joining us from henley and partners and of course our own robert frank. rt's newsletter, inside wealth. that's it for the exchange. i'll join john chu for power lunch right after this power lunch right after this quick at&t has a new guarantee. because most things in business are not guaranteed. like a distraction-free work environment. -yeah,i'll circle back around. -get those steps in, kevin. your coworkers keeping things confidential. [phone ringing] oh, she's spilling all the tea. ♪♪ or office etiquette. yeah, that's not guaranteed. i know you can see me! you know what at&t guarantees? connectivity you depend on, the deals you want, and the service you deserve. can i get that logo bigger? or we'll make it right. that's the at&t guarantee. franklin templeton, we are expanding access to the growing opportunity in private markets, offering the potential for greater diversification and enhanced returns through our world class specialist investment managers. we are empowering advisors with solutions to build the portfolios of the future today. alternatives

robert frank joins us now with much more on this story. another frank and frank. robert. great to see you. we're always frank here on the exchange on the. >> morning show. >> now this, this, this $5 million gold card. this would be. >> the. >> most expensive visa. >> in the world. >> only singapore, in fact, is higher. charging $10 million, $10 million, or about 7.5 million us. >> now, of. the 60. countries right now that promote some kind of investment. visa program. >> most charge under a million. yet demand for investment visas by the world's wealthy right now is soaring. >> a record 135,000. >> millionaires are expected to move to another country this year. that's up 60% from just a few years ago. now, even the wealthy. >> who aren't. >> moving are getting second passports and visas due to political or economic uncertainty. >> and it's. >> china that's buying most of the world's investment visas or passports. with a record 15,000 chinese millionaires leaving the country last year. now, china. >> accounted for more. >> than half of the investment visas issued by the us

our robert frank joins us now with much more on this story. robert. good morning. >> good to. >> see you. well, president trump telling republicans in a tax meeting yesterday that he would eliminate the loophole that allows private equity, venture capital and hedge fund managers. >> to pay. >> that lower tax rate on. part of their earnings. the so-called carry is that 20% they make on the fund profits. that profit is currently taxed at the capital gains rate of 23.8%. now, many argue that it's in fact a fee for service and should be subject to ordinary income tax rates of 37%. now, trump made the same promise back in 2016 as did biden in 2020. it has largely survived thanks to lobbying from private equity and hedge funds, but the 2017 tax cuts made it slightly less lucrative for these fund managers. it extended the time the firms had to hold the assets from one year to three years. now, how much would it raise? well, the cbo estimates about 1.4 billion a year would be added if you reduced or eliminated that loophole. mckinsey says it's about 1.2 billion a year. so t

appreciate it robert frank.ing of defense, don't miss our exclusive interview with lockheed martin ceo jim taiclet next hour on power lunch. that's around 2:45 p.m. eastern. and still to come, it's not just palantir defense stocks across the board are getting hit on possible budget cuts. the ishares aerospace and defense etf having its worst day of the year. the dow is at session lows, but gold prices are continuing to march higher, hitting a record high just below $3,000 as the president says he plans to audit the u.s. gold reserves kept at fort knox. here's what former treasury secretary steven mnuchin told us this morning about his trip to the facility. >> the gold. >> was there when i. >> visited it. >> i hope nobody's moved it. i'm sure they haven't. i was the first. treasury secretary to go there, and i think over 50 years. >> there's very. >> serious security protocols in place, obviously to protect the gold that i can't talk about. but we went. >> we saw it. >> and i. if president trump wants it to be au

robert frank joins us right now with more on what they're kind of hashing out at. >> this point. lot of things talked about yesterday, becky. the biggest one was president trump telling republicans in that meeting that he would eliminate the carried interest loophole that allows private equity, venture capital and hedge fund managers to pay a lower rate on part of their earnings. now that carry is the 20% they make on their fund profits, the profits are currently taxed at a capital gains rate of 23.8%. now, many argue that the carry, in fact, is a fee for service and should be subject to ordinary income tax rates of 37%. now, trump made the same promise back in 2016 as did biden in 2020. it has largely survived thanks to lobbying from private equity and hedge funds. now, the 2017 tax cuts did make it slightly less lucrative. it extended the time that firms had to hold the assets from one year to three years. now, the cbo estimates that getting rid of this loophole would raise about 1.4 billion a year. mckinsey says it's about 1.2 billion a year. so not nothing, but not much. it's

robert frank here with the details. >> robert leslie. >> good morning. good to see you.ter for luxury hermes, though posting an 18% jump in sales that was better than the 11% expected. the big driver, of course, was leather goods. those famous birkin and kelly bags sales. they're up 22%. the us also strong, with the americas up 21%. europe got a big boost from tourists, mainly from the us. they're buying in france and italy now. they don't break out china, but asia. ex-japan was positive. that was surprising, up 10%. ceo excel dumas saying, quote, in a more uncertain economic and geopolitical context, the solid performance of the results attests to the strength of the hermes model and the agility of the house's teams, who i want to thank warmly. the company, by the way, giving all employees a bonus of ■k74,500 because of these strong results. now, overall, china's weakness still a big drag on the luxury sector. problems at gucci, driving a 12% drop in sales at the owner carrying porsche, also cutting 2000 jobs in germany. they cited a 29% drop in ev demand in china. even

. >> and robert. >> frank joe and andrew are. >> off today. gentlemen welcome. >> good to be here. >> good to be here. looking good in the suits. >> across the board here. >> let's take a look at what's. >> happening with the us equity futures. >> at this hour. >> you'll see right now. >> there are some. >> declines at this point. >> dow futures off by. >> about 80 points. >> s&p futures. >> down by just over. 30 points. the nasdaq down by. close to 200 points. this does come after the markets. all three major averages. >> saw their first positive session in. >> the last three. we'll continue to watch and see what's happening with some of these things, but obviously some of the pressures that we've seen with these technology shares overnight adding pressure, especially to the nasdaq. >> alphabet for sure. amd as well. and so yeah, a little bit of a setback. you know we actually did a round trip week to date monday trade concerns s&p down three quarters of a percent yesterday up three quarters of a percent. almost landed in the same place we cl

how the wealthy become ultra wealthy robert frank's high net worth perspect gina costa... looking simplye's opening her fidelity app.... to buy that stock... with no fees or commissions... because what does gina got? gina's got the look. that never gets old. talk about easier investing. gina costa... looking simply stunning... what's this? she's opening her fidelity app.... to buy that stock... with no fees or commissions... because what does gina got? gina's got the look. that never gets old. talk about easier investing. >> get your. >> solar generator and free panel at four patriots.com. >> welcome back to fast money. stocks mixed ahead of tomorrow's jobs report. the dow dropping 125 points while the s&p and nasdaq both managed gains. shares of meta. hitting a fresh all time high, the stock notching its 14th straight day of gains, extending its longest winning streak on record. it is up more than 15% in that time, adding more than $260 billion in market cap. meantime some chip stocks under pressure. qualcomm and arm holdings lower on the back of results yesterday and apple supplier sky

. >> and robert. >> frank joe and andrew are. >> off today.en welcome. >> good to be here. >> good to be here. looking good in the suits. >> across the board here. >> let's take a look at what's. >> happening with the us equity futures. >> at this hour. >> you'll see right now. >> there are some. >> declines at this point. >> dow futures off by. >> about 80 points. >> s&p futures. >> down by just over. 30 points. the nasdaq down by. close to 200 points. this does come after the markets. all three major averages. >> saw their first positive session in. >> the last three. we'll continue to watch and see what's happening with some of these things, but obviously some of the pressures that we've seen with these technology shares overnight adding pressure, especially to the nasdaq. >> alphabet for sure. amd as well. and so yeah, a little bit of a setback. you know we actually did a round

robert frank's high net worth perspective. join the list at cnbc.com.alth. >> welcome back. read across the board today moving lower as well here as we head towards the close dow and nasdaq now negative on the week. our next guest looking beyond stocks for opportunity. joining me now jefferies wealth management laurie goodman it's good to have you. hi. thanks so. >> much for. >> having me. also really your your focus, your wheelhouse. you also say stay liquid, which is interesting because people think of alts as not exactly the most liquid place to be. so reconcile that for. >> me. >> that's true. that's true. well. >> there's a range. >> of. liquidity within. >> alts. right? >> so if you're if you're thinking. about the more liquid end of the spectrum, you can talk about hedge funds. there's definitely liquid places in private credit. there's even some relatively liquid places in infrastructure going all the way out on the spectrum. >> to private. >> equity. >> longer duration, private credit, etc. >> what's your favorite area of alts? if you had to pi

again robert frank brings us a closer look. >> hey, kelly.p in a meeting with house republicans yesterday calling for an end to carried interest. carried interest, of course, is that loophole that allows private equity, venture capital and hedge funds to get. >> a lower. >> tax rate on part of their income? now, the carry is the 20% that they make on their fund profits. that profit is currently taxed at the capital gains rate of 23.8%. but many. have argued for decades that, in fact, it's a fee for service, and therefore they should be paying ordinary income tax rates of 37%. now, trump made the same promise back in 2016, as did biden in 2020. neither were able to kill this provision. it has largely survived thanks to lobbying from private equity and hedge funds. but the 2017 tax cuts did make it slightly less lucrative. it extended the time that firms have to hold the assets from one year to three years. now, the cbo estimates that closing this loophole would raise about 1.4 billion a year. that's right, 1.4 billion a year. so not much money

how the wealthy become ultra wealthy robert frank's high net worth robert frank's high net worth pe dadeen really, really hard for me. >> the details. >> physicians mutual, physicians mutual. >> all right. welcome back everybody. now to some additional tariff reaction from wall street. the economics team from goldman sachs, led by jan hatzius says that the outlook is unclear, but that they do expect the canada and mexico tariffs to be short lived. goldman's chief u.s. equity strategist, david kostin, writing large tariffs pose downside risk to our s&p 500 earnings estimates and return expectations. jp morgan's michael feroli also noting that using fentanyl as a justification could provide a quicker off ramp than more traditional applications of the trade act. he says qualitatively, tariffs should push up prices and depress growth. but j.p. morgan is holding off on changing its forecast because of the uncertainties around that implementation and potential retaliation. bank of america global research notes that companies are better positioned this time for china tariffs, because china exp

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how the wealthy become ultra wealthy robert frank's high net worth feel amazing and is something thatt. no consumer slowdown in sight. that's at least according to imax. the company forecasting a record 2025 of over $1.2 billion at the box office for the year. and writing they've seen a dramatic turnaround in china. richard gelfond joins us this morning. richard, great to have you as always. good morning. >> good morning carl. >> nice to see you. >> before we get to china, i am curious to get your thoughts on the north american consumer, because it's been a. week of walmart guidance and some disappointing michigan sentiment numbers. what are you seeing. >> at least for the movie business? carl, i think it's going to be a very strong year. the first thing that drives that is the slate. and this year is really an embarrassment of riches. you know, we haven't really hit stride in it. capt. captain america opened this weekend and did pretty well. it did $100 million globally. but you've got mission impossible coming. you've got formula one starring brad pitt. you've got avatar at the end

frank this. i already filed the trademarks and everything. so that's coming at some point. >> robertland or frank. >> frank. >> if we will. >> have a. graphic built for the next time we do this. >> gentlemen. >> on a serious. >> note, other places have really. >> cool. >> really cool animation. two years ago. >> the post office started a turnaround plan. so during this most recent holiday quarter, it did turn a profit of about $144 million. just for comparison, the year before and the 2023 holiday quarter it lost about $2 billion. so that's some of the arguments that the president and other critics are making. but the post office is very actively in a turnaround plan. they've ramped up capacity. but they've also warned that expansion by fedex, ups and amazon that could also lead them to lose market share. the other part of this story that we might not have time to really get into, is that the post office is the only carrier that delivers to every address, and if there's some significant changes to that service, it could hurt a lot of small businesses and also rural customers. >> yeah

robert frank's high net worth perspective. join the list at cnbc.com. inside wealth. >> when it's time for cramer's mad dash. ahead of the opening bell. >> one of my favorite companies, one of the great performers of our era. so arista networks that do networking for data for cloud, they are very much involved in everything we hear about with the tech titans is so great. you can see one year they reported last night people did not like the quarter. she guided conservatively, talked about the idea of margin pressure for meta. now let me just say this every time there has been any conservative statement from j street you buy, you wait a couple days, you let the stock settle. this time will be no different. there is no real loss of business at meta to speak of. and i've got to tell you, in the end, everybody raised price. now, we saw this last week. this phenomenon, palo alto gets just trashed the night before everybody raised their price. now the stock is above where it was. i'm not saying this necessarily. there's a four for one. it's not down. i'm not s

how the wealthy become ultra wealthy robert frank's high net worth perspective.st at cnbc.com. inside wealth. >> i'm for a mad dash on. >> this tuesday as we get you ready. >> for a trading five minutes or so. >> from now. >> dell. an interesting name. i think it was up on this exi order that was reported by bloomberg and. >> but. >> some competing views. >> yes. >> i mean, for instance, bank of america cuts its price target 155 to 150. now they report in ten days. but you're righteous, ben. righteous. he's got a good following. >> nlds. yeah. >> been a lot. very bright on ibm. very right on cisco, by the way. he's really going put all the chips in here. this king idea is nvidia. he's saying this is it. you got to buy dell. and he says that the expectations have been lowered by that last quarter. big deal with elon's got this amd deal. and i've got to tell you what sub rosa idea. >> that when nvidia. >> reports they'll also look good. so you've got one. >> two punch nvidia. >> could make dell look good i mean supermicro is up really high. and supermicro. >> is a

. >> robert frank. >> is here to explain, though.> one is very interesting. >> yes. >> speaking of not. >> cheap, david. president trump saying this. >> new $5 million. >> gold. >> card is. >> going to start selling. >> in just. two weeks. >> immigration attorneys. >> saying they're already getting a lot of calls from interested clients. now, one reason for that, a tax loophole that. >> would give the overseas. >> rich a. tax benefit that is not available to americans. >> now, here's why. >> u.s. citizens and permanent residents right now, they have to pay income taxes on all of their income, so that income earned in the us and any income earned overseas. gold card holders will only be taxed on. >> their. >> u.s. income. >> their overseas income. >> will be exempt. >> now, attorneys. >> say this is. >> the only way the global rich would even want to come to the u.s. to become residents. the gold card is the latest entry into the fast growing business of investment. visas for the world's wealthy. right now, over 60 countries promote s

robert frank's high net worth perspective. join the list at cnbc.com.he battle creek toasted corn flake company was founded on this date in 1906. who was the founder? the answer will keith kellogg. >> did you know that? >> i thought it was tony the tiger. myself. that would have been my guess. >> i missed tony the tiger. >> do people. >> eat that stuff? oh, yeah. are you big tony the tiger? to this day, if. >> i let myself go, it would be. yeah, honey nut cheerios, froot loops, lucky charms. you can see. i can just rattle off my. >> you won't be able to eat lucky charms anymore, rfk jr. is not going to allow all the different colored things that are in that. anything in. >> moderation. you know, mr. cherry coke is 95 or 94 and worth $300 billion. >> tell that to the head of our new health and human services. >> no. >> no no, no. >> he's like. >> it's like mainlining nicotine patches. i mean, he's got his own. he's got his own issues. it's do what i say, not what i do, i think. did you see that? wasn't that a nicotine? >> yeah. >> i've seen it all, but i

and robert frank joins us now to explain what we're talking about. >> good morning. >> good to see well just. >> two weeks. >> we call it the gold card. and i think it's going to be very treasured. i think it's going to do very well and we're going to start selling hopefully in about two weeks now. just so you understand, if we sell a million, right, a million, that's $5 trillion, 5 trillion. >> immigration attorneys. >> saying they're already getting. >> lots of calls from interested clients. and one reason is this secret tax loophole that would give the overseas rich a tax benefit that is not available to americans. now, right now, u.s. citizens and permanent residents. >> they have to pay. >> income taxes on all of their worldwide income. >> that's earned in the us. and anything earned. >> overseas gold. >> cardholders will only. >> be taxed. >> on their. >> domestic u.s. income. >> their overseas. >> income will be exempt. >> attorneys say. >> it's the only way. >> that the global. >> rich would. actually want. >> to become u.s. residents. >> now, the gold card replaces the eb. five

. (♪♪) ultra wealthy robert frank's high net worth >> i don't. >> shed as much. joining us now to talk about the plans and president trump's legislative agenda, tennessee republican senator bill hagerty. and once again, the we our hearts go out to a lot of the people in your home state, senator, with with the flooding that we've seen and hopefully that hopefully. the help is either there or forthcoming. >> yeah, certainly. i appreciate that very much. as to the people of tennessee, the rains were significant. the flooding, as you seen on, you know, much of the coverage. >> has been devastating. >> we're working very hard to make certain people getting the aid they need. >> okay. >> so we're. here to talk about. >> actual legislation is that it's so out of vogue now. do we really need it? >> and can't. >> we do. everything through executive order? now, senator. >> we need to. where are. >> we on that? >> this is actually one of those areas, joe, where legislation is going to be required there. >> as you say, there's been. >> a lot that's been done by executive ord

robert frank's high net worth pers strength with the largest library of rowing workouts.new york is saved. long live the king. now, congestion pricing, you might remember, went into effect shortly before trump took office. it tolls drivers heading south of 60th street in manhattan, with the goal of using the money to beef up the city's mass transit network. new york governor kathy hochul responded to trump yesterday. >> i don't care. >> if you love. congestion pricing or hate. >> it. >> this is an attack on our sovereign. >> identity, our independence. >> from washington. >> think about this next time you're stuck in traffic. >> fight between state's rights and federal rights. joining us right now, catherine wyld. she is the president ceo of the partnership for new york city. also a supporter of congestion pricing. they have been a big backer. many of the big businesses here in the in the city. catherine. it pits federal versus versus the state at this point. and interesting that you've been as vocal as you have given that, i would argue most ceos have actually not been t

robert frank who knows about everything taxes. >> visas. >> you name it. >> he says it. >> replaces thegram. that's been riddled with fraud and abuse and is mainly a subsidy for real estate developers. so this. >> is like an. >> improvement potentially for what you. >> see out of that. >> we're not the only country that does this. the eb. >> five program. >> already does this. but the gold visa programs include countries like greece and hungary and others, where if you put an investment. >> the programs. yeah, i mean, a whole number of them, all the golden passports used to be able to buy in europe. they, they, they ended those programs in part because of some of these issues. >> i just think it's a big leap to think that to immediately go to like the, the villains in mi5 with tom cruise as the first person that's the arms dealer oligarch from russia, as the first person that's going to come, why not people that look at the united states as a shining city on the hill have money. i want to go there and participate in the american dream. why not? >> them can get visas. >> why not? okay, b

robert, good morning. it is good to see you. >> morning, frank. >> great to be. >> with you. ee today shaping up? a lot of a lot of, you know, wild day roller coaster ride in the markets yesterday. what's your word of the day? >> word of the day is patience. investors have to be patient. >> and right. >> now this is where volatility. >> meets opportunity. >> so if an investor has some dry powder some cash on the sidelines and not don't chase you know the volatility of the market. but let the volatility provide the opportunity. you can actually do quite well in a market like this. >> all right. so with all this volatility how are you looking at the market. are there certain sectors you see as perhaps a safe haven. others that you're just going to stay away from because of all the uncertainty when it comes to tariffs and what could happen going forward. >> you kind of want to insulate your portfolio. some of the sectors that help us do that, financials, financials have actually outperformed year to date as well as we saw last week what. utilities can do as well. so financials ut

robert, good morning. good to see you. good morning frank. great to see you again. if you don't mind, let's start off with the small caps. what's your view on the small caps? once a trump trade we just hit on some of the big inflows following election. a definite shift when it comes to sentiment since then. >> yeah. >> i think. >> the link between the trump trade and. small caps is really seen through. >> the eyes of the economy. >> so the. view was. >> that the economy. >> would be accelerating. >> a bit. that's good for small caps. >> the view was also. >> that rates would be coming down. >> and that's required for. >> small caps, which. >> have a bit. >> more sensitivity to. >> financing activity. so i think it's a bit of a rally delayed. there's some policy uncertainty at the moment. >> we've been. >> seeing some economic data that's. perhaps not as encouraging as investors were expecting. >> and so. >> it is a. >> bit of. >> a rally delayed. i do. >> think small caps will come into their own later in the year. but for now this is a very choppy. market with a lo

robert honda, nbc, bay area news. big honors for two berkeley letter carriers today. elizabeth correia and frankvalos were recognized for their service today. each has worked for the u.s. postal service for 40 years. they both said that they are grateful to serve the community. i've enjoyed it because i help other carriers. that's what i love to do the most is help others. employees with 40 years of service are also awarded a service award pin and a letter of appreciation. okay, if this sunday is the biggest night in sports with the super bowl next sunday night, well that may be one of the biggest nights in pop culture when saturday night live celebrates 50 years with a three hour anniversary special. can you can you imagine trying to condense 50 years of iconic guests into three hours? but snl, they're going to give it a try. the new promo reveals just some of the names involved in the special will feature mainstays like steve martin, tom hanks and paul simon, as well as sabrina carpenter. the saturday night live 50th anniversary special where our next sunday, right here on nbc bay area. covera

frank, they had a guy. the number of it was actually it was pisani. robert talked about all the different instruments that are betting on it. and then i talked with vlad tenev at robinhood. the number of zero day not the movie. the number of zero day options that are bet on this thing have made it. so it's actually in control of the actual underlying. >> i think the straddle is almost 10%. >> yeah, 8%. and what's amazing is, is that it's actually makes sense. i mean, when i was with vlad, with robinhood, you don't want the, you know, time degradation. so you can actually put that bet on this morning. and if it doesn't work. >> doesn't work. >> at all. it can be used as a hedge. >> if you're against your existing position. >> there are many professionals who are using zero day through robinhood because they've got the most active. they've got the deepest market. >> nvidia shares are up, though. i do want to. >> come back. >> to meta. >> you did not. >> you you. >> know. >> we had something at the very top talking. >> about this. >> information story where the

frank, stay with us. let's come back to washington where we are tracking a very, very busy hour on a very busy day in the senate. in just minutes, the confirmation vote for robert f kennedy jr to become secretary of health and human services. and happening now, president trump's nominee to lead the education department, linda mcmahon, is in the hot seat for her confirmation hearing. plus, senators in the judiciary committee are readying a vote to advance kash patel out of that committee, which would then bring him one step closer to becoming the fbi director. last hour, the chairman, senator chuck grassley, spent much of his opening railing against the fbi. here's how senator dick durbin, the top democrat on that committee, responded. >> we are. >> inviting a political disaster if we put kash patel into. >> this job. >> i think this is outrageous. if we. >> have. >> respect for. >> these agents, show it. >> we are joined by nbc news chief. capitol hill correspondent ryan nobles and nbc news senior white house correspondent kelly o'donnell. frank figliuzzi is also still with us. so, ryan, a lot of plates spinning for the senate right now. are republicans concern

frank. for we'll see if that constitutional crisis comes. i will say, if that constitutional crisis does come. and he says to john robertsy? that would be a constitutional crisis of the first order. so we won't presume that that's going to happen though, though it could. let's let's instead though, get back to where we are right now. i've heard from a lot of people inside of washington attorneys. i've heard from people on the hill. their feeling is that that right now donald trump is just flooding the zone and you know, yeah, we'll throw out birthright citizenship. we'll do, you know, we'll defund agencies that congress is authorized for. we're going to throw everything at the wall and just try to overwhelm our opponents, just try to overwhelm the courts, and just, again, test the boundaries of executive power, which is, as mika said, exactly what donald trump said he was going to do on the presidential campaign, along with people like ron desantis, who also said they were going to try to expand the article two powers as much as he could, right? >> i mean, i'm just thinking synthesizing everything that's been said in the