they're trading down for cheaper stuff at a greater rate than even the great global financial prices. we went one day from his house to to dollar store, buying three socks for a dollar. that's how you get rich. in the meantime, how come stocks like louis vuitton keep going higher and higher, making their ceo the richest person on the planet? i'm going to refer you back to my opening statement. trillions of dollars were showered on folks who ran out and spent that money, a lot of it on welcomes luxury goods. it's the yolo crowd. if you truly want to get rich, next time save it, invest it, and you just can't be cool. you'll be a lot cooler mt. future because you'll be rich, right, liz? liz: buy the shares, not the purse. charles: will you go. [laughter] all day long. liz: okay. good, good stuff, charles. happy monday, everybody, as we

kick off the final hour of trade, layoffs, activists and chips are the three keys opening the door for the bulls. but right now we're losing a little bit of steam. the dow high was a gain of 407 points. we're still up 161, but definitely retrenching a little bit. s&p up by 35, the nasdaq high at one point was a gain of 265 points, right now it's up 177. and the russell 2000 up lee-quarters of a percent or 13 pointings. let's start with the bag of chips. mega gains for amd, western digital. look at those two jumping more than 7% apiece. qualcomm, nvidia, all moving higher on semis, a nice gain of 6.5% after barclays blurted out this morning we kind of wish the valuations on some of these semiconductor stocks were a cheaper, they just endured the worst correction since the tech bubble of the late '90s, so it's time to buy back in. barclays did downgrade klac and

amat to underweight, but klac moving higher, and we've got applied materials, this is a 3% gain here for amat and, yes, 3.5, let's call it that. we've got it at $115.56. swell looking -- intel looking pretty good here. more than just fresh jobs cuts announcements, they are propelling companies' stocks northward. let's flip to spotify, cutting 6% or 600 people from its work force. wayfair sending pink slips to 10% or 1,75 employees. but look at the stock gains here. wayfair up 23%. nice move there. we've got spotify at $100, up 2%. and after dropping 34% over just the last year, shares of newel brands, this is maker of sharpies, popping about 5.6% at the moment to $15.91 after

making this morning's announcement that it's going to eliminate 13% specifically of its office staff. so let's get to the dow jones industrials, and here's where the activist investor driver comes many. salesforce topping the blue chips, a 3% gain at the moment to $155.94 on news that activist investor elliott management run by paul singer has swallowed up a mull untilty billion dollar stake in the cloud and business software provider. crm has endured a merely 35% drop in the stock over the past year sending its $300 billion market cap plummeting to $156 billion or so. but wait, liz, you haven't mentioned the federal reserve yet. oh, make no mistake, central bank is sill in the passenger seat right now, but it's the kind of thumbing through a magazine, reaching for the candy. oh, i've never had a candy stash in my car. that's fed right now.

it's not being an annoying backseat driver. the market is now pricing in a 99% -- well, let's call it 100% now. i was checking about two hours ago. of it's a 1300% -- 100% chance of a quarter-point hike. now, that means it's a much less aggressive move than what some had expected a while back of a half a point. put it all together, and investors are saying risk on. is that the right move? let's get to the floor show. we've got jon najarian and scott redler joining us. jon, you are actually with the barclays' crowd, right? you say the techs and specifically chips have been so hammered that it really isn't a bad time to come in and dip. >> that's exactly right, liz. i have seen significant amounts of what we always call unusual option activity. in the tech stocks, in everything from nvidia to apple and microsoft. i mean, if it's tech the, it was wrecked in december. but -- and, basically from

october through december. but in these first 14 trading days of 2023, they are coming for tech, and they're coming for a lot of battered stocks which is something they do when, you know, people are looking for what's the best value out there. they grab what was hammered the hardest. liz: what are your newest trades that you can tell our investor audience. >> i was in these stocks, but i added to hem today. that was apple, they were buying out at the 140 -- 155 strike in april with the stock at 142 the, and microsoft. but the microsoft trade, liz, is they've got earnings coming right up, and they've got friday expiration is when that option, those call options for microsoft will expire. and they're way above where the market is right now. so they're looking for a significant pop out of microsoft between now and pretty. liz: you know who also likes microsoft? our friend scott redler. >> there you go. liz: scott, i think it was thursday because i watch your

note as a very ec call trader. you were picking up some qqqs, some of nasdaq 100. what are you doing with them now? i know there was a resistance level at one point, and at the moment they're at about 287. >> on thursday when bears had the ball after we came in real hard on wednesday, you know, basically the active bulls stepped up. you had the s&p, qs holder, yeah, some of us were picking up tech stocks. i didn't stay with the qs, i usually go with the indices first, but i did stay with google, meta, i also bought some tesla, i bought some xbi. i bought a bunch of things, you know, on thursday into friday. and friday afternoon got pleasantly surprised, no one thought the bears would get the pushback the way they did. and today you're getting follow through into resistance. today is a good day to trim some back if you're ec call like me. i actually the -- technical like

me. you have microsoft tomorrow and mig could happen, and you do have necessary la later in the week. so the -- tesla later in the week. the size of the move in tech, i would hi that to you need to reduce. and when i get binary events, i do switch from stock to options so this way my risk is premium paid just in case i pick the wrong side during that report. liz: now you're talking the jon's language, right, jon? when you listen to what scott's saying, make it simple for our viewers. >> well, i agree with what scott said, and scott's a good friend. so not surprising when some of -- we're in some of those same stocks, including tesla. and to put it into layman's terms, layman on claman, there to you go, another show. liz: that's right. i'm your average claman. >> when you see a stock is like amazon or apple or microsoft that's trading to the upside and has had a nice move because apple is up, i think, almost $20

since end of year til now. do you really want to jump on that, or would you rather take a little bit less risk, maybe a lot, by trading an option? if which is just what scott talked about. the trade-off is timing. your timing is not right, you're not going to win many that trade. liz: as my great father used to say, the only difference between salad and garbage is timing. you guys have talked about what you like. tell me what you hate right now. scott? >> you know, at this point i hate time frames, and i hate banter right now because you have -- liz: are we bantering? [laughter] that is a diss. >> -- changing gear, but you see so many of these big call calls out there. listen, mike wilson was right a lot last year, but he's staying with the call that we're going to see s&p 500 with an earnings recession, but that a doesn't help technical traders like ourselves who are trying to get

paid for a living. you could say, hey, if i'm putting monthly inflows in, i can be patient, i could be trading the action but thinking intermediate and macro because once all the layoffs are done and we start to slow down and perhaps we don't cut rates -- because i'm not in the camp we cut rates this year -- so i think everyone has duration wrong. most people think it's a quarter next week, but everyone's starting to say we're going to cut a half. i don't think the the fed is going to cut anything. only way the fed will cut, in my opinion, is if we do meet mike wilson's call and go down to 3200. you have to -- liz: fed is not gonna cut this year. >> i agree. jon najarian, you talk about what to ajoyed. we had some -- avoid. we had some atrocious numbers for existing home steals -- sales. >> oh, yeah. liz: dip in here? >> again, we talked at the very

top, they're buying the things battered the hardest. anything that fed into the housing sector, because higher interest rates mean it's tough ther for consumers to afford that other home. they have to trade down to a lesser home. they can't do as much rehab and all the rest on their home. pleasure so the pact that the million dollar plus homes the sales were down almost 50% year-over-year, that's not the price fall, that that's the number of those existing single-family homes. that tells me that's a battered sector. so i would be looking especially if the fed only move ifs a quarter on next one and then says we're done. i'm not looking for cuts, but i'm saying once hay get to that point where they're done, yeah, i would be interested in interest rate-sensitive sectors like housing. liz: oh, you have to tell us the day that happens. >> okay. liz: the interest rates continue to go up, although 30-year fixed mortgage came down a couple of

basis points last week. jon, scott, gentlemen, thank you so much. 59 minutes before the closing bell -- 49 minutes, rather. did can you guys see bitcoin? we're going to show you how it appears to be shaking off the taint from winder kind sam bankman freed. he claimed to have had only $100,000 to his name after being arrested on proud charges, but authorities have now seized nearly $700 million in his personal assets. next, former bernie mayoff attorney -- madoff attorney ira lee sorkin on how that impacts sbf's charm offensive as he continues to try to make his case on social media? if of all places, when you're facing fraud charges. 48 minutes before the closing bell ring. "the claman countdown" will be back, stay with us.ia ♪ te doors are new beginnings.

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♪ ♪ liz: well, now, there is fascinating. bitcoin appears to be staging a comeback. look at this chart. this is a six month chart, right? you can see where it was much higher, then it completely fell, and now crypto at moment stands at 22,837 for bitcoin itself. right now as it inches closer to $23,000, i believe it's already printed there, you have to go back to august to find the last time it touched this level. some other cryptos are also joining the climb. litecoin stands at $89. and then we've got ether. ether, well, it's down slightly today, but at 1,623, definitely off its lows. and so-called sam coins. these are digital coins that ftx

and its founder sam bankman-fried had end endorsed before his arrest, also seeing a resurgence in recent weeks. even ftx's native coin ftt has spiked $is 60 -- 160% since bottoming below a dollar in december. the uptick may be related opec islation that ftx's new ceo and his team might be exploring restarting platform. for weeks, ftx has claimed the u.s. arm was never insolvent or underwater. that's what he says. in fact, he's granted multiple interviews since his arrest, something former bernie may -- madoff attorney ira lee sorkin has repeatedly said one of the last things accused criminals should do. ira lee sorkin joins me now in a fox business exclusive. ira's firm has also represented fox corporation on a variety of

matters. like you telegraphed pretty bluntly the tsa time -- last time you were here that sam bankman-fried should it. he has not. what does it tell you, that he continues to go on twitter? we'll show you some of his tweets in a second, but give all these interviews to people? >> the prosecutors and the regulators love it. they don't want him to sop talking. now, he's got a very good lawyer in mark cohen, and sometimes clients don't listen to their lawyers. now, i can't tell you, i'm not a party to it, i don't know what goes on between them, i have no role to play. but he should zip it and not make public statements. liz: well, to me, fact that he hasn't and the fact that you just said prosecutors love this, have you watched and seen things that he's done where you say, you know what? they're going to use that against him. >> oh, every time he opens his mouth, they'll find some basis e to use what he said against him. and they're building their case

now not only against him, but against others who allegedly engaged in conspiracies with him, two individuals who were affiliated with him have already pleaded guilty and are cooperating, from what the papers and the press and so on says. so it's something that that if he's trying to impress potential jurors, this doesn't work. liz: you know, he's been out there tweeting rather prolificically. >> yes. liz: i want to show you one that he tweeted on january 17th where he said ftx u.s. is solvent as it always, and hen he made a spelling i record, as it always as been. i think that should say has been. yeah. and then he also tweeted something right below it, which is his substack. people went nuts on him saying, come on, stop flogging your substack. what do you think of the implication that he's posting online? that's intent. he employees what he's doing. he's getting on -- he knows what he's doing, he's putting out

information versus just allowing some crypto youtubeer, which he did, a woman named tiffany, allow her to come into the house and give an interview? does one hurt more than the other? >> it all hurts him, that's my own view. i'm not privy to anything going on with him and his players, but you do zip it because the only people who are really listening to him and care are the regulators and the prosecutors. and the more he talks, in my personal view, the more he puts himself in potential jeopardy. if he intends to go to trial, what he says could very well be used against him at a trial. liz: he's also accused the bankruptcy attorney, the guy who's in charge, john ray of ftx now, basically ethics violations. he and the law firm saying they're totally conflicted, etc., they're in it for the money. but, you know, bankruptcy trustees have the authority to reclaim assets. >> that's correct. liz: now they've reclaimed 700

million in personal assets. not just assets that the company had used, personal assets. how much can they seize? and when it comes from the guy himself? because he had said i only have a hundred brand to my name. >> if they seize more than a hundred grand, they're going to put him into a lie. we don't know -- the public doesn't know, i'm sure the regulators and the prosecutors know -- where that money went and where that money is -- liz: but he hasn't been convicted yet. >> no, absolutely not. he hasn't been indicted yet. he's been arrested on a probable cause complaint to bring him into the united states. the probable cause complaint is enough the to get him here. and now i am sure hat government -- that the government, u.s. attorney's office, is building an indictment not only against him, but anyone whom he conspired with who has liability. liz: okay. but if he acquired some as set before, say, ftx was ever

created, they can't seize that the, correct? >> well, there is a concept in the law called substituted assets. and substituted assets, if they can show that whatever he obtained was used either to hide it or to put it in another place, the government has the ability to substitute those assets in any disgorgement, forfeiture or penalty that the the court may impose, should he be convicted. liz: he is trying through these tweets and interviews to demonstrate that the reality of the situation is not what a lot of people believe it to be the or what the bankruptcy judge, the the bankruptcy trustees have said it is. >> right. liz: any way he influences somebody, some way, shape or form, some judge? >> no, you're not going to influence the judge. the judge doesn't have the indictment, should there be an indictment and most likely will will be. but the judge is going to -- there will be. judge is going to play it down the fiddle, the facts and the law -- down the middle.

the only people he's attempting to influence, in my view, are the prosecutors and regulators, and that doesn't work. liz: ike, always interesting to see you. please come back again. i believe the court date is set for october or something, but will be other points. >> there will be other points because the october date is -- i don't believe he's been indicted. the october date is basically where are we. it hasn't been assigned officially to a federal judge yet. of that'll happen if and when he's indicted. liz: well, heck, if he's talking to them, he should be talking to me. [laughter] come on over, sam. you've been on the show back in the day. thank you very much. ira lee sor sorkin. >> thank you. liz: not the only tech bro many hot water, billionaire if elon musk has been sitting on witness stand for the last several hours testifying in his controversial tesla buyout tweet case. we are going to get you up to the minute details on what's happening merchandise the san francisco courtroom in just a

moment. closing bell 37 minutes away. we've got the dow still up about 194 points. remember on friday it gains 330, so we've got a two-day-straight rally here. and the s&p up 39, the nasdaq up 194. we are coming right back, don't go away. ♪ ♪

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push got a little help from video fakery. roughly six years ago, tesla showed a model x driving itself from menlo park, california, to palo alto. relatively close. but according to a new reuters report, it was staged. tesla was not offering the tech that was showcased in its production vehicles at that time. the news revealed by the director of autopilot software at tesla in a deposition involving a lawsuit for a fatal crash back in 2018. whatever it is, it's not hurting tesla's stock today. it's been on a roll so far this year, up 15% since the beginning of the year, but that could change depending on the outcome of tesla's other trial. elon musk taking the stand again today in san francisco regarding his 2018 funding secured tweet. kelly o'grady following trial minute by minute, has an an update inside the court mouths. he's been on the stage for how long? >> reporter: three hours at this point, liz. he's got about an hour, hour and

a half to go. i just stepped away from listening, and i would say opposing counsel is really digging into the e extent of musk's due diligence on that take private plan and whether he truly had the financing to do it. i want to highlight three key points thus far for you. first, the sheriff's -- plaintiff's counsel dug into how he arrived at that amount of the bid, represented a 20 the trt premium on the stock price. for context, that premium would have been 419 and change. musk claims he picked the nearest round number for ease, but he didn't so do so when purchasing twitter for 54.20 the, of course, a weed reference as well. unequivocally wanted to take the company private, it was a verbal agreement consistent with all his dealings with them in the past. however, the e-mails and texts were seen in the court in the days following that initial

tweet don't reflect that, and legal experts claim that's doint to refute since this is all based on elon's word. musk argues he sent that tweet in haste because the financial times planned to publish an article containing nonpublic information. you see the tweet right there. opposing counsel questioned, why didn't you just wait until the article came out to see if it mentioned take private plan? he responded with this quote today: by the time the article was written and published, the cat's out of the bag. they certainly could have known about the take private given they also knew all this confidential information, and i wanted to make sure the that all investors would be on an equal fight. that line is what the trial is really going to hinge on, was musk looking out for the everyday shareholder? next up, musk's own counsel will get a turn, so we can expect more friendly questions than we've seen thus far. liz: or he was just being elon. and sometimes investors don't

like that if it moves the stock. [laughter] tesla is not the only ev make maker making news, popping 6.7% after citi resumed coverage with an outright buy rating. the bank had suspended its rating back in november but now says it likes the company's technology and product positioning in the ev race. citi also set a price target of $12 which is just over $3 above the the $8.77 price right now. remember, these are the luxury evs, cost about 100 grand. nikola powering higher after receiving a let or of intent frommier an man energy solutions provider gp jewel for 100 ev trucks. the european mold of the vehicle will be made through the joint venture of nikola and italian automotive group iveko in germany. 30 trucks are expected to be delivered by 2024, the rest by 2025. "the new york post" reporting at this hour that amazon founder jeff bezos may be

looking to sell "the washington post" in order to buy the washington commanders football team. according to the report to, bezos may have trouble with the bid because commanders' other than, dan snider, is still kind of sore about a series of exposes alleging a toxic management culture at the team's headquarters where bosses, including snyder, allegedly enabled sexual harassment. sources close to the situation say that bezos selling "the washington post" could be welcomed as a gesture of goodwill. bezos does remain as executive chair of amazon, of course. amazon is flat to slightly lower. former president donald trump preparing a twitter comeback according to reports. we kind of mentioned last week, but people familiar with the matter now say the 2024 presidential candidate has told confidants that he plans to drop an exclusivity agreement with his own platform, truth social, yes. under the current agreement, he

is obligated to wait six hours after posting on truth social before posting same con tonight on any other -- content on any other social media platform. that agreement is up for renewal this june. shares of digital world acquisition which aims to take the former prime minister's media platform -- president's media platform public, has dropped 66% over that time period. okay. remember robo rabbi from last week? we met the rabbi who stunned his congregation by having a chatgpt write aer is to monofor him. yes, a chat bot. as microsoft pours billions into chat bot's parent if company even more, which they announced today, we are hearing the controversial the a.i. tool now has passed a test from one of nation's top nba programs. yes, one that costs six figures to attend. we've got an all-star panel of artificial intelligence experts

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♪ liz: fox business aletter, as chatgpt, new chat bot, soaks up the tech spotlight with its stunning ability to answer questions intelligently and with remarkable act a rassi, microsoft has just increased its initial $1.2 the billion investment in parent company open a.i. mr. softie announcing today the it's officially inked a new multiyear, multibillion dollar deal9 with the start-up. the tech giant says its renewed colab with the art initial

intelligence lab will help it capitalize on the hot supercomputing tech and further integrate a.i. into its own consumer products. but concerns abound especially considering that it appears chatqpt was able to take a wharton business school exam and passed it with something like a b or a b-. joining me now in a fox business exclusive, deloitte a.i. institute global executive director who has been looking into the ethics of this, the concerns and the business implications. wow, what do you think about the fact -- and this was given by a wharton business school professor who gave chat gpt -- [laughter] one of the mba exams, and the thing did pretty darn well for a bot. >> it just means we need to step up our game. future is here, a.i. is going to impact everybody, right? so maybe the next iteration of education is about how grow get from the bs to thes.

but let's take a step back, liz, really. i think this is the just the beginning. what we are going to see not only text being created, but images, videos, art, audios, right? and this is going to have such an impact that we have to proactively think about risks now so that we can address it. liz: well, we've got to ivoriesing, and the risk i think from wharton's standpoint is, oh, wait a minute, how am i possibly going to charge people, you know, i don't know how much it costs to attend wharton 200 grand or something like that, to get an mb a a, when a darn bot can actually pass this thing. i mean, that is a huge disruptive issue, and if i'm open a.i., i'm thinking the, yeah, this thing is really great. there is, of course, that concern that the it may become smarter than people who actually invented this, but, you know, i'm very interested to know what you think about that. >> yeah, it is going to get smarter. look, there's massive

investments going into this technology. it is going to get smarter. but it's also time for us to step up to our game as humans. and as we are going to see these new technologies, look historically. remember when calculators were invented? that didn't mean we stopped teaching math. you use calculators as a tool. so this is going to be another one of hose tools that student and educators can use, and the only way for us to move forward is to think about the best use of this technology and integrating it within, within our existing systems. liz: well, let's bring in a guy who has been a stalwart in silicon valley for many years, c3a.i.'s tom seal. tom, we're just talking about this or issue, about the fact that the open a.i./chatgpt was able to pass a wharton test. i bet you're probably excited by this, because you run an a.i.

company. how do you view this? >> i think this whole area of generative a.i. and large, these large language learning models, this is a very, very important technology that we're boeing to use to fundamentally change the human-computer interface. so the human-computer interface in the future is not going to look like a bloomberg screen or crm screen -- liz: by the way, i believe we're looking at the test. thing is just answering these questions. >> or an oracle erp screen. it'll look like a google -- okay? and you'll simply ask the question or you'll and you're something like siri, and we'll use these large language models and general rahtive a.i. to parse your question into all the little types of components that a these enterprise systems can understand that deal with supply chain, health information systems, human resource information systems, inventory,

erp, you name it. and i think answers will come back and look very much like a google page. it'll tell you what the answer is, and it'll tell you what all the other possible alternative answers. but the important part is we won't be navigating lu all these buttons and what not to get to the answer we want, we'll simply ask the computer question, and it will search the enterprise, it'll search the extra prize, it'll bring back all the possible answers in order of prioritization. so i think what we're seeing in jenner ative a.i., the first half of the first inning. there's a lot of investment going on in here, and you let this run out two, three years, and i think we're going to see results hard quite remarkable. liz: oh, the a land grab right now. microsoft in the pole position because they made their first investment a couple of years ago. you believe all of silicon valley rumors, google's freaking

out and feel like, are we behind in this thing? so their pouring a ton into it. yes, it'll give you a very good answer, but is it the right answer? these a.i. bots crepe -- scrape. from what's out will or what data is input into be it, and there is a lot of misinformation out on the internet. are you worried it will give people the answer they want or the answer they actually should have? >> absolutely. you said, you know, that there is a big risk about the accuracy, right? and today what's happening is it gives a very authoritative answer, but it is inaccurate. there is misinformation there. so we are entering that era of very rapid misinformation, deep fakes coming into play and being able to distinguish between both is going to be crucial. and in addition to the accuracy, it's also about what kind of new text or new data the gets

generated. it is being trained on certain data sites. at some point chat bot is going to run out of data that it can be trained on, and it is just going to be repeating same kind of information and misinformation. liz: tom, final point. i'd be very interested to know about deep fake issue. you concerned about that at all, about it being tricked? >> i think that the, you know, i think we might be missing the point here. it depends what data sources we decide to have it search. if we have it search reputable medical journals, the information we get will probably be from reputable medical journals. and so we're going to have this engine search highly reputable, credible sources, and the answer it gives will be highly authortive ten times out of ten. liz: okay, i hope so. that would be awesome. [laughter] great of you both on using what is sort of the chatword out there, chatgp, and quite

brilliant technology that's now available to the general public for free. we'll have you back. thank you both so much. appreciate it. >> thank you, liz. >> thank you. liz: walter isaacson, famed boyle per, now working on a book about elon musk. will there be a fairy tale ending with all the scrutiny surrounding the billionaire's life? with the closing bell ringing in 13 minutes, the dow getting back up even higher here, not at the session highs, but still gaining about 229 points. stay with us, we're coming right back. ♪ ♪ 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]

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♪. liz: remember we told you what was it back in june that reknowned author walter isaacson is collaborating with elon musk to write the controversial ceo's biography. we update timing when that book may be hitting the shelves. charlie. >> interesting story here. we were first to report that isaacson was in talks with musk. they have signed a deal. he is following him around. you woe think, he started in

june of 2021, three years down the road is rapidly closing to the end to finish it. in a month or so he would have the whole thing sketched out. he would not comment for the story. a spokesperson said essentially the last two chapters but that is a big ending. that is a big task, the last two chapters and here' why. liz: another one today because there is a trial. >> the story never ends. even though his plan so have it finished by the fall, done, who knows when the publishing company runs it out there, they run in january i have done this. liz: who is the publishing company. >> i think sentinel. that is a good question. it was in my initial story on fox business, if you foxbusiness.com check it out. i had all the details. we'll put another story up soon about this updating it. depends on when the publishing company, sometimes want it out for christmas, sometimes for new

year, depends on their schedule. he should it have it done by the end of the year if all goes according to plan. this is the problem he can't figure out how to end it from what i understand. it's a hard book to end. liz: as long as elon tweeting. >> he keeps tweeting, getting in trouble, when he started this out, this is the arc of the story, he started out in july 2021. elon musk was richest man in america. he bought twitter. lost $200 billion of net worth. he is not the richest man in the world, now the second richest man on the face much the earth. there are a lot of issues to deal with some it up. you might get it for christmas. if not, i will say one thing about walter isaacson's books. i can't put them down. i read the jobs book. liz: amazing. >> amazing writer. he has access, play it down the middle, no bias. he went into with elon, elon is great allowed him to do this

without any sort of preconditions. discuss want to make one question, one point, i know we get about a minute, sales force is now, being circled -- liz: activists investors. >> i think it was google that laid off 12,000 people. liz: friday. >> here is what i would tell investors out there, the targets of the activist is going to be increasingly tech and to get out ahead of that, the reason why because they overhired so much, the bloom is coming off the rose in tech. we're going. >> recession. they overhired so much in 2021, and you see in my view, from investment bankers many more google-likelyoffs filtering through tech, whether apple, meta, on and on. they are being targeted by activists. they don't want activists to get ahold of their company. liz: too late now. three of them circling crm. >> you will see them seeing tech companies taking preemptive

moves that will be more and more layoffs. what is the matter? liz: simon shoeser. >> simon & schuster. good, my old publisher back in the day. liz: did you annoy them too? >> funny you mentioned that i think they still, i screamed at the pr staff and the editors so many times. liz: really? i'm so shocked. [laughter]. charlie -- >> they had a crazy guy editing my book. i didn't like him. he was a horrible, a horrible editor. [laughter] liz: look at crude oil. i say this -- i say this because crude oil is closing in, discuss slightly below $82 a peril. that is the highest price since november 17th. "countdown" closer says we have three minutes left here, regardless of recession may or may not be coming already here, some people believe, the energy sector will still fuel your portfolio. dave gruh house, has 12 billion

in assets under under managemen. china is reopening. that is helping oil. what else? >> a lot of concerns in the market due to combination of big outperformance by energy and oil last few years. fears of a global recession. we would take the opposite tact. we think energy will work both in hard and soft landing scenarios. we think oil will outperform market expectations no matter which of those two happen. liz: all of your picks are a big from last year. some people get nervous. am i buying at the top? marathon oil is one of your picks. you like valero, targa. valero is a big inner up 84%. what makes you such a strong believer that kind of return or something close to it continues in through this year? >> certainly refiners are big debate stocks for reasons you mentioned, that they have been big outperformers but we still

think there is a big supply demand discrepancy in the market. a big cost difference between what the big refiners here in the u.s. and what refiners in europe are facing. obviously we have sanctions on russian products hit the next couple weeks. that will make a big difference. even though i think there is concerns about the performance on the refiners we think they're going to continue to make outsized profits and they will keep buying back a lot of stock that makes us continue to be constructive. liz: you're not entirely in love with the whole energy complex, right? what are your worries about nat-gas? >> so nat-gas, obviously the last, two three months have been really disappointing for nat-gas. you know it was a very tight market globally. then we had incredibly warm weather hit, especially in europe. so you've seen global gas prices fall dramatically. now european prices will still be dependent on what happens with weather the rest of the year, how much will those european inventories come down?

it will also depend on the what flow of russian gas looks like come the summer which we think will be pretty negative. it will be based on those inventories. it is hard, gas is definitely had a setback. the u.s. is going to remain weak. frankly we'll not see much new demand in the u.s. until the new lng exports come on in late '24 and '25. that leaves us bearish engas focused enps medium term. we think there is long term story this. liz: thank you for giving us your long term story. gas is down 21% this quarter. [closing bell rings] on this monday, major averages, we see green on the screen. dow is up 260 points -- ♪. larry: hello, folks, welcome to