of it's down 35 over the past call it six weeks because ukraine couldn't afford to buy as many drones. they didn't get support from nato, including the u.s. so buy it. jackie: we have to stop with our buying of chinese drones. >> yeah. yeah, enough of the chinese drones. jackie: yes. >> yes, can i high-five you? brian e brian only 10 seconds left, adam. great stuff. taylor: this was fun. some friday energy. the markets certainly feel like they have friday energy. you have a good rally underway. we're 6,000 on the s&piments our record was 6090, so we're getting closer than we were at least yesterday. that's where we punt it over the charles payne. charles: all right. thanks a lot. loved that last conversation. jackie, i sent you an e-mail. [laughter] i'm charles payne and this is "making money." breaking right now, animal spirits taking ahold of the market because we're getting closer, folks. that's right, the rally is electric, you can feel it. are you participating?

phil blancato, brian belski on where you should be as we enter a new era in america. meanwhile, wall street, you know, and main street, they don't always, they're not always on the same page particularly when it comes to technology and the robots, folks, they're coming. if you saw my show yesterday, you know, how do you make money on it? if we've got great ideas. also president trump, his victory has, well, it's changed the tide, folks. everywhere across the board except one. we'll talk about that and reaction to the tiktok news with our serious power panel. all that and so much more on "making money." ♪ ♪ charles: all right, so you heard the term a lot after the election, animal spirits. i remember in 2016 i used to say it a lot. no one had a really heard it then, i was surprised. you see it this week. for instance, the retail sales number missed, but the control group, that was actually better because people are buying furniture, clothing, sporting goods. that miscellaneous category with

pets and flowers, that means a lot. that was up bigtime. there was one red flag, declining restaurants and wars. that's sort -- and bars, that's sort of a red flag. there's always a message, and it's always beneath the surface. the last five sessions we are seeing that rotation trade that a wall street was betting so haley on last year. it's emerging. what i mean by that is the red lines here, technology, communications, they're down for the last five days. financials are up, industrials are up, materials are up. you know, these are names that reflect maybe cyclical growth that maybe would really be pretty good. mega plaintiff cap is rocking -- mega cap is rocking today, and i think it's got to have a prominent place in your portfolio. but if they were to to slow down or pull back, what you would see every day is that the market had splatteredded down. yesterday's a prime example. despite the market being down, look how many stocks were up. on the new york stock exchange, 61%. on the s&p, 75%. so even though, even though the

market was down, actually it was a pretty good session. the russell really looked pretty good yesterday. the russell 2000, in fact, i think is beginning that stealth rally people were looking for. here's your candlesticks for the week. look at this. remember, this was a rocky week until the last couple of days. the good news really for small caps is they really have been small. they are a tiny fraction of the overall market. this is your overall market. they're down to just 3% of the overall market. what that means, a little bit of money comes out of these large cap names can move the needle bigtime. and the market, of course, is getting help, in my opinion, from comments from two maces yesterday. fed governor waller, he laid it on thick. we're going to cut, we're going the to cut. he says they may cut four times. and scott bessent's confirmation hearing was absolutely fantastic. let's bring in phil blancato. phil, last weekend i spent a fair amount of time -- this weekend, right, talking to

investors, particularly new subscribers. i'm nervous ors i'm selling. [laughter] whoa, whoa. we're down, like, 3%, 4. i'm sure you go through this exercise all the time. but this weekend the conversation's going to be a lot different. what's changed in your mind from last friday going into the weekend to this friday going into the weekend? >> a ray of sunshine. that inflationary print was weaker hand expected meaning maybe there is 3-4 cuts, and that gave the market what it was dying for. we didn't get that in november or december can. the thing we sod badly want, lower interest rates to lift small caps happening. and what happens? the breadth of the market widened out. our firm if one trade this year, small caps and market -- charles: what about the eclectic nature of the market? these are your top percentage movers, right? you've got an oil stock at the top. intel looking intriguing. i think they'll be taken over at some point soon.

you've got some interesting things here. obviously; you've got three cruise ships, i know carnival -- [laughter] you've been killing it on carnival. >> 40. charles: what do you make of the eclectic nature? you've got a lot of bottom fishing. is that good for the market? >> it represents consumer strength, all of it. even energy because the future of a.i. is all about energy, and maybe intel is the one that's an outhighier. everything else is simply about -- outlier. everything else is simply about the strength of the consumer whether it's carnival is, companies that create power. where we're going is about a stronger u.s. economy, and these are core companies. not that the mag 7 aren't important, but significantly less than they were -- charles: right. if you're talking about outperformance, right? >> exactly. charles: a lot of these names, again with, a align. golly, those stocks have been crushed. hen comes back -- >> that's where we're going to put our money to work now. you still are stronger retail sales reports, to your point,

other than things like going to a restaurant which we've done a lot of. i've got higher wages, i've done well in the stock market, let me enjoy myself. charles: let me ask you about one area that's been awful, the bond market. i think this is -- jim bianco put something outta says the worst bond market in 180 years. he put the chart up. [laughter] you know, phil's good -- i mean, jim's good. here's the point, the second largest amount of call action on bonds in the last week. people were betting big that this is the overdone. you don't have to be a technician to say going back to 1940, it looks overdone. >> the pendulum went to 4.70, it belongs at 4.30, 4.20. rook where the fed wants to be. i wanted 3.50, we didn't get it. we didn't lose money because we've got a wonderful income on bonds. a 4 or 5% yield, i'll take that all -- charles: got you with. but he's talking total return. >> in the end, he's right.

i don't disagree. charles: amazon is a stock pick that you like, and i bring with it up because it's a potential suitor for tiktok. there's about 6-7 names floating out there. do they need a tiktok? you would like the stock if they bought them or not. >> i like what they're doing with a. a.i. the other stuff is fun, but where they're going with the cloud and data storage in a.i. is incredible. they'd be the one that would protect the data that that that the government wants. if they can buy it, they should be in on it all day long. charles: costco. one term you with like to to use a lot is stocks don't grow to the sky. trees don't grow to the sky. this is a tree that's growing to the sky, but you still like it. >> they change z -- changed their business mold. they caught up to the realization that they could do really well online. 34% online growth. if that happens, stock's going higher. i know it's expensive, but the stock's going higher because of the strength of the consumer. charles: i met a kid yesterday in the elevator, and he said, you know what?

i just wish i bought things i knew. costco, i wish i owned that stock, but he's in the market now. >> pleasure, buddy. charles: appreciate it. my next guest published his latest note on wednesday, and what stood out to me -- there was a lot that stood out to me, right, in this thing. he talked about the anxiety among investors particularly considering valuation levels, right? in fact, i just talked about that a with phil a moment ago. nevertheless, we remain confident in our bullish outlook for 2025 and do not see any material changes in the fundamental backdrop for u.s. equities. let's bring in bm if o cap -- capital markets' chief investment strategy, brian belski. spoken like a true perma-bear, brian. [laughter] >> thanks for having us. i think the fundamental backdrop was quite proven this week with the financial stock earnings that we saw. as you know, we've been longtime financial bulls, and the numbers are real. and i think the theme of scale,

the theme of deregulation and i think consolidation's going to happen in the next several years. so i think the thing most people are missing is the relationship side of financials benefits the small cap banks. and that's an area that, actually, have been left for dead, and people jumped to conclusions especially with the mini issues that we saw in march of 2023. so we believe that this is all part of, as you know, a big 25-year secular bull market, number one. number two, that 2025 really kind of kicks off normalization. and normalization is this high single-digit, low double-digit type performance, charles, that sees broadening performance from value, dividend growth, small cap, mid cap without really stepping away in droves from if large cap. i think you're going to probably see participation if from a lot of areas. charles: you know, it's interesting you mentioned those small banks. i think people are concerned about sort of the yields, right,

some of the delinquencies, rather. one thing you also pointed out in your note, and i just talked about this with phil, good news was sort of bad news. how important is that as a driver for these markets? >> i think it's really important and, quite frankly, i think it really starts to move away from this whole notion of we need lower rates for stocks to go up. we actually don't. think the key thing with respect to rates are stop looking at what fed if funds futures are saying or stop listening to what the fed is saying, you know, talking with respect the these interviews and know we're probably going to be in some sort of 100 basis point range for a while whether or not it's 3.50-4.50, and i think that's a really a, really good environment for stocks. and, oh, by the way, from a valuation perspective, remember, you get what you paid for. and i do believe the united states' stock market from a development standpoint is the strongest in the world and has been for a while. so we see assets still coming back to the u.s., and that's

what's going to drive market price -- prices higher. charles: one thing you brought up in your note, and i really love you for doing this because everyone's chasing these high flyers, but you talked about dividends. particularly dividend growth. since 1990, dividend growth up 16.5%, s&p up 1 is %, right? -- 11%. you also pushed back on the notion of rising rates, that they would hurt dividend growth. again, in rising rate environment, dividend growth still outperforming the market. so with that in mind, just talk -- you also gave out some key reasons, approaches. because not everyone is investing in dividends. i think more of our viewers would like to. i got your screen here. some of the things that you think are critical when making these decisions. just go over a couple for us. >> well, i think the biggest misnomer, quite frankly, charles, is you buy a company because it's paying a high yield. remember, a company's paying a high yield for a reason, because it's not growing fundamentally. earnings growth's positive, free

cash flow yield's above the dividend yield, and that's a key metric because you have to make sure the company can facilitate the dividend growth going forward. we have the very good fortune of running two dividend growth portfolios for our great wealth management channel in canada, the u.s. dividend growth portfolio as well, and we're believers in this type of let's call it dividend aristocrats with a flare of growth with that. and so we were very lucky and for chew nate -- fortunate because we're buying ap apple as a dividend growth company, by the way, but so too are the big financials that continue, we think, to throw off a lot of cash. and that's really the key metric. charles: i have a monthly dividend product, and i'm crushing it in part a because i don't focus on the aristocrats, i focus more on the companies that have the ability to grow not just the dividend, but the business. just sharing -- i looked at your watch list. it's long, but you do have some

outperforming. i just shared is it with the audience to help them get jump-started. everyone, you should try and form your own list. you're ready for the polar vortex, my man -- >> listen -- charles: by the end of the weekend, i'll have the same thing. >> i'm up in canada, and it is cold here, so i've got to stay as warm a -- charles: i never heard a canadian complain about being cold. that's why your tan is fading. [laughter] my next guest coming up has had an amazing hot hand in the last couple of months and can't wait to talk to her because she was doing something else, and and now she's back to what she loves the most. we'll be right back. ♪ this friday night do it all again ♪ if

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let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation

that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ charles: all right, so after mine years building two finance businesses, my next guest is back to money management, portfolio manager jim directer. grd, you did great work out there. i love what you did with grit. you recently posted your influence was your father, and whenever i hear these kind of stories i think it's good to share with the audience. talk us to about that journey you made into that part of your career.

>> absolutely. it's great to be back on the show, charles, especially now that i'm money managing again. i've come full circle. i started my career with my father. he built up a firm over the last 26 years. we now manage money for over 400 wealthy families, and he taught me everything i know. he wrote this best selling back in canada about managing his own wealth and, you know, building a million dollar portfolio from $50,000, and, you know, the apple doesn't fall far from the tree. charles: yeah. >> he influenced me to start a newsletter when i left money managing, you know, after several years of entering a -- of being a entrepreneur, and that grew into over 240,000 subscribers. but now i'm meeting directly with clients and making calls, so, you know, it's back to, actually, putting, you know, investing money. and this is what i love to do. charles: right. >> so now everybody's wondering what's going on in 2025 -- charles: well, tell us.

yeah, yeahing congratulations on boeing full circle, right? and it's a little different, right? publishing, the pressure is a little different. but let's talk about some of the key messages as we go into 2025. you laid out some for us, what i thought was interesting, volatility, i think everyone agrees, no recession is a leaf. do you think at the -- relief are. do you think at end of the day things like tariffs will be lower? >> so here's the thing, right, the biggest kind of political soap opera that's gown on right now is this impeding -- going on right now is this impeding trade war between canada and the u.s. i'm up in canada right now, and a lot of people up here are shaking in their boots because there's so much uncertainty as to what's going to happen. and we don't wail have a leader in place right now. our prime minister has announced he's going to be stepping down, so there's a race on for a new leader, and there's been some strange activity. so the premier of alberta where the bulk of our oil and gas flows out of has flown down the

mar-a-lago to meet with president trump who's about to be inaugurated on monday and, you know, celebrity kevin o'leary to try and negotiate, you know, something here on the tariff front. charles: right. >> but we think there's probably more bark to the bite from trump because we think when he's inaugurated on monday we're going to get more clarity, and these tariffs are going to be the more gradual. charles: right. >> we're going to have to step up to the plate and, you know, kind of give in to some of the things that he wants like secure the border, you know, step up is and spend on nato how we committed to and, you know, obviously, he wants a little more revenue -- charles: i'm glad you're saying that because a lot of our guests act like this is the greatest sword of damocles, and they're hurting their investors. let's talk about bullish trends, institutional repositioning. you think inflation tamed and strong the earnings. so with that as a backdrop, you do like microsoft, you like

united pacific railroad, right? >> yeah -- charles: union pacific. >> yeah. we've been adding to and taking positions in our aggressive mandates on microsoft. so microsoft was a laggard last year. it was only up 12, you know, whereas the market was up over 23%. if that's because they did a massive spend, massive cap-x spend on generative a.i. so they built out these data centers. many of them are empty or not completed at the moment, but the mantra for microsoft going forward is once they build it, they will fill it, right? is we're looking for cap-x to go down, revenue to go up and earnings to follow suit. so look out for microsoft. union pacific, another laggard. service down 7% in 2024, but this is a quality railroad that has underearned for three years, basically because they had higher costs due to labor inflation and disruptions around port strikes and hurricanes. more importantly, because trucking industry, you know, had lower rates and comparatively

more unattractive, but that's going to change in 2025. trucking rates are starting to rise, so rail looks more attractive. and, of course, donald trump coming in with his pro-business, pro-economy stance which i think are going to be really good for volumes for the railroads. and, of course, those tax cuts are not going to hurt either. charles: right. you know what's so great about your work? it's so thoughtful. it's not, hey, has a low pe ratio. congratulations, we'll talk again real soon. >> sounds great, charles. charles classer all right, see a ya. well, all a aboard, folks. it is full steam ahead for fiscal dominance whether you like it or not. if you're not sure what it is, you're going to learn. lynn alsoen has been on top of this, and she's got sort of an ominous warning, but you have to hear it. she's next. ♪ i want money ♪ if

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charles: well, my next guest just published a report entitled full steam ahead, all aboard fiscal dominance. i want to bring in lyn alden, investment strategy founder. i do want to read for the audience, you put in an executive summary the bulleverything t from the first one. structural fiscal deficits have surpassed monetary policy as primary drivers of economic activity and inflation mark a

fundamental shift in the economy easley quiddity dynamics. it -- economy's liquidity dynamics. what does it mean for the viewer? >> thank you for having me. i think the main takeaway is we're under different -- than we've been for the past 40 years, we've probably been in in this phase for about five years now, and i think it's likely to persist well into the 2030 rs. and basically, it means things run hotter than we're used to. a higher level of background stimulus, and it's relatively inflexible and relatively not correlated with the various economic and credit cycles that we go through. so you're measure more likely to get higher nominal gdp, and basically just hotter overall asset pricing for the most part unless you have very significant disruptions. and it's probably going to last longer than most investors expect. charles: and i loved the chart that you put in, right, for

this. it's really amazing. so it's like a merry go round, i mean, you know, higher interest rate expenses take us to larger fiscal deficits which means more money printing, qe, direct monetization, sustained inflation pressuring back to high interest rates. how do we break that cycle? [laughter] >> the short answer is it's very hard. so back in the '70s and '800s, debt to gdp was low, and midwest of the money creation was from bank lending. so when they raised interest rates, they slowed down bank lending and inflation. now you have a very high stock of debt so when you raise interest rates and keep them elevated, it blows out the interest expense, is can and that money flows into the economy and is spendable. there's really very challenging ways around it, probably it involve ises a default of one way or another, and many countries that print their own currency, that default normally takes the form of purchasing power reduction. so over past five years bonds

were an abysmal asset class to be in nominal terms, met alone real terms. and while there can be good years ahead from these yields, i still think that long term the dollar and bonds are not going to be great holders of purchasing power relative to scarcer assets. charles: we got the cbo stuff out today. the peterson institute saying there were many policy solutions, but you say the department of government efficiency, right, doge, is unlikely to make any meaningful cuts to federal spending in part because only 14% of the federal budget is non-defense, ask discretionary. and that 87% is hand our. >> -- mandatory. >> i think there's a large number in absolute terms, but it's probably small relative the to the numbers we're talking about because the way that the government spending works is a lot of that is transfer payments. so a lot of that is medicare, a lot of that is social security, a lot of that is interest expense. i do think both the dod and

some of the non-dod discretionary areas are ripe for streamlining and improvement. but i think in that area we're talking on orders of hundreds of billions, we're not really talking on the order of trillions that the deficit is currently at. charles: hey, before i let you go, you were a bitcoin bull before almost anyone, but president trump is coming along. he's going to make a massive push for bitcoin. where do you see, i mean, can in this actually take it to where it was going to go in your mind sooner? is. >> i think we're still relatively on track. my long-term projections assumed over time that governments get involved. i think the u.s. is getting involved earlier than i previously thought that they would. and so i still generally have the same long-term view. i think we're beginning to go well into the multiple six figures as we progress through the rest of this decade, most likely. charles: all right. i'll hold on to mine. lyn, thanks a lot. great seeing you, thank you. >> thank you. you too. charles: bitcoin up about 11% this week, 11-15%, in part

because of comments, today it's up, like, today, right, scott bess e sent yesterday with actually said he sees no reason for the united states to have a central digital currency, central bank digital currency, and my next guest actually says mr. bessent is off the an amazing, rational start. qi research, their ceo, danielle dimartino booth. danielle, i thought that was a phenomenal performance yesterday, you know? i think, i think even i personally have more confidence in the trump financial team, and my confidence level was already high. talk to us about your thinking. >> so incoming treasury secretary scott bessent was so even-keeled, so level-headed and so articulate. he was very calm in saying, look, i mean, if we're worried about fiscal dominance, then why on earth is the the dollar the strongest currency everywhere? and why is it so widely adopted? for all of the scare that it's

going -- that other currencies are going to be adopted, that's just not the case. and as far as the central bank digital currency goes, charles, you know i have some very strong opinions on this. you know, it's kind of a progressive's dream, it's orwellian. it's 1987, it's big brother, and bessent is rational enough to know that in a country like the united states, we don't need people breathing down our throat, the government, and dictate thing what we buy, how we buy it and if we don't spend money, if we're going to the get hair out cuts on that. so i really enjoyed his testimony, and i wish him the best of luck in trying to reduce this deficit which would take us, obviously, the opposite direction of fiscal dominance if he was to succeed. charles: right. you know, and u.s. central banks, i don't want them -- i don't think they need any more on their plate. certainly, i'd like to theme redone. but i do want your thoughts on that, because i feel like this inflation issue has slowed up the stock market rally and put a

lot of question marks out there because of the abrupt pivot, you know, from jay powell, you know, from meeting to meeting, right? you make these big decisions, and then you have these abrupt moves. i didn't have a lot of confidence, i know you have more confidence in jay powell than most people, but what do you make of the role of the federal reserve going forward particularly as the trump administration takes hold? >> so i do think that powell if's performance of late has been rather unsettling. it's been like trying to watch a yo-yo. i was very heartened to hear kind of husband first lieutenant -- his first lieutenant, the person who's got his ear more than anybody else, christopher waller, saying that he thinks in march we could be resuming rate cuts, and i think that's probably the right path for the fed to take. i was even more pleased, charles , with an announcement a few minutes ago that the federal reserve is stepping back from a global initiative to have climate change enter into central banking. charles: right. >> so i was pleased that the fed stepped away from that. i agree with you, charles, i think that powell's going to

have to be more consistent going forward and not have it appear that he's being political. charles: there's a monster spike in the philly fed manufacturing report. i'm not sure what drove that, but other than that though, i've seen no evidence of this manufacturing renaissance. and i know this has been an area that a you've been concerned about. the overall state of the economy, particularly niches like manufacturing, were, you know, we were told it was coming back, but i haven't seen it. >> you know, i haven't either, charles. and i don't exactly have a bird's eye view. but if you listen to to one company after another in the industrial space, they're saying that the industrial sector had a heark going from -- heart attack going from november to december. if you're welcome -- listening closely to these earnings reports. and if you looked underneath the hood of jobless claims, my goodness, michigan, illinois, that whole area in the midwest that we used to call the rust belt, that's where we're seeing claims rising. in the case of michigan, at the

fastest pace, the pandemic notwithstanding, since january of 2008. so nothing right now says or validates what we saw out of the philadelphia fed whether you're talking about companies on the ground or individuals applying for jobless benefits. charles carls yeah. a lot of stuff there. i'm glad we have you to go beneath the surface on some of these things. daniel, talk to you soon. >> you too, charles. charles: blockbuster earning, right, from these banks really set the tone. a.i. really doing extraordinarily well. that's the ultimate one-two punch. but i think it's just the beginning. in fact, get a pen and paper ready because my next guest also has some names. she has been so great, and she's going against her colleagues for a while, and she's been right. find out what she's up to next. ♪ -- and it's now or never 'cuz i ain't gonna live forever. ♪ i just wanna live while i'm eye live ♪

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let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ charles: so i'm still getting a lot of great feedback from the town hall yesterday, folks. it was phenomenal, if i must say so myself. it reairs saturday, tomorrow, 6 p.m., and sunday at 11, and many loved the robots and a.i. segment. and this is an area that i think main street actually gets a lot more than wall street, which is odd because the industry keeps telling us that this is just the

beginning. just this week alone, right, taiwan semiconductor, the ceo -- which, by the way, rocked it. they brought all the semis along for the ride. some of the things he talked about, strong surge in a.i.-related themes, demand continues. large contributor in terms of of overall revenue. he's telling you it's going to keep happening for the next several years. he says, but everything is a.i. and finally, we have a very tight capacity and cannot even meet our customers' needs. so the idea that there's overcapacity, all these things you hear with chip names, forget about i. and it wasn't just them. emphasis, they talked about a.i. a., remember, salesforce.com's stock went to a giant loser because of those agents. and goldman, this is really amazing, talked about drafting 95% of their s-1s in just minutes using a.i. -- in just minutes. let's bring in chief investment

strategist anastasia amorosa. first, i remember just, i don't know, maybe my timeline might be off a little bit, but about a year or is so ago everyone on wall street started saying get out of it. you were the only one saying stay in it. [laughter] so you're not necessarily surprised. but it really is amazing to me, this a.i. story. do you still think it's in the early innings? >> absolutely. the reason why i said stay in it is because the true potential of artificial intelligence is certainly not priced in. that was not the case last year or this year. i think the interesting thing about artificial intelligence now is you've got to broaden out the exposure the it. we've seen the first phase which is really investing in data centers and semiconductors. that is going the go on. but it's really broadening out to, as you mentioned, some of the software names that will start to roll out a.i. capabilities. and when i talk to our chief data officer who's been in the industry for a while and i ask him to what extent have we 'em -- implemented some of these efficiency, we're in the baby

innings because we have the get the data compiled and structured and standardized before we can do anything with it. i think a lot of companies are in the early stages of that a journey. so i think a.i. software will continue to roll out in the future. charles: so some of you -- and that's part of your themes. a. i. software, a.i. power which, you know, we talk about a lot. trump 2.00 policy winners, what are those? we know his plan is to be domestically oriented. >> well, that's exactly right. we sort of have to dust off the 2017-2018 playbook, and we still is have these baskets top of mind for us. for example, if you look at the onshoring basket from goldman sachs, for instance -- for example, it's done really well this week. and we're starting to see system distinct between the factors because coming into the year you had companies at risk of tariffs trade kind of the same as the onshoring beneficiaries and the domestic names. charles: right. >> but we're starting to see

some of that widening out. obviously, the inauguration is on monday, and i think that's going the a dominant theme for this year. charles: financials, you like, the election bump started to give some of that back, but now we're back up, right? we're starting to rally here. >> yeah. charles: you're looking at this -- well, we had a bank earnings that were phenomenal. >> we had blockbuster bank earnings this week, and it really ticked all the boxes. first of all, if you look at the net interest income growth, it was okay, but the guide was quite positive. if you look at the expectations for capital market activity and what was delivered, it was also very positive. so this is a lot the like about bank earnings, and i think the full potential upside is not priced in. charles: yeah, i don't think so either. another part of your theme is alternatives. this was yesterday in investment banking news, and they talked about cross-selling to wealthy clients. so we're hearing this more and more, my audience is hearing this more and more.

but a lot of folks don't know what that means. that are alternative investments, and why is this the moment? >> right. an alternative investment is really anything beyond a stock, a bond, atf or mutual fund that you don't buy in a similar fashion. it might be instead of public equities, private equities, infed of -- instead of public fixed income, private fixed million. there's more is and more product innovation, solution innovation that's really broadened the markets. you don't have to the write a $20 million check the allocate the a private credit fun or even evergreen private equity fund. the check size can be much smaller, and those products are much better suited for individual investors. charles: that's great stuff. thank you so much. you've been killing it. >> thanks, charles. charles: all right, folks, when we come back, tiktok, obviously, the big news of the day. a lot of scuttlebutt on what's going to happen sunday, who's going to buy them. we've got some other things with china that might be even bigger.

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...to empty nest... ♪ ...to free birds. ♪ vanguard. we got this. fifty years of helping you invest for every chapter. charles: so i started the show talking about animal spirits. i mean, you can really or, really feel it. and it's not just today, right? trump's victory has shifted the tide in so many ways and on tom levels. i mean, we've seen it bigtime in these surveys from small businesses, farmers, the housing market. but look at the attendees at the inauguration. you wouldn't have thought this this a year ago, the titans of silicon valley will be there. bottom line is trump is as popular as he has ever, ever been. his approval up across the board. it's up with republicans, probably naturally, right? but independents, even democrats by 8%. non-whites, get this, by 26%. those under the age of 30 by

18%. and college degrees, up 17%. here's the interesting thing, right, when it comes to college can and young adults, and that's the pushback from the education system, particularly colleges. you know when they go back to school -- [laughter] there's going to be a lot of pushback. and this is why. colleges really, they're reworking system -- system of the dei stuff. hook how much effort they put into it. academic papers, this is just the spike in dei-related terms from academic papers. everything surged, right? there was social justice, inclusion, underrepresentation, all the buzzwords, microaggressions. they absolutely surged. they never wrote patients about these before x that's all they wrote about. and here's where it gets interesting. we're in a race to stay on top, and that race is the preeminent nation in the world centers around technology. and the only reason china has been able to keep up their pace is their universities. i highlighted in red their universities, all. a.i.

these patents for deep learning. if it wasn't for the universities, china would not have been able to keep pace with us. in fact, since that china 2025 program a few years ago, universities have led global a.i. patents. they have 86%. you know what our universities have? 3. so while today's news about tiktok and that ban is a great story, the real battle will be in trade and a.i. [background sounds] >> knock it off! >> i'm scared. [laughter] >> what the hell? >> i know. i know you're mad. >> you've got to keep your eyes on the ball. muck. [laughter] ♪ charles: all right or, folks. joining me now, abby hornacek, fox nation host, and "big money show" cohost taylor riggs.

>> i'm not going if to be able to see those videos ever again? >> there's great video recording that, not right now, but another app. [laughter] charles: if they're popular and someone is making money off of them, i thought it was interesting, initially all the social media stocks were down. i guess there's no hope for snap. but here's the thing, do do you hey, we don't care if chinasay, steals our information, or do you just have hope this'll be a nothing burger at the end of the day and president trump will find a way to negotiate a deal? >> i think president trump's going to negotiate a deal because he has been so successful on tiktok. so it is a personal interest of his that it keeps going. but not only the the 170 million americans, but there are also 70 million plus businesses on tiktok. and, charles, i have been a person with has not down downloaded tiktok. i don't have with it. i saw it to come on the market, and i'm like, you know what?

i don't need more distraction, got into cho theying -- crocheting instead. this is the best thing for someone like me who doesn't have tiktok, i think it bodes well for them because now i'm thinking about downloading it if it's acquired by someone like kevin o'leary and frank mccourt. we'll see what happens. charles: what do you think? >> we just interviewed frank mcif court. he's confident that that he can comply with the supreme court order and keep tiktok alive for the content creators, the economy that we have associated with it. the americans who want to be on it, who like it. he has the deal. we'll is to see if it goes through. charles: we'll see. he's not the only one, i think. amazon -- >> correct. charles: they're got some deep pockets too. >> you got 20 bills? $20 billion. charles: if there's a bidding war, it's going north of $50 billion. i understand someone trying to buy it for 20 the bill. i'll throw my hat in the ring if

i can raise the money. i think a.i. and trade are the two two big battles, and and we should be pulling away from china on a.i., but they're keeping up with universities. what to do you make of that? >> a.i. in universities? charles: yeah. like the fact that our universities have been so focused on other things. >> yes, e i agree. we've been so focused on dei and everything that we've been falling behind. one of the things i loved too was that scott bessent pushed back on how china's winning the the a -- the clean energy race. he was, like, no, there is an energy race we have to win. charles: right. >> he's spot on. we have the win in everything, absolutely, a.i. a.i. has to be the number one. i'm so confident that this next if administration at least can get us back on track where we're focused on meritocracy, on winning, on education, on thinking about the next decade of what's the come, the next three decades of what's to come. charles: let me stick on colleges for a moment. there's a headline that says historic rise in college-educated women in --

changes the work force. what the heck is happening now here? >> we have to understand, i think that study that was done in 2019 was kind of a culmination of the last 40 years, women now entering the work force that have been through college when now have more financial autonomy and have been able to focus more on their education. now we're at ground zero with these girls who are losing ground. a lot of people are pointing to the pandemic, the fact that boys are more likely to act up during school and teachers had to to focus on them. you had some girls staying home and helping with household duties. so that in addition to i saw one teacher saying that the girls have comparative advantages in school as well, so when you take school away from them, they don't do as well. charles: i got less than a minute to go. i have the get to the bottom of this. dry january's working, bigtime. gen-z, alcohol is fading. we heard from browne forman,

jack daniel's sales collapsed. what the heck is going on? >> mental health. i think this is a generation that grew up during covid that is so obsessed now with mental health, they know that how bad the red dye 3 is, how bad tiktok is for us, we hope eventually we get there. they understand how drinking is bad for us, they're pulling back. >> she's so smart because she doesn't drink. [laughter] i am buying it, charles, because if you have heard of dr. amin, he's a brain expert -- charles: on tiktok. [laughter] >> yeah. no, but he does have critics as well. he studies the brain -- charles: ladies, thank you both very much. have a have a great weekend. liz claman, over to you. liz: yeah, on tiktok. [laughter] we've got a lot of tiktok news here. take a look at this. the s&p 500, folks, right above the 6,000 level and trying to stay there right now. the markets are actually having their best week since early november. of there it goes, just one point above the 6,000 level for the s&p. still gaining, a