not they agree to keep on participating as the the the giver of goods to us like oh i be like warren buffet and put all your money into japan. all right we're going to take a break and when we come back much more coming your way. is you'll media a reflection of reality. in a world transformed. what will make you feel safe. isolation or community. are you going the right way or are you being led to. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. or remain in the shallowness. was under make no certainly no borders and just bought into nationalities. as americans we don't come with the we don't look like seeing the whole world needs to be. judged as coming every crisis swiss system to the moment. we can do better we should be. everyone is contributing each of our own way but we also know that this crisis will not go on forever. the challenges created with the response has been so many good people helping us. it makes us feel very proud that we are in it together. welcome back to the kaiser report m.x. guys are time now to turn to ferri

points out who are totally indifferent to valuations because valuations used to matter remember warren buffet his metric that his most. important metric when looking at stock markets is if the stock market is more than 100 percent of g.d.p. of that economy it's in a bubble right now the day biden took office it was 190 percent so the valuations obviously bubble according to something that worked for warren buffett for 40 years now but that but it doesn't make sense anymore because he you know he was in a day and age when bob and bond vigilantes and gold vigilantes had power when there was something like a link to some sort of value whether it was the economic productivity or gold standard but now we don't have any of that so you just have to play the play you have to play are you going to be one of the team that's rescued if you create enough debt and enough disaster you're going to be rescued if you're just go back you don't us with $3000.00 in debt and 0 cash you're not going to be rescued so that's that it's just it's just have a sick game essentially it's been game if i had too much luck

they stole from these young people they're the ones that are going to be at this poker table that warren buffet talks about and the ties going to go out and they're going to be the ones with no shorts you know that's why i called the coin a vector because it escapes the turning force turning it's a vector out of the fatalistic pessimism toward relentless optimism and i'm relentlessly optimistic we're going to be back after this break so don't go away more new year's eve special about stacy coming your way. when almost seemed wrong. but old rules just don't hold. any old yet to see how this day comes. and again. the trail. went on to find themselves worlds apart we choose to look for common ground. americans love. this was a fundamental part of how our political leadership and our country at large understood the bargain you get a hope and then you know rebel right as the things you don't revolt if you have a stake in the system. and think about the longer deeper history housings men in the united states not just that question of the american dream but the bigger question of who the dream is for.

does that hold water >> i think it does i mean, you know, just listen to warren buffet, you know, if you don't believe me, the fact is interest rates matter for stock valuations that doesn't mean they can't correct, they can't get hit, and then also doesn't mean, you know, interest rates are likely to go up over time as the economy continues to go on the mend, so there's going to be pressure from that side. i also think you have to think about future returns, so, you know, future returns are probably lower from stocks over time but you're right, relative to bonds, they certainly look attractive, and i think that's part of the story or a lot of story as to why money is gravitating to that side. >> you can gravitate towards equities in more traditional manners or you can do so in the way we've seen for stocks like blackberry yesterday or gamestop, or even bitcoin to a certain extent here. what exactly is driving some of the bubble type mentality that's developing in certain parts of the market right now, and is it indicative or a warning sign of the broader market overall or isolated i

compared to others who received it, president obama giving the medal of freedom to among others, warren buffetg, george w. bush giving it to hank aaron, pope john paul ii. the president focusing on closest allies who benefitted him the most politically. >> peter live for us there on the north lawn. thank you. >>> this morning dpa georggeorg secretary of state is talk act the very long list of conspiracy theories, things that aren't true that president trump said in the phone call, trying to overturn joe biden's win. listen. >> the last two months we've been fighting a whack amole. we debunked every one of the theories but president trump continues to believe them. >> those are conspiracies that by the way, he also tried to take on directly during the call. warning the president not to believe everything he reads on the internet. >> mr. president, the problem you have with social media is they can -- people can say anything. >> no, this isn't social media. this is trump media. it's not social media. >> the reality of the things to dras back to social media. and the murkier corners of the intern

that you're at historical extremes, sentiment measures, breath measures and you come back to the warren buffetearful when people are greedy, and greedy when people are fearful. we're not at the fearful point when i look at sentiment. >> i saw wall street, and i thought greed was good on a serious note, we have to touch on one more sector, energy, what's your take on that, performing very well this year we saw wti hitting a recent high, what's your take >> i got to tell you, i have been doing calls since this publication came out yesterday most investors are not in energy there's nobody there it's a very small part of the overall s&p 500 right now. a lot of investors are just starting to think about rotating, and selling some of the tech win skners and buying e of the names in the industrials but they're not close to the energy names yet i'm seeing a lot of amazing looking bottoms, stocks like denver we have called out in reports and baker hughes, classic double bottoms, higher lows all over the place, i think people need to put their big toe in the water withenergy names because the charts loo

think they are going to go higher, strong companies, maybe they pay dividend, you think about warren buffet investing in coca-colas of the world. they were left for dead when we talk about the game stops of the world. it's really the idea that the retail guys and some of the long players taking on the short sellers, squeezing them out and essentially a quick way to try to get rich and you're right, it's not something that we haven't seen before in the market, but it is very risky. >> jackie, i'm working on a book called 40 years, 40 lessons. there's no way to get rich quick in the stock market. you can come quickly and suddenly get burned. this is not the first time we have seen a get rich quick scheme. things get as you said from fundamentals and it's hard to play the game. i don't play games i can't understand and this is one that once you detach from fundamentals and assuming someone else figured it out and no one has figured it out and the whole thing is in tier is. i'm not sure where it's going to end. i'm guessing pain on both sides. interesting to watch but in the meantime, we are ju

dagen: i love how the amazon jp morgan, warren buffet, burt shire hathaway partnership went poof.he healthcare industry. it's going to fall on the little guys and entrepreneurs. i heard that from the founder of woop, the fitness tracking band. keith, let's turn to you. the trump administration banning transactions with eight chinese connected apps. one of the apps, ali pay is owned by jack ma's ant group, another owned by ten cent. what does this move have as investors look toward china? how do investors read this? this is something that a biden administration could undo. >> well, i think you're absolutely correct, dagen. i think the biden administration is going to do it. the cat is out of the bag. i think the ban is correct. there's no question that china uses that information against people, not necessarily americans but just as a matter of surveillance. they're okay with that over there. we're not okay with that over here. from an investment standpoint with all the cross currents, not a big deal. the decision investors have to make right now is the dragon is coming to dinner o

house, but they said they didn't think that was going to matter long-term and maybe that's back to warren buffethat famous statement, markets are stronger than governments. >> before we let you go. we have had lots of conversations about trying to improve diversity on boards and managements at corporations across the country there seemed to be movement in a way we haven't seen for quite some time. nasdaq coming out with its proposal recently. i'm wondering whether you think people are going to start investing, and i wonder whether you do this, whether you actually look at the boards of companies today or the management teams of companies today and look how we invest. >> we won't avoid them, we'll invest and absolutely advocate for change, and we can look at 40 companies over the past almost 40 years. we're 38 years old at ariel where we have affected change and led to a diverse director being added to the board we think that is in the best interest of the company and the best interest of the shareholders and so we think that this is not a fleeting moment this is something we'll continue we are v