it's charlie munger. some of this extra call it energy and nitrous behind the china moves has something to do with biden and xi planning a summit although the u.s. and china will have fundamental issues they will be on the opposite side of, there may be at least a relationship, a summit different than we saw under the last administration baba is still in a down trend. i think the thoughts there will be redistribution of assets is wrong. >> i think there is always hope things will follow between them. but a lot on the tech sector was because of beijing and not what the u.s. did to beijing. so karen, is a lot of that nitrous is warranted, that things should be getting better for the tech sector? >> did you see the deal, a buyout of one of the chinese property owners who owns evergrande, so that, i am wondering if that was some of the excitement in the market i don't have a position in alibaba. i lost as much as i could lose it is not my slogan, but i think of whoever said that you don't need to make it back

charlie munger's daily journal nearly doubling down on a china bet scooping up some shares on the dipre with the name and the details. >> baba, ain't the black sheep today with shares rising well above 9% this is warren buffet's business partner in crime charlie munger. he's also the chairman of "the daily journal" that operates its portfolio business that's why we care the latest s.e.c. filing shows they increased by 83% last quarter. shares though of baba have tumbled about 32% year to day due to regulatory threats in china. while others rushed for the exit, munger doubled down in baba with at least $40 million earlier this year which isn't really the norm as he normally invests in american companies. so does that mean that chinese market is on sale? many institutional investors just can't agree we heard from a lot of them last week jp morgan asset and weather management ceo was saying you need to think about rebalancing to areas that have gone on sale. china has gone on sale and then you juxtapose that versus social capital founder and ceo. on china it's a place that i read about a

. >> charlie munger piled in thank you seema mode audio. >>> thattest does it for "the exchange," everybody "power lunch" starts right now >>> boom welcome -- i feel like doing the bewitched thing. welcome to "power lunch" i am kelly evans with scott wapner. the s&p 500 trying to extend its winning streak to seven days the markets are focused on earnings they have been good. is that good enough. >>> plus, the paypal splsh pinterest deal we will speak with an analyst who say it is an act of desperation on paypal's part. >>> good news when it comes to tax increases. "power lunch" starts right now sthchlt we begin with breaking news from the fed. let's go to steve liesman. >> the federal reserve at this time announcing sweeping new rules to bar federal reserve officials from purchasing individual securities. pribtsz buying stocks and bonds, in agency securities or mortgage backed securities. all of this comes in response to questions of conflicts of interest raised by large scale individual transactions by fed presidents robert cab land and rosen again. both of whom since resigned of the it co

. ♪ liz: well, charlie munger and warren buffett hay call it rat poison, but one star investors is makingthe etf called ark 21 shares bitcoin futures strategy, because that's so catchy. [laughter] not directly investing in bitcoin or other digital assets as u.s. regulators have not allowed that to happen yet, but here's where cryptos stand. bitcoin jumping about $348, we're now at 57,761. ethereum and litecoin also having pretty solid days. not a bad move for litecoin, up 2. but look at coinbase, jumping more than 5% right now intraday, we're just off the highs of the session after the digital currency exchange figuredded, you know what? we're going to design our own regulator. yes, they laid out a blueprint for a special crypto regulator, getting a little pushy with the official regulators, the securities and exchange commission, who oppose the idea. will the sec push back? charlie gasparino's been way out in front of this story, new details. >> yeah, i don't -- congress. this will be up to congress theoretically, right? congress could pass the law that would create a new regulatory agen

it's 11% higher in october and on pace to break a three-month-long losing streak charlie munger's daily nearly doubled its alibaba investment in q3 shares of china's nasdaq are also down sharply today after state-owned media said they could face regulatory effects. >> reporter: thanks so much, kelly. the communist party mouthpiece, the people's daily, stressed that the new personal privacy law will govern the export of daily of mainland chinese citizens because of that the law is one that had said that this new export, this governance of exporting data could pose a new challenge for online brokers offering stock trading services for mainland markets or major markets including the u.s. and hong kong. it specifically named futu and fintech as companies that need to clarify how they share data of their mainland chinese customers with foreign regulators such as the s.e.c. as well as finra. it cite sized up fintech for transferring client data to its u.s. partner interactive brokers. futu said that it's assembled a team to check its use of client information to ensure compliance the new pers

. >> charlie munger piled in thank you seema mode audio. >>> thattest does it for "the exchange," everybodyt now >>> boom welcome -- i feel like doing the bewitched thing. welcome to "power lunch" i am kelly evans with scott wapner. the s&p 500 trying to extend its winning streak to seven days the markets are focused on earnings they have been good. is that good enough.

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chinese president xi may be some were made between the two powers and increasing the baba state, charlie mungervest these is willing to buy and, maybe it makes sense. ashley: may be, the chinese tech stocks doing very well let's take a look at jeff king's made a pretty bullish call, why. susan: is a buy with $66 that is good 40% upside because draftkings early footholds now pay off in the years ahead and they're expecting 3 million daily active users in two years by 2023, those are fantastic metrics as more states legalize online betting. ashley: it is only going up and up let take a look at starbucks there up, for what their pumpkin spice? susan: i've not had one yet the season and maybe early for me, maybe november or december is more like pumpkin season for me but deutsche bank says by the dip ahead of the earnings worth $127 and they say this might be the best chance to buy starbucks, china might be on it a lag. ashley: what about exxon what's going on with this company. susan: i'm surprised there's differing views on exxon we know oil prices cost $82 a barrel the first time since his time