18 time earnings and the implied valuation doesn't bring it there dupont is at 75 a share in it could be close to 100. >> i think most people have heard of dick's sporting goods, not sure if they've heard of the competitor that is poised for breakout and devalue buy-in about you trade where consumers are being a little bit more value conscious and it's interesting with a clean balance sheet and a couple pickup. >> the stock is up. >> this edition of barron's.com follow us at barron's online with the latest updates. that's all for us we will see you next wee

this is a fox business special presentation, unbreakable investor in the new gilded age. here's your host, charles payne. >> 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's excited too because it's going to get really amazing. but we're going to talk about why it's going to get amazing. welcome to unbreakable investor, the investor in the new gilded age. i want to start with a lyric here that i think is appropriate for many reasons, but it's been no bed of roses, no pleasure cruise. i consider the challenge before the human race and i ain't going to lose. and we mean to go on and on and on and on. we are the champions, my friend, and we'll keep on fighting to the end. so when i think of those lyrics, i think it's perfect anthem, right? it's really for any 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 all ready right now for

a new golden era, am i right? i think i'm right. right. and i think we're on the cusp of being an unbreakable country yet again. on monday, we're going to have a new commander in chief. it's going to be a familiar face with the familiar mission, but also more clarity, right, on how to actually execute, make it happen. i think president trump will jump start the united states and spark what i would call the second american century. yes, a golden era in this show, i'm going to show you history, right, 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. right. and that's repeating itself. in fact, a whole lot of stock mavens are 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 would be the golden gilt, the gilded age rather. right. this is the new gilded age and what

i mean by that. take a look at this. the first gilded age, known for rapid industrialization, economic growth and political corruption. we can all agree, at least on the last part. right. all right. key issues are race, ethnicity, immigration, labor, political corruption. again, monetary policy. notable figures john rockefeller andrew carnegie, cornelius vanderbilt, j.p. morgan names that we all know 100 years still. right. think about this. today we've got jeff bezos, mark zuckerberg, elon musk, bill gates. so all the all that stuff is still there, right? it's still it's still really amazing now. but history calls them the robber barons, which is a derisive term i think is really wrong in many ways. in fact, that's sort of a caricature of 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's a robber. robber barons. they're right. they were happy they took advantage of the public. but i got to tell you

something. that's from schools in hollywood. that's their standard treatment. it was anything but. ironically, even last night, president biden used the term to warn against technology ceos. you know, i'm going to show you how the robber barons were actually 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 farm where they lived every year, praying that the crop would come in every year if it didn't come in. that was it. into these cities, into the urbanization where they had to stop praying again for the good crop, and all of a sudden they 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 1893. it was absolutely amazing. it was a fantastic spectacle. it introduced the skyscraper, ferris wheel, cracker jack, wrigley's chewing gum, the automatic dishwasher. look at

this. this is the white city. imagine in 1893, going to a spectacle like this. people didn't know a five story building that was a skyscraper. it blew people's mind. it was amazing. absolutely amazing. had the 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 that we don't talk about. biographer kevin phillips actually says mckinley's election was a breakthrough, and it marked the first time in two decades that the republican party had solidified its majority right. he put the gop in a position to dominate american policies and politics for generations. phillips also noted that the prestige and the power of the presidency itself have been a massive decline, in that mckinley restored it. so later i will share parallels between mckinley, william 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 charles: with that i want to make sure that 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 a handful of stocks went up but enough to change people's lives so look for them, find them. good news is you'll have the perfect backdrop. if you understand how to take advantage of it, 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. 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. zuma, hi, how are you? >> hi, very well. charles: your question? >> how do you suggest to start investing in the market? charles: 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. every time i run into money. what should i do, man? get out of here! >> [laughter] charles: you telling me that every time. how many times do you get hit by a car? i'm just joking, a little bit. so but, 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. see the big mistake a lot of people, they will finally open the account. and they will finally put something in there. they will finally buy a stock. 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 it goes from $2,000 a share

to 1,500 they are like oh, it's not for me. it never works out for me. make it a life long endeavor but started to, please. >> thank you. charles: michael c. from new york? >> right here, sir. how are you? 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 are 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 just going to be all robotic cars, and if you put a human in the mix we'll mess it up. we'll dedriving all of a sudden like oh, did i leave this on? >> [laughter] charles: all of a sudden all of

the computers were 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 a.i. can't figure out but it can help in terms of you want to find a company with the best return on cash flow and best free cash flow? you know these important things that are mundane 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 so use it to your advantage. in 2000, were a lot of of these black boxes, and it was like going to be wonderful, the big time rally. none of it really 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 there. >> [laughter] charles: too late. so as we go to break i want to share one of dozens of testimonials that you'll see on the unbreakable investor website. neil says he has a significant

nest egg using the tools from the book. of course you can go right now "unbreakable investor".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. leland:s ma.let's make this hap. i want everyone to do well. so when we return everything you've heard about the robber barons is 100% wrong. special guest, larry kudlow and steve forbes. you can't do better than that. we'll be right back. >> [applause] [sofi mnemonic] can a personal loan unlock your ambitions? oh yeah. borrow up to a hundred thousand dollars to consolidate bad debt and save money for your next goal. take a swing at your kitchen reno... meant that literally. or design your actual dream wedding. consolidate bad debt and fund all your ambitions with a sofi personal loan. go to sofi.com to view your rate.

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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. ♪ ♪ >> [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 borrower, all these fat cats sitting around and everybody else holding them up, right? just making them, helping them, just whatever. distortion. but think about the industries that didn't exist. steel, oil, railroads. yeah, those were tough industries and in the beginning, working conditions were tough, but people were making money. that's how you had the rise of the robber barons. it sparked production and as far as people this is 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 wages looked like. does it look like they took advantage of people? prosperity was sparked right? it was absolutely amazing. you talk about that. one of the things i did recently, i went down a rabbit hole and found this. i wrote a piece and i was talking about easy street so i wanted to find out the first time the term was used and it

was used in the 1800s by a labor union and they talked about this worker being up on easy street going to see ms. comfort. he had disposable income. cash. this was a labor union. it was 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 when we came to the 1900 whoever was in charge said we've got to stop using the word panic. next time use depression. that didn't work out too well. we had two during the guilded age and guess what? we still charged ahead. america still superceded great britain and we 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 and steve forbes, gentlemen thanks so much. >> [applause] charles: i think it's a great

day to be here too because scott bessent is in confirmed today, and just -- larry: a free market apostle of growth. charles: unabashed. they tried to trip him up in so many ways, it's like head start. you know? we should 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. but your wage chart is 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 and 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. >> carnegie. >> gradually with steel made possible, you look at the thousands of miles of railroad built in this country that period from 1870 to 1900 compared to europe and

the rest of the world. we're way far ahead which is why we industrialize faster than anyone else. surpassed the british and germans. larry: henry ford doubledded the wages of ford motor company from about two and a half bucks, like $1,900, think of it that way to about five bucks so they could afford to buy -- >> an eight hour day from 12 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. i mean, carnegie, rockefeller, morse, edison. can i just read this paragraph? charles: sure. larry: i wrote this for fox nation, two-plus years ago we did 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 automobiles destination, and the wright brothers were launching aviation. okay? >> and 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 today's 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, $3,350, one hour battery life and today it's more than telephony, it's 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 and think nothing of it. charles: last night president biden mentioned the robber barons and the traditional way that it's done in academia and elsewhere, steve, and also the oligarchs. the 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 might have been 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 it still continues 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 have all these stores you could buy things cheaply and then they became the david against the goliath of amazon and so these things go on all

the time. but the key thing is they are brought under the context of the law. you see them changing. they recognize public opinion and in terms of anti-trust the free markets will do it. i'm old enough to remember when gm was the big mighty company. got to break it up, take out chevrolet and the like. the 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 are going after, all of the social media companies, all of 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 become stumbling giants and for the most part it's competition that comes out and supercedes. i look at a company like intel. intel was, 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. joseph shumpeter. creative destruction sort of the entrepreneurs handbook. the new, always replacing the old. don't get in the way of it. don't get in the way of it.

let, as steve forbes said, let free markets and free market capitalism flourish. by the way, food for thought. in the guild 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. larry: very well-put. >> he stopped inflation, the kind of which we had in the 70s and in recent times. in 1896 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 and recent times what inflation, the anti-mckinley ends up doing. larry: by the way scott bessent argued for king dollar and 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 and 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, and 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 regulatory socialism that 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 are going to try to undermine that. charles: let's do it. speaking of two cool brothers look at these guys, ha? living ledgends. larry kudlow and steve moore. >> [applause] charles: thank you, steve forbes, thank you very very much appreciate it. all right folks. when we come back, do we have time? no. i'm trying to stretch this out as much as i can. by the way get your free copy of unbreakable investor, go to unbreakable investor.com a $30 value and you have to pay shipping and handling but we're going to make so much money. we'll be right back. >> [applause] my parents worked hard for everything we had.

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>> [applause] charles: all right, welcome back. so, there's a second part to this , right? the guilded age, what's ironic with 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 author robert w. mary subtitled his book the architect of the american century. and parallels with him and president trump, i mean just 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, and he wasn't anti-immigration but he was like listen if we'll 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 really amazing and again, you think of some of this stuff. he hit the ground running. he got to work as soon

as the election. this is a little biography of him. i thought this was great. he got to work soon after the election day. sounds familiar. rather than waiting for the inauguration it's amazing people actually waited for the inauguration but that's what they did. he had what they called the developmental state. it was absolutely phenomenal. there was the origins of yanking expansionism, taking possession of the philippines and guam, and puerto rico, he acquired hawaii. of course truck-u-lent wasn't interetrump wasn'tinterested int term but those sort of 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 trump is setting his sights on greenland and the panama canal. it's strategic and brilliant so let's talk about tariffs because

always they spark markets. they will shake you out of some of these stocks. why was mckinley so enthrawled by them? a couple of these things were his childhood, right? and we're going to bring up a table to show you in the time he grew up in ohio it was the epicenter. it was the age of invention. and you heard larry and steve talk about some of 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, we still no owens, wright brothers, proctor and gamble, goodrich tires, firestone, all of this was in ohio at the time a hot bed of innovation and also a hot bed of intellectual power. the mother of presidents, all from ohio. 1869 grant, 76 haze, 80 garfield

and harrison in 88. i'll ask you a trivia question later who was last one. no i won't. >> [laughter] charles: so, under this guise of greatness he saw this greatness in front of him and he wanted to protect it but also workers. he said listen first and foremost think tariffs will protect american workers and he saw what happened with great britain. they had the first industrial revolution and they sparked it and tried to protect it. along the way he started to amend some of these things. in the second inaugural address he said reciprocal arrangements should liberate the spirit. he also made more adjustments in fact he was at the pan-american exposition in buffalo the day before his assassination. 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. we brought them back. i always like this little one you can't see it but this was the tariffs where afterworld war one, we had, everyone came back and looking for jobs and a terrible time, with a harsh depression. we put in tariffs and helped spark the roaring 20s. nobody talks about these. but we use tariffs a lot and very successful before then. so, also, mckinley. he did support skilled labor. right? 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 the masses. he favored regulating corporations and the influence in government. he created what the they called 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 7th 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 his 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 labor, this crown of thorns. you shall not crucify mankind upon a cross of gold. charles: joining me now independent institute senior fellow and author of good as gold, how to unleash the power of sound money, judy shelton. judy? let's talk about this , because she deserves that. >> [applause] charles: so let's talk about this because there was a huge battle in our country. some were silver, some were metal 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 and he gives a speech at the dnc and people go crazy, he becomes a nominee and now there's a battle. 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 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 that it's ingenius to make these compares, because the parallels between president trump ushering in a new golden age and all of 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 the stable monetary platform. his rule coincided with the classical international gold

standard. 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 pro tepro tell china. 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, light their hairs on fire. some people were reasonable and say it may be a one-time bump in inflation but when president trump introduced tariffs, our

inflation rate went down, and by the way, so how much of this is a scare tactic and why, you know, i had steve here and then 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 am so frustrated with the federal reserve. just particularly the 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 group of people and that's main street. and to your point, scott's point at the hearing today. rich folks have never done better than they have over the last four years, and 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 out there and tries to punish them so now instead of paying 15% on the credit card you pay 23%. delinquencies are through the roof. people are suffering. is there a way to blow up the federal reserve and remake it in 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 punished a private sector, by raising rates, but says nothing about government

overspending, what they're really doing is hallowing out the private sector and empowering 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 and i think that's going to be very important. charles: i do too. by the way i know you're advocating for the next brett in woods. hopefully in mar-a-lago when that gets done let's talk about it. judy you're absolutely the best. thank you very much. >> [applause] >> thanks, charles.

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>> [applause] charles: all right settle down. settle down. >> [laughter] charles: so, october. 1977. british rock band "queen" they released an album called news of the world and produced two legendary singles. one, we are the champions and believe it or not we were rocky was on the b side. they didn't think it was going to be a hit. the album cover was also iconic. it's absolutely amazing, right? the version by the way this version 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 felt, we feel now with respect to robots taking over our lives, attacking humans but the story of how this was created is even very profound. so, the news of the world album, this art cover was actually 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 and came out in 1953 so years before the album. the story, listen to this story. there was a character named vix en. they are in this space ship and he orders, you know, 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. vixen 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 is with the lungs he'd couldn't speak. they also administered 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 communications panel there was this one gauge and this gauge would tell you like at the speed how long you could live. initially your life expectancy the initially gauge was in a couple of hours and then started moving closer and 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 a plaque on the control panel that read a machine does not care. however, i want you to take a look at this. i'll bring in the album here. take a closer look at this. this is a closer look at the album. the robot do was intelligent and it was watching vixen, waiting

for him to give the order. he couldn't speak. his lungs were full. he was alive. the robot was on the verge of tears because he knew vixen wanted to live but he couldn't do anything about it until he got the order. joining me now chief investment officer ivana olefska. >> [applause] charles: nice to see you. one of my favorites. so jensen huang, mark zuckerberg, elon musk, this is the year. they are saying now this humanoid robots. the year of physical robots powered by a.i. i want to share this is from citi, folks and these are the different robots and how quickly the growth is and how quickly they are in your life. autonomous vehicles, that grows by leaps and bounds 17%. domestic cleaning robots, some of you need that probably. i do, i'm not going to lie. humanoids, drones, caring robots

like the guy needed on the space ship, commercial cleaning robots, food, grocery delivery bots, foodservice 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 vehicle so if i have to zoom in on two categories, i think those be the two. jensen highlighted during ces basically saying that humanoid robots, autonomous driving is another category which are robots that work on your computer side by side by you. all three will be very important going forward. charles: i interviewed sam altmann and we talked a little bit about at some point regulations, right? our great fear is that the robots hurt us like the 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. >> well that's a very interesting question. so, for all three categories, there is 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 their 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 out a theory at the beginning of the show why that won't happen but you moo it have bmighthave been in the gre. i have a theory we won't be allowed to drive with them. i want to share your expertise on the investment side. her work is some of the best out there. you 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

have the infrastructure, cyber secure utility platforms, all 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 that's 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 is a whole data infrastructure layer with companies like snowflake, cloud flare. charles: almost all of these are publicly traded companies so i'll share with the audience some of the names you like. we'll pull up some of the things you like. so inside the rack. nvidia, marvel, let's just ask i want to ask you it's relatively new. that got hot amongst wall street in the last couple years. >> that's right so it's a player on networking side and we think networking will be 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 mainly because of the robotaxi opportunity so if it's 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 to the value chain. charles: i saw a chart for morgan stanley and the robot taxis it's crazy. you'll be thinking of robotaxi in less than a year, maybe sooner. want to give a couple questions from the audience. first, let's go to steve? do we have a steve? kathy. kathy c. >> hi. are a.i. chip stocks still worth buying with a thousand percent in crease already figured in? charles: a.i. chip stocks. >> depending on the opportunity, there is a different valuation framework. nvidia specifically is actually not very expensive on any sort of valuation metric 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 pretty attractive here. charles: i'm going to go to another question quick. the infrastructure thing i interrupted you there. my subscribers are in snowflake right now. i love gitlabs. we got hammered initially now making money. looking at shopify. why is this the opportunity here? >> so different ones have different value propositions. zscaler is a player on the cybersecurity side. that's going to be key going forward and i don't think the way companies are set up right now is sustainable. charles: nobody is ready for it. >> they all need to change for the zero trust architecture. snowflake is a data platform company, so i think that's critical. cloud pro is kind of a new entrant both on the cybersecurity side and data infrastructure side. charles: can we caveat though? these are volatile. sometimes they miss, sometimes they beat. let's go to michael m. from connecticut. how's it going? >> good.

how are you. what does the future of investing in a.i. look like and how will the use of a.i. change the way that 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 rob taxis and another application like quantum computing charles speaks about but that's 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 that its becoming a lot cheaper. so you know longer have to pay thousands of dollars for tools you can quickly build them out by using something like perplexity a.i. or chatgpt so

we use it on the research side and it's just making the process a lot quicker and more efficient. charles: let's bring 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 like 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 and 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? some nuclear names right now because we know they need the power. it's just a matter of timing. >> some of this is 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 are really 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 has wall street missed the boat on this and you said they think in quarters where you think a lot longer. you've been killing it. >> [applause] charles: give her a hand. 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.

the independence of knowing, of knowledge, is indispensable. we're in a 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 right? like 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 people behind. i am truly concerned about sort of the gulf between losing jobs and those new jobs that appear somewhere down the line. there will be new amazing jobs. again, i was happy to hear scott bessent talk about this today and i think it's going to be absolutely phenomenal, and we need to embrace it but we also need to protect it. another reason i'm really excited that president trump was

elected was this , we talk about here, it's a race. who controls this stuff will 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. he told me that he just stepped up and he just got involved in the stock market and his excitement was infectious. when i see young people really blows me away. his name was steven. that's what i'm excited like that. i don't sleep at night. people say man you need to sleep more i can't. i'm excited. i can't wait to wake up. i love this , right? it's not just because the stock market is the greatest money making machine in history. what i love is that everyone in this audience, everyone watching, can participate. no one can stop you from participating. for years they tried to get you to settle for low gains. make 8%. guess what? this week, these companies, these wall street firms, they are making 30%, right? so don't settle for less.

it's all about knowledge. i've written three investing books unbreakable investor is dying to help you folks. get your free copyright now, go to unbreakableinvestor.com and greatest invention ever is the stock market in terms of making prosperity. grab your piece of the pie. go can i have another pancake? from full house... ♪ ...to empty nest... ♪ ...to free birds. ♪ vanguard. we got this. fifty years of helping you invest for every chapter. ♪today my friend you did it, you did it♪ pursue a better you with centrum. ♪ it's a small win toward taking charge of your health. ♪ so, this year, you can say...

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