it's remarkable to me where valuations of evening continue to go up. certainly you're not goating any signs those industries or those worlds about pending slowdowns. valuations of sports teams continue to climb. rights deals for all of that. as you know, obviously, from your work with f 1, the value of those teams. >> experiences up 100%. that's not necessarily cyclical. i think that's in sort of a league of its own when it comes to valuation. that's in the chatgpt valuation range which is targets 100 billion which we'll talk about. there are losers. dollar general is down 50% this year. individual issues and category issues. pfizer, estee lauder vf corporation challenged companies dealing with their own problems, but also in the some space and something to watch. >> i'm glad you bring that up. i was reading -- i think it was the journal today, the underperformance in packaged foods, smuckers, con ag, all down 20-plus percent this year. higher rates have hurt the dividend. >> and also glp-1 drugs. people are worried about the impact as these drugs go m

it's not about a valuation. these stocks have had meteoric rises, since the selloff we saw this year. the bounce has been amazing. i just think, if you think the employment picture changes there's no reason to be long in thebuilders. >> i agree. still, rates are really high. that's definitely, obviously, we know put a huge crimp in real estate. also, we haven't solve that, people getting out of their low mortgages yet. so, we don't have the existing home supply on the market. i'm kind of surprised at the magnitude of the bounce. i mean, i own some lowe's, that's been nice. i own some home depot and some zillow, which is nice, too, but i got to think it's not ideal yet for them. they got two years to wait, maybe. >> people are still having children, they're dying, they're retiring. >> what? >> moving out of state. >> no, life happens. >> this got really serious. >> as soon as i said dying -- but just to the point that life changes prompt having to move. sometimes s you have to move. and then plus people are getti

that valuation tension is still there.t deals done going into 2024 having realistic pricing as citations is a must. ed: what about the competing forces? what are the biggest factors that are causing technology companies to hit pause, hit the brakes and hold them going public? rachel: the broader macro backdrop is one reason why companies are waiting on the sidelines. we will see what happens today. everyone is exciting the fed to hold tight on interest rates. we have fight ipos and high interest rate environments before. it does not mean we can't continue. it is the predictability. companies want to know rate hikes have stopped and even see encouragement they might start to come down sometime in 2024. that level of predict ability will be definitely helpful for the ipo backdrop. broader macro trends. the data is trending in the right direction. it provides hope for 2024. absent unforeseen shocks. ed: rachel gerring, thank you so much for your time. a nice look ahead to the fed. coming up, the impact of higher rates on the

the valuation is too stretched. if you're saying there's a setup for small cap, maybe have a 30%, 40% return, why would you own microsoft if most of that's consolidated in the stock and maybe you have 10% or 15%? i can argue it if you don't want to realize it. if it's an i.r.a., wake up. leadership rotation has shifted. >> the reason why in the environment you're describing next year microsoft could be down 10%. i'll give you that of absolutely. i still don't want to move away from it. in the following year you will see the recovery because the business is so strong and this isn't the end of the run for microsoft. and last year at this time, everyone, myself included, let's not own microsoft. let's move to the sidelines in 2023. where did that get you? you might be down 10% but it's still a core holding. >> microsoft is a permanent compounder. it may have periods where it's flat or even down. number two, it has a subscription model, recurring revenue. it has pricing power. number four, it has a brand name recognitio

i think you can question some of the private market valuation multiples. buying at six times, we tend to see multiple expansion. i don't have that concern for our business. sonali: we will bring in allison mcnealy he wrote the story today about how much more pain is going to be in private market valuations. are they throwing in the towel? allison: i don't think we are quite there yet. it is interesting that we are now starting to see private equity sponsors acknowledge may be need to come down a little bit. maybe they are not reflective of what the public markets would suggest. that is different than what we saw earlier this year which is a repeated messaging that private valuations were different than public market valuations and they work marked appropriately. jon: the connective tissue of these markets, the ipo market and the health of the ipo market, what are some takeaways now on what that is going to look like heading into 2024. ? allison: he's expect in the ipo market might be a little stronger in 2024. that echoes some of the sentiment i heard acro

it doesn't help valuations. the strength of the domestic u.s. economy doesn't help the s&p 500 earnings growth because the concentration of the composition of the s&p doesn't sit in domestic businesses, it is in big cap tech which is global. those things don't add up. we find it interesting that people are bullish. why are you bullish? they say because i own stocks. that is the only good argument for the stock market. david: that takes us, here is a shameless plug, speed international value fund, how have you changed your exposure and what do you anticipate to make as far as changes go as you move forward? cole: international strategy, we are long oil, anything tied to energy, for example front line in the case of people moving oil around the world for the last couple years. more recently, i think people are looking at the emerging markets and saying it is a poor place to invest. at the same time there is economic growth and away that people underwhelm. we have coal stocks in australia with whitehaven and places like south africa, and i think th

know people -- when i say that, people will say valuation don't matter. matter.tell you what it does the condition we're in right now ere companies outside of the technology space have been outearning, outpforming and are bringing up cash balances. my internal clock is going off. i know when i repeat something too many times and you get irritated. share buybacks matter at exactly this point in time and i'm not talking the trivial 2% of a share, we saw from gm today. cash is piling up. you're seeing it in strategic acquisitions and buybacks. this is where price matters. >> but the question is with the gm, for example, is now the wrong time to start a buyback, when you don't know if the economy is going to go into a recession or not? >> i hear you. hear you. >> and that's the question. by the way, it's not only gm buying back stocks. look at apple buying for years. you cat buy based on that story. that's showing financial engineing. >> sorry, that's just not right. >> of cour it's right. >> it's not of course. it's of course you're wrong. >> how is it wrong

i don't really see where valuations are right now. and i know no one cares about valuations right now. no one scares, trust me. but they will care, and it will be one of the reasons why when they're careening lower, because ifthere's ever a fundamental reason to sell the mag seven and we may know in late january when we get q-4 earnings and q-1 guidance, every visibility they have, there's a reason to sell and they're going to sell hard. all this stuff, the crap, unprofitable stuff, the l laggards, they're going to come out of that quickly. the higher we run into the new year is the harder we fall if there are reasons to take profits or to reduce exposure. >> that's of course. and we have sentiment that also has gotten, if you are measuring complacency in the vix, it's a good place to start, but there's all types of investor surveys, you know, aaii, which came out late last week and pointed out a level of complacency in terms of the bearishness, or the bullishness that's back to 2018 levels, the bearishness that is very different than

is this a sustainable valuation?ve seen a lot of high-tech companies and when we go to the public market, it doesn't quite play out that way. >> there's so much noise and ink spilled about this company and the media over the last couple of months particularly around the boardroom drama in november. i think it's tough to value it today. it's tough to understand what they have under the hood, what risks are lurking there with this cue star that led to that. that's why it's driving so much interest. i don't think it's sustainable today. >> huh much of this valuation is tied to microsoft in the use of itself iowa co-pilot. and also i want to bounce something off of you. this is a tweet from sam alt man on christmas. i'm not sure if he celebrates christmas or not. he says interesting thought experiment, at what rate should you be willing to borrow money to build a data center if extremely powerful ai is close at hand. any idea or can you make sense of this tweet? >> having an enterprise of merchandisable front end to this

our valuations under pressure or round on higher?er it is a good time to buy into the hardest part of such as openai and space x? pointing us now is an expert. oceanic partner ceo. you are an advisory firm and you focus on ensuring liquidity is there with the investments that you make of the private markets. are we seeing decent liquidity for some of these hardest names? >> we are saying liquidity coming back. i would say in some of the names by openai and i are in general, those tables are pretty small. there is not a lot of liquidity. and most of the other big names there are transferable -- they are transferable. we are seeing pricing at lower levels than over the past two years. caroline: is that why there there is this anticipation of rights coming down? risk tolerance coming back? wanting to buy in cheaper prices? who are the people putting? >> is coming back on and at the same time, a lot of the shareholders that have been waiting for liquidity for the past two years and the markets to rebound our somewhat running out of air.

valuation has plummeted by about $19 billion -- or to $19 billion.ut $100 million in revenue right there. i was at andrew ross sorkin's event where her chair elon musk told them to go f themselves to the advertisers. people about the promotion of hate speech and misinformation and over the israeli/hamas conflict and other hate speech that brought out some of the pairing of companies advertising on twitter with hate speech. he has either sued them, threatened to sue them. and yaccarino doesn't seem to have any influence. if she's not functioning as ceo, she shouldn't be paid and be there as ceo because she's clearly not pulling her weight. even the rebranding, everybody admits has caught her by surprise. the idea of x, how many xs do we know, from x-rays to xbox, xfinity. x is the symbol that represents the unknown in mathematicses. how was x a good idea? i think only thing she has going for her is her competitors or rivals at threads. of course facebook blew that one. they overpromoted what they could do. so that is the best thing she has going for h

valuations and sort of the tailwinds. i think the space has. warren buffet up to 28% in occi specific but he sees something in the space, and you've seen some of these levered names making all-time high. marathon and psx. i think the leadership is going to come from the similar names, but i think the forgotten names like energy will be okay. >> i think utilities could actually catch a bid because if rates are going to be falling, you'll wind up catching a bid where you're going to earn that income judging whether money comes out of money markets and goes into the market, or whether it goes into individual stocks. those are two different things. energy names really haven't caught a bid. if you look at exxon, chevron, even the companies they're taking over have been in a declining trend. i would say tech and i would go for yield. >> a lot depends also on what you believe to the degree to which rates will actually decline next year. some people will say 100 basis points easy, other people will say no. >> if rates go down as much as the market is p

that goes to another thing it's all about valuation. the trick of valuation.does your fund administrator say to you? how does the fund administrator come to a figure? rickesh: when we were running the platinum whiskey fund, a seven-year, closed ended fun, we had independent valuation agents, the administrator would work with them. mostly we were focused on investing in bottles through the auction. last seen auction price was our metric for being able to look at a collection of bottles. i think in the cask market it's a little bit more tricky. what we use is another independent valuation agent who looks at the price of that bottle today, let's say in the retail market, and works backwards to what that cask price would be. so again, i think it's just about having the right advisers in place. and doing your homework so you can really trust and do the due diligence to make sure that you're buying in at the right price and then obviously being able to exit at a strong return. rishaad: can you give us your recommendation, tell us whether the macallen bottle that wen

>> valuation is crucial.caused the majority of swings in european and global markets over 2023. re-think moore is set going into 2024. the rally the past six weeks have all been about a central bank, and interest-rate pivot, and inflection. a lot of that jews have been played out at this point. -- jjuice has been played out at this point. to get to valuation 13 times higher than the market we would have to see a significant further drop in interest rates, which we are simply not looking for over the next 6-9 months. kriti: valuations and margins matter. and geopolitical tensions matter as well. one metric will usually pull out ahead of the others. in this scenario, i want to call it an even split between the three. and the currency outlook matters as well. tim craighead, nor shortage of things for him to cover. he is from bloomberg intelligence. giving us his 2024 look ahead. the currency outlook is a crucial part of it. we will get the take. erik nelson from wells fargo joins us with how you play this market

valuation is playing a role here.t overseas. they know the yen is cheap. in order to unlock that valuation you need the quality differential and move in the right direction. it is the direction of change, which is influencing these market movements. kailey: marked -- mark dowding thanks for joining us and making me thirsty. we appreciate your time. you -- u.s. solar surged, we will chat with john berger, president and ceo next. this is bloomberg. ♪ (adventurous music) ♪ ♪ ♪ be ready for any market with a liquid etf. get in and out with dia. kailey: you are looking live at the principal room. coming up later, brian niccol, to pull away cef -- chipotle ceo. this is bloomberg. ♪ earlier this week at the top 28 summit in dubai, spoke on the importance of green energy. >> the sector now knows that solar power per unit is cheaper than fossil fuel. that is proven technology. they know it takes longer sometimes and they know they have some higher caps. they can't just build the installed capacity. they understand that. kailey

so, i like it on valuation. i likebanks, despite the focus on them in washington, is that they are giving back capital to investors, and for the first time, if you look at where citi bank, a $58 or $60 stock pre-covid, the whole story for the banking sector, you were starting to see this capital distribution dynamic of banks begin again, then covid hit, then you got back there and it's kind of been a mess and obviously svb. >> yeah, you, though, did not like the close. >> yeah, i mean, listen, 5% gap, it was trading really well, and to close like that -- the stock today at the highs today was 28% off its 52-week lows just made a few weeks ago, if you think about it. not a buyer. i mean, you know, i -- i think they're like utilities now. are we going to talk about the xlu the way we talk about these going forward? i think the regulatory environment next year is going to change a whole heck of a lot. and you think about just all the stuff we heard out of that conference, when people, these bank ceos are talking ab

willem: ultimately, valuations. the relative valuations. think there is a decent concern when i talk to our clients for example about the spreads compression in the credit market. so i think there is a limit to which you can have that, especially as the delinquencies are starting to happen and you get closer to the refinancing. this may be for 2025, but you get closer to that point. so people still have a degree of differentiation. alix: let's go to europe for a second. guy had the great chart about her european equity markets had done pretty well. not like the u.s., but done pretty well. if you look at european equities, rips? willem: from a european equity perspective, i think even though the valuations again -- that may be the one attraction. what you have seen in the pmis, the earnings expectations, 3% in europe versus the 10% in the u.s., it does not really make it that attractive. again, talking to our clients for example in asia, they cannot really get excited about the european stocks even at the current valuations. but again, they

they don't to give up the hope on the valuations.starting to hear people running out of cash. i think you will see 2024 will be the pivotal year of either companies will vanish, have to be dramatically written down, and the smart ones will realize the valuation hopes you had have to be adjusted for the new reality. it will put even more pressure on some of the testing the water conversations the banks do to make sure we actually deliver an ipo market that is sustainable and works. sonali: you mentioned the word earlier, a dirty word. the bankers have stopped saying it. esg. why would that be a competitive advantage and your when it has not been this year? anne: it's been interesting and disappointing that like many things politics and put his asian has led people to suddenly -- politicization has led people to use it as an excuse. the leading companies who have always seen the benefit. you saw coca-cola declare, novartis declare this. if you embedded these concepts and how you run your business and that can be risk mitigation, which

so so people say, look, when the fed starts cutting, that means valuations have to go higher.wait a second. in the past when the fed starts cutting, it's because they'd been raising before, and valuations came way down. valuations didn't come down. the s&p before this recent month always was at 20 times earnings. so what you have to believe is that the s&p went from 20 to 21, now it's going to go to 2 # 5? -- 25? all you're saying is i want to invest into a bubble. it's not the way i recommend investing. charles: but it is tough though for those who have been resistant. >> oh, yeah. charles: before wednesday there was still a large group out there that believed caution, money if on the sidelines. only seven stocks are leading this thing, and so what do you say to people like that who are trying to catch this thing late? >> let me make a suggestion there's a third option. it's not either be in or don't be in, it's be select i. charles: right. >> right now the whole index is, first of all weighted to about seven companies. second of all a, it's about multiple expansion. you're h

listen, valuation is really important. we also have to account for the change and composition of the market, as tech grow used to be a larger part of the market, it has a higher level of market called 30 times earnings, and it will change to the broader markets valuations. it's why you can't simply compare the valuation of u.s. equities to set european equities because of that averaging 14 tech and financials. so the market will get more expensive as tech does better. that is inherent, not necessarily a bad thing. but again, you have noticed this in the past, you can look at the valuation of the equal weight which should a pound account for that, the equal weight index including the big sevens not particularly cumbersome. >> those who are just nutmeg happens extended from a multiple standpoint as it is because, the growth rates have been going in the opposite direction, or the multiples expanded. >> that's illegitimate authorization to make. i would counter that by saying, those talks still have growth rates, earning growt

up so bad for the past 10, 15 years and find a lot of similar companies and stocks but it massive valuationiscounts on the market and going over the point for the catalyst and it's a good time to get travel in, americans, if you want to go to japan, going to the lowest levels and really long time and we expect that to be a head wind for the u.s. dollar versus a tail wind and the past cycle. >> have a happy new year yourself. >> as well to you. >> thanks. ring in the new year with brand new investments in your portfolio an he hits his mark —center stage—and is crushed by a baby grand piano. you're replacing me? customize and save with liberty bibberty. he doesn't even have a mustache. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations

i think valuations in the u.s.en very compelling, we have seen with the magnificent seven a lot of companies based in the u.s.. we invest globally but we aren't overweight in international equities. it is a struggle to see the catalyst for those valuation gaps were covering. at some point i am sure they will. we are happy to find great openings abroad but there is a lot of opportunity in the u.s. as well. simone: when it comes to the technicals, how much are you using in your strategy? what is that telling us? robert: most of the time we look at the technicals. the most important technical of the past two months has been the speed of recovery with rates down and equities roaring higher very quickly. it's been interesting to look at factors that have outperformed. you noted earlier the recent acceleration in small-cap performance is interesting and it tells a lot of the story that might, next year, continued rod and end of the market, more stocks participating in the advance. that is based on solid fundamental reaso

up so bad for the past 10, 15 years and find a lot of similar companies and stocks but it massive valuation the market and going over the point for the catalyst and it's a good time to get travel in, americans, if you want to go to japan, going to the lowest levels and really long time and we expect that to be a head wind for the u.s. dollar versus a tail wind and the past cycle. >> have a happy new year yourself. >> as well to you. >> thanks. ring in the new year with brand new investments in your portfolio and each panelist sharing ideas for financial success. next. only sleep number smart beds let you each choose your individual firmness and comfort. your sleep number setting. and actively cools and warms up to 13 degrees on either side. the queen sleep number® c2 smart bed is now only $990. plus, no interest until january 2027. ends monday. only at sleep number. >> each expert panelist has an idea to consider heading into 2024. we heard from mew favor that what worked in previous years may not be the place to be in the coming year, do you agree? >> yea, thinking of outperforming the s&p

up so bad for the past 10, 15 years and find a lot of similar companies and stocks but it massive valuationscounts on the market and going over the point for the catalyst and it's a good time to get travel in, americans, if you want to go to japan, going to the lowest levels and really long time and we expect that to be a head wind for the u.s. dollar versus a tail wind and the past cycle. >> have a happy new year yourself. >> as well to you. >> thanks. ring in the new year with brand new investments in your portfolio an they're waiting for you. hey, do you have a second? they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com (jennifer) the reason why golo customers have such long term success is because we focus on real foods in the right balance so you get the results you

last thing is the valuation. when it gets to price of sales roughly to one times, that's when it's time to trim a little shares right now it's below that. i think that's an opportunity for buyers if you look at the revenue has been slower over the past few quarters. that could boost that next to the opportunity for investors there. >> amazing run this year really. i know they had their challenges, but up 63%, still below a 15-pe for what it's worth. our attention to general mills which reports tomorrow morning that stock different story rbc expects the shares to stay under pressure, slower than expected volume growth, increase pressure on the pet category and product disinflation falling prices of the perimeter of the grocery stores is pulling customers away from the center where price have been stickier you part of the bears on this or pick it up here on the cheap >> i am part of the bears on this one this is one i'm not holding. few reasons why. the big one that was mentioned is volume. a lot of the things that

a 20x forward multiple and microsoft a 30x multiple if you ask that discount of one-third of the valuation gives an asimymmetrasymmetric, then wt giving enough credit to the deep mind and the prowess of alphabet i have my money on alphabet. i'm much more overweight -- in fact, it's the only tech stock i'm overweight in. they will catch up >> i don't think anybody is doubtful that google can catch up it's just they're not there now and the dishonesty of how they're presenting what they have today not tomorrow, not next year, today, and people making decisions today as they want to build into this stuff. it's not there yet it doesn't mean a non-google or non-openai couldn't come up next year and have something better, but right now it's not there >> i think there are legitimate questions, weiss, whether they can catch up they ceded way too much when they had, to jim's point, yes, they had deep mind in house. i've had one of the co-creators on with us he no longer is there. it just speaks volumes they are racing this out in a way they don't cede too much ground to microsoft and i wonder how y

up so bad for the past 10, 15 years and find a lot of similar companies and stocks but it massive valuationunts on the market and going over the point for the catalyst and it's a good time to get travel in, americans, if you want to go to japan, going to the lowest levels and really long time and we expect that to be a head wind for the u.s. dollar versus a tail wind and the past cycle. >> have a happy new year yourself. >> as well to you. >> thanks. ring in the new year with brand new investments in your portfolio an you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. oooohhh, it is cold outside time to protect your vehichle from winters wrath of

charles: this year we're seeing this is mostly a valuation driven rally, right?ow it can't always hold up. charles: no. >> if we'll rally next year, will it come from earnings because a lot of skeptics don't believe earnings will be enough to keep this market up? >> that is the concern and i think that is why i'm saying caveating next year might be maybe just a single-digit year, because if we get those earnings, right now earnings expectations are 9%. so if we can get those earnings eight or 9%, that is certainly, even if we see a little valuation compression, that means maybe the market sup 5%. charles: right. >> look if inflation is down at 2%, we're still ahead of the game, right? >> right. >> you're still out there. so don't expect another 20 plus year but certainly in the positive, beating the inflation rate. charles: talk about a couple of ideas you got. want to share them before you go. we have a minute to go. one is kb homes. the homebuilders have been absolutely phenomenal. this thing broke out here pretty good. cleared the moving averages a while back.

i am not worried about the valuation. i think it's cheap. i said that before. >> so gershnor said it last week. if you look at where they are protected to be next, and whether it's amazon at the top at 49 or alphabet at the bottom with 22. >> look, last week, estimates are it takes 20 times as much power to do an ai search as a google search. think of what that means, and also when you look at the computing power needed and the data that will be needed, that will be drive more growth in the cloud. all of those companies are extremely well positioned, and then you have the additional products that will be coming out, and then you have the ad models. there's no alternative at this point to advertising on google and meta. you know, amazon is getting to the business, and the business is growing in leaps and bounds. when you look for growth, sometimes the growth and a stock price gets ahead of the growth and valuation, and you just handle the volatility and don't watch it every day. >> yeah, dan ives, liz, puts a statement out today, and he says

up so bad for the past 10, 15 years and find a lot of similar companies and stocks but it massive valuationn the market and going over the point for the catalyst and it's a good time to get travel in, americans, if you want to go to japan, going to the lowest levels and really long time and we expect that to be a head wind for the u.s. dollar versus a tail wind and the past cycle. >> have a happy new year yourself. >> as well to you. >> thanks. ring in the new year with brand new investments in your portfolio an liberty mutual customized my car insurance and i saved hundreds. with the money i saved, i started a dog walking business. oh. [dog barks] no it's just a bunny! only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ oooohhh, it is cold outside time to protect your vehichle from winters wrath of course the hot sun can be tough on vehicles too you need weathertech all year round! come on, protect your investment laser measured floorliners and cargoliner will shield the carpeting from sand and snow for your interior, there's seat protector and sunshade plus, mudflaps and bum

nothing comes close to citi valuation. jpmorgan, that's one i'm comfortable owning here. i think -- there's -- i like the iwm here even though it's had a big run could it pull back yes. but i think there's still a lot of room between where the iwm historically has traded and where the s&p 500 has traded on a price to earnings basis and over time in the 25 years since the iwm's been around, it's outperformed lagged recently, until the very last push that we've had, so, i'm staying long that. >> tim, where would you be putting money now? >> well, i think there's a couple parts of the economy that we don't spend a ton of time talking about that are also working. we had that u.s. steel news last night, but you look at integrated miners, bhp, rio tinto, and the ones that are specialized in copper and gold like freeport. they've had an outsized move to the market since the cpi number in november. easing inflation is very good for the resources community. if you have the kind of demand, and i think oil suffers more from demand concerns, but a weaker dollar, a dollar that's down

caroline: we keep our eyes on all of these private market valuations. it was brilliant what came out yesterday, and i know we will still have all eyes on the business model of spacex and a conversation with space more broadly, because there has been great reporting from time and time again from lauren at bloomberg with the focus being on how spacex could eat everyone's lunch when it comes to the ability on an economic basis to get satellites and other options into low orbit earth. how are we seeing them make strides at the moment? lauren: the open question is what will happen when their ambitious starship colossal rocket comes online because it can carry more capacity to space than pretty much anyone has the capability right now. the current launch market is a capacity constrained market. the only option for satellite operators is spacex's workhorse rocket the falcon 9. just because of the rockets have come off-line in recent years and others are trying to be developed right now and are suffering from delays, there is really one option for satellite ope

pulte has one of the easiest valuations. >> mortgage rates coming down?wn. a short-term bet it is getting slightly near the resistance band but i still think there are more to run. charles: and toll had a good number. >> right. charles: growing border tensions in south america, two oil-rich nations one trying to bully the other. tracy shuchart on the next hot geopolitical conflict and what it means for your portfolio but first how much do you think it costs to achieve the american dream? tweet me your thoughts @cvpayne. i will share your thoughts. cody sanchez will break it down. she is a contrarian. i can't wait to hear her thoughts. ♪. [ applause ] the day you get your clearchoice dental implants changes your struggle with missing teeth forever. it changes how you eat, how you feel, and how you enjoy life. it changes your smile and how others smile at you. clearchoice network doctors have changed over 100,000 lives with dental implants, and they can change yours, too. because a clearchoice day changes every day. schedule a free consultation. hi, i'm ben

the second big reason is valuation.is trading on multiple point or two multiple points below their telecom peers. the third is positioning. this is interesting. of the 90 stocks in the s&p 500 that are over $100 billion in market cap, at&t is numbered 90 in terms of ownership. it's the least owned mega cap stock in the market. >> you have 6.8 p/e. people don't realize how low these p/e ratios have gotten on the telecom stocks. on the lead cable story, do you have anything you can add? it seems to have gone away at this point. is this not an issue investors need to worry about? >> when we think it's kind of a nonissue. we looked at the history. there's not a lot of precedent for there to be a lot of liability here. the industry working on things like lead water pipes and so the ep has come out and really kind of validated the company position, but there's not a lot of public safety at risk. >> david, thank you. david barden. >> thank you so much. >> on at&t. >>> coming up more top pks ficor 2024 on tap for you. another h

valuations will continue to increase, and by that, that will happen if earnings don't follow suit. >> goldman sachs raises his target for the s&p and significantly so to 5,100 from 47, decelerating inflation, and feds easing, and encouraging economic data, and upside risks existing to our already-above consensus estimates of 5% growth, and that's going to where weiss is talking about there's a lot of optimism about the economy and earnings and multiples being supported. what do you think? >> yeah, clearly -- i am in agreement from the fact that we absolutely -- for example, the fed dot plot, and the market is pricing that in, and the dot plot is saying 75, and the equal weight is up, and if yields continue to slow down and inflation continues to moderate, the soft landing drum continues to beat higher, and that's why i say there is excitement, but on the other end of it, it has been a lot quickly. we moved a lot in the last few weeks. clearly, there's a shift in the market sentiment and tone, and for me i get the most exciting part of the market is the breath, and i think it could sti

valuations are low and oversold. from a tactical point of view, there is upside for chinese equities. if you are looking at a longer-term picture, it is more difficult and more bearish. haidi: always great to chat with you, kyle rodda from capital.com. the china question is one of the hardest questions that we have been confounded with this year. shery: especially given the disappointment of all chinese assets and the lack of confidence that we will see a rebound especially when it comes to the economic growth outlook. coming up we will talk about a key -- a key firm that we are watching for next year, apple. there is a ban related to patent dispute. we will have the details. more china banding exports of -- banning exports. this is bloomberg. ♪ shery: china is halting the export of a range of rare earth technologies potentially making it harder for the u.s. and other western nations to bolster their supplies. it is clever and targeted. we are technologies for making rare-earth metals not necessarily for the products

quarter for them with the holidays and the best combination of growth of 15% revenue growth and valuationdded 23 pe, the s&p is about 4% for comparison. the other side is unloved names of people hate there is a turnaround of the fundamentals in the semi conductor with inventory correction in the biotech sector and nibbling at the solar sector and getting close to the bottom and that's our barbell in the magnificent seven and looking at unloved in the small-cap area. >> i love you and your strategy keeps on working really well, good to see you, thank you so much. , dan niles, fears over their own safety leading macy's workers to go on strike during the busiest holiday shopping weekend of the year. my next guest has worked at macy's for 21 years, now she's speaki he hits his mark —center stage—and is crushed by a baby grand piano. you're replacing me? customize and save with liberty bibberty. he doesn't even have a mustache. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ after advil: let's dive in! but...what about your back? it's fineeeeeeee! [splash] before advil: adv

valuations are at a ten-year low. if we look at what they're doing on the share repurchase side, they're going back to the shareholder. major -- actually stock prepurchases there. there's a major cash flow that's coming through for gm with all the profitability focus. i think that will be a key driver for the stock. and the stock is very cheap. look at tesla. >> what do you think it says to those that have long argued the legacy oems have no capital discipline, chasing their own tail on the ev front, there's no way they can match tesla's cost advantage. are they coming -- getting religion on reality there? >> i think, absolutely. what you see at gm is a much more balanced approach. as they say, a smart ev ramp. they have a strong i.c.e. portfolio that dominated the market in suvs and trucks but they can parlay that into the ev side. if they can have a profitable ramp on the battery side, do all the things tesla is doing, if they can start to ramp that, i think they have the game together. and that's exactly what's hap

quarter for them with the holidays and the best combination of growth of 15% revenue growth and valuationpe, the s&p is about 4% for comparison. the other side is unloved names of people hate there is a turnaround of the fundamentals in the semi conductor with inventory correction in the biotech sector and nibbling at the solar sector and getting close to the bottom and that's our barbell in the magnificent seven and looking at unloved in the small-cap area. >> i love you and your strategy keeps on working really well, good to see you, thank you so much. , dan niles, fears over their own safety leading macy's workers to go on strike during the busiest holiday shopping weekend of the year. my next guest has worked at macy's for 21 years, now she's speaki after advil dual action back pain: yo. who. haha. [dog barks] what? my back feels better. [rewind sound] before advil: [grunts] oh. advil dual action back pain fights back pain two ways. for 8 hours of relief. [ "i'll be seeing you" by the five satins ] ♪ ♪ only at vanguard, you're more than just an investor, you're an owner. our financial

e valuations are still really compelling >> bk of america the fourth largest last week. i mean, yeah, the chase is on. there's $6 trillion of cash the sidelines. i'm not saying all oit is coming out of money markets and going intohe stock market, but you seem to be getting some tricklfrom cash into stocks. >> money is inotion and it should be in motion because the significant sentiment reversal the pivot from the federal reserve, moving out of the earnings recession which has been uifting for markets i will say this, i think over the next several wee, you want to be on the offensive you want to play into the strength of the market momentum is there.tand the we're 1% from an all-time high in the s&p 357b. we will gethat other 1%. it's coming. and to those tt one year ago pivoted in the direction of money market funds, and they wanted the 4.75 yielover the course of 2023, how did that work out you're basically the new england patriots at this point you lost now are you going to spend another year in 2024 sitting in those money market funds that's poor risk management strat

quarter for them with the holidays and the best combination of growth of 15% revenue growth and valuation 23 pe, the s&p is about 4% for comparison. the other side is unloved names of people hate there is a turnaround of the fundamentals in the semi conductor with inventory correction in the biotech sector and nibbling at the solar sector and getting close to the bottom and that's our barbell in the magnificent seven and looking at unloved in the small-cap area. >> i love you and your strategy keeps on working really well, good to see you, thank you so much. , dan niles, fears over their own safety leading macy's workers to go on strike during the busiest holiday shopping weekend of the year. my next guest has worked at macy's for 21 years, now she's speaki liberty mutual customized my car insurance and i saved hundreds. with the money i saved, i started a dog walking business. i was a bit nervous at first but then i figured it's just walking, right? [dog barks] oh. no it's just a bunny! calm down taco. sit duchess. stop! sesame no no. archie! walter don't, no, ahhhh. ahhhhh! you're lucky

a lot of talk of valuation.o work at the end of the year. give us a sense when you look at the magnificent seven, would you continue to put money in there right now? are you word about the valuations? >> on the margin, we are more worried about those valuations. a few weeks ago, we were talking about the s&p up 15% and the equal weighted s&p flat on the year. now that equal weighted is up 6% to 8%. this recent rally has been a broader rally. we would not focus solely on those magnificent seven stocks where the valuations are stretched. >> if not the magnificent seven, is there something else in the last part of the year with a lot of people calling for the santa claus rally. where do you put money to work? >> you go with the diversified basket. that is what we had. you make sure you have some of everything with global equities and small and mid-cap and don't forget the bonds. >> i think it is hard to forget the bonds with the low yield. mimi duff says diversify. thank you. great to see you. >> thank you. >>> loo

interest rates shocked valuation part of the equation. lenders have pulled back from lending because of the concern. prices are adjusting. it takes time for sellers to come to terms to sell a property that your current price was not what it was a year or year and a half ago. increases directly translate to price reduction. that is happening gradually. we are seeing somewhere around 15% to 20% price reduction from peak across the board. that is creating transaction losses. the capital waiting to come back in is at a record level. >> thank you. >> thanks for having me on. great to see you. >>> still ahead on "worldwide exchange," the artificial intelligence stock not living up to the hype this morning. it is your big money mover and mystery chart. we'll reveal coming up after this break. a lot of code. if an application needs to be modernized then you'll need time, resources... and caffeine. if this sounds daunting then use watsonx code assistant ai designed to multiply developer productivity so you can generate code quickly. let's create a

bird was a fasters company to reach $1 billion valuation. that means unicorn status.ugh it has filed for bankruptcy. the company has been kept afloat thanks to a line where it carries out a turnaround plan where it could sell off some assets. consumers may not notice the difference. bird says it will operate as usual. its operations in canada and europe are not part of the bankruptcy proceedings so they will not be affected. we did everything go wrong? for the east scooter company, when cities shut down the pandemic, bird's fortunes suffered. as it began to reopen, business started to pick up although he never fully recovered. it capped a remarkable fall from grace for the miami company two years after going public. one years after going public. one year after wanting bankruptcy proceedings could be on the horizon and three months after being delisted from the new york stock exchange. and with other electric scooter foams also struggling, it is a sign the buzz around this type of transportation has evaporated. a number of us news outlets are reporting the heads of ent

let's talk about valuation. what are the valuations are you looking at? do you look at bulk value? where are we by historical standards? >> if you look at where we are right now, we are about 1.4 times our fiscal 2024 evaluation. that is about the same level we saw in late 21 when the group peaks before, but nowhere what we saw when we were trading over two and half times, so in my mind it's not so much about valuation, as it is about the groups having a great run. i think there is a very strong leaning when we talk to clients, that rates are going to come down pretty quickly in 2024. if something knocks out off track, that may slow down demand. that's something i'm a little worried about. but also, you look at what prices have done, and we've seen price growth on the year-over- year basis, and that started to accelerate again. october's reading was 7% over last year. we are seeing prices accelerate again. mortgage rates have come down, which certainly helps, and the builders, to their credit, have found ways, whether it's mortgage rate by downs, incentives, price cuts, to keep tha

so having energy in a portfolio from a valuation and risk stand point makes sense.own conknow phillips, canadian natural resources, all trading at discounts, all well-run businesses. they pay great dividends if you are looking for a laggard that may play catchup in '24, this is a great place for sniffing around. >> all right coming up, one of this year's stock market darlings that rallied 140% we'll break it down for you in trade school, coming up next with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin. why are we the only birds heading this way? diminishes wrinkled skin i migration is... stay close and everything will be alright. [ gulp ] i'm okay. yeah, no. hold on! [ quack, quack ] >>> welcome back to "halftime. trade school is in session josh brown, you're breaking down this year's moving crowd strike, and the stock is set up from here >> i spoke with the ceo last week

let metalk about the $3 billio valuation.cured $100 million in financing from a wall street investor. how challenging was it to obtain the financing in this environment? >> first of all, thanks for having me. good morning it is a good question and i think to answer it briefly, it wasn't that challenging because our business model has been proven over a long period. we have attractive economics we have been growing at a good scale while being profitable from that perspective, i think it was a fairly smooth ride for us raising capital. we benefitted from the experience and knowledge that we've built while raising our first institutional funding round two years ago. as a result of that, we were much better prepared in terms of the type of diligence that would be required and things like that we're very happy with the outcome, but i think it's that outcome which is a result of hard work that we have been doing consistently for the past ten years. >> no doubt. let me ask you about the general vc landscape in europe we have been ta