jack: a stock to you picked that did well and you're still bullish. >> veryive. it's a.i. data center infrastructure provider -- vertiv. a.i. is eating the world, but i like what happened to this one. we picked it around $8ing 0. it's continued to work. and it -- i just like how it happened. the earnings growth accelerated. the stock went from 20 times earnings to 30 times earnings. business got better and everyone reacted. jack: thanks, al, elizabeth, and ben. great working with you guys. great insights. check out their work in this week's edition at barron's.com. i hope everyone has a happy new year, and we'll see you in 2025 the right here on "barron's roundtable". ♪ ♪ >> from the fox studios in new york city, this is maria bart row blow's "wall street. -- bartiromo's. cheryl: welcome to the program that analyzes the week that was

and helps position you for the week ahead. i'm cheryl cheryl casone. hitting the ground running, support for president-elect trump's second term growing as more fortune 500 companies shell out donations for his inauguration. at least 15 large corporations and trade organizations have made major contributions. "wall street journal" pointing out it's the first time in at least a decade that goldman sachs, intuit, toyota and pharma if are donating to an inauguration fund at all. a record $200 million already raised, and it's on track to beat the $107 million trump brought in for his first inauguration. president biden's raised only $61 million. all of this following a long list of high profile executives flocking to meet with trump at mar-a-lago ahead of his presidency. joining me now, texas congressman and house oversight committee member pat fallon. congressman, are you surprised to see what seems like an about face from corporate america? if what are you hearing back at

home in texas? [laughter] >> well, cheryl, corporate america used to be pragmatic, and and success has a thousand fathers and defeat is an orr fan. president trump won an electoral landslide. he won the popular vote. he's got a mandate from the american people, and he's going if to be president for the next four years. in fact, for the first time in four years we're going to have a president, an active president that will lead. so corporate america knows president trump will get things done. the the rhetoric he has on the campaign trail matches what he does in office. so they're paying attention, and they're getting in line. cheryl: it's so interesting to to see this about face from these companies, sir. president trump is planning a big crackdown on illegal immigration during his first days in office. his incoming border czar, tom homan, telling fox business this week that here's what it's going to cost. watch. >> we are talking about the biggest national security vulnerability this country has. can 86 billion is a start -- 86 billion. we need at least that to do this

operation to. cheryl: so it might be costly, but this is what the american people voted for, sir. and system democrats across the country -- some democrats are now preparing resistance efforts to counter these plans. in fact, according to politico, california governor gavin newsom is considering a, quote, immigrant support plan for undocumented residents. that includes a support network of regional hubs to connect people at risk of deportation. i want to to get your thoughts on the money that congress is going to have to come up with to fund these deportations and also, you know, gavin newsom's reported resistance. obviously, he seems to be gearing up for another year, and if that's to 2028. >> uh-huh. well, the federation for american immigration reform has studied this and estimated that the cost to the american people on an annual basis is $1500 billion. -- 150 billion. so to spend $80 billion over the next four years to save $600

billion is a very bit cally key approach, and that's what the american people demand. it's also about safety. if you're not safe, you're not free. in texas alone, cheryl, in the last 13 years we've had 299,000 illegal immigrants arrested, charged with over 513,000 crimes that resulted in 187,000 convictions. imagine what that number is if you extram late that over the -- extrapolate that over the other 49 states. if gavin newsom wants to go the other way, let him. the california government can't even pay their own bills right now. they're going to the incur great cost to fulfill his very far-left, progressive vision. and it's just going to further undebt californians -- indebt. i welcome his entry to the national stage in 2028 because he'll be rejected. cheryl: this is on the shoulders of tom homan and president-elect trump, but there were 1.53

million encounters just at the southwest mexico from october of '23 to september of 2024. the biden administration's trying to say, well, encounters are down, but you have to wonder if that's because the cartels and the traffickers know that the administration's about the change. to change. >> well, it's not only crossings are down, it's because they it's the way they count them too. they're fudging the numbers and cooking the books because they've allowed -- they've paroled about 800,000 illegal crossers from nicaragua and cuba and venezuela and haiti. so those aren't -- you know, real numbers comparing apples to to apples. we do know 11 million people have crossed this border illegally, it's about five times worse than service turned president trump. depending on how you minter, in fiscal year 2017, cheryl, there were 300,000 illegal border crossings all year when president trump was in office.

just in december of 2023, there were 300,000 illegal crossings. so by that measure, it's 12 times worse. so, yeah, people know, the mexican and central american governments know, really all over the world, know that we're going to finally secure our southern border again, and it's time to listen to president trump and make some deals because he a may punish them economically. cheryl: well, especially if you're canada or mexico. you know, you got these two top canadian ministers traveling to mar-a-lago to meet with trump's team about his proposed 25% tariffs on imports if canada does not beef up its border security. now, that meeting was focused on canada's efforts to combat fentanyl and illegal immigration after the country announced a new border plan earlier this month to the tune of almost $700 million. all of this happening, obviously, under pressure from president-elect trump before he takes office. so do you think that in particular considering the political pressure that justin trudeau is under right now, his

liberal government is completely threatened. the conservatives in canada are polling well ahead of trudeau. do you think that he is ready to make that deal? >> i don't think trudeau has any choice, quite frankly, cheryl. i mean, he's political dead ap man walking as it is, as you just mentioned. president trump, do you know what he does? he gets people's attention when he says 25% tariffs on all imported goods. that that gets their attention. and he will follow through. i don't think he'll have to because china -- i'm sorry, canada, it's trudeau, so sometimes i'll say canada. canada and mexico need the united states far more than we need them. and we do have healthy trading relationships with them. we want to continue. i'm not a big fan of tariffs. but if they're going to allow this kind of mass unlawful migration, then that might have been might have to be a penalty that's incurred. again, i don't think it'll happen because they will bend ts

right and bend to president trump's will. cheryl: look at oil exports out of can that to the u.s. and electricity. the numbers are there to support them wanting to work this out with trump. obviously, wig news, the big -- big news, the big vote for house speaker is next friday. mike johnson's future in that role is in question. you're warning any effort to remove him could delay the certification of the 2024 election happen three days later. so what is your state of play? >> well, first, i think mike johnson's the most conservative member, conservative speaker we've ever had. and he's got a historically narrow margin, and he's got one of the toughest jobs if not the toughest job in the country. republicans aren't -- we're not cheap. we don't -- sheep. it's like herding cats, but not little house cats, like big lions on the serengeti. so mike's got a difficult job. but he's done a great job over the last 15 minutes consider -- months considering the situation. can you imagine john boehner or

paul ryan going to a ufc fight with donald trump? there's no way that would happen. we've already had the nominations process within our republican conference, cheryl. and mike was selected and elected, if you will, unanimously. there was no other candidate. and i believe the republican conference, we're people of our word. so we should all -- we've all already pledged to go and vote for mike on the house floor, and i think we should do that was if we don't, we can't get sworn in, and if we're not sworn in, we cannot certify the presidential election on january 6th. i don't want joe biden to be in office one second longer than constitutionally necessary. so i want to get this done. mike's the person. he's the right man, right place, right job at the right time, quite frankly. and let's move forward and, you know what? fulfill the promises that we've made to the american people on the campaign trail this past november. cheryl: and start the 100 days, the beginning of the presidency, day one in particular.

so many issues are at stake for the american people right now. congressman patfallon to, thank you. pat fallon, thank you. >> thanks, cheryl. god bless. take care. cheryl: all right, you ooh. well, stocks ending the year on a high note but famed market strategist larry mcdonald has emergen-c crystals pop and fizz when you throw them back. and who doesn't love a good throwback? ♪ now with vitamin d for the dark days of winter.

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market that we need to pay attention to? >> well, for the love of god, i mean, president trump, congress, you need to understand the biden administration is literally handing the trump team a bag of rocks for christmas. there's $7 trillion the of debt -- in 2025. $7 trillion. that is double 2024 and nearly four times 2022. this is a gravely serious situation. global bond yields today are breaking out. japan, united states. and as interest rates go up, bond prices go down. to keep it very simple, there's a bond that was issued by apple in 2020-21 that is now trading at 57 cents on the dollar. so you have to think of all the loans out there, all the commercial real estate, all the

mortgages that were issued from 2017-2021, and those are all trading, you know, way, way down. so as interest rates go up, bond prices go down. it's a ale bag of rocks for -- a real bag of rocks for trump. cheryl: is that organic, that they're going up i, or is that because the fed is going to have to raise rates to combat what many are starting to predict for 2025 which is at least sticky if not a little bit higher inflation? and then you've to got a very strong labor market job market, which could become tight again. it's possible. >> yeah. so picture in your mind we had the worst inflation shock in 30 years, so the fed hiked rates, you know, pretty violently over the last two years. but now we have this incoming trump team with all those animal spirits. so because inflation is not -- it's like the last scene in terminator. inflation if's not really killed yet, it's still alive, and now you've got animal spirits and

growth expectations rising. so all that's going to do, and that's what's happening now, that's reviving inflation expectations and scaring bond yields higher. cheryl: what do you foresee as an investment strategy for 2025? >> well, this is an incredible year of opportunity because in years where our research -- we've got research going back 30 years n. years where stocks are up a lot, the losers are exponentially sold more aggressively. and and so you have some stocks and in the natural gas space, for example, that are pretty depressed. just look at of course to city dental petroleum -- occidental. you can buy that stuff at a lower price. and the natural gas space is going to power this artificial intelligence revolution. all the eyes reason -- are on the nvidias of the world. the real opportunity is for year end as we get this selloff going

into next year is going to be buying the energy complex that's going to support artificial intelligence. cheryl: and some strategists are saying you might want to add in wind is and solar to that because in particular on the side of the data center, those are going to need so much power. you're going to have to look at all energy sources. so it's going to be an interesting year. larry mcdonald. larry, thank you for being being here. >> thank you, cheryl. and don't forget uranium, especially uranium and nuclear power. cheryl: that's a very good point. larry, thank you so much. well, the push for congress to extend trump's tax cuts soon sooner a err -- rather than later. grover norquist says republicans will face dire consequences if liberty mutual customized my car insurance so i saved hundreds. with the money i saved i thought i'd get a wax figure of myself.

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cheryl: with just three short weeks until if inauguration, house and senate republicans are at odds over how to tackle trump's 2025 agenda. as you heard on the show last week, top gop if lawmakers are split if on their reconciliation strategy can with some pushing to punt tax cuts to the end of 2025. others pushing for everything in one big panel. here is what wisconsin senator ron johnson told maria on the show last week. >> the tax package going to take more time. i don't want to just continue -- i just don't want to extend the current come for example tax system -- complex tax system. we have until the beginning of 2026 to do it. we should take our time. you don't need the incentive to secure the border to avoid a massive tax increase. cheryl: but americans for tax reform president grover norquist out with this warning. quote: republicans can kiss their house majority good-bye if they delay trump's tax cuts.

he joins me now. grover, here's the question, even if they did push it towards the end of the year, they still would have the majority in the house and the senate. you've got a republican president. so why are you concerned about them waiting several months trying to figure out ore other piece of the more immediate future for spending first? >> because we've done stupid twice before. when reagan was elected, his tax cuts didn't take effect, full effect, until january of 1983. and in 1984 -- 198 a 5 -- i'm sorry, until 1983. in 11983 we had 4 million jobs created which, in a much smaller work force. it was wonderful. that took place after 1982, the election in november when we lost 25 house seats because the growth came in '83, not in '811 and '82. move forward to the trump years.

trump 2017 put the bill forward, it wasn't signed until december 22nd, end of 2017. what happened? if tremendous growth. we had growth, 6.8% growth for the median family income, more than all eight years of obama. absolutely amazing. when? 2019. what was that? after the republicans lost 40 seats in the house of representatives and lost control of the house. it's delaying the effectiveness of the tax bill. it's delaying when businessmen and women deciding today am i going to hire somebody, should i buy a new truck, buy additional cars, buy new computers, invest, what should i do? i don't know. because they're talking about other things in washington, d.c., and they'll get to the tax bill. i guess when they get to the tax bill, i'll know whether to informs. and that -- invest. that doesn't show up if job creation for a year, two years, sometimes more. they need to move yesterday. cheryl: earlier this week senator rand paul came out with his annual fest us have report.

-- festivus report. some examples, $10,000 to fund a bearded lady on ice cabaret show. $419,000 to study lonely rats. $32,000 for break dancing. are you optimistic that doge is going to be able to tackle reckless government spending like this when the new administration if takes over? and not just the reckless spending, but also what are we going to do about social security and medicare and medicaid? >> yeah. i think doge, what they're looking to do in highlighting wasteful spending and looking for opportunities, go around this town in washington d.c. there are empty government buildings that we keep that we have security for, that we pay leases on. and government workers are not coming to work because their unions say we don't have to to come to work, we'll call in. that's why if you call the irs, they don't answer the phone because the guy at home not answering the call is at the pool, not in the office talking to you. there is a huge amount of waste.

there are way too many government employees. federal government employees get paid a lot more than regular citizens with real jobs cowhen you -- do when you count their amazing pensions, the few hours they actually work in a week or a year and the benefits they get on top of their pay. so there's a lot of overspending by washington, d.c. and what do we have now that we didn't have before? twitter, x, the ability to focus on this. >> cbs can't say shut up, ignore it, because we're past waiting for cbs to tell us something happened. cheryl: well, okay. obviously, i'm curious if you think that, you know, look, we've heard -- like rand paul, we can cut $1 trillion. vivek and elon musk, we can cut -- 2 trillion. how optimistic are you we can do this? the because congress has to approve this. >> do we get $1-2 trillion? i don't know that you get that much at the first cut, but some small steps forward, for

crying -- block granting medicaid out to the states and simply saying it grows with inflation, that's $of -- $600 billion over a decade simply by doing exactly to medicaid what bill clinton did to aid to families with dependent children. block grant it to the states and cap its growth. there's lots of stavings to be made -- savings to be made. cheryl: grover norquist, we really appreciate it. >> good to be with you. cheryl: well, i've got one thing that you (♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

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potato. this grow-tato is outfitted with a pair of wings and will fly down at midnight. in the cheese ca capital of the world, prelim myth -- plymouth, wisconsin, the 18th anniversary of the big wedge drop at 10 p.m. and the first 250 families in attendance will receive a gift bag of cheese. and lehighing, pennsylvania's, going to have the peep fessments fans gather to watch the 4-9, 400-pound lit-up peep chick drop to close out the year. there you go. that'll do it for us here on fox business. however you celebrate, have a very happy new year, and we will see you next time. ♪ ♪ ♪ ♪