now think knew that blackrock investor class would hold blackrock responsible for making a profit. you invest in a company you want that company to make a profit if you return on your investment or what fink needed was a broader group to whom it blackrock would owe its fiduciary duty that would allow it to pursue social and political objectives. and that group would hold it accountable for. nothing. so fink instructed america's ceos that to show they were making his required posit contribution to society. whatever he would decide that might be, their companies must benefit all their stakeholders, not just their shareholders, but their employees, customers, suppliers and the communities in which they operate. in other words, they had to. they had. they had to benefit everybody. now, seriously, who isn't a customer? an employee, a supplier, or a member of a community, we all fit into one or more of those groups. collectively, fink intended these groups to represent society as a whole. so fink require companies to then serve a social purpose rather than his clients financial interests

thank you for your time from blackrock.— interesting. thank you for your time from blackrock.nstagram are back online after a global outage hit several meta—owned apps. some users were unable to access the apps at all, whilst others reported problems with refreshing their feeds. meta has yet to confirm whether all of its issues have been resolved. the outage has impacted social media users across asia, europe and the us. president—elect donald trump has invited chinese leader xi jinping to his inauguration, according to reports from our us partner cbs news. trump offered xi an invitation in november, shortly after securing victory in the presidential election. it remains unclear if the chinese president has accepted the invitation. trump will become the 47th us president during the ceremony in washington onjanuary 20th. staying with us—china relations and washington has increased tariffs on imports of chinese solar products as trade relations continue to deteriorate between the world's two biggest economies. the new taxes target chinese solar wafers and polysilicon — as the bi

blackrock is not alone in this thinking.ancial times it is looking for minorities takes to fortify its private credit offerings. such tieups have become increasingly common as well at asset managers, insurers, even large banks. skeptics are plentiful. some say the person private credit popular the is indicative of a bubble. others say this newfound that load will lead to a reckoning and the next major downturn. in the meantime, publicly traded private credit firms like will and ares see big returns year-to-date, outperforming blackrock, which did gain on today's announcement of about 2%, melissa. >> leslie, thank you. we've got a skeptic right here on the desk and in fact. >> i'm not a skeptic, i think it is great to raise money and put to use. i can think back to 2004 and 2005 during subprime. what happened was there is a normal credit cycles that occur. subprime mortgages defaulted on the go to liquid. the 228 mortgages, 327, ninja loans, all may seem like this time is different. what happened was everyone both in and insu

plaque blackrock expected it to double by 2030.hat market forces and technology and regulation all pushing activity towards private credit which some see as a more efficient way of doing business than syndicated lending conducted by banks blackrock not alone in the thinking state street said it is looking for acquisitions or minority stakes to fortify its private credit offers. and they have become popular among banks. but skeptics are iful. they say it is indicative of a bubble and will lead to a reckoning. in the meantime public investors seem to be applauding the strategy look at the shares up more than 2% higher today as well as if recent weeks as the news leaks that this transition was imminent and look no further than the year-to-date performance of private credit firms blue owl and aries relative to black rock to see why the ladder is making such a big push fees have driven black rock to do three major acquisitions this year the other two being infrastructure firm gip and private markets data provider pre-quinn. so a lot of

she is the former head of blackrock atlanta. thank you. welcome.ear. >> happy new year. >> great to have you here. >> yes. >> i heard a lot of people talk about lina khan leaving the ftc and that is catalyst for deal making. is that the barrier stopping the deal making with the ftc intervening? >> i think it is broader with the deal making in 2025. investors have been looking at two key things. that was monetary dynamics as well as the regulatory environment. in terms of the monetary dynamics we ave seen over the course of 2024, our reduction of interest rates from the fed starting with a big boom in the 50-basis points in september and additional 25 basis points in november. with the indication that we'll see at least two more cuts next year. so, with interest rates falling, that is an indication that many dealmakers are looking at. to your point, the regulatory environment continues to be one that we look at closely. the trump administration has made indications that they intend to disrupt the status quo. deal makers are looking at that as potent

blackrock with the capitol markets. >> that's so good you said that. can be a bank. we can lend. we can be the asset collector. we will be the new version of what people will be thinking of in the finance. they can do a lot more than the typical bank. i like this deal. i like what larry is doing. i think that larry is about that and about everybody participating and that last -- his last corporate report was -- it was about how people is should be investing in the power of compounding and i think that he represents a line of thought that people that isn't talked about enough. if younger people if they get invested they can get rich. not that they can do okay. they can get rich and i think that he represents the american dream far more than most people who are doing their paycheck. >> the other point is if life span keeping expanding the way it has been you will need the money. >> don't bet against yourself. i have been saying those who decide, look, we are going to stop investing a little mor aggressively when they are 65 are betting against themselves

, i'm big on actions speak louder than words, and i have a ton of respect for blackrock. take from it? blackrock has likewise, a knowledge enthusiastic about the fact that private markets are a critical part of the future. that's where the growth is going to be, and again, i always get back to the why. the why is because the private market solutions for the end investor, they work. it doesn't mean every solution by every manager in every moment, but it means the right solution is done by the right managers that deliver great risk return for the investor. blackrock is by its actions, the biggest in the world, saying listen, the public market, great, it will always be part of an importantsome. sonali: is there a point at which the space is too crowded? >> well, one can imagine such a moment, and i think we're actually seeing it in parts of the overall ecosystem. i think it's safe to say there will be fewer private equity firms five years from now than today. overproliferation. but that's been 40 years, 50 years in the making. when i look at markets like direct lending, they

jonathan: widely expected blackrock agreement to buy hps.t figures by 25%. close competition with kkr and global management. lisa: this is where the money is. they are giving you this nugget here. for blackrock, the addition of hps will add 35% of an increase to their fees for private credit. you look at the management of these assets. you have seen fees shrink in public markets, increasingly commoditized when private markets are growing. how else will they keep ahead at a time of the market is fundamentally transforming? jonathan: have you seen the rally and some of the names since the election? apollo just absolutely ripped. there is a view the environment will turn in their favor more in the next 12 to 18 months. lisa:, to that was because you saw mark rowan in a condition -- in consideration for essentially becoming treasury secretary? there's an amenable force in the white house towards some of these business structures. jonathan: let's turn to tesla. raising the price target to a street high of $411. "while we have confidence in the au

remember last week, blackrock talking about these mega forces and pointing to a.i. once again. they said to folks go further overweight, u.s. stocks, because a.i. theme is starting to broaden out. this is last week. well, this morning another major firm has jumped on that bandwagon. oppenheimer went all the way in. they raised the ante. they've got the highest target on the street of 7100. what's more amazing, earnings per share growth, 274, that's not too bad, $275,000, that's not bad. former pe ratio of 25.8. most firms would be saying sell. maybe there's a new paradigm. now they're saying it's okay because it's a watershed moment for the market and for our society. so it's really amazing the new found optimism. could lift the markets significantly higher from here and again, almost everyone is on board. oppenheimer at 7100. but the thing is, though, you've got to be more than just -- you can't just buy the market. you've got to pick stocks. last week, here's a notable thing. there were more decliners than advancers every single day last week but the market was up every singl

i think blackrock as a partner has viewed it as being a successful investment.hey've been willing to put more in and we will expect to use that as one of the tools to grow our footprint over time to get past that 50 million we were talking about. caroline: it is interesting you brought up ai and the demands there. everyone's have been wringing their hands over energy infrastructure. how significant is the ai demand and the strains on what you provide? john: it is an interesting issue. power consumption will be really important moving forward. that is one of the things we are talking about with our analysts and investors. how do we shutdown down our century old copper infrastructure and all of the electronics and equipment that are power-hungry and that is one of the ways getting more of the traffic over to fiber, which is passive and uses a lot less power that we can help offset some of the increase of what data demand and ai will drive moving forward. we think that is a really important policy dynamic. i think there'll be a lot of issues the country has to work

this largely applies to blackrock for smaller community and mid-sized banks.re the ones they own about 39 banks where they have a more than 10% ownership. and blackrock's perspective is, look, if you put these onerous rules on us, you're going to make bank investing less attractive. we are not going to want to do it. but the government says, well, you need to comply with these rules so we can ensure you are truly passive since you and some of your peers hold all this concentration in the sector that is critical to the economy. kind of an interesting dynamic. >> yeah, for sure. it is interesting how the concept of passive has evolved in multiple directions. the january factors is small cap up performance but more specifically laggards leading. i have the worst performance on a year to year basis ranked. walgreens, estee lauder. most of the worst top performers of the year are being scooped up there. you know, some of these even though calender years shouldn't matter that much in terms of how you treat a portfolio and how your returns get reaped, this stuff does

i allow americans compete with blackrock. and i'm going to do that by creating a class of single family home mortgages at 3%. and, you know, if you if you have a rich hunk of what goes on your mortgage, you can get a much better rate because the bank is basing your interest not on your lousy credit score, on your rich uncle's credit. high credit rating. so i'm going to give everybody a rich uncle, which is uncle sam. and going to create a class of mortgages at 3% for single family who will live in that community and work in that community. i'm going to give the first 500,000. the teacher is our most important profession, a neglected and beleaguered profession. okay. so that they can live in the communities where their children are going to finance at by selling treasury bills at 3% tax rate. this is not going add to the deficit and going to allow americans to now against corporations that are buying up all of our housing stock. i will bring the average price of a mortgage onto thousand dollars a month, which is affordable for

how are we going to rein in blackrock and vanguard and state street from buying up so many homes and causing the price of rent to rise in america? why do 54% of children in america children suffer from chronic? we need to get a handle on the fact that our agencies our governmental agencies whether it's the food and drug administration whether it's the environmental agency, our have too much in the food and drug administration they have too much influence and there's too much of a revolving door between industry and the regulatory boards. this actually impacts americans. we have a third of americans who are obese. we need to we need to handle things that actually affect americans. and robert kennedy, the only candidate that's really talking about these crucial issues. the new book is called you can do it, speak your mind america. the author is rob schneider. thanks. spent a few minutes with us here

the blackrock of the world, i started buying more and more of it as blackrock any deli started increasing their footprint and the asset and the government is not as important to institution as blackrock that's a joke, but now they are increasing, i wish it was more of a joke than it actually is but now they are increasing their footprint too so the tailwinds for bitcoin are excellent. >> don't you want a little bit more, i know there are certain large banks, i won't say which ones because i've been told this , that in total they are bullish on bitcoin but externally the story is we need to see some type of regulatory framework for bitcoin, to be a recommendation. >> okay the biggest crazy bitcoin holders over the last few years, they were welcoming some level of regulation because it would validate the asset, but i actually think the doors kind of slam shut on that. i think there are too many governments involved. probably too many government officials involved for them to start seriously regulating it. i was at a bitcoin conference in january and after i spoke, the next speaker there's 5

on the east >>> blackrock branching further into private credit.k down right now. >>> elon musk losing another bid to get his pay package reinstated. a judge up holding her prior decision. tesla said will it'll appeal with musk calling it corruption. >>> and china is banning exports of key minerals to the united states siting national security concerns. items related to the minerals gallium will be restricted. that move comes a day after washington's latest crack down on the chinese computer chip sector. the biden administration started the week by curbing exports to 130 countries. >>> and news on at&t. the company is holding a investor day today. ahead of that it's outlining a plan with a focus on 5g and fiber subscriber growth . they expect to reach more than 50 million fiber locations by 2029. it said it expects to distribute $40 billion over the next three years to share holders. a little more than 20 billion in dividends. it'll maintain the $1.11s a share dividend in the next three years an a yearly basis and then it has about $20 billion wort

blackrock is expanding private credit portfolio with the purchase of hps investment partners. billion all-stock al creates a new private financing solutions busiss at blackrock which will be led the leadership team who rrently mages nearly $150 billion iassets. the deal marks the thirdajor prate market acquisition this year for blackrock which is the wod'rgest asset manager. shares arisingn the ne 25%, actually lor a bit earlr and punched back up. at&t let's take a look atha one. itpoweri higher by nrly4% haviny of 2021. thisfter theompanyevealed speed connectivi marbygh the lecom giansaid it ll double its fernternet lotions listen to this.0 milon they say they will expand their etwork to cor 0 milln peop. the united states.population of &t said it's going to vest 22 billion annually and expects to generate 18 billi in ee cash flow by 202 the coany also announcedt's going to reward sharolders through dividends and stock buybacks. at&t ceo jn stankey is here on the "claan countdown" tomorrow at 3:00 p.m. eastern and going bhis first intervieafter the company's investor day, whi

we sought fidelity and blackrock among others at the beginning of the year.has also driven the prices higher. in november we just had the incoming ceo of a firm saying they were preparing to enter spot crypto trading pending the trump administration. yesterday the federal reserve acknowledged the rise of bitcoin and likened it to gold, saying it isn't really competitive for the us dollar but a competitor for gold. dollar but a competitor for old. ~ ~ , . , dollar but a competitor for iold_ . ~' , ., , ., gold. we will keep an eye on that. i know— gold. we will keep an eye on that. i know you _ gold. we will keep an eye on that. i know you will - gold. we will keep an eye on that. i know you will be - that. i know you will be keeping an eye on this. give us an eye on what we can expect from the report tomorrow. it will be interesting. we have data survey showing that over thanksgiving week at the highest claims of the headline is going to be the payrolls in november. this is after the dismal 0ctober report that added 12,000 jobs. the economy is expecting 17 ti

lizzy: blackrock ceo larry fink speaking to bloomberg in october.to recap the other stories making moves. u.s. president donald trump has endorsed speaker mike johnson to avoid a crippling leadership fight in the house. elon musk has become a close advisor to trump. the house is set to hold its vote for speaker on january 3. both russia and ukraine have said they exchanged 300 per leaders -- prisoners and it's one of the biggest deal since the start of the war. next up on the program, we will talk about the cold snap facing europe in january. it looks like it will be sold in edinburgh. this is bloomberg. ♪ ♪♪ ♪ three little birds ♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ >> aging reactors, energy prices, disasters. nuclear power has been falling out of favor in the u.s. for decades, but the conversation is changing. the intensifying threat of global warming and the explosion of ai is boosting the outlook of nuclear energy. this is an inflection point. more than 100 nations have set lofty nets zero targets, forcing the world to weigh the inherent risks and high costs of a

and blackrock in the third hour of surveillance.ther, you need to be ready for what's down the road. as energy demand continues to rise, we're harnessing breakthrough innovations to increase production in the u.s. gulf of mexico. our latest deepwater development, anchor, produces previously inaccessible oil and natural gas, allowing us to deliver the energy we all need today so everyone can follow their own road. that's energy in progress. where can nfl fans get a great deal that turns christmas day into game day? x marks the spot. the nfl is streaming christmas day games exclusively on netflix, and you don't want to miss a moment. gather round the game because nothing says holidays like family and football. now xfinity customers can add streamsaver including netflix, peacock, and apple tv+ for just $15 a month. stuff your stockings with tons of entertainment and tons of savings. bring on the good stuff. xfinity. >> surprise to the upside since the election, it is harder and harder to justify owning non-us developed markets. >> retu

. >> let's start with blackrock, the largest asset management company making a big investment in the private credit industry. it is buying hps investment partners in a stock deal worth $12 billion. the combination creates a private credit giant with $220 billion in client assets which would make blackrock the fifth largest manager of the asset class. gm is recalling more than 130,000 trucks over concerns the tailgate could come loose unexpectedly, according to the national highway traffic safety administration. the recall affects 2024 silverado and sierra models with power unlatching tailgates. apple music released its 24 replay. it shows subscribers the most played songs, albums and artists from the past year. shows songs that topped the charts this year. coming in at number one, kendrick lamar's track "not like us." i can guess what yours will look like. >> beyonce, beyonce, and more beyonce. >> and a hint of espresso. sabrina got me. steve? >> i'm waiting for my spotify one. i think it's a lot of foster the people. >> i'm waiting for mine, too. thank you. >>> coming up, a multimil

morgan, pimco, blackrock about this and your colleague rick rieder singh this morning he is comfortable with the belly of the curve staying shorter further out. looking further out, when can you even start to touch it? gargi: i think that as of this moment, the fact that you are earning so much income in the belly, in the front end of the curve and all of the risks that lie out there for increasing deficits that aren't going away anytime soon, but are, in fact, increasing. you don't necessarily have a reason to hold anything longer than the 5-7 year part of the curve given the amount of income you are able to generate. it is not necessarily about the exact level of the 10 year. i do not think that is as important as the fact you can build a perfectly resilient portfolio right now with income generation in the belly of the curve. you can fund that in the front end, in the belly. you don't need to go out. having said that, i want to turn for a second to the fact that as of today we have had about a trillion dollars in etf inflows in the u.s.. it's a huge day for us. a tremendous amount of

blackrock has a partnership that's making strategic investments within infrastructure.e hyper scalers are telling us, they're still spending money. charles: do you buy hyper scalers as well? >> i do, absolutely. the a.i. race is still going. amazon has interesting capabilities coming up, even google, i think that's something we need to own in our portfolio and holding up the market now. charles: is energy part of this also? a lot of folks are buying utilities but may not be that, right? sounds like companies want to build mini nuclear power plants. >> that's part of it. that's why i like to go the private sector route, something like blackrock to play that or uranium like we said but what i think is important within the net zero momentum, we may not get to net zero whenever, 2050, when that initiative is, however, there will be capital spent in attempt and that's where i want to follow. where is the money going to be spent, who are the recipient and how does that translate to earnings. charles: what are you most concerned about for 2025? >> it's definitely the inflation

you just saw blackrock buy hps.ll in the new administration in terms of the ability to create assets and be part of the whole wealth management machine in terms of acquisitions as well as delivering through the spigot. >> okay. now the point about the interest rate dynamic is also going to be at play as well. we have a big rate meeting coming up. the consensus is the quarter point rate cut. how much does the market need the rate cut and to what degree in 2025? >> i think you have embedded the quarter point cut. the reason is how much for next year? if we still have a strong economy and some type of inflation, i think the growth part of the market will do great. what the market is telling you is we have growth behind it. if things are slowing down, i think you could see a pull back in the market and especially highly valued areas such as technology or the high pe stocks will come down. i think you have to balance look at that. we think the economy is just fine. you want to be on the growthy side, but you want to have

rick rieder of blackrock. let us get you an update on stories elsewhere.yahaira: russia launched a massive airstrike in ukraine and kyiv describes it as one of the largest attacks on their power structure. moscow fired almost 200 -- 2000 drones. 81 missiles were intercepted. according to the atomic energy agency it forced ukraine to reduce output at five of the nine nuclear reactors. president-elect donald trump met with the leaders of the international longshoremen's association and in a social media post he expressed support and criticized automation saying "the amount of money saved is nowhere near the distress, hurt and harm it causes for american workers. union members might strike again in january. foxbusiness reporting that sam altman is donating $1 million donald trump's inaugural fund. he said in a statement " president donald trump will lead us into the age of ai." it will come as a personal donation as opposed to from his company. that follows $1 million donations from mark zuckerberg and jeff bezos. lisa: thank you. up next setting you up for t

. >>> blackrock is nearing a deal to become a major player in private credit.break. backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. >>> blackrock is nearing a deal to buy hps investment partners. bloomberg reports that an agreement could be announced as early as this week, and could value hps at $12 billion or more. a deal would give blackrock a firm foot hold into the private credit business. that is one of the hottest and most lucrative areas of finance. hps is one of the largest independent managers of private credit, with $123 billion in assets under management. >>> when we come back, the u.s. commerceeptmt noci darenanunnglong awaited rules exports to china. we'll talk about the impact of the major players in the sector, right after this quick break. go to 1-800flowers.com, find the perfect gift and wow the people you love. wow! wow! this is amazing. whether you want to say 'happy birthday'. so cute! or i love you. i love you too. thinking of you. wow! go to 1-800flowers.com celebrate

wei li of blackrock with a big biased towards the united states.p with alicia levine, jon lieber, norman roule and zachary griffiths. all that and more around the corner with equity futures up another one third of 1%. ♪ ♪ ♪♪ ♪♪ the black friday sale is now on. visit sandals.com or call 1-800-sandals (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com >> our number one view for 2025 is volatility. >> the fed has pigeonholed itself and telegraphed too much easing for the next 12 months. >> they don't have inflation in a chokehold. >> data will be more critical. >> the fed needs to get out of the way. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. jonathan: this week is flying by quickly and that is t

. >>> and blackrock is buying hps. that deal could come as early as this week.hat would value hps at $12 billion. >>> and bitcoin etf is tching a record in november. $6.5 billion flowed into the funds boosted by trump's election. >>> that does it for us here on "worldwide exchange." "squawk box" starts right now. >>> good morning. shares of stellantis are falling. looking at those cars, can i see why. the company said ceo carlos tavares has resigned and the search for his replacement is under way. >>> a surprise reversal. not that big a surprise from president biden announcement saying he is pardoning his son hunter. details ahead. >>> a blockbuster weekend at the box office. "moana 2" atters records. >>> it's monday, december 2nd, 2024. for a while. "squawk box" begins right now. ♪ >>> good monday morning, everybody. and welcome to "squawk box" right here on cnbc. we're live from the nasdaq narc et market site in times square. u.s. equity futures aren't budging much at this point. you got the dow futures down by over 8 points. and s&p 500 futures down by 8 poin

. >>> we have breaking news from blackrock.

blackrock investment in the 2025 outlook included bitcoin for the first time.tting there. conversation is moving into crypto for now. caroline: i was at the station yesterday and two police officers were talking about bitcoin and how it was going to go higher. now let's turn from crypto to data security. data security software firm rubrics came out with numbers eating earnings expectations and boosting full-year revenue guidance. the market reaction up 34 present on the d. that is a record high. let's talk to the rubrics cofounder and ceo. congrats on the numbers. analysts like what you show with cross-selling here. many say you are the only game in town when it comes to cyber and data security. how are you seeing your clients pick up? >> thank you, caroline. another outstanding quarter. we are very pleased to not only have strong growth at this scale topline but improve the profitability and generate free cash flow. it's an exciting time for us. what is fueling the rubrics demand is the understanding that people will spend thousands of dollars but you need a r

blackrock just came out and said want -- most people should have 1% to 2% allocation with bitcoin and100 trillion in institutional assets out there. 2% is a lot of investment that has to have -- a lot of that will start to come in in 2025. caroline: bitcoin, predominantly, how does it broaden out? >> you are already seeing that. a lot of people worried about ethereum, for instance, with tepid inflow over the summer, but over the last month you have seen billions flowing into those products. the things that have happened with crypto in the past keep happening. historically most people enter through bitcoin and then they discover a theory him and think about solana. there's no reason to assume the institutions that came into bitcoin won't move on to other assets in the future and in 2000 205i think you will see an explosion of interests in strategies to give diversified exposure to crypto. something we have been doing since 2017 when we pioneered the concept. 2025 is i think when that becomes the mainstream way to allocate the space the same way that it is with stocks and bonds and ever

. >> steve lapley, blackrock global, we do appreciate you joining us. just for a moment please come back when we have more time with you thank you very much, scott and to steve. we have got a lot of news. you saw it here yesterday on this program that broke kroger and albertsons taking a $25 billion deal off the shelf. well, now, one of them is crossing off another item on their grocery list. we'll tell you what that is in just a moment, and the fast-growing franklin fire has set malibu in southern california ablaze and sent celebrities fleeing for their lives. we'll get a live report from the scene. the "clayman countdown" is coming right back. susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management at harbor freight, we design and test our own tools. and sell them directly to you. no middleman. just quality tools you can trust at prices you'll love

the largest asset manager in the world blackrock. i think, people would not believe you.e have now a very crypto-friendly president in the states, extremely smart appointing an ai czar, because this purpose has the most innovative technology for the future. abu dhabi and uae has been very insightful to start investing in ai and blockchain. we are seeing the results of those deployments in abu dhabi and uae now. countries will do well to continue to focus on this technology. we will continue to focus on our fast expanding user base. close to one million users globally now, 70 million on board. lizzy: but of course, binance has a monetary hit by the doj and the u.s. financial crimes enforcement network. would you be looking to press the trump administration to shorten or terminate the monitorships given the president-elect's preference for looser crypto regulation? richard: any of those discussion is new. my belief that compliance is the way to go. binance has always been a user-first organization. given that regulations will be much clearer. we have the ability to invest v

my question is about blackrock. >> okay. question do i get frustrated when a stock is been at a thousand and change for a long time. i look at the long-term of this. and the reason i was happy to buy it because i don't care about the near term. think if you buy a company that larry fink is running and just own it over the many years not everything could be, i like like a pass in the travel trust. things will be solid when things go down and that is blockrock. to james >> caller: hi, jim, thanks for taking my car. i want your opinion on applied digital. is it a buy? >> applied digital is again, it is enterprise software and those stocks could not be kept down. i am not going to tell you to buy it or sell it. it is so hot, people can't resist danny in florida >> caller: professor cramer. >> yes what is up, danny? >> caller: i just want to tell you that i'm a long time viewer and listener and a loyal fan of jim cramer and cnbc. and i just want to thank you for all you've done for us over the year >> thank you we go at it every

and larry fink, of course, of blackrock, you know, started ibit, and he kind of really to if pelled thiso immediate your thoughts on the energy -- need your thoughts on the energy suck because you guys are turning to wind power. can you give me a quick mention about that? >> we basically are opt optimizing and monetizing -- we believe there's a huge amount of the renewable energy that can't be used because of grid congestion and too much renewable energy at certain times of day. liz: fred, please come back in the new year. mara's a great story. s&p is kind of tiahrting on the record. have a great weekend, we'll see you monday. larry: hello, folks. welcome to "kudlow," i'm larry kudlow. trump's till moving at

i let you go, you did reference bitcoin in your commentary around perceived froth in the market blackrock has etf business around bitcoin you have leaned in what do you make generally speaking of this asset class which appears to have new fundamental backdrop perhaps i don't know whether it's historic value i don't know whether there's a -- i know there's embracing like we have never seen before from policymakers in washington and those who are going to be taking office on january 20th. >> there's a lot to unpack there. first thing i will say is, the administration dynamic is significant. second thing i would say -- i have -- we talked about it on the show the debt in the u.s. is too big. we have -- think about it. what do do you do with that? how much debt we continue to roll over. the disposition within your portfolio what you own in hard assets, real assets, are things that run counter to currency and debt should be part of the portfolio and deserve a seat at the table going forward. we can talk about gold, crypto the reason why i do believe in froth is not necessarily -- we can debate

we should have our pensions issued on the state pensions doing it and hardware conversations with blackrockr bundles of passive capitals and capital flow into china. maria: i'm looking at a piece from the washington examiner, ford paid ccp allies millions to aid china's global influence operation. it's more than the large money managers, the ford foundation one of the largest charity spending time with the last four years shoveling millions into branches of the chinese government with the goal of helping china carry out the strategy of funding for infrastructure projects to accumulate employees. everybody has to get on board in terms of understanding the threat, then there is south korea opposition lawmakers are planning to vote to impeach the president after his attempt to impose martial law while the ruling party says it plans to impose impeachment he accept the resignation of the defense minister earlier today you recommended to declare martial law, your thoughts on what happened in south korea. >> it's too early to tell political volatility is a surprise is a vital ally and very importa

maria: we have a deal, blackrock striking a 12 billion-dollar deal for hps, the wall street journal writess marks the intermarket we will slip into breaking into that carbonate for the program elon musk and vivek ramaswamy meeting on capitol hill as doge set the site on the pentagon math under massive budget. house armed services committee member richard mccormick is waiting on that. watching bernice with maria by the fox business. on a tuesday. ♪ at harbor freight, we do business differently from the other guys. we design and test our own tools. and sell them directly to you. no middleman. just quality tools you can trust at prices you'll love. ♪ here's something you don't see very often... elves not working and why not? i gave them the day off. thanks to weathertech. with so many gifts for everyone they won't have to work as hard. there's laser measured floorliners and cargo liner. plus the child car seat protector. and cupfone to secure any phone while driving. or get a gift card instantly at wt.com ♪ i call winner! ♪ ♪ with so much great entertainment out there... wouldn't it be easier

a paper from blackrock's is that such allocation would produce a similar risk profile to magnificenteven stocks in a standard 60-40 portfolio and you can see shares of things just soaring. we are going on the heels of some activist activity. also adobe, they are tumbling. the biggest drop we've seen since march, after the company gave a disappointing sales outlook setting anxieties about losing businesses to ai-faced startups. also watching coca-cola, pepsi, dr pepper. driving those shares higher. the analyst become more positive on nonalcoholic beverage stocks into 2025. more than 1% higher on each of these stocks. dr pepper leading the charge at about 1.8% higher. back now to the economic three yesterday, we got cpi, the day we had pdi and jobless claims. dana peterson explained why eggs have laid a big part in today's data. >> a lot of the egg inflation is because of the bird flu. not necessarily because companies are trying to get away with something, it is really just this external shock but absolutely inflation is sticky. some of it structural. you have fewer people working bec

semi conductor, vanguard and blackrock have been buying it.tell you that that company is losing a lot of money. i think you could take a flyer at $3. but understand that it is losing a lot of money and it is a flyer. looks cool to amil in new york. >> how are you doing? >> good. >> long time member. >> thank you. >> my stock today is a pharmaceutical company. one of my favorites. the ceos one of the first guests on mad money. he has been doing great. 200% for five years. but the last four months, taking a nosedive down. 40% of value. with eyedrops and medications as well. what do i do with regeneron? >> it is a quandary. i expected sales to be better. they are not. i don't want to give up on the stock down $749 but i do expect eli lilly at $900. and the $900 is next up. and it 8:13, i'm not sure. >> stephen in north carolina. >> jim, i'm a grateful club member. >> thank you. >> i get into this and late june after it became public. it has since more than doubled. i sold enough to recruit my mission. what should i do with the rest of my land bri

take blackrock's etf for example.ading so digital gold is proving far superior to traditional gold. you can focus on one week but i would zoom out and focus on this historic run that bitcoin and the etfs have had and yes, it's a good time to get in. ashley: okay. president-elect trump stacking his administration it appears with crypto friendly players. he's tapping beau hines to serve on the presidential council on digital assets and crypto advocate steven moran to head his council of economic advisers was. do you expect to see from the next administration when it comes to bitcoin? >> well, i think that trump is surrounding himself with really the best and brightest of the global tech industry. and unlike in 2016, these massive tech executives and leaders, they're not resisting him. they're actually stepping up to collaborate and everyone is truly focused on positioning the united states as the tech leader and that includes bitcoin. we've never seen something like this and bitcoin is exponential money for the exponent

blackrock street and vanguard try to monopolize single family homes in this country. we're looking at a colonial model now, a model rather than a american capitalism. and are feeling it. people are living with a tremendous amount of anxiety as they live paycheck to paycheck. 57% of the people in this country cannot put their hands on $1,000 if they haven't emergency in their family. and for those families, they see the light come on in their car. and it's like the apocalypse. and it is you know, they don't know how they're going to pay the mechanic. they start thinking about not being able to get to work about, losing their job, losing a home that their base that they're barely hanging on. the income page. oh, average income in this country is now $5,000 less. and the cost of basic needs of food, transportation and housing and people are putting at $5,000 deficit. they're experiencing every year on their credit cards. we have the highest level of credit card debt in history, $1,000,000,000,000. we just passed that milestone and it shows card companies are them 22% int

. >> all right, let's get to blackrock, trading at record highs, back to its 1999 ipo. karen?, i mean, i just think this is an asset-gathering behemoth that nobody's even close to what they can do. doesn't seem crazy expensive. i know pressure on pricing, but scale for them, they can run more efficiently. i would trade it. >> dan? >> yeah, you know, fade it. i mean, like, you know, i'm just like -- >> wait, wait. so -- you would fade everyone? >> listen. it's been a great year. it's been a great two years. it's defied every logic. when we came into 2023, there were so few real bulls here, so i don't know. you had a ball here. >> have at it. deckers, 84% this year, all-time highs. ? >> i wear hokas, i don't wear uggs. i think you still trade deckers here. >> karen? >> you know, i know -- i know that hoka's been phenomenal. it's close to 40% of sales, and that deserves a big multiple. they already have a big multiple. we've seen how shoe companies can be in favor, out of favor. i would fade it. >>> coming up, options traders with a big alphabet. we'll go inside the numbers with

higher not p/e expansion multiple expansion is done amazing thing large part enthusiasm, yesterday blackrockl credit to maga, every gauge i am looking at farmers in index exploded upside, cfo next exploded upside on is innism phenomenal we need it to trick nell in terms of economic growth i am more concerned about fact we want to see roolz go over on case manners are doing well, not because fed is pufrning in money for federal government pumping money we want organic growth you don't worry about inflation, but we do justify this market going higher. maria: nice to see that kind of optimism you are with us for panel so grateful for you we are take short breaker and come back with november jobs report nine minutes name all hand on deck to bring numbers as they cross on the other side of this break stay with us you are watching "mornings with maria" live on "fox business." ♪ ♪ ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your fin

that's why i like to go the private sector route, something like blackrock to play that or uranium like we said but what i think is important within the net zero momentum, we may not get to net zero whenever, 2050, when that initiative is, however, there will be capital spent in attempt and that's where i want to follow. where is the money going to be spent, who are the recipient and how does that translate to earnings. charles: what are you most concerned about for 2025? >> it's definitely the inflation picture. i think if we talk about the possibility of tariffs, we talk about when tariffs came last time it was with a restrictive fed. if there are tariffs i want an easing fed and that i think will be great for the market. charles: speaking of great, you have been great. liz claman, you're always great. liz: we're watching the big board here, just a few seconds ago it popped into positive territory, straddling the flat line so we were all kind of -- charles: very exciting. liz: a lot of alerts here. breaking news as we kick off the final hour of trade. it's the nasdaq zooming toward a

and blackrock managing nearly $12 trillion in assets has the biggest voice in the room among allocatorsased on their cheer side and the great success they have brought to the firm. and what they've said is, we're willing to pay $12 billion or 30 times which is fee related earnings to add private credit to the mix. and so we see private credit growing by about a 20% kegger per annum for the next many, many years. so four years from now, private credit will be 2 x the size it is today and another 2 x or 4 x than it is tod >> so you're saying you think we're in the early innings. >> we're in the early innings. private equity has been around 40 to 50 years and hedge funds have been around 40 years and since the great financial crisis in 2008 and post 2008, so it is very early inning relative to other alternative asset classes and most importantly the most consistent returning asset class of all alternatives, earning about 12% regardless of markets are up or down so we see it capturing a bigger part of the allocators wattel and when you look at the banks that owns 10s of trillions around the