federal government greenlit all of these and they said any costs and they did go up, college went up much higher than anything else, universities made out amazingly the campuses made out amazingly and now of course the governments actually giving college grads billions and relief. it's elitism run amuck, folks. bottom line, let the private sector determine the risk for mortgages and college degrees. i mean, this way, taxpayers who don't own homes who don't have a college degree, they won't have to actually make the payments. by the way on that note, my son graduated from college in january. today is his birthday a and i want to say happy birthday charles i love you and i'm proud of you. liz claman, over to you. liz: oh, that is a wonderful accomplishment. charles, we are getting mixed messages out of china. charles: again? liz: yeah, about the unrest spreading across this country. u.s. investors are still in a, well you could call it a

slightly-defensive couch as government crackdowns on mass chinese protests subside in smaller towns but continue in some of the bigger cities where hundreds of thousands of people have taken the unprecedented move to publicly rip xi-jinping for his zero-covid policy, so after coming off the worst session in three weeks, where all three major indices lost more than 1% a piece, the dow lost 497 points yesterday is down another 54 at the moment, off the lows of the session, because we had been down about 187. flip it over to the s&p. s&p is adding about 13 points to yesterday's 62 point loss, and the nasdaq, it's now negative for the month, folks. it is down 86, well it's flipping around here. it was down 86, i blink and it's down 75. so unlike yesterday, but we do have more green on the screen. department stores are looking rather spiffy at the moment. we have everyone from kohl's, macy's, tapestry moving higher at the moment anywhere from 1-3%

for kohl's nice move there also bucking the monday blues energy producers heating up ahead of sunday's opec + meeting in vienna where it is sidely expected folks that the cartel, because they are so charming, will cut production to pop-up oil prices, which have fallen from a nine-month high of $128 a barrel to 78 right now and change, but nothing is more than chinese stocks right now. stocks in hong kong closed at session highs, a gain of 5.25% for hang seng and we also had chinese health authorities reporting a recent up-tick in senior vaccination rates that certainly helped lift hong kong 's hang sending, and the stock markets were moving to the upside by 2% apiece. if you take out some of the individual names here, china 's version of youtube, powering higher by 22% on an 11.3% pop, in revenues and the narrow than expected quarterly loss. flip it over to pinduoduo

crushing it for the second straight day up as you see another 6% followed by everyone to tok baidu, alibaba, everyone in the green so why can't u.s. markets scale the flatline? apple is a big part of this problem. the video from last week shows how apple is heavily exposed to the china protests through its largest assembly plant. foxconn's iphone city as it's called. chips which yesterday took a 2% hit, continue to head south folks look at this right now down 2.5% for apple. they are now down more than 7.8% for the month. as workers have fled oppressive covid restrictions wedbush analysts are predicting apple could face as much as a 10% hit to iphone production this quarter and noted apple watcher, tf international securities analysts tweeting that iphone 14 pro and the i 14 pro max shipments could be between 15 to 20 million less

than expected. apple suppliers getting hit by the phantom pain at this hour so we're talking about names like western digital, broadcom, sky work solutions, qualcomm, but china is not apple's only problem. to connell mcshane and the apple elon musk spat developing over the last 24 hours. connell? connell: it really has been developing, liz, it's personal, a series of tweets over the last couple of days from elon musk going after apple, and tagging the apple ceo asking what's going on here, tim cook? and that was a replay to this. apple has mostly stopped advertising on twitter says musk and then asking, do they hate free speech in america? now if that's true they stopped advertising, bloomberg says we're talking about more than a $100 million per-year in ad spending, but the real battleground of this back and forth, might very well be the apple app store, with musk claiming apple's threatened to remove twitter. no confirmation of that from apple but we do know the company tightly controls its app store,

charging as much as 30% of revenue on things like twitter subscriptions, and tim cook's apple has kicked other companies out of the store in the past over over content moderation concerns: think about what happened to parler a couple years ago. musk is trying to flip the script on this putting up a poll asking if apple should publish all censorship actions it has taken that effected its customers and a short time ago he tweeted the people have spoken, when nearly 85% of his followers said yes. now, earlier today, he actually responded a question on twitter about big tech companies being gate keepers . it's a real problem, tweeted musk. apple and google effectively control access to most of the internet. the other app stores. all this back and forth and closely watched by tesla shareholders. musk's other company, if you will, down again today. the stock market and morgan stanley analyst says a recent investor survey found nearly

two-thirds think that the twitter purchase is having a negative impact on tesla's business. meantime, musk himself, has said that twitter is losing $4 million a day with advertisers cutting back on their spending, so he remains in attack mode, but we have yet to hear anything at all from apple on any of this. the company has not responded our request for comment. liz? liz: tesla shares, those investors are probably beside themselves. they think by 300 billion in market cap there. it's crazy isn't it? connell: crazy isn't it? liz: might want to pay attention to your baby there, elon, connell, thank you very much so apple is the top laggard on the dow if you take a look at the heat map you can see that apple is closely followed right there at the bottom right hand part of your screen by disney. disney down a buck 59 to $94.10 and disney is also getting caught up in the china unrest syndrome. for the third time since the pandemic began, officials now announcing again that shanghai disney will lock its

famed gates in compliance with covid restrictions, and just a day after a record breaking cyber monday, e-commerce leaders are in the red except for etsy, really? i mean this is a really strange market so let's put this hot potato of a market into the laps of our floor show traders joining me now, main street asset management cio erin gibbs and sarge guilfoyle. of course, sarge, great to see you. give me your thought at this very moment about the retailers. why wouldn't amazon after an $11.3 billion cyber monday be doing better than it is? >> well, let's put it in perspective. i mean, cyber monday was up 8.4% from last year. inflation is up 7.7% from last year, so yeah, there's progress, but it's not tremendous progress it's not like the record is so fantastic, and black friday, just a few days ago, the online spending was only up 2.6% from last year, so in real terms, it actually contracted from a year ago when you take inflation into account, so yeah, the earnings,

not the earnings season, the holiday season, holiday shopping season is off to a pretty decent online start but it's not great. liz: i would say so. erin, let's broaden the discussion here. we've got amazon down a buck 61. that i'm much less concerned about. i think it's interesting to look at the overall picture and say why are investors so jittery at this point? >> a lot of things. one is certainly the chinese protest is obviously a big thing that we're weighing on. we know that we're facing a global recession and if china is not a strong participants in that growth and coming out of the recession, it's going to be much harder for the u.s. to carry the entire world, right? because we know it's not going to come from europe. liz: so what does an investor do >> one of the things we're looking at obviously is what's going to happen next year and that's part of the reason that some of these retailers are down because their earnings are being cut so hard their profit margins especially when the retailers are facing these inflationary pressures too, and so you've got to look at where are you still going to be able to make money,

have really good profits next year? where is the consumer still willing to spend their money? and a lot of that so far is being forecast in hotels, resort s, restaurants, basically entertainment stuff. liz: which brings me to the transports. sarge did you see the transports today? while most everything is down although the russel is seeing a little bit of a gain here, the transports are up about 1.5% so we're seeing some real strength here. whether that is the railroads, the choo-choo's that are shipping the stuff or the airlines these companies that move humans because that's what people want to do. what do you make of that? >> well, i think a lot of that has to do with the railroads right now. going into the recession that we're talking about next year, which i believe, i believe we're back in recession by the late first quarter, early second quarter that's when you'll see earnings slow just as well and i believe that that whole travel entertainment play might just die out right then. just in population will become a

reality. you really, everything next year from that point on is really going to depend on what the fed 's level of sensitivity to a slow growth or no growth environment in addition while inflation is not reversing itself but slowing down to a great degree. we're going to need to see the fed go in a different direction much faster than they are probably willing to do at that time or will have a deep recession. liz: look, hotels and resorts everybody is moving higher. hyatt up three and one-third percent not a bad move, so erin? >> i tell you that. liz: it is confusing and sarge just said if people are worried about what's going on in the economy and the federal reserve and the economy slowing, i'm still trying to wrap my mind around how you and sarge could see that the economy is looking at a recession when people just spent $11.3 billion shopping. >> because ultimately, when you do that inflation adjusted it's really not that great. in fact in many cases it's

actually contraction if you're taking 9% inflation into account , and so even though we're hitting these record numbers it should be record because we're at 9% record inflation, so i think one particularly as an investor you really are always looking 12 months ahead so what happened last weekend isn't why you're going to buy a stock today or tomorrow, and that's what we've got to look at is what are consumers still going to be willing to spend their money on, even if we hit a recession, even if this inflation keeps going for another nine months. liz: sarge we go that the federal reserve, chief jay powell, is speaking tomorrow. what does he need to say to turn these markets green? >> well, he's not going to care if he turns these markets green. liz: he doesn't like green actually now that i think of it. >> yeah, i mean, i think that if he does turn the markets red again tomorrow, i think that's a buying opportunity. the october 13 reversal and trend that we saw is still intact. its been confirmed and reconfirm ed. the s&p 500 is still above its

21-day and 50 day moving average the nasdaq is getting up to the 21 day today, but the semiconductor index is still above both of those lines and that's the driver of the nasdaq so as far as i'm concerned, technically nothing is broken. you're clear for the rest of the year in sarge's world. maybe not next year but you have another four weeks ago. liz: erin, as selective as you have been, what is the one sector that you think is really now down at a fair valuation? >> so one of them being the hotel and resorts, even with these down days booking.com is one of my favorites within the area online, obviously hotels, but i think you've really got to avoid, it's partially just about avoiding your high growth very expensive stocks because when we're looking at valuations and looking at earnings coming down next year, those are still the most vulnerable and they could be down and you'll see that in the nasdaq numbers versus the dow. so i think even if you just avoid that, you're going to be okay. liz: erin, sarge, what a lovely

day. we're still waiting for some green on the screen aside from hotels and resorts. dow is down about 34 points and we still have the nasdaq down 71 and the s&p down 9. okay, thank you both. so after the biggest online shopping day of the season, the year, and of all-time, let's just say all-time, where even with the threat of recession consumers came in like bulldozer s with credit cards. what's the trade on all of the packaging those purchases will be shipped in? up next, the ceo of waste services giant republic services is here on the cash play for christmas cardboard, and how the $43 billion market cap company is hauling in cash off amazon's trash. yes. 48 minutes before the closing bell rings the "clayman countdown" as if you couldn't tell is kicking into high gear. we're back in a minute. don't go away. as an independent financial advisor,

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liz: so, analysts are still marveling at the black friday and cyber monday numbers, as they wonder whether the economy can really be that shakey of records were just broken, team "clayman countdown" has one thing and one thing only , cardboard boxes. after all, they are the backbone of the e-commerce supply chain, so which company is grabbing all those amazon cardboard castaways and attempting turn them into cash? and what's the trade for your portfolio? joining me now in a fox business exclusive, is john vanderheart, president and ceo of republic services the nations second- largest waste management company and john, when i say that according to adobe analytic s consumers spent that 11.3 billion during yesterday's online shopping bonanza, i'm kind of guessing you look at

that number through a totally different lens. tell me, where does your mind go >> yeah, thanks for having me, liz. that's a great sign for us. i think it's a sign that the consumer is strong, and they're buying, they are active and i think there was some concerns about that, and then that's cardboard moving, in fact , the cardboard market was a little bit down for us in the last three months, in part because of retail supply chain had a low sequence and full warehouses but they are starting to move when the consumer buys and that's great for us because we're going to collect that material and reuse it and re purpose it and ultimately that ends up with new boxes again. liz: well can you tell us whose buying the repurposed cardboard from you? i have seen amazon boxes stamped with "recycle" and things like that but what kind of money, pennies on the dollar do you get there? >> yeah, mostly it goes into both back into boxes and into mixed papers, the paper companies are buying it. the vast majority of it stays domestic here in the united

states, and that fiber you see a cardboard box that's true circulation. that fiber gets turned probably six, seven, eight times where eventually it falls out and gets too dig regated to build the back or a great example of what we're see seeing and very much a great supply chain and great for the environment and the consumer ultimately. liz: on the surface i agree with you and i'm a big proponent of recycling. i do my duty every single sunday , put my cardboard out but i was recently talking to the ceo of a trucking logistics company who basically scoffed at me and said you're an idiot. there is absolutely no way to make any money. it's all a scam. and i thought wait a minute, wait a minute, this is an educated guy. what do you say to people who are questioning recycling and what you do. >> well i think it's true that there's a lot of need for communication and good news is people really do want to know

where their material goes at the end, and the great news is we take great care to re purpose that material, and you know, recycling, we could not be more excited about it long term. we see a world of increasing population and resource scarcity we see a desire for consumers and businesses to recycle, and last five years we've grown that category faster than the solid waste category, and increase the pricing profitability of that category, so, it goes to feeds our belief that to be environmentally sustainable you have to be economically sustainable and we're seeing consumers and businesses do that liz: yeah, the economics of it you're a businessman in the end. i also find it really fascinating to think about how you view cardboard boxes and consumer sales and things like that. is there an algorithm, i don't know why i'm even asking this but i want to ask it. is there a mathematical equation or an algorithm where you see numbers that say, for example, that adobe says 11.3 billion in sales, and amazon at some point is going to

put out its specifics on how much was sold yesterday during cyber monday. is there an equation where you look at that and say that's going to give me this much in revenue as i recycle? >> yeah, we don't follow quite that closely on the cardboard, because again the material makes the ways into different parts and some back to boxes, some into the mixed paper but from a macro standpoint, we know that when the consumer is active, that's going to be strong for really all parts of our business, and again, i hear a lot of talk of recession as do you. we're not seeing it in our business. we're still supply constrained ink across vast majority of our markets. liz: and erin gibbs who was just on one of our traders said we're in a global recession, we're facing it. it is really two different camps i'm kind of with you when i look at how some people are indeed spending at the moment. we still have a very strong labor market. are you guys hiring? >> oh, yeah, we're hiring, in fact we're supply constrained. we hire more if we could. we're turning down demand,

because the labor situation. now it's starting to ease but in historic terms we're still in a very tight labor market and still very strong demand and we're a low growth business in general, and our volumes are kind of right in the 10-year highs so for both demand and supply side we just aren't see ing a recession at least yet. liz: trash-to-cash and you're hiring i like to hear that. thanks good to see you. >> thanks, liz. liz: by the way at republic services recycles all the cardboard packaging from cyber monday, what about the contents inside those boxes? what is the stock play there? well, the two hot fashion names making jpmorgan's nice list that's next with the closing bell ringing in 37 minutes, we're also about to take you to miami, live, and get the real story on real estate right now. dow jones industrials maybe will turn positive. we're down just 19 points, s&p lower by seven, nasdaq down 63, the russel is gaining seven

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liz: fox business alert, we need to pack this all, wait, you know , i really get annoyed when people say unpack it all so i just said pack, okay let's un pack it for the month the dow and the s&p are higher still by a tiny bit, but the nasdaq is now negative, as we get ready to wrap up november. tomorrow, of course the last day let's look at some individual stock stories right now.

we've got generac running on a few fumes this hour, stock is down about 1.2% right now after jefferies downgraded the stock from a hold to underperform. so why? you won't believe this you guys. the investment bank says it's because of ford. yes, the generator manufacturer faces brand new competition from the ford all electric lightning truck. jefferies said that vehicles like that all ev ford f-150 lightning are equipped with bi- directional charging that gives people an alternative way to power their homes during outages. the pickup truck can power a home from up to three-to-10 days ford is flat on the session but yeah, that's a first for me, a generator company gets a downgrade because of a car company? jpmorgan has its eye on the fashion industry at this hour. the firm raising its price target on ralph lauren shares, from $127 to 132 it stands at 112 right now.

jpmorgan is also bullish on tapestry, the investment bank raising its price target on the participant company of coach and kate spade from 46 just by a buck to 47 but tapestry's well- below that at $37 and change, they did maintain tapestry at overweight so what's going on here? analysts believe both tapestry and ralph lauren's brands will strengthen and help them emerge from the pandemic challenges, because slap a polo player on your chest. deutsche bank delivering good news for ups upgrading the stock from a hold to a buy the investment bank said "it's easy to be negative on ups in the current environment but that's exactly the time to get more positive, particularly under the current management team." so, we've got ups up 2.5% at the moment, nice move there, and then we've got apollo edemao surgery jumping after boston scientific announced it's going to buy the medical technology firm for $615 million in cash and debt.

the offer of $10 per share in cash for apollo endo surgery represents a premium of nearly 67% to the stocks last close but look at it right now. it's above 10 bucks, it's at $ 10.27. well, the last close boston scientific said it is purchasing apollo to expand its portfolio of gastric services, even boston scientific is up 1.6%. okay, what started a few months ago as just a chill in the era round the real estate market has now turned into an outright freeze, except for one city. up next, we go live to the 305 where miami is in full swing and top real estate entrepreneur jason hafer is in the thick of it. he does multi million dollar sales. we're going to ask him, why is miami still sizzling? what's the message new york city sales are now sending and where the real weakness is showing ink

across u.s.? and you guys, we have some -- i started crying when i heard this. we have some exciting news to share with our "clayman countdown" faithful. my everyone talks to liz podcast just hit 1 million downloads. >> [applause] liz: 2022. >> [applause] liz: one million downloads. it is such an honor to bring you guys these inspirational and heart-felt stories. we started the podcast about three and a half, four years ago tonya joseph, my former assistants and podcast producer helped kick it off. we got everybody from abbey lee miller of dance moms to logan paul to all kinds of rock stars ink across world here and i'll tell you something, it's a special podcast, because you get to hear these stories. the oprah of china. they share the hard parts, the obstacles, the hardships, the failures behind the successful individuals that you would think at first glance wow they must be born with a silver spoon in their mouth.

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$1 million mark. so here is the story. the federal housing finance agency says the move reflects home prices in 100 high cost markets and counties ranging from san francisco, california to washington d.c. there is some in utah and new jersey and virginia. the scheduled increase in loan limits comes as data show u.s. home prices have cooled for the third month in a row, but the mortgage rates are jumping, so here is that number about the cooling. s&p corelogic case schiller u.s. 20 city price index fell 1.2% in september. miami, tampa, and charlotte, well they aren't cool at all. they reported the highest year-over-year gains among the 20 cities with miami leading the way up more than 24.6% year-over-year price increase. that's where we find compass real estate broker jason hayber, good friend of the "clayman countdown." jason? i guess we could tackle the freeze elsewhere but let's

start with miami where you are. how is that possible? i mean, a 24% gain again? >> i believe jason has frozen? all right, yeah, you can see the smile on his face, because he does work there, but what's interesting here is we continue to talk about what's going on in real estate is that we are seeing a definite freeze as it pertains to what's going on in much of the rest of the country. home prices as we said are coming down but if we can put up the 30-year fixed the latest number is still of course above 7% i believe it's about 7.32% a gain of 15 basis points over just last week. right now, markets at the moment , we do have the s&p down 9 points. okay, we had been positive by 12 , we've been negative by 26, we're kind of smack in the middle there. nasdaq down 71. dow jones industrials down 29. can we put up at least some of the elements that were in jason

's segment here because i think that this is rather interesting as we try to continue to setup that conversation once again, but we do have real estate companies kind of in the mix here, but what we find is really fascinating is that as prices come down, and mortgage rates go up, houses are still un un affordable to many first-time home buyers. jason? as we watch what's going on, it's like a tail of two cities. the rest of the world and then miami so what's going on in miami? >> yeah. the migration pattern, liz. you have client demand at record levels, and so that's supporting the market growth, and it's a local phenomenon but that shouldn't be confused with what's happening around the country. the data that we're seeing around the country is not, miami we should separate the two. liz: uh-huh, tell me what you're seeing in the weaker areas of

the country: >> well just for example, case schiller index that's backward-looking so that looks at deals closed between july and september. those contracts were signed in the late spring, june, and may, that means that was just when interest rates were starting to increase so we expect to see a further deceleration on values going forward out of the index. that's what chair powell wanted when they began this endeavor right but the question is when they throw out the real estate bath water do they also throw out the baby with it. liz: a client of yours closed on a new york city apartment, jason , i believe just shy of $40 million at the central park tower. you also sold an apartment in manhattan, midtown billionaires row for 70 million earlier this year. i need you to compare that to what you would have done two years ago.

>> well, it's like the buy side on both those deals and those buyers bought both apartments because they believe in new york and they believe long term in new york. those deals would have been much more expensive two years earlier and that's why buyers bought. when there are price drops, they will come in when they can afford it whether it's 70 million, 7 million, 700,000, it doesn't matter. the principles are the same. it's about affordability and if you can afford that and you believe in the local market, you use the opportunity to buy. liz: but our viewers, many of them, are slightly lower than 70 million i would imagine. i just need to hear from you what a difference we see today versus two years ago, in the number of sales that you used to pull off two years ago. >> well, for sure, you're see ing prices come down and that's where the opportunity, the value proposition is for those buyers. now, even at lower prices you

have to be able to afford the monthly payments. brokers have this expression with housing you date the rate. i don't believe in that, i think it's nonsense because what if you can't afford the date in the first place. to me it's all about affordability and understand you have to afford today and tomorrow what your monthlies are so buyers i caution against this idea of sucking it up and paying for that higher rate but whose to say that prices are going to be higher in six months to a year from now. you may not be able to refinance i don't like the strategy at all i like people to be able to afford day one their monthly. liz: listen, jason, you're up in a skyscraper so high, one of these high-rises that the connections a little wonky, but we get the picture here. jason, thank you very much. jason haber of compass. we have sec chair gary gensler planning to rollout his new stock market structure in just a few weeks, but one market maker

is not wasting any time. he's suing to get more details on the market structure overhaul charlie gasparino breaking it exclusively with us, next. closing bell 15 minutes away. can we do it? can we see the dow go positive? i don't know. we were down six points a second ago now we're down 11 watching it all the way through the commercial break. we'll see when we come back.

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influencing this plan, but here is the story going forward, and i think this is real clear. when this plan does come out and even first on "clayman countdown" breaking the story that it's coming probably this month, they are going to announce it at some point at an open meeting this month, trying to get it out before, you know, at least the details before the 118th congress, the republicans take over. this is a prelude, this suit, to many more suits. we understand that virtu is planning on doing and other market makers are planning to sue specific aspects of the plan when it comes out. the main thrust is, i think, where they are going to go after is a whole notion that every retail order needs to go to some sort of a public auction, that somehow, the market makers, virtu, the citadel, these private exchanges that exist along with the new york stock exchange and nasdaq, that the notion that they are ripping off their customers on execution is baloney there's no quantitative analysis, or evidence, of that. we've not seen that just yet. gensler, i mean, his thing is

all premised on he wants things in the public, everybody to see it, but you know, this is a complicated matter. the sec basically created the market structure we have now that led to low cost discount brokers. the notion that all this stuff is going on behind the scenes and dark pools and with private market makers skimming pennies and costing small investors has not been proven at least that's what virtu is going to argue and that's when the lawsuits start hitting. first off we should point out there needs to be a proposal. when is that coming? we understand that they plan on doing it at a public meeting sometime this month, okay? liz: yeah, because there's a comment, you have to publicly comment to allow that. charlie: but he's been speaking through stuff, you know, cutting short the public comments, and then, you know, maybe this doesn't happen. maybe he puts this off until next year, no one really knows because on top of it all you have the whole ftx sam bankman-fried scandal going on.

he's scheduled to speak at the conference tomorrow, sbf is which should be very interesting , and he's going to be interviewed. and andrew told me everything is on the table, so that is going to be interesting and andrew is a good enough journalist to be able to move the ball forward on this. liz: oh, yeah he's going to be tough. charlie: so here is what i think who knows where the sec's priorities come out after this thing tomorrow, but before that, before this whole ftx thing, we were looking at market structure this month. again, but virtu did today opening salvo, he challenge specific aspects of it, and when we see it again, the auction, whether that's really really going to save people money whether it costs people money, retail investors in the future, and it'll be a real interesting thing. you know, listen, gary gensler, you know what's fascinating about this is, you know, gensler is has a target on his back for

the republicans particularly in the house financial services committee. they want to know what he knew about sam bankman-fried. they want to know why he keeps pushing climate disclosures for corporations, and now they got this. this market structure thing, so this is a lot of stuff that he's going to be going to capitol hill. now remember, he didn't do much of that because the democrats controlled the house financial services. liz: you brought a figure that the robinhoods and the interactive brokers of the world, because of these market makers they have been able to offer free-trades. charlie: well does schwab offer free? liz: sure. charlie: okay, i thought you have to pay a marginal fee at schwab. liz: no. and i'll tell you, you've got to figure out what doesn't work about there has always been a question, do you get ripped off other do they skim too much on the execution because payment for order flow system.

right? robinhood send the order flow to virtu. they match buyers and sellers with electronic trading and skim a little bit. liz: fraction of a penny, something like that. >> it is done nanoseconds maybe screwing people. maybe they are trading on the side. there is never any evidence of that. we do have evidence that when you go to robinhood you pay almost nothing. we do have evidence, planned parenthood has issues with execution. meme stock, didn't have enough capital. by the way no one really lost money in that, right? if you bought amc right after that, could have sold it for $70 a share that june. just remember that is not robinhood's problem you didn't sell, held it to wherever it is now $8 a share. this is complicated stuff. you start pulling out one piece of the puzzle, you know, everything else could fall apart.

liz: we shall see. >> we shall see what happens. liz: charlie, thank you very much the closing bell five minutes away. the markets are a mixed bag for the month. the dow, s&p up more than 2% while the nasdaq ends november at least for the moment just slightly lower. call it flat, barely in the red. this brings us how do you position a portfolio. have you heard of the 60/40 portfolio you keep half mon in stocks and the rest in fixed income? that was falling ought of favor two years ago when treasuries barely offered a 2% yield. the mix may be hitting pariah status. our countdown closer, the typical 60/40 stock portfolio experienced the second worst performance in the last 122 years. christopher zook, chairman and cio of kaz investments, says it is time for a new approach.

currently manages $4 billion in assets. if not 60/40, what should people be doing? >> people got very complacent the what the 60/40 would do, protect them from times in 2022. thisser. >> actually the 40% in fixed income almost as bad, some cases worst than the stocks themselves. so investors have to take a new approach, they have to look at things more from the perspective of where can i get correlated returns, things that can form well in market stress environment as well as being very selective to be able to make sure that the overall portfolio risk profile is not, not way more than people thought it was, why so many people got hurt in 2022. liz: how heavily would you be weighted in equities? i know everybody has a different time horizon but clearly, the point now is that treasurys are giving a much better return, much better yield, particularly the short end of the curve. so would you go heavily to that

end? >> you know it is a great question, liz, because of the fact it does change over time as rates change. clearly somebody will get 6% on a treasury which they can't get today. if they were able to get that, that is safe place to put capital, lock it up for a period of time. at the same time, that means stocks are going to be a heck of a lot lower than where they are today for exactly that same reason. the answer to your question, everybody has to look what their risk tolerance is, but inside of the public markets, if you can find access, quality access to the private markets as well. the diversification that brings to the equation is really good. at the same time, it's okay to be in cash or cash alternatives. there is nothing in this day and age that says you cannot do that there are many people that will say cash is trash because inflation is much higher. absolutely that is true, for today, but we can't look for today or just next week. we have to look out, next three, four, five, 10 years, where are

we going to be? we want investors to be in a overall risk tolerance that is comfortable for them. for some that might be 100% equities. others might be 90%. 10% that is big hedge for their portfolio or completely non-correlated assets in the private markets but the typical family generally speaking can be safe with 40% or so -- barbell approach, 40% on one side, 40% more higher risk bucket and 20% in the middle with apple pie and baseball if you will and figure out how to get the best returns in both of those buckets. liz: then what do you like here, knowing what your thesis is that you have just outlined? >> so for us so much of what we do is in the private markets but we'll leave that at, what you can do in the public markets today for the vast majority of this audience. so as an example, the growth of private assets for all the reasons we just articulated lead us to the companies that manage these portfolios. one of our favorite is blue owl.

blue owl ticker owl, that is a great company that has almost all of its revenues come from contractual management fees perpetual. in if you know revenue next 10 years, budget something easy. owl is very significant growth story that has reduction of risk because of those perpetual fee streams. liz: you like sales force, crs. christopher as you have been talking look at this, the dow punched into positive territory but i don't know it can stay there. we have a two point as we hear the closing bells for the moment? closing bell rings] these numbers have to settle at the top of the hour. we'll be watching it. we'll see you at "the claman countdown". ♪. sean: hello, everyone, welcome to "kudlow." i'm sean duffy