paper being printed and not dollar hegemonic forever. charles: so hard assets? >> hard assets, no toties. i wouldn't do -- commodities. i wouldn't do financial derivatives unless it's something like nvidia that has a runway with a.i. growth, it's really a difficult time to find a really good base set right now for me. charles: and we're talking disfunction. we finally got a house speaker, but do you think they'll get their act together? >> i'm just a glad we finally concern. [laughter] charles: we're real close to this fiscal live -- cliff. >> absolutely right. charles: all right. thank you so much. >> thank you, charles. charles: again, phobes -- folks, really dicey time for the country, for the world. stock market reflecting that. the last hour of trading going to be critically important. liz claman's got you covered. liz: you've got that right, charles. we've got our eyes on the middle east, the wall street and

congress. we are getting fox business' edward lawrence in front of the camera to give us the up to the second news on president biden's latest comments on israel and what's happening with the hostages. if you see this 87-point loss on the dow, turn your attention to the nasdaq. the loss is much bigger, down 308 points, 32.33%. that's investors -- 2.33%. alphabet plummets 9 plus percent right now, the stock on pace to lose more than $162 billion in market cap which would mark its largest one-day loss in value ever. this is all about weak cloud results in the parent of google's earnings report which came out after the bell last night. the stock is really acting like a dark cloud over the nasdaq. if the composite does close down 217 points, 6 points or more and, of course, yeah, we are definitely below that here, down 314 points, that will mean the nasdaq has officially entered a correction. correction, of course, defined

as a decline of 10% from the recent high. we will be talking about that. intel is cratering, microsoft is topping the nasdaq 100. ibm and meta results after the bell. we'll get to all of that, but first to the breaking news on president biden's joint press conference with the prime minister of australia. white house correspondent ed edward lawrence just ran to the cameras from the rose garden event. edward, israel, so much to talk about there, the hostages and more. >> reporter: and president joe biden says israel should do everything it can to get the hostage as out, that includes 10 possible missing or unaccounted for americans. the president pledged his support for israel saying that israel has the right to go after a hamas and headache sure that they don't terrorize israelis or make palestinians human shields. listen. >> the anger, the hurt, the sense of outrage that the israeli people are feeling after

the brutal arely-inflicted devastation by hamas is completely understandable. israel has the right and, i would add, responsibility to respond to the slaughter of their people. and we will insure israel has what it needs to defend itself against these the terrorists. >> reporter: the president reiterated his goal for a two-state solution. he also warned iran again not to go after u.s. troops. he says that the u.s. signed a safeguard agreement with trail ya that focuses on space -- australia -- but it also looks forward to securing clean energy for the future. >> we're pioneering new advancements and innovation, keeping our cooperation in fields like biotechnology, advanced batteries, quantum computing, cybersecurity and a lot more. >> reporter: and the australian prime minister says that the commitments on infrastructure for the indo-pacific will help. he says it will counter what the chinese are doing. >> we announced new funding for

subsea cables in the pacific, further support for infrastructure development including efforts to increase pacific's access to financing and that we'll work together through a new pacific banking forum to insure that our friends in the pacific maintain access to the global financial system. >> reporter: so, liz, you've got that cloud of the middle east related to this, but then you had trillion real financial overtones that was in this news conference and this meeting between these two world leaders. back to you. liz: thank you very much. the president wants congress to pass that support package for israel and ukraine and some for taiwan as well. and thousand the house can actually start -- now the house can actually start debating that. after 22 days without a speaker, republican congressman mike johnson of louisiana finally got the nod and moments ago was sworn in. with the stalemate between republican factions now over for the moment, the husband can get back to work -- the house can get back to work.

we bring that up because a.i. was a major driver of microsoft earnings following the tech giant's $10 billion investment in openai's chatgpt. microsoft shares topping the nasdaq 100, up about 2.8% at the moment powered by a rebound in growth for its cloud computing platform as you're. -- azure. meanwhile, alpha went losing hair in cloud computing, growth that alphabet's cloud unit hit a near 3-year low, so that totally overshadowing its double beat on revenue and profits. ibm, which has also spent several quarters, it blew reports after the bell, expectations are for $2.13 on revenue orb $17.3 billion. investors will be scrutinizing the numbers to see whether ibm sticks to its 3-5% revenue growth outlook for the year. irk bm's down just about .8%.

we should also mention meta earnings, shares falling by 3.8% pressured by the overhang of 422 attorneys general, that includes general, including d.c., suing meta. so negative or positive headlines, tech is still dominant -- dominating. let's get all to our floor show, global software research chief steph nap -- . [inaudible] microsoft's got the uppercut while alphabet at least for the session is down for the count. why when microsoft came down with a gleaming report and google beats on the top and bottom line is the market choosing to high tail it out of tech? >> yeah, hi, liz. thanks for having me on the show. and so as you pointed out, actually, microsoft beat across the board including all of its core businesses, and google did

as well. google's core business is the advertising, that's really the bellwether, and they beat by 11% on advertising -- 1% on advertising and said that the industry was quite healthy. both companies were cautious on the cloud outlook. yes, google's made the the headlines because their cloud results disappointed in the quarter, but even microsoft divided for a redeceleration of cloud growth next quarter, albeit just by 11th, but -- 1%, but they also said as your cloud growth -- azure would stabilize. so investors were hoping we would get more of a reacceleration next year, and microsoft is calming down some of those expectations. liz: yeah, indeed. and when you look at, for example, meta, stephane, what do we expect there? amazon which is coming up tomorrow after the bell with. >> yeah, and obviously big tech has been driving the market this year. you mentioned the divergence of performance between alphabet and microsoft.

it's actually -- [inaudible] when you look at a microsoft, alphabet and amazon, as it stands they're actually all three up 42 year to date, so performing quite well, but met that -- meta has been the standout. it's been a very popular trade this year, probably still quite popular: so a lot of people are invested there. that's one to watch. they typically do give guidance for next year at this stage, so i think that's really what the market's going to be focused on. 2024 is becoming the discussion point, are we going ore accelerate -- to the reaccelerate further or decelerate? liz: that is the question. i don't know, shelby, can you answer that? your notes indicate that you've got to be the really cautious on the magnificent seven, and yet they still continue to grab the spotlight. >> that's right. i mean, they continue to be magnificent, but we can still go ahead and exercise caution. and i think we have seen some of that thus far. to the require point, you know,

google -- prior point, google and microsoft did perform really well. i think investors are very sensitive to something justifying a valuation. so that is why i'm more cautious because we're thousand in the show me period -- now in the show me period. even the stalwarts are up on the podium to show investors it was not just hype and there is some sort of road map. even though the core businesses are doing dell well, there's some extra props still. liz: and yet one of those names as you talk about the fangs, the magnificent seven, is on your conviction list, and that is netflix. what do you see ahead for netflix in. >> that's been a great case for portfolios. it's a really big cash generator. they've been able to sort of come out on top in a period of strife. we're dealing with the different strikes that were holding their streaming peers behind. they were able to emerge because of the diversity of their supply chain with all the international operations. they continue to generate cash. they're showing now as a mature company they can improve on the

quality of their revenue and not just subscriber growth. they've shown themselves to be pretty strong, very impressive. liz: stefan, what are your conviction picks, take a look at a these, whether they're sort of outside that very small box of the big names. >> yeah. i think valuation, of course, is important. we have rates tiki, around a 5% -- sticky, that year of efficiency is kind of fading a little bit. it gets harder next year to drive those gains, a.i. monetization is not happening immediately, so the macro's taking a front seat. there are still some attractive names, two stocks where valuations have come back are after a that bet and oracle -- alphabet. you're basically trading on 13 types ebb da -- ebb -- ebitda next year. and even at salesforce, you know, mostly enterprise-focused

trading on 16 times ebitda next year, all of these companies giving you between a 4-5% free cash flow yield, and they do have exposure to the a.i. theme. liz: health by, one last commen. what do you see ahead for the big box retailer in and i use that name because you've been particularly focused on that. >> one of the reasons that i'm a big fan of walmart and the reason that it's this some of our portfolios is because they deliver so thoroughly on value. so when we look at the macro situation which absolutely is going to be a huge headwind going forward for the market, we realize that retailers in general are going to see a little bit of a recession in the water that's in the pool, right in we want to choose those companies that are going to stay afloat the longest, ask walmart is one of hose because they're able to quickly releverage their costs and deliver on value in a way that holds on to consumers even when their wallets are getting a little bit slimmer. it's been one of those names

that has been treated like a growth company even when it necessarily shouldn't have been, but it's proven to be defensive in a way that's not traditional defensive. liz: and it has proven that it can raise wages and still do well. great to have you both. thank you very much. with all the market and global news, did you notice the big money nba season tipped off last night? one team making a highly creative move to disrupt the way basketball fans watch its games. we'll see how many fans come streaming down ryan smith's path. the billionaire other than of the utah jazz joins us next in a fox business exclusive. yeah, he's taking on the streamers. and here is a look at how some of the nba's official sponsors are trading right now. nike is falling about 1.25% but up 8% quarter to date at least. at&t, pepsi, fanduel parent flutter and caesar's entertainment. by the way, caesar's hitting a 5 2-week low.

"claman countdown" is coming right back. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

the last eight years have been the hottest in history. canadian north resources plans on doing its part to combat the climate crisis by developing a vast resource of critical minerals

for clean energy initiatives worldwide. canadian north resources. the chase ink business premier card is made for people like sam, who make- everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like ours! with 2.5% cash back on purchases of $5,000 or more. plus unlimited 2% cash back on all other purchases. and with greater spending potential, sam can keep making smart ideas- a brilliant reality! the ink business premier card from chase for business. make more of what's yours. you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers? have we piqued your interest?

you can get two unlimited lines for just $30 each a month. there are no term contracts or line activation fees. and you can bring your own device. oh, and all on the most reliable 5g mobile network nationwide. wireless that works for you. it's not just possible. to finally lose 80 pounds and keep it off with golo is amazing. it's happening. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) you want to be able to provide your child with the tools or resources they need. with reliable internet at home, through the internet essentials program, the world opened up. fellas, fellas. that's how my son was able to find the hidden genius project.

we wanted to give y'all the necessary skills to compete with the future. kevin's now part of this next generation of young people who feel they can thrive. ♪ ♪ liz: just checking the nasdaq here, that's why we've moved it to the being here on the lower right of your screen, down 323 points, definite correction territory. all right, the nba is back. tonight the utah jazz host the sacramento kings to officially tip off the 2023-24 season at the newly-renamed delta center. now, the jazz missed the playoffs for the first time this six seasons last year, but it's looking to turn its fortunes around this year on the court but also online. jazz parent company smith entertainment group created its own streaming platform called jazz +so fans can subscribe and

stream games at home or on the road. it's the paris nba team -- first nba team to develop such a product, it's also going to the include exclusive behind the scenes content beyond the court. jazz fans in utah and parts of montana, idaho, oregon, wyoming and and washington can log on for the first time saw starting tonight with the season opener, 7 p.m. local time. joining me now in a fox business exclusive is jazz owner, smith entertainment chair, ryan smith. ryan, are people signing up? tell me what the demand can looks like. >> it's actually been incredible. the whole organization's leaned in. it's a new model, it's not something that has been historically the model of what we've been working with. but it puts the fan and the customer first where you can watch it wherever you want, it'n phenomenal. liz: this is a pretty gutsy move and also very creative. we were talking about this in the morning meeting, we said, huh, i like this idea.

when's most interesting to me, and i think effective, is that you can buy a 1-year subscription, we can put the prices up here on the screen, you could buy 11 month, and what i really -- 1 month, and what i really love is individual games because a lot of us don't want to pen $125, you know, all you can eat annually because we know maybe our work does not enable us to watch the show or the game every night. $5 per game. how'd you come up with the chicks? >> well, look -- the economics? >> i think one of the problems with with the old model was we thought the fan was one person, and it's actually not. i come from a world, obviously, with experienced management as a background, and the experience has to come first. and we have multiple different can types of fans and how they want to consume data or games is unique. not only from the pricing package and what they're going to consume, but also where they're at. and then they move around. and so you really have to build out the experience for every

possible fan and create multiple tv deals and streaming deals for each audience. liz: you know, it's not exactly an apples to apples comparison, but the nba, obviously, has the league pass which ranges from $89-149. what did -- did you have to approve with them? what did the you think of them launching jazz+? >> we're one-thirtieth of the nba, and this is our way of working together. they put a bunch. of technology in there. we operate together. the league pass is a phenomenal resource that we all have. and so so it's a big part of the backbone with of everything that we're doing. and on top of that, what we've done is we've added incredible behind the scenes content. and, you know, we've been capturing all this information anyway with. there's cameras on our team, our players all the time. we just never had a place to put it. and so we are a media company at the end of the day, and we've got talent distribution, we've got with an audience, and we

need to put the greatest show that we can out there for as many eyeballs as a we can. this is a disruptive model, but i come from tech, and this is what we would do in tech, and it's actually a tech problem. liz: well, yeah. let's talk about your background. 2002 -- [laughter] you're in college, and you start a tech company with your dad and your brother. fascinating because, fast forward, and just a couple of years ago you sold it for $8 billion to sap. to me, this is interesting, and till going back to what you just said that in the end you guys are a media company. that in and of itself is fascinating, but i want to hear because you were unanimously accepted when you put in your application -- or your bid, rather, to the buy the jazz. what is it about what you offered in was that it was an all-cash deal? was it that you had ties, obviously, to salt a lake and to utah? -- salt salt lake and utah? >> i it's a couple fold. it's an interesting process to

go through. but i had a become very well acquainted with the nba, and that was worked providing fan experience feedback from them, in-game feedback, all the stores we'd work work with in providing experience whether it was the employee feedback, we would work with the nba. so we knew each other. but i grew up many in -- up a jazz fan. i was here in the delta center for the last dance. and to have the opportunity, you know, 20, 30 years later, that kid that was up in the rafters to actually be here in this position, it never happens. it just doesn't happen. you have to pinch yourself. today, i mean, i'm leaving from this to actually cut the ribbon with ed bastion to bring back the tell that center, which has never happened in sports where the naming come back, and kick off those notal jekyll moments. i pinch myself every day. it's a lot of work. a lot of similarities.

you're building teams as you do, as you have and you are in tech. but it's also an incredible opportunity to go impact and bring people together, and that's what sports does. it really, like, the jazz bring this community together. and it feels really good to be a art of it and impact it. liz: okay. we want numbers after tonight, so let us know the adoption of jazz+. i'm fascinated. and, by the way, you might be the first team owner who wore a backwards baseball hat on the air. [laughter] listen, we love it. we love it -- >> we can't take ourselves too seriously, and we wear -- i wear my own swag all the time, so there it is. [laughter] but i think we're well north of # 11,000 streaming subscription- liz: oh. tonight, okay. >> all right. -- already. so i think you'll see a lot. it's a future model. we're all learning together, but we're partners with the league, and we're looking at this. liz: all right. >> it's pretty exciting. liz: good luck to the jazz.

and to you and the team. ryan, thank you so much. >> appreciate it, liz. liz: all right. after much speculation, it's now official. fallen crypto king sam bankman-fried will take the stand to testify in his own defense at his fraud trial in manhattan. charlie gasparino with the dangers and potential positives for sbf. that's next. and, by the way, bitcoin has now skyrocketed more than 100% this year, 108% to be exact. is this a case of buy on the rumor, and should you beware of what follows which is sell on the news? plus, we are minutes away from if our exclusive interview with billionaire investor leon cooperman who tells me he sees a serious shift in market sentiment coming. a shift to where and when? the billionaire wall street legend is here in a fox business exclusive to tell you. and he was a legend when he was just a kid. he began writing plays as soon as he could spell, producing his first one in kindergarten in his

parents' living room. so how did jordan cooper go from writing plays in crayon to putting on shows in church basements in his hometown of texas all the way to the glittering lights of broadway? my new everyone talks to liz podcast episode just dropped a few hours ago. if you wonder whether stars are are born, jordan is living proof. hear how he fought for years to get his show to broadway and landed a coveted tony award nomination for his effort. get it anywhere you listen to your podcasts, apple, google, spotify. we are coming right back. dow jones industrials down 72 points, the s&p down 57, the nasdaq down 350. ♪ ♪ finish finish that first time you take a step back. i made that. with your very own online store. i sold that.

and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. the day you get your clearchoice dental implants makes every day... a "let's dig in" day... mm. ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... - mm. [ chuckles ] - ...a "love my new teeth" day. because your clearchoice day is the day everything is back on the menu. a clearchoice day changes every day. schedule a free consultation.

♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines.

the new dexcom g7 sends your glucose numbers to your phone and watch, so you can always see where you're heading, without fingersticks. dexcom g7 is the most accurate cgm. so, you can manage your diabetes with confidence. ♪ ♪

liz: bitcoin adding another 1.5% to to its price, we can see it now at $34,598. we've got etherium up a quarter of a percent to 1788. we've got xrp down slightly by 1 president. -- 1%. on this eve of the testimony of ftx founder sam bankman field, it's important because with he is set to take the stand at his own trial tomorrow. bankman field's version of events will be the final episode of what has so far been a bruising trial for the former krill dekingpin. is it going to work for him or against him? charlie gasparino 's here. >> there's a reason why defendants like this don't take the stand, and that's because there is much more to lose than

to gain. the prosecutors are armed with so much information. they've interviewed everybody. they've gotten caroline ellison on the record. they don't have to abide with by the same sort of journalistic rules that someone like andrew ross sorkin had to do when he interviewed -- journalist from cnbc and the new york times -- when he did his interview with sam bankman. they don't is have to be fair. they presume he's guilty because that's -- they charged him. so this is a high stakes gamble. my guess and the guess of every lawyer i spoke to today is that they are, this is a hail mary throw, you know? they know he's about to get his goose cooked. and maybe, just maybe, they can find if he sounds somewhat like a dummy -- remember, that's, that's what this is all about. liz: video games -- >> remember sergeant schultz from hogan's heroes? i see nothing. it was the dumbest show in a

world. these americans used to be able to escape and cotheir -- do their thing, and sergeant schultz played dumb all the time. liz: or he might just say i got in over my head -- >> it's very hard -- liz: they have to prove intent, right? >> well, you know, he did graduate from mit with a degree in in and computer science or whatever the hell else -- physics. for him to play dumb is stretch shing it. but anyway, that's what i think he's going to do, and it's high stakes. so i guess if you're looking at life imprisonment, this is what you do. now, the question is, when do we, you know, will he be able to pull the wool over everybody's eyes like he did for many years in the jury's eyes? i mean, you need one. one thing i know about southern district juries, and i've been, you know, i've seen cases left and right, i was there covering martha stewart's insider trading case. you know, they will throw book at you for many years for a traffic violation if you're a

white collar crook. liz: they're finding some of the money back, are they not? >> that doesn't matter. liz: i know. [laughter] you know what? i'm watching forensic files last night, and a murderer got 16 years, and he's going to get life? >> 16 years, that's a lot. liz: i don't know. >> i don't think they're going to put him away for life, but he's going to probably get -- well, we'll see. he'll probably get a long prison term, and based on everything that's come out so far, seems like he deserves it. we should point out that testimony is, i guess, what, tomorrow? friday, right? probably? the closing arguments, i hear, are monday, so you could have a decision in this case by the end of next week. liz: charlie, thank you very much. all right. the nasdaq still on pace to finish in correctioner for story, but it has been -- correction territory, but it has been a banger year to date, that's for sure. if you want to watch the new season of the morning show or damp catch up on ted lasso, you are going to have to pay up for

it. apple tv plus is up $3 the from its previous price tag, also raising the subscription prices of apple arcade to $6.99 a month and apple news +to $12.99 a month. apple investors selling the stock, down 1.25%. the ufc just signed a mega-deal to make bud light its official beer beginning january 1 1st, and according to bloomberg, it will be the ufc's most lucrative sponsorship, surpassing its $175 million deal with crypto.com. anheuser-busch will replace modelo as the official sponsor, bud stock up three-quarters of a percent. gap surging, let's take a look here, 5.8% to an 8-month high after wells fargo upgraded the retailer from equal weight to overweight. the firm also raised the price target from $11 is to $16. it's at 15 and change. it has been such a rough couple of weeks for solar stocks, and

they are still taking huge hits after bearish sentiment from a number of firms. sunrun is down 18 -- sorry, 8.5%. after short seller muddy waters announced it's taken its second short position for the second time in 15 months, alleging the company has inflated subscriber numbers, and bank of america's cutting the price target from 31 to 19. it's at $18.85. both sunrun and sunpower hitting 52-week lows, sun jr. power will restate its financial statements for year-en2022 the as well as the first and second quarters of 2023. finish. exactly a week from today the federal reserve has its second to last interest rate-setting meeting of the year as investors wait to hear what fed chair jay powell and his cohorts are thinking about the u.s. economy and the trajectory of rates, a highly influential wall street voice has some pointed views on what the fed's 11 rate hikes have wrought and

what they'll do to the markets. billionaire investor leon cooperman joins us live in a fox business exclusive next. he's also ready to call where he thinks the yield and how high the benchmark 10-year treasury could climb. how much higher? stick around, leon's right there, to find out. as we go to a break, etfs are out there tracking government bonds. ishares barclays down 2.33%. the 7 to 0-year treasury etf down 1% and the short-term treasury etf down a fraction. we're coming right back. ♪ but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence.

at humana, we believe your healthcare should evolve with you, and part of that evolution means choosing the right medicare plan for you. humana can help. hi, my name is sam davis and i'm going to tell you about medicare advantage prescription drug plans that can provide more coverage than original medicare, including prescription drug coverage, all wrapped up into one convenient plan. with original medicare you're covered

for hospital stays and doctor office visits, but you have to meet a deductible for each. and then you're still responsible for 20% of the cost. next, let's look at medicare supplement plans. if a service is covered under original medicare, then a medicare supplement plan pays for some or all of your medicare deductibles and the 20% coinsurance. but they may have higher monthly premiums and no prescription drug coverage. humana medicare advantage prescription drug plans include medical coverage, plus prescription drug coverage. as well as dental coverage that includes two free cleanings a year, plus a yearly exam. vision coverage includes vision exams and a yearly allowance toward eyewear such as lenses or contacts. and hearing benefits include routine hearing exams and coverage toward hearing aids. you're covered for preventive services like annual mammograms and

prostate exams. there's a zero-dollar copay for routine vaccines and telehealth visits. and you get worldwide coverage for emergencies when you travel. you get all of this in one convenient plan. plus, there's a cap on your out-of-pocket costs! so, call or go online today to see if there's a humana plan in your area, to find out if your doctor is in one of our networks, and to get our free decision guide. there's no obligation, just good information. humana - a more human way to healthcare. say goodbye to daily insulin injections with omnipod 5... a tubeless system that automatically adjusts insulin to help protect against highs and lows. try it today. go to omnipod.com for risk information and instructions for use. consult your doctor before starting on omnipod.

♪ (upbeat music) ♪ ( ♪ ) constant contact's advanced automation lets you send the right message at the right time, every time. ( ♪ ) constant contact. helping the small stand tall.

liz: with just a little more than two months left in the year, the s&p has gained 9% this 2023 -- in 2023 and up 82% since the pandemic low in march of 20 to -- 2020. this as mega names on wall street from jamie dimon to carl icahn had warned that the u.s.

was on the edge of a crash or an economic hurricane, maybe even a recession. one of the most well known voices in the market is saying now that sentiments is truly at a turning point. billion their investment leon cooperman, author of the book "from the bronx to wall street" joins me thousand in a fox business's exclusive to the tell us what he sees. leon, great to have you here. the timing is really important. what shift do you see in sentiment and why? >> well, i'm not so sure it's a shift in sentiment, but i would say that i have a conservative view of the world. i look at what's going on in the world, i conclude that pice earnings ratios -- price earnings ratios are too high and they should come down. and they have been coming down. i think you have to have a very nuanced view of the market. one is the s&p 500, and the other is individual stocks. i find plenty of value in the market, but i find very little

fascination in the s&p 500, which is about 19 times earnings. it's too too high. liz: okay, so you're -- >> interest rates, i think they're going to go higher. liz: so this is specifically on valuations. you know, we were looking at the s&p price to earnings ratio, it's actually higher year, albeit slightly, than it was last year. so, you know, tell me exactly what it is that you're seeing coming down. i mean, some valuations are coming down, but regardless. >> well, i think the bulk of the market is coming down. i mean, earnings are up a bit, and i think if you take out the sainted seven, the market is down the year. you know? and you see companies doing relatively well and not being rewarded, and i it's because of the macro environment. you know, i'm less worried about inflation than i am worried about the fiscal condition of the country. we have a deficit approaching 8% of gdp, we have a $2-3 trillion deficit, and there's not enough

money in the hands of wealthy people to deal with the deficit. and so i think that we're borrowing from the future through extremely aggressive fiscal policies which bear no relationship to what the country can afford. liz: you know, you talk about the deficit, the deficit is -- and we're talking about that difference between tax are receipts coming in and what the government spends -- can it has effectively doubled over the past year. ask you look at how inflationary that part is, obviously it doesn't look like congress or the president is any mood at the moment to do something about it. finish the federal reserve, on the other hand finish. >> both political, both political parties -- liz: okay, that's the tet. >> when donald trump was president, he was running a trillion dollar deficit, and the economy was fully 'em employeed. and biden has made it worse because of economic circumstances and what's going on in two wars, ukraine and israel and hamas. liz: geo politically -- >> very negative for fiscal

policy. liz: very negative. geopolitically, that is a huge issue, obviously, what happened october 7th. and the focus probably will lead when it comes to spending to more spending. that said, what does that do for the question's trajectory? we have a meeting next week, starting in november, and the fed, fomc may pause this time the, but they might kind of put in one more rate hike finish. >> i don't think interest rates are near, are at a peak. basically i said this a year ago on tv, a different show, and i said that mr. powell has no idea how high interest rates are to go to stem economic growth. prior to the great financial crisis of 2008, the 10-year yielded in line with nominal gdp. real growth of a couple percent. it wouldn't be unreasonable to the see the 10-year at least at 5 or 6%. even then it would not be exciting to me.

liz: really? okay, so you expect it to go possibly, as you said, as high as a 6%. what would make it interesting to you? what level? >> well, it depends upon the alternatives. i see a lot of individual stocks in the market that are much more attractive than 470 or 460 at the current -- liz: you know, bill ackman just tweeted recently, oh -- in fact ors, on monday -- i'm closing my short on the 30-year bond. and to me, you know, he gyrated the markets a bit here. you feel much more focused on maybe the short term part of the yield curve, is that correct? do you own any of those? t-bills? >> well, i own 32-year paper. -- 2-year paper as my cash reserves. i think at 5 or 6%, they're very competitive with what you can earn in the stock market. like i said, i'm finding, you know, today i'm finding a lot of

individual stocks in the market that are appealing, but i have the view i that the market and the s&p is going nowhere for a very long time. in fact, i've said a year ago that the pharaoh had a dream, and the dream was interpret by joseph, and the dream was mt. bible. his dream was we're going to have seven lean years following seven fat years. i think we've had very, very aggressive fiscal policy, we've pulled demand forward, and either we're boeing to fiat currency or the government has to start dealing with with the deficit. if they start to deal with the deficit, it's going to be negative for profits and economic growth. liz: okay. >> when i grew with up in business, there used to be concern about crowding out and, you know, there's no discussion of crowding out, and there's no discussion of guns and butter. right now we have a guns and butter policy that's going to lead to more inflation. and when the fed has to deal with inflation, it's going to be negative for stocks. liz: well, i, you know, you talk

inflation, in l.a. there was a $17 smoothie that i refused to buy. that's crazy. and i i know that a you can -- you just went the a yankee game, you and i were talking on the phone, it was $8 -- >> i was actually honored recently by the yankee organization, ask they gave me an offer to throw out the ball, and i had not been to the ball game in about 30 years. a bottle of water was $6. a pretzel, i grew up in the bronx, there used to be an old man telling finish selling a prettieser two for a nickel, pretzels were $3. i bought -- $3. i bought -- $13. i bought my youngest grandchild a yankee hat, they charged me $56. i bought a car for $54,000, the same model was $104,000.

liz: when will prices -- n will these rate hikes that the fed has put in, when will they cause, you know, prices to really break? what's it going to take? >> i think that we will get a recession probably sometime next year, and that'll be the result of qt, the price of oil, the strong dollar or fed tightening. but right now we're not in a recession, and the prospect of recession near term is not that high. the economy's doing fine. liz: leon, stay right there. we want much more of you. much more with leon when we come back including his favorite stock the picks right now. plus, the columbia business school grad who has pledged to give away his entire fortune weighs in on pro-palestinian rallies at his alma mater and colleges across the nation. stay tuned with more from the wall street legend leon cooperman. nasdaq down 306 points at the moment.

♪ ♪ financial advisor, my promise to you is simple. as a fiduciary, i promise to put your interests first, always. i promise that our relationship will go well beyond just investment decisions. it's the intersection of your money and your life where we can make the biggest difference. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor. com this is spring semester at over 13,000 us school districts, which have become top targets for ransomware attacks. but there's never been a reported ransomware attack on a chromebook. which is why thousands of schools like the fairfield-suisun unified school district switched to google tools for education. so they can focus on teaching and 22,000 students can focus on learning, knowing that their data is secure. ( ♪ )

this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. liberty mutual customized my car insurance and i saved hundreds. with the money i saved, i started a dog walking business. oh. [dog barks] no it's just a bunny! only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ meet the jen ni. . one bank for now. for later. for life.

chase. make more of what's yours. ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion,

because it means everything to you. here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today.

♪. liz: "fox business alert," we're back with billionaire investor omega family office chair and ceo, leon cooperman. i have to bring this up, so much in the news, especially last

couple hours. proud grat of columbia business school, class of 67, sonpolish immigrants, what do you make of what is happening at columbia, harvard, as well. there was a student walkout at columbia walk out, driven by columbia professor joseph muse saud as awesome. where are we -- >> i think the kids in the colleges have -- for brains. we have one reliable ally in the middle east. that's israel. we only have one democracy in the middle east, that's israel. and we have one economy tolerant of different people, gays, lesbians, et cetera, that is israel. they have no idea what these young kids are doing. that is one of the reasons i wrote my book. the real shame is i have given to columbia probably about

$50 million over many years and i'm going to suspend my giving. i will give my giving to other organizations. >> wow that is a big statement. so right here right now, you're saying no more money to columbia? >> yeah. unless i see a change. i told them they should fire this professor that made the comments he made. i mean war is hell. war is not good for anybody but to praise what hamas did is disgraceful, disgusting. liz: the president of columbia, shaf i.q. put out kind of a statement, saying oh, it is horrible for everybody and we give support to all the students on both sides. nothing about this professor. she is a new president of columbia. what would you say to her if you had her ear? >> well i say, listen to what mark rowan has to say, what he has written. he is on the right track. he has done a very good job for

apollo running the business. he has been very outspoken about his views. he is a very generous guy and a good person and so look at some of those other academic institutions how they responded. people like bill ackman and mark rowan and others, lauter, are on the right track. you shouldn't support organizations that are detrimental or in opposition to your views. liz: all right. you know, the elite school mba, really helped you, certainly but is it what it was back then especially considering that we're looking at schools that really have failed to show a spine when it comes to something where there is nwhere there is ? it is horrible what is happening of course to palestinian civilians who are innocent but to say 1300 israelis slaughtered

is okay and to let this all occur and have professors of stanford, lecturer coming out and saying all kinds of crazy stuff, does that hurt the value of an mba now from those schools? >> i don't know if it hurts the value of an mba the value of an mba has diminished over the last number of years. i left xerox corporation in 1965 to go for an mba at columbia. i left a job making $7500 a year to go to school. i don't even remember, exactly, my tuition was probably $50,000 a year. i went on a trimester basis. i probably spent $75,000 to get an mba and hired at goldman, at 12 five. not quite doubled my salary. at a 75,000-dollar compensate ture. it was good rate of return. kids today are giving up jobs making $140,000 a year, go to

school $100,000 a year, spend hundred thousandschool and board. picking up the cost is not all that impressive. you go to mba if you want to learn the language of business. you go to mba if you want three initials after your name. you go for mba you want to keep people you want to meet the rest of year. columbia made a big difference in my life, that is why i've been generous with them. the recent developments regarding the middle east, they should stay out of it. the professors have no business saying stupid things they're saying. >> we have a minute left -- >> the kids. liz: go ahead. >> kids are saying foolish things. it is a shame. liz: show the u.n. building this is from last night. united nations building. the organization, get them home has put up these pictures, these pictures of the hostages. so there are groups who are doing the right thing and holding up against of course

what the student at least in some classes have done and in cases have done, ripped down the posters. really quick we have 30 seconds. your favorite stock pick right now, leon? >> there are many of them. i like paramount resources, canadian oil and gas company. they produce oil for $31 a barrel. will increase production 50% over next three years. they have no debt. stock yield is 5% and they've $6 per paramount share of other assets into earnings you can take off the stock price. very cheap. the ceo owns about two billion dollars worth of stock. so he is invested in his paper. las vegas sands beat an raise for the second consecutive quarter. [closing bell rings] okay. liz: you heard the bell. las vegas sands and paramount resources. always a pleasure, leon. thank you. "kudlow" is next. ♪ larry: hello folks, welcome to