in fact more robots than ever before are in use right now. if you look at the numbers, sales of robots to manufacturing companies, fulfillment centers, all sorts of businesses, are up 37% from a year ago. the folks here, the executives with the robotics company as well as the warehouse that we're at, quiet logistics operates it, they tell me that the goal of these robots is not to displace the human workers, but rather, make their jobs easier. listen. >> the volumes are exploding in these buildings and operators need a vehicle to increase efficiency in the buildings, and with robotics we'll double the efficiency of a human. >> makes them feel more comfortable in the work environment. it's a hard job. they can get fatigued by working hands free they have energy, family time when they get home, willing to come back to work on overtime shifts because they know their jobs easier with the

robot. reporter: and liz, it's not just increased productivity that has been the result of having these robots deployed in the fulfillment centers. they've also noticed that employee turnover and workplace injuries have gone down since they've started using these locu s spots. liz: huh, well that's certainly interesting, you know these companies are having trouble filling these positions, in many cases but when you pairity with a human who then doesn't have to reach into all of these other stuff and, you know, i think that it's the new future, grady thank you for showing us that, grady trimble. warren buffett's bff warning that the market is as frothy now as the dot com bubble of 1999. today's countdown closer agrees with charlie munger, and says you know what? you can invest around that with three stocks, can boom even if

the market goes bust. closing bell nine minutes away, tomorrow on the "clayman countdown", famed wall street investor and billionaire ceo mario gabelli. . .

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looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. ♪. liz: five minutes away, take a look at the markets, folks it looks like we're on track to see the dow enjoy its best day of the year. we need to be up 1.94%. right now we're up 1.98%. both the dow, s&p, erased all of last week's losses by a long shot. berkshire hathaway's charlie monger seen a thing or two in his lifetime but he says current markets are even crazier than the dot-com boom which of course blew up in 2000.

speaking at a conference in sydney, australia, monger said many firms trading 35 times earnings, making the valuations the most extreme he has seen recently. the president and cio brian yacktman says he agrees. he will see the markets pop even with all the gross stuff before us. it is not a big statement to say the market is expensive. you say it is outrageously expense system. what are the metrics that give you that gauge? >> looking at the schiller ratio or price to sales ratios. but i you know what? i point out that it is the most expensive market i've seen in my own career and that is actually saying something because i started managing my own personal portfolio 21 years ago. that was at the peak of the dot-com era. so i would say this market is even worse more so because its

broad base. everything is expensive. almost nowhere to hide. liz: so when you're looking for a stock do you have a level? the reason i was leaning, i had to take a second look. one of your picks is co-star group. i just looked, it is looks like current forward p-e, price-to-earnings ratio is 60. isn't that a little rich? >> absolutely. i thought you might bring that up, liz. when you think about it, what is nice about it the business requires almost no capital requirements so what they do, they provide mission critical real estate data and they have pricing power through their annual subscription where they should be able to keep raising prices each year in excess of inflation. when you have such little capital requirements it all drops to the bottom line. and if almost like built-in growth that continues in excess of inflation year after year. so this also makes them cyclical and you can see that they proved extremely resilient through

covid despite being in the real estate industry. so i think it is, you need to remember when we look at p-e ratio, it is not just the p-e ratio in isolation, but actual cash flow, reinvestment requirement need. there is little requirement reinvestment needs yet they can still grow. liz: okay. you made your case on that one. what about paypal? >> so with paypal, here again, what we're looking for when we're investing we're looking for pricing power. at the end of the day pricing power. we tend to find that among the global champion businesses that have network effects of some time. paypal has a massive global effect connecting 400 million users to 30 million merchants. they're another capital light business, able to generate huge returns on capital. there is still lot of white space as consumers continue to shift towards digital payments and e-commerce. they are the brand of safety and convenience in the internet. so i think a lot of times the

market tends to you know appreciate consistent high growth. they might value it out a few years but maybe not several years. they're down 40% from their highs. given we believe they can grow high double digits, we think they're attractively priced. liz: kind of funny. we always known wall street is what have you done for me lately. the third pick is amazon. we want to go macro. we have a very bullish session about to end at the moment. what do you think will happen if the fed meets which they will meet in couple weeks. you have to tell me what you think happens we're ready, we're starting, we're speeding up the tapering that means we push up the rate hikes in the next year? >> well, part of the problem is trying, you're trying to predict what is already priced in. but if i had to guess i think the naturally that would mean interest rates are looking like they may be headed up, which means in a lot of cyclical bank stocks, a lot of bank stocks, charles schwab and others good

hedges against inflation and rate rises may do well. liz: okay. >> the key you have businesses with pricing power so they can do well regardless what happens. liz: yeah. [closing bell rings] liz: brian yacktman, great to have you. there is the closing bell. the dow marks the best day since march 5th. super march quote gabelli tomorrow on "the claman countdown." "kudlow" is next. ♪. larry: hello, everyone, and welcome to "kudlow." i'm larry kudlow. to begin with this evening i want to pay homage to the late robert dole who passed away yesterday, 98 years old. i knew him well. like so many of us who have a lot of stories about bob dole with his incisive questions about policy issues, his acerbic but hilarious sense of humor, his uncanny ability to remember people, most