portfolio and risk and i believe in this. i'm talking about smaller less well-known companies with massive upside potential with downside risk if things go wrong. remember it is for the younger cohort or the development stage biotech stocks and could fly through the roof with a positive approval or a drug years away from hitting the market but the smaller bioteches will get slammed if there is negative news and thestocks are difficult to own in negative market because they don't have dividend or earnings protection but we're talking about long-term investing, looking for good opportunities that could work regardless of whether we're in a bull or bear market and there are plenty of companies that have nothing to do with the drug business. why do i insist that younger investors speculate, take risk that might scare older people? because the gains here could be absolutely stunning. and it is down right foolish to pass up the opportunity to get the winnersine if it means you hit some losers along the way. that means taking risk l

cloud has a decent portfolio. the largest cloud company when it comes to applications, but they have a fairly well diversified portfolio of cloud assets. workday is one of the best breeds out there. it is dependent on large clients making these gigantic purchases. if some of that gets pushed out because of economics, they could see tapering of their growth rate. salesforce should be able to produce the same 15% organic growth going into downturn. alix: what are the tech themes you want to be playing going into 2020? .im: i love the rollout of 5g it is going to be global. we don't know how big it is going to be because we don't know the applications that are going to run on it, but something is. it solves a lot of problems. i think internet of things becomes a thing. more and more of the semiconductor plays are going to benefit because we don't know what the end use is, but we know it is going to be delivered i-70 connector -- semiconductor. that is where i go for my derivative play on the cloud. it is not only ena

we miri efficiency for a portfolio in terms of risk adjusted returns. that means taking the return you see above and dividing it by that standard deviation and it's called a sharp ratio. if you heard earlier today, the mention that david made of how terrific a sharp ratio of one or two was, your sharp ratio was 1.7 on the total portfolio and for five years a 1.26. that would put you in the top 4% of your piers. peers. it doesn't pay benefits in terms of the dollars you have, you are using them efficiently. that 6.02% investment gain above policy is equivalent to one and a half billion dollars in assets. the assets grew from 25.42 billion at the beginning of the quarter to 26.5 billion at the end of the quarter and that's despite paying out $468 billion in assets. in net benefits. a very good picture. i don't think it will quite be this good in terms of relative when we add and drop this quarter. strong performance. in terms of policy, the next page, page 21, column two is the percentage allocations to each asset class as of 9/30. column three is the boa

than the mad money portfolio. please get to know yourself before you jump down the rabbit hole of getting to know individual companies bottom line. trust me i get it when you get excited about a particular stock you often want to dive right in i have been there before first up, you need to consider what you're trying to get out of the market the answer to that question is not going to be the same for everyone but everything else stems from it. >> i noticed the companies a lot of them will exceed on one in reference to revenue and earnings per share as a shareholder if the companies i'm looking for if they are going to exceed one and miss one would it be more important to exceed on revenue or more important to exceed on earnings per share. >> what a great question because it's revenue growth. there's demand for the product the actual earnings per share may be in some cases manufactured by buying stock back but you can't redo your sales. okay always consider what you're trying to get out of the market before you div

vanguard survey of portfolios, u.s. investors are 80% u.s. stocks on average, which means half are more in terms of their equity allocation. we're going the other way. we're overweight international stocks, underweight u.s. large cap. i think it will look smart it may not look smart in the first three months of the year but we're managing portfolios for people over 20 and 30 years, and we're looking for better risk reduction returns, and not investing in the rearview mirror based on what worked best the last three years. >> and that's the type of supportive commentary that you have not been able to present in the last couple of years outside the of the u.s you finally can do that now walking into january of 2020 i think to answer the question if u.s. outperforms in 2020, doesn't it come down to what josh mentioned before, apple up nearly 80% year-to-date, facebook up near 60% microsoft up 55% isn't it really the direction of these mega cap technology names that's going to define if the u.s. is going to outperform or not? i think that's where

it should be a well-crafted portfolio of all the above, strategic portfolio, especially in this market. taylor: i love your notes on limiting portfolio risk. looking at risk parity strategies for example. what are you doing to limit risk in the portfolio? we are adding high-quality dividend paying stocks, insuring cash flow, analyzing the rest exposure of fixed income portfolios, making high-yield exposure is not as significant as this run-up as we saw at the end of the year, and continue to rebalance. scarlet: limiting some of the high-yield exposure but remain overweight on equities, particularly em. thank you so much. oil and gas companies account for less and less of total u.s. equity issuance. what does that mean for the ethnic -- energy sector heading into 2020, especially with oil at the $60 range? this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg first word news. vase fors a beautiful christmas rather than a missile launch. we will find out, but the surprise, we will deal with it very successfully. see what happens. everybody has surprises for me. i handle them as i c

one, what percentage of my portfolio should be an index funds versus individual equities, and number, you also suggest owning index funds that track the s&p do you also suggest that you should own sector-related index funds in addition to general s&p, for example, in health care >> no, i definitely don't want sector-related i think those are wrong. i want the full panoply. that's why i like the s&p 500. i think it should be 85 to 90% in an index fund the rest is your mad money for individual stocks that you can still make a lot of money in but no index funds are the bedrock. i wish it weren't the case, but you know what? i got to be worried too. i do think individual stocks with a lot of homework can make you more money fundamentals matter. there is much more "mad money" ahead. i'm offering a word of warning for the next time we see a big wave of ipos you're not going to want to miss this >>> and then you may do the right thing, but if it's for the wrong reason, it will cost you i'll explain >>> and i'm taking your question, tweet by tweet send them my way with #madtweets and stay wi

the portfolio of those who elected to come and subscribe is quite a diverse portfolio.y thing they did not do was the road showing. because we felt we had sufficient -- and i think that proves our calculus was right. joe: that was the saudi arabia energy minister speaking to bloomberg in vienna. ♪ romaine: who wins when companies buy their own shares? what i commend is it is the company's executives that end up coming out on top. someone with their story in the latest edition of bloomberg businessweek. >> last year, s&p 500 companies bought back a record $806 billion worth of shares. that is 55% more than the year before. this year, they are on track to buy $740 billion worth, the second-most ever. one commissioner, robert jackson, espoused 385 recent buybacks and found shares rose 2.5% more after the buyback than otherwise would have been expected. they also found twice as many companies have executives selling the eight days after buyback announcement as they do on an ordinary day when the value of those executive sales is more than five times higher. when a company b

this is without a doubt one of the high-risk portions of my portfolio.o not every decision that you make as an investor is predicated solely on an absolute basis of one name. a lot of times you're looking at a portfolio in totality and you're saying, what role does nvidia play. so for me i don't really own a lot of stocks like this. but i get your point of view as well >> options bulls are betting on a consumer stock pete najarian is going to join us with that and more. let's give you a check on the s&p sectors right now. it's another down day for stocks overall. s&p is off by just about four points energy, materials in the green 'rba redng else in the r wee ckight after this. >> here we are in the cnbc control room this is where it all comes in, including and especially your questions. go to cnbc.com/halftime, ask us a question and we'll answer it on the air >> announcer: go to cnbc.com/halftime or get us on twitter with the hashtag ask halftime. >> general mills is having a big year shares are up about 36%. that puts it on pace for its best year since

fixed income, that you should have a fixed income portfolio that acts like a fixed income portfolio and take the risk in the equity market. vonnie: speaking of -- obviously, the equity market has done well this year. 60%, ands up more than yet you are very bullish on technology stocks. where would you go? jeff: that's right. technology has had a great year, but we believe technology stocks can still run in 2020. that's because there's a lot of attention and capital expenditures, especially in the software sector. like ourrs that we companies which are levered to artificial intelligence, machine learning, and cloud computing. if you look across enterprises, they are making those upgrades to benefit from those innovative technologies. vonnie: is there any way to insulate yourself from what might be a more negative outcome to the u.s.-china trade negotiation, even in terms of intellectual property or security? jeff: that's a great question. our view on the trade negotiations the past year and a half is it's been a work in progress. it's very difficult to get a competitive edge trading arou

are they going to bring other portfolios in?onali: we work is a one-off given how far it has fallen from its peak. as both as you can get to a subsidiary of softbank. for now it is a runoff but if softbank will put that much of their own money in for somebody else, you need to keep an eye out on how close other companies get to them. lisa: that brings me to natalie because we have been seeing amazon saying it was going to come to new york, then forget about it, but not really. we are seeing amazon coming to the city and other tech companies. natalie: it is a big change from a few months ago when amazon said it was no longer coming to long island city. now they have announced a 335,000 square foot facility in hudson yards which shows they are committed to growing in new york. even after everything that has happened. we had facebook and google continue to expand in the city. facebook signed a lease for 1.5 million square feet. lisa: can you put this in perspective? is this a tiny fraction of overall space in new york city or is it

lou, cramer, better protect a mad money portfolio with gld or bond-based etfs. gld of course.ow i like gold bouillon, too, but you can't put it in your backyard. you've got to keep it in a safe deposit box. it seems like i got a little advice he has someone told him that short sleeve shirts exist yet? short sleeve shirts and pocket protectors not my style. candidly my mother never liked short sleeve shirts. she always thought i looked bad in them. moving on, we have @wj forest 11 hello, jim, will we ever see stock splits again so small money investors can afford the stocks now in triple digits? what will take that to happen? okay this is a really important point. the big companies have been schooled by both hedge funds and mutual funds that they don't want to pay so much per share. okay in other words let's say they have -- they want to buy 10,000 shares of something. if they split it, they'll be buying 20,000 shares, but their same commission for 20 as 10 in other words it's costing them more to buy 20,000 shares after commission than it does 10 why split, why not keep it the

have a balanced portfolio. look at the portfolio, make sure it is diversified.d value stocks is very important. >> mentioned cash. given a large amount of cash on the sidelines, possibility it will reenter the market heading into 2020, january take advantage of taxes, et cetera, is this almost adding to an artificial high in overvaluations? >> well i think in terms of the amount of money in cash, i think it is very important that investors look at not trying to chase the market now. really should stick to diversified portfolio. in terms of valuations how that goes, if you will invest in certain sectors high, make sure you're not overweighted and make sure you're diversified. look for value opportunities. i think going forward, having value, diversified portfolio across the board in all asset classes is really important for 2020. kristina: want to talk about your sector picks. emerging market, health care, technology. focus on emerging markets first given struggles over last decade. why is that something to watch out for in 2020? >> emerging markets are expect to

we would be balanced in one's portfolio,over weight u.s.potentially fade that trade into more international equities. you just want to be in quality equities that rising dividend companies don't have a lot of debt on their balance sheet. >> what types of companies are those? just out of curiosity and the names and industries they operate in >> industrials, we like united technologies and as well as general dynamics we those two companies over three to five-year period can do very well. when it comes to consumer staples, boring companies like hormel and pepsi we think you do very well there. and then consumer companies like disney and walmart, if you have a 3 to 5-year time horizon, then those companies can provide good returns with less volatility than the overall market. >> chad, an end of the year selloff in global bonds is helping to kind of sclipg the negative pile of yielding debt we have seen over the world. the tally standing at $11 trillion, it's a lot but down from 17 trillion dollars it hit over this past summer, the lowest levels

joining us in studio is dennis debusschere, evercore isi head of portfolio strategy. we have a great piece on the bloomberg today talking about the decade beginning with everything crumbling and a lot of panic, and now we are heading into a new year when apparently nothing can go wrong. dennis: i think part of the reasons the market is acting like that is because people think everything is going to go wrong. that has created what we call the silent melt up. this is actually related to the fire and ice title, which i think is excellent, because there has been a complete change in the relationship between bonds and equities. bonds are longer duration assets as they had against lung equity exposure globally. that is usually a deflation hedge. deflation was not something that existed pre-global financial crisis. there areist now, and only three asset classes you can hedge for deflation. that has anchored 10 year rates. that is why your term premium is -90 basis points, according to the fed. stocks still look pretty attractive. 80% of s&p companies have total cash fields,

so we are unique given the portfolio we have today, the resource we have captured in the portfolio todayate growth and returns on the capital in the business. alix: before you go overseas, is there any circumstance where you would then want to buy or add to your permian position? ryan: with think about acquisition as the inorganic sense of the gain. we are spending billions of dollars every year acquiring working interest, royalty interest, and working up our positions. we've done asset deals over the past years in excess of $1 billion. we are looking for distressed assets that fit well within our company, and bring those in. now you may refer to larger m&a, corporate acquisitions. what is good about our company is we don't have to do any of that because we have a financial framework and resource base that provides the growth long-term, and that's what we went to put on display for the market. alix: but then you take a look at, say, occi. it either, but they saw acreage gains because of that anadarko position. ryan: we watch the market very closely, and there's opportunities out there th

plus, finding much-needed zen for your portfolio how he's trading lululemon into next week's earnings, and later -- >> you know what can really help you sort through these important issues >> what? >> orange mocha frappuccino! >> announcer: dan nathan says starbucks is brewing up a big breakout and will lay out how to avoid getting roasted in this piping hot trade it's time to risk less and make more. "options action" starts right now. >>> welcome, everybody get after it here. a big day for the markets. the dow surging more than 330 points the s&p 500 erased its losses for the week the rally following a better than expected jobs report, and there were records across the board including big tech names like apple and alphabet. both of those stocks hit all-time highs adding to the sectors red hot run. betting on a bigger tech takeoff, a way to play it. let's get in the money with mike khouw. take it away, sir. >> you know, interesting we got a payroll report today obviously the markets responded favorably to that, but actually we got clues that we had some significant strength in the mar

to give us an update on execution on all the trading that goes on in that part of the portfolio. i'm going to be looking at that time when that report is made. how are we doing with best execution, similar to the discovery perhaps on our -- when we were selling securities from our private equity portfolio that former security analyst mark was handling this question about execution, we haven't talked about trading for some time, just like we haven't talked about the performance of our attorneys for a long time. is that clear what i'm asking to be ready for? >> this is for the december scheduled quarterly report? >> yes >> okay. >> any other further board questions? this is a discussion item only. public comment? that concludes item 14. >> item 15, discussion item. retirement board member good of the order. >> board members, commissioner members public comment earlier. the last item to bring up my issues that i want discussed going forward in the future. nothing else to report. motion to adjourn is in order. >> second. all those in favor say aye. >> aye. >> meeting is adjourned. >>

coming up what you can do to improve your portfolio.ut first, is it time to look for value in international any comments doug? yeah. only pay for what you need with liberty mutual. only pay for what you need with liberty mutual. con liberty mutual solo pagas lo que necesitas. only pay for what you need... only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪ do you recall, not long ago ♪ we would walk on the sidewalk ♪ ♪ all around the wind blows ♪ we would only hold on to let go ♪ ♪ blow a kiss into the sun ♪ we need someone to lean on ♪ blow a kiss into the sun ♪ we needed somebody to lean on ♪ ♪ ♪ ♪ all we need is someone to lean on ♪ you are my diamond. for the diamond in your life, get up to 40% off storewide or get these one of a kind deals at the "you are my diamond" event. exclusively at zales, the diamond store. at the "you are my diamond" event. [ drathis holiday... ahhhhh!!! -ahhhhh!!! a distant friend returns... elliott. you came back! and while lots of things have changed... wooooah! -woah! it's called the i

they are focused on promoting standardization across not just our portfolio in the industry. things like variances and completion standards. we've already done it in our own portfolio for the consistency in terms of our environmental concerns they are on the rise in the last couple of years we have seen the conditions that have historically been seen but i don't think that is going to change in the future so we are beefing up our environmental expertise at the corporate level and the training for the bemaintenance tech and we made a great deal of progress in filling those positionsng and tn of course increased training among all of our people. >> i would like to turn to the issue of mold and thank you for raising that your self. it continues to be a major challenge and we've heard that from my colleagues many families wants to have license testing in their homes. some have been told other housing companies won't accept these result results with thirdy experts wouldn't be permitted to enter the home. what is this by the experts. >> they find it to be inconclusive from elsewher

plus guy adami is finding much needed zen for the portfolio how he trades lulu lemon into next woke's earnings and later. >> know what can help you sort through the important issues >> what. >> orange mocha frappuccino. >> dan nathan says starbucks lays out a breakout. he tellsyou how to keep from getting roasted in the hot trade. "options action" starts now. >> welcome everybody let's get after it the dow surging more than 330 points today the s&p 500 erased losses the rally following a better than expected jobs report the records across the board, apple and alphabet, both hitting all-time highs and added to the red hot run and if you are betting on the bigger tech takeoff we have a way to play it in the money with mike khouw take it away, sir. >> you know it's interesting we got the payroll report today. obviously the markets responded very favorably to that but i think actually we got some clues that we had some significant strength in the market earlier this week when the trade news which was definitely not positive didn't knock the market down much further. we were talk bag this

coming up what you can do to improve your portfolio. value in international ♪ may your holidays glow bright and all your dreams take flight. lease the c 300 sedan for just $399 a month at the mercedes-benz winter event. hurry in today. it's been reported that there's a cyberattack on business every 39 seconds. ouch. i don't even want to think about it. comcast business has a solution. we go beyond fast with a cloud-based security system that automatically updates, so you always have the latest protection. phishing. malware. risky sites. it can help block all of that. it's one less thing for us to worry about. comcast business securityedge automatically protects all the devices on your network. call 1-800-501-6000 today. jack: while u.s. stocks of had a wonderful tenure rally, many international markets have lagged. could it be time to change of your holdings and look for value in international markets? joining roundtable to discuss is head of trading strategies is benet. thanks much for joining us been a makeable case for international

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examples from elsewhere in our portfolio. we had tests on houses that don't apparently have mold that the tests come back high. on the other, hand we've been in houses where there's obvious mold all over a wall and the test comes back there is no mold in the house. so we've found it's difficult to find a reliable test. >> would you allow families to seek a second opinion on the presence of mold in their homes by licensed third party experts? >> we support anything that our residents choose to pursue for evidentiary purposes. again we found that testing is unreliable because it can go either way, if could be a false positive or false negative. >> thank you. i'd like to -- how much time do i have? chairman, i yield. >> thank you. >> one of the aspects of this crisis that i think is really important is prevention and mitigation. at fort drum we have a relatively young population of young soldiers, young military families. often times this is the first time that they're responsible for their home that they're living in. how are y

rj gallo, senior portfolio mellinger -- senior portfolio manager and head of municipal at federated investmentent, thank you. vonnie: and thanks to taylor riggs for that muni moment. time for a look at the bloomberg business flash. big transaction today in the insurance industry. new york life will buy a business from cigna for $6.3 billion in cash. that is a welcome injection for cigna after a $67 billion takeover of express scripts last year. tesla may be taking a big step to ramp up sales in china. bloomberg has learned the carmaker may cut the price of its model three sedan by 20% next year. that is your latest bloomberg business flash. stay tuned. bruce richards of marathon asset management is next. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take yo

joe, start us off, please, with final trades. >> i think it's important when looking at your portfoliohat is completely out of consensus, that's why last week i bought tip, jeffy gunlock mentioned inflation, no one is thinking about inflation moving forward i hope i'm wrong in putting this in the portfolio but it's a good thing to do, out of consensus play. >> stephanie. >> i'm going to reiterate nvidia, data center gaming all set up well, they should see a recovery next auto year, $7.8 billion in cash they will deploy. >> courtney. >> i'm sticking with boeing. >> awesome. >> i would put it in the portfolio and someone just told me don't bet against dennis. >> no. >> i'm with joe on the laggards, we added emerging markets, i think everybody should buy emg. >> planes, pagp, another infrastructure play for energy. >> thanks for watching "the exchange" starts right now. >>> welcome, everybody, to the exchange, boeing shares dropped since the grounding of the 737 max. so recertification get pushed out even more and some investors are beginning to ask why is ceo dennis muilenburg still in c

that is what constitutes the portfolio.eally a complicated, more complicated version of the dogs of the dow. susan: of course. i'm looking at some, top three picks, citi, cheapness of banks, target is a retailer that is interesting. target, if we pick somebody in the retail space, target, amazon, walmart are some of the better picks. >> the reason we like target over walmart because it is much more attractively priced at 17 times earnings versus 23 for walmart. amazon is off the chart in terms of valuation. we like the company's fundamentals. they're doing well in an environment where amazon is pretty much killing everybody else except walmart and target. yet you can buy them at reasonable valuation that is the reason we like them, the reason we have them in the portfolio. susan: tyson foods is interesting pick. they get to ship chicken to china first time in five years, right, ernesto? i'm out of time. wishing you a very happy new year. thank you so much for your time today. now that is it, final 20 seconds of trade for 20

it wouldn't scare those names out of my portfolio. >> paul, big story about huawei and the u.s.to warn the uk that the firm is a security risk to mi 5 and 6 i wonder how complicated do you think tech investing is in 2020 and overthinking the implications of that now >> specifically the huawei, i continue to be wary and think the way the u.s. has discussed the threat or potential threat of huawei is grossly exaggerated. one of the things i worry about is obviously the big theme and big driver in tech over i don't think it is a 2020 phenomenon, going beyond that, transition to 5g if we continue to have this brou-ha-ha with the chinese, they're going to come out on the other side with a 5g lead. it could be unsurmountable i would love to see it cleared up i think it is a very big deal, something to watch in the next couple of years. >> within your portfolio when you talk about 5g, paul, what would you say is the purest way to play growth of 5g regardless of whether the chinese have a lead on us or not, we all know it is here, it is going to only grow in importance is there a name o

much of your portfolio, or how much of a percentage are you telling clients, when it comes to their portfoliosto precious metals? they have been on the terror and in 2019. the chart tells that story. it's really outperforming all other metals. one of the best-performing commodities of the year. is that something that investors should add more to given the high valuations and equities and in fixed income, for example? one of the things is, we are not an investment advisor or an investment house. what we do is we advise investors on risk and quantitative analysis for their portfolio. they use their consensus using to build a portfolio for what is their best representation. we tell them, one of the assumptions that are underlying your assessment views? really like precious metals, is that a defensive place for you, or is it a cyclical play. what we advise them to do is to create some stress and design some stress that has the core assumptions behind the reason why you are holding on to this metal in your portfolios and see if it still holds up. are no more fed rate hikes for a a while, maybe even

order -- give the final order to approve will be out there, and these are all modeled on a proxy portfoliopproach as opposed to an indicative value approach which was approved earlier this year. the final approval for these models, and we are going to see some filings to use these models. we have seen one hit the wire earlier on wednesday from two rowe.m t. they are looking to do a blue chip growth fund. they have filed with the regulator. scarlet: this leaves about five structures approved and ready to go. eric: and there's a few more in the running, including yours, dan, invesco. can you talk about why you decided to go on your own? dan: we are open to partnerships and we are having current discussions with a number of firms that rachel mentioned. but we felt long-term, to own your own ip, and not only do we file our own application but we -- did we file our own application but we patented it, which we thought was important. what we have tried to do with their own application is a lot of the feedback market makers and aps, we wanted to build in the integrity of the arbitrage pricing to m

are they going to bring other portfolios in? sonali: we work is a one-off given how far it has fallen from its peak. as both as you can get to a subsidiary of softbank. for now it is a runoff but softbank will put that much of their own money in for somebody else, you need to keep an eye out on how close other companies get to them. lisa: that brings me to natalie because we have been seeing amazon saying it was going to come to new york, then forget about it, but not really. we are seeing amazon coming to the city and other tech companies. natalie: it is a big change from one it said they were no longer come. now they have announced a 335,000 square foot facility in hudson yards which shows they are committed to growing in new york. even after everything that has happened. on top of that we had facebook , and google continue to expand in the city. facebook signed a lease for 1.5 million square feet. in hudson yards doubling its presence in new york city. lisa: can you put this in perspective? is this a tiny fraction of overall

a little more growth assets the more volatile their portfolio is get a b. so it's really trying to make sure that you can get that growth that they need or want and that they can sustain their long-term focus through the volatility. because he put them into many growth assets for their risk tolerance they won't be comfortable on a day-to-day basis with the volatility. >> and the want to sell the wrong time. >> yes you want to make sure they're comfortable they have to sleep at night. >> thank you so much for being here. one thing to be sure of there will be a lot of headlines to ignore the coming year. coming up our ideas on what you could do right now to improve your portfolio. that first value in vest or gets a seat at the table. that's next. talks for large left behind in the latest stock market surge. bear was starting to see a? this week's cover story. thanks for joining us. charlie, lauren i want to start with your toe tells about the story. baroness just declaring that it might actually be time to see small caps come back. >> that is correct. if you

a little more growth assets the more volatile their portfolio is get a b. so it's really trying to make sure that you can get that growth that they need or want and that they can sustain their long-term focus through the volatility. because he put them into many growth assets for their risk tolerance they won't be comfortable on a day-to-day basis with the volatility. >> and the want to sell the wrong time. >> yes you want to make sure they're comfortable they have to sleep at night. >> thank you so much for being here. one thing to be sure of there will be a lot of headlines to ignore the coming year. coming up our ideas on what you could do right now to improve your portfolio. that first value in vest or gets i'm your 70lb st. bernard puppy, and my lack of impulse control, is about to become your problem. ahh no, come on. i saw you eating poop earlier. hey! my focus is on the road, and that's saving me cash with drivewise. who's the dummy now? whoof! whoof! so get allstate where good drivers save 40% for avoiding mayhem, like me. sorry! he's a baby! but y

how do you factor that into the portfolio? >> it is certainly a global growth picture. other things you will tend to do is shift your focus on the size of the company. what you tend to see as larger companies can be very globally oriented, export oriented. to isou want to shift focusing on domestic beneficiaries. a shocking decision from the r.b.i.. india central bank testified all forecast to leave rates unchanged. lastecision comes despite week's gdp data showing a slowdown. economistvery other surveyed expected a rate cut. had isments that we have that they are waiting to see the real impact of monetary policy. given the signals we have had from him in this news conference, when do you think we might get another rate cut? is that easing cycle still in place? today's decision was a very surprising one. what it does is shows that the r.b.i. is once again changing its goal post. betweenip-flopping earlier saying that it was a priority. once again switching to inflation as a priority. inflation and growth dynamics, my sense is that, even in february, we are working on an

the senior portfolio manager of menu life financial is with us now. great person to talk to because you are a believer in u.s. treasuries. you have significant exposure to them in your pond, which has historically done well. not so much lately maybe because of that. talk about what you are thinking about u.s. treasuries at the moment. >> the beginning of the year, when the fed did the about-face, we thought to sell bank loans and by treasuries. that worked well. as we go forward, some of our key risks have taken a backseat, whether it is the brexit situation, china situation, some economic numbers in the u.s. have turned a little bit. stabilization. maybe a little bit in europe. a selloff in treasuries but you want to have a balance between yielding positions in your portfolio with high grade and e.m. come about by treasuries. we will continue to hold the treasuries we have. havea: some of that, you on a 5% in the more high-yielding stuff. you referenced e.m. the senior portfoliowhere are ty bonds? dan: in emerging markets, five different countries. m

but how could it effect your portfolio. i'm going to see if the performances could offer any clues. with a vote taking place this very evening, i'm going to get the latest with aman javers. so stay with cramer. >> don't miss a second of "mad money. follow @jimcramer on twitter have a question? tweet cramer, #madtweets send jim an e-mail to madmoney@cnbc.com or give us a call at 80743-bc1-0-cn miss something head to madmoney.cnbc.com. do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. most people think as a reliable phone company. but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business. (second man) virtualize their operations. (woman) and build ai customer experiences. (second woman) we also keep them ready for the next big opportunity. like 5g. almost all of the fortune 500 partner with us. (woman) when it comes to digital transfo

a little more growth assets the more volatile their portfolio is get a b. so it's really trying to make sure that you can get that growth that they need or want and that they can sustain their long-term focus through the volatility. because he put them into many growth assets for their risk tolerance they won't be comfortable on a day-to-day basis with the volatility. >> and the want to sell the wrong time. >> yes you want to make sure they're comfortable they have to sleep at night. >> thank you so much for being here. one thing to be sure of there will be a lot of headlines to ignore the coming year. coming up our ideas on what you could do right now to improve your portfolio. that first value in vest or gets (vo) the flock blindly falls into formation. flying south for the winter. they never stray from their predetermined path. but this season, a more thrilling journey is calling. defy the laws of human nature. at the season of audi sales event. when it comes to using data, which is why xfinity mobile is a different kind of wireless network that lets you

we are about an 8020 portfolio. as kim mentioned, it is a 90% growth portfolio. generally, people are long growth and not really -- and not willing to bet on rates. there is no point to be in bonds. >> we talk about the tourist stock rally. look across the total return indexes for u.s. bonds at large. u.s. investment grade debt. the s&p 500 total return is in the biggest draw down of all those. everything else is closer than the s&p 500. 2018, the year where nothing works. between 19, could be the year everything ends at all time highs. scarlet: thank you both. that doesn't for the closing bell. we will be speaking with david woo of bank of america and merrill lynch. this is bloomberg. ♪ >> live from bloomberg's world headquarters in new york, i am remain boston. how u.s. snapshot of stocks closed today. the s&p, dow, and nasdaq finishing in the green. stocks closing higher after rising on speculation that president trump will not go 15 levywith a december on chinese goods. elizabeth warren has her own trade plan. we hear more from the white house hopeful. opec r

deals,y source those then can they add value to those companies in the portfolio after they have writtenck. taylor: i want to look broadly at the market as someone who has capital to invest. i hear so much time that there is so much cash chasing too few opportunities, leading to heightened valuations. where do you see us in terms of the scale of a bubble and overvaluation? tell andhard to time-to-market. great opportunities tend to present themselves across market acles, so we like to be in position to deploy capital across the spectrum whether the economy is up or down. obviously in the market we are in right now, the pendulum has swung a little more in favor of the entrepreneur, but it might swing in the other direction and valuations might come down a bit, but we continue to see great opportunities present themselves no matter what the economy is doing. innovation does not know what the stock market is doing. taylor: what matters to you more, strong corporate governance or a path of profitability? >> we like both. what were looking for on the front end is to make sure there is a ventu

he is senior portfolio manager of morgan stanley and he is joining us from chicago. andrew, you obviously were listening to our conversation. how much of this big run medding into the end of the year is short lived versus can continue when the calendar flips? >> well, i think that jon is right, there is no selling and there could be some selling on january 2nd because people are waiting to book gains until next year. could that have some short term impacts on the market? i think short term yeah. but i think what is -- you know, i don't totally agree that it is management chasing performance because if that was the case, then energy wouldn't be the best performing sector this year because it is the worst this year so i don't think that it is -- i think that it is just money is coming into the market and there is so much money that has missed out on this rally. we're in the early innings of the capitulation of the people that sold out earlier this year getting back in. and i think that that will continue in 2020 >> what is the biggest risk then out there? there has to

"countdown" closer has things for your portfolio. thank you for joining us. to run through some bargain bins. from the bargain bins? what do you suggest before the holiday season is done? >> thanks for having me. let me preface valuations across the portfolios are not as attractive as year ago. obviously we had great runs. earnings growth is not as strong as equity price appreciation. having said that, three picks i'm giving you today, are businesses that we think can take advantage of any potential cyclical downturn. they have rock solid balance sheets. generate extremely strong free cash flow. the first company i want to give is cyclical company. samsung electronics. samsung is dominant participant in the memory industry. they generate substantial free cash flow. they have over $70 billion of u.s. dollars of cash on the balance sheet. memory conditions are improving. we expect samsung to participate in that improvement. so we think we'll see a strong recovery in operating margins over the next 18 months. longer term, samsung is very well-positioned for 5g.

a little more growth assets the more volatile their portfolio is get a b. so it's really trying to make sure that you can get that growth that they need or want and that they can sustain their long-term focus through the volatility. because he put them into many growth assets for their risk tolerance they won't be comfortable on a day-to-day basis with the volatility. >> and the want to sell the wrong time. >> yes you want to make sure they're comfortable they have to sleep at night. >> thank you so much for being here. one thing to be sure of there will be a lot of headlines to ignore the coming year. coming up our ideas on what you could do right now to improve your portfolio. that first value in vest or gets ♪ limu emu & doug and now for their service to the community, we present limu emu & doug with this key to the city. [ applause ] it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. and now we need to get back to work. [ applause and band playing ] only pay for what you need. ♪ liberty. libert

he is a portfolio managert tortoise advisers.hanks for joining us tonight. >> anks, bill. >> actually, you i think that 2020 will mark ma return for the u.s. energy sector. what do you mean? >>> well, as brian and others talked about, you know, the lacht decade was a bad one for the energ secretary are. but going forward we see opportunities and catalyst for the energy sectors. the biggest what brian highlighted the sus a ray exporter going forward innehe decade, 2020 and beyond there is significant opportunity for investors to capitalize on the u.s. as the u.s. becomes a large splarer ofll energy commodities t the rest of the world. >> do you see prices going higher and who sets the prices? that still ope with the power to do that or does the u.s. astray have the power now in. >> well, going forward oil will still remain relevant. and somewhat important. but natural gas and renewable actually will be the opportunity going forward. bu t specificall your question from an oil price perspective, we have got plenty ofplays. opec is s

market but also diverse feig your portfolio, expanding your universe because there's going to continue to be equities outside as well. >> do you think people are too positive, jenny, on the show, fear has left the building? >> i don't think fear has left the building i have a lot of clients who are feeling fearful but hopeful to invest thinks oh, it's at new highs, oh, it's at new highs when i think of my playbook for next year, you're both exactly right. statistically, it's likely that we'll be hire, but it's also statistically a probability that wohl have a lot of pain in the interim. so just prepare yourself for 2020, do lamaze breathing, stressor, whatever you need to do stick with that market when it gets scary because probably we're going to have an okay year >> longer, jim, we continue to have the uptrend december has been a good month santa claus rally typically lasts for a little bit longer. the longer this goes, do you get more nervous or continue to ride the momentum that you seeming have at your back? >> yes, you get a little more nervous is the answer to your question i lo

look at the opportunity to rebalance the portfolio. >> yeah, i mean, you're old school clearly.our advice is just don't target the indices, look for companies that have of a goodvalue, and have a good product. is that the idea? >> that's the idea. and i think sometimes it's good to know kind of where not the only a few of the stocks represent 50% of the s&p 500. yeah. we saw concentrated portfolio. >> what do you like right now. >> well, we like. >> -- there's been great divergence for he value in growth stakes. we lake taylor morris homes. we like things likeleer, the component maker of cars. and also i like the logistics and the -- the xpo logistics and warner, the trucking companies. i think all the companies are tradg 10 times or less cash flow. i think there is great opportunities there. >> now, our old friend marty swag is the coiner of the phrase don't fight theed. youubscriber to that but the fed isn't in the way next year.a they've a said they don't plan t to anything with interest rates. >>hat's correct. jerome powell says we'll have low gdp growth, low interest rates,