do the aerotrainer super crunch, push ups, aero squat. it inflates in 30 seconds. aerotrainer is tested to support over 500 pounds. lose weight, look great, and be healthy. go to aerotrainer.com. that's a-e-r-o trainer.com. neil: take it, charles, to you, my friend. charles: thank you very much, neil, good afternoon, everyone, i'm charles payne, this is "making money." breaking right now after hugely disappointing initial jobs claims the market stumbled out of the gate but it held up ever since. it hinted to a big move to the upside. algos are paying attention to positive stimulus comments, anything comes out of capitol hill. investors enjoy ipo freeding frenzy seeing many eye pose rocketing higher. the question, is it 1999 all over again? don't worry, we got you covered.

fda advisory panel meeting what the commissioner calls for an important day for america, perhaps the world. is the end of pandemic happening now? we'll bring you the headlines as we get them. the justice department is investigating the finances of hunter biden over his financial dealings with china. why now? is it too little too late? i will ask come congressman ken buck and hogan gidley from the trump campaign. all that and more on making money. ♪. charles: here somecomes airbnb more been than living up to the hype. doordash livered up to the height. the first trade at 182. drift ad bit but closed with a bang at 189. it had many people with all walks life they could retire early and buy an land there is

no doubt akin to froth. i'm talking about 1999. everyone is comparing now to then. to be sure a lot of recent ipos in 2020 are overbought. here is the thing. most of these companies are going to make money some day. many will see the shares significantly higher, even if you were to chase them today in the years to come. by the way yesterday was the 21 year anniversary of the biggest ipo first day pop in history, va linux. it rallied 733% in one day. now this company went public a view months after the rival red saw the shares jump 271% on its first day of trading. neither company was making money. there was talk if either one would make money. fast forward today, va linux is part of gamestop. it was bought for $140 million. then there is red hat, it command ad huge premium when ibm paid 34 billion for it. we have david nicholas, shane is

shana sissel and michael lee strategies, michael lee. here is the moral to the story. va linux lost 99% of its value. red hat has gone up one how percent from the first day close. what category are you putting 2020 ipos in, va linux, red hat? >> that is hard, that is a pretty big contrast. i would say somewhere in the middle. i think what investors need to realize these hot ipos, if you can get an allocation on the ipo price it is almost free money with very little or no risk and those are given to investment banks, biggest, most profitable clients. chances of you getting a meaningful share allocation are almost zero. charles: the question is, should you buy them once they start trading though? should be you afraid to own them after they begin trading? >> charles, my advice for these companies the fast money comes in fast, it comes in hard right

at the beginning and a lot of these companies six months later are trading 60, 40% where they were trading on initial value. look at uber, look at slack. most companies are doing a year or two later doing much better. businesses like airbnb and doordash may not end up as well as red hat but the companies will work out. they're overvalued now. i don't know how you can pay 20 times revenue for 15 times revenue for a company but the companies are growing revenues at 300, 400 percent a year out for next few years are getting people july val wakes. unless you get initial location, don't tough them. wait until the companies dust off and then you can begin to get a full position. charles: david, reason i'm asking a lot of companies went summer and spring had the pops. they have reported since then they gone even higher.

you could a made a fortune. i'm looking at some of these names and it is amazing. do you resist the urge? >> charles, i don't think this is 1999. 2020 is picture what we think the future will be. if you look at the top 25 ipos they're all tech or software companies f you think consumer market share will change and more market share goes to company like airbnb versus hilton, you want to get into airbnb on ipo day. doesn't mean every ipo is successful. lemon and snowflake, they have paid off nicely. we haven't seen any adverse ipo effect. it is fairly attractively priced. i think the trend will continue in the first half of 2021. charles: shana, are you buying any of these names this year? >> i'm not necessarily buying them but i don't think it's a fair comparison to 1999. many of these ipos are coming to market more mature as

businesses. if they're not having profitability or they are very close to it. these are companies people know and they use. charles: right. >> which is very different from what we saw in '99. we're not seeing the rush to go public like we saw in '99 where a lot of very bad companies came public much sooner than they should have, there was such demand for ipos, selling their shares but they were not good companies. yes we have a lot of demand. these are good companies coming to market at the right time. we haven't seen the rush to monetize investment by venture capital and founders we saw in '99 that led to a lot of very bad companies coming no the market. charles: great, great points from all of you. i appreciate all of that. let's change gears, right? because the other side of the spectrum in this market is value versus growth debate. that continues to rage on. one of the things i'm seeing and i really like are these companies have begun to reinstate or hike their

dividend. david, you take a conservative approach in general. what kind of exposure should investors have to the dividend payers? should they pay more attention to them now? >> absolutely, charles. i think market is ripe for valuations for dividend stocks. 29 companies raised dividends in november. that tells me balance sheets are strengthening. look at names that provide good income and outlooks for growth. mo, still down 20% year-to-date. 8% dividend. solid growth story. look at financials, jpmorgan jpmorgan, principle financial group, four 1/2 dividend for principle financial. southern company, ibm, 5% dividend. you have to tell me we see upside growth in ibm over the years. i like names for income and for growth. i think the market is rightly priced for dividend stocks right now. charles: after all ibm bought red hat, right? there are record 5789s of cash pouring into etfs here, shana,

i wonder is there value in value? look what materials and industrials have done since march defend third, there really any value left? >> i think there is a little bit of performance chasing as we start to see the rotation to quote-unquote, reopening stocks which fall into that value bucket and we have seen historic spreads between growth stocks and value stocks but as that spread starts to narrow the upside in value really isn't there and the fundamentals are not as strong in many value stocks as in the growth stocks. charles: right. >> i'm not sure there is enough value left in value. i think there is a little bit of a reversion to the mean. stocks got way too cheap that need to come back to better reflect their value but i'm not sure enough of a catalyst to really continue to outperform over the long term. charles: right. meantime, mike, you think growth retakes the lead anyway pretty soon, right? why would that happen? >> charles, what you're seeing today in airbnb's stock and what

we saw in doordash is just a lack of growth in the world and while there is this lack of growth in the world companies that can grow their revenues, 100%, 200%, 300% there is infinite amount of capital that seems to be chasing it. when you have an overall market multiple in a postcrisis, the covid crisis area seeps like we've gone from a 15 multiple to a 20 multiple on the overall market. a lot of companies get up in the 25, 30, multiple range growing three and four times as fast as some of these value names it is hard to argue with it. so until there is more growth worldwide and there is more pockets of growth worldwide, you will see more marginal dollars chase it. there is kind of value everywhere. charles: so growth is -- the companies that are really growing are unique class and they command a premium and investors will come back to them. i have less than a minute. hey, i want to talk quickly

about risk. the last couple sessions nasdaq has been acting like it's a little bit toppy here and on the other end people are really worried on wall street. they lament the idea that small investors are in the market and point to the huge surge in small option orders, a few calls here and there they say it's a negative sign for the market. david, back to you, i call it bunk on this. i think wall street folks will keep losing their clients to the do it yourself crowd. i don't believe the small investors is inherently dumb or stupid but does this scare you the fact that we are seeing record amounts of small option buying. >> charles, great point. i agree with you. no, it doesn't scare me. it will lead to more volatility. we'll have to accept higher volatility when you have smaller lots going into play. doesn't care me. as investors we should look at names small investors look at i think there is money to be made there investing alongside these names. charles: nothing scares shana and michael, nothing.

david, shana, michael, thank you very much. a great start to the show. it is an exciting day. folks, speaking of excitement, hunter biden admitting he is under federal investigation for his tax affairs. the probe began in 2018 so why are we hearing about it after the election? congressman ken buck explains why he is demanding a special counsel be appointed to investigate biden. president trump and 17 states are telling the supreme court they support texas's bid to reverse joe biden's win. coming up, trump 2020 press secretary hogan gidley will tell us what is up next. when you switch to xfinity mobile,

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conclusions that hunter biden had business relationships with chinese nationals linked to the chinese government and those connections turned out millions of dollars in cash flow. the money trail in the report follows hunter biden's business relationship with two chinese businessmen, ming and gongwen dong, whose detections to the chinese government were extensive. in september 2017 hunter opened a line of credit with yae gongwen dong under the business name hudson west iii. that same account had credit cards giving to hunter biden, his brother james and his wife sarah. they used them to spend $100,000 on hotels and apple products. in zest and 2018, that business, hudson west iii sent frequent payments to hunter biden's law firm totaling $7.3 million. during that time hunter biden's law firm sent 20 wire transfers

totaling 1.3 million to joe biden's brother james consulting firm. several of these transactions tied to hudson west iii and hunt hunt were flagged in the senate report as being potentially criminal activity, financial activity and this was stated in a report before the investigation into hunter biden became public just two days ago. charles? charles: hillary, wow, what a tale. thank you so much, appreciate it. joining me now with how congress is reacting to all of this colorado republican congressman, house judiciary committee member ken buck. congressman buck, as hillary read those out, you know, $100,000 in restaurants, apple products, millions of dollars, scores of transactions this is the thing that the mainstream media said didn't even exist throughout most of the year. it's shocking at so many levels. >> it is shocking and it is just the tip of the iceberg. what is really shocking is the $3.5 million payment that was

made to hunter biden from the widow of the former mayor of moscow. $83,000 a month that hunter biden received from the corrupt oligarch through the company burisma, two days after a board member met with joe biden, hunter biden goes on the board of burisma and gets that kind of money. other chinese money, money from kazakhstan. we know that this stinks to high heaven. i called for a special counsel to be appointed to investigate this so that joe biden can't sweep this under the carpet. charles: congressman buck, where is the legality part of this? still legal for influence peddling? we know people, famous people, people have relatives with big-time jobs in d.c., their children, they get these amazing jobs in these amazing opportunities. where is the issue here? it wasn't just, that there was no transparency or what he was trying to achieve on behalf of

these clients? >> what the legal issue is, if joe biden is selling his position in office as vice president through his son for financial gain, that is a crime. the big question is, how much did joe biden know about hunter biden's activities? we know that hunt hunt was on a plane, air force two with joe biden. hunter biden attended a meeting with joe biden with chinese communist party officials, chinese communist party banks and other businesses. what we don't know whether joe biden was aware, and this is a great term to us, quid pro quo. charles: well, there was one correspondence i remember seeing that inferred the big guy or nickname that the family had for joe biden at the time. are things like that considered hardcore evidence? would that be sort of circumstantial or the point you're making here, we owe it to the american public to drill

down and find exactly out what that really meant? >> exactly. the special counsel report cleared president trump of any wrongdoing concerning the russian interference in the u.s. election. this special counsel investigation may very well clear joe biden or it may recommend charges against hunter biden and joe biden if he in fact becomes president when he leaves office but it is important that we get the truth out and that the american people have confidence. charles: yeah. i go back to, i mean that is central issue but also unfortunate that the media did not leap on this the way they lept on every single thing president trump was accused of. this is amazing story. i hope justice prevails no matter what. i hope you can give us an update soon sir. >> look forward to it. charles: thanks a lot. has the left virtually said diversity quotas for joe biden and his administration? coming up joe biden's cabinet

juggling act. fears that biden administration will cozy up to china as we're getting new details on the dangers china poses to the united states and everywhere else in this country some are warning that our colleges are basically bought by beijing. stay with us. ♪. this year, we learned a lot about baking. walmart makes it easy with groceries, gadgets, and soo much icing. let's end the year deliciously. ♪

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♪. charles: with hunter biden under investigation joe biden is being tasked to name the person to lead the probe much his son. alabama senator doug jones and former supreme court nominee merrick garland are emerging as leading contenders for attorney general. certainly not a diversified group of lead they're biden promised progressives. this might be especially hard to swallow after picking tom vilsack for the department of agriculture. instead they thought he would pick congresswoman marcia fudge.

she was tapped for hud instead. for more on the juggling act, i want to bring in iwf's patrice lee onwuka. i know you're not a fan of jobs being set aside based on race and gender but you think there is something else going on. the best gigs are not going to the black candidates. i think representative clyburn thought would happen when he saved the biden candidacy. he pushed for representative fudge to head agriculture. many people are shocked susan rice did not get secretary of state. she got another job instead. what do you make of all of this? >> well i think the biden administration there trying their best. they're twisting themselves frankly into a pretzel trying to fill three key areas here. you're trying to fill the gender, racial, quotas honestly a lot of the far left groups and groups on the left made for them. they're trying to find people who are qualified and people who will agree with and get along with joe biden.

so people who probably worked with him in the past. been in that obama orbit in the past. i think when we look at you know, marcia fudge being passed over for agriculture, you know, getting the job of hud, i mean i think it signifies that really big, top, important jobs, he is really leaving to those who he is very close with, had a good relationship with. but you know, charles, i think, really at the end of the day merit should be the important key factor. should be, are you qualified? are you right person for the job? we're seeing some of these calls, i think 1000 influential black women apparently sent him a letter saying they want to see more black women in these positions. you know, it will be a struggle but joe biden said he wanted to have the most diverse cabinet in history. he will try to find a way to fulfill that wish. charles: the left is also president upset about this, particularly bernie sanders.

you just mentioned a lot of respreads, folks from the old obama administration. a lot of folks worked for hillary clinton, rather. so this is, again, part of that thing. i thought this was going to be the woke party. they would bring in fresh faces this had a lot of people worried about the so-called swamp because the american public voted against this four years ago at the very least, at least 75 million this time around. what is up with that? where are the new, fresh faces? >> it's a good question. i mean i think some much them were elected two years ago. i think you do see a couple of new members of the squad coming on board in january. but i guess -- charles: but the squad, the squad and joe biden and those folks they thought there were going to be progressives there these are not progressives. these are mostly establishment corporate people who have been around a long time. tom vilsack? come on now. same names. john kerry. the same names are retreaded

over and over again. there is nothing fresh or unique about this this is a problem. ironically so do my friend on the ultraprogressive side. patrice, we have to leave it there thank you very much. meanwhile secretary of state mike pompeo is warning of the dangers china poses for our country as many questions linger over the relationship a biden administration would have with china. many believe it will be too cozy. edward lawrence joins us. reporter: secretary of state mike pompeo is accusing universities in the u.s. caving to chinese money. that they used universities a way to steal technology by planting student spies or paying off professors in charge of critical technology advancements. the trump administration changed the global debate on china cracking down on the stealing intellectual property. he brought china to the table for a phase one trade deal. now we know the justice department is looking for hunter biden for possible tax fraud related to overseas dealings

with the chinese. email show connection to chinese businessman that potentially has ties to the communist party. >> we issued a report about the hunter biden business dealings. the mainstream media dismissed. we they were wrong. we were right. we'll make sure the questions get answers and the investigation goes forward. reporter: u.s. attorneys on the case should remain on the job in the new administration, not replaced because of the sensitive nature of the work. talk about sensitive, news that representative eric swalwell had connections with a possible chinese spy. swalwell blames the leak on the trump administration but did not deny any sort of relationship with her. he sits on the intelligence committee. the house speaker knew when she put him there he was targeted by the chinese. she says she does not have any concerns about representative swalwell going forward. she says that all of the leadership of the house on both parties was informed that several members of congress were poached, brushing off any possible long-term contact that he had, however a possible spy

was raising money for swalwell's campaign in 2014 and interacted with the lawmaker for several years, charles. the chinese, to your point, a lot of influence in different areas they're trying to gain in the united states. back to you. jo yeah. hopefully edward we'll find out how much influence. joining me from the "wall street journal" jillian melchior. jillian, your thoughts about this. it is getting, it is really a problem, isn't it? >> it is. we've seen the chinese infiltration on everything from our research labs to our colleges and universities. they are really involved in espionage here and i do think it's a threat. i think they're sizing up the biden administration to see if it is going to be tough on china. there is really a lot at stake here. the chinese government aspires to become a dominant world power, what that means for human rights, not just in china but across the world. it is really scary. charles: to me it is a little

different than the old cold war if you will where there was sort of an idealogical tug. right now china is just cutting checks. they're going around the world writing checks. they are infiltrating things like u.s. universities, like, you know, our political system. and same thing in europe. so, how do you fight back against that? because they seem to really have made deep inroads already? >> they do, but i will disagree with you on this. i do think it has been idealogical thing as well. this is a communist government. this is the government that stands for promise of economic prosperity at the expense of human rights, the expense of basic liberties. charles: right. >> i think you're seeing them traffic in this ideology and technology and authoritarianism across the world. the united states is the only one with the ability to stand up to them with the moral authority -- charles: i get you there. what i'm saying though is that people who are helping them on our side, you're saying that they also share the same ideology? >> you know, i think china

engages in really transactional way. it is like russia in that way but, you know, there is an idealogical component. i think the united states needs to stand strong. charles: okay. >> they will pay close attention to what the biden administration does. i'm looking in particular to see whether the chinese government tries to make a deal on the climate change that the biden administration will buy in with a lighter stance on human rights and trade. charles: i think you're absolutely right. i believe it is going to happen. i have hate to say it. real quick, you've been on this more than anyone i know the last few years. i want to ask you, there was an article in bus feed. i thought immediately about you -- buzzfeed. detailed secretive facilities in china house uyghurs and other minorities. we're talking crowded cells where detainees are forbidden gazing out the window, to solitary confinement centers. massive centers the size of 13 football fields. scale of ethnic and religious minorities in the whole world

since world war ii. you know, china claims the detainees are freed. buzzfeed is disputing. you've been all over this. more we learn about it, amazing it exists. many ways it is heartbreaking to know we looked the other way. >> absolutely. what they're doing is systematically imprisoning people in, basically concentration camps because of their religion or ethnicity. i want to see the biden administration come out strong against this. we've already seen sanctions levied against chinese individuals involved in this oppressive campaign. it is morally horrifying. entire world should pay attention that chinese government will do anything to its citizens. charles: jillian, thank you for being on top of this for years. the market trying to stay with its resolve.

the coming up one of wall street's respected minds he is making something he calls the rare reversal. we'll talk about that next. stay with fox business. as the fda nears its vote on emergency approval for pfizer's covid-19 vaccine. we'll be right back. ♪ get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. ...i was just fighting an uphill battle in my career. so when i heard about the applied digital skills courses, i'm thinking i can become more marketable. you don't need to be a computer expert to be great at this. these are skills lots of people can learn. i feel hopeful about the future now. ♪

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♪. charles: my next guest says the tug-of-war between megacap growth stocks and cyclicals led to a shift seen only seven times since 1927. six of those times saw double-digit returns over next two years. lieutenant healed group, chief strategist, jim paulsen. great piece on the rare reversal. walk us through what it means and how we benefit from it? >> what i did i went back to 1927, charles, the relative performance of equal weighted large cap stocks to market

weighted large cap stocks and as you mentioned there has only been seven previous times where there has been a significance you know performance by equal weighted stocks compared to the market cap. that is to say, seven times when the market leadership got really concentrated. theth time of course was just -- the 8th time was recently, this last couple years. once they bottomed the other seven times you said and equal weighted started to outperform in a big way. six of those seven times it was, represented a great entry point for the investors to get into the overall market. charles: right. >> it also, also represented a period of time where over the next several years in almost all instances equal weighted indices continued to outperform for an extended period of time and went to record highs. i think it represents it is a rare event to have a really concentrated market move for an extended period and then have a

market broaden out like we've seen just this year with equal weighted indices bottoming out in september. that is typically a really good time to buy stocks and to buy broader market stocks, like you said, small caps, cyclicals, value plays as opposed to just willy-nilly, going into like the s&p 500 etf. charles: right. so we're talking about serious outperformance here. we both know it's hard to sort of pinpoint megatrends. we've seen growth value over dominance for a long time. nasdaq opened had a giant pivot from underperforming to outperforming. how much exposure should you still have to the hot names as you transition into the names that are coming, that have been you know performing? is there a balance there somehow? >> i think there still is. i would definitely have an overweight to what i would call broader market plays whether it

be small caps for sure, cyclical sectors, international stock markets. that part of the market has gone nowhere for thee years, in the last three years. the s&p has not, those broader plays. this equal weighted market cap shows up in all major sectors. if i look at 11 sectors in the s&p almost every instance where equal weighted beating market cap weighted. talking about industrials or health care, whatever. look at more equal-weighted etfs and cyclicals and small caps but there is place for unit growth in your portfolio, that is to reduce your volatility of the return stream. i don't think growth is going to collapse like it did in 2000. i think growth is going to underperform. i would still have a good position there just underweighted position because it will smooth out the return stream while sitting in these more volatile sectors. charles: jim, great, great stuff. we really appreciate you sharing

that. amazing research you did. it is going to help all of us. thank you, sir. see you soon. meanwhile the hot stock of the day airbnb, up 113%, 144, acting really great. when you're watching right, all of these hot ipos pop one after another, bang, bang, bang, you may be wondering who actually gets the ipo price and wondering why it is not you? i can tell you i've taken companies public as a broker. i took my own company public. i've also taken companies public as a consultant. big institutions, talking pension funds, hedge funds, they get 90%. the rest goes to the retail investor. it is about who you know and how big and active your account is. if you're general rating commissions or activity, they're going to pay you back. now some firms like fidelity will admit this right up front noting you have to have high net worth to participate. in fact from their website. what you need to know. first, you will need to meet one of at least the following

eligibility requirements for participating in an ipo. either 100 to 500,000 in household assets depending on ipo. this amount excludes institutional or annuity assets, 401(k)s, 403(b)s. you have to be a premium or private client group customer. you get that? also depend the on how big your broker is within the firm. here is the thing, most offices get allocated a chunk of the ipo. it flows from the biggest producers to the smallest. so if your nephew just got a gig at the local brokerage firm, he told you hey, that he couldn't get you in any doordash at 102 he was not fibbing. he was being honest with you. there are more efforts to get more ipos to retail investors. note this, folks, if you are offered an ipo right now it is probably not going to be a hot ipo. president trump asking the supreme court to let him join a lawsuit to overturn the 2020 election results in four states and we could hear the supreme court respond in mere hours.

i will get reaction sooner than that from trump 2020 national press secretary hogan gidley. he's next. ♪ a must in your medicine cabinet! less sick days! cold coming on? zicam® is clinically proven to shorten colds! highly recommend it! zifans love zicam's unique zinc formula. it shortens colds! zicam zinc that cold! to listen, is to hear more than what's being said... and offer the answers that make someone feel truly heard.

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other republican states along with president trump alleging election fraud. the claim here is that pennsylvania, wisconsin, michigan and georgia all of which the joe biden has won, they say it has been unconstitutional, that these states actually changed their election laws. the four states responding before today's deadline of course they're saying that the suit is bogus. if successful though there is potential lawsuit that would temporarily at least halt the electoral college certification. so i want to get an update how the trump team is feeling about their chances. who better to bring in than trump 2020 national press secretary hogan gidley. hogan, this is huge. when texas filed this lawsuit, it got your attention. when 17 other states joined you sat up, maybe something is going on here. fill us in to exactly the nuances of it and what's next. >> absolutely, and that is 18 states when you count texas and now the president is trying to

join as well. this is a legitimate legal case that exposes an illegitimate illegal process. these states, in many instances violated the u.s. constitution by allowing rogue, partisan secretaries of state, election boards, some instances, state supreme courts to change the rules, change the way they conduct elections but the constitution is clear. that is a job and responsibility for the state legislatures. in addition the 14th amendment was absolutely shredded to our constitution during this process. pennsylvania is a great example. due process under the law is guaranteed to citizens in this country under the constitution. but what happened in pennsylvania was, in a handful of counties democrats called other democrats and allowed them to cure their own ballots before election day but they didn't do it for the rest of the state. they didn't call other

republicans for sure. didn't call other democrats for sure. just in a handful of counties they thought they needed this is egregious. we hope the supreme court takes it up and rules in our favor. neil: you know, hogan, i remember it, was felt like a lot of these states, individual states are by the seats of their pants making things up as they went along. the covid-19 crisis as a backdrop for it. we saw a whole lot of stuff going on. a lot of people were questioning it even then. cutting the goard i don't know knot is considered to be tough. how do you untangle it? if texas prevails and the supreme court sees logic perhaps in trying to redress this, how do you actually say, which of these votes, don't count, should not count because they're invalid? >> well, look, i mean i think you're raising kind of the pertinent question of the hour and that is what does this look like should we begin to win a lot of these cases including the

one in front of the supreme court? the fact is millions of votes across this country were cast illegally and unlawfully, some of them fraudulently. the american people deso you have to know that their election is free, that it is fair, that they can have confidence in the system. right now what you've seen across the country there is no way that the american people can stand up and say we know exactly what happened on election day. in fact a vast majority of republicans say no way donald trump lost this race. 30% of democrats say no way joe biden won the race. there is pretty clear there are problems out there, we're trying to get to the bottom of with these contest the issues we're pushing forward. charles: if you thought or russia somehow influenced the 2016 election you should be concerned about this. at least election integrity at the bottom line whether, no matter what the ultimate outcome. hogan, thank you very much. nice catching up with you. >> thank you very much.

charles: there are some stocks most people never heard about. they keep rocking and rolling. they make kind of dreams, kind of moves you dream about. the hottest stocks in the market. they're not part of the major indices. i want to talk about that when we come back. pfizer's covid-19 19 vaccine is reaching the last step before -- the fda advisory panel is set to hold its vote at 3:10, 3:10. in a few moments. stay with us on fox business for continuing coverage

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charles: breaking news for you, the third quarter household net worth up 3.8 trillion, a little less than second quarter, but 2.8 trillion coming from the stock market, 400 billion coming from real estate. and that's the thing, right? the market right now has this ipo mania, but there's just a mania of other tocks that we don't -- stocks that we don't talk about a lot, electric vehicle stocks, testing, all of this stuff, the list goes on and on. i'm going to discuss this with gina bald one. gina -- baldwin. you know, there's just a whole new crop that have emerged in this market. i know you're a wealth manager, so how do you -- when people come to you and saw, listen, there's a company called trade desk, and it's up $29 today, what do you saw? is it too much risk, or is there

a place even for wealthy investors to look at these? >> so, you know, it has been a lot of mania, right? so the ipo market is reacting to the same forces that are driving the entire market which is 2021 optimism. the ier po etf is up 200 since since -- 200% since the marlos. so we don't think you need to speculate in the ipos in order to make money in the market, and we think there's other areas of the market, and it sounds boring, but you really want to be in a diversified portfolio. and one example of that, charles, would be in small caps. small cap stocks and the russell 2000 haven't done that much since 2018. now they're coming off a november which has been the best month in history for small cap stocks, you know? but we're still seeing some value in small caps --

charles: i love the small caps. >> yeah. we were talking about that earlier. charles: yeah. no, i mean, they were the worst performing sector if you take the four big equity indices, right? the dow, s&p, nasdaq and the russell, they trailed like crazy, now they're only behind the nasdaq. these are names people know. they know caesar's, they know penn gaming, some of these other names. i'm glad you brought that up because even though they had a great november, you're saying it's not too late to get involved. >> i don't think so. we are seeing value in small company stocks. and we're seeing value -- we still like technology. charles: right. >> i've been on before is and, you know, i've been with really bullish, but we wouldn't be surprised here if there's a little bit of a pullback. we think that would be healthy as we get into 2021. our outlook might be to see a little bit of a soft patch in the economy -- charles: but the bottom lewin is that we shouldn't -- bottom line is we shouldn't be selling,

let's ride out the soft patch because with i herald you say 2021 is going to be fantastic. bethe surface, i cannot -- beneath the surface i cannot believe the stocks that are exploding. i i think the last hour of trading, or liz claman, going to be explosive. liz: yeah, it sure is, charles, for a couple of reasons. we've got two major stories breaking at this hour. the pfizer and biontech coronavirus vaccine that's already being deployed in the u.k. and canada awaits emergency use authorization here in the u.s. and breaking news on the airbnb ipo, it is the most actively traded stock as we head into the final hour of trade. we've got our eye on the clock because at any moment the food and drug administration's advisory panel will begin the meeting that will end in a yea or nay on approving pfizer's covid vaccine. former health and human services secretary governor tom price is about to tell us the odds that the