note that the best practice grow the aclu and police sources say no it's not. hands were you can see them in every cop show ever. this is sort of like a small detail. ridiculous it's absurd most people see through. >> thanks to this week for us this week will be back next week >> "barron's roundtable" sponsored by global x ets. ♪♪ jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. i will ask an early adopter about bitcoin's wild ride and whether it is a good bet.

equipped to -- crypto queen of congress, amazon share prices down 34% from last july and the retail business is slowing but could be the right time to buy the stock. three things investors should be thinking about, and up and down week but stocks continue their bounce from mid june lows. a heat wave and raging wildfires turning europe into a hot mess. the ecb raising interest rates despite inflation, netflix reported fewer subscriber losses than expected. looking for more tech earnings next week. on "barron's roundtable," ben levinsohn, carleton english and jack hough. technical analyst like that everything was going up and then came back on friday. what is going on? ben: it is all about the fed. this scare that rate hikes would keep going up and be bigger and scarier and knocked everything down and people are

dialing expectations back and this week's action is driven by the fact they are not expecting the fed to grow fast. we will get the rate hike next week, 3 quarters of a point but then it slows down a little bit, have a point or quarter of a point and those things excite the market. friday we got bad news, earnings from snap down 40%, hit the nasdaq and economic indicators that pointed to slowing down of the economy, the market had come so far it needed to pull back and we are waiting to see what comes next. jack: what are you waiting for? do you see the rally is something to believe? ben: i think the pool back is more telling. i have a hard time seeing the market going up because the fed has to be vigilant with inflation and earnings are too high, makes the market look cheaper than it is as earnings

come down and we will have a lot of worries about gdp. it could be negative. that will give us the back of the envelope metric for recession, two quarters in a row but those negative readings are driven by imports and inventories not really economic activity but they will cause noise. jack: a lot of moving parts in the us economy, carleton, in europe you have the ecb moving rates higher but trying to maintain a sense of economic order in 19 countries simultaneously. carleton: in the us we are worried about the central bank engineering the soft landing. imagine doing it for 19 very diverse economies. the ecb listed half a point taking the ecb out of negative territory, higher-than-expected. they did it because they are contending with inflation

similar levels as the us and trying to get it under control and get ahead of it so there is clicks ability. with 19 diverse economies, france and germany versus italy, the third largest economy in the european union, facing political uncertainty you are seeing widening bonds and the ecb has to figure out how to lift rates, but make sure spreads don't widen too much. carleton: what does this mean for the us? carleton: we are in a global economy. any weakness in europe becomes a problem in the us. last week you heard me say if you want to take a trip to europe because things are cheap, when your economy becomes crippled they are not buying from the us anymore. jack: and not a place you want to be the ecb chairwoman.

i think we have reached a point in the bear market. netflix for example. jack: the fullest as tesla, amazon, networks, apple, meta platforms and alphabet, technically hand mama, it is inappropriate for a big tech acronym. for subscriber losses, the stock went up, what matters long-term by next year the cheaper add support, subscription that panelized -- cannibalize revenues and tesla reported production fell off because of shutdowns in china but stronger during the quarter and the company stuck to its goal for the year. that went up. you get to the heart of it, microsoft and alphabet on tuesday, meta platforms wednesday, amazon and apple

thursday, microsoft and amazon giving us a read on cloud spending, pretty strong, add budgets, there could be trouble brewing based on the snap blow up and what some wall street banks are saying about caution, economic caution. meta, i don't think that's the case for alphabet. apple has become boring in a good way. ubs says spending look strong. max spending too. when apple, i am 4 years older than apple. the auctions and spectrum. jack: investors anticipate a bitcoin bounce, one senator bitcoin bounce, one senator holding onto digital senator.

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into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. jack: it has been a rough year for bitcoin which lost 50% of its value since january. the digital asset started to bounce back. my next guest bought her first bitcoin in 2013, she's called the crypto queen of congress. senator, my understanding is you bought bitcoin play 9 years ago after a dinner conversation and responses around $1000, did you hold on for the whole ride of 68,000 and change and are you still bullish? >> i am still bullish.

i am a person who holds on for dear life. it has been a wild ride. i have confidence in the fundamentals of bitcoin. it is like digital gold, it is very sound, hard money. because of its scarcity. i believe it will be around a long time and increase in value. i'm not a person who trades. i bet the traders found it unnerving for the last two months. jack: i love the wind and the willows reference but i want to talk how government should regulate crypto. is it a conflict of interest to own bitcoin while crafting regulations on it? >> i have gotten a lot of questions about it. to my knowledge i still own bitcoin but it is an address

now. it is in the hands of others. jack: you crafted a bill with kristin jell-o brand to regulate crypto. telus higher digital assets should be considered commodities related by the cftc and others should be considered securities related by the fcc? >> there should be commodities when they meet certain criteria and they should be securities when they meet other criteria. we are trying to lead the digital asset world on top of the traditional asset world when it comes to the manner in which they are regulated and that is what our bill does. there are some assets that fall between the two. we call those ancillary assets.

jack: many companies grade scale want the fcc to allow etfs to hold it directly. what's your position on that? >> they should be able to as well. we are trying to find the right approach to let the fcc retain jurisdiction based on the ultimate use and purpose of a coin. some are for payment purchases. some are for buy-and-hold purposes, capital growth and some are long-term investments that do pay a dividend. we think the largest by market share are bitcoin and ethereum, most likely they are commodities. a lot of the alternative coins

that are small and market but large in terms of number will be at the sec because they are very risky and require a higher degree of scrutiny and consumer protection and disclosure. jack: may be these wild rides will go away if they follow the rules others follow. before you go i want to pivot to energy. you represent a big energy producing state. in the near term, what can the country do to produce more oil and gas? >> we need to be allowed to produce more oil and gas in this country. our natural gas is cleaner than most countries including russia. in the short-term in the short term we need to permit liquid natural gas terminals. those applications should be granted as soon as possible.

we should also allow drilling on federal land and offshore so we can be energy independent once again. we do not have to have these ridiculously high gas and diesel prices. we have product in this country to not only be self sustainable but to sell our products overseas to alleviate the current concerns europe is having because of its dependence on russia. jack: thanks for your insights, appreciate it. amazon retail sales are slowing amazon retail sales are slowing and stock is down 30% from a 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,

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jack: amazon report

second-quarter earnings and wall street is not affecting great news. the stock may be the best buy in big tech. that is barron's cover story. the street is expect in 4% growth. that like pete alonso only hitting one homerun but that's the wrong number to focus on. ben: does that sports metaphor work? it's not a particularly amasonzeehan number and not representative of the growth trajectory. supply chain constraints and strong dollar, you could see revenue growth we accelerate to a high teens rate next year. our cover story argues the stock is cheaper and can double in a few years. there is a clear case to make that amazon is attractively priced. before the pandemic what were

the free cash flow relative to revenue? where is revenue likely to go? you can lay out a case the later this decade you will have four companies capable of reachinging $100 billion a year in free cash flow, one is a saudi oil monopoly, apple, microsoft, amazon, that makes the company look cheap at $1.3 trillion. jack: there are individual business units, some are killing it and some slowing down. you add up all those businesses and you gotta value higher than what amazon is now. let's start with amazon web services? >> cloud one is enormously profitable. it is really two giants, amazon and microsoft and alphabet it

does distant third. there are large and growing, the base case for amazon is its cloud business is worth much more than its e-commerce business, promising for years to come. jack: subsidizing the e-commerce business which could be interesting down the road. speaking of e-commerce the consumer slowing but i hear the hough household managed those bargains on amazon.com. what is the future for the retail business? jack: i needed the coffee maker and the kindle and the nerve, i decided to return what i was going to bring to disney world. when i want to know about e-commerce i check in with b of a security because they have access to credit card data and they think e-commerce could beat by a little bit and prime day was quite strong.

let me add a word about advertising. that's related to retail. when you do a search on google or facebook they guess your intentions and maneuver around whatever privacy constraint apple is putting on. if i search for popcorn salt, the fine-grained that helps it stick better, no question that i'm interested in popcorn salt and the good folks at morton's, that information is valuable to them. it is a fast-growing business, you normally profitable for amazon. carleton: i won't shame you for your next cooling popcorn -- let's turn to big acquisition amazon announced this week, one medical. how does this fit the story? does it make sense? jack: concierge healthcare.

i won't make any wisecracks about delivery people starting -- showing up with surgical gloves. it fits with what amazon has done with the pharmacy business. they tend to tinker in big markets. i can't think of a market where there is more squandered for the size than healthcare. if you ever asked what something cost they look like you are speaking in tongues. amazon will hit on something where they can make a lot of money. carleton: the acquisition of mgn, they have rights to the thursday night nfl game. what is uc going forward? jack: the purchase of mgm makes it look like the serious hobby. it is a giveaway for retail

subscribers. they don't have to hire someone, they run the cloud. is a chance there was serious market share. streaming economics for now and makes me wonder about netflix and the cash flow it will reach. ben: the ftc might not let them do that. jack: round tail members get jack: round tail members get their ideas for the coming week research shows that people remember ads with young people having a good time. so to help you remember that liberty mutual customizes your home insurance, here's a pool party. look what i brought! liberty mutual! they customize your home insurance... so you only pay for what you need! ♪young people having a good time with insurance.♪ ♪young people.♪ ♪good times.♪ ♪insurance!♪ only pay for what you need.

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jack: adam cecil has been on the show, portfolio manager,

compares facebook to blanch dubois, relies on the kindness of strangers. we supply the content and mark zuckerberg made a business to borrowing other people's ideas. jack: i get that with tiktok. it is weaker than facebook's strength. tiktok has started laying off workers, his parent company, china privately held but losing market value based on recent investment transactions and an analyst predicts tiktok will be passed within 18 months on short form video revenue by meta-and before you start laughing, feel free to do some interpretive dancing, we are talking add revenues.

i don't see you dancing. facebook and youtube starting from oppose addition of enormous reach. they will not be a big headache for tiktok. jack: tiktok can claim to be cooler. time for actionable ideas. carleton: we are looking to get ahead of inflation so probably maxed out, and treasury inflation protection securities or tips. one etf is the i shares tip bond etf. jack: it yields 10%. what do you have for us? ben: yum brands, the parent of kentucky fried chicken and taco bell, consumers will move from higher-priced food to places like taco bell and kentucky fried chicken, stock has

earnings in two weeks. if those earnings are good it will break its 200 day moving average and goldman sachs double upgraded stocks. jack: you can buy lunch with tips payouts. rate ideas, check out this week's addition of barron's.com. barron's.com. carleton has more (announcer) the following is a paid presentation furnished by rare collectibles tv, llc. (music) (announcer) our country was founded on life, liberty, and the pursuit of happiness. representing this idealism is our american eagle. the bald eagle was chosen in 1782 to represent the united states because of its long life, majestic looks and great strength. the eagle has since become part of our country's national emblem.