charles: i got less than a minute to go. i saw something in fort lauderdale. is that a sign everyone should brace for home prices a little bit. >> there's going to be a drop in hot markets. like the sunbelt, florida and texas. the biggest thing is inventory. there are a lot of regions with inventory pre-pandemic levels. you see inventory rise above pre-pandemic levels that the reason you raise a red flag and think home prices will start to fall in 2024. charles: i can't deal with those little houses. they don't come in my size. markets trying to rally. liz: china rally is working.

we begin with a fox market alert. can the blue chips clock their fourth gain out of 5 sessions, the dow is on track to do that. it is gaining 82 points. the s&p attempting to grab the same brass ring, four out of five up days. it is up 5 points and the nasdaq up 10 points. the bulls will take it. with one hour and one trading day left in november. it's the one month picture we need to take a look at. all the major averages having their best month of the entire year. nasdaq, followed by the s&p, the dow's month to date pop of 71/3%. the bulls recharging the battery at this hour thanks to cut optimism. we told you about christopher waller who signaled a rate cut and today hedge fund manager

bill ackman chiming in with a more pointed prediction. the persian square ceo warning david rubenstein that the economy is at serious risk of a hard landing if the fed does not cut rates and cut them, quote, soon. he defines as soon as early as the first 1:45 thousand 24. that's not far from what traders are betting now. look at the latest fed funds futures showing a 45% probability of a 25 basis point cut by march and as you spin it forward it is 51.5% but who should we believe? the ackmans and the wallers of the world? we have to juxtapose that with what james bullard told "the claman countdown" yesterday about the recent restrictive policy. >> we are seeing the fruits of that policy as inflation is

coming down. we are in good shape for a soft landing. liz: the fresh gdp report signing with bullard reinforcing the story of a resilient economy, second read on third-quarter gdp showed up 5.2% level of growth versus estimates of 5%. last month, 4.9%. tomorrow we get the fed's favorite inflation gauge, the personal consumption expenditure number for october. that is the data that will give investors the best insight into central bank's next move. joining me, teddy weisberg, let's show everyone the top gainers as we kick off the final hour of trade. we are from different sectors.

you've got software, salesforce, intel, technology, goldman sachs, american express, nike, retail, visa, credit cards. to we care to make a bet why the market seems to like everything if you look at the dow 30. >> the fact that the market likes everything is quite positive. we had other good markets, november has been a great month. we had the issue with the nasdaq, with a handful of stocks. the fact that the market strength in the market breadth has spread to other sectors is very reinforcing so as we move into the end of the year, i think it is very positive. for interest rates, the 800

pound gorilla in the room. you don't know if he's talking up his book, what the fed will not do. of the fed talks tough but it looks like they are on hold and the fed like that and the prospect of interest rates going down, just a guessing game but at some point it will happen and the best part is the economy remains strong. we have the best of all worlds. liz: when we look at what the market is pricing in, the market has been wrong, wrong, and wrong, hanging on hold that the fed would cut and that's over the past 10 months. now, forget for the moment march because we see that 44% odds of a rate cut, look at may, it is really spiking and that seems more realistic.

>> when you say spiking, it is pricing in 80% probability of a cut by may and that includes a reduction of 50 basis points. that's in line with what ackman is saying. the fed has to watch what they are saying the. they've gotten burned the last couple years with transitory, this whole situation is transitory for a couple years. they are being very very careful. what really concerns me, what really concerns me is the amount of debt the consumer has piled up. that was noticeable in the gdp report which was quite misleading. it was revised higher but that was, a lot of it, due to

government spending. consumer spending saw about revision. things are getting tight. when the fed looks at that, they realize that. whether they want to play their hand or not by saying we reached the top and got to cut, hopefully, they acknowledge that. liz: the tech sector is up 13%, real estate looking good, up 8%. the laggard, energy down 7. 5%. %. what do we expect might change with those narratives as we end the year and look forward to 2024? >> i don't think it will change for the tech sector because techs are the driving force of the world market that we talk about. the fact is the sector, the

best-performing sector and balance is good news for the market because the market is comfortable with that and that positive outcome flows to the balance of the market and brings smiles to investors faces but going forward, at least going forward for the next 30 days to the end of the year, december is a tricky month because of tax selling but we enjoyed december more than any other month because we look at those lumps of coal created by the tax selling in week stocks. we managed to find a few. liz: when you cut the lumps in half there's a diamond on the inside. where are you seeing diamonds? >> it's interesting but healthcare. on the news today looking at

humana and cigna. not certain why these stocks are down, there could be a diamond there. looking at cigna and humanact, take your pick, we will get a quick bounce back in either of those but in addition, so specific for today, i think going to the end of the year, cloud and cybersecurity, they will continue to be hot, those are two places i want to be in for the next four to six weeks. liz: thank you very much, cyber security stories breaking right now, what good is a cybersecurity company if it gets hacked and loses all its customer support data to the bad actors out there. one major player facing that problem, we are bringing in the

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liz: after a nightmarish morning, october is trying to climb out of the hole it fell in at the open. right now it is down 3%. it did gap down on the intraday picture but down coming after

the identity verification, he revealed a data breach it suffered last month was worse than reported. hackers gained access to its customer support system which resulted in all the data being stolen. this overshadowed its third-quarter results which beat on the top and bottom line. cybersecurity forms the scaling charging to an 18 month high. the opposite story, bargain hunters sleeping and after the stock held off monday. why did it selloff, monday, cloud security reported fist - first quarter results beating the top and bottom line but the news was eclipsed by operating expenses which jumped 24% year over year. buildings rose 34% year over year but dropped 37% quarter over quarter. let's drill down on the company whose stock is up 80% with

chairman j charlie. the quarter over quarter slip in billings in the last hour, the latest summary of economic conditions around the country showed a slight decline in economic activity. how does that square, people want to cough up subscriptions. >> our results for all matrix, up 34% year over year. sequential is not the right metric. q1 is supposed to be small. if you look at net cash of record cash flow, we aren't seeing a slowdown on demand at all. cyber is critical with macro conditions, they want cost reduction.

liz: i know that up 34% but if you could just work with me on the slide quarter over quarter is it because you see psychologically your customers don't want to spend as much or is it different, something deeper? >> q 4 is the largest quarter at year end. we will never have q1 significantly over q 4. the measurement is year over year on a quarterly basis. we aren't seeing a slowdown on demand. our customers aren't worried about cyberteks coming up on top of that. sec is asking get for, to be done in a short amount of time. all these things make it important that they help them because you see too many attacks happening.

liz: what are you seeing as far as a ramp-up in attacks? the check point, and israeli cybersecurity company have seen a market jump, when hamas terrorists attacked israel. they are seeing attempts at hacking, you see those invisible hands looking for cracks in the system. are you seeing them since october 7th? >> absolutely but that is only one part, that's more geopolitical differences. we are seeing a bigger push that is money driven. attacks that happen on casinos and gaming industry we saw. very dangerous attack and so many calls after that. that was a big wake-up call and on top of that, you must be

reporting and against solar events so that is creating a flurry of activity as large enterprises make sure how to secure myself and if something happens hardwire it properly. they are using this for detection. we give customers visibility of what is going on so they can understand, protect their stuff before things happen. liz: that is the issue, preventing it before it happens. where are these attacks coming from? can you pinpoint that? a couple years ago it was north korea, then eastern europe. obviously russia and china. china was the worst actor. i they still? >> eastern europe, china and north korea are the major focus

area and the sources haven't changed. one is money, second is espionage. liz: in the end, i think we need to talk about ai. last time you were on we talked about how artificial intelligence, fake your voice and tricked one of your employees. tell me, since we spoke, what have you put in place to put a wall against that kind of behavior? >> ai is a powerful technology, like any powerful technology you can use it for good and you can use a bad. ai is making it easy for bad guys to mimic someone's voice and go beyond that. they can easily find vulnerabilities in a company, its firewalls. in my view ai must be fought with ai.

so companies are making sure technologies are leveraging ai to protect what is happening. all the communications like a switchboard, we are trying to predict which path the bad guys to penetrate the range and what should they do to prevent itself. putting policies and players in terms of what can be used and how can they use it safely without using data. liz: therein lies the trick. just for our investment audience, you had a great november, stock is up 26% month to date. congratulations. thank you. liz: >> appreciate the opportunity. liz: always welcome.

business partnerships don't always end and brother like relationships but for warren buffett and charlie monger these business brothers and best friends created billions in shareholder value for berkshire hathaway investors. now there's only one. we room for the legacy of charlie monger. we will play some of them for you. you will be on the floor laughing. he is one of a kind. kathy ireland counted him as one of her mentors. following her second career as a business mogul, when i met her at the shareholder meeting in omaha, today she sells her home goods through furniture mart but way back when she was 11 years old she knew she wanted to be in business. he got a paper route in a california town 5 years later, got discovered by a modeling agent, ended up on the cover of

sports illustrated swimsuit issue more than just about any other model, she remained determined to take her career from bikinis to board rooms. by 1993 she took a step to spinning her modeling fame into a wildly successful business empire. today kathy ireland worldwide, half a billion in sales for furniture, clothing to insurance and more and added forbes to her cover model collection. kathy ireland has a great story, she's my guest on the everyone talks to lose podcast episode. you can get on apple, google, spotif a mac or wherever you get your podcast. listen to and stay tuned, great stuff on charlie monger coming up. rch. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments.

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liz: elon musk's social media platform x stands to lose $75 billion in ad revenue as companies pulled out after musk endorsed anti-semitic conspiracy theories earlier this month. it may be seeking other sources of revenue. charles: several people are un-pausing the company's state farm jack in the box. liz: back to the site.

charles: after the controversial tweet. lindy does have contacts. she was a big ad person. she's working to get people back. what you are going to see, spending time talking about this. they will start diversifying their business models. they know the advertising business model is probably something that, given, let's be clear, elon is controversial. i don't say he had intentions of being anti-semitic. liz: the road to hell is paved with good intentions. stuart: charles: i think he wasn't thinking. you have had him on the show. liz: many years. he's a genius when he sticks to

business. he may have become it. i don't think so but others do. charles: i spoke with larry think. he doesn't agree with what he did but thinks it was just a stupid thing. these are people that know him. be that as it may is a different suffocation of the business model, start moving away from advertising on major brands and figure out ways to leverage user content, ways it pays for themselves. it has always been on the table they want to do paypal. transform x into an experience that involves not just tweeting but a lot more. you can pay for stuff.

liz: he can retweet, charles: that's the whole thing. there is a broadcast model too. you basically rely on user fees so you don't have to worry about the ads. that is where they are going with this. it will be interesting to see how it develops. they are looking to unveil everything from an ai tool. to a lot more stuff that if you want to be your own creator on x, you will find a lot more of that. this whole ad thing is treacherous. liz: a lot of people are making money. charles: we should point out elon will be speaking, obviously a lot of this -- liz: thank you very much. you will want to stay tuned for

this. warren buffett's right-hand man, and fellow billionaire charlie monger, these two looked at the same, thought the same and they quacked the same, when it came to building berkshire hathaway. yesterday charlie passed away at the ripe old age of 99. next, you cannot miss it. we are remembering his most famous quotes made right here on fox business and his impact on the world of investing. talk about a fruitful partnership. berkshire hathaway's stock up 680% over the last few years. we are coming a bit more. ♪ the biggest ideas inspire new ones.

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friendship in the business world than warren buffett and charlie monger. the 5 decade partnership ended yesterday two months shy of monger's one hundredth birthday, monger passed away peacefully in california. what will live on is the friendship that created one of the most profitable investments for shareholders who took a chance on the two kids from omaha, nebraska. charlie monger and warren buffett spent so many minutes, days and decades building berkshire hathaway into nearly $800 billion juggernaut, they began to look like twin brothers, that extended to their uncompromising promise to purchase great businesses but only at a fair price. religion so unyielding that in 1972 they almost missed out on the sweetest cash printing machine. remember how the conversation went down when you bought sees?

>> we were both idiots. one of my old partners said to be your too cheap. why don't you grow up. we paid 100,000. liz: buffett played the more diplomatic partner to monger's brutally blunt but clear eyed assessments. you called healthcare the tapeworm of economic competitiveness. that's a lovely image. >> healthcare may be the best in the world, but the truth is it has gone 5% gdp to 17% and only 100 points. liz: when i was in the press box, people were jittery and gasping when you said we are

giving too much chemotherapy to people that are all but dead. >> trying to be popular as you can tell. why do you say that? >> it is true. it is asinine, chemotherapy for people all but dead. it is miserable, costs a lot of money, does no good for anybody. liz: monger, a registered republican it is more liberal partner buffett weren't in lockstep on everything. we were talking before you joined us about taxes in the united states. should we with this gigantic deficit have extended the bush tax cuts? >> no. i would argue we could stand higher taxes on people like me. liz: one of the things i noticed was you and warren disagree not a couple issues but one was the issue on

corporate tax rates. warren feels corporations should be taxed more, you say no. >> i think it is a disadvantage to have your tax rate less than the tax elsewhere the world, we are not in control of our own tax rates. i think we should, it would be crazy to have a tax rate in the united states 50%, 20% generally throughout the rest of the world. liz: when it came to the bitcoin craze, monger's position which he stated during our 2015-18 conversations on fox business was ruthless. this digital currency that is out there, people say it might be the next big thing. what do you think? >> i think it is rat poison. put him down as undecided. liz: he's anything but undecided.

vice chair charlie monger likened trading crypto currency to, quote, trading turns. the always eloquent charlie monger joins us now. thank you for being here. this is getting more attention than it deserves because there are bigger issues but did you know there was supposed to be a bitcoin conference in omaha. and they asked you could have been the keynote speaker, would you have said yes? >> they were crowded out by people who wanted to have a conference on sewage. liz: you call rat poison 5 years ago in these chairs on fox business, that was $150. it had hit 19,000. >> is more expensive rat poison. liz: they remained intransigent on how to spend bircher's cash

pile, are using it to pay shareholders a cash dividend was never the best way to deploy capital. 10 years from now as you look at the stock which is $220,000 a share which is unbelievable, no dividend, 10 years from now, which part of that will be changed? >> i don't think it will pay a dividend. don't think it will split up. it will be considerably higher 10 years from now. those are easy questions. i agree they are easy questions. liz: i might not, god willing you will be here so i can redo the tape and say. >> i predict i will not be here. liz: we wish he were still here. charlie monger gone at the age of 99. he is is not forgot. let's bring in the man who

studied the inner workings of berkshire hathaway intensively. is written not one, not two but four books on the most rich minds behind it. warren buffett and charlie monger. we welcome lawrence cunningham. former legal professor joining me on fox business. what is a day like this mean for you? >> i cried a little. i'm sure warren is despondent. you are right he brought a lot of joy, intelligence and wisdom to large number of people. a big community is coming to gather even on a sad day like this with a tiny bit of joy. liz: you talk about when they first met. it was years after both of them, at different times because warren was 7 years younger, worked at warren's grandfather's grocery store but he said in charlie's almanac, the book warren gave to me many years ago and said you have to

read this because it is so full of things that are too brilliant to be true. of the minute they met at a dinner party, what happened? it was like a mind melting with a handshake, started working together. >> instantly knew they could learn a lot from each other. they had shared values, the same analytical ability, passion for learning and reading but they had a sense that they could complement each other and that is what they went ahead and did. they had some strengths the other didn't have. liz: charlie had gone into the u.s. army and after he served went to harvard law school. i don't think it's to make money by sending people invoices and he jumped aboard with warren but to gather the way they viewed business, talk about that.

>> charlie founded one of the most influential law firms in the world so that is another feather. offices all over the world, involved in all important transactions but he started the firm but warren talked him out of staying in the practice of law, the way i remember charlie explaining it, his clients are getting rich but he's not. he wanted to get on that side. he was a great lawyer, great legal brain and helped berkshire on legal matters. he wrote contracts and negotiated things. a huge value to the company. liz: the way he viewed things. this is important for a lot of you watching now. he said his success came from the art of waiting without tiring of waiting.

you look at those hedge funds they don't how to wait. they want to make decisions but i have sat for years at a time with money and treasuries just waiting for the perfect lower-priced opportunity so he didn't overpay. >> patients and that kind of discipline was something that i had in common. can't measure them against each other but charlie was even willing to tell warren please don't do that. warren wasn't motivated by action but when the cash pile is growing and opportunity looked good, charlie would be very rational about the valuation and if the business wasn't attractive, there were risks associated with it. he shouldn't do it. liz: he hated bitcoin. he didn't like artificial intelligence. good old-fashioned human intelligence is doing just fine for me. there's another viewpoint, that

fancy people with, quote, high iqs where the people who often got this country into trouble by betting too much, long-term capital management, a global disaster which may predate a lot of you watching but there were emergency meetings with the federal reserve and a lot of bankers. he said i constantly see people rise in life who are not the smartest or most diligent but are learning machines. they go to bed wiser, and that helps when you have a long run ahead of you which is inspiring for people who didn't go to ivy league or have that great iq supposedly. >> he thought learning is a duty. people were obliged to read as much as they can and learn something every day. he lived that. he was infectious.

tens of thousands following bircher had that sensibility. liz: what do you know about that most of us don't? >> we know him as a curmudgeon, cynical public figure. he deserves that. you show in many of your clips but he had a soft, sweet side too. liz: and a smile. >> being partnered, being paired with warren, warren had the amiable social aspect so charlie was playing the straightman a little bit, in private in his own life, his just as amiable. liz: i once asked him, what he admired the most, i asked him after i asked about sustainable energy which berkshire hathaway is a huge energy division the checks all the boxes, green and

fossil fuels, and if we don't harness the wind, the sun, and water, we are just stupid. then he said the company he most admired was exxon mobil. he was a capitalist, he called things like he saw the man gave credit where credit was due. >> that's another thing he has in common with warren. may have been more direct than warren. warren has written about energy and the energy transition and the investments you seen bircher making indicate fossil fuels may need to be managed. liz: it is great to have you. a few tears. i'm grateful to have poor charlie's almanac but the ducks

are wondering, every year because they on oriental trading, they come out with the warren and charlie ducks, charlie's duck, are they so cute? i have collected them over the years. it is bittersweet now. there will be one. charlie's quacking will live on. charlie monger, 1-of-a-kind, yesterday gone. we will be right back. 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.

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on the move at this hour the two health insurance giants are in talks for a possible merger. people familiar with the matter they're discussing a stock and cash deal that could be finalized by year-end. cigna is down 8%. humana is down 5 1/2%. not getting the thumbs up from investors at the moment. what did i tell you foot locker the other day. it was tanking. maybe this will all turn around when they report earnings. they reported earnings and the stock has turned around. shares are spiking hugely up 16%. that is a six month high right now at $27.68. the specialty athletic retailer posted third quarter earnings sales that beat estimates and higher same-store sales. petco not wagging its tail after the stock hit a record low after today's session. it is down 29%, at the moment $2.73. the pet retailer reported a loss of a nickel of a share, versus

estimate of profits two cents a share. revenue came in lighter than expected. is this management? who knows, because everybody i know goes to petco. we go to petco for all the animal needs. we have to get this right because i don't want this company to do anything rash. the nasdaq right now on pace to close in the red, not by much, by about 28 points, but rocking the month of november with a gain of 10% so far. one day left. valuengine capital management, chief equity strattist, portfolio manager jordan kimmel. it has been a great month, a great year for tech, jordan. what happens next? >> really has been a great year and you know i think you have to watch the valuation here, liz. just remember a month ago the market was really oversold and people were saying, recession is around the corner and you can't own anything. one month later people are climbing over each other to grab

at everything tech related and you know, when you go back to, we've been talking a lot about charlie monger and warren buffett, it is all about buying reasonable prices, great companies, but you have to buy reasonable prices. i believe in cash flow at a discount. there are very few taxes you can buy at a discount. there are a couple in our mid-dell. they are heard to come by. you have to be very selective. liz: throw in couple names. msci and after very, amgen, regeneron and axon for defense. that is interesting we talked about the company recently much one to watch. fluor and crt, a common thread that is buffett, mongerresque? >> they really are, the come moan thread is accelerating revenues, accelerating margins.

they're all very profitable. they're under accumulation from institutions. they have great management. this is what the stock selection is all about. it is not a matter of bottom-fishing for bad ideas and turnarounds. it is great companies, i love liz, as you know the accelerating revenues and margins. the only thing i caveat here the market is very overbought. these are great companies. they're in our portfolios. and we're broad to show them. liz: good to see you, jordan, thank you very much. that is a nice sort of buffett-munger style picks from jordan kimmel. [closing bell rings] former new york yankees shortstop derek jeter joins us to talk about how he is knocking it out of the park with his brand. market is mixed. larry: hello, folks, welcome