. >>> no topic off limits for charlie munger his take on buybacks and tesla and why he is calling crypto, quote, crap. >>> and bucking the industry trend. why cisco shares are surging in pre-market >>> speaking of tesla, why they may run into the production problem after sweeping price cuts it is thursday, february 16th, 2023 you are watching "worldwide exchange" on cnbc. >>> good morning i'm contessa brewer in for brian sullivan on thursday let's kickoff the our with the stock futures after a mostly higher yesterday session, the nasdaq and transports get win streaks for three days the nasdaq is barely in the green. looking flat across the board. and looking at russell 2000, it supp is up 2% silvergate and nerdwallet helping lead the index higher. in crypto, bitcoin trading near the highest level since mid-august bitcoin is coming off the biggest one-day gain in a month. it is up 2.5%. >>> around the world with green arrows in asia kospi up 2%. hang seng is up almost 1%. in europe, the trading session is just getting started there. look at the early action we are seeing the cac 40 up 1%

did you see charlie munger he's 99. >> i did i did.old, man if you think -- >> that is not old. >> rock star, doesn't like that. at who doesn't th's right >> "squawk box" will be right back >>> tech names that were tossed aside in 2022 have a new lease on life. and yesterday's earnings are a prime example. roblox spiked 26%. nerd wallet did too. on valentine's week, should investors love this growth tech rally or leave it? >> love it or list it. i love that. >> we're going to hear about both options jon fortt is here to weigh in. >> yeah, joe, leave it i know it is hard for investors to see those charts going up and up every week while you got money on the sidelines by the end of 2022, you licked your wounds on losses and said you were done with that risky unprofitable stuff, and now look at it. c 3ai was 11 bucks, and now 25 tesla doubled off its lows of the first trading day of the year so why leave it? the most important things about this economy and this market still haven't changed. inflation is far from tame with the january cons

munger who got involved back in 2009.d munger, their vision and patience and holding this stock and the world didn't really figure out what they figured out up until a few years ago. >> sure. everyone thinks they're dinosaurs ownedcoca-cola and got in on even a better trade. hour familiar are you with byd tesla? trying to figure out what fortunes look like in china. how far ahead? >> byd is not selling thousands or tense of thousands. selling hundreds of thousands of electric vehicles. so certainly tesla has its place. been a little of a luxury good more expensive price point where byd is creating more for a broader mass market. so in many ways, i think tesla has its place. we're believers in the company at the same time, byd, because that mass market appeal has a great opportunity. no different than another player i mentioned. catl. >> yes. >> kind of just got on the maps because of the ford deal just happens to be a chinese company. very, very important company another big holding in our cars etf. >> does it make me un-

. >>> also coming up on "street signs," charlie munger weighs in on the a.i. chatbot battle and talks about his favorite stock pick ever. we'll be right back. business can happen anytime, anywhere. so help yours thrive and stay connected with the comcast business complete connectivity solution. it's the largest, fastest, reliable network. advanced gig speed wifi. and cyberthreat protection. starting at just $49.99 a month. plus, you can save up to 60% a year when you add comcast business mobile. or, ask how to get up to a $750 prepaid card. complete connectivity. one solution, for wherever business takes you. comcast business. powering possibilities. >>> before we went to break, we talked about the fact that the u.s. vice president kamala harris will be attending the munich security conference here are live shots of the plane. she has officially landed in munich and expected to exit the plane and shortly before break, we were just citing white house official comments saying that she is expected to have some meetings with the german chancellor olof scholz and t

journaling meeting that charlie munger posted here about a week ago.will continue to hold the stock. i i think if you go back and read the 50th anniversary letter from berkshire hathaway and reading warn -- warren buffett's meter, you'll feel very comfortable with berkshire after warren buffett and charlie munger. it feels like it could have been written yesterday. it'll be a strong company with a strong culture, and greg abel's going to keep the culture. liz: any company that owns see's chocolates, how can you go against that, right? it's great to see you, steven, thank you for joining us. >> nice to see you. liz: shareholder steven to be check who bought shares at 25 grand and they now are $460,000. >>> speaking of buybacks, goldman sachs announcing a $30 billion buyback, what will see you david solomon be telling the street? charlie already has it. he's about to break it next, so you can't miss that. closing bell, 13 minutes away. we are on the move here. dow gaining back just a bit of those losses, now up 66 points. ♪ ♪ ♪ limu emu & doug ♪ hey, man

stringent as some investors had been expecting, but then there's berkshire's vice chair, charlie mungerto blast crypto >> it's just unspeakable it's an absolute horror, and i'm ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist it's totally, absolutely crazy, st stupid gambling with enormous house odds on the orther side, and they cheat in addition to cheating the betting it's just crazy. >> munger, not terribly new or surprising, although becky suggested on "squawk" this morning that ftx has probably prompted him to ramp up the rhetoric >> it would seem so, probably somebody who's been skeptical all along, you feel some vindication. because of ftx but also because of what happened to a trillion dollars getting wiped out in market value and then with the s.e.c., essentially going around and trying to define a lot of the crypto-related projects that the kind of, you know, defi stuff, the high-interest, highly engineered loans as securities that should have been registered as such. it creates a little bit more momentum for this sk

you've owned it for a long time now. >> well, remember that buffett and munger kind of gave guidance as far as when they would do a share buyback. that's the only way they would return capital to shareholders they're not a big buyback story but talked about 1.3 times tangible book or something i don't know if that's still in force. they have bought back a lot of stock the last couple of years and they probably could be buying here. berkshire has two units worth discussing really quickly. burlington northern, the railroad, double digit revenue growth year over year for six straight quarters going back to june of '21. the same thing on the insurance side six straight quarters of double digit growth there so this is, i think, an undervalued stock. i'm in it. i've been in it for a long time. >> foot locker initiated buy today, 55 bucks. you own that, right? >> this is a real challenge for me because what this upgrade says is basically you have a catalyst with this great new management team taking the business very seriously. we added it a year and change ago at $27 a share when they anno

jack otter: we have to ask about charlie munger who got name checked in a call with him. he was at the daily journal annual meeting that was live streams, he was asked a question about what i wrote, that berkshire could benefit by breaking up into post buffett era. he doesn't think it will happen but i think there's a good chance it may. people anticipate a breakup of the company, some of the parts could be worth more than the whole. jack hough: there piling in, why aren't they going after berkshire? >> buffett is untouchable but when he is gone, they could come out from where the new ceo is. carleton: we have stock pick from him. andrew: he says the company keeps the culture and his low prices and there is no stopping it. jack otter: you have to show your card at costco, they have virtually no shoplifting. andrew: almost no shoplifting. members don't steal. there's only one exit, one entrance, hard to steal giant rolls of toilet paper everything else. jack hough: i'm going to wear my biggest pockets. jack otter: thank you, you have some great investing ideas next weekend

the ev maker recalling now 362,000 vehicles charlie munger, the investor, says the company is, by theew reports out that the company fired employees for unionizing, a trifecta of stories to dig into and who better to do it than phil lebeau. hi, phil >> reporter: hey, tyler. let's start off with the rrecal announcement from tesla. this is by tesla after a conversation with the national traffic safety administration which has been testing driving software, reports there have been accidents or incidents where the software was not acting as it should whether it was going through stop signs or going into an intersection from a right-hand only lane or was not acknowledging the change in the speed limit on the road. well, after the investigation, after they said we think you should update this to correct the problems, tesla said they don't agree but they will be doing a software update. we will see that as they correct this issue if it's not full self-driving technology, why is it called full self-driving? that's misleading, a completely separate question. you will be seeing software updates

napa, saint helene and calistoga munger, 30 degree above spots. well, petaluma have 41 san mateo at 42 degrees. now in addition to the cold temperatures, we are also looking at some pretty strong winds to wind advisories just expiring for a few spots. still seeing them out towards the central valley through 07:00am this morning. as for current winds, look at this half moon bay, seeing winds gusting up into a range of 40 miles per hour right now, center fell inverness santa rosa in petaluma up in the north bay. also in that 30 mile per hour range. so some really gusty conditions this morning. you'll notice this as you drive along the coast, you're bridge crossings or across some higher elevation areas. we do have a slim chance of a couple of showers late morning and early afternoon. most of us won't see anything. but if you do see some sprinkles towards noontime today, don't be at all surprised by it. we are going to be looking at an otherwise dry and pretty clear day, just a whole lot colder for your valentine's day. only in the low 50's for most

munger, more mild spots at 48 degrees right now. so a lot like yesterday we are looking at relatively calm winds and nice and clear skies from the tahoe area to the bay area. we're all looking at conditions out there that are going to be looking at good travel weather, good weather for just venturing outside, enjoying maybe an extra long walk around the neighborhood. maybe even a hike out there today. now do enjoy today as much as possible because it's the last of our days. that will be this clear, this dry and this warm daytime highs do climb into the low 70's for some of us. most of us in the upper 60's after today, temperatures start to decline. winds start to pick up and towards the end of the week, rainfall arrives again. i'm going to be talking all the details on all these changes. still ahead, rain. all right. take advantage of that dry day and get things done. now. >> traveling into the city this morning is going take about 7 minutes to make that drive. how about the san mateo bridge? 80 to 101, just under 13 minutes for you

munger, more mild spots at 48 degrees right now.a lot like yesterday we are looking at relatively calm winds and nice and clear skies from the tahoe area to the bay area. we're all looking at conditions out there that are going to be looking at good travel weather, good weather for just venturing outside, enjoying maybe an extra long walk around the neighborhood. maybe even a hike out there today. now do enjoy today as much as possible because it's the last of our days. that will be this clear, this dry and this warm daytime highs do climb into the low 70's for some of us. most of us in the upper 60's after today, temperatures start to decline. winds start to pick up and towards the end of the week, rainfall arrives again.

well, now the democratic party is the party of neo liberal munger. this is something that the 2 parties, the few mainstream parties agree on, is the ever and the war. we have a permanent war time economy here in the united states. and finally, people are beginning to stand up and say enough, this is just wrong. we heard there from senator, we were watching him us you were speaking as well. senator ron paul, i believe just finished. he's among the many well known eloquent forces for peace and hawkish. foreign policy. will people in power listen well, people in power are a different breed. we. we hear these speeches from the likes of ron paul and dennis contin. it's and tell us to gabbert and we hope for the back. but the 2 parties that are currently represented in congress are not listening to those voices. that's why we need to stay here in the street and promote the cause of john. i appreciate you coming to the show and giving us a sense of what's happening a bigger and bigger arriving there. it appears in washington dc, john curry actor, a host of

l like munger is slow to embrace social media what is a.i. doing is it weird that everybody got to the point at the same time? this quantum leap to where this company can do it. >> there are two issues. some of them could do it previously and just didn't do it because they were not ready for primetime. there are elements that are not ready for primetime. i'm using it. >> oh, my god. in the column? i might like the column better. >> have you used it to write a column >> i asked it to write a deal book if you say write deal book it didn't do it. it doesn't have a real mind to know what to assemble or what the news is. things like that >> might not be the nuance it will be the nuance you prefer. >> i think in five years it could do some of this. i think you could ask it could write paragraphs for you i had an idea for a novel the other day. i put in the plot points in the thing. >> did it generate a book? >> it generated two pages of really interesting -- i was like, wow. this is an interesting book. >> do they own it? >> i don't know how it wor

more attacks would follow in both the east and the west. yona munger remembers the atmosphere back then. vicinity mia? as your vinnish, what about media as it is can pass that i went out on the street, yet the same thing could happen to me when dismal meant vocalist from that was that was a really bad time for us to homozygous the sofa and the kid was like war by owns of a and in war. as of him, you don't know when you're going to die on 2 steps or door. when you lose a leg or an armed up with as or that says 0 v mid to all, we were terrified by then and devolved z a z, a gross. oh oh oh, it was around this uncertain time that convent adam was born in the east german city of gena. today he researches radicalization and is a social worker. and he grew up with the feeling that something bad had happened to him at any time to cease feel mischief. do you like to be that meant no detours foolishness. you're not going to the playground or somewhere else after school, but going straight home. lemons. eastman, if you met with friends, cliff then at their homes, if possible, i didn't from one to

munger questions too.questions@cnbc.com we will ask as many of those questions as we can. he recently wrote an op-ed at cryptocurrency that was pretty interesting. charlie's had a lot of takes on a lot of different things, but this is your chance to ask questions too. just go ahead and send them into that address >> never one to hold back, mr. munger >>> our next guest says we are in economic purgatory. i want to bring in emily rollins. i know what the word "purgatory" means, but explain it. >> well, it means we're essentially stuck in a late cycle environment. on one hand, you have this blowout jobs report last week. you've got initial claims coming in still under 200,000 this morning. the ism services data, huge bounce last week, but you have the leading data suggesting that a recession is imminent. we look at the conference board's leading economic index, negative 6%. we've never not had a recession with a reading this depressed. you look at the ism index of new orders, 42 yield curve inverted to the tu

munger saying able is a tremendous learning machine and successful as a business leader and berkshirey to have him. greg able, canadian, chairman and ceo right now of berkshire hathaway and vice chairman since 2018 and went to university of alberta. there you go, warren buffet's successor and it's official and berkshire's stock is in the red right now almost 1%. the a shares are and b shares down about 0.7%. precious metals miner bera gold is taking a dip and stock down 4% despite the gold and copper producer beating the streets estimates in the fourth quarter. barrick plans to boost production and fund its $1 billion share buy back plan over the next year. bring in barrick gold president and ceo mark bristo. mark, welcome to the program. >> thank you, cheryl. thank you very much. cheryl: let's talk about this. it's been a little bit of a rough ride but in the fourth quarter, you had that net loss of $735 million. what happened? is this tied to production issues overseas, production issues in nevada? and why the 22 year low for output right now for your company? >> so, this is a long

at the same time we've seen even charlie munger today talking how this technology who great promise but hard to separate somebody with a real edge from something that doesn't have it how is anybody ever going to know >> well, we'll see who ends up making some money from this thing and not. yes, machine learning techniques can pick up on all kinds of trends and patterns that the pu human eye doesn't see. sometimes they're not real therapy efemoral and a reason they shouldn't be bet on, for example. those who turn decisions over to the machines will pick up on patterns that maybe you and i can't figure out correlations we didn't even think about. sometimes valuable other times they're not. just to caution people probably the best edge fund in history, the pioneer when it comes to quantum dusting and algorithm investing only get it right about 50%. they know when to lever up and get it right, know what they're doing, but reason for caution here srnis it bad? as i listen to this people more and more feeding into the data and running -- given our cash-in greg, i put someone with that institu

of course, you have the naysayers, charlie munger who says he's embarrassed that lives in a country thaturrency is for idiots, as he says. [laughter] but the reason why bitcoin and cryptocurrency is up, this translates into these growth technology plays. there's a short positioning, first of all, short squeeze. people were so negative at the end of last year, so now they're playing catch-up with all these gains. also tax loss harvesting which stu will tell you about. so they capped their has ares to bring down their tax obligations last year, and then they're buying it back, back into their portfolio. so that's the same thing with tech and growth stocks as well, why the nasdaq can and the broader markets have outperformed. ashley: fascinating as always. susan, thank you so much. appreciate the summarizing all of that in such quick a amount of time. lots to talk about there. >>> coming up, nikki haley kicked off her presidential campaign, and she's taking aim at the, quote, permanent politician. listen. >> the permanent politician will finally retire. we'll have term limits for congress a

berkshire hathaway vice president charlie munger says the u.s.uld follow china's lead and ban cryptocurrencies all together he says they're more like gambling contracts than securities, or currencies. of course, even gambling is regulated. jon? >> contessa, thank you >>> apple shares, meanwhile, moving higher ahead of earnings this afternoon although we're expecting the first revenue decline since 2019 for the tech giant our steve kovach joins us from cupertino with more. steve, you think we're going to get revenue guidance this time >> reporter: we haven't gotten revenue guidance, jon, or any formal guidance from apple since the pandemic began you are right. guidance is going to be important, at least some form of outlook. we know last week -- last quarter, jon, they had such production problems for the iphone in china, which caused them not to be able to hit demand for that important holiday quarter where they typically sell the most phones analyst expectations are all over the map, but expecting up to 10 million fewer iphones sold than origina

woe've gotten a lot of questions to ask munger. you can tune into the livestream on cnbc.com as we'll answer as many requests as we can get to. >> meantime howard shoults has declined to testify before congress the invitation came from senator bernie sanders who shares the health education and waver committee and was signed by ten other members of that committee. last week senator sanders accused starbucks owner of fighting e everyone this eyes o the case the chief public officers is there to testify the real thing i is believe given the makeup of the committee,y can spip people. >> it's awesome. i love bernny. bernie helping the plievt sector. >> we were going to talk about lina con. >> we'll get there that's a tease there's a whole conversation to be had about that. >> and the resignation we'll get to. >>> coming up on the other side of the break two travel companies getting a big pore zwloo and later retail sales due at 8:30 p.m. eastern time youer watchling this it's cnbc. themselves. right? uhh...nope. intuit quickbooks helps

. >>> and a programming note, charlie munger and investor awil be speaking at the shareholder meetingournal that's going to be streamed exclusively on cnbc.com next week, february 15th at 1:00 p.m. you can go ahead and send an email at dailyjournalquestions@cnbc.com i'll get to as many questions with mr. munger as we can. ...meets trailblazer. ♪ ♪ classic meets modern. ♪ at morgan stanley, we may seem like a contradiction...and we are. ♪ ♪ at 87 years old, we still see the world with the wonder of new eyes, ♪ helping you discover untapped possibilities ♪ and relentlessly working with you to make them real. ♪ partnering to unlock new ideas, ♪ to create new legacies, ♪ to research, innovate, collaborate, ♪ and build the way to transform a company, industry, economy, generation. ♪ because grit and vision working in lockstep puts you on the path to your full potential. ♪ what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid

you know, gambling or betting these tokens will go higher and higher i kind of agree with charlie munger if people will see, there's no use case no real use case, why do i own these these are -- lisa mentioned rocks, these are pet rocks the companies that facilitate it, including coinbase, are going to, you know, see much lower revenues because people are not going to see value in the tokens that's kind of the fundamental view that i have that lead mess to the $30 price target. >> dan and lisa, thanks for the debate >>> coming up we're going to hear from the ceo of activist and investment firm engine number 1 plus the s.a.l.t. cap. magically disappearing from many of the wealthy this tax season it's all thanks to a loophole. more on that sto fryrom robert frank later this hour. stay with us magically disappeary of the wealthy this tax season it's all thanks to a loophole. more on that story from robert frank later this hour. stay with us . >> i think the odds of recession are down but still greater than 50%. >> another 25 at the next meeting. they have a month off and we'll see what happ

there's some great quotes from munger, things that you could learn from him when you look at his holdingshe's been known to do this on "mad money," spends a lot of time talking about how american express and coca-cola are winners because they buy back stock, because of the dividends, but the actual portfolio, occident occidental petroleum, spends a lot of time talking about, don't look at my operating look at what i've done with these companies, and the companies are so disparate there is no theme, other than the fact that it's -- he's the largest owner of them. there's a lot of -- i don't know, when i read it, i'm not saying it was wistful. i am saying that he himself is saying, listen, we're going to be pithy we have maxims, but we are furious at those who are against buybacks because buybacks have meant so much for shareholders, and i thought that was very well reasoned and i wish that the people who have been anti-buyback would read it, and i think they would change their mind >> you think he should have called out the president by name you think that's who he was talking about? >> el

sold in this country it is also worldwide number one just ahead of byd the china market and charlie munger's attention that's the main focus in terms of global sales. it's the largest ev market in the world. europe is also intensifying and tesla, because of its production in germany is increasing sales there. we will be hearing from rivian and lucid in the next couple weeks about their q4 results more importantly, it's going to be what they say about their production targets for 2023. i think a lot of people are looking at those two and saying okay, if there's going to be an independent start-up that is going to be able to survive, let's see what they can do this year and next year as general motors rolls out more evs, ford increasing its production and then, obviously, tesla being tesla. that is going to be the focus over the next couple weeks, guys >> yeah. not to mention next couple years given all the ambitious targets. specific to tesla, phil, we had the recall, the self-driving feature. i guess it's over the air, but what do we know about it and how quickly does that get done >> over t

. >> so what do you say when charlie munger, berkshire hathaway, publishes an op-ed in the "wall street quote, unquote, crypto currency is not a commodity or currency, it's a gambling contract with a nearly 100% edge for the house entered into a country where contracts are regulated only by states that compete in laxity and, obviously, the u.s. should now enact new federal law that prevents this from happening >> well, his criticism of crypto aren't totally off they're a 10,000 crypto tokens which are gambling and i sympathize with them on that matter charlie and the other critics, they're members of the western elite continually prodded for an opinion on bitcoin and they haven't had the time to study it if he was a business leader in south america or africa or asia, and he spent 100 hours studying the problem, he would be more bullish on bitcoin than i am lebanon, argentina, sri lanka, venezuela and nigeria, there's no solution better than bitcoin. i really think that, you know, the western he elites, they haven't had the time to study it, but i've never really met someone with an ince

. >>> a programming note charlie munger, investor and board member at the daily board corporation ispeaking at the annual shareholder meeting streamed exclusively on cnbc.com tomorrow at 1:00 p.m guess what if you have questions you would like to get to charlie, go ahead and send in the questions. send questions to dailyjournalquestions@cnbc.com charlie penned a column on cryptocurrency recently and talked in the past about what he thinks about gambling and other issues anything you like to ask send theueionsnd qst a we'll get to as many as we can we'll be right back. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank,

. >>> reminder charlie munger and investor at the daily corporation will speak at the annual shareholderave that on cnbc.com on wednesday, february 15th this iis coming up at 1:00 p.m if you have questions you like to ask, send them in and we will ask as many as we can get to if you are a to dailyjournalquestions@cnbc.com >>> president biden conceding that the u.s. is going to be needing oil and gas for, as he says, at least the next decade as the country transitions to renewables our next guest says we are not in the midst of an energy transition and claims the climate crisis is overblown. last month he railed over an ala alarmist move. let's talk to chris wright right now, chairman and ceo of liberty energy north america's second largest fracking company good morning to you. let's start with your reaction i imagine you're watching the state of the union you see president biden and he makes the statement actually twice, if you recall in fact, the first time he says we're going to need fossil fuels for a while, and then later follows up with we're going to need it for i think he said som

. >> charlie munger made the point when we talked to him earlier this month that, look, california isople if that is their plan in all of this, they have a great plan for it they are driving out wealthy people and that's going to become problematic. >> you can stay in the united states and leave the state, but on a federal level, that's a little stickier. >> then i'm going to portugal. maybe. >>> target shares were lower and then higher this morning now the stock, if we take a look at it, shows that it is, yeah, basically flat, up by about 57 cents. this all comes after the retailer reported holiday quarter resultsthat were far above what the street was expecting. target's earnings beat was its first in a year, but it also reported shrinking profit margins and gave a pretty conservative outlook for both the first quarter and the full year we spoke with target's ceo, brian cornell, in the last hour. >> wihile there has been some softness in discretionary categories, we delivered $55 billion of revenue through discretionary categories in 2022 so they're not going to zero but we have see