weak up where i ever have confusion if that i serve two specific masters. maybe three masters. the paris one is i serve the shareholders and the owners of the business. the owners determine exactly what's going to happen with the fate of their investment. nonnegotiable. the other constituency are the customers and making sure that they vote with their wallet. and if you don't deliver them a really good experience, they're going to say good-bye. but of course the employees are part of that. charles: sure. >> this idea that share holders are not is nonsense. charles marcus, you are a legend. i love everything you do, your patient, how much you've taught the american public truly on how to be business owners. it's an amazing thing. thanks for sharing time with us. >> thank you, brother. see you later. charles: over to to liz claman. liz: we're going to the take it, charles, but that scorching rally that's been melting the asphalt on election day is cooling off just a bit here. we've got the dow jones industrials down 2600 points.

it really -- 2600 points. s&p -- 260. s&p down 5 and the nasdaq losing just 32 points, well off the lo. the low had been 130. again, the past couple of days the russell has had outsized percentage gains. really no surprise9 that the bulls are taking a water a break. since election day all the a major indices have put in gold medal performances. the dow up 5.33, s&p up 5%, nasdaq up 6. and, or again, the aforementioned russell 2000 stands at the very top of the medal platform with a gain of 6%. for the moment one thing that is not pulling back, bitcoin. still running and gunning. the crypto of record which yesterday got very close to $990,000 concern 900,000 is still moving higher -- 90,000. standing at $88,955. it's moving right as we speak. you know, that's easily been

most pronounced postelection surge. president-elect trump says he's going to make america the, quote, crypto capital of the planet and plans to create a strategic reserve of bitcoin. traders say though if it does hit $900,000, they -- 90,000, they expect a short-term price correction. don't know if the spike in honeywell shares is short term or long term, or but the industrial conglomerate is king of the dow 30 at this hour, moving higher now by 5 4% -- 44% to $234.22 after activist investor elliot disclosed a $5 billion stake in the company. elliot sent a 23-page-long letter to the board claiming a break-up of the company's many divisions including energy transmission, autoa motion, avionics, aeroare prospace and building technologies would unleash shareholder value and send the stock up by as much as 75%. elliot really likes the company, just not the stock performance. year to date -- and here's a

comp chart if you look on the screen. the s&p has gained about 25% while coming into today's session honeywell is up just about 7. a year ago in may i brought up this very possibility with incoming ceo. listen to what he said. i mow this company, and -- i know this company, and it has only grown in scope, not just size. so all these other divisions, you know, it reminds me because i used to work for a division of general electric of ge which was making refrigerators and aircraft engines. it eventually had to break up into a whole bunch of err to pieces. warren buffett if often says activist investors don't care about the company, but they are a reality. >> we proactively looked at our portfolio every year. we are i our own activist. we want to make sure if we hold something, we are right to hold and add value. we do it with board every year, and we mow what we keep and how to create value for our shareholders. liz: so honeywelling's board got

that a 28-page thing today, and they say that it looks forward to, quote, engaging with elliottt to obtain their input. back to the markets. so you see right on the screen, is this a breather or concern that even in the wake of two fed interest rate cuts, bond yields continue to rise? let's bring in marc lasry of avenue capital. marc, can the two exist at the same time? if you compare9 what the s&p is doing today and put it next to the 2-year treasury yield, now, the 2-year mimics or at least kind of walks in the same footsteps of what it thinks the fed will do. you've got the s&p moving lower. it's off the lows of the session here. but we know the 10-year yield is just continuing to climb. what should investors make of this? >> well, i think, first of all, thank you for having me. liz: great to have you. >> look, at the end of the day, what's going to happen next year, i will bet you that what you're going to find is that the

fed is going to lower rates. so lower rates is going to be good for the economy. so i think you'll see yields coming back down. but for right now there is a bit of nervousness as to what's going on. so that's why yields are going up. normally when yields are up, the stocks shouldn't be going up. they should be coming down. i think that's why you have that today. but all in all, i think what you'll find next year is if rates come down, that'll be positive for the market. liz: if we look at one-week charts of dow, s&p, nasdaq, russell, you can see what the past couple of days have brought. and it's pretty impressive. i mean, this is a great rally. we do like to remind people though that if we were on track for -- well, yesterday was the 43rd record for the dow. about 39 of those were under the current administration. joe biden. the s&p, 51 gains, 51 records yesterday. a good 49 of those or 45, whatever it may be, under the

current administering. is the market just going -- administration. is the market just going to rise no matter who's in chargesome. >> no, i don't think so. [laughter] i think the market rises based on the economic data. and the data today is that the economy's doing well. if that the country's doing well. and that inflation, actually, has been put under control. and i think the fed has done a really good job. and the fed is saying that you're going to have lower rates. if you have lower rates, you have more capital that's available. is that's going to the drive the market higher. what drives the market lower is when you think you're going into a recession, and we haven't had that. in a while. liz: so you invest in all kinds of things, private credit, distress thed capital. so concern distress thed capital. so you have your eye on the horizon and sometime with your eye, and i've talked to you in the past about this, you can see things that are coming and that you're waiting for so that you can then pounce and really a make an opportunity the for your investors. what do you see? if i mean, we haven't had a

recession in quite some time. we haven't had a 10 correction or anything more than that in a while too. is something coming? i mean, you've got warren buffett selling off soft of his -- so much of his success portfolio, or at least chunks of it, sitting on a pile of crash. -- cash. what about you? >> mainly what we do is we lend money. so making sort of 12, 15 is actually a phenomenal return when you looked at where the risk-free reign is. we see a huge amount a of opportunity still in europe, in lending money. in asia, in lending money. here in the u.s. one of the things we're seeing is huge opportunities in sports. so we ended up raising a sports fund to invest in that. we think women's sports are undervalued. we think there's a lot of assets there that are undervalued, so we're trying to come in and take advantage of hem. les las vegas you famously bought the milwaukee bucks at a discount and sold at a huge profit. you love owning teams. you own a pickleball team.

>> yes. liz: what about a viewer who cannot buy a team outright but would love to buy a slice of a team? i mean, or there's some opportunities, i know the atlanta braves has a stock out there. >> right. liz: would you consider putting together an opportunity where people could actually own parking lot of a team? part of a team? >> i think it's a great idea. i think it's a wit complicated, but we're looking at doing that. part of the problem is leagues aren't crazy about having more than sort of one, two or three people owning a team. so trying to make it public is kind of hard: but i the do think that's where the future will be. i think there is a tremendous amount of demand for that. liz: let's look at footballs right now. financials -- financials right now. financials had a great runup right along with the markets, pulling back a bitted today. let's talk about the regulatory picture. if you sea a sector that looks like it will have less regulation under the the trump administration that is upcoming, do you buy into something like that on a day like this? >> you should because less

regulation means more opportunity for that company. so they're not spending as much time dealing with the government. they're spending more i'm with consumers and with what they're focused on. so less regulation, i think businesses look at that and think that's extremely, treedgesly positive -- extremely positive. liz: oil has pulled back, gold has pulled back. miners are getting bruised today. a lot of that has to do9 with the stronger dollar we have recently seen, but again, is that an opportunity, this type of pullback? >> so mining companies i don't know that much about. we try to only invest in things that are in trouble -- [laughter] things that need capital. but i think what you want to look at is the market as whole over the course of the next year will be pretty positive. and there's a lot of demand for capital. and the more demand there is for capital, the better it is. for films like ours, the more we can lend, the more we can take advantage of that need for

capital, the better things are. liz: you were a kamala harris supporter. >> yes. liz: obviously, your pick didn't win. how do you foresee the next four years through the eyes of your shareholders, through the markets and also for the united states of america? >> look, i'm a big believer -- i wasn't born here, you know? i came here. i think this is the greatest country in the world. it really is. and people don't fully appreciate how phenomenal the united states is. liz: indeed. >> the great thing about this country is you vote. and sometimes you win, sometimes you lose. the person i wanted to win lost, but that's fine. so that's the country. the people have spoken, so now you've got to follow it, and you've got to try to make the best of it. i want president trump to succeed. why? because i want this country to succeed. i want all of us to succeed. this isn't about a how can i hurt someone, it's about let's concern look, the people have spoken, it is what it is, let's move forward. liz: marc, thank you very much. by the way, we did an incredible

podcast profiling your story of coming here as an immigrant as a child from no morocco. >> yeah. liz: i hope you guys all a look on everyone talks to liz because that podcast is one of my favorites. thank you so much. >> thank you for having me. liz: good to have you. merchants relying on a new a.i. side kick has shopify hitting a the 2-year high. and later, will deal making find a reawakening under the president when literally wrote the book, "the art of the deal"? we'll talk to venture capitalist bradley tusk about how he sees the m&a marketplace in a second trump term. it's a fox business exclusive. "the claman countdown" is coming right back. dow jones industrials down about 267 points. ♪

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liz: fox business alert, tyson food shares are as hot as a rotisserie chicken. the stock rising to the top of the s&p 500, gaining 7.3% after the meat producer beat fiscal fourth quarter earnings expectations. the highly improved poultry sales along with lower costs for the positive report, its poultry income swung the a $4009 milliot during the quarter. quote, we have a fundamentally different and better chicken business than we had even just a year ago. live nation entertainment, alive and kicking after the parent company of ticketmaster reported third quarter earnings that beat analyst estimates. live nation's stock is on track for a record high close of after ticket sales -- and, yes, that includes taylor swift's eras tour -- increased 3% this year

to 144 million units. i mean, can anything top taylor though? the live nation says it expects, quote, an even bigger 2025 thanks to coldplay and shakira who are on tap for stadium tours. the stock is up about 5%. barry diller-backed iac may be considering another deal. the company is weighing a spin-off of its home services unit angie which it acquired back in 2017, and it might, says it might distribute 85% stake the its shareholders. and this could be part of the reason. in i ark c's latest report, angie suffered a 16% decline due to a drop in ad and leads sales. iac as a whole also reported a wider than expecteds loss of $244 million. shares are hurting on that, down about 10.6%. investors are slamming the boy button on shopify shares. they are catapulting higher by 24.5% after the e-commerce

company's better than expected third quarter revenue came in at $2.16 billion versus 1.71 billion a year ago. gross merchandise volume jumped 24% year-over-year thanks in large part to the expanded rollout of its a.i. assistant sidekick. shopify is also optimistic about the holiday quarter saying it expects fourth quarter re knew to grow in the mid to high 20 thes percentage range. u.s. companies are running away from china ahead of the tariff down downpour donald trump has promised to dump on on the world's second largest economy. what if he doesn't. stop at china? the the co-ceos of on holdings which is giving nike and adidas a run for their money are here next on how they plan to sprint past and around the tariff headwinds. and as a kid, bill parcells laced up his football cleats to the play high school football in

new jersey if right in the shadow of the meadowlands. he dreamed of coaching the giants one day, but it's a dream, right? wait until you hear what landed him that a dream job and why first time around he turned it down? yes. in a rare interview, parcells joins me for the large latest episode of my everyone talks the liz podcast to reveal the amazing story about how lightning did strike the twice, how he got a second offer and chance to coach big blue, which he took to two super bowls and won them. but what he's really most famous for on your screen, being the first to get doused with gatorade after a big football win starting what's now the iconic tradition of all super bowl-winning coaches, yes, getting dunked with the freezing cold gatorade. parcells has not given an interview in years, folks, but here he is on everyone talks to liz. i hope you download and listen. apple, google, spotify, iheart radio, he's got such important nuggets that work for any career. we're coming right back.

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liz: fox business alert, a trio of china hawks are circling the white house cabinet, and one is already much closer to landing. this afternoon president-elect trump announced he has appointed florida congressman mike waltz to serve as national security adviser, and rumor has it he will nominate florida senator marco rubio as secretary of state. and the financial time it is reports former u.s. trade representative robert lighthizer could be returning to his old

post. all three have advocated tough on china policies. whether they all end up in the new cabinet, u.s. companies are hot-footing their assembly lines out of china. for example, american shoe maker steve madden is not wasting any time citing the prospect of heavy tariffs on chinese-made import ors madden is going to cut nearly half of its china production within the next year. but the trump tariffs could reach much farther out than china. what do looming tariffs mean for the company whose product is now wildly popular here in the u.s. but manufacture pd oversees? -- overseas? fresh off earnings and the stock earlier hitting a 532-week on holding co-ceos, maker of the fame ifed cloud sneaker. gentlemen -- famed. i mean, i'm sorry, i had to the show mine. and i have a million pairs, i just love them. we love them very much. okay, so let me just start with

this specter of possible tariffs. tell us about how you strew tariffs. you coa lot of your manufacturing in vietnam, not china. i believe you have some materials from china, but tell me how you're viewing this situation right now, martin. >> yes. over the last year we were able to the diversify our manufacturing significantly. so getting them in indonesia amongst our core production if markets. we already pay customs shipping into the today, so this is not a new thing. and we feel we are in a good position to cope with the situation. we have very, very limited exposure to china, almost no manufacturing there. and at the same time, we are a premium brand, and so we have always been able to deliver premium margins. just come out of a record quarter and delivering a record

cross-profit and margin, and that shows the power we have as a brand. liz: well, you guys are in a better position than say, for example, nike. nike has more than 500 factories around the world and something like more than 115, i believe, just about 115 of those factories are in china that. you're already grabbing some pretty significant market share from the nikes of the world, the aa dee das of the world. adidas has huge, a huge exposure or to, again, asia, china. i think most of their footwear is manufactured there. but can i just ask what is the tariff that you're paying right now when you bring in your shoes from outside the united states? what is the customs amount that you pay as far as percentages? >> vietnam, for example, now is 20% tariffs that we're currently paying on boot wear. it really depends a bittal on the exact composition of the product. what's been important for us from the beginning is we're able to work with the best factories

that can really bring our innovation the life in a unique way. and that has proven that the manufacturing set up, and we've just launched a product with our light spray technology, but what we're doing is we're actually spraying the product. so we essentially can produce that are very, very -- potentially can produce that very, very chose to the consumer. so this takes into consideration also some of these movements that we're seeing, and we're very happy that we can continue to work on that technology and diversify our manufacturing. liz: yeah. you guys, you guys beat on the top line. you had much better revenues than expected. and when you look at exactly what's happening with what you are able to do right now, i mean, i looked at this, you had record sales in the third quarter, 50% surge in direct the consumer sales. and the highest post-ipo profit margin. what do you think you have done in the last couple of quarters that has led you to this? was it any specific change that you made?

>> so marc and i had a chance to travel the world in the last weeks, and it's just amazing to see the energy that is there around the bran. -- the brand. the big stories we have created are resonating with people around the world so, of course, we had a very strong presence at the paris olympics, great success from our athletes. we had 66 athletes peating -- competing in our products. we started an amazing partnership with zen e day ya who just launched a new campaign show showcasing her talking about movement and well-being while being pictured in the nice swiss alps. and then live spray was just named from the time magazine, one of the 200innovations of the year. so great momentum. and it's really resonating all a around the world. and the team has cone an amazing job really capturing the momentum, delivering the right service to our customers. so we feel we're going into the

holiday season with a lot of tailwinds and excitement. liz: holiday season. let's talk about that. what are you guys expecting here? better than even the last holiday season? could it be a record-breaker as well? >> you know, we're fortunate that we already have part of the holiday season or have experienced part of the holiday season. in china that led to the highest month ever. we also have the highest month in apparel in october, so we're really seeing very, very strong consumer demand going into that holiday season. and martin spoke about the brand campaigns that we had during the summer and we're, you know, we were able to cap that in -- capture that in q3, and we're very positive about the fourth quarter knowing our operational capabilities are there. so so we have no reservations that we're not able to deliver on the demand. the inventory's there. so really a lot of positive momentum into the holiday season.

liz: well, you know, you were a sneaker start-up, not easy in a very crowded field, especially when you have guy gant you can names out there. -- gigantic. and i'm not just talking about nike or adidas, puma's out there, new balance. all of these brands that have really made quite an imprint over decades and decades and backed by roger federer, the g.o.a.t. of tennis. it's just amazing to see what you guys have accomplished in such a short amount of time when you look at sort of the geologic time map for these types of things. again though, i bring it back to tariffs. it's our job to kind of say, are you prepared? what if donald trump, the president-elect, decides he's going to to slap an additional -- he said 50% tariffs, 070, even 0100% tariffn merchandise that's to coming in from every country. how do you prepare for something hike that? >> as we said, we are a global brand, so we constantly deal

with changing environments around the globe, with disruptions in the supply chain. and i the this is how we look at this as well. i feel we have the right team in place to take the right decisions, to act quickly, to innovate, to differentiate. and as you pointed out earlier, it's our whole industry that will be part of that. and so we'll then also react in concert. but very clearly this is where the best products are currently created, and so we want to be there. this is where we can bring our innovation to life. the u.s. is a super important market for us. we make 65% of our sales in the country. so we will find ways to work with it, but let's first see where we go. liz: okay. well, i'll tell you where i'm going, with slip-ons. this is what i thought was the

most innovative. years ago one of our photographers came over, because it was during covid and he was fixing my home studio that we all had to use, and he said you've got to get these shoes. you just slip them on so you don't have to to bend over. [laughter] their best. since then, i've been an acolyte. you can thank pete for that. thank you so much, gentlemen. >> thank you so much for having us. >> thank you. liz: marc and martin of on holding. are the regulatory shackles off when it comes to mergers and acquisitions in the new president-elect trump regime? we're going to ask bradley tuck, author of "the fixer: my adventures saving start-ups from death by politics." it's a fox business exclusive. we'll find out what he sees ahead. the dow jones industrials increasing its losses here, down 305 points. ♪al c ♪ with the money i saved i thought i'd get a wax figure of myself.

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liz: it's exactly one week since election day, and elon miss ec's the tesla has been one of the brightest and clearest winners of the postelection trump trade. up 30% over just the last five sessions as speculation grows that donald trump's second term could be very beneficial if to the world's richest man. but tesla's not the only individual company shooting higher in the last five trading days. let's look at taster maker axon enterprise. -- taser maker. it has rallied 35. and this is kind of outside the box thinking, two prison and detention center stocks that have contracts with immigration and customs enforcement are also gaining way more than tesla or axon. we've got core civic and go group higher with core civic occupy 632% and psychiatry owe -- 62 and geoup 655. on wall street they're rallying the troop as analysts expect the incoming administration to open

the floodgates to the m&a market. the biden administration if cracked down on deal make, but will the regulatory roadblocks be removed? joining me now is tusk venture partners' ceo bradley tusk. he's been an early investor in everything from coinbase to lemonade, flutters, fanduel and you have so many irons in the fire when it comes to start-ups that you would love to see grow -- >> yes. liz: -- maybe be acquired or go public, correct. >> yeah. i think, ultimately, because there's been so little liquidity over the last three years, it has hindered innovation in the u.s. we have to be making money, sending it back to your investors. there has to be a flow. and when everything is at a total dead stop which is where it's been for over three years now, we end up investing at a much slower pace, fewer new a start-ups created, fewer survive into their next funding round and as a result companies that could potentially become great request tech companies and

employ a lot of people and pay a lot of taxes don't get off the ground. liz: but explain to viewers who don't understand how venture capitalists actually make their money, what do you need to see happen? you need to see one of your companies -- >> grow. right. ultimately, we only can make money if there's an exit which means my company goes public, that's an ipo, which is wonderful, but it's 1 out of 10 at best or typically more likely acquired by to a bigger company, whatevers. that's how you make money. that's how i make money for my investors, and that creates the fly wheel to the put money back into the tech ecosystem so more start-ups can be created. so when there's a total roadblock on the whole thing, everything grinds to a halt. liz are liz -- liz: the anticipation donald trump and his administration will not be, you knowing or as much a stumbling block for any kind of merger or acquisition than the biden administration has been. >> yeah. liz: i mean, goldman sachs is projecting mergers and

acquisitions could see something like a 20% pop because of what they see as a much friendlier regulatory -- >> yeah. i mean, not just that, it could even be better. i don't want to be wildly optimistic, but i think ipo market could open up, and that could start to see a lot of liquidity, a lot more m&a deals, a lot of tech sectors like crypto and fin-tech, interest rates keep getting cut, so all the conditions seem to be coming together for a really strong period of venture capital which is great for tech and the economy. liz: well, the top cop at the federal trade commission, lina khan, you think she's going. >> oh, yeah. i know that j.d. vance doesn't like her, and i do think there's this weird little hinge where on the extreme big tech companies, the far left and far right do kind of come together, but overall, yeah, i think she has been seen in the venture community and business community broadly as a major impediment to m&a, to growth, to liquidity, and i think that trump will remove her.

liz: i mean, just today the doj sued to block the unitedhealth's $3.3 billion purchase of a company. they said if these two merge, then home health care -- which is a huge and burgeoning area -- will become way more ebbs pensive. >> yeah, growing. liz: how is that wrong? it kind of sounds like it makes sense. >> i don't think anyone, including trump, is saying that we shouldn't review mergers the make sure that consumers aren't put at a disadvantage. the reason why you want to have an ptc is to say, okay, if these two companies combine, can they control the market, control pricing to a point where consumers are going to have to pay a lot more? nobody wants that on either side of the aisle. but there is a distinction between saying these deals are clearly problematic for consumers and we just generally don't trust corporations overall a, and we're going to discourage all of them. that's a problem. liz: i love looking at your web site at the tusk ventures

because there's this panoply of names that i have yet to hear about -- >> you will, some of them -- lynn liz -- that are up and running. you responsibilitied coinbase years ago. >> we did. liz: you spotted some of the biggest name, uber. >> yeah. liz: he was one of -- folks, this is the guy who tunnel innedded uber -- funded uber in the early days. so what names do you see in you- >> yeah. liz: in yours thing ventures home that could really do well for this administration? >> well, there's two particular, and it's partly because i just had dinner with both the ceos -- liz: that's all it took. >> they're fresh in my mind. dub, which is a trading platform, it's pretty cool -- liz: oh, he's been to on the show. >> right? so we led the seed around for dub. fin-tech has been an anish area that has been treated very hostilely by the biden administration, so crypto which we all know about, but fin-tech even more broadly beyond that. so we think a lot more innovation in that sector is

going to open up, so dub, we think, is a big winner. and then toed city manages school choice programs. so in states that allow parents to decide i want to send my kid the maybe the public school, parochial school, home school, whatever it might be, and the states say we will provide you with tax money to do that, odyssey manages these programs. and because the trump administration, we think, will be very friendly towards school choice, it's much more of a republican concept. states who do this tend to be red states. now it's at least possible that the congress could say let's appropriate money to give parents more options, more choices and, you know, force the public schools to do better right now instead of just letting them have a monopoly. and no so those are two companies that we think will benefit from this. liz: with all you are doing, you also wrote the book how to vote on your phones. you've just got through an election where 84 million americans went to the polls to early vote. many of them by mail. do you see this happening in our

high time? >> i do. what's interesting is the -- we have this weird dichotomy in the u.s. where the presidential election has great turnout, fantastic, and everything else, terrible. you and i are sitting here in new york city. do you know what city council turnout was last year? 7%. so you could win a council heat here with, like, 8,000 votes. so it's the opposite. i don't know that we'll ever have or need mobile voting for a presidential. where i think it's really needed is all these super local elections, city country sill, state the rep, state senate, maybe even the house where you have turnout, on average, say 10% and way small groups that tend to be the most ideological -- liz: they're the ones who show up -- >> and they control everything: that's what i'm concerned with and trying to prevent. if you remember back in the days at a uber we were fighting the taxi industry for the right to exist. the way we won, western able to get millions of customers through the app to tell officials, hey, i like this uber

thing, leave it alone, and it worked. so i believe even if t it's just for state and local primarieses, you could materially increase turnout. liz: uber and waze, for me, are the two most life-changing developments in the last 5 a 220 years. >> wait until vote hub comes to -- in the last 20 years. trump's short list for a new treasury secretary just got shorter. who dropped out? charlie breaks it next on "the claman countdown." ♪ ♪ san: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management

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liz: president-elect donald trump nominating former arkansas governor mike huckabee to be the u.s. ambassador the israel today. but the candidates to fill his treasury secretary position have been reduced by one big name. charlie gasparino. >> i mean, there are two really good stories here, who's likely to be the treasury secretary. i always say likely when it comes to trump because he can change in the last minute, but i got calls this morning, three people from the transition team that i talk to regularly, they say it's scott bess en. now, television interesting -- scott bessent. not long after that, news leaked that paulson was dropping out. liz: john paulson. >> yeah.

scott bessent runs a hedge fund, so does john paulson. and the story behind that is fascinating. if you recall, go back to 2016, 2017 when paulson was still, he was running the same hedge fund he's running today, he had a huge bet on the government-sponsored intervises, that ease -- enterprises. that's fannie mae and freddie mac. he had positions in those things. he still the does. if you're the treasury secretary, and he was lobbying then-treasury secretary steve mnuchin, essentially, the recap those things and release them which would be good for the stock and his, and his portfolio. for him to drop out now, you know, i've heard this from three d.c. insiders, it has something to do with this fannie and freddie trade. what because that mean? i'm not saying anything's illegal. what i'm saying, he's still long those stocks, it's likely, it seems, the treasury department is going to look to recaptainize and release them or at least --

capitalize and release them or at least the explore if it, and that's to one of the reasons why he had to drop out. he issued to the journal a very sort of sweeping but, you know, bland statement about this, i have entangled financial commitments. it's probably this. and because if he's at treasury, he's going of to essentially release -- recap or at least study the recap and release. he's got it in his portfolio. he won't be the hedge fund -- he won't be running his hedge fund, someone else will or it'll be put in a blind trust. i don't know how you do that. that's ooh going to be hard to do. now, bess en, on the other hand, will have some financial commitments, but i think his are more on the lines of how mnuchin was. he was a bigtime asset manager, he came to the trump administration and presumably put all his assets into a blind trust or basically let someone else run it. i think bess bessent, i'm misfrom announcing it --

mispronouncing it. liz: two different ways in -- >> kamala, congress get that right. liz: kamala. s what is the runup in fannie mae stock year the date? >> i think it doubled. i don't know. liz: up 159%. >> that's pretty close to double. what is a double? 100%. liz: double is 100%. >> bingo. >> i look at stocks al day. yes, i notice that this thing is way up. i think it's way up because, again, you know, not just paulson but every time, trump literally came this close to recapping and releasing him at the end he didn't do it. minutia didn't do it and too late in the game and too many moving parts. i still on this trade to be honest with you, if you're betting these stocks that whoever is in treasury recaps and releases some, that's good for the stock. that's still a wild bet and i'll tell you why, liz, releasing them and recapping, if you have

to recap them, then release and it's a multiyear process. system of aliz: those things ta. >> and it's so con vascularized lute -- von coauthored and think fani and freddy allow you to have 3046 30-year mortgages from banks? not a great business. we do tail risk around here. liz: we deal with tails trying to wag the dog. >> by the way, i was going to ask you something. liz: when you think of it, tell me. >> i called neil kansas city caz claman countdown mono-today. liz: that's professional of you. i'm honored actually. call me neil any time. something about you, you guys look a little bit.

and p lose 18 and nasdaq down 24. average annual price increase of nearly 13% when reps control the presidency and congress. we have already seen the bulls unleash this past week with a trump win and one trump trade in particular making count down closer hit list, cfra researcher chief investment strategist sam stoval and we're talking about this and waiting for official word about control of the house of representatives.

>> since the fourth of the month through the eleventh, the market was up more than 5% and we had all sizes and all styles and all sectors and almost 90% of the subindustry is in positive territory.

liz: going up if the fed is cutting rate s? >> that's a double edged sword. certainly the small cap stocks up almost 10% nearly twice that amount. that are compared to the s&p 500 as you said because of more domestic marketplace, the lack of the pushback and the head wind from higher dollar et cetera. liz: all right, we talked about privatetized prison stocks and they've done incredibly well and you like these names. >> well, we have a buy from a quantitative perspective on core civic so this is a company,

ticker cxw, and this one operates partnership correctional facilities, detention, residential, reentry ffacilities in the u.s. and it's a company that also has very favorable technicals from lowry associates, technical analysis arm. i try to combine the fundamentals with the technicals. liz: yep, and you know what, obviously donald trump has taken a hard line on immigration and that means more people might be thrown in prison if they're deported and i can see your thinking. sam, great and thanks to see you. much appreciate you being here. here comes the bell. right on the screen, bulls sit on the sidelines for today. you've got to see what happens tomorrow. that's the beauty of these markets, you just never know but we're always here. larry: hello, folks. welcome to kudlow, i'm larry kudlow. than