that's pretax and a huge buffer inside of berkshire hathaway look at the overall company.hows that it's somewhat close to a floor level historically when the overall market is not under severe stress arguably value started to develop. $180 billion in other public equities coca-cola and the like it is an interesting moment. not sure there's a catalyst but worth to remind folks what makes up berkshire hathaway. >> thank you. >>> crypto investors have been flocking to miami this week and not for the beaches but the nft exhibits up next a look at whether the digital art boom is here to in theft, or in this case, water damage. now if i had to guess i'd say somewhere upstairs there's a broken pipe. geico. save even more when you bundle home and car insurance at geico.com. tv: mount everest, the tallest mountain on the face of the earth. keep dreaming. [coins clinking in jar] ♪ you can get it if you really want it, by jimmy cliff ♪ ♪ [suitcase closing] [gusts of wind] [gusts of wind] [ding] >>> miami beach kicking off this week after last year's cancellation this year's event is

one prominent name concerned about the big jerk, berkshire hathaway's charlie monger says that he thinksarkets are wildly overvalued in places and the current environment is even crazier than the .com boom of the 1990's. you could have said that in 1999, and you would be right, amazon is overvalued. but if we have the chart, long-term chart of amazon. that boom and bust now looks like a flat line relative to what the stock has done since. what do you do with this information? getting out of the market is often the worst thing you can do. matt: this is pretty amazing. i didn't expect it to be that pronounced. amazon, though maybe a different story from other companies that we would have been talking about in 1999 that no longer exist. amanda: pets.com. matt: in any case, it is fascinating to hear from charlie monger. he pooh-poohs cryptocurrencies as well. it is possible that people from a certain air i will just never grasp new trends. he is only 97, but cryptos could last longer than charlie monger. just interesting to get his take on equity valuations because he has such a long-term vi

what businesses should be doing is raising cash, follow the lead of warren buffets the head of berkshire hathaway, who has a $149000000000.00 on the balance sheet, because he doesn't see anything of great value out there. so he's waiting, i guess, for prices to come down, either for stocks or for africa buying outright companies. i have been told to from time to time by people who exit candle my finances, you're sitting on a lot of cash. i am ready when something happens by doing so, haven't cash is not a bad ideas. it cash is, is the ultimate asset. it's the most liquid asset that we have, unfortunately, and this is the real problem having in america today is because of the federal reserve policies of depressing interest rates. we're getting virtually 0 on our savings, money market account, cds. which means that if a retired couple has saved $200000.00, let's say in a money market account or their savings account, they getting close to 0 with inflation running at 6 percent. they should be getting at least 6 percent on that $200000.00 or $12000.00 here, which, which would help pay their bills. bu

dani: this bit leads me to something charlie munger from berkshire hathaway said this morning early inurope at the conference in australia, saying markets are widely overvalued in places, and he calls the current environment even crazier than the dotcom bubble. are those comments out of place, considering the strength you are seeing in terms of margins from companies? natasha: we are still finding interesting opportunities. where we are focusing some of our research recently has been in the industrial sector, something maybe not traditionally associated with long-term structural growth compounder is that we tend -- compounders that we tend to try to pick up. thank potentially -- we think potentially some some sectors are going into a cycle of underinvestment, but as companies and countries start to adopt more net zero carbon targets, we think that is going to create more demand for some of these subsectors. particularly in the agricultural space. dani: do you wait for these periods of volatility like we have had over the past few weeks to look for those potential value opportunities? a

that, i think, is an important part of digital banking, but not one that warren buffett and berkshire hathawayly want to back. david: we give access to certain crypto mutual funds but not crypto trading. our focus is around better financial products, investing, lending, credit. customers are coming in fast, attracted by the traditional products package without fees and a better user experience. amanda: give us a sense of how your growth will be shaped by somewhat difficult environments in both brazil and mexico in the year ahead? david: environments are always volatile for us. when we started in 2013, things were as volatile in macro as you could imagine. the brazilian gdp contracted 8%. in 2017, the country contracted 4%. the macro has not really helped, but the reality is, the trends that are behind our back accelerating our growth are almost uncorrelated with that. regardless of where gdp is, people want to leave the banks and get better products. people want to be fully digital. there is a young population that continues to adopt the product. ultimately, this technology adoption is a power

berkshire hathaway says the current environment is even crazier than the dotcom boom of the late 1990d to a bust. he also said he wished that cryptocurrencies did not exist. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> what we have here is this spare capacity that comes out at half what the market deems it to be, around 5 million barrels. it is the market saying we've gotten a cushion here anymore. jonathan: what you just heard there from christyan malek of jp morgan out of europe was the path towards 1.25 on brent -- towards $125 on brent next year. we appreciate the incoming views on all of this. what underpins that view is spare capacity at opec+. the market consensus something close to five. it is actually about 4.8. his view is it is something closer to 2.8 million barrels. that is the spread. tom: he made very clear that there are some real complexities , as well as what led to that moving oil. the real surprise her that, but i would set up i

nubank's preipo bankers include berkshire hathaway and there have been a flood of investors so far to that's a threefold increase just from a year ago. but in public markets, some of nubank's public comparisons have struggled lately take a look at a hot fintech ipo. mercadolibre, stone. and a tough few months for some others square and paypal are also negative for the year after big years in 2020. investors have been rotating away from growth lately as you know, but those stocks also negative on the year carl, back to you. >> fascinating, thank you. tim, what do you think is this a brazil play or a fintech? is fintech universal in any country? >> it's the right question to ask. also the right question to ask and the right ipo to talk about when the brazilian bank raised rates. 700 basis points in the last seven of eight months because of endemic inflation and a concern. and a banging system that's been on the brink while nubank has a bigger market cap than the juggernauts down there, this is a bank that's moved ahead of so many banks not only in latin america, but around the world nic

. >> berkshire hathaway break outconfirmed. >> good stuff, everybody see you tomorrow "the exchange" is now. >>> i'm jon forward in for kelly evans. what's ahead, the fed rally fading dow holding on to gains by its fingernails. nasdaq the big loser and only major index to lower for december what's changed since yesterday how do you play this market? plus -- a boost in at&t shares higher on upgrade and a price target seeing the stock climb more than 20%. the analyst behind that call joins us to make his case. >>> google versus disney underrated restaurant stock serving love on the street, but we begin with today's markets and dom chu. >> focus on nasdaq as we have often, jon it is pretty much epicenter what's happening with regard to the mixed market we're searing dow jones industrial flat on the session, although towards the lows of the day right now. you can see 357949 last trade relatively flat, up 21 points. s&p down 27 handles, 4681 last trade there. big trade here 2% losses for nasdaq composite down and much of that is due to weakness in mega cap technology names. specifically a

that is this craze came from none other than charlie munger, the partner of warren buffett at berkshire hathaway97-year-old munger had a lot to say about the current stock market calling it crazier than the dotcom boom and you saw what happened today some were too high and he lashed out against cryptocurrency and saying, and i quote, it should never have been invented but i want to talk about costco. a key holding of my charity trust and the investors club munger loves going to costco because the membership based model holds down costs as he puts it. people trust it and they have the power to reduce prices in fact, he said, as i quote, a sentence from hell, he also thinks costco digital business could become a huge internet player, rival amazon now i want to teach you about the dangers of short-term thinking this week costco reports november sales numbers and the came in 14%, wall street was looking for 15%. some thought this was a deceleration when i saw the numbers, my immediate reaction was holy cow. charitable trust better sell this thing and then i thought about it and realized that costco

bitcoin is falling to its lowest since early october as famed investor and vice chairman of berkshire hathawayurrencies. warren buffett's right-hand man wishing cryptos had, quote, listen here, guys, had never been invented and that china made correct decision which was simply to ban them. buffett's bff going on say, quote: i consider this era even crazier than cot come every rah. i don't -- dot.com era. i don't welcome a currency that's so useful to kidnappers and extortionists. the people we're getting many cryptocurrencies are not thinking about customer. i wouldn't want any one of them to marry into my family, end quote. remember back in 2013 charlie munger told liz claman in an interview along with warren buffett that bitcoin was rat poison. all right. despite crypto bulls fighting back, you cough cryptos, bitcoin, ether, litecoin all down pretty sharply today. yes, it is a volatile day, but let's go to one of the biggest crypto the investors online there is with over half a million subscribers on his page, the moon joins us now in a fox business exclusive. carl, good to see you. >> thank

that could go out to possibly close or including the fed meeting, guy >> yes >> yeah, i think berkshire hathaways a big component of that but jp morgan is second i'm with pete, i think the all-time high was $4.80 and it will continue to grind higher and i think citi trading now either side of 73% of tangible book is just too cheap i thought that for a while and it is gotten bludgeoned but i think citi is worth a look in 2022. >> the yield curve stays kind of flat, grasso you want to be in financials >> no. you don't want to be in financials but to guy's point, berkshire's chart is the only chart that actually looks at a productive in the space right now and it is the number one holding it is 20% of the xlf jp morgan is the second at 10% every other chart looks like a series of lower highs to me. so if you want to -- if you are forced to be in it, then you buy berkshire straight out but i think the xlf is probably the bet, that that options trader is making is that rates that the yield curve will steepen and i don't think that will happen. >> tony, if you're still there, do you see a lot of optio

immense, and getting involved involved in autonomous, a lot of growth areas, by the way, 25% of berkshire hathaways glad if he had to pick one tech stock he picked the right one. i've got 20 seconds nicole what do you like here and what's the best advice for folks as we continue with this choppy market >> yeah, my favorite choppy market position is looking forward to 2022 a post-covid exhaustion from the consumer, am gen, zimmer, some of these orthopedic companies that have gotten annihilated, we haven't seen the supply chain disruption there, and so that is going back into the new year. charles: well thank you both very much, nicole, and ken, have a fantastic week, and liz, its been a crazy week hasn't it? we've been all over the place and ironically, you would have thought today would have been a big down day. liz: yeah, you would have, but you're absolutely right. the highest inflation number in 39 years? not spooking wall street as we kickoff the final hour of trade. markets are wrapping up a winning week with a move to the upside, the s&p 500 within a whisker of a new record. it needs a gain o

i'm sorry, we just can't do it [ laughter ] josh brown >> berkshire hathaway, some of the best growth combined with some of the cheapest valuation you can find in the large cap space. i like it right here >> all right quick update on stocks dow is up 637 points does it for us "the exchange" begins now. ♪ >>> i'm jon fortt in for kelly evans. what a difference a day makes, again, after yesterday's late-session selloff stocks are higher right now, and in all that volatility should you wait for the smoke to clear? >>> plus, the great re-evaluation. job applicants taking their time to figure out what they want in a new position we have a look at where they're applying, what jobs they're applying for, and what all that might tell us about tomorrow's big jobs report. >>> and the mortgage bailout is ending we're going to look at what that could mean for the winter housing market but we begin, of course, as always with today's markets with dom. >> mixed in the beginning, but now decidedly in the green that's what we got right now the reason why there's been some buying activity in these names

. >> berkshire hathaway break outconfirmed. >> good stuff, everybody see you tomorrow "the exchange"kelly evans. what's ahead, the fed rally fading dow holding on to gains by its fingernails. nasdaq the big loser and only major index to lower for december what's changed since yesterday how do you play this market? plus -- a boost in at&t shares higher on upgrade and a price target seeing the stock climb more than 20%. the analyst behind that call joins us to make his case. >>> google versu

nubank's pre-ipo backers include warren buffett's berkshire hathaway and sequoia and the founders funde investors rushing into latin america especially in thintech and e-commerce year to date that region has brought in just under $15 billion in vc funding. that's up threefold from a year ago according to cb insights countries like brazil and columbia have a young, mobile native population with some of the highest internet engagement rates in the world and a lot of people moved online everywhere during the pandemic and boosting user growth for the start-ups there and it might be a challenging landscape to go public, if you look at the high growth public comparisons for nubank it was a hot thintech, and mercado libre. it's also been a tough couple of mocks for the flagship u.s. thin tech you have area and paypal after being some of the biggest 2020 winners and negative for the year as rest source rotate, and that stock outperforming after its spac merger and it's up 30% year to date scott? >> kate rooney, thank you very much josh brown, what do you know about this one >> so this is one o

berkshire hathaway's charlie monger seen a thing or two in his lifetime but he says current markets arehich of course blew up in 2000. speaking at a conference in sydney, australia, monger said many firms trading 35 times earnings, making the valuations the most extreme he has seen recently. the president and cio brian yacktman says he agrees. he will see the markets pop even with all the gross stuff before us. it is not a big statement to say the market is expensive. you say it is outrageously expense system. what are the metrics that give you that gauge? >> looking at the schiller ratio or price to sales ratios. but i you know what? i point out that it is the most expensive market i've seen in my own career and that is actually saying something because i started managing my own personal portfolio 21 years ago. that was at the peak of the dot-com era. so i would say this market is even worse more so because its broad base. everything is expensive. almost nowhere to hide. liz: so when you're looking for a stock do you have a level? the reason i was leaning, i had to take a second look.

brown >> i can't believe nobody is talking about this it is the biggest breakout in the market berkshire hathawaynted a record high in late may, early june of this yoord. spent the rest of the year consolidating. we are about to close if we go out here at the highest closing price of all time in berkshire b shares what is in this? industrials, financials, two of the best sectors right now i would be long here >> thanks, everybody "the exchange" begins right now ♪ >>> thank you, scott we have the flip side of what josh was just talking about. hi, everybody. i'm kelly evans. ahead this hour, an ugly ppi report has stocks in the red today. the nasdaq is slumping 2% when we look behind dom, still down about 300 points, all as the fed kicked off a big two-day meeting. will they look at inflation numbers and taper faster my next guest says it

brown >> i can't believe nobody is talking about this it is the biggest breakout in the market berkshire hathaway b shares, printed a record high in late may, early june of this yoord. spent the rest of the year consolidating. we are about to close if we go out here at the highest closing price of all time in berkshire b shares what is in this? industrials, financials, two of the best sectors right now i would be long here >> thanks, everybody "the exchange" begins right now ♪ >>> thank you, scott we have the flip side of what josh was just talking about. hi, everybody. i'm kelly evans. ahead this hour, an ugly ppi report has stocks in the red today. the nasdaq is slumping 2% when we look behind dom, still down about 300 points, all as the fed kicked off a big two-day meeting. will they look at inflation numbers and taper faster my next guest says it could stay ugly for a while and he has four name to ride it out. what is going on with media stock? they've been crushed today we will see what is driving the losses and who is best positioned to turn them around big calls in rapid fire today, disney

i'm sorry, we just can't do it [ laughter ] josh brown >> berkshire hathaway, some of the best growtht valuation you can find in the large cap space. i like it right here >> all right quick update on stocks dow is up 637 points does it for us "the exchange" begins now. ♪ >>> i'm jon fortt in for kelly evans. what a difference a day makes, again, after yesterday's late-session selloff stocks are higher right now, and in all that volatility should you wait for the smoke to clear? >>> plus, the great re-evaluation. job applicants taking their time to figure out what they want in a new position we have a look at where they're applying, what jobs they're applying for, and what all that might tell us about tomorrow's big jobs report. >>> and the mortgage bailout is ending we're going to look at what that could mean for the winter housing market but we begin, of course, a

and i'm doing that for the reason stephen cited and the trading revenue, going beyond there, berkshire hathaway interactive brokers which i own personally and s&p global gives you exposure to financials going through the capital markets. >> you missed a monster move in the sector, joe. i look at the year to date gains for only owning one bank stock there are some really big winners here >> yeah, but goldman sachs and morgan stanley have both treated me incredibly well i've many tintained that positin for the better part of 16 months >> all right we'll take a quick break we have more trade ahead on the other side >>> toyota is making a big bet on battery-powered electric vehicles the automaker plans to invest $35 billion and roll out 30 ev models by 2030 toyota aims to increase global seas of battery evs by 3.5 million units annually by the end of the decade. shares of toyota motors are up % is year. that's your esg fast fact of the day. we now find that 85% of individual investors are interested in sustainable investing. among millennials, the interest is even stronger. ♪♪ one of the big trends

volatile, aggressive, cyclical stocks and there's overlap between the groups performed against berkshire hathawayould expect them to basically encompass those things with the mix so it's interesting to see to perform pretty well. roughly in line with the s&p 500. saying buy quality here is not saying buy low but don't consider the more riskier type stocks look at the chart from jpmorgan showing that low volatility stocks, sleeve of the s&p 500 whose stocks have been the least volatile, the premium valuation over value this is another way to say value is cheaper relative to growth than for sometime and brings up a question of a neglected opportunity but what investors are meant to in this point in the cycle. >> hmm thank you >>> up knicks, the big inflation fight. looks like president biden is turning to anti-trust authorities to combat rising prices we'll discuss how that strategy ulwo with a top economist when "closing bell" comes back - super excited to open up my diploma from southern new hampshire university. - i'm nervous, i'm excited. - [man] okay, let's see it. let's see it. - oh my gosh.

this is not warren i've never confused berkshire hathaway with amc. >> speaking of berkshire here at opening bell cnbc realtime exchange, new bank celebrating at the nasdaq and a developer o infrastructure information software we'll talk to the correctio ceo and everybody's waiting to see what c pi is going to bring us in the morning >> the estimates are going to be way off and a lot of the me member -- oil and gas very important. natural gas come down a lot. so it may not be as horrible >> the consensus is too high >> consensus is too high >> what happens? >> the rally that seems to be termed i do want to report that those who are all screaming. interesting bank a digital bank in brazil there is some excitement involving this that's actually based on the history of could this be the next mckcarter >> that is not >> but a digital bank is ma something that maybe its time is coming i do think that warren buffet bought it and he would have v vetted it before he bought it presumably >> yes that would have been the case >> did you see cvs today >> i got some new guidance predicts a 10-day

2015, his subsidiary berkshire subsidiary netjets had about 2,700 pilots picketing outside of berkshire hathaway'sat the time arguing about various issues it's not something he's familiar with he doesn't encounter this on a daily basis, but it's something that he's basically taking more of a hands off approach with, mike. >> yeah. there's no doubt about it. he can lean back on this, you know, decades long policy of giving autonomy to these companies. precision cast parts is the overall company that he bought, that this is a subsidiary of he's been on the record of saying he overpaid for that company, but, you know, you're absolutely right i mean, it would be tough to unspool labor issues across his entire business, although one reason senator sanders probably did target him is buffett does have a kind of a political stance that is more amenable to, you know, workers getting paid more and things like that. of course, he's planning to give all of his money away eventually >>> meantime, let's check out the dow's biggest gainers of the year home depot and microsoft topping that list. microsoft up more

that is the main reason why it is the largest holding for berkshire hathaway and warren buffett.pple at 3 trillion that is larger than the entire german equity market. it is larger than the uk economy. it is incredible. i would pin this on tim cook, the leadership under its ceo, when he took over 10 years ago, apple was only worth $350 billion. in those 10 years it has gone up to $3 trillion, gone up 10 times during that decade. remember when he came in, right, neil? they said he is not innovative. he is not a steve jobs. he is a supply chain type of guy. if you think about it, you have had this iphone saturation. for somebody to step in to say, we need to innovate in different ways with services, that includes apple tv, apple care and the like, now that doubles in four years you have to give the credit to the ceo. neil: well you know, we always blame him when something goes wrong, right? you might as well get the accolades when things go right. ray, i'm wondering about the technology, the next big thing, there is a limited time for apple to rely on the core strength of so many b

bernie sanders he'd not get involved in a steelworkers strike at a company owned by his firm, berkshire hathaways week bernie sanders wrote to buffett and asked him to get involved by west virginia special metals buffett wrote back telling senator sanders he would not step into the negotiations, he cited the policy letting companies deal individually with their own issues at issue about 450 special metal workers in huntington, west virginia walked out on october 1st over a contract dispute. health care is one of the major sticking points. the union is trying to avoid paying more for a higher deductible insurance plan. as we saw, often these disputes become a bit public, steve, particularly when it's a high profile figure like warren buffett, but it doesn't look like it's going to snowball in a major way for buffett. >> no. but the more interesting question is what's happening with unionization around the country. that's a theme, the extent to which workers are asking for higher wages and doing so, at least in part, we had starbucks development this year and maybe that's a bigger theme for capita

its parent company is owned by berkshire hathaway but locally there has been a lot of discussion about switching over to renewables. it became more cost-effective for the plant, essentially, to switch than to try and switch to other fuel sources such as natural gas or continue to maintain coal as the primary fool -- fuel source. essentially competition from cheap, renewable energy has made it more cost-effective to complete -- to retire the plant and build solar farms and continue to run the coal-fired power plant for years into the future. in the case of the utah power plants, they looked at that it sells almost all of its energy exclusively to los angeles and neighboring communities. so, california made a big push to make their energy system as green as possible. and so, for years, l.a. has been debating ending contracts with power plants that still use coal as the primary source of fuel. in order for this utah plants to maintain its contract with california, it essentially has to switch to natural gas and hydrogen or plan to, otherwise it was going to become -- it was going to lose

its parent company is owned by berkshire hathaway but locally there has been a lot of discussion about switching over to renewables. it became more cost-effective for the plant, essentially, to switch than to try and switch to other fuel sources such as natural gas or continue to maintain coal as the primary fool -- fuel source. essentially competition from cheap, renewable energy has made it more cost-effective to complete -- to retire the plant and build solar farms and continue to run the coal-fired power plant for years into the future. in the case of the utah power plants, they looked at that it sells almost all of its energy exclusively to los angeles and neighboring communities. so, california made a big push to make their energy system as green as possible. and so, for years, l.a. has been debating ending contracts with power plants that still use coal as the primary source of fuel. in order for this utah plants to maintain its contract with california, it essentially has to switch to natural gas and hydrogen or plan to, otherwise it was going to become -- it was going to lose

google kind of the first of those companies making that news >>> in the meantime, berkshire hathaway'sking in australia overnight, saying he considers this an era in the markets that's crazier than the.com era. said said he wishes cryptocurrencies didn't exist. he said he can't stand participating in these insane booms one way or the other guys, that plays in to what you were just hearing from the last market guest who has concerns about what happens to valuations with these things. charlie is never accused of someone who chases fads and investing and tries to get rich quick. he said it's delayed gratification that builds wealth he's 97, going to be turning 98 in less than a month when we come back, moves in the chip sector. >> as we head to a break, let's look at yesterday's s&p 500 winners and losers hey businesses! you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like ones that re-opened! hi, we have an appointment. and every