erin gibbs, main street asset management, thank you very much. watching "worldwide exchange." we're going to have complete coverage all day long beginning with "squawk box," by the way. think were on last night, and they're on again this morning. we call that wex'ing "squawk box" is next have a great day just look around. this digital age we're living in, it's pretty unbelievable. problem is, not everyone's fully living in it. nobody should have to take a class or fill out a medical form on public wifi with a screen the size of your hand. home internet shouldn't be a luxury. everyone should have it and now a lot more people can. so let's go. the digital age is waiting. >>> good morning if you're just waking up, dozens of key election races still too close to call. >>> control of congress still uncertain. a full rundown is straight ahead. >>> disney, meanwhile, is weighing on dow futures, that stock getting hammered on disappointing results. >>> and the crypto world is shocked after binance bailed ftx out of a liquidity crisis. founder sam bankman

joining me main street asset management llc, cfo, erin gibbs.king about dan ives, 100 bucks got to be a buy now, 100 bucks to 50 bucks. trying to figure out valuations for instance, they have come down a lot. a the lot of people including you, more than one occasion they're not down enough just yet. >> no they're not. in fact when we look at forward valuations for the technology sector they're only just at levels that we saw at 2019 and they're still well above levels that we saw from 2010 to 2014 which was a slow growth time that was the period that we're coming out of the financial crisis and we had sort of slow growth and that is what we're potentially looking at for the next five years is, okay, maybe we'll end up with a mild recession but, it is going to take a while for the entire world, assuming the entire world to recover from this inflationary aspect for the next two or three years and so we could expect another 10% of valuation depression. so lower valuation. which means they could just hold stable? charles: i don't know if that sounds

liz: and erin gibbs who was just on one of our traders said we're in a global recession, we're facings really two different camps i'm kind of with you when i look at how some people are indeed spending at the moment. we still have a very strong labor market. are you guys hiring? >> oh, yeah, we're hiring, in fact we're supply constrained. we hire more if we could. we're turning down demand, because the labor situation. now it's starting to ease but in historic terms we're still in a very tight labor market and still very strong demand and we're a low growth business in general, and our volumes are kind of right in the 10-year highs so for both demand and supply side we just aren't see ing a recession at least yet. liz: trash-to-cash and you're hiring i like to hear that. thanks good to see you. >> thanks, liz. liz: by the way at republic services recycles all the cardboard packaging from cyber monday, what about the contents inside those boxes? what is the stock play there? well, the two hot fashion names making jpmorgan's nice list that's next with the closing bell ringing in 37 minu

my next guest has more warnings, main street asset management llc, chief financial officer erin gibbsut for investors now? what can we add to the list? >> i think quality, not quantity, be nimble. be willing to change. don't get stuck in a rut. i can't think of an east sop fable that would match that. >> you are concerned. you think people are too antsy trying to get back in too soon? >> so we've seen this risk on trade since mid-october. obviously the yields really started dropping. it seems to be waning a bit. i think we may see a little more bounce between risk on and risk off days until we get the december fed meeting because i think that is really at the forefront of everybody's minds for let's say the next three weeks. charles: i had lance on earlier, forward p-e ratio, 16 1/2, that is too high for a lot of people you included? >> yeah. charles: last time we got down here, in trouble, not last time we were in trouble, we got down, maybe a lot lower. >> yeah. charles: where do you want to see the forward p-e ratio? >> if we look in an area where we're more slower growth, you know

main street asset management cio erin gibbs is here an geltrude and company founder dan geltrude as welleat to have you both here. erin, i guess we'll start with powell. we don't know what he will do in an hour, what he will say, but if he reiterates what we heard from him before, react to the data, stay the course that is 50 basis points for december. >> that is pretty much where the bets are. so i think that we'll keep the markets sort of steady. now we've had four days of sort of risk off, markets down. i don't think it is going to make the markets jump up. i think we'll sort of stay in this risk-off trend tracing a bit of euphoria, the euphoric sentiment that was in october, that started in october and just sort of stay the course because we're still really waiting until december. you know, i doubt -- cheryl: in what way though? what do you mean? >> until the actual numbers come out from the december meeting. cheryl: waiting for something else to change? >> yeah. cheryl: stay the course. >> dramatic, like something really shocking, otherwise -- cheryl: this is jay powell. i'm predict