it will coincide with the developer's conference >>> and charlie munger has a new favorite stock chinese ev maker byd munger speaking at the annual meeting yesterday and said he has never done anything to help berkshire so much than buy into byd. adding it is ahead of industry rival tesla. >> last year, reduced prices in china twice. byd increased prices we're direct competitors we are ahead of tesla in china it is almost ridiculous. if you look at byd, which most people never heard of, if you count all of the manufacturing space they have in china to make cars, it would amount to a percentage of all of the land on manhattan island >> during that same conversation, munger said he does not agree with the white house push back over record corporate buybacks >>> amc network selecting kristin dolan as the new ceo amc owns the ifc channel and is known for br"breaking bad" and "mad men." it has been struggling with cord cutting. dolan will be ceo on february 27th contes contessa >> thank you, bertha coombs. >>> back to the markets now. my next guest sees stormy skies on the horizon matt maley

that means a lot for my community and for every community. >>> charlie munger of berkshire spoke yesterdaye publishing and technology former chairman he took shareholder questions for two and a half hours yesterday. covered a broad change of topics including artificial intelligence >> i think artificial intelligence is very important, but also a lot of crazy hype on the subject. artificial intelligence is not going to cure cancer or do everything we want done and there's a lot of nonsense in it, too. so, i regard it as a mixed blessing with artificial intelligence >> munger said his favorite stock ever is byd. the chinese ev maker that munger invested in back in2008. this is something that charlie brought to berkshire and one of the best things he has done. they invested $230 million in 2008 it is now worth $8 billion that stake they have in the company. it is up more than 17-fold since 2008 they got a better deal than what average investors would over that period of time. in answer to the question, he compared byd to tesla. >> tesla, last year, reduced prices in china twice. byd increased

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

why our belief has been trade is higher charlie munger can do as he pleases. and et cetera. charlie can just get involved's we think a lot of money on the side getting involved in chinese equities. >> some looks like are heading for exits? >> seen a number of hedge funds particularly very involved in the space. hedge funds don't marry positions. want to make money and got involved in china early. caught in the case of kkeb internet up 96% a lot of data showing long-only managers actively managed funds underweight china, even after this rally, kelly. i think that's why this correction can be bought by a lot of investors particularly in light of knowing that got all of this china consumption. a big story this year. >> what is the valuation, looking at leading internet names? how does that stack up. >> kelly, think about this alibaba is the number one holding of msci emerging markets value. it's not considered a growth stock. >> wow. >> it's number one value so i think because of some political rhetoric and political tension, zero covid, real estate kearns, inves

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

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

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

the bitcoin rally, in the meantime, does roll on charl cha charlie munger still slamming the cryptocurrencyou'll hear what he told our becky quick. we have starts, claims, philly fed, prpi and still at least for more fed speakers. we're back in a minute power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. for businesses of all sizes, while an earnings tool there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready fo

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

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

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

and two years ago charlie munger said if you're not confused, then you have no idea what's going on right now there are a lot of once-in-a-lifetime things taking place all at once. >> exactly >> the secular demographic thing that joverlays it and that's why people aren't coming back no matter how high the wages are. a lot of things are broken, and we acknowledge that. but the fed seems to be more focused on wages than the number of people employed, and here is why i think that's the right strategy we got wage growth finally cooling off. it's not in decline, it's just cooling off, and if we're just counting how many people got jobs, understand the dynamic at play amazon, microsoft, google, they get rid of people who are making $300,000 to $600,000 a year, those each count as one job. and then all of a sudden we see all this hiring in warehouses, those count as one job but those people are making $15 an hour. it's not all the same thing. we have job losses finally -- i don't mean that like yay, that's what the fed is looking for. we finally have that amongst the employers paying the most am

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

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

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

a programming note for you charlie munger, berkshire hathaway's vice chair, also an investor and boardeaking at that company's annual shareholder meeting, streaming exclusively on cnbc.com next week, february 15th, at 1:00 p.m. eastern time. and guess what you can ask mr. munger questions too. if you are interested, just send an email to dailyjournalquestions@cnbc.com we will ask as many of those questions as we can. he recently wrote an op-ed at cryptocurrency that was pretty interesting. charlie's had a lot of takes on a lot of different things, but this is your chance to ask questions too. just go ahead and send them into that address >> never one to hold back, mr. munger >>> our next guest says we are in economic purgatory. i want to bring in emily rollins. i know what the word "purgatory" means, but explain it. >> well, it means we're essentially stuck in a late cycle environment. on one hand, you have this blowout jobs report last week. you've got initial claims coming in still under 200,000 this morning. the ism services data, huge bounce last week, but you have the leading data

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

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

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

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

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