sequence and scope. >> yeah. so our triple ss theme essentially calls out the risk to asset markets from the size, sequence and scope of implementing trump's policy agenda. specifically on the sequence side, we talked about in this last time i was on the program, there are negative aspects when you think about tariffs ands tightening the immigration9 in terms of how that may tighten the labor market and cause more inflation. on the positive side, we've got tax cuts, deregulation and the doge cuts which contribute to a positive supply shock in the economy. it's about the net impact as it relates to to asset markets. charles: the bottom line though, you're still bullish on this economy and the stock market. >> absolutely. u.s. and global liquidity are heading higher, second half of the year is where we might run into some challenges. i think you buy the dip. charles: all right. liz claman,s over to you. liz: okay. i will take it, charles. we do have a red tide swamping stocks, but here's what's different about this selloff.

the loss in each of the major indices has a its own unique drive, okay many? if you look at the 507-point loss on the dow, walmart accounts for the biggest chunk of it. the big box retailer is falling, it's at the bottom of the dow to jones industrials by about 5.6. the holiday quarter results met wall street's estimates, but amid its warning that navigating geopolitical uncertainties ahead will require prudence, walmart set a fiscal 2026 profit and sales forecast below the street's expectations. so there you see we've got a struggle here for the dow jones industrials. it is the a different story for the s&p. the big banks are the cinderblock here pulling the broader index down. at the moment we do have the s&p losing about 31 points, abt a half a percent here. finaials are the worst performing sector on the s&p led lower by morgan stanley which is down 5%, goldmandown 4.25 that -- down 4.25. perhaps the undertow pulling

bank stocks comes from comments made by st. louis fed president alberto -- who is a voting member on the federal open market committee which is the committee that sents interest rates. he told the economic club of new york this afternoon that he sees, quote, lots of risk in the economy right now on many fronts, but unlike most of his fed cohorts wolf said inflation expectations -- who have said inflation expectations are well anchored, he says inflation expectations are shown at a risk of rising. the nasdaq doing anything but rising. pass damage down 108 points or over -- nasdaq down 10ing points. tech is getting hit particularly, palantir. the it tumbled 10 yesterday and is diving another 5.8% right now. but guess what? it had been at $95 earlier in the session. it's at 105 in the at the moment, so off that floor. investors spooked by potential defense budge cuts which pete

hegseth has warned are coming. but there's also this, ceo alex karp has adopted a new stock sale plan indicating he could sell up to 9.75 million shares through mid september, and that would equal about a billion dollars. lest you think nothing is working, take a look at quantum computing stocks. wave quantum, quantum corp.,ly getty, all of these --ly getty, all of these are jumping higher after microsoft said it's created a breakthrough chip -- listen, i read this 12 times -- an gottic particle. some scientists at the berkeley school of, the lawrence berkeley school of science is going to call and say mys pronounced that, but it's not -- mispronounced that. it's not solid, liquid or gas. microsoft's ceo, satya nadella, says it'll create a quantum computer which could calculate equations in seconds that would take current computers millions of years.

so so on a day that the dow is down triple digit, microsoft is to the plus side by two-thirds of a percent. but it's the bigger, broader selloff grabbing investors' attention. the wall street's fear index is ticking higher by 1.33% to to about 15.5. let's call it that that. we've got two wall street big wigs to decipher all of when's going -- what's going on. let's get to the floor show, bob michelle and greg due war toe. so great that you're sitting next the each other and not trying -- trying the strang. each other. let's start with the stock guy. greg, what the do you make of what's happening today? if. >> we live in interesting times, don't we? the innovation that microsoft is talking about, it's been a choppy february as we started earnings season and things have been digested. there's been a lot of news out of washington in terms of, you know, what's going to the happen in terms of the cuts to the federal government and then what will happen to the regulatory

relief regime. we all a expect to see it going forward, so it's not all that strange that the vix is a little bit higher just given the equity risk premium might be going up a little bit. liz: when you say uncertainty, what we found so interesting about walmart and the call is they said, you know what? we are actually not looking specifically or calculating for tariffs, because we don't know. i just got off the a phone with john david rainey, the chief financial officer of walmart, and here's what he told me, when i said, wait, you're not molding or for tariffs? he said, no, we don't vacillate one day to the next based on what someone tweets or comments. someone, probably the president -- [laughter] he didn't say is. he then said i can demonstrate over the last seven years we've lived under a tariff environment and continued to provide low prices. we'll certainly try to do that again. but, you know, i asked him about a wage inflation and wage growth because walmart has actually

been ahead of the game when it comes to paying their employees more at a big box retailers. and he said you may have seen the recent article about a how a u.s. walmart store manager has ability to make up to $of 00,000 a year -- 600,000 a year. one of the best investments we can make is in really strong the managers and employees. so walmart, bob, is one that says, you know what? we're not even going to model for something that we don't know whatst going to look like. -- what it's going to to look like. how does that affect the fixed income world? >> i'll leave greg to his problems involved in the capital structure -- [laughter] all i know is today was a good day to be a bond. we walked in this morning, and the fed minutes overnight if told us that they were going to the pause the balance sheet runup. good for bonds. bessent this morning in an interview said they're not going to term out debt, good for bonds. and bonds have yield to them. we're in that 4-plus percent

range, so when equities throw their toys out of the program -- pram, we're there to provide stability. liz: the 10-year is a little lore tan yesterday with, but is it treasuries? >> well, there are a lot of places to capture more yield. we're in the tax season now. you know what the best tax strategy is? don't pay 'em. you know how you can do that? buy municipal bonds. you could buy 10-year aaa municipals at 3% fully tax-exempt or bbb at 4%. there's also a positive carry going out of trash -- out of cash into the -- sorry -- [laughter] slip there. liz: freudian. >> yep. out of cash into the aggregate bond market and pick up close to 100 basis points. there's plenty to do outside of the treasury market. liz: you know, there are -- aside from things like mortgage-backed securities, etfs, people get a basket of these things, you can get

baskets of corporate bonds as well. we can talk more about that, but, greg, people think, well, does nothing work in this atmosphere except fixed income in you would say, no. you've got the small and mid caps that you believe are going to rear higher? >> yeah. i've always been a big fan of bob's, and what he's abe is if rate volatility starts to diminish, i do think the small cap story comes back into focus. small caps have underperformed for a few years. they're extraordinarily cheap. the alternatives picture's quite strong, and if you get the animal spirits side of things going with m&a and ipos, i think that could be an additional catalyst to the upside. we do need people to stop paying attention to every tick on the bond market though, and hopefully this new reset helps that. liz: okay. when you compare the russell 2000 year to date, greg, to the s&p year to date, to the nasdaq year to date, it's still underperforming. granted, the year is still young, but i keep waiting because a lot of people sit in that chair and say small and mid caps are going to rear. listen, the russell's up 1.5%

year to date, but compared to the s&p which is up 3.9, nasdaq up 3.25%, the dow is even up 3.5%, why am i going into small and mid caps? >> i think one of the things we would say as active manager is we, thankfully, have done better than the index. we hope to continue that for the full year. so we do realize there are some challenges within the russell, anding you know, i think that's what we try to do when we pick stocks. liz: when you're picking corporate bonds, bob, and you're looking for juicy yield that's lower risk, are you insistent the upon aa? like bbb? tell me exactly where the line is drawn for quality bonds in your eye. >> in our mind it's the investment grade space. so anything bbb or above, history tells us that that any cheapening of the corporate bond market is a buying opportunity. as long as you're not headed to recession. we don't see that on the

horizon. there's lots of places to go. there's places in the energy sector, there's places in the banking sector. you're picking up a percent or more above treasuries. liz: and when you're doing that, why go into treasuries? >> leave treasuries to the people who have to buy them. liz: well, who are the people who have to buy them? >> well, it's a lot of official institutions because today the dollar appears to be the only reserve currency. i don't know what the alternate reserve currency to the dollar is. the easiest way for an official institution to buy dollars is to buy treasuries. also there are high net worth individuals who like the tax benefit of treasuries, so they'll put together a ladder of treasuries. liz: greg, i'll give you the last word on this selloff a today. what happens tomorrow in these dips are few and far between, and i've called them flash dips for quite some time. the they're there and then they can disappear. >> yeah. i think we're getting that buying opportunity people have been waiting for. everybody was looking for a dip

to kind of come back in. you've seen some of the higher flyers like you mentioned earlier come back which, hopefully, gets some of the retail investors who have been on the sidelines to come into the market. i do think the underlying fundamentals, like bob said is, do not kind of portend a really terrible economic outcome -- liz: not at all. >> so that should be fine for the stock market this year. liz: first-time jobless claims barely rose more than expected today. so each data point, except for inflation that's still sticky, looks decent. good to have you both. thank you very much. >> thanks, liz. liz: now they're going to go in the mt. green room and try to poach each other. [laughter] all right. while the markets sink into this red sea of sports, the toy stors a different picture. hasbro is rallying to the very top of the s&p 500. it's been a while since it's done that. we're going to tell you why it's doing that in just a minute. and a new there have -- sheriff at the federal trade commission who promises to hold big tech's

feet to the fire. we're headed live to the white house for a fox business exclusive with federal trade commission chair andrew ferguson. that's next on "the claman countdown." the dow still falling by about 510 points. ♪ (shower water runs) (♪) (orange is peeled) (♪) (shower turns on) (children laughing)

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liz: fox business alert, a take a look at paramount's stock. five new york city pension funds determined to block paramount's merger with skydance are attempting to turn up the heat. fox business has just obtained a court document filed with delaware chancellery court and presented to judge kathleen mcif corps mack. it is the proposed order granting the plaintiffs -- in this case, the pension funds that all hold paraa mount's

stock -- a motion for a temporary restrain having order. the defendants are listed as some of paramount's board members who helped approve the merger. to be clear, the judge has not signed or agreed to a restraining order yet. but the funds, who have support from project rise partners, argue that project rise's $3.5 billion offer -- 13.5 billion offer outguns sky adance's $8 billion bid. paramount has already accepted skydance's bid and has no plans to consider any other offers now. but since last thursday when the pension funds' complaint was unsealed, paramount moving higher by 7.8%. this brings up a bigger question, how will the trump administration, how will it look at not just the paramount-skydance merger, but all mergers? in a fox business exclusive, edward lawrence just landed the fest television interview with a key decider. edward. in. >> reporter: yeah, the ftc

chairman, andrew ferguson. he doesn't want to replace big government is with big corporations, however, he's going to rein in the ftc while till holding america's largest corporations including tech accountable. >> e am part of this organic conservative movement that started under president trump that say, you know what a in big bureaucracies, big, onerous government regulations, that's terrible for human flourishing. but it isn't any better if we replace big government with giant no if knop listic businesses. and antitrust is how we make sure that giant monopolies don't grow and our economy can thrive. >> reporter: one of the big monopolies that comes to mind is apple, the app store. before the supreme court. are they till going to be under the microscope with what what they're doing. >> so i think so. i think all of big tech going to remain under the microscope. i can at least speak for the federal trade commission. we've got cases involving amazon and meta. i care deeply about these cases. they're very important. i intend to continue them, to

continue prosecuting them, to continue holding big tech's feet to the fire. >> reporter: tech companies enjoyed broad protections under section 230 which gives them immunity to some legal action. ferguson believes that section, 230, should be reformed. >> right now section 230 is often understood to prevent even the federal government from bringing certain enforcement actions. i don't think that's a good idea. the other is it's sometimes used to prevent companies -- or to allow companies to violate their own terms of service and then users can't do anything about that. i think that's very dangerous. it's very unfair. >> reporter: so he thinks the supreme court should narrow the scope of 230 or congress should act. incidentally, liz are, the ftc today opened a public comment session for huh technology may have denied or downgraded their voice online. so he's already started to make some of that microscope, as he said, looking at big tech. liz: well, it's that. it's the control they've when it comes to what goes out to

children under 16 years old. there's so much to look at with big tech growing and controlling. it'll be interesting to see how this administration looks at that. good get, edward. thank you very much. fox business aa aler shares of shake shack sizzling higher by 12.5% after a healthy fourth quarter report that included 15% year ore year revenue if growth. ceo rob lynch said demand remains strong for its premium offerings that it continue to attract higher income guests. okay. what is he talking about with premium? well, its most expensive item on the menu, a truffle burger. he says it has performed very well. shake shack also a plans to open 45 new company-operated locations this year after a opening 76 in 2024. the famous burger chain also a raised its long-term goal to have 1500 company-owned locations worldwide compared to the 330 it has today. investors, though, are hitting the brakes on carvana.

the online used car platform shares down 12% after reporting a fourth quarter beat and record revenue if of more than $13 billion. guess how many cars they sold last year? if 4 20,000. that's a 33% jump year-over-year. but investors -- investors are speeding from the scene due to a .5% drop in revenue -- 4.5% revenue drop compared to to 2023 levels. with just 1% market share today and many opportunities to improve and expand our offering from here, we know this is just the beginning of our journey to change the way people buy and sell cars. hasbro soaring to the top of the s&p 500 is. a nice 13. 5% jump here. the toymaker announced it's going to shift its supply chain away from china a to get ahead of the potential tariffs. the nerf gun maker saidst the on track to cut the volume of goods out of china currently at 50% to less than 40% over the next two

years. regardless, ceo chris cox said even when taking tariffs into account, hasbro will be relatively unexposed to the drama going on right now. hasbro also a reported a top and bottom line beat and announced a new partnership -- this is interesting -- with rival mattel for play-doh version ises of the company's barbie with dolls. i love play-doh. even at this age. don't eat it? if oh, sorry. president trump meeting with some of the top pharma ceos in the nation today. the leaders of pfizer, merck and gilead on hand to discuss the state of their sector, but we've got the ceo of a drugmaker called bridge bio. he's here to tell us what he would have told the president if he were invited. how to reduce drug prices, how to create cheaper and better drugs and how to eliminate those pharmacy middlemen from pushing up prices. it's a fox business exclusive next.

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where ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management liz: we've got a market selloff here as you can see at the moment. we do have the dow jones industrials down 494 points. keep in mind, the low of the session was down more than 600 points, so we've come up a bit. president trump meeting with the big pharma ceos, pfizer, merck and gilead, at the white house. the group covering topics including medicare price

negotiations, tariffs on pharmaceutical products and the role of pharmacy benefit managers or pbms. these are these so-called middlemen that negotiate drug prices on behalf of insurers and have come under extreme criticism for not passing on discounts to patients. and they pose an obstacle to a lot of drug developers. we want the talk about one called bridge bio. the bye pharmaceutical company -- biopharmaceutical company makes medicines for genetic diseases. bridge bio's stock is up about a half a percent. it is off the highs of the session, but it opened at a 3-year peak following its fourth quarter earnings report this morning which showed revenue of $5.88 million, which is a pretty significant 237% increase over last year. bridgebio ceo neil kumar if joins me now in a fox business exclusive.

well, i'm dying to know what you would have asked president trumu would have said to him and let him know about your side of the business if you were in that room, neil. >> well, first of all, thanks so much for having me on. i think question number one is, as they take this blank sheet of patient out and redesign medicare, medicaid, think about the middlemen, how are they going to best level the playing field and educate patients and physicians. i want the most appropriate medicine -- on what the most appropriate medicine to use is. we see a lot of are regulatory and financial capture by these middlemen, and our focus is on the science and the medicine and where we feel we have the best of it, how can we collaborate with some of these intermediates to make sure patients and physicians can get drugs as quickly and exwe dieshesly as possible -- expeditiously as possible. liz: and i have to say, you'd be the perfect person the do can about bringing costs down because your drug for

cardiomyopathy got approval, and it is less expensive than at least one other that is on the market and one that is waiting for, the da approval, and is -- fda approval. one is from if big farm pa -- pharma. they're waiting on approval. how is it that that you've been able to create a less expense we've yet approved drug for cardiomyopathy? >> well, you know, thanks for the question. it starts with ever more efficient way that we actually do r&d. we spend maybe an order of magnitude less to bring ideas to the marketplace, and we can talk about how we're able to do that that. and we try to pass those savings on to patients. but given the design of today's health care system, even if we were able to drop the price another 30% on our drug, patients would still pay the same co-pay that they do if we maintain the current price point. so those are the types of issues that we're struggling with. you mentioned one of our competitors that i think is about to be approved in that's

double the price point for lesser efficacy on the stuff that we care about like cardiovascular death and hospitalization. and yet they've been out touting the fact that a because of the medicare design, people are going to want to use their drug because they're going to make more profit on the mark-up they can gain on that drug. that that's not the type of things that patients and physicians should be worried about. they should be worried about what can i deliver at the lowest cost and highest efficacy possible. liz: well, sure. and you guys are putting in the work. you have a very interesting sort of hub and spoke model. but as you talk about how you are able a to do this, i think it's really important the note that a since you had approval of the drug, the stock is up something like 57, 58%. so that is certainly significant. but there's one thing about investors in biotech, you and i know this, neil. they look at one very important thing, mergers and acquisitions. [laughter] is bridgebio going to be a target. have you received calls, have you fielded calls, and are you

interested this in anyone that is trying to acquire you? >> well, you know, from the outset, i won't comment on any specifics. we have tried to develop a generational company here. i was in venture cap until for . what you try to do if you want to be bought, create a single-asset company. but going back to your introductory comments, our hope was to create a company that can serve a wide variety of market places that pharma has simply overlooked but where the science and medicine are strong and where it can be highly lucrative for investors the play in. our hope is to build a generational company. this is the first of four major commercial launches we can deliver over the course of the next 12- 18 months. that's why today's news was so exciting nurse. his really quick, the next big drug that you're closer to getting approval oven to. >> next big drug is a drug for a rare muscular dystrophy. it affects almost 10,000

patients in the u.s. and the e.u. where there's a profound detriment in ambulation and ultimately leading to mortallics ty early -- mortality earlier in life. liz: are i thank you for you and your team for the work you do for those groups of patients that are desperate for some type of cure. thank you so much. >> thank you. really appreciate the time. liz: custom a.i. for everyone? you too can create your own artificial intelligence agent a, and one of the nation's a. a.i. pioneer ifs -- a.i. pioneers has a started a company that helps you do it. he was part of google's legendary transformative eight who helped develop generative a.i. he joins us next in a a fox business exclusive. and as gold soars to another record high, we will be bringing in our resident pawn star to see what a kind of action he's seeing at gold and silver

pawnshop in las vegas. rick harrison of "pawn stars" joins us in just a moment. "the claman countdown" coming right back. ♪ ♪ as your host, i have some rules. first, no showers longer than 5 minutes.

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dentrazed network of delopers and users kind of contributing to ea other and receiving kind of payments from the economic activity that's created. so blockchain really serves at the core to create this incentive structure. liz: i see so if i were just to makup an example, bank a is partnering with chatgpt, and they make sure that theest, most posive if stuff about a them is shoved up front? versus actually getting the whole story? >> so the ing is, like, we don't know, right many it's really hard to know that, and it's really hard for, like, any to you use to understand what went on. so instead what we need is a system where kind of all the a inputs are transparent and visible like what went into the model, and then your interactions as a user shoulbe fully confidential. so find the user who's using any of the tools, they areot gng anywhere else. liz: i really interested in

a.i. agents. i hear a lot of people say that they really want to make their own a.i. agent that a they can feed the information in so so that it is reliable and of good quity and factual. how because near a.i. allow people to make their own custom a.i. agents? >> yeah. so we have a kind of developer platform which is also can be used by a nondeveloper. we have a no-code solution where you effectively can describe what your agent, you want it to do, and it's able to effectively run in this secure, confidential mode. and, again, you know exactly what you put in, you know what the -- are make, and you can also offer it for other people to use, and they have the same guarantees. liz: so if i were an analyst for a certain stock at a certain company, i would only put in my previous reports and all of my data and every communication that i've had with the company so that i know when i ask a question, it will be pretty pure find, correct? -- pure find.

>> correct. you can also ad restrictions, for example, that your agent should not be replying to questions you don't want it to actually reply and kind of temper your brand. liz: i've got to ask you about what's going on with the quantum computing world. there was a big story today, microsoft announced it had come up with a quantum chip. the quantum stocks are jumping. how are you incorporating sort of the future of quantum into what you do? >> i think it's a little bit too early for this to really be practical, but, i mean, quantum always a have been kind of a tool that we're going to probably use similar how we use gpus and new way of computing that works on kind of in combination with all the a other computing that we already have to solve a specific set of problems. liz: and finally, i've got to ask you about a deepseek. everybody is worried about at least whether -- not everybody, a lot of people have jumped on. it was number one on all the a

app stores. but what have you discovered about it that would make you feel that it's not exactly the right option for a lot of people here in the united states? >> so i think the important part, as i mentioned, is actually two things. one is how the model is trained, right? what went into this. liz: yeah. >> there's this concept of sleeper agents where you can actually train the model where it will activate based on specific set of conditions and will provide malicious output in that a case, right? if so so without knowing what data went in, we don't know what kind of sleeper agents the model can have. and then the second part is when you are running it, if you're using any specific app, right, you're giving da to that app a provider. so is leveraging kind of decentralized network with proved confidentiality, you know your data'not going anywhere exactly the same modeling

architecture itself. i think it's important to bring these who two pieces together in th user-owned kind of a.i. like we think is extremely important getting th massive growth rht as we see massive adoption. liz: indd. ilyagooducto you.. makey own a.i. agentthyou so mu. >>oundgo. thanyou. liz: forgefort knox, tre enty of go at the gold and silver pn hop in l vas. harrin showed aotf me r. eck in live heawn starf to s isl sinessngraffic at hi "tman counown"s ming righback. ♪

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>> we're going to go to fort knox, the fabled fort knox, and make sure the gold is there. [inaudible conversations] >> if the gold isn't there, we're going to be very upset is. liz: is it there? we hear it's there, but president trump says he's going to find out. he says his team will go to fort knox, the iconic and

heavily-guarded depository for american gold verves, and confirm -- reserve, and confirm all the gold is there. fort knox reportedly holds 147.3 million ounces of gold. a recent push to audit fort knox is now hitting a fever pitch as elon musk shared social media posts casting skepticism of whether the gold is still there. that's been sort of a black helicopter theory. but look at gold prices. including today, they have hit a record nine times this year alone are, and it's just pretty interesting to see the yellow metal go higher and higher. year to date it's up 11.7. joining me now in a fox business exclusive is a guy who's been dealing with gold for decades. gold and silver pawnshop owner rick harrison. oh, man, rick. i mean, have you ever been to fort knox? [laughter] wouldn't you love to be there? >> no. no one's been allowed to look at the gold for over 50 years. liz: you have your own fort knox. >> i mean, i'm just saying that, like, if everyone doesn't say,

no, we shouldn't audit it, we should probably audit it, you know? there's no good reason not to when they a start arguing that we shouldn't, it makes it even a better case for auditing it. liz: absolutely. tell me what traffic you've seen in buyers who come to your gold and silver pawnshop, because obviously you get a massive amount of traffic. i've been there. it's fascinating to watch. and even a year and a half ago when i was last there, you told me that you were really getting a lot of pressure from people to buy gold. they really wanted to buy it. >> no. i mean, i can't -- my problem is, is like my suppliers are limiting the amount of gold they'll tell you, gold and silver, because they can't get any in. i mean, it's gone absolutely nuts. i mean, south korea, they had retail sales here lately because the government's buying it all. it's -- we live in a world where

we're printing money like confetti, and it's getting a lot of people concerned. the government's number one line item right now is interest on the debt, $36 trillion. finish you never going -- you're never going to be able to pay that off, so the only way to pay down the debt is either inflate the money supply, so that's one of the reasons why i think everyone's buying gold and silver. liz yeah. there's a worry, though, about repricing the gold that's in fort knox, okay, this 147 million troy ounces of the yellow metal x. if you were to reprice pit, because the haas time the reserve was audited was back in 1974, and gold back then was, like, $43 or something like that per ounce. >> i think think the the government still keeps it on its books at a $35. liz: okay. $35. it's not $35 now, it's $2, 490 or so per troy ounce.

for every action there's an equal and opposite reaction. what do you see as the downside of repricing it? >> if they're just going to keep the gold in the vault, there's no, you know, it really doesn't affect anybody, you know in they could sit down and say it's worth a million dollars a an ounce, but if you're not going to buy it or sell it at that price, it doesn't affect the general public. i think the reason people are buying gold is it's a hedge against inflation if. maybe not from year to year, but gold is up almost 50% in the past year. but literally, a hundred years ago if you bought a really nice custom-made suit, it cost you an ounce of gold. a hundred years later, it cost you an ounce of gold. liz: interesting. >> a house used to, a middle income house used to cost 40 ounces of gold. now it costs 40 ounces of gold. liz: what do you think inflation rates were in 30 to0 -- 300 to

b.c., there was next to no inflation. by the way, this coin is from 336 if b.c.. this is a count minted by alexander the -- a coin manipulated by alexander the great. liz: come on. >> yes. you've seen my show, i have a lot of weird stuff. [laughter] when we were on the gold standard, there wasn't much inflation if at all because you couldn't print money. the well definition of inflation is increasing the monetary supply, which our government is doing at an sonnishing rate -- astonishing rate. when you're adding $2-3 trillion a year to the monetary supply, it was going to cause inflation. back in the day you just couldn't print gold, therefore, it kept inflation in check. the bankers complained about it. they wanted more money in the system, but that caused inflation. gold standard, it worked. it's worked for thousands of years, but we always have these

brilliant bankers and government politicians want to are print money. liz: before we go, how much is that coin? >> that's around $10,000. liz: $10,000. okay. so to about four ounces of gold? if maybe a little bit more than that that. >> right around a quarter ounce of gold, you know? but this coin will probably buy the same amount of stuff today as it would 2,000 years ago. liz: alexander the great. i wonder what he bought with it. rick, thank you. you have a new podcast out with your "pawn star" colleague chumley, and it's called pawn after dark. good luck with that. great to see you, my friend. >> thanks. have me anytime. you're absolutely amazing. liz: a aww, thank you so much. so is good to see you. let's look at nat gas prices. they've been flipping around like an acrobat. nat gas sooging around -- soaring around 7% on tuesday and wednesday, and then it's up 47%

over the last three months. down about 2.7% right now. but, you know, as you look at what's going on here, over three months it has just climbed and climbed. you could even look at the 6-month picture which is even more stunning, a pretty significant gain there. the roller coaster this week could be a function of the cold front sweeping through the u.s. or because the trump administration has been pushing hick equied with natural gas -- liquid natch a -- natural gas export projects. how to invest in nat gas, what's your best idea? >> you have an old standby that's chevron. che chevron is going to be a major player. they have a new project if with gev, and they are not only going to have a natural gas play and part of drill baby drill, they have the wind at their back but

they are looking at projects to power data centers with natural gas. the power problems they were concerned we would have with data centers to power ai, they are trying to provide a solution and put that together. they will play everywhere else with regards to do mister consumption and natural gas, bigger imports of natural gas, now a power solution to the ai situation. liz: they do soup to nuts, drilling, abstracting so it appears to be a decent choice. financials are getting crushed today, the big laggard sector. you like the regional bank or smaller bank. talk about this, why it is having in a portfolio. >> it's a super regional. the biggest benefit they have going for them is they saw the breakdown in commercial real

estate early, had little exposure, the exposure they had, they bit the bullet early and reserved ford and may have reserved too much for it, they are prepared for the worst. when you look at the overall price, where long-term value is, 20% discount, strong dividend while you wait and a major beneficiary, some of the support for small businesses and medium-sized businesses won't be as dependent on net interest margins like bigger banks if interest rates stay higher longer so they are in a sweet spot. liz: thank you for making room in the sweet spot for us for your stock picks, great to have you. market end the day in the red but off of the lows of the session, continuing to show, you can argue resilience. that will do it for us. ♪ larry: welcome to code low.