not giving a boost to the equity markets, so you had a massive rally yesterday, but brian and jackie, a lot of that being unwound today as markets again really struggling to find its footing in 2025. jackie: i question you showed tsmc being up and the chips and a.i. being up but nvidia was down today. taylor: it tells you a little something. maybe we got ahead of ourselves in the buying. jackie: with the chip malfunction. brian: or we're on the threshold of a new guilded age. jackie: we could be. i think that i nobo somebody tok abet. "making money" with charles payne starts right now. >> this is a fox business special presentation, "unbreakable investor in the new guilded age" here is your host, charles payne. >> [applause]

charles: thank you, thank you, thank you so much. really appreciate it. i know it's cold outside, but it's warm in here. i know everyone is excited too, because it's going to get really amazing but we'll talk about why it's going to get amazing. welcome to unbreakable investor the investor in the new guilded age. i want to start with a lyric that is appropriate for many reasons but no bed of roses, no pleasure cruise. i consider it a challenge before the human race and we ain't going to lose. we are the champions, my friend and we'll keep on fighting until the end so when i think of those lyrics it's perfect for anyone out there who wants to be an unbreakable investor, but it also applies in my mind to america which from time to time loses its way, but i think we are already right now for a new, golden era. am i right? >> [applause] charles: and i think we're on the cusp of being an unbreakable country, yet again. on monday, we'll have a new

commander-in-chief. it's a familiar face, with a familiar mission, but also, more clarity, right, on how to actually execute and make it happen. i think president trump will jump start the united states and spark what i will call the second american century. yes, a golden era. in this show i'll show you history, how history can repeat itself, and in this case, i think usher in decades of prosperity, today's town hall is all about the unbreakable investor and unbreakable nation and in my book, i do have a chapter on the roaring 20s. that's repeating itself. in fact a whole lot of stock is now making the same comparison but over the last year or so as i started doing a more research and going down rabbit holes i kind of discovered that maybe a better parallel be the golden, the guilded age. this is the new guilded age and what i mean is take a look at this. the first guilded age, known for rapid industrialization, economic growth and political corruption. we all agree on the last part right? key issues are race, ethnicity,

immigration, labor, political corruption, again monetary policy. notable figures, john rockefeller, cornelius vanderbilt, jpmorgan, names we all know 100 years still, right? think about this today. we've got jeff bezos, mark zuckerberg, elon musk, bill gates, so all that stuff is still there, right? it's still really amazing. now, history calls them the robert barrons, which is a divisive term and i think wrong in many ways in fact it's a blood sucking tyrant, right? they weren't blood sucking tyrants. the notion is that they took advantage of the public. this is one of the cartoons, well here is our robert barrons there, and happy and took advantage of the public but i've got to tell you something. that's from schools and hollywood. that's their standard treatment. it was anything but. ironically, even last night, president biden used the term to warn against technology ceo's.

you know, i'm going to show you how the robert barrons were instrumental in creating prosperity and living standards for america at the time that were the envy of the world. the so-called robber barons took folks off the firm where they've lived every year praying the crop would come in, but then it didn't and that was it. into the urbanization and these cities where they had to stop praying for the good crop and started having discretionary income. this led to the debut of american-style capitalism. i think best put on display in the chicago world's fair in 189y amazing and a fact fantastic spectacle, wrigley's chewing gum, the automatic dishwasher and this is the white city. imagine in 1893 going to a spectacle like this , people didn't know a five story building way was a skyscraper and it was amazing, had sewing

machines, but also why it was called the white city. electric lights. then, from this , enter william mckinley. in my mind the most consequential president in history we don't talk about. biographer kevin phillips says his election was breakthrough and marked the first time in two decades the republican party had solidified its majority. right? put the gop in a position to dominate american policies and politics for generations, and phillips also noted the prestige and the power of the presidency itself had been a massive decline and that mckinley restored it. so later i will share parallels between mckinley, and donald trump. by the way we've got two very special guests to help me with that. these comparisons are going to blow your mind. the significant part about all of this though is that you can chart your own financial trajectory along with this trajectory i think is going to happen. and with that i want to make sure everyone gets a copy of my book, unbreakable investor, so you have the tools to take

advantage of this , because on wall street we always talk about a stock picker's market. it's always a stock picker's market. last year only a handful of ststocks went up but you have to know how to look for them and find them but good news is you'll have the perfect backdrop. it's going to be great. very few were invested though back then, right? obviously, very few had access to the stock market in 1800s, or 1900 and this time around folks, if you missed this , if you missed out on this you can only blame one person. and that's yourself. so, with that let's talk now. let's take some questions. i'm really happy again, all of you made it so that's great. it's cold out there. i've got to tell you though. if the election didn't turn out the way it was it would feel like this in july. okay? >> [laughter] charles: that's all i'm telling you right now. hi, how are you? >> hi very well. charles: your question? >> how do you suggest to start investing in the market?

charles: all right, first and foremost, open an account and fund it. so many people, i've got friends i've known for 40 years who still ask me the same thing. you know, i've got a little money what should i do, man? get out of here. [laughter] you tell me that every time. how many times can you get hit by a car. i'm just joking. a little bit. but so you know, open the account. today. today. put something in there. here is the most critical part though. here is the most critical part. make a commitment to yourself to always put something in there. so the big mistake a lot of people, they will finally open the account. they will finally put something in there. they will finally buy stock and it's usually the stock they heard about at the water cooler three-years ago at 10 bucks and now it's 2,000 a share. then when it goes from 2,000 a share to 1,500 they are like oh, it's not for me, never works out for me. make it a life long endeavor but started to. please. >> thank you. charles: michael c. where are

you? >> right here, sir. will a.i. be used more for investing and if so, what security measures are they going to be taking? charles: that's a great question. you know what? i've had some people on the show, professional money managers actually using a.i. right now. i could see it as a research tool but you know, the stock market is tough. on a day-to-day basis especially, right? and i always tell people, i think, at some point, it's going to be illegal to drive for human beings to drive cars in major cities and i'll tell you why. you'll map out these cities and it's going to be all robotic cars, and if you put human in the mix we'll mess it up. we'll be driving all of a sudden like oh, did i leave this on? >> [laughter] charles: all of a sudden the computers are like oh, my god we weren't wired for that. the whole system shuts down for two days. the emotional part of the stock market i don't think a.i. could figure out but it can help in terms of you want to find a company with the best return on cash flow, the best free cash

flow? you know these important thing that are mundane and can help, but the fact of the matter is it's really really tough to deal with the day-to-day ins and outs so it will be a tool but i don't think you could ever replace a true human being and true human so use it to your advantage. in 2000, there were a lot of these black boxes, that was fitting out stock trades and going to be wonderful. that big time rally. none of it worked. none of it really worked, so use it as a tool but it can't replace your knowledge and never by the way ever stop seeking knowledge. thanks a lot michael. i think i cursed in there didn't i? like right now. too late. >> [laughter] charles: as we go to break i want to share one of dozens of testimonials that you'll see on the unbreakable investor well site. neil says he has a significant nest egg using the tools from the book. of course you can go right now, unbreakableinvestor.com and get your free copy of the book. usually a $30 value and it's free for you. you do have to cover shipping and handling. folks get started today.

let's make this happen. i want everyone to do well and especially over the next four years so when we return everything you've heard about the robber barons is 100% wrong. special guest, larry kudlow, steve forbes, you can't do better we'll be right back. >> [applause] (auctioneer) let's start the bidding at 5 million dollars. thank you, sir. (man) these people of privilege... hoarding the financial advantages

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>> [applause] charles: all righty. welcome back to unbreakable investor in the new guilded age. now, according to history, right, it defines these robber barons, as men who led the charge during the guilded age and they obviously benefited from it. and some folks will acknowledge that while they drove the u.s. forward many of their practices were regarded as ruthless, brutal, unethical. as a result, many of them became extremely wealthy, powerful, rich, but at the expense of others. but here is the thing folks. take a look at this cartoon. this was a typical by the way your kids if they learn about this , will robber barons all these fat cats sitting around

and everybody else holding them up, just whatever. distortion. but think about the industries that didn't exist, still, oil, railroads. yeah, there was a tough industry, and in the beginning, working conditions were tough, but people were making money. that's how you had the rise of the robber barrons and this is what the world looked luke and what america looked like for 100 years before the robber barons, that's what wages looked like, nothing. absolutely flat. after the robber barons this is what it looked like. prosperity was sparked and it was amazing and you talk about that. one of the things i did recently, i went down a rabbit hole and found this. i wrote a piece that i was talking about easy street so i wanted to find out the first time the term was used. it was used by a labor union in the 1800s talking about this worker being up on easy street going to see ms. comfort. he had disposable income. cash. this is a labor union and

absolutely phenomenal. yes, i know. it was a period of rapid speculation and a couple of panics, so in the 1800s, there were four panics. essentially great depressions. in fact, the irony is that when we came to 1900 rather whoever was in carling said we've gotta stop using the word panic. next time use depression so that didn't work out too well. anyway we had two during the guilded age and we still charged ahead. america still superceded great britain and became the most powerful prominent nation in the world so with that i want to introduce two of the most powerful prominent men i know extraordinarily successful financial champions of free markets, two of my friends, larry kudlow, steve forbes. gentlemen thanks so much. >> [applause] charles: i think it's a great day to be here too because scott bessent is being confirmed today. and just -- larry: a free market apostle of growth. charles: they tried to trip him

up in so many different ways though and it's like i don't like a head start, you know, which you get rid of head start, and it's always sort of this idea that there's two alternatives. big government, or you can do-it-yourself. larry: growth. growth solves a lot of problems. he's one of the first of the growth guys. we were supply ciders over 40 years ago during the pre-reagan and reagan period. we both worked in that administration. i'll just say this. you'll lead, we'll follow, but the guilded age is one of my favorite times in american history. the united states became the greatest world power during the guilded age, roughly 1870 to about 1910 when the progressives came in unfortunately. it was, but your wage chart, you're exactly right about that. stock market soared. wealth soared. colleges were built. art museums were built.

literature and art flourished in this period of enormous prosperity. >> and great advances in architecture. the skyscraper, so you could have these great cities, great advances in sanitation and the like, and in terms of yeah, times were tough by the standards of today, but why did millions of immigrants come to this country in 1880, early 1900s, because wages were higher here. we've always been a high wage country, and yeah, the numbers then looked small but as you compared, what were they before? that's why people came here. gradually with steel made possible, you look at the thousands of miles of railroads built in this country, from 187e and the rest of the world we were way far ahead which is why we industrialized faster than anyone else surpassing british and germans. larry: henry ford doubled

the wages of ford motor company from like 1900 think of it that way from 2.50 to $5. >> an eight hour day and 12 hours to eight hours and five days a week. larry: and they bought the model t ford and traveled all over as the roads and bridges were built. the left wingers always call this the robber barons. these were great people. carnegie, rockefeller, can i just read this paragraph? i wrote this for fox nation. two-plus years ago we did a bunch of interviews so carnegie was making the steel for ford's cars, ford was raising wages so his workforce could buy the cars. rockefeller was refining the gasoline to fuel the cars. edison was making the electric light bulb to illuminate the homes, factories and office

buildings at the end of the automobile destination, and the wright brothers were launching aviation. charles: yes. larry: it doesn't get better than that. >> this gets a very important point. free markets weren't allowed to operate, always turned scarcity into abundance and the early 1900s a typical car in todays style cost about $120,000. henry ford with the moving assembly line turned a toy for the rich into something every working person could afford. that happens time and time again. you look at your handheld, the supercomputer, first one came out from motorola in the early 1980s, $3,995. weighed like a brick, size of a shoe box, one hour of battery life, now today, it's more than telephony, a supercomputer in your hand. if you told people years ago grandma could run a supercomputer, you get a very strange look. now we all carry them around. we think nothing of it. charles: last night president biden mentioned the robber barons in a traditional way it's done in academia and also, the oligarchs

and technology oligarchs, and again, parallels. you had these people who were changing the world. the elon musk and the jeff bezos out there, and along the way they are going to change how we live. they already are and i've read a report i think in mckenzie in a few years from now 60% of the jobs don't exist at this very moment. so, what do you make of the demonization that is still continuing despite the fact that we know it's the opposite? >> well it shows success when you're demonized. it shows that you've made it in this country. so, you remember walmart? was the big villain and because they had all these stores you could buy things cheaply. then they became the david against the goliath of amazon and these things go on all the time. this is what the key thing is, they are brought under the content, context of the law. you see them changing. they recognize public opinion and in terms of anti-trust, the free markets will do it every time.

i'm old enough to remember when gm was the big mighty company. got to break it up, take out chevrolet and the like. a few years later they are bankrupt. ibm same thing. big monster, then they went bust in the 1990s so free markets will do it because there are always people out there looking to do something new or better. larry: the thing that joe biden didn't understand and his regulators didn't understand is the concept of consumer harm. so the companies that they're going after, all the social media companies, all the tech companies, by the way they tried to breakup microsoft, you remember that, and the telephone companies. look, consumers benefited by the things that steve forbes mentioned. prices came down. the technology improved rapidly, and it made their lives easier. there was no consumer harm, and i think you'll see under the trump administration, his regulators will bring that benchmark back again.

big is not necessarily bad and big by the way doesn't necessarily last that long. charles: we see companies get , they atrophy and get too big and they become stumbling giants and for the most part, it's competition that comes out and supercedes. i mean i look at a company like intel. intel they were the number one semiconductor company out there and guess what? they lost their way. larry: everything. look, go back, one of the great economic minds doesn't get enough credit is joseph shumpeter. creative destruction, sort of the entrepreneur's handbook. the new, always-replacing the old. don't get in the way of it. don't get in the way of it. as steve forbes said let free markets and free market capitalism flourish. by the way, food for thought. in the guilded age, there was no income tax and the dollar was as good as gold and by the way,

your praise for william mckinley is well-put, sir. charles: thank you. >> he stopped an inflation, kind of which we had in the 70s and recent times in 189 of the debate was do we have a sound gold based dollar or go for inflation? sound dollar won. we got prosperity. we saw in the 70s in recent times what inflation the anti-mckinley ends up doing. larry: by the way scott bessent argued for king dollar. charles: i heard that. larry: the dollar must remain the world's reserve currency so good for our new treasury secretary. charles: so we're out of time, but i do have to, there's one question from the audience everyone is asking particularly as the promise of maybe cutting government. can it be done? we have george, right? >> yes. >> thank you for having us. quick question is how do you believe that doge will be impacting the government and the stock market? charles: let's keep it short. will doge work? is it possible? it's easy to identify the waste.

can we cut it? can we get through the bureaucracy? can we get through the embedded interest? can the american people come first? can they succeed in this , steve? >> the answer is yes. it's not just going to be on the budget side. the big thing is the administrative state. the permanent bureaucracy. that they can attack and that they will. year after year and that'll be a huge reducing of the burden on the american people. larry: doge will undermine the permanent bureaucracy, the deep state. doge will stop what steve forbes said four years ago. doge wants to stop the regulatoryocialismhat strangles the economy. that was his phrase. the regulatory state, what did you say? stalin had to buy the steel mills to take over the economy. today they do it by regulations and the doge brothers will try to undermine that. charles: let's do it. speaking of two cool brothers look at these guys. >> [laughter] charles: living a legend. larry kudlow and steve moore.

>> [applause] [applause]charles: thank you boy much. appreciate it. folks, do we have time? no i'm trying to stretch this out. they are like oh, okay. by the way get your free copy of unbreakable investor go to unbreakableinvestor.com it's a $30 value, you have to pay shipping but you want to do this. we'll make so much money. we'll be right back. >> [applause]

when you're in the military you're really close with your brothers and your sisters that are in the military with you. and when you get out of the military, you kind of lose that until you find a new family. we can talk about our struggles and the things that we did overseas and not everybody can do that. adam! how's it going, brother? we live pretty close to each other. so he's always coming over. when i go to jack's house, we watch a lot of football, hang out. we go outside the friendship has kind of grown into a family i was overseas on a deployment. i got separated from my marines and i got hit in the neck, and it broke my neck and paralyzed me. 14 years ago, i was on a training mission. did a military freefall, and i had some faulty equipment.

i hit the ground. going, 30 to 40 knots and was instantly paralyzed. i met jack fanning when he invited us to park city, utah, through his foundation. i was able to actually get on the mountain and ski with my family, i can't put into words what that meant. i got paid in the military to do crazy fun stuff. and after my accident, i'm still that same guy. and when i was able to jump out of a perfectly good, helicopter, at 10,000 feet, i did it. i was talking to some vets last week amazing how we have these houses where they can come over because they■re in chairs too. carpet and wheelchairs don't mix very well. tunnel to towers, they got rid of all that. they redid my whole bathroom. that's probably the favorite part of my house. i thought they were just going to do the upgrades. but the surprise to me was they paid off the entire mortgage. when they told me they're going to pay off my mortgage, i cried.

please contribute $11 a month by visiting t2t.org now >> [applause] charles: all right welcome back! so, there's a second part to this , right? the guilded age, which ironic with this , you know, the guilded age is that people were doing better. now, we have a lot of wealthy folks and people aren't doing as well but that's not their fault. the second part of this is president william mckinley. that was the one-two punch the most consequential president of the united states nobody talks about until now. so, robert w. mary subtitled his book, the architect of the american century and

parallels with him and president trump. they are absolutely remarkable like how they got elected. he reinvigorated the gop. he brought together parts of politics, the green back party, populist party, very similar to what trump did also winning a strong democratic stronghold. he did these things. it's amazing how he did this and then there's the path to the white house and the policies, right? so for mckinley what he called the vistas of prosperity included protective tariffs, sound money. he wasn't anti-immigration but he was like listen if we have immigrants they have to be skilled immigrants. we're a growing nation and strategic territorial expansion. he hit the ground running too. this is amazing and again, you think of some of this stuff, he hit the as the election. this is a little biography of him. i thought this was great. he got to work soon after electionhan waiting for the inauguration, it's amazing people waited for the inauguration but that's

what they did. he had the developmental state. it was absolutely phenomenal. set the seeds right? so of course there was some differences. the origins of so called expansionism, taking possession of the phill philippines, and g, and acquired hawaii and of course trump wasn't interested in these things in his first term and focusing domestically but he's not in isolation. those criticisms are unfair. all he did was ask allies to pay their fair share. you want to defend your country, how about chipping in? this time though trump is setting his sights on greenland as some kind of major deal and the panama canal. again it's strategic and it's brilliant. so let's talk about tariffs, because that's always a sort how they spooked markets. folks please don't get spooked out of your position when you see this tariff stuff. they are going to shake you out of these stocks if you let them. why was mckinley so enthrawled

by them? a couple of these things were his childhood and we'll bring up a table to show you, he grew up in ohio. it was the epicenter. it was the age of invention, and you heard larry and steve talk about these people earlier. take a look at this. some of the folks there, at this time in the 1800s, rockefeller, edison, aluminum was started there, owens, wright brothers, proctor made galble, goodrich tires, firestone, all was in ohio at the time, and also was a hot bed of intelectual power. the mother of presidents all from ohio, 1869, and garfield and harrison in 88. i'll ask you a trivia question later who was the last one. no i won't. >> [laughter] charles: so, under this guise, he saw this greatness in front of him and he wanted to protect it but workers.

he said listen first and foremost think tariffs will protect american workers and he also saw what happened with great britain. they had the first industrial revolution. they sparked it and tried to protect it. along the way he started to amend some of these things as the second address mckinley said reciprocal arrangements with other nations should liberate the spirit and he was saying be careful and we want to promote these things. he also made more adjustments in fact at the pan-american exposition in buffalo the day before he was assassinated and he said isolation is no longer possible or desirable. but, he wanted free and fair trade. it should also be noted tariffs played a major role in the industrialization of our nation so this goes back into the 1800s. all throughout the civil war tariffs paid for everything. then you had the tariffs we took them down a little bit, brought them back. i always like this little one you can't see it but this was

the tariffs afterworld war one, we had some, everyone came back and looking for jobs. it was a terrible time with a harsh depression. we put in tariffs and it helped spark what they call the roaring 20s. nobody talks about these, but we use tariffs a lot that were very successful before then, so also, mckinley. he did support skilled labor. he said we bring in skilled labor to help folks, that was common sense stuff. he didn't like illegal immigration. he believed in some forms of inflation. he thought that would help and he favored regulating corporation and their influence in government. he created the system of 1896 also the fourth party system. folks this is critical. we've got six of them now. this fourth one ushered in nearly four decades of american prosperity. i think trump can usher in the seventh party system. right? now central battleground for all of this was monetary policy. his democratic rival when he first ran for president burst on the seem at the dnc with one of the most famous speeches in

history. i want you to take a listen. williams jennings brian in warning about the cost of gold. >> we will answer the demand for a gold standard by saying to them you shall not press down upon the bow of labor this crown of thorn. you shall not crucify mankind upon a cross of gold. charles: joining me independent institute senior fellow and author of good as gold how to unleash the power of sound money judy shelton. let's talk about this , you know? because there was -- >> [applause] charles: she deserves that. so let's talk about this because there was a huge battle in our country. some were silver, and then there was gold but ironically the democrats weren't crazy about silver per se, but then the speech, right? nobody ever heard of this dude. he gives a speech at the dnc and people go crazy. he becomes a nominee and now there's a battle.

and talk about the fact that gold mckinley won so gold won and how critical it was in the rise of the american cen century. >> well, as it turns out, william mckinley won very definitively and let me just say it's such an honor to be on your programmed to. i think it's ingenius to make these comparisons, because the parallels between president trump, ushering in a new golden age, and all the achievements of america during the era of mckinley are just striking, and from a monetary point of view, what's important is that mckinley embraced sound money and it was a stable monetary platform. his rule coincided with the classical international gold standard and that allowed the gains in productivity because when you have a stable monetary foundation, money, investment, goes into its optimal use and you end up

getting productive investment and that gives you the innovation, the new inventions that raise the level of prosperity for the whole society and that's why you saw workers wages going up. what williams brian was trying to sell was the idea of loose money and we still see people somehow pitching loose money and monetary stimulus is helping workers. it does not. what helps them is a stable monetary platform and a dollar good as gold which is what president mckinley delivered. charles: judy? you know, i've read where getting off the gold standard, not only ruins our economy to a large extent but also helped to propel china, and manufacturing, our manufacturing base left. i guess the question is, is there a chance to get it back? >> i think that president trump, by focusing on tariffs is highlighting the unfair trade practice of currency

devaluation. we do not have a level international monetary playing field and china has allowed their currency, the yuan to devalue against the dollar. it's called competitive depreciation but it's not competing. it's cheating, and i think that he hads early on saw that china was a currency manipulate or way back in 2015 and he hasn't forgotten and he knows that that has given an unfair trade advantage that has allowed china to compete unfairly against u.s. domestic manufactures and agricultural producers. charles: so you have all of these folks who are out there. i hear some people are reasonable i think they say well, it may be a one-time bump in inflation but we should note that when president trump introduced tariffs in his first term, our inflation rate went down. and by the way, how much of this is a scare tactic and why, you know? i had steve here and larry.

why are there so many forces out there that seem to be afraid of the average american doing better? >> i don't understand, because what i liked is our new nominee for treasury secretary, scott bessent, emphasized today, that under the trump administration, the focus will be on main street and helping americans. he said wall street has already done very well. it's time to give main street the chance they deserve. so i think that it's very important that by protecting american workers, what you're really saying is you want them to have a fair chance to compete in world markets with their own exports and the monetary part of it is one piece of that. charles: i've got about a minute and a half two minutes but i've got to ask you about the federal reserve. i just am so frustrated with the federal reserve. just particularly to powell, federal reserve. i feel like they have lost their way if they ever did have a way and everything they do seems to

hurt one person, one group of people and that's main street. to your point, scott's point at a hearing today, rich folks have never done better than they have over the last four years. you keep rates at the level they are they keep getting billions of dollars in checks and go out and spend it and for some reason the federal reserve thinks that's the average person and tries to punish them so now instead of paying 15% on a credit card you pay 23%. delinquencies have gone through the roof, people are suffering. is there a way to blow up the federal reserve and remake it into a way where main street comes before wall street? >> well, the goal is, as president trump has said, to bring down inflation and bring down interest rates. when the fed punishes the private sector, by raising rates, but says nothing about government overspending, what they are really doing is hall lohallowing out the private secr and employee powering

centralized government and allowing deficit financing to shift power away from entrepreneurial capitalism to this kind of centralized government oversight of the economy. so, i think that we're going to see much more scrutiny applied to the federal reserve. people who are involved with the trump administration are willing to challenge the constitutionality of the way the fed and other so-called independent government agencies operate. i think that's going to be very important. charles: i do too. i know you are advocating for hopefully in mar-a-lago when that gets done let's talk about it here. judy you're absolutely the best thank you very much. >> [applause] >> thanks, charles. charles: that's what you call a straight shooter right there. you learn every time i talk to judy i learn something. speaking of which, right? make sure you get your free copy of my book unbreakable investor by going to unbreakable

investor.com it's a $30 value. i'll pay for that you pay for shipping and handling and let's make some money. speaking of which, stick around we'll dive into a.i., and the best ways to make money in the hottest technology in the last generation. we'll be right back. >> [applause] (traffic noises) (♪) the road to opportunity. is often the road overlooked.

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>> [applause] charles: [laughter] all right settle down. settle down. so, october. 1977. british rock band queen, they released an album called news of the world and it produced two singles. one, we are the champions and believe it o r not we were rocky was on the b side. they didn't think it was going to be a hit. the album cover was iconic. take a look at this. it's absolutely amazing right? the version by the way was in korea. the rest was the rest of the world and here is what's interesting about it. of course, it illustrated the dread we always feel right now with respect to rosenstein the barobotstaking over our livg

humans but the story is very profound so the news of the world album this art cover was based on a short story. it was published in a popular sci-fi magazine called astonishing science, right? remember in the 1950s everything was about robots in 1953 just years before even the album. the story, listen to this story. there was a character named vixon, in the space ship and he orders the drive control to accelerate. now, he knew at some point the ship speed would accelerate to the point where it would keep going on until he gave the order to reduce the speed. he also knew the first burst would render him unconscious and it did but they had a robot doctor in the control room who saved his life and gave him bypass surgery and installed a mechanical heart and lungs. the problem though with the lungs he couldn't speak. by the way they also administered nutrients and anti-hysteria drugs so his mind was clear and he was logical but the speed kept going. it was going faster and faster

and on the communication panel there was one gauge and this gauge would tell you like at the speed how long you could live and initially like your life expectancy initially the gauge was in the hours right? then started moving closer and closer to just a few minutes. they had to reduce the speed. the ship was going faster than the speed of sound. the problem was ground control, they couldn't do anything about it. the robot was ordered to destroy those units and of course, the machines, they were saying they don't make mistakes. they carry out their orders. in fact there was the control panel that read a machine does not care. however, i want you to take a look at this and i'll bring in the album here. take a closer look at this. this is a closer look at the album. the robot doctor was intelligent and it was watching vixon waiting for him to give the order and he couldn't speak. his lungs were full. he was alive. he couldn't do it. the robot was on the verge of tears because he

knew vixon wanted to live but he couldn't do anything about it until he got the order. joining me now want to bring in speer investment founder chief investment officer. nice to s see you. >> [applause] charles: so jensen huang, mark zuckerberg, elon musk, this is the year. they are saying now, humanoid robots the year of physical robots powered by a.i. i want to share this is from citi, and these are the different robots how quickly the growth is and this is how quickly they are in your life. like it or not. autonomous vehicles, that's going to grow by leaps and bounds 17%. robots some of you probably need that i do, i won't lie. drones, like the guy needed on the space ship, commercial cleaning robots, food, grocery delivery bots, foodservices bot. what do you make of this? do you think it's going to come on this quickly? >> i do charles and actually

out of this chart, i think the humanoid robots are the most interesting opportunity as well as the autonomous vehicles so if i have to zoom in on two categories those be the two. and jensen highlighted during ces basically saying humanoid robots autonomous driving is another category which are robots that will work on your computer side by side by you and also you'll be very important going forward. charles: i interviewed sam altmann and we talked a little bit about at some point regulations. our great fear is the robots will hurt us like that album cover. where do you see regulations? because you don't want to stop the growth of this but we also want to make sure humans are safe. >> that's a very interesting question. so for all three categories, there's different regulatory concerns. on one hand, you have robots which work on your computer. those you don't need any regulation and they are actually very easy to implement because you can just in stall them and they work side by side with you. the humanoid robot i think was

an interesting point that jensen brought up which is that they also work in our current infrastructure. so it's not like you need an extra lane to have a humanoid robot so that opportunity can also be very easily scalable. autonomous vehicles are going to be the hardest because they will drive side by side with cars, right? so that's going to be a key. charles: i gave my theory at the beginning of the show why that won't happen but you might have been in the green room. i've got a theory and we won't be allowed to drive with them. let me jump in because i want to share your expertise on the investment side. her work is some of the best out there. you've upgraded this skematic. i love it because it breaks it down. we hear a.i. and we think one category but you've got applications and in that enterprise and consumer you've got the infrastructure, cybersecurity, platforms, all of these different things. it's just really amazing. there's a big universe out there with this. >> that's right charles so there's an entire value chain when you see an application there's an entire value chain

behind it that's making it possible. so, at the bottom there is the hardware opportunity which is the nvidia, marvel, broadcom of the world but then there's a whole data infrastructure layer with companies like snowflake, cloud flare. charles: almost all of these are publicly traded companies so i'll bring up just share with the audience some of the names you like we'll pull up in these respective areas, so inside the rack. nvidia, marvel, let's just ask because that's relatively new. that got hot amongst wall street in the last couple years. >> that's right so a player on the networking side and we think networking is one of the key areas that will drive improvement of performance of the chips so how you're connecting the chips will be key in driving performance. charles: you've got tesla in your applications now that's wall street has a love hate relationship with it. why do you like it? >> we really like it because of the robotaxi opportunity so if it's this side which is autonomy as an application is already priced in, i think the ev

opportunity is priced in but the robotaxi, that's going to be incremental. charles: i saw a chart today from morgan stanley and a robotaxi is crazy. you'll be thinking about that in less than a year, maybe more, sooner. want to give a couple questions from the audience, right? first, let's go to steve? do we have a steve? kathy. kathy. hi. >> hi. are a.i. chip stocks still worth buying with a thousand percent increase already figured in? charles: a.i. chip stocks? >> depending on the opportunity, there's a different valuation framework. nvidia specifically is actually not very expensive and it sort of valuation metric and that's because earnings have grown faster than even the stock price. so if we continue to see them deliver on earnings, with the new introduction of the blackwell chip we think the valuation is actually pretty attractive here. charles: i'm going to go to another question quick. i think the infrastructure thing i interrupted you there. my subscribers are in snowflake

right now. i love get labs. we got hammered initially and now we're making money. i'm looking at shopify. why is this the opportunity here? >> so different ones have different value propositions. zscaler is a player in the cybersecurity side. we think cuber security is key going forward and i don't think the way companies are setup is sustainable. charles: nobody is ready for it. they all need to change to the zero trust architecture. snowflake is a data platform company so i think that will be critical. cloud pro is a new entrant both on the cybersecurity side and data infrastructure side. charles: can we caveat these could be volatile. sometimes they miss, sometimes they beat. let's go to michael m. from connecticut. >> what does the future of investing in a.i. look like and how will the use of a.i. change the way we invest? >> so on the future of investing in a.i., i think

the opportunity set is broadening just from processors to all the way across the value chain, so this year, is the first year we're starting to see promise on the application side. we talked about robotaxi and other applications that we're going to see quantum computing is another one i know charles often speaks about, but that's going to be on the investing side. charles: what about do you use a.i. in your decision making right now for your investors? >> absolutely. so we use a.i. in two ways. one is on the research side and this is not something that is really new. this has been around for 10 years. what's happening now is it's becoming a lot cheaper so you know longer have to pay thousands of dollars for tools. you can quickly build them up by using something like perplexity a.i. or chatgpt so we use a lot of a.i. on the research side making the process a lot quicker and more efficient. charles: let's bring in joey a. >> how are you? my question is about data centers and the future.

how important are those going to be and what's the company that will be the leader in data centers? >> well the build-out of data centers is just becoming physical. so last investment cycle was going into existing data centers. right now, what you're going to see is brand new data centers being built. so you're going to see benefits both on the process or side, the networking side that we talked about, but also, on broader power generation, power supply, so we're finding a lot of opportunities actually on the power generation side, just because it's such a critical component to making this data centers work. charles: today scott bessent talked about this. he said when he did, ceg sparked all these names sparked. for a lot of folks they feel like because sometimes the hype comes before reality. should be they invested in some utility names, nuclear names right now, because we know they need the power, it's just a matter of timing. >> some of these are very attractive on a valuation basis

so ceg, the constellation energy is one of those where they operate the largest nuclear fleet in the united states and now, with the acquisition they are adding gas power to it as well, so they really aren't expensive where the stock is trading today and they really are coming of a 20-year downcycle we've had for energy in the u.s. so i'm pretty optimistic on that sector. charles: one thing you said a long time ago, why is wall street so missed the boat. you said they think in quarters where you think a lot longer. thank you so much. got to give her a hand. >> [applause] charles: she's absolutely amazing. folks, also, i've got to say, thank you very much. i love doing these town halls, and what's really amazing about it is people want to learn, right? and the independence of knowing, of knowledge, is indispensable and we're in the knowledge century if you will.

this is where you can no longer walk into an auto dealer and some guy tries to glaze your eyes over with some numbers like oh, it does this and that. you know the specific questions that you want to have answered. same thing when you go to see a doctor. you know more specific questions that you want answered. what's crazy about this is that this whole arch of this is just going like this right now. it's going to go parabolic. now, in some ways it's going to leave a lot of people behind. i am truly concerned about sort of the gulf between losing jobs and those new jobs that are going to appear somewhere down the line. there's new amazing jobs. again, i was happy to hear scott bessent today talk about this. i think it's going to be absolutely phenomenal. we need to embrace it but we also need to protect it. another reason i'm really excited that president trump was elected was we were talking about here is a race. who controls this stuff? we'll control the world. and again i know it's cold outside and i want to thank you all for coming you've been a fantastic audience thank you very very much and of course earlier this morning, i wanted

to share a story because i was in the elevator with a young man and he was thrilled to see me. i never saw him before and he told me that he just stepped up. he just got involved his excitement was infectious. when i see young people, it really, really blows me away. his name is steven. and i'm excited like that. i don't sleep at night. people say, man, you need to sleep more. i can't. i can't wait the wake up. i'm excited. i love this, right? it's not just because the stock market's the greatest money-making machine in history. what i love is everyone in this audience, everyone watching can participate. to one can stop you there from participating. -- from participating. guess what? if this week these companies, these wall street firms, they're making 30%, right? if don't settle for less. it's all about knowledge. i've written three investing books, unbreakable investor. get your free come right now. go to unbreakable investor.com. don't forget, greatest invention

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