Skip to main content

tv   Making Money With Charles Payne  FOX Business  April 15, 2022 2:00pm-3:00pm EDT

2:00 pm
flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to for a prospectus containing this information. read it carefully. neil: all right, i want to go to my friend charles payne right now hope you have a wonderful easter, my friend and a very safe weekend. good seeing you. charles: same to you, neil, thank you very much appreciate it good afternoon, everyone i'm charles payne this is "making money" and breaking right now when you thought it couldn't get any worse the media accusing elon musk of racism and sexism, and saying we're all doomed if he buys twitter. now, the man was a hero to those on the left for making the dream of and electric vehicle a reality, he's actually a hero to everyone who lamented the decline of the space agency and travel in our country, it's back. you know, i think though he's even greater hero now, because the need for free speech in the
2:01 pm
public square is more needed than ever before. plus, there are words of hopes that maybe a strong earnings season could revive this market. right now, it's not happening, it's not moving the needle meanwhile, investor bullishness, folks, has tumbled to a three decade low so is the sentiment the ultimate buy signal or something really wrong and what if you could pick the minds of the greatest living investors in the world? we have the man whose done that and he's written a new book it's a must-read book also, on this good friday, organized religion in america continues to slide what it means for the future of our country all that and so much more on making money. so, the stock market is closed today in honor of good friday which makes this a perfect day for reflection, intraspecific and preparation. of course, there's been a rough year thus far for investors and there have been very few places where you could hide out and not
2:02 pm
get hit. the fed has begun to remove a combination, so the current of easy money is heading back out to sea. investors are mostly left guessing, got a lot of hunches maybe a little bit of history as a guide. meanwhile the weeks biggest stock story actually highlights the tremendous divisions within our own nation, it shows that there are no signs of even letting up even when we're trying to have religious ebonics answer. elon musk his bid for twitter is being treated like the end of times and for some for others, you know, it's a long-awaited moment where maybe we'll get some sunshine through these dark clouds. either way, there are a lot of strong opinions on this , mostly as citizens, you know, that love the way the framers put freedom of speech as a cornerstone of our republic. this is one reason we're all drawn into this. you know, a few years ago i had a chance spending sometime with jack dorsey and i told him 98% of my twitter encounters have been positive and i still feel
2:03 pm
that way. when someone is too overbearing you can use the block button and if they really want your attention too badly, mute them, because nothing drives them crazier than that, but the company itself, twitter, has become a rudderless ship. it has two mandates, shove down conservative thought and remove questions or pushback to the woke agenda. if a hedge fund made a bid for twitter this week, many commentators right now would actually be cheering, of course they always cheer when hedge funds buy another piece of the world, but wall street elite hypocrisy i gotta tell you has nothing nothing on media hypocrisy which is delicious. take one comment from the wall street post which railed against the rich, controlling communication. now it's really a failed attempt to sidestep the real awkwardness of the fact that the second- richest person in the world owns the washington post. of course rich people from outside the industry have bought their own slice of the media in recent years, all to insure that liberal messages continue to
2:04 pm
reverberate. what was really fascinating cultural transition, well now, it's becoming a chilling new threat to the world. these are phony people that use words like inclusion and equality, all the time but they never really truly mean it and don't want to see that among the economic classes, races or among different political ideologies. of course, you know, the stakes are highest for elon musk. in fact i want you to listen to what i told tucker carlson last night. >> really quick, do you think musk understands what's about to happen to him? they are going to try and crush him, for real. charles: he does because everything he's done, tucker, they have tried to crush him. they have tried to crush tesla at every turn, the white house hates tesla because it's a non- union shop. they have tried to beat him down every single way they can, he knows the challenge. charles: joining me now rebecca walser and mitch roschelle. let's start with the social upheaval. rebecca it's really maddening
2:05 pm
your thoughts on it all? >> well, i think elon has taken a big step forward and you're absolutely right charles he's putting all of his businesses online and he knows that and even said this is not a money play this is for the greater good of society and you have to start to wonder who is it or why is it that these people are so afraid of what twitter used to be, which was it used to be a free speech platform and then obviously, it's deteriorated from there. why are they afraid of free speech? why can't you argue your ideas in the public square and when, if your ideas are winnable ideas what are we afraid of? charles: you know, mitch, first and foremost i've got to tell you i'm digging that rugged look okay, retirement is doing you pretty well, my friend. so, just moments ago twitter un leashing a poison pill and this is another effort to keep elon musk at bay. your thoughts on how effective that's going to be? >> it's right out of the play book, you hire lawyers and they
2:06 pm
do things like poison pills. one of them is this mechanism where any of the existing shareholders can buy up as much stock as they want, dilute the company, because they are going to be buying at a discount as a way to hold off elon musk. the question really is, is there a price at which the board has to say yes, because let's remember the board is fiduciary for the shareholders and if elon musk ups that $5, $10, it's pretty compelling and they are going to have a hard time saying no to that deal for whatever their reason is, whether it's ideology otherwise because at the end of the day i think the shareholders don't care as much about the content as they do the profits. charles: you know, maybe not the board, but listen, i was in the stock before this all began. i was just kind of breathing a sigh of relief that it was almost breakeven rebecca, but you know, let's say elon walks away. i'm being honest i think this stock goes to 30, maybe even gets to $20.
2:07 pm
the trajectory right now is awful. the business model is awful. when they kicked president trump off they had 195 million users, they got 213 now. it's not growing. tik tok will do more ad revenue dollars this year than twitter and snap combined. so to mitch's point the board has to consider this and don't they have to ignore all of the other noise? >> yeah, i mean if they are looking at a fiduciary obligation, the fiduciary obligation is where it gets confused with esg and looking at the stakeholder instead of the shareholder but your fiduciary obligation on the board is very clear. it is to do the best interest of the financial interest. these are investments. they aren't, you know, this is what we prefer society to be like. these are investments, they have to execute on what is best for the financial welfare of the company and i'm 100% with you. if elon musk has these fiduciary
2:08 pm
board members have a big problem because i'm saying that they should be sued immediately. charles: well we have a stop loss of 44 so we might be out on monday. listen, wish i got to 50 and just ran anyway, early friday morning right so i'm toggling around yesterday of course looking at all of the channels and all i'm seeing is this hate toward musk and the conversation started to shift and you started to hear him bring up tesla but it was not a threat to somehow harm the company, maybe protest, we won't buy tesla, and obviously, the aim is to sort of make musk a sort of modern day version of promethius, if you will, mitch, that you're punished over and over for this , not just by us but we're going to harm your jewel and go after your company tesla. would you be concerned as a tesla shareholder? >> i don't think i'd be concerned as a tesla shareholder the one thing i've learned about elon musk is his ability to poly
2:09 pm
task, running multiple companies at the same time, and i don't see him leveraging his stake in tesla to pay for twitter in a way that would harm the shareholders of tesla, and the cancel culture question you're asking, if there's a human being not scared of that it's elon musk. charles: you know, it's interesting too because cathie wood just yesterday raised her target on tesla. she's saying it's going to 4,600 , 5 trillion market cap by 2026, so again, this is what i'm worried about rebecca. not necessarily elon musk having to sell his shares but some sort of coordinated effort to boycott the product or the company. so again, if he were successful in this , could it reach that lofty target that wood has put out there? >> there's no doubt they will be coordinated efforts on the left to target tesla, but from a government perspective you're absolutely right charles. the sec yesterday and all these things but elon talked about the sec before, and done quite
2:10 pm
well i might say. when you go on joe rogan and you're doing sergio marccione things on live podcasts that the sec doesn't like you'll get a call from the sec, we've gone down this road before so i don't think, i agree with mitch, i don't think he's afraid of the federal government and i think this is a great unveiling for us. let's all see what the federal government does because it reminds me of communism. you're not going to let a business owner and open market make a bid for a hostile take over, and that's something that's concerning to you? there's no apt i-trust issues, completely different, lines of industry so why? why are they getting this? what kind of government do we have now? charles: you know it's interesting i'm going on joe rogan one day and have a diet coke just to be different than everybody else. >> [laughter] charles: let's switch to the country at-large, listen we got mounting problems in fact rebecca i read where you were talking about the dollar. that's interesting because i also read a piece from a guy who says the dollar is never, never going to lose its reserve
2:11 pm
currency status and compared it to the double offering homer simpson donuts and the way the world keeps buying things from musk. are we missing something, are we too cocky in the notion the dollar and the united states will always be preeminent? >> yes, absolutely. absolutely. listen people do not understand and i don't see how hard this is to understand. since 1974 we have had a deal with opec and russia to sell oil in dollars and any regime or government ever tried to go outside of that, they basically have been at war with the united states. this is us reaping our own situation, because we basically pushed russia out of swift, got all of the private companies, mastercard, visa to come out they had more alternatives and they did what they did and it's upside down the entire global petro dollar, because we have china, india, and europe now switching things all around so that they can deal with buying their energy and it's outside of the u.s. dollar and if we don't think, charles this is going to
2:12 pm
have a massive impact then answer the question, why did jerome powell say to congress in march that the united states does not need to be the sole reserve currency. that was us getting prepared for what is coming. it is coming. charles: wow, we've gotta leave it there rebecca, mitch, enjoy have a fantastic weekend hope to see you guys real soon. >> happy easter charles. >> you too. charles: so the markets close ahead of a busy earnings week. we're going to get you ready because next week is going to be huge, plus there is a moment and every really successful person self-made where they decide to risk it all to make that dream come true but how do you know when to take that move? we've got help from you later in the show. ♪
2:13 pm
you know liberty mutual customizes your car insurance, so you only pay for what you need? like how i customized this scarf? check out this backpack i made for marco. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ at adp, we use data-driven insights to design hr solutions to help you engage and retain top performers today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪
2:14 pm
♪♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right.
2:15 pm
at xfinity, we live and work and borrow up to $100k. in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity.
2:16 pm
psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. tter with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist charles: so it was the first official week first quarter earnings, they are in the books now folks 34 s&p 500 components have posted their results 76 beat on revenue, blended return 10.9%, 79% beat on earnings, a
2:17 pm
return for only 6.3%, those numbers really don't tell the story auto think earnings visions are a betty proxy for what's happening to the market what it's responding to, only energy, utilities, and healthcare are now seeing higher revisions than before the invasion of ukraine. those of course sectors that are among the few that are winning this month. i want to bring in garyb smith and quincy crosby. let me get your thoughts on earnings season, it's relatively early, whether earnings can turn this market around. >> well i think they can, if they continue to offer a positive guidance. this is a period for guidance, because after all, all of these earnings are really pre-fed and inverted yield curve worries. a lot of it is pre-war and so i think that it could turnaround, especially, though, if you see truly that we're moving closer to peak inflation.
2:18 pm
you know, there's a lot of talk about peak inflation, how we got there, now it's going to ease back, a little bit of that could certainly help underpin a move toward the overall market, and not just the defensive side of the market. charles: and we've been that way i mean, you can kind of feel like peak inflation for the last few months, obviously the occasional hiccup in china or something like that you've got to believe we're near there in part because gary, listen. high prices are carrying high prices, but what about these earnings because i don't think any company is confident enough though to go on a conference call and start making assumption s about peak inflation >> you're absolutely right. i think everyone is going to be hedging their bets, they know how to play the game charles, you know that. so i think you have to look at other factors and primarily sentiment. i think sentiment is in the ditch right now, which in my opinion, it's a great time to buy. look, what are we not worried about?
2:19 pm
we're worried about inflation. worried about world war iii, worried about supply chain. it's the proverbial blood in the streets i think it is a great time to buy. charles: to that point the defensive nature we see what's been winning the defensive stocks, utilities, and real estate, and those kind of names, gary. do you put money in those or do you get overweight then thinking because i always feel like those are temporary winners like people hide out there like a sort of a foxhole and when they think the coast is clear they dump them right away. is that something we commit to being in defensive stocks right now? >> no not at all. look if you go that route buy those i-bonds paying like 10% that's your defense otherwise, my gosh really, are you going to go with utilities and some of these other boring companies for 10 years? that's a snooze fest, you know that charles. charles: so here is another thing people are concerned about
2:20 pm
it's the transportation stocks. about two and a half three weeks ago they started to crash and that is obviously a pretty good proxy for the overall economy, so quincy, i'm watching them come off a double bottom this week. jb hunt fetched an upgrade. could we see them come back and lead to the market higher? >> well certainly if their guidance is stronger than the market expects because what the market really did was priced in an absolute recession and take a look when they started to nose dive. inverted yield curve, inverted yield curve, recession is on its way. guess what we don't have an inverted yield curve now for other reasons, but the fact is that the market actually, i think, is taking a look, another look at the transports, and not just the truckers, we're having next week be some of the big trains coming in and talking about what they are seeing, so they got beaten up something awful it's one of the worst that we've seen in history on what they did to the transports.
2:21 pm
the worst is not going to happen charles: i'm with you on that, quincy. real quick, gary i've got 25 seconds what are you buying? >> well, kind of same as usual, things i know and love primarily amazon. every time, until amazon is at a new all-time high, i'm a buyer. i think it's just the stock to own. i always have. charles: it's amazing how it just has been left at the station for almost two years now , gary, quincy, thank you both very much appreciate it. >> you bet. charles: folks inflation keeps hitting american families, i mean from the grocery store to the pump and the federal reserve admitting that they just kind of woke up to this whole thing, and its got a lot of people wonder being about their credibility. are they so disconnected to the average american? i've got proof that maybe they are, but i'll also ask economist daniel danielle dimartino booth and joe lavornia, next.
2:22 pm
as a main street bank, pnc has helped over 7 million kids develop their passion for learning. and now we're providing 88 billion dollars to support underserved communities... ...helping us all move forward financially. pnc bank: see how we can make a difference for you. i had been giving koli kibble. it never looked like real food. with the farmer's dog you can see the pieces of turkey. it smells like actual food. as he's aged, he's still quite energetic and youthful. i really attribute that to diet. get started at new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get
2:23 pm
your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today. whose resumes on indeed match your job criteria. living with metastatic breast cancer means being relentless. and get started today. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor start an anti-diarrheal and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate,
2:24 pm
or if you're nursing, pregnant or plan to be. every day matters. and i want more of them. ask your doctor about everyday verzenio. ♪ ♪ we believe there's an innovator in all of us. ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit to find
2:25 pm
out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. better hearing leads to a better life. and that better life... ...starts at miracle-ear. it all begins with the most innovative technology... the new miracle-earmini™. available exclusively at miracle-ear. so small, no one will see it. but you'll notice the difference. and now, miracle-ear is offering a 30-day risk-free trial. you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life.
2:26 pm
charles: all right so this week, the cpi number showed a 40 year high in inflation the ppi numbers are worse than that meanwhile wall street strategist quickly declaring maybe this is peak we just had that conversation, but i've got to tell you, the bottom line is that the pain is still really really bad. want to go go to lydia hu with more on just what people are feeling, because the numbers one thing, real life is a different thing. reporter: more and more people are asking when is it going to get better, and the short answer is we don't quite know and there's not really a consensus on whether we've reached a peak even though we see that headline inflation at 8.5% you mentioned from tuesday some are pointing to the core inflation rate, which came in slightly lower than expected and pointing to
2:27 pm
this , that some economists are saying perhaps we've seen the worst of inflation but like i said there's not really the wholesale agreement on that point particularly as we have food and energy prices that continue to surgeon the ongoing conflict in ukraine, which is driving inflation and other nations. countries like the united kingdom, new zealand and canada, they are battling run-away inflation and hiking interest rates in response. now economists say these hikes won't have a direct impact on the u.s. economy, but they could be signs that share global issues may threaten to reek economic havoc at home. one economist told me that the u.s. is usually more resilient to foreign pressures and we wouldn't expect the federal reserve to react, but they come when we already have significant domestic issues driving inflation too, a tight labor market, rising cost of housing and accelerating wage growth. these are adding pricing pressures to the services sector and other economists agree with that point and also add inflation and services is more
2:28 pm
durable, and more persistents than goods inflation, rising prices and services will force the fed, the federal reserve, to work harder and more aggressive ly, they say, this is why some believe that inflation could climb even higher from here and the central bank could reach a 2.5-3% interest rate by the end of the year, charles. charles: lidia thank you very much, so this week, there were a parade of federal reserve talking heads. each one of them trying to one- up the other doing fair share of damage to the stock market. you know what's interesting though? i'm not sure if it was the hawk ish chatter or some of the other stuff that they talked about that certainly made them seem disconnected from the rest of the world and certainly from the policies that they are in charge of that are supposed to help the real-world, check this out. the current members at the fomc, have they ever had a job in the private sector? let's go down the list, williams never, bullard never, george never, daily never, montgomery
2:29 pm
never, black never, harka, yeah, well, was also a mckenzie, and brainard was in academia. joining me is danielle dimartino booth, and texas chief economist joseph lavorgna. danielle not trying to pick on your old colleagues over there, but when the federal reserve, when someone in the fed starts saying, hey, i was at the golf course and i noticed that the sandwiches were a little bit more expensive or the tee times were more expensive, it makes them seem pretty disconnected. >> yeah, it certainly does, and boy that laundry list that you just put up there, charles, it compelled me to write a 236 page book called "fed up" because it was so bizarre to be on the inside for nine years with really pure play academics, bureaucrats who really never had a payroll, they were completely disconnected as you are describing them, from what's
2:30 pm
going on in the real-world from the implications of the policies that they make, how they play out, you know, we got fresh data out of new york this morning out of the new york fed this morning that showed input costs in the new york manufacturing region had risen to an all-time high. this does not look to be an issue that is being rectified and i think that's one of the reasons that in that same report, you're seeing outlook continue to deteriorate in terms of what they see happening in the economy in the coming months when we're not addressing the inflation problem. charles: and joe, that's why a lot of people on the street worry the fed will botch it. in other words, they are so late they are playing catch up probably over do it. >> that's the historical record 94 was arguably the only time, charles, when the fed was aggressive and hiking rates 300 basis points in 12 months which is what the forwards are currently predicting and the holy grail of the soft landing in 95 the difference though was the economy in 94 was
2:31 pm
healthy strengthening from 93 and of course inflation was starting from a lower point here we've got an economy that's already quite weak and likely to be weaker in part because of the inflation, but also the fact that the fed has kept monetary policy so easy for so long, we've inflated asset prices and i continue to worry as the fed tightens and as yield curve re inverted, you'll see liquidity and equity prices move lower credit spreads widen, and that will already dampen a weak economy so we'll have really more stagflation and stagnation late this year, early next year charles that's my biggest concern so yes the fed is walking a tight rope here and unfortunately i think they will fall off. charles: and the crazy thing is so many people said last year, to your point, if they started this earlier, when the economy was moving higher at least plateauing we wouldn't be in this predicament so yesterday, peloton announced they were going to lower the prices for their bikes, at the same time they hike the prices for subscriptions, and its been observed maybe that's a perfect
2:32 pm
example of goods versus services inflation, joe. when we get the services inflation walk us through it because one of the things you kept hearing is goods inflation is going to come down so if services goes up, is that net- net a good thing? >> yeah, well the thing is the services are partly a function i don't want to say the labor market is tight as much as it's broken. a lot of people have left the workforce, they were over paid and unemployment benefits, still see labor force participation and the employment population ratio low, but to the extent there's a shortage of labor yes service prices stay high. i would expect goods prices will eventually moderate and quite significantly because the good share of spending is about 4 points above this long term average so you'll get some weakness there, service prices will come down, but your point about peloton, yes it does reflect the fact that goods prices are likely to move lower, maybe that's the sign on the good side and yes service prices are sticky so they will stay elevated. charles: danielle? >> i would have to agree but i would say that the biggest impediment going forward is your
2:33 pm
household dealing with run-away housing prices right now, they are having to shoulder so much just to pay for the essentials just to fill up the gas tank, put food on the table, cover the rent, cover the healthcare, they are spending so much on essentials right now that i would argue that it's going to be difficult for them to necessarily pay up for services when their discretionary spending has been as curtailed as it is, take one example, u.s. retirees. nats one of the fastest growing areas we're seeing in the economy of people coming back into the workforce. they cannot live on their fixed income given this inflationary back drop, so i think that will pressure services inflation. charles: all right, thank you both very much, you know, it's amazing how much we have to talk about this , but certainly, they control the strings right now no one has got confidence they will be able to navigate this the way we all hope they will. joe and danielle, thank you both very much. folks coming up we'll be taking a look at the role of faith and what it plays in our daily lives as americans. also, my next guest has interviewed folks that have made
2:34 pm
billions of dollars in the stock market. william green on what we can learn from them, he's next. ♪ thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.
2:35 pm
2:36 pm
2:37 pm
2:38 pm
charles: my next guest book is an international sensation it's already being translated into more than 20 languages. richard richer, wiser, happier how the world's greatest investors win in market and life william green has written for many leading publications, time, fortune, the economist his podcast interviews with invest ing legends are always in spiering, william welcome to the show. before we learn a little bit about all these fascinating
2:39 pm
people that you have the privilege of interviewing want to learn a little bit about you like how did you even get into this in the first place >> well thank you for having me it all started way back in my 20 s when my brother and i owned an apartment in london and we sold the apartment and suddenly i had this windfall, i have to emphasize, but figure out what on earth am i going to do with this money so i start reading about stocks and funds, and i just thought what an unbelievable game this is, where i don't actually have to get my hands dirty or do anything too difficult or take orders from anyone. if you learn to actually think well, you can make money, so that was the birth of this fantasy but then what was so beautiful was that because i was a journalist i could actually go interview these great investors so i could really indulge this growing obsession so i would do things like go off to the bahamas to spend a day with john templeton who was a multibillion air. charles: what happens you call someone up, sir john templeton he doesn't know you, you say i know you're in the bahamas can i
2:40 pm
come talk with you and they say okay no problem? >> in that case there was a little bit of charm involved, because i knew he was very obsessed with his spiritual research so at that point he was in his late 80s and he was doing , he had a multi-billion dollar research foundation funding things like research at harvard to prove whether prayer worked to help with disease and stuff like that so i said look i'd really love to come talk about your philanthropic work and spiritual research and once i got out there i started to grill him about the secrets of investing. at a point he got a little frustrated with he and realized that i maybe was trying to do something other than i claimed. charles: william you go into the bookstore and there's always traits of successful people. the top 10 traits, the 20 things that wealthy people do. does it come down to that, or are there individual things, individual unique things that these folks have that separate them, that kind of add to their,
2:41 pm
you know, ability to succeed the way they have. >> i would say the most consistent thing i've seen among the great investors is they are all extraordinarily unemotional, so if you think of most of us we're getting carried away by the moves of the market, we get caught up in fear and panic and despair and these guys are just a bit more like machines. they are sitting there watching the market move, and suddenly, they will see an opportunity. charles: did they develop those traits or always have that, like it's like a great poker player. >> i think it's a matter of wiring. i remember once interviewing charlie monger, whose now 98 years old and warren buffett legendary genius partner and i was talking to him about how he bought wells fargo, what he called the bottom tick in march 2009 when the market was melting down. the last thing you wanted to buy was a financial company and he saw this 40 year opportunity, and i said were you afraid at all? did you feel anxious and he said no, i said so are you not fighting those emotions because
2:42 pm
you don't feel them and they said yeah that right and he said warren is wired exactly the same way, no emotions. charles: there is something similar to that, i don't buy more of the ones i can't make money on, i buy more of the ones i can't lose money on. this is, you know, an excerpt that i'm seeing so but we have viewers who feel that way about stocks they own. they load it up. so a lot of times they aren't right but these guys are more often than not. what's the difference? is it the work, the research because i feel like there's a lot of benjamin graham/warren buffett in your podcast and people you talk to. >> yeah, what you're seeing with people like howard marks and charlie monger is they are all like this rational machines waiting until they are seeing stuff that's sufficient discount that's so cheap that the odds are massively stacked in their favor and at those moments they pounce so there's very little risk of loss at that point, because it's so underpriced so this is as you were saying it's
2:43 pm
a very ben graham kind of principle, who talked about the margin of safety which comes from buying things at a discount to what it's worth. charles: it's amazing i wish we had more time unfortunately these are like podcasts but i encourage everyone to listen to them and obviously get the book. congratulations i hope you come back. >> thank you so much. its been a delight. charles: folks we'll be right back. you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪ at adp, we use data-driven insights to design solutions to help you manage payroll, benefits, and hr today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪
2:44 pm
defi technologies, bridges traditional financial markets to web 3.0 and decentralizedess finance, offers investors simplified access to crypto and decentralized technologies through a single investment. defi technologies.
2:45 pm
2:46 pm
2:47 pm
charles: well, here we are on another good friday, and once again asking and some of us la meanting the decline of religion in this country. you know, during the phase of our history, when we became when we started to really escalate it as a nation, and take over the world so to speak, we had embraced this notion of a common judeo christian ethic that went hand in hand with the notion of rugged individual determination and it feels like maybe both are becoming faded memories. i want to bring in fox news religion correspondent and the also of height house, faith, lauren green. so in 200778% of u.s. adults identified with christianity, that number is down to 63%, 16% were no religion that's almost 30% right now, obviously and not just that they are moving
2:48 pm
opposite directions, but the speed in which they are moving in opposite directions what's going on? >> a couple of things in the western society it's a very individualized society and in probably mid 20th century, we kind of started going away from this idea of god was a living reality. god became a concept and the difference between a concept and living reality is the concept is something you believe in but you control it, you mold it to fit your life. but god is a living reality, i mean you believe in the authority of the bible you have to mold it, mold your life to fit it, and that's very hard in an individualized society that has a problem submitting to authority and you see that in the 70s where they questioned authority, they questioned all of the normal sort offenses of life. charles: it's interesting you say that because if you look at for instance like these pew research reports, all sources of authority, whether it's the supreme court, you know, the white house whatever it is,
2:49 pm
belief in it or adherence to it , the other part of this , there is an active athiesm movement that seems to be gaining success. i think it's just the natural process of individualized society. we always had these groups that don't believe in god but if you don't believe in god you believe in something. faith and belief systems work hand in hand. you are not, just because you say i don't believe in god, doesn't mean that you don't believe in something. charles: okay, i love that you said that because i was just reading yesterday a piece on faith, but what really was amazing is like the moral authorities who we see as moral authorities, families are first, followed by we have the list rule of law, friends, religious teachings and religious leaders. i was shocked at how low religious leaders were compared to family and rule of law. i mean, even athletes had 10%, so -- >> well i also think that religious leader being very low has a lot to do with the things
2:50 pm
that happened like the sexual abuse crisis in the catholic church but one of the things you understand about family, the first religious community is that what your foundational beliefs rv to do with how you define family, so if your belief of a family is it is for this religious unit to raise children, if you believe that, because that comes from your religious views. so the family is the first level of your religious beliefs. if you come from an individual society, that believes i define right and wrong for myself, it's going to be very hard to be in a family where you have to sacrifice, where you have to give up your authority to mold other people and that's very hard to do so you see the divorce rate is very high because these two things have a very hard time of existing together. charles: so where are we going then? again, we have these kind of discussions around easter time, around christmastime, and they are all kind of say gosh, does it feel right? i feel a little uneasy.
2:51 pm
should i be? >> no, because well there are two ways you can look at it from more of a, you know, intellectual point of view in saying everybody has faith and one preacher said to me, he says i have incredible faith because jesus said the gates of hell shall not prevail against my church so you believe that or not but the ideas that i think this third century of christianity is a century where people actually understand the faith better, because so much in the 20th century they are breathing the air of the judeo christian world view, right? the whole society was bowing down to it, without understanding the real core tenn ents of the faith and now i see people who are believers believe because they know why they believe and they really understand it and now moving forward and i think that's a positive step. charles: such a pleasure to have this conversation thanks a lot lauren appreciate it. folks as america grapples with
2:52 pm
religious faith investors are grappling with the faith in the stock market and investing. this in the midst of a new investor revolution i'm going to bring in the thing that i like about you is you're always positive, right? this week, we learned the bull ish sentiment in this market hit the lowest level since 1992 you're pounding the table telling people don't lose faith history is your guide but there's not enough. >> you know what, charles? investors are going to need a lot of grit to stay with this market, pun intended. it's not a bull market for sure. it's not a bear market. it's up 1%, down 1%, kind of a kangaroo market. one thing that i'm seeing that's alarming online, a lot of retail investors that follow youtube influencers who don't have any professional training and these influencers are saying hey sell your entire portfolio. that's what i'm doing and unfortunately, that's just not how money is made in the stock market. i used to manage money professionally and i know this
2:53 pm
firsthand awe look at the numbers going back to the 1930s if you missed out on the 10 best trading days you lost half of your return. charles: the volatility to your point is unnerving, even for someone like me, because i understand everything you're saying, and some of the biggest money i've ever made in my life were stocks that i was down a lot on, and might have helped because i kind of gave up on them, put them on a shelf and many cases forgot about them, but how are you adjusting your portfolio right now for the volatility, for the fed, for maybe a recession, are you making changes? >> you know what i recently been adding to berkshire hathaway so the king of value investing warren buffett, is actually making moves so as everyone is panicking right now he's taking his $146 billion that he has on his balance sheet almost 20% of his balance sheet and going shopping and he's buying stocks like hewlett packard who just increased his position in that stock trading at nine times earnings, a true value stock, buying back its own stock, increasing its dividend
2:54 pm
so i'm following, you know, smarter minds than me putting my money behind that. charles: earnings season kicked off it was banks this week. your thoughts on how these banks performed? i guess morgan stanley was considered the best one and as we go through the rest of the next two or three weeks can they turn this market around? >> you know the financials have been really really annoying me because in a rising rate environment, you should see those net interest margins start to increase and you should see investors buying that ahead of time but that has just not been the case. q 1 i think is forgotten by investors, they are forward-looking, everyone is trying to figure out has inflation peaked? one thing to note is the crb commodities index has kind of based out and is not going up as it was and oil prices down from 120 to 105 so perhaps the worst is behind us, so let's look forward to the second half of the year. charles: you got 30 seconds, your thoughts on the musk twitter drama? >> okay, if i'm vanguard or blackrock, big institutional investor in twitter i am hitting
2:55 pm
the elon musk bit, okay? but today, the board announces that they are going to actually enact a poison pill to try and stop from buying. charles: what do you think of it the way it's playing out? >> i mean, this is a dying, this is a dying platform. they have 85% of their revenue coming from advertising, their operating profits are going down and i don't think an edit button , or like a tip jar is going to change this business and he's buying, he be buying at a high multiple so this ain't no value play here so that's what i'm saying. charles: yeah, and you should tell that to the board, they should have taken it on friday. all right, always a pleasure thank you so much my friend. >> yeah, awesome. charles: coming up, folks my takeaway on good friday and why we need to listen a lot more than we dictate we'll be right back.
2:56 pm
i'm mark and i live in vero beach, florida. my wife and i have three children. ruthann and i like to hike. we eat healthy. we exercise. i noticed i wasn't as sharp as i used to be. my wife introduced me to prevagen and so i said "yeah, i'll try it out." i noticed that i felt sharper, i felt like i was able to respond to things quicker. and i thought, yeah, it works for me. prevagen. healthier brain. better life. throughout history i've observed markets shaped by the intentional and unforeseeable. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset...
2:57 pm
the path is gilded with the potential for rich returns. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit
2:58 pm
2:59 pm
♪ charles: well, it's good friday, but it seems all we're talking about these days is negativity and in-fighting. even after watching russia invade ukraine, it hasn't made americans pause to think really how much we need each other and why it might be better to listen more to each other rather than fight and dictate to each other. and i'm going back to the public square, right? it must be open to all citizens. as for elon musk, i do hope he prevails. i take comfort knowing he's
3:00 pm
overcome all kinds of opposition. people who have tried to hurt him, who have doubted him and for years even tried to derail his company. instead, many of them are now driving teslas unless they were part of the folks who lost $40 billion shorting the stock in 2020. i think we're going to be okay, but the good news, you've got us to ten you out. -- help you out. i hand you over to the best -- liz: live. and so much news, right, charles? charles: always a, always. liz: i just got off the phone with one of the street's top analysts. he has just made a prediction on hold up twitter shares will open on monday morning in light of all the developments over the last few hours. we're about to tell you what dan eaves is predicting -- i'ves is predict -- ives is predicting. elon musk's $43 billion for the social media platform now they have a second bidder as twitter's board adopts a poison pill. charlie gasparino's hoppi


info Stream Only

Uploaded by TV Archive on