really bring the party together on big agenda items, voting rights being one of them. so in terms of her duties now, she's failed. and so in terms of asking for voters to give her a second chance as the president, democrats are going to have to hammer that out in a primary, but there's some folks who think that she should get in line for that job. gerry: okay. well, that's all we've got time for this week. plenty more to discuss can, my thanks to katie pavlich and harold ford jr. we'll be back next week with more commentary on "the wall street journal at large. >> "barron's roundtable" sponsored by global x etfs. >> welcome to "barron's roundtable" where we get behind the headlines and prepare you

for the week ahead. alcohol sales surged during the pandemic. where they stand now. and regulations and taxes have large companies such as tesla moving their headquarters out of california. what is fueling the exodus had which states are benefiting? we begin with three things investors ought to be thinking about right now. stocks staged and explosive rally after harder than expected inflation number followed by abroad selloff friday. treasury yields ended the week near 15 year highs. big banks kicked off earnings seasons with more to come next week, what can they tell us about the health of the economy and your investment? leisure travel roared back as the pandemic ease and airline show uncharacteristic discipline. on "barron's roundtable," ben levinsohn, kristen bells rom,

the market surged 800 points after a hot cpi print but the bottom line, the s&p and nasdaq were down. ben: the market had a strange reaction. the highest in 40 years, market drops, s&p down 2%, finishing up 2%, you didn't get done it don't get those turnarounds, going back to 1983. it was unexplainable. their excuses tossed out, was earnings? was it politics? there wasn't a good reason for it. jack: when i asked, you went to technical analysis, i'm a skeptic but you make a pretty good case. ben: the market is dominated by machines doing the training. seems like voodoo or something, they do come to play and that happened here with a 50%

retracement level when you look at the market as it has gone to covid and where it was in january, half those gains. that is where the market rally started and something to be said for the fact that these computers focused on this point. jack: we have to mention bonds, it posted above 12%, the first time since 2008. ben: it is advertised level since 2007. what they are doing, the market is starting to align itself with what the fed is saying. with the 2 year, 4.5%, close to what people are saying the rate will be, looking like it could be 4. 95%. we are getting closer and that is a good thing to have the market, lining up finally. jack: earnings still matter.

tell us about earnings, banks kicked off. kristen: people watch the banks closely because they provide a unique view not only into what consumers are thinking about but companies. this week jpmorgan, morgan stanley, city and wells fargo, in general these were positive results, surprisingly positive. everyone is benefiting from higher interest rates specifically on the lending side. also tells us consumers are taking out loans and spending, and they are feeling pain on the dealmaking side, particularly investment banking was down dramatically. they are pulling back, not a lot of activity in that area. it is worth noting profits were generally lower than they were,

and interesting indicator they are setting aside more money in reserves, money they can't lend and indication they are thinking of the economy goes sideways you can be prepared. jack: deposits were pulling back and people saying i'm paying 0.2% which is the same i was when rates were low, mortgage is 7%. what we have next week that investors will be watching? kristen: monday bank of america tuesday goldman sachs. that is the kickoff of tech earnings. netflix had a tough couple quarters, seeing subscribers decline. investors will see if they can turn it around and hit this number, add a million that subscribers. jack: i have spent too much

time on delta. jack: the stock goes for 6 times earnings. have you recently suffered a head injury? airlines have unshakable reputation, incinerating invested cash. the group was down 40%, fuel costs were high, there's a shortage of pilots, shortage of planes and everyone is worried about recession and trips to disney world and maybe there will be in some form, business and international travel have come roaring back since labor day and those are more profitable. the pilot and plane shortages, it might keep airlines from doing the dumbest thing they do which is to invest too much money at the top of the cycle. when you have bad weather and the motor goes down. they like to murder investor cash and there are not of planes or pilots lose the company upgraded delta to

outperform and alaska air and minnesota company. jack: in 1949 ben graham said airlines were bad investments. you just said because of lack of pilots and planes, and because of lack of cars, automobile profits are good. oil companies are like not pumping is profitable. it is a strange thing in the economy. anyway, the wine and spirits

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let's do what we know god has called us to do. call the number on your screen now and help save jewish lives. no organization helps holocaust survivors and the elderly jewish people as much as they do. valeria is saying that, she didn't receive love her whole life. you seem so full of love, and not of hate. just $25 helps to rush a food box to a holocaust survivor. i hope you'll join me at the international fellowship of christians and jews. we can do something to relieve their suffering. please, do something now. jack: a world leader in wines

and spirits owns property brands, absolute vodka and malibu, an uptick in sales during the pandemic. what comes next? joining the north american ceo and chairman, thanks for joining us from dallas. before we talk business i want to start with a personal question. your life story is not typical of spirit ceo, has that served as foundation for later success. >> i had some interesting background with alcohol, my mother was killed by a drunk driver, faced abuse because of people being in the abbreviated and when this opportunity came up a lot of people were like you are considering it? my husband said the universe is telling you you have an opportunity to right some wrongs and bring responsibility

and do what you think should be done to make a response blunt save business. jack: that informed the way you market your products. explained that. >> when i first got onto this business one of our biggest brands was absolute, has always been about provocation and getting people who don't have a voice to have a voice. we started doing a campaign called sex responsibly, a notion around consent, brought awareness to it and gave it a language and we've been very vocal, if you have any brands as a weapon against other victims we don't want your business. jack: i want to pivot to the economy. let's talk inflation, costs must be going up, the bottles you put them in. tell us about that and it is a global phenomena and? is expensive to make as it is to make bourbon and kentucky?

>> we are facing a climate crisis, meals are coming down, input costs going up, and it is global. the across the industry, trying to get very innovative. and brand our products, and prices that pass on, it is driven by the cost and working that we can to bring those costs down as much as we can. on the consumer side inflation cut into discretionary income. the beauty of the industry is we are an attainable luxury. if you are paying something that is worth more they will get value for money. we see this industry be resilient as we go through pressures across the industry.

>> restaurants, casinos and hotels are selling your product. what do you see from the bounce back, and growing even more than we were? >> back to the resiliency, they bounce back. and back to traveling, all the in home consumption, what we saw is still holding. the resurgence, they have a very boy and at home half presence grocery store, it is boding well for the industry. jack: i was speaking on the oxford companion to spirits, the gold age of whiskey, benefited greatly from that and done well there.

what is the next thing, you're buying a number of ginmakers, distillers, is that the next trend? >> we are seeing a lot of premium is asian in this industry. why is that happening? people love to make cocktails. 70% of all drinks consumed is in a cocktail form. these premium gins and drums and tequilas, these are all taking off because people are coming back to the art of the cocktail and gold is gold. jack: i've got to say cheers. california is leading the way on progressive climate change (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how?

aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. in a recent clinical study, patients using salonpas patch reported reductions in pain severity, using less or a lot less oral pain medicines. and improved quality of life. that's why we recommend salonpas. it's good medicine.

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jack: california leading the charge on progressive causes like climate change, and gig workers, some company like tesla, oracle and hp are moving their headquarters to texas and florida. could this threatened the golden state app status as the center of the tech universe? darren fonda, barron's managing editor joins us now. interesting story you have written here. thanks for that. i want to start with this idea that depending on your political leanings california is leading the charge to save the world or driving us all to socialist ruin. two things are true. there is an incredible dynamic economy in california and a lot of companies are leaving it. what are the big things happening? >> the biggest thing the state is doing is leading the fight against climate change, they

passed a record $54 billion climate budget which includes a lot of new money for clean energy technology, public transport and support for renewables. the biggest thing they are doing is all in on evs. there's a new plan to and the sale of new gasoline powered cars in 2035, this is big not just for california but around the country, there are a dozen states that follow california's vehicle emissions plans and all the states go along with california's ban it would mean evs would be the only cars for sale in 40%, this might seem excessive but california is aligned with europe and china, pushing heavily into evs. and in washington there is gridlock. haven't seen any ev mandates. jack: we are seeing companies move out of california, the most high profile, elon musk

moved to texas, by some estimates $1 billion in capital gains taxes but we've seen others, hp, oracle and so forth. is this the beginning of the trend. will we see more of this? >> a number of high-profile companies move to lower-cost business friendly states. tesla is the most prominent we've seen in the last few years. they moved their headquarters to texas, building cars in texas. elon musk at tesla talked about refinery for lithium on the gulf coast. in some sense this isn't great for california but we've seen people leaving the state, 2 million move to other states over the last 20, 30 years. a bit of an exodus going on but i wouldn't count california out, still has a vibrant dynamic economy, $3.6 trillion,

14% of us gdp, the tech industry isn't going anywhere. hollywood not going anywhere either. aerospace is popular in the state as well. >> what can you tell us about the operations they are moving out, the cow exit, i am saying it sounds more brexit. what operations, what workers have been moving and it is a threat to california's reputation is center for tech innovation? >> primarily it is company headquarters and some operations. the state hasn't done a great job attracting manufacturing. a lot of semiconductor plants being built outside of california and there has been a loss of some population but silicon valley is not going anywhere, venture capital, foreign direct investment and all the engineering challenge

for contact jobs is centered in california and that sent companies to california and it will remain healthy. >> i hear there's something called the california fast food counsel that wants to have a $22 minimum wage for fast food restaurants. what are fast food restaurants doing, there is something about robot french fryers? >> wages are going up because of labor shortages everywhere. there's a new fast food counsel and they are considering a $22 minimum wage which would be up from $18, the restaurant industry is trying to kill this counsel for ballot referendum in a few years, restaurants are dealing with labor shortages but some are putting robots in the kitchen. i went to see a jack-in-the-box where there is a robot making french fries called flipy and

it is doing a nice job making fries, it can make onion rings, chicken fingers, fry everything, it is made by a startup in pasadena and they are looking to put more robots in other restaurants, another when they are experiencing with and white catholics experimenting with these robots. ben: so much for making dinner tonight. fascinating story, glad you got to see flipy. everyone should read your story. there was another week on wall street, you have some great investment ideas ♪ whenever heartburn strikes get fast relief with tums. it's time to love food back. ♪ tum tum tum tum tums ♪ the day you get your clearchoice dental implants makes every day...

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jack: everyone is talking about the fed hiking until something breaks or the new uk government's move blowing up pension funds, but you are not worried and you can explain why in 60 seconds. >> credit suisse does not look like a layman situation. basically it's not good at being a big investment bank but would be good at being a small investment bank can't keep the asset management side which is large and prosperous and might do that, might raise money. we will see but it is not what people make it out to be. uk pension got into leverage derivatives, liability driven investment which sounds complicated but is simple. they put them in risky stuff entire financial engineers to make it look like they had

enough money to save stuff to put up more cash and reform investment practices. the fallout, the long government bonds spiked up 5%. when i was 7 years old paul volcker raised rates, i almost went back to 6 years old, along u.s. treasury from 10% to 15% and we survived. kristen: i'm excited about decker's outdoor, this is the company that makes sheepskin boots, people you love or hate to love or love to hate, been in the hot shoe for a long time but they turned into a steady moneymaker but what is exciting is there running shoes, this is not like a -- nike level brand awareness but they are number 2 in specialty running, it is not

a one trick pony it can find and grow. >> i'm looking at ticker symbol see cj, uranium miner, taking half of westinghouse electric which does nuclear services, the market hated it, stock dropped 20% but an interesting deal, could allow takeover services for nuclear plants because russia will not do servicing anymore. it is an interesting it is interesting deal and interesting stock. jack: thanks for that explanation. the following is an important paid program about humana medicare advantage prescription drug plans, sponsored by humana. at humana, we know that no two people are alike. we understand that you have your own questions and your own needs when it comes to choosing the right medicare plan for you. that's why we really take the time to get to