especially those that have already exhibited callus and don't have any humility at all even if they led people to un mitigated disaster, speaking of which we're under a whole lot of pressure we've seen this movie the last two fridays, buckle up you're with the best, liz claman back in studio and we need you today. liz: yeah, you know, bill ackman , thinking they are warren buffett, let's see if you can get the 27% annualized returns over 57 years, new month , same story at least on the first trading day of may investors pounding the sell button ahead of tomorrow's start of the federal reserve's two day policy meeting, if the fed gets set to hike key interest rates the major indices are coming off the worst month since march of 2020 when the pandemic lockdowns shocked the world and they are losing once again, the dow down 416 points the nasdaq down 78 but famed investor warren buffett says he bought stocks in

april because good ones became cheap. one of the few things less expensive these days, this weekend at the berkshire hathaway annual shareholder meeting, buffett called inflation the swindler that steals from just about everyone, and big oil charlie munger made a stunning declaration about what the u.s. should do with the oil reserves as energy prices skyrocket. you've got to hear that. the other guys aren't playing that sound bite, i found it fascinating. you need to hear it we've got it all. apple ceo tim cook making an appearance in omaha. i walked the floor with him for a few seconds there. hear what he had to say about buffett's investments that are growing by the way in the iphone maker. and most important comment and moments from our weekend, qualcomm it was a major supplier , but announced they will diversify handsets, and ceo joins us live from the conference first on fox business in los angeles to tell

us where he sees this through his company, don't miss out. and a fox market alert, april showers must bring may flowers to the markets stocks are wilting on the first day of may, s&p falling deeper into correction territory at this hour, as investors fret about whether rising interest rates will trigger a recession. take a look at the 10 year yield , earlier it topped 3% for the first time since 2018, because you know we're waiting on the fed to kickoff its two day meeting tomorrow. right now, it is right there, 3% then we've got the april jobs report coming out on friday, that'll give us an indication of how the labor markets looking, its been very tight of course. now the fed is poised to hike interest rates bias much as 50 basis points wednesday, while beginning to widdle down its balance sheet to fight inflation whereas the year-to-date drops for the major indices terry friday many investors. just look at this at the moment.

nasdaq down 21%, dow down 10%, the s&p down 14%, berkshire hathaway ceo warren buffett looks at this kind of thing on your screen, like a hungry tiger looking at a gazelle. this weekend at berkshire's annual shareholder meeting in omaha, nebraska buffett revealed that as apple stock dropped during a three day period last quarter he added another $600 million worth of it to his already-massive $142 billion position with buffett such a fan of the stock, even if it's falling right now by two and one -third percent no surprise apple tim cook showed up saturday, we caught up with him as he arrived for the meeting. warren is obviously very enamered with the apple stock, what have you learned in the past year from a guy like him during the pandemic? >> he's incredible. i'm just proud that he's invest ing in our company. liz: and boy, was he investing. you know, apple is down 12% this

year, duff also added a huge chunk of chevron to berkshire's $351 billion stock portfolio and while berkshire already owned about 15 million shares of activision blizzard, buffett divulged this weekend after microsoft announced in january it was acquiring a video game giant for $95 a share he noticed it was still trading well below that and he personal ly bought another 59 million shares and right now, activision blizzard still at about $77, so be like buffett, it's up to you but as for the markets, berkshire vice chair charlie munger put out a warning and this is us. if you look at each day last week alone, look at these point changes. major volatility. last week alone, buffett and munger say those wild gyrations every 24 hours are extremely dangerous for investors to even glance at. >> the market has been

extraordinary. sometimes it's quite investment- oriented, not like it always you read about in the books and everything what capital markets are supposed to do and you study it in school and all that, and other times, it's almost totally a gambling parlor. >> it's speculation that i have we have computers with algorithm s trading against other computers. we've got people that know nothing about stocks, being advised by stockbrokers who know even less. we never had anything quite like what we have now in terms of the volumes and pure gambling activity that go on daily, and the people lathering the gambler s up so they can rook them and it's not pretty, and i don't find it

glory for capitalism or anything anymore than a bunch of people throwing dice at a table. what good does that do the rest of the world? liz: the message, long term investing. let's get right to our floor show, kenny polcari and as we join right now, we are also joined as we look at the proof in the pudding if you compare berkshire with the s&p, kenny both year-to-date and year-over-year berkshire is beating the benchmark by nearly 20% in both metrics i don't know if we've got that comp chart but are investors in serious danger zones right now as we head into this rate tightening cycle? >> i think it's depends on the type of investor you are and where you're playing. look i'm in the camp and you and i discussed this , i'm in the camp that value is going to be the winner this year. big u.s. payers consumer staples , energy, financials is where you need to be. if you look at berkshire hathaway, look at the names in his portfolio. coca cola, exxon-mobile, chevron

, apple, amazon, johnson & johnson, heinz, all these big americana u.s. names that will provide some stability. if you want to jump into teledoc and spotify, knock yourself out and go for it but as a 60-year-old that's not where i am. if i were 20 maybe i'd be there but at 60 i'm in the camp that as much of a warren buffett. its got to be big americana and that's where people pay attention, i think they will be okay, is it going to be a rough ride? i certainly think it's a rough ride, still until we get through and get more clarity from the fed on really where they are going because right now, it's still all the speculation, everyone's tossing it in it's 50 , 75, it's 25, what is it? liz: well, let's bring in jefferies managing director and tech stock specialist jarod weifeld. the nasdaq got hammered in april, buffett was in buying, activision because he loves the

price and the companies and he said let me get in there. why is it so hard for investors to do the same thing? it's very hard for them to mimic what he does because they really think too much with perhaps their heart versus their head? >> yeah, for sure, good afternoon, liz. so i think to your earlier point , the single stock volatility over the last, you know, 30 to 45 days has been truly epic, not something that i've seen really since the great financial crisis going back to 2008, so but i do agree with the point that at the end of the day, valuations are actually getting pretty palletable. so think about this. you're buying google at the same earnings multiple as the s&p. all of m-faang as a category is treating at 11 too 12 times forward ebitda so you've had a real degrossing, valuations come down to earth, we were in the stratosphere for a long long time that was certainly facilitated by very easy monetary policy but now, we're back down to earth from a valuation standpoint, and not only is buffett buying, the

other big buyer in the room is private equity. we've had over $50 billion of private equity transactions over the last few months in the software sector so there's definitely value to be had. liz: well yeah, and kenny, how do you hunt for value? we know how buffett does it. he never overpays to things although they have been buying energy shares at pretty significant highs, chevron, occidental, these aren't cheap, they have been pretty big runner s here. >> right but those are project ed to actually continue to run. energy demands aren't going anywhere and energy stocks will continue to do well, while i own energy, i am not chasing it, because i am finding values in other sectors. liz: where? >> and look, to jarod's point -- consumer staples, johnson & johnson, ibm, walmart i'm finding value, johnson & johnson i said, right? but i've got to tell you something. the market can get weak, to jarod's point yes there is value being created but let's be

honest. we know the market can overreact and if the fed overreacts expect the market to overreact, so as long as investors keep their head on straight, and buy stock you like, i like to buy stocks that i like the products, right? liz: jarod you are actually a bit of a contrarian here, people are running and screaming away from netflix and right now, it's down about 67% year-to-date. you like it. what else in the fanegada like? >> so i would say that all of m -faang trades at a reasonable valuation. liz: microsoft. >> exactly, so you think about to your other guest's point you want access to cheap cash flows, right? so i think that's why the names like microsoft scream attractive ly well, very attractive. google extremes incredibly attractive right now. just from the standpoint of if you're, should google really be on the s&p earnings multiple, clearly the business is going through some cyclical comps right now, youtube certainly

wasn't that strong last quarter, and people are worried about the competitive landscape with tik tok but again these are incredibly defensible business models that really do have significant barriers to entry. netflix is certainly a trickier one in the context of the stocks already down 70% year-to-date and certainly a lot of questions on peter strzok and saturation, but don't count out big tech from a standpoint of the methodologies are real from a competitive landscape perspective. liz: i'd agree with you on netflix in that regard and it's just amazing to me that people are still too frightened to get in but i do get it because they were scared at being lost at 37% now it's down more than 60%, we'll be watching it all. thank you so much, jarod, kenny, great to have you both. folks we are looking at above average volume on the sell-off day, we've got this fox business alert, as new york city raises its covid alert level, due to new cases surpassing a key threshold. moderna shares are moving higher right now by 5.6%, scraping the

sky of the s&p. the vaccine maker says its covid-19 shot for kids under six will be ready for fda review next month. the biotech applied for emergency use authorization just last week, so this is moving pretty quickly. moderna reports earnings wednesday, it's expected to show a rise in quarterly revenue. spirit airlines ticker symbol sa v losing altitude after rejecting a $3.6 billion cash takeover bid from jetblue. they finally came through and said we're not interested. they did that this morning, jetblue is up about a percent look at spirit, plummeting about 9.5%. spirit is choosing to stick with its plan to merge with rival budget carrier frontier group which is down just under 3% right now. jetblue's offer is higher than frontier's cash and stock bid at about 2.9 billion but spirit says anti-trust concerns would probably impede a deal with jetblue. so why bother, right? chinese ev makers out with their monthly de delivery numbers,

reporting a drop in april deliveries compared to a year ago, they said production took a hit from the resurgence in covid in china, but if you look at rival xpang, reported an increase in deliveries compared to april of 2021 all three are actually moving higher right now. investor appetite for blue apron wetted after the meal kit delivery company announced a plan to service its debt. look at this jump. nice move, blue apron raised $70 million in fresh capital through debt and equity financing, ceo linda finley also investing about half a million dollars through private placement but even with today's 37% jump right now, the stock is still down about 42% year-to-date. intense fighting in mariupol as the evacuation there is now underway. the war in ukraine showing no sign of ending, either the human toll or the supply chain distortion. the ceo of one company is here

to tell us if his company could find itself in a twist if the cost of his key ingredient remains elevated, and that ingredient, it's something nearly every one of you probably has in your house. with the closing bell ringing in 47 minutes the dow is down 136 but the nasdaq just turned positive it's up about 49 points , could we see a bigger comeback from here? you've got to keep it here for more on the "clayman countdown." you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine.

and that's where our strategic investing approach can help. t. rowe price. invest with confidence. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire my sister's managing a lot, including her type 2 diabetes. matching your job description. but she's found new ways to stay on top of it all. once-weekly trulicity is proven to help lower a1c and it can help you lose up to 10 pounds. trulicity is for type 2 diabetes. it isn't for people with type 1 diabetes. it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. serious side effects may include pancreatitis. taking trulicity with sulfonylurea or insulin raises low blood sugar risk.

side effects include nausea, vomiting, and diarrhea, which can lead to dehydration, and may worsen kidney problems. ask your doctor about once-weekly trulicity. you know liberty mutual customizes your car insurance, so you only pay for what you need? oh, like how i customized this scarf? wow, first time? check out this backpack i made for marco. oh yeah? well, check out this tux. oh, nice. that'll go perfect with these. dude... those are so fire. [whines] only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ xfinity mobile runs on america's most reliable only pay for what you need. 5g network, but for up to half the price of verizon so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries!

this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. switch to xfinity mobile for half the price of verizon. new and existing customers get amazing value with our everyday pricing. switch today. first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me.

liz: chicago wheat futures dropping to a three-week low today as rainy conditions in key parts of the u.s. provide relief just as crops approach their vital phase of development. the retreat comes after the european union flashed its forecast for the 2022-2023 european wheat harvest. the commission has, however, maintained its projection for record eu exports as the war in ukraine rages on. now since the start of that war in february, wheat prices have jumped more than 12%, the increased cost impacting both large players and small ones, particularly in the food industry. philly pretzel factory goes

through more than 15 million pounds of flour per year and that apparently, as we're told, is enough flour to fill 85,000 bathtubs, because they checked. let's bring in co-founder and ceo dan dezio. you checked? >> i don't know somebody came up with a calculation for us. liz: so you'll take it that's a lot of flour and a lot of wheat. tell me how has this challenge been affecting you guys and how have you been trying to make a workaround for it? >> yeah, well it has affected us. prices had to go up. we had to raise prices and we pride ourselves on value. our proposition is really people buy so many pretzels because it's such a good deal but we did have to make slight price increases, thankfully, pretzels in general don't cost a lot to make, but you know, when your number one ingredient is wheat and its gone upper sent ages as you've talked about, it has in fact, no doubt about it. liz: okay but your customers, of these pretzels, did they pushback, did they notice? what kind of price increase? >> yeah, we've had price

increases, the customer to be honest with you has been really understanding. i think the word is out about inflation and what's going on, and there are more sympathetic than in times in the past when we had to raise prices before. they hear what's going on with wheat and with, you know, labor, so there's no doubt we're waiting for it to come and we're still a great value. you go to a lot of our stores buy a hundred pretzels for 40, 50 $60 per hundred depending what market you're in. liz: no wonder walmart likes you guys because they don't want overcharging of any customers you're in about 15 walmart stores. >> yes. liz: how tough was it to land that deal? >> it was a good partnership. they have been a great partner. we had a friend that was already in there, business friend, got us an introduction and they went right to the concept, they love pretzels and the value proposition. its been a great partnership over the years now. liz: well, we've been watching this war go on. i know that you source your flour, your wheat, from state side. >> yes. liz: operations, but you've had to hedge because even if you

don't get flour from ukraine, it's affecting and gyrating and distorting the market is it not? >> absolutely we get it from the minneapolis grain exchange, and it's a high protein flour, it's a premium blend of flour so yeah, it has gone up so what's going on in europe has affected us, no doubt, and the prices have gone on and yeah we go out and buy and try to book flour for the future but we can only book so far out. so right now we are booked out and hopefully, by the time we get to rebook flour the prices will come down. liz: dan, every entrepreneur, small businessman like yourself dreams of going public. market conditions are tough right now. last year, we had about 395 companies ipo. this year, so far just 77. when would you pick the time to go public? >> yeah, i don't know if it's the factors in the marketplace as much as when we're ready as a company if that's going to be in the cards for us and we have a lot of growth right now for us, so i don't know that it's in the near future, but i think at

some point, that maybe a possibility. we're excited about it. liz: well they're huge. look at these things they are monsters, big philly pretzels good luck to you and the team, dan. >> thank you so much. liz: he's the co-founder along with len lehman. >> appreciate that. liz: of philly pretzels i've got your back, len. thanks very much, dan. the berkshire hathaway annual shareholder meeting back in full force after a three-year halt due to covid. we spent the weekend with warren so to speak, highlights of our trip to omaha, nebraska and what some of the oracle of omaha top ceo' vs. to say about what dan and i have been talking about, sky high inflation, post- pandemic business climate and of course warren buffett. closing bell 38 minutes away, dow is pairing its losses down about 64 points we are coming right back, nasdaq now up 83 points don't go away.

if you're a small business, there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life.

that's life well planned.

in two seconds, eric will realize (laughs) they're gonna need more space.. gotta sell the house. oh... open houses. or, skip the hassles and sell directly to opendoor.

wow. when life's doors open, we'll handle the house. emx, the royalty generator - building shareholder value through royalty creation and acquisition. get global exposure from rising gold, silver, copper and battery metals prices with significantly less risk. emx royalty

liz: look at this. no taylor swift was not performing in omaha this weekend these pre-dawn lines at the nebraska venue where she and every other top act do perform. for two guys in their 90s who sit alone at a table, just a simple table for five hours answering questions from the sell-out crowd that hang on their every word after a three- year pandemic-induced, berkshire hathaway ceo warren buffett on the left, and his vice chairman charlie munger welcomed a crowd of thousands back to their annual shareholder meeting. buffett railed against soaring inflation at one point. >> the modern investor too, and it's the person who keeps the cash under their mattress and swindles almost everybody. liz: well it's not swindleing

buffett's retail business to oriental trading, many have been able to raise prices without denting demand. jim weber, the ceo of berkshire subsidiary brooks running told me while he hiked prices for the first time in four years tacking on $10 to their most popular models its not derailed sales. >> liz we are going to have double-digit this year, we're so undersupplying demand for our brand right now we're going to have a great year. liz: can you definitively say, jim, that you're done with price hikes? >> we hope so, liz, i'll say it that way. liz: well, there's a good bet they're not done, dairy queen shipped 20,000 ice cream bars to omaha for the meeting. ceo troy bater described to me what business is like in the trenches with so many challenges still in play. >> we have more than 1,100 locations in china, so when we think about our global business that's actually the biggest challenge. when we come back to north america, right now, the biggest

challenge we have from the supply chain is consistency with distribution. our distributors are facing a lot of pain. some of the labor challenges are back, retaining people. it can beware house workers to loaders to drivers, and drivers are a real big challenge right now. liz: now, speaking oil prices got one of the most interesting responses from charlie munger who slathered praise on big oil companies for how they run operations which he says is brilliantly, but he also said even as energy prices rise, the u.s. should keep fossil fuels in the ground. listen. >> like having reserves of oil. if i were running the united states, i would just leave most of the oil we have here and i'd pay whatever the arabs charge for their oil and i'd pay it cheerfully and conserve my own. i think it's going to be very precious stuff over the next 200 years, and so nobody else has my

view, so it doesn't bother me. i just think they are all wrong. liz: [laughter] classic munger. right now, we do have crude up about half a percent to $105 and change and the two energy stocks berkshire loaded up on last quarter, chevron and occidental, are both popping right now with occidental up 5.25%. one thing the two stressed during the meeting, berkshire " is forever" their succession plan is in place with berkshire energy greg able in charge of all non-insurance operations and ajet jane heading up insurance on the right but i noticed a big change, for the very first time, buffett didn't do this and venture into the crowd as he's always done in the past. no eating his traditional dq ice cream bar. he really limited his duties with zero indication he will retire soon, shareholders did tell me they wonder, what happens to berkshire stock when the oracle of omaha finally

passes the baton, but one thing he made crystal clear this weekend? he will never buy bitcoin. coming up, you will hear what he and charlie munger said and how they are not doubling but tripl ing down on their doubts about crypto. now while we spent the weekend with warren in omaha, charlie gasparino is out at the conference in beverly hills as we look at bitcoin, ethererum and litecoin it's the ripple ceo brad garlinghouse, he joins charlie next and we'll see what he thinks about buffett and munger's view of the crypto verse. closing bell 29 minutes away, dow jones industrial now positive as well joining the team of s&p, nasdaq, and russel. everybody turning around in this final half hour. stay tuned we've got much more.

for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. who's on it with jardiance? we're 25 million prescriptions strong. we're managing type 2 diabetes... ...and heart risk. we're working up a sweat before coffee. and saying, “no thanks...” ...to a boston cream.

jardiance is a once-daily pill that can reduce the risk of cardiovascular death for adults who also have known heart disease. so, it could help save your life from a heart attack or stroke. and jardiance lowers a1c. jardiance can cause serious side effects including... ...dehydration, genital yeast or urinary tract infections, and sudden kidney problems. ketoacidosis is a serious side effect that may be fatal. a rare, but life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away... ...if you have symptoms of this bacterial infection, ...ketoacidosis, or an allergic reaction, ...and don't take it if you're on dialysis. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. lower a1c and lower risk of a fatal heart attack? we're on it. we're on it. with jardiance. ask your doctor about jardiance.

>> now if you told me you owned all of the bitcoin in the world

and you offered it to me for $25 , i wouldn't take it. >> in my life i try and avoid things that are stupid. >> [laughter] >> and evil and make me look bad in comparison to somebody else, and bitcoin does all three it's stupid because it's very likely to go to zero, and it's evil because it undermines the federal reserve system and the national currency system, which we desperately need to maintain its integrity and government control and so on, and third, it makes us look foolish compared to the communist leader in china. he was smart enough to ban bitcoin in china. liz: that's some acid being thrown at cryptocurrency here, berkshire hathaway warren buffett and charlie munger tripling down on their disdain for bitcoin, charlie gasparino is live at the milkin conference with one of the biggest players can't wait to hear what he think

s, charlie? charlie: brad garlinghouse, you heard it. liz: [laughter] charlie: the oracle doesn't like you guys. >> the oracle of omaha has spoken. charlie: look, i think, i remember when i first heard about tik tok, and i just didn't get it and i do think there's some things about technology shifts and generational shifts that it is hard to track sometimes. you and i both, i'm sure you remember jamie dimon just a few years ago talked about how bitcoin is a fraud. has his opinion changed in a way that understanding whether it's bitcoin or these other technologies there's a lot of good to be done in the world. charlie: it's not evil. >> it's certainly not evil and there's a lot of examples where we can use these technologies to make systems we all depend upon more open, more efficient and look, i think bettering society so i'm not going to take the time to try to convince charlie munger or warren buffett that they're wrong. charlie: how old are they? >> i'm not 100% sure but i've been told they are 91 and 98.

charlie: okay, so we're not going to go there, all right? in any event, you are the ceo of ripple, the cross-border payment , it's competing with the swift system, correct? >> correct. charlie: xrp is, can i say it's one of your currencies? >> we talk about it's native to our technology stack,. charlie: it's under assault by the sec. >> for sure the whole industry is under judgment. charlie: but i think, your case, the sec is saying that it's a security illegal essentially, pay us billions of dollars, and you chose to fight it. your case will set the stage, set the agenda for the sec's for ey into crypto regulation and how far gary gensler the chairman of the sec will go. where is the case right now? >> the case has gone quite well a lot of it has been skirmishes around discovery but it's clear that the judge

understands this is an important case and it's going to be precedent. it now, we're getting close to summary judgment filings, everything will be before the judge now by the end of november. what that means in terms of how long the judge will take to review the case -- charlie: it could be this year. >> that's an optimistic view but not impossible. charlie: what do you think of mr. gensler's approach here, he's a friend i'm assuming right >> no actually i've never met him. he's certainly, i guess the simplest way i'd characterize it is i think when your a hammer everything looks like a nail. when you're gary gensler at the sec, everything looks like a security which doesn't really make sense, and look, he said a lot of things that i just think are talking points that don't really make sense. he says justice delayed is justice denied. yet they brought this lawsuit against ripple and every juncture they have, every possible juncture they have sought to delay the case and we're trying to move as quickly as we can, we'll continue to move as quickly as we can. charlie: what do you think,

what's he going to do with regulation? >> i think he clearly wants in the context that there is uncertainty in the united states federal government about who regulates -- charlie: he wants it. >> and i think that's the empire building. charlie: now will the republican s let him take it? >> i think look there's a piece of legislation reintroduced just last thursday, bipartisan support called the digital commodities exchange act and it has broad support i was on capitol hill two or three weeks ago and i spoke with a bunch of elected representatives on both sides of the aisle. there's broad support that the cftc needs a stronger voice and even the executive order you and i have talked about before that biden put out and really calls for the sec to work with the cftc and other agencies. charlie: one more question before we let you go, i know you're a busy guy. will there be a shakeout in crypto? it doesn't affect you guys because if you know something about xrp, ripple, two different entities but plus xrp is trading

at whatever it is based on the sec action, you can get a bump-up if you win. you're kind of, i guess, you're not going to be affected by the shakeout if there is one. do you think there will be one? >> if the overall market today that munger and buffett think isn't worth anything is worth $2 trillion and the likelihood that five or 10 years from now it's worth a lot more than that is extremely high but the whole industry will have some that fail because some of them i can't figure out what the utility is what's the use case? charlie: dog coin. doggy coin, liz, i'll toss to you on doggy coin. liz: okay, this dogecoin, dumb dumb. yeah, you're getting like right up there with buffett and munger charlie: by the way what was going on with buffett and munger , why do they hate crypto so much? liz: they feel it doesn't have any value it's simply software and they called it magic, they're against it. we talked about it in a fair way charlie: there's going to be a day where they could buy hearing

aids with crypto. liz: you're disrespectful, charlie, thank you both very much. by the way we're not done, the qualcomm ceo just got off the stage in los angeles he's heading straight for our cameras first on fox business, to tell us whether he agrees with the bombshell prediction intel ceo made that the chip shortage will last well into 2024, qualcomm is next.

better hearing leads to a better life. and that better life... ...starts at miracle-ear. it all begins with the most innovative technology... ...like the new miracle-earmini™. available exclusively at miracle-ear. so small, no one will see it. but you'll notice the difference. and now, miracle-ear is offering a 30-day risk-free trial. you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this.

edward jones

liz: even as the world increases its dependency on semiconductors which by the way, all have turned around, are in the green, the majors definitely. we do talk about the fact that just about every microchip maker

has lost anywhere from 15 to 25% or more year-to-date in the tech sell-off, but conventional wisdom and outright demand indicate it's just a matter of time before the chip stocks start marching higher. demand, not just from electronics, but cars is pushing it, now german website is reporting that volkswagen group, the world's second largest auto maker signed a multiyear deal with qualcomm to develop autonomous driving technology. that report comes on the heels of new data from the semiconductor industry association that show strong sales last month, even with the backdrop of a global chip shortage. first on fox business, we are joined by the man who when he became ceo less than a year ago said he wanted to diversify qualcomm beyond the smartphone market and you really are already making progress joining us live from milken in los angeles is qualcomm ceo christiano amon. you know in mid april you confirmed a deal to provide chip

s for brands from fiat to jeep. i know this is just a report right now but wouldn't a deal like this make sense with any auto maker for the expansion you are leading at qualcomm? >> look, liz, great talking to you. we are truly into something really remarkable with the automotive industry and the transformation and what we are doing, we provide a solution that really rests well with all of our companies providing a digital platform with our snap dragon digital chassis and yes, i think it's expected as we're working with 26 of the global brands as the cars are becoming connected computer on wheels as the card companies want to compete with tesla, it makes sense that you'll have a partnership with a company like qualcomm that provides them capabilities across from connect ing the car to the cloud, from doing all the digital cockpit, helping them build a service platform and adas and

autonomy, and we're really excited about the incredible progress we had made in a very short period of time. just in the last earnings call we had $3 billion to our design win pipeline which is now in excess of 16 billion. liz: this is fascinating to me because back in the day, and listen, the chip industry moves at the speed of thought and light. it's unbelievable how quickly things change. you guys really had the handset market locked up. you were among the biggest of the big, in fact, you took that leadership position, but i find it really fascinating that you now look at autos and say this is a place we really want to be. we know that the average car has , i mean the kia ceo told us their average car has 34 chips in it. now clearly, there is a chip shortage. friday, pat gelsinger of intel came out and said he expects the chip shortage to last beyond 2023 into 2024 that was kind of the first time we heard that. from your standpoint do you agree?

>> look, different companies are dealing within a different way. we reacted to the chip shortage early, and we took a lot of actions in place and remember you and i talked about that back in ces. we multi-source a lot of our products. we actually were the only company right now that has a dual-design on the same product in a leading technology, we have one and 4-nanometer samsung, another 4-nanometer tsmc, and we put a lot of capacity expansion in place so it's true that we still have more demand than supply. it is true that digital trans formation accelerating consumption of chips but we're doing a little better this year than we had before, and i'm optimistic that 2023 we'll have a more balanced supply and demand equation. liz: that is the biggest break, what is the length that is still cracked that makes it so difficult to get your hands-on some of the supplies that you need to make these chips?

>> the reality is just what we have seen is the demand for semiconductors is significantly higher than what the industry was able to support look, i know we talk about automotive, just to give you an automotive example. the issue is not only the cars are becoming smarter and they're connected, but the car model that is being designed today has 10x the number of chips than the model before that and the model coming after is 10x that one so i think we just see an accelerated pace that everything is becoming connected and is smart and the industry needed to invest to be able to support that. i think the reality is the pandemic had to slow down some of those investments but i'm optimistic we're going to get there within 2023. liz: really quick, crystal ball time. could you foresee a time when

your auto business for chip making out paces your handset business? >> would like that to happen. the reality is the strategy is working, we're diversifying, we continue to grow, matter of fact we grew 5 # 6% in the mobile business, 50% growth in the flat market within the year, but not only alto was growing but our io t business is growing at 61% year-over-year growth so i expect eventually some of those new business could be bigger than mobile. liz: okay. i've got to try, christiano. you know me, confirm the volkswagen deal or still just a report? >> can't comment on rumors but stay tuned. stay tuned. liz: all right i'll take that as a yes, because that's how i see it but thank you, we'll see , christiano amon of qualcomm thank you so much for joining us live first on fox business from the milken

conference, we'll see you next time. the feds next move just two days away, and today's countdown closer says he's got one pick, he feels can protect your portfolio from jerome powell's hikes and more first quarter earnings surprises. closing bell eight minutes away, dow is up 73, again, we've got green on the screen, big turn around here. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire fortitude gold producing high grade low cost gold matchinin nevada usa. aiption. gold investment delivering monthly cash, dividends and . .

to exercise more, to be more social, to just relax. and eating healthy every single meal? if only it was this easy for us. - look, this isn't my first rodeo, and let me tell you something. i wouldn't be here, if i thought reverse mortgages took advantage of any american senior or worse, that it was some way to take your home. it's just a loan designed for older homeowners and it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan, like any other. big difference is, how you pay it back.

- find out how reverse mortgages really work with aag's free, no obligation, reverse mortgage guide. eliminate monthly mortgage payments, pay bills, medical costs, and more. call now and get your free info kit. - other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can when it works for you. or you can wait and pay it off in one lump sum when you leave your home. - discover the option that's best for you. call today and find out more in aag's free, no obligation, reverse mortgage loan guide. access tax-free cash and stay in the home you love. - you've probably been investing in your home for years, making monthly mortgage payments, doing the right thing, and it's become your family's heart and soul. well that investment can give you tax-free cash just when you need it. - learn how homeowners are strategically using a reverse mortgage loan to cover expenses, pay for healthcare,

preserve your portfolio, and so much more. - look, reverse mortgages aren't for everyone, but i think i've been around long enough to know what's what. i'm proud to be a part of aag. i trust them. i think you can too. - trust aag for the best reverse mortgage solutions. so you can - retire better. liz: four minutes to go. even transports turned positive. we have a pretty significant swing here from trough to peek. from the dow, 775 points. nasdaq up 200 points. it is just hitting the highs of the session. investors are jumping in. may be buffett here, picking up when things are cheaper. the time is coming when federal reserve kicks off big meeting to

set interest rates again. as you might be mulling whether to manuever, shift some of your investments, our "countdown" closer, said reits, real estate investments trusts is the answer. he like as private one that you can still move into your portfolio. joining me strategic partners, greg serian. tell us about this. this is a breach, b-e-i-t. you will explain how people can invest and why people like it. >> thanks, liz. thank you for having me back. real estate, private equity, has been the only buffer, just a difficult market for traditional stocks and bonds. i think investors should really be mindful that, even today, a volatile environment, volatility works both sides, but expect more volatility and owning private real -- don't think about your main drag and your major city, big commercial buildings. think about industrial real

estate. think about senior living facilities. think about industrial storage. what we like about these, there is number one, the fact that they are private, means there is a greater focus on companies like blackstone to, make sure they pay out their monthly dividend, but also because it is a monthly liquidity and not daily, we think that is important, they're not marked to market, not forced to have the same stringent daily policy as a private reit. liz: let me jump in here, while they are private, they are available on platforms such as schwab. people need to call the financial -- to get this. tds, merrill, they can access this for you, correct? >> that's right. if an investor has a relationship with one of these firms, they can certainly provide the information necessary but it is important to understand too was that these

are supposed to be liquid monthly but there is obviously risk if the credit markets are turned upside down. that is not a guarranty. liz: sure. >> you need to understand private equity, real estate, is different than investing in mutual funds and etfs. we think for 10% of the portfolio, it makes nice, nice diversification hedge. liz: greg, it is really tough to manuever with the markets and turn them around. when you say everything, the main indices here. would you advise buying on a day like this or waiting? >> so i think, investors need to understand what to do when markets bottom and when markets top. buying today, liz would be appropriate if, you have money that has been sitting on the sidelines earmarked for equities. you recognize that we may be in this trading range for the rest of the year or longer where we're sort of hitting these low points like we hit back at the end of february. may see recovery like we did in march. when these points are low. yes in there is money waiting to

put into the stock market, dripping it in now at price point, the same when markets go higher, we think it makes sense to take money off the table. forgetting rmds, liquidity. liz: gregory, lovely to have you. [closing bell rings] up buffett's alley when it comes to investing. may turns around. green on the screen. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so president joe biden still doesn't get it. the it is inflation. now this is not exactly breaking news but inflation is by far the number one issue in the country, by far. biden's approval rating regarding inflation is somewhere around high 20s, maybe low 30s. disapproval is well over 60%. to advance this story i just want to point out that at the correspondents