without the big price tag, expert panel will tell you how, later the legacy of brookshire charlie mungerthe resident andrew bary will tell his most important lesson for investors at the end of the show, we began as always with three things investors to be thinking about right now, stocks indy the week mostly higher in closing out the best month since july of last year, can they pull off the santa claus rally from here. , oil stocks have stumped this year why they could be ready to rally honk if you think it's related to fuel demand, here the sleigh bells jingling, ring team tingling for retail. we will look at what consumers are spending on including hot gifts, not squish mellows, that was last year's hot toy. on the "barron's roundtable" my colleagues ben levisohn, carleton english and barron senior squish mellows andrew bary, let me start with you, this is a stock market rally we have going on, what you see. >> i see the stock market going up for five straight weeks, five weeks ago the market was falling everyone was terrified, now it won't go down, this is great, this is what you want

the number one secret to charlie munger secre hello, brent. hi?h paint dry or compare benefits plans? compare benefits every time. come on, you know how complicated benefits can be. well, i run payroll with gusto. they make it easier to find benefits like medical, dental, and vision for my whole team. man, i think i'm going to need new glasses. don't worry. i've got you covered. yes! choose benefits without the mess. that's working with gusto. >> andrew, warren buffett's right-hand man monger died at 99 and left a wealth of wisdom. >> it's hard to measure his contributions to berkshire hathaway but they were significant, he was a sounding board and advisor to buffett for more than 60 years there among the most successful business partners ever. berkshire hathaway love to start comments at the annual meeting. he also helped turn on buffett to the benefits of quality cavities like apple in american express and coca-cola. he was a sharp critic of bitcoin they thought they had no societal value whatsoever in a big critic of board diversity, he felt me

trading at skyhigh multiples in the market is full of wonderful businesses at fair prices to quote charlie mungerarch affiliates chowder treatment rob arnott things they should turn their attention back to the businesses, he joins us to explain why. it's great to see you again. >> great to have a chance to chat, you're an expert in the way the market cycles different set classes at different times over the past ten to 15 years, it's been all about big tech stocks that means the cheaper mundane businesses have been doing very well as businesses but investors have ignored them you think this is a great opportunity for investors to take another look. >> it is interesting some of the winners of the bubble packet 2000 have grown handily after qualcomm has 60 times earnings than it had in the year 2000, 60 times and yet the price is up then less than s&p 500 of the last 23 years. you have cisco and intel priced at very reasonable multiples. these companies run the plumbing of the internet. this looks to be a wonderful opportunity to pivot into value, it is been crushed this year, the russell growth has

. >> it's definitely an issue charlie munger died in 99. until shape and he wants to run the company for three or four more years what happens after him is definitely a question some people were concerned about that and good reason he thinks the stock might go up after his death in the breakup of the company but i think it could drop but it seems pretty capable. >> you have some under the radar picks and get a call them under the hood picks the first one is hertz. you been looking at this for a while and i'm curious to hear what your take is on it now. >> i actually voted and favorably at 18 and now it's at ten is not a good call were doubling down it's one of the leading rental car companies along with avis in the enterprise they dominate the market and they have been hurt by the big push of the ev that got a lot of fanfare when they announced it two years ago it's not going well and repair costs are very high in the value of the cars have been lower than what they expected. it's a pretty cheap stock, eight times forward earnings of the bi

. >> the late charlie munger as well he said something similar to that effect. >> if the etfs are approved will legitimize them >> i spoke to the ceo of coinbase, brian armstrong, a couple of weeks ago. i thought after the very high profile declines of cz and sam bankman-fried, this would be the end to the crypto industry these were the men carrying the torch for the industry their fates ended in a very disappointing way for anyone involved in the crypto space what we have seen actually is something truly remarkable the crypto market and bitcoin specifically, strongly rebounded. many in the space are saying they can move past it because all of the bad actors have been taken out. is that the case will we discover more bad actors in the future? >> is there something structural about the crypto market? will we discover more in the future that lends itself to the bad actors taking advantage of it and using it in the wrong way? >>> let's look at more traditional assets and start with equities here in europe with green across the board. we are a couple of hours now into the trading session you h

. >> before i came on i was listening to charles payne talk about bitcoin in your late buddy charlie munger is rolling over in his grave with all this type coming out about bitcoin. gold is real. >> 41907 climbing, great to have you both. >> for now. everything is for now. the hunger for more anti-obesity drugs just got way intense as a 3 billion farm ideal takes form but would demand high a product shortage, telehealth pioneer hands in hers is to get a different tact in the weight loss wars, we have the ceo next on how he says his company pound shutting path could lead to gains in his stock. it was really only a matter look under matter of time the etf seeks to gain from the high around weight loss drugs top holding cardiovascular metabolic ticker symbol h rts include ozempic and will go be novo nordisk, the countdown is coming right back. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" bacon and eggs 25/7. you're darn right. solar stocks are up 20% with the additional hour in the day. [ clocks ticking ] i'm ruined.

boris, your ke on bitcoin, the asset that the late charlie munger loved to hate. >> the cat has nine can look at the history, yes, every wave down has been followed by a wave up. although the last wave s so much wealth destruction, i think the appetite has muted at th point. i think two reasons bitcoin will do well. one of them is ironic. when it becomes de-ditized. it is when bitcoin becomes securitized an an etf, very fungible and the average investor, i think it can get a lot of flow and that would be very suprtive. the second reason is really sovereigdebt. it is basically sovereign debt problems. if we we see failed 30-year options. if the t bill optis have higher yields when the fed cuts rates, which is a sign of risk premium that the investors are willing to pay, that's when i think you are going to see bitcoin really starto take off. you stt to see gold take off. these are all bets against soveign debt basically. in my opinion. so definitely a possibility. the fact it has been a quiet rally is probably technically positive. that's my opinion. >> i think we're going to agree on

by the way, costco was always a favorite of charlie munger, the vice e chair of berke her hathaway who away a week or two ago. the wholesale retailer also declared a $15 specialtive dividend. costco says higher borrowing costs have pinched household budgets leading to consumers shops for -- shopping for lower priced groceries and other items. and some of those items were actually gold ingots. yes. costco selling gold ingots, two per customer. while costco flourishes, the luxury goods market, well, is it on firm ground or starting to wobble? barclays said luxely sales lid more than 15% annually in november even though hefty prices for handbags don't seem to be slipping. take a look at some of the prices of the purses fashion trade patient women's wear daily is suggesting for their holiday wish list. they range anywhere from about $1,550 to well over $5,000. and that does not even come close to an hermes birken bag which can cost anywhere from $10,000 to $2 million if. okay, my pens leak in my purses, so i'm not buying a $2 million purse. madison alworth is live on madison avenue, the ho

obviously, this is a poignant week because charlie munger, warren buffett's longtime best friend and partner, died. he passed away at the aim of 99. age of 99. but when you look at the conglomerate that berkshire has become, could you parse out certain areas? because it is so broad. could you parse out certain areas that you think will really continue to drive the cash position and, hence, that huge stock portfolio that involves apple and american express and coca-cola and so many more names? >> well, charlie's going to be sorely missed. i mean, he was just such an entertainer and an investor. we'll see what the annual meeting's like without charlie. he's -- but anyway. but as far as berkshire hathaway, the core of their business has been their insurance companies for a long time. that's really the engine, and the engine is really firing now after not firing so great over the last couple of years. so if we continue to have the underwriting profits that we have and $160 billion of insurance load to invest, it's a really nice story. as far as the overall stock portfolio guess, you know

. >> now you sound like charlie munger. ing to the decline of civilization. >> there are some things happening in the universities that i have a problem with their. >> charlie said the same thing. >> it is technology and art. >> it looks cool. i want to go there. >> you want to go to vice city? >> yeah. from what i could see. i don't know if i would fit in. >> you need face or neck tattoos. >> i wear a high collar he have day. how do you know? >> your tie is really tight. >> steve. steve, thank you. >>> when we come back, we will talk about the just keep it return policy for goods that would cost more to return than they're worth. that's next. >>> reminder, you can watch or listen to us any cesartime. just check out the cnbc app. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an

charlie munger's favorite retailer. one of his favorite companies. he was on the board for a long time. it is a different and unique story because of the membership fees. >> membership club. >> a different retailer. obviously, sam's club followed along with those things. it has been different and insulated than other companies. >> the biggest version of that now is amazon prime. people don't think about that as a copycat thing. >>> in the meantime, the phenomenal camp, but in a different way, or fascinating camp. citigroup ceo jane fraser making a big move to raise eyebrows on wall street. the financial giant is shutting down its municipal business. this is according to the internal memo. citi deciding the unit is no longer viable with the commitment to the increase the overall returns. the memo says the bank will unwind the unit in the first quarter. most of the employees will likely leave the bank. this is notable because citi dominated the municipal market for decades. a big shift. you are starting to see how it is playing out on wall street. citi

and as you see the charlie mungers, and that money go from the old generation to younger investors, andlth in the history of this planet in e next 15 years, young people like crypto a lot more than old ople and so, you know, we're going to see the baby boomers fade to gray, and gen-x, and millennials or gen-z buy crypto. >> yeah, you probablare feeling a little better about your stuff you weren't feeling that great at 17,000. but u weren't feeling that great when we were down at 12 and 13 we've been talking about this foa long time. it's been all over the pce, too. >> it was about a year ago that i was getting beaten up on this exact show >>ovogratz -- >> i think that had more to do with sbf and some of the things that were unfolding than the price of crypto. >> or the tattoo he had. what did it say? >> i don't remember. but it was when things were -- there was rampant fraud that was being uncovered at the time. >> wear some crazy stuff, o. >> this outfit was pretty good >> it was. >> you looked more like a banker >> when weome back, the latest on tensions in the red sea and what themea

>> that's what charlie munger said. he has no way of knowing and he would never bet against him.e said he wouldn't bet with him, but he wouldn't bet against him. >> do any of us know where we are in five years. i just bought a dog. i hope i can get another. >> don't say that. >> corgis can live 28 years. didn't choose it. it's a grand pup. i love them. >> you and the queen. >> there's a reason. each one of her five was probably totally unique and distinct in character. >> big personalities. >> characters. they judge people though. >> all right. i like cats. >>> when we come back, jobs and trade data on today's agenda. we've got your squawk planner coming up next. >>> right now as we head to brake check out apple. they closed out at $3 trillion for the first time since august thanks to a 2% rise in apple shares yesterday. apple remains the most valuable publicly traded company. you're watching "squawk box," and this is cnbc. ♪ >> announcer: this cnbc program is sponsored by baird. visit bairdifference.com. ameritrade is now part of schwab. bringing you an elevated experience, tail

listen anytime becky quick has an extended version of her interview with charlie munger, fabulous, takeing rightac bk. ( ♪ ♪ ) ♪ (when the day that) ♪ ♪ (lies ahead of me) ♪ ♪ ( seems impossible to face) ♪ ♪ (a lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ a bank that knows your business grows your business. bmo. (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ >>> coming up, breaking jobs data november's employment report is next "squawk box" will be right back. knock, knock. number one broker here for the number one hit maker. -thanks for swinging by, carl. -no problem. so what are all those for? uh, this lets me adjust the base, add more guitar, maybe some drums. -wow. so many choices. -yeah. like schwab. i can get full service wealth management, advice, invest on my own, and trade on thinkorswim. you know carl is the only front man you need. (phone rings) oh, i gotta take this, carl. it's schwab. schwab. (feedback rin

. >>> you can gean expanded audio version of our special charlie munger "a life of whit and wisdom" in♪ what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today. >>> the big economic news this week, the fed's preferred inflation gauge rising iline with expectations. october pce was up 3.5% year over year. that was down from 3.7% in cement. for a look at what this could an for the fed's rate-setting agenda, we want to bring in former dallas president and cnbc contributor richard fischer. hey, richard. how you doin >> good morning. i'm happy. we beat the seahawks. i was the game. i was lighted to be with one of the great actors and the producer of "yellowstone." >> really. >> yep. stayed up late. >> tyler sheridan. i'assuming. >> he was there. he's there almost every game now. who's so wonder