you mention ubben.ckman with news on our website how he's taking steps to protect the portfolio from downside, seeing substantial negative impact from the attempts to mitigate the effects of the virus, jim. i see fitch is on the tape talking about restaurants and how they can expect more restaurants to be in distress. >> yes look, i think that anyone who has been with a number of restauranteures given what i do for a living and i got to tell you something, we are without a doubt in a challenged industry >> are you seeing a reduction in any -- >> no. >> you're not. people are still going out >> really good bookings and i attribute that to the fact that people are still confident to go out and haven't been scared to, but i think if -- you talk to cisco, they're not seeing any. let's be serious, trump meets with kim kardashian to discuss criminal justice >> not her first visit >> you don't want him consumed by the coronavirus she's been a great spokesman by the way the president has been very good on recom

maria: welcome back we are back with valueact founder and chairman jeff ubben and nikola motor companyvor melton. there's people can get in and an early stage with growth. i want the rules to be loosened so that people can get in on an idea sooner, and we don't have another situation. you say there is another connection here. tell about the connection. so ultimately nikola is going public barely compared to most companies. think that's how it's going to be in the future for a while. the reason while is when that we work debacle happen, most of the very large investors around the world that were piling billions into startups and tech companies, said look, we had no idea what was going on, it was very hard in hard for us to see we want people to have complete transparency now we want to make sure our money is protected. money in the private sector became very difficult to me had to give up a lot. the public was dying for stock, to buy stock in nikola so we decided let's go public early. even though we are a few months early, it normally companies would wait until they are right in produc

thank you for sharing it with this tran six founder jeff ubben and nikola motor company ceo trevor miltonwe'll be right back after this. i saved hundreds on my car insurance when i switched to geico. this is how it made me feel. it was like that feeling when you go to high-five a coworker, and you do a perfect high-five. everyone is really excited for you because it was such a great high-five. and then... ...the boss comes in. and she wants one too. geico. fifteen minutes could save you fifteen percent or more on car insurance. fifteen minutes could save you you wouldn't accept from any one else. why accept it from your allergy pills? flonase relieves your worst symptoms including nasal congestion, which most pills don't. flonase helps block 6 key inflammatory substances. most pills only block one. flonase. the business of hard work... ...hustle... ...and high fives. modernized comfort inn's and suites have been refreshed because our business is you. get the lowest price guaranteed on all choice hotels when you book direct at choicehotels.com. apps except work.rywhere... why is that? is i

value etf down 7% this year and underperforming the s&p which is down less than 4% here's what jeff ubbenad to say on "squawk on the street." >> we had gone to the longest duration asset in priced as if it's always going to be this way, and it's been going on for five or ten years. so it's kind of the death of value investing to a certain extent because the world becomes kind of valuation agnostic, and once you kind of lose your connection to intrinsic value. and what is intrinsic value with it's discounted back at 1%, right? once you lose that, as a value investor, you kind of lose your bearings. >> right now joining us is value investor scott black, president and founder of delphi management great to see you >> thank you. >> thanks so much for joining us i guess it is a little bit confusing. we just talked about the short-term and the coronavirus selling and bounce, that the two sectors that fell the most, banks and energy, are the ones that are bouncing the least. they also happen to be value sectors. what do you make of that >> well, at this point i wouldn't touch either of them. you

threshold a couple of days ago people thought they'd never seen anything like that they said that, jeff ubben, long time activist investor talking about how it's thrown the ability to be a value investor into real question 0.70 or 0.693 which is our low, 0.692 even more so, the question becomes does this pressure the feds to potentially act to catch up to the bond market? the two-year also of course has been setting new records as well on the positive as you know, carl, and dieia no olick wi dial adjust over time, one bright spot but there is some question here about manipulation in the bond market. sounds hard to believe but the liquidity may not be what you expect it is, according to what i'm hearing and there are certainly those who benefit from that as for the impact on stock, we have the s&p down over 2.6% right now and as you just said, carl, it's hard to find any green on my screen at this point. >> indeed. got the vix once again approaching 48, which is going to be a focus as well today. interesting, there's been a few calls out, jpmorgan says the effects of covid-19 are going to be l