and so they're, like, i have three kids, they're these ages, and they will pick -- and there's one in your neighborhood. best friends. jackie: you see if the kids would be responsible for it. if they are -- brian: they would only be responsible one night, but that's a good -- dagen: i've got the number. taylor: tip for your wedding, i just wrote with as a note to the guests, i donated in your name to an animal shelter. think about doing that that instead. >> that's a wonderful idea. jackie: my dog, friday, is an excellent cuddler, and i love her. taylor: so is mine. we love the rescues on this program. that was fun. we shift now to to, i'm sure, more focused markets conversation. we get to do that with charles payne coming up at a 2 p.m. charles: all right. thank you all very much. appreciate it. good afternoon, i'm charles payne. this is "making money." president trump just wrapping up a news conference on reciprocal

tariffs which has sparked really life into a defeated media, right? i mean, let's face it, they have gone full fear mongering. check this out, this is from the associated press. they say that the european union, canada and mexico have countermeasures ready to inflict economic pain on the united states. they're going to crush us. and then trump has -- well, he's not specified how he defines the term reciprocal. golly, it's ap. i think they would know what the word means. just in case, i decided to give you a few synonyms, right? mutual. how about we have a knew culley- mutually-respected trade plan? complimentary. just like if i charge you x, you charge me x, don't charge mez. and with that in mind -- me z. with that in mind, let's look at the current trade regime in the united states and europe. whether it's food, live an pal,

e. e.u. tariffs on u.s. imports, the orange line significantly higher than our tariffs on their imports whether it's food, whether it's bev rah ranges, animals, vegetables, chemicals, miscellaneous, manufacturing. we're slightly ahead of them, but all commodities are significantly above us. it's not fair by any means. tariffs are one part, by the way, of the plan for president trump to bring america into the golden age. we knowing of course, the other part is streamline this government and maximize our energy. now, on his first day in office, the president declared a national energy emergency saying we need reliable, diversified and a affordable supply of energy to drive our nation's manufacturing, transportation, agriculture and defense industries and to sustain the basics of the modern life and military preparedness. so the man in charge of all of this is chris wright. he's our new u.s. secretary of energy, and he joins me now. energy secretary chris wright, thanks for joining. you put out your nine pillars of the energy plan for the united

states. i just want, first, tart what the basic difference is with this administration from the prior administration. >> oh, charles, i would say president trump's agenda is 180-degree transformation from where we've gone the last four years. for four years we went to obstructing energy, i would e say a program of energy subtraction. now we're all about a energy addition. more energy, more affordable energy, more opportunities. we had four years of how can we make appliances more expensive and lower quality. i mean, truly keg rah rah -- degradation of life things. we're going to bring common sense back to that that as well. lng, the united states has become the largest exporter of lng, and then we decided we were going to retire and leave our allies hanging and not continue to grow our exports of lng. president trump is all in on expanding energy exports. great for our country, great for

our allies, great for the global economy. charles: you mentioned lng, refill the strategic petroleum reserve. that was one heck of a gimmick, could have got us in a lot of trouble. number six and number seven, modernize the nuclear stockpile and unleash nuclear power. we know this is the cornerstone of us staying ahead in the global a.i. race, right? >> absolutely, charles. look, nuclear technology was invented in this country, critical to the effort to win world war ii and to to prevail in the cold war. what president trump wants to do is modernize our nuclear weapons stock the pile. there's not been as much investment as there should be there since the collapse of the soviet union, but we want to modernize and upgrade those and keep our country strong and ready for any challenge. and, of course, related use of that nuclear technology is to unleash nuclear energy in the united states. first in fission but, ultimately, in fusion. president trump is about a

energy addition, american innovation and americans leading the world. charles: you know, we've heard for a long time about the electric friday and how vulnerables. it's 100 years -- vulnerable it is. a lot of presidents and administrations have talked about that. how important is it for the trump administration? >> oh, it is critical. it is critical. the last four years we've had almost no demand growth in electricity, yet the average american price went up almost 30%, and our grid got less stable. president trump is coming into power, we now have huge interest in investing in our country. a.i., a new energy-intensive manufacturing industry wants to locate here in the united states. i think if the election had gone the other way, it may have moved mostly to the china. charles: a yeah. >> but under president trump, a.i. is going to the stay in the united states. the united states is going to lead in that. but now we're going to have huge demand in electricity on our grid. we need to meet that demand, win

the a.i. arms race and keep electricity prices down for american consumers. charles: secretary -- >> that that's president trump's agenda. charles: i'm sorry. i've just got a minute to to go -- >> go ahead, charles. charles: this is something that's been on my mind for a wrong time. the united states, we run our refineries on heavy crude. back in the day we used to import that, and yet we have this sweet light crude that a we bring out of the ground. i know we can't put the sweet light in these refineries for the heavy stuff, it actually would cost more. but we're looking at capacity. for the most parting we're near 100% capacity. i never understood why we wouldn't build a couple refineries, i know that would take 10 or 15 years, but the message if would be, hey, when canada threatens to withhold crude oil for -- from us, we say, you know what? keep the heavy tar sands up. we've got it under our ground, why not build at least two new refineries? we haven't had one since 1977.

maybe one in the midwest and one on the east coast. >> charles, beautiful question, and you hit the punchline at the end there. we haven't built a new refinery in this country the 1970s -- since the 1970s. that screams out permitting reform. that screams out a new agenda of getting rid of the nonsense. and president trump's coalition of common sense so we can invest and build things in america to address opportunities like you've just nicely spelledded out. that's the plan. that's the plan from, charles. charles: listen, i've got to tell you, no one better for this job than you, secretary wright. hopefully, we talk again real soon. thank you for joining us. >> thanks for having me. charles: absolutely. i want the stay on this topic of this fear mongering because it is starting to work at least when you take these surveys. retail investors, the spike in bearishness is absolutely amazing. right now we've got 47% bearishness in this market. just not long ago we were at 29%

bearishness, 43% bullishness. and the main reason for it, an additional part of the survey for aa a iis, what do you think the impact of tariffs will be in well, 57% said they think it will slow growth and increase prices. and sadly, only a few think it'll actually make our economy stronger, just 12. 5%. i want to, on that note, bring in my next guest because she wrote recently that trump will likely not relent anytime if soon. let's bring in alli mccartney. you know, when i see this, okay, i'm going to go back here for a second. this is really crazy. now, i know wall street, when bullishness collapses, the contrarians on wall street think that's a good thing because the retail investor's always wrong. but i do worry about if, indeed, they are wrong, getting out the wrong time when it comes to manager like this. by the way, the market's pretty gooded the after president trump signed in more tariffs. >> yeah. i think that's a good point

because, ultimately, the worst thing you can do is sell out, because what you find with retail investors especially is when they sell out, they don't know when to get back in. charles: right. >> we've been largely between, let's say, 6,000 and 6,100 on the s&p for a while now, and we expect that, quite frankly, to continue as sort of institutional and retail balance back and forth and people look to see9 what the implications of the tariff are. but this earnings season has been really strong. we're still looking at a 9-11% next year. the breadth has been literally in all sectors. the s&p 493 and the mag 7. so we con to feel like this is -- continue to feel like this is a time to take advantage of volatility. charles: you mentioned the sideways movement, you where specifically on wednesday about how people may feel comfortable in cash, but that could be a mistake. more recently, money markets continue to soar, retail investors put $24 billion in, they're up to almost $3 trillion.

total, almost $7 trillion. and it feels comforting, you're getting a pick-up, but you're saying don't get too comfortable because this is not how you ultimately make a lot of money. >> not. i think it's a false security blanket. it feels good, but ultimately you're not doing two things, you are letting inflation hurt you because you are not getting into bonds where you can lock in a a yield and appreciation that are large larger than what your getting on cash, and you're not getting into equities which are, ultimately, the great inflation hedge. charles: let's talk about some of the ubs targets, 6300. you just mentioned bonds, big short position on tlt, maybe the biggest short position ever. yields drifting up a little bit. you still feel pretty good with bond yields, the 10-year being at 4 and maybe two rate cuts this year still. >> we do. ubs, on the investment banking side, we're now thinking it may be three rate cuts, on the wealth management side we're still thinking two.

the conversation you just had about a energy, we've all seen that scott bessent, secretary of treasury, has been talking about where he wants the 40-year to go and the relationship with oil. so so everything that we're talking about is going in the same direction. if i think that is the one area, the directionality of the treasury, where we might not get there -- sorry, not the u.s. treasury, but the treasury bond, we may not get there as a quickly as we think. charles: but you're comfortable we will get there -- >> again, directionality is not something we need to worry about, it's the extent and the pace. charles: all right. let's talk positioning within the tock market. you till like a.i. investment. spending -- still like. >> the numbers are astronomical, they continue to grow year of after a year. we're talking about those seven companies growing e the eps in the upper 20s and low 30s. this is absolutely a technological revolution, and right nows the still being ascribed in public markets to a relatively few and visible amount of stocks.

charles: and those stocks are represented in communication services which you find attractive. utilities, we just heard the secretary of commerce -- energy secretary saying -- >> don't underestimate health care. charles: that's what i was going to ask you. how do we get health care? i understand great earnings out the gate, big spending, everyone loves them, a play on a.i. that we need -- we have an energy crisis is. this is the one i'm not getting right now. >> so because we haven't seen it and we thought -- we've said for a while that we're going to see it there. when you talk to people in the health care space whether on the private or public side, the use of a.i. in terms of developing new treatments, new drugs, new protocols for the way that we manage if health care in this industry, that's a revolution that i want to be invested in. charles: all right. if you want to be invested in i- >> wait, wait, wait. charles: what's going on here many. [laughter] if. >> since i'm not here tomorrow, i had to ask you officially to be my valentine -- [laughter] charles: thank you very much. i accept. [laughter]

all right, folks, when we come back, i'll have crumbs in my mouth. also we'll break down the momentum. and every day i told you i'd give you a new a.i. darling? applovin. if you've watched this show, you might be long it. you'd send me more cupcakes if you are. let's talk about what may be the next applovin. we'll be right back. many. ♪ when emergency strikes, first responders rely on the latest technology. that's why t-mobile created t-priority built for the 5g era. only t-priority dynamically dedicates more capacity for first responders. choose advil liqui-gels for faster, stronger and longer-lasting relief than tylenol rapid release gels. because advil targets pain at the source of inflammation.

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>> my brand new fake id. >> wait, you changed your name to -- >> mclovin? >> doesn't even have a first name, it just says mclovin. here's a 25-year-old hawaiian organ donor. >> i am mcif loven. charles: this week's theme has been the broadening of artificial intelligence beyond picks and shovels. and, of course, today's winner is applovin. when you think about the it, nothing could be more extraordinary than mclovin. that was so damn cool. this tock is the stock version of that because it's become

larger than life. it's still a relatively unknown tock to investors which i think sod, it was up more than 700% last year. is so odd. it started at $35, ended at $a 335. the move looks like it might only be the beginning. quarter results last night if triggered an avalanche. it's being called the next a.i. superstar. it's so good they decided, the company, to sell their original gaming unit. that was where they were, mobile games. the focus is on the ax on engine, and that was all souped up last november. the stock gapped up on that news, so you could have already been in this stock. wall street playing catchup. although if you look at the bottom of the list, some firms still not going up too high on their price target. i call that pride and ego, right? they've missed the whole thing and refuse the chase. to be sure, there will be some

misses in the tech world. we see them every night after earnings, but the focus right now all over the market are companies that are innovating fast. think about, for instance, robinhood. the stock has made this big move because they've innovated. but if you can innovate using a.i. to to edge out your competition, your stock is going to be to richly rewarded. weave -- we've seen that day after a day. let's bring in vance howard. vance, wall street has been really keen to write off a.i. as a trade a for almost a year. and yet i feel like it's widening beyond the picks and shovels, and it's still the early stages. your thoughts. >> i think they're crazy, man. this is where the market's going. this is one of the most exciting things that's happened in the past decade, and it's going to get even more exciting. and if you think about it, charles, what it can do with especially health care, the impact it might have on your health and my health and everybody else's health, it's almost incalculable. what happened last night with app, i think, is incredibly exciting. it's a classic william j. o'neil

breakout. khat charles you've said the qs are the little engine that could, and you point to a potential breakout. about 539, let's say we close above there. what happens from that point? >> i think you get a massive rally if we get above that 539 area, because that's an area a of resistance. the little engine that could, it just keeps going sideways and boring the horns off a goat here this is okay because sooner or later it's going to break out. you were talking with your last guest, oneover the things we look at is cash buildup, and if you rook at the st. louis fed on money market, $6.9 trillion of cash, that is amazing in money markets that can come into this market and push things higher. and the qs historically have done very well, mainly heavy in tech. charles: and speaking of which, the semis play a big role. they've been sort of range bound. some are going up, some are going down. you've got some semiconductor ideas that are in that buy zone, asml, marvell and taiwan

semiconductor. let me ask you about a mar relll because this is starting to hit everyone's radar recently -- marvell. >> it's a great little stock, but i like it from a technical standpoint, charles. if you look at what's going on with the semis, they've been going sideways for six months. what i would do, i always ask my guys on trading december ec when things -- desk when things are too exciting, you need to take some profits. you may want the peel off a little of those profits and move them to things like a a sml or marvell or tsm. there's some great buys, and they're doing trading at a really good valuations now. charles: to your point, we've seen some profit taking in the last hour, so is that might if actually be happening right now. i know hch -- hcm, you're about 100% invested. to trade on math, not emotions. what does that mean? >> well, our proprior today --

proprietary indicator is very strong. the trend is up, you should be 100% invested. these minor if pullbacks are viable in -- buyable, in our opinion. you're getting wonderful stocks that have sold off over the past four, five, six months, a. a i. and semiconductors. look at crm. i mentioned that's our top pick for 2025, salesforce? i think they're going to be a big, big benefactor of a.i. going forward. charles: they made that big pivot last year with the a.i. agents. they got in front of everyone, and the stock has been straight the up, not even looking back. vance, thanks a a lot. really appreciate you. >> thank you, charles. charles: see you soon. rocket labs has been on a tear, you've heard me talk about it a lot, and it's part of this new fourth industrial revolution. space is a huge component of it. we've got the rocket labs' ceo to join us and just break down the economy, the space economy. by the way, the number has a t behind it, so you may want to be in it as well. we'll be right back.

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♪ (man) cooool. ♪ (man) right on time! (vo) stay in the know. from your dock... to their door. charles: so according to mckenzie, the global space economy was almost $600 billion last year. you can see some of the areas, space market, satellites, manufacturing. they say this is going to with go to $1.8 trillion by 2035, and

i bet they revise that higher. my next guest is the ceo of rocket lab which has launched 209 small satellites into orbit through 59 launches. i want to bring him in now, founder and ceo, peter beck. first of all, congratulations. i bought the stock around 5, 6 months ago a around $6. thank you very much, all right or or? [laughter] now, on your web site you with call yourself the end to end space company. what does that encompass? >> yeah, exactly as a you might think. so we're a little bit unusual in the fact that we build and launch rockets, we also build satellites and operate satellites. so, you know, when a customer comes to us, literally they can come with a problem or requirement. we can build the satellite, launch the satellite, operate it and provide a complete end to end service is. charles: so i'm not trying to be disrespectful, but i've always a viewed you as sort of a poor man's spacex. [laughter] and, again, i bought the stock,

is i'm not trying to diss you. what separates you from a spacex? >> yeah. this is the thing, you know, look, we're chasing our friends over at spacex very hard, and and, you know, there's, you know, a number of space company out there. but i think, you know, over time as we execute, it's becoming more and more obvious that we're most likely to be in the second place to spacex. so, yeah, no, we're -- i wouldn't quite characterize it the way you did, but certainly, certainly, you know, chasing the tail. if. charles: speaking of that though, your next mission named fasten your seat belt -- space belts. all right. [laughter] we're going to put some of the specs up there if this next mission. but why -- it feels like this is another leap forward for you. >> yeah. i mean, there's really only been two companies that have been able to successfully, commercial companies, build a rocket and not just launch once or twice, but launch ate scale. and, you know, we're launching

here every few weeks, and, you knowing, as one rocket rolls off the production line every 15 odd days, you know, that really separates, you know, the companies out. charles: and,s of course, this is going to be -- february 18th on the web site, can't wait for that. looking into the future, you say you're going to provide space services. what would that look like? if. >> yeah. about two-thirds of the business already is building space a craft. so, you know, we've done everything for a special of spacecraft for nasa, going to mars later this year, also big constellations for earth observation, for communications, i'm sorry, and also, you know, we're a prime provider for the national security industry as well in satellite builds. so really across the board from components to satellites to rockets, we do it all. charles: you know, speaking of which, the pace economy, and, you know -- space economy, i

know nasa i think it was last year sent a rocket to go circle around an it's a ride that that used to be the center of ash -- asteroid that used to be the center of a planet. we need the minerals on this thing, so it feel like in the ten years it might be even bigger than that. how large do you expect this space economy to grow? >> yeah, look, i think it's kind of aa kin to a.i. in many respects. and the largest thing to be done in space hasn't even been thought of yet. it's an exciting time because when i think back, you know, even ten years ago, there was always the promise of a tremendous amount of growth within the space industry. but now you see large companies, you know, the apples and amazons of the world, you know, providing large infrastructure plays in space. so it's really, you know, the promise to be delivered of just the sheer kale of the space industry growth. charles: at one point nasa called it the new frontier. not the final frontier where

star trek stole the line and recon reconfigured, but the new frontier. congratulations, peter. of really great stuff. >> thanks so much. charles: see you soon. ♪ ♪ charles: all right. you recognize that music, don't you? while investors are making a ton the of money investing in man going into space, my next guest has a way of investing in aliens coming to earth. i want to bring in tuttle capital management, their ceo and cio matthew tuttle. matthew, recently the pentagon, last year they had this, you know, they released this paper talking about u.s. reverse engineering alien spacecraft, and they sort of town doplayed it. -- downplayed it. but you've got a new fund that says, no, they've done that, and

they're using a.i. to figure out how we've done it. >> exactly. i'm an etf issuer, but i'm an investor first and foremost. we develop etfs i want to invest in , and transformational technology created best opportunities. a.i. now, the internet. if we are in possession of this technology, it will make the internet bubble, it'll make a.i. child's play. it'll be the investment opportunity of our lifetime. charles: but people are saying already, you knowing jet propulsion, we've had leaps in terms of man's knowledge about technology in certain things. they feel -- i don't even think it's necessarily conspiracy theorists, tip foil hat people, but people saying, hey, realistically it felt like we had a nudge or help from somewhere. >> definitely. you look at, say, 1947 up until now, you know, all of the stuff we have, it does feel like, hey, did we figure that out on our own or not? but if you look at a, like, that

tiktok video from 2017, whatever that power source was, that's revolutionary. we haven't gotten that yet. charles: right. so is the fund ready yet? >> no. the fund is probably about three months away. charles: okay. >> and we're also waiting to to see where we actually do get disclosure or whether it's disclosure light. you know, what's going on. but three months or so away. charles: while we wait for that, you do have some other areas, you like defense contractors. >> well, if this technology is there, it's going to be at lockheed, it's going to be at northrup, it's going to be at a raytheon. and if those guys, forget about the magnificent seven, you know? if they could be way, way, way beyond that if they control all this technology. charles: right. let's talk about -- i think you also like on the short side though, you're going sort of against the grain with wall street here. >> i mean, on the horse side, again, if this technology -- short side, if this technology

the comes out to, oil is basically worthless. [laughter] charles: i just saw something the other day. i don't know if you're a twi light -- twilight zone fan. you remember the gangsters went in the cave and they had -- >> the gold. i love that episode. charles: you're saying oil, if you're right with this space technology, oil would be -- you short oil because we won't need it. >> exactly. i mean, the oil companies basically go to zero. along with a number of other things. so the ef -- etf will allow shorting as a well. charles: you haven't been bashful about taking on well known figures on wall street with system of these etfs. you get any pushback or any potential targets you can hint at us right now in. >> i'm looking at a charles payne long -- [laughter] etf. charles: i like that a one. >> yeah. definitely looking at that. maybe in a couple of months. charles: math if9, great stuff. always, always. my next guest with says that the mag 7, unfortunately, has become

the lag 7. but don't worry, there's still a lot of ways the make money. cameron dawson is next. ♪ (♪) whenever heartburn strikes, get fast relief with tums.

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the way i approach work post fatherhood, has really 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. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. charles: all right, so my next guest knows that the s&p 500 remains in this up trend. you can see it. but the momentum's obviously begun to slow, and, well, you can see also it's been trading relatively flat for with two months. let's bring in chief investment officer of new edge, cameron dawson. it's a beautiful chart though, but to your point, essentially

it has been sideways for a while, right in after that trump spike, so to speak. but you also a point out, you used the 100-day moving average which it's bounced off there like clockwork. so far, so good. >> yeah. it's been really important this uptrend has remained in the market. and one of our mantras over the last with two years was don't fight the trend and definitely don't ignores the -- ignore the risks. maybe in the best case scenario this is a consolidation, and wen continue higher from here. but that fading momentum if just suggests that maybe we are in for a little bit more volatility over the coming months. charles: now, a chart would say you've got an extended triangle, and and at some point it's either going to go bam or bam. [laughter] of do you agree? does it feel like manager big is happening real soon? >> it certainly feels a bit like a coiled spring. the market can't decide what way it wants to move next. and one of the things we've been seeing is that earnings estimates are getting cut, and you're also seeing a lot of

churn under the surface of leadership. so what was very powerful leadership over the course of '23 and '24 has started to fade a little bit. things like tech is something we're starting to note is not having that same powerful leadership it once did. charles: so when to be tech standards to -- start to go i'dways, even slow up, the idea a this money starts to rotate into other places. how many stocks are above their 50-day moving average. the market rallies back near all-time highs, and yet only around a half the companies are trading above their 50-day. so it's still not a broad rally that everyone had been talking about or hoping for. what does this suggest to you then? >> hope springs eternal for this broadening rally. we've just not seen it. you've actually seen a roll over in the relative performance of the equal weight s&p 500 as well. is so this idea a this only 50% of names are trading above their 50-day shows you that it's a very split tape under the surface which means there's a lot of dispersion between the winners and the losers.

charles: it feels like though if you look at it, people are willing chase the winners. >> yeah. charles: you know, if something is down, there's not a lot of bottom fishing necessarily going on. >> well, and we don't think you'll see that until you start to see those laggards have better earnings summits. meaning that you continue to see earnings estimates get cut for weaker names which is why we like those higher quality names, why we like the parts of the market that a still have the earnings growth attached to them. but what we have to watch is things like mag 7, for example, is starting to see its earnings growth decelerate quite meaningfully. so will the market care about that -- >> i'm glad you said that because no one expected them to continue the growth they had. i still think where they're expected to outgrow still the 493. albeit not at the same ratio. >> exactly. and that's what our base case for '25 is, that there till is room for outperformance for mag 7 but at a much smaller scale than in '23 and '24 because

earnings estimates are slowing down. the other thing to watch is that a 493 is expected to go from 11% earnings growth last year -- 1% to 1 11th year. how high of -- 11% this year. how high of a bar with is that for the everything else to deliver which is manager we'll be -- charles: you mentioned quality9. you and i have had this conversation, but you're sharing with us the factors that make something part of them, that makes high cash flow stability. you like that cash. strong balance sheet. particularly, i guess, with yields at the levels they're at. they're not going to come down anytime soon. and elevated returns on invested capital. how does someone watching the hoe figure this stuff out though? >> well, what we want to to find is companies that do not need to to rely on capital markets to keep the lights on. and so what we saw in 2024 was a lot of companies trading higher on this idea that the fed's going to cut rates and bail us out. charles: right. >> this is one of the ways we differentiate between something like small cap which has a lot

of low quality companies within that index and prefer mid if cap over small cap with this idea that mid-cap companies tend to have better balance sheets, better stable cash flows, and that's one way to play that quality trade. charles: and mid caps have been the stealth rally of the year. no one's talking about them, but they're doing very well. you're watching health care. you're not in it, but it's high on your watch list. here we have flows, and i think flows is so important, right? tech has dominated, for a while tech was the only thing. everyone put all their money in tech. it's coming down a little bit. financials just got a major boost from earning, and before that they had a boost from the if trump election, right? but here we have health care. people are taking money out of health care. what's going on? if. >> this chart reminds us of walter deemer's law of perversity which is the stock market will do whatever it takes to embarrass the great greatest number of people to the greatest possible extent. meaning you have seen people flow into technology in a one-sided trade, flow out of

health care. so what would be the pain trade from this point? if you see health care do bette- charles: that's a hell of a hunch though. if you'd made that in the if past year -- >> oh, you would have underperformed massively. to that's why we have to look for a change in those earnings fundamentals to really give us the confidence it's time to step in. charles: i've got 30 seconds, but i want to pick up on that conversation. the nasdaq 100, obviously, has been a juggernaut. in the meantime, earnings estimates have fallen off of a cliff. it can't go this way forever. either this will have to find a way to get back up or this is going the of to come duneful -- down. you start to get these names on your radar. >> and we've been calling this a little bit of a rally on air. it's all a been valuation multiple expansion. you cannot see earningsty research from prices forever. so we really need to see that earnings start to rotate higher in order to support these very high valuations that have perristed in the market. charles: all right -- persisted. by the way, you look fantastic

if with your valentine's -- i've got some cupcakes over there. >> oh, maybe. [laughter] charles: the government's pushing for wind and solar for the last 12 of the 16 years. well, they're looking right there at a $2 billion boondogglement but the tables have turned. -- boon boondoggle. what it means for you and your portfolio next. ♪ ♪

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only t-priority dynamically dedicates more capacity for first responders. charles: all right, so last october the biden-harris team announced $150 million to advance net zero projects at federal facilities. they claimed it would save taxpayers money. even after vice president harris was defeated in the november election, the white house continued to lay it on thick about this net zero, the paris agreement, climate targets. of course, the push for wind and solar, though, has been an absolute disaster particularly on the government level. last week ge saying they're going to close their only windmill plant down in south america. and you remember that much-celebrated ivan pas solar project that only took $1.if 6 billion taxpayer money? that's going to the scrap heap. now the nation is back to a common sense approach, as you heard earlier in the showment i

want to bring in chief market strategist tracy shoe cart. tracy shuchart. secretary wright made a lot of comments about this 9-point plan. you'd already been advocating many of those things. what's your thoughts in. >> absolutely. chris has always a been an advocate of energy abundance n. 2024 he wrote an op-ed where he emphasized the goal of achieving zero energy poverty, meaning he wants to increase energy production across various sources to ensure affordable and reliable energy access for all, and i think that his9-concern 9-pillar plan really points that out. and what i would like to point out about his plan is i want people to notice it, drill, baby, drill was not one of the nine pillars. he's an oil guy, after all k and he knows exactly what's happening in the oil patch and hyperaware of the concerns of the oil companies that are beholden the investors. so i think this plan is a practical, pragmatic approach really utilizing nuclear and if

natural gas. charles: now, you posted a chart of idle russian tankers today. president trump talking about, you know, perhaps getting some sort of a deal done here. you know, to halt the war and finish that war. what happens if that happens soon err rather than later -- sooner rather than later, if russia has all these idle ships. what happens to the world market on fossil fuels in. >> i think we have to look at this kind of in two parts, the gas part and the oil part. and when we're talking about the oil part, you know, i don't think that we are going to see sanctions lifted very quickly at all. in fact, dmitri -- the spokeman for the russian leader, basically said during their phone call they didn't discuss russian -- lifting any russian sanctions at all, although they consider them illegal and violating trade rules, etc. but that was, you know, not in the conversation. charles: right. >> and if you notice, u.s. is

not quick to lift sanctions. i also a want to stress that, you know, russia's still bound to opec +quota thats. so even if sanctions were to be lifted, it's not like they're going to suddenly flood the market. now, when it comes to gas, that's a different story because the e.u. is debating the return to russian gas as part of ukraine peace deal. charles: a tracy, i want to get your thoughts on the metal as market, right? it's very bifurcated. gold, silver, platinum absolutely through the roof over the last year. whereas, you know, steel, iron, they've sort of collapsed. what a does this say about the economy, what does it say about inflation? if. >> well, i think that, you know, a lot of the industrial side of the metals has to do with china and china demand, rah right? specifically iron ore. i think -- and with steel. i think tariffs kind of spooked steel, the recent 25% on steel

and aluminum, i think that spooked the market a little bit. and, you know, i definitely think, you know, we've seen kind of e.u. in a a recession. for quarters now. and and a lot of industries shut down there, and so i think that's really putting pressure on those trillion metals. charles: right. >> -- industrial metals. but when we look at a, obviously, the precious metals, i think everybody is flocking to them because of not knowing what's going on in the global market plus we have a bunch of central banks that are buying. there's a lot of reason to be in those sectors. i would say silver and platinum you could argue are not only monetary metal as, but are also a industrial metals. and we're going to need a lot of electricity, we're going to need a lot of silver and platinum. charles: i've got less than a minute to go, just your thoughts

on where the investment opportunities are right now in your world. >> so, you know, i still love nat gas. i love nat gas pipelines because i think we're going to have to build at lot more pipelines. i i think nuclear is great, smr, junior miners in the united states and canada, look really interesting. and then, you know, grid operators, utility companies. if you look, we just had earnings from dominion and duke energy. they're spending a lot of cap-x to satisfy the growing need to these data the center ises -- data centers. and i think grids, just any kind of grid -- charles: anything that's a grid. [laughter] >> -- production. anything, anything involving grids right now, this is what we're going to need. charles: hey, always appreciate you, tracy. thank you so much. liz liz claman, over to you. liz: oh, my goodness. breaking news, charles. so we are watching market reaction the to president trump's tariff announcement a a came this afternoon. look a