neil: here is charles. charles? charles: neil, thank you very much. good afternoon, i'm charles payne. this is "making money" and breaking right now, record shattering producer price not derailing the stock market. in fact buyers determined to take to zelda after days of disappointment and major setbacks but investors are torn. do you bottom fish or stay in defensive sectors? do you stay in stocks or go to commodities? here's the thing, pendulum is shifting. it is going back to fomo. we got you covered. the federal reserve is determined to crush the stock

market, folks. has all the jawboning revealed all bark, no bite? is this corporate malfeasance. can't wait to talk to don luskin. do you suffer from sadism? you might be a bitcoin investor. wait until hear the latest attack on the defy revolution. all that and so much more on "making money". ♪. charles: all right, so it was a pedestrian session until the market started to gain a little bit of momentum. you know here's the thing, investors were expecting a ugly ppi number which by the way was even worse than consensus particularly when you look at the month toe month number. that was an all-time record high. we never got a big pullback. instead we're gaining momentum.

the market feels like it needs a spark for ultimate reversal. we're range-bound a long time. investors continue to put money into equities as money managers growth optimism, at all-time low. we know hedge funds have been selling. here's the thing, biggest headwind for rally attempt seems to be the windbags at the federal reserve. they decided to jawbone the stock market now. to a degree it is working. they can't break it but move markets, right? the change in public comments, folks it is almost like "invasion of the body snatchers." take lael brainard. last year she said inflation is extremely well-anchored. now she says it is too high. fed's most important task right now is to take care of it. so if all of this chatter or jabs the big question is, what happens to the market when the fed really starts to throw haymakers. we have in studio, phil

blancato, ann berry. the federal reserve deliberately, deliberately trying to crush the stock market. they want to beat it down where people lose the wealth effect, stop buying things but not beat it down so much wes rao everything. slip it into recession. they call it a soft landing. phil, you were excited with the way the fed handled things for a while. seemed you spot anxious. do you like this strategy or approach? >> the next move unwind the balance sheet. next couple weeks, 95 billion out of the balance sheet. that is three hammers on interest rates higher. if they go to extreme they will not navigate this soft landing. to your point i think it is more jawboning right now. if they shock the system with 50 basis points in may, another 50 in june. all bets are off. we'll have a 20% correction. charles: feel the like maybe the street doesn't believe they can do anything but jawbone. okay they go 50 basis points a couple times. inflation was transitory. wanted to change the world through fed policy. that has been so reluctant. they're doing next couple hikes,

kicking and screaming, not in their hearts. they will never go all the way to do the rate hikes already built? >> i think there will be a disconnect between what the fed is trying to achieve and what the market doing for a little bit longer still. as long as inflation is high, high as we want it to be people will pour their money into the stock market. there is no other place to go. the disconnect will continue. charles: lael brainard, in july 2020 she supported letting inflation run hot. in 2021, inflation expectations are well-anchored. in september of 2021 i expect inflation to decelerate. that is less than six months ago. april 5th. stayed inflation is much too high. yesterday, inflation is too high. it has to come down. it is our most important task. is this a fed you have confidence that they can get the job done? >> i have confidence in the market. first rate hike always up. history on our side. so far transparent. key word. gotten it right. i would argue i'm not concerned

about high inflation. i still think there are aspects that are temporary. now if this continues and they get it wrong over the, we'll know next three to six months whether this is capable or not. but they have been transparent enough. charles: i think getting it wrong in this case would be overdoing it. we'll see what happens. let's talk about earnings, the big high-profile name this morning jpmorgan. they missed on the bottom line. the stock went down. the market didn't really react to that negatively, kind of interesting. phil, you think the banks have to perform well this earnings season. >> i do. as banks go we go. four banks have missed by 6%. we want aggressive banks at time interest rates are pushing higher. people may want to heat up economy. without food strong banking to back up the system we could have a problem. charles: i don't agree with him when it comes to the big money center banks or wall street banks. i feel like they abandon traditional banking a long time ago. they make more money from trading the market but if that is the case with regional banks,

in my mind maybe phil has a point. >> definitely like looking at those, charles, we talked about them the dividend plays along the way. earnings will be important. that being said though, i think earnings have not been the barometer intended to be. great earnings have had very weak responses. i don't think people are looking backwards. i think they're looking forward. charles: what are they looking forward to? >> i think they want peace in ukraine. that is a the big one. if they get rid of geopolitical risk that will change. consumer confidence and market confidence. they want to see inflation back down in the mid-single digits. charles: global money managers right now say a global recession is their number one concern. historically if they do have recession commodities have significantly outperformed stocks. everything else. with that in mind, commodities are overweight, phil. this is where i have a little problem as a contrarian. so fund managers have never been this overweighted in commodities. we do know they, that is the place to be in recession.

do you have any exposure to commodities? >> i do in value based stocks. i didn't two pure commodity play. there is too much risk, more risk appetite than i like. overweight value, big manufactures play in the commodity space how i get there. charles: like caterpillar? >> exactly, dividend play with less volatility. got room to run there. charles: i thought about you yesterday. i read this great piece. this is what one firm says with ipos. they put five things that needed to have a blockbuster ipo year. two i want do ask you about. first raise the bar. these companies will have on able to provide a robust defense of their value proposition. we've had this debate, not a debate but conversation. i've been so upset i think that i feel like the individual, the public, individual investors were ripped off deliberately last year with overpriced ipo one after another. also, esg has moved to center stage. every ipo candidate can expect to be asked about their es go. score or record.

that bothers me. is this true? >> i think it is true. why does it bother you, charles? charles: i think the esg movement has become dr. frankenstein's monster. no one knows what it is you can't invest in this, can't do that, i things like that added to, for instance gas prices being high, us not being able to drill. i think it is hurting humanity. i thought idea was to help humanity. >> esg is many things. climate impact. tie versety, more representative boards and executive teams. reality is the new generation of retail investors are demanding it. millennial investors, gen-z investors getting $20 trillion transfer of wealth to boomers. it is important to them. charles: phil, you like the evident sg thing. >> we've been using esg to pick stocks for 30 years. good environment, with good social governance over company. this is name manipulated for marketing purposes. buy good companies do good things you will have success environmentally and portfolio.

i think it is marketing play. charles: you brought up millenial investors. i read a bunch of high-profile folks, snoop dogg, drake, put money into this thing called moon pay. are you familiar with it? >> yeah. charles: how much the crypto world will be hot ipos coming up? this is huge. it has a $3.5 billion market cap. >> this is the private market. this is one you may not like when the ipo cops. that may one of those vc -- charles: as long as it doesn't go public $20 billion worth $2 billion. that is my beef. >> that's your beef. this one is really interesting, there has been a huge number of big names behind it. you listed some of them. this means consumers can buy nfts using credit cards. suddenly all of those digital assets are becoming more accessible using traditional forms of payment. been complicated. >> that was attractive to me. i can rake out a credit card buy whatever coin i want. i think that is fantastic. that coinbase account it is

complicated and doesn't always work. phil, real quick, read another piece in "the ft." people are overdiversified. wall street is always saying diversification, diversification. i think it is a selling tool to buy 12 zillion mutual funds with all the same names. this said 10 individual names. i believe it is 20 names names what i had is for you. >> go further. 20 names. you don't one stock to to blow up the other nine. 20 is much better. four or five core etfs fs to gie you strong market coverage. then sprinkle in 20 names. strong alpha and market returns and risk and returns at the same time. charles: love it. good having you in the studio. that was a lot of fun. thank you both. appreciate it. >> you're welcome. charles: inflation dilemma, wreck the wealth effect before it is too late but not wreck it

too much. i will ask what peter morici thinks about that. bitcoin fans are you a psychopath? a new study says absolutely. tweet me: @cvpayne, now they're saying you are nuts. you are a menace to society if you're a bitcoin investor. cv payne. we'll be right back. ♪

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charles: since russia invaded ukraine vladmir putin's coffers have bulged as energy revenues continue to pour in from the west. in addition russia is still a key part of iranian negotiations. this takes the old saying keep your friends closer, enemies closer to a whole new level. with me, peter morici. peter our foreign and defense policies need a root canal. what is wrong with it how do we fix it? >> we need to be more realpolitik. we can't be angry with every authoritarian government in the world. look at saudi arabia. we have to do business with the prince if we take a tough line on iran. it is that simple. they line up opposite each other

so it makes sense. i don't like the crown prince. he is there and we have to do business with him. charles: what about a country like russia? do we do, we're not working personally but india locked themselves in with energy and they have no choice. >> in the near term, two or three years they can get off it. meantime we have to be much tougher with regard to the ukraine. these weapons we're sending are long overdue and we're still not giving them what they need and they deserve. there is no reason why they shouldn't have fighter jets. they should have offensive weapons to take the battle to russia. charles: sure. >> why aren't they launching missiles into the russian homeland and knocking on their city's doors. charles: a lot of people are questioning whether the administration truly wants them to win or not. let me ask you then, the same theory, how does it apply to china? we know they made it public. they want to supplant the united states as the preeminent country in the world. they will do it with stuff stolen from us in our eggerness to do business with them?

>> we simply shouldn't be doing business as much as we do with china, it's that simple. we can't wean ourselves overnight. it is not as simple as russian oil but the more important thinking is we have not reconfigured the fleet in the pacific to adequately deal with the challenge. we don't have the resources we need. there are pentagon planners that know what to do that were in the obama administration honestly and, lloyd austin is not moving in that direction. he has lots of committees doing lots of studies but he never gets much done. charles: sounds like d.c. bureaucracy in a nutshell. talk about the united states. inflation obviously running rampant. here is the interesting thing, early in the week new york fed consumer survey was out. we saw expectation of record inflation a year from now but expectation of record spending a year from now, even if incomes decline. you know, i always thought that economists always said the cure for higher prices are higher prices. it sounds like the higher prices though the more we're going to

spend. what's going on? >> two things. in the 1970s we learned the cure for higher prices is not higher prices. they kept going up. so we had inflation over 10%. the second thing is this time consumers have $2.5 trillion in their bank accounts left over from pandemic relief money, thanks to joe biden's $1.9 trillion stimulus package. so it is going to be very, very difficult to bring this under control. i'm absolutely unimpressed by chairman powell saying he going to have half a percentage point increase. like going from this, your handgun, to a water pistole. i mean what this guy needs is a howitzer. that is exactly what paul volcker did. he is not willing to do that. volcker didn't say i will raise interest rates at next meeting. called two emergency meetings, jacked it up a percentage point each time. we need very aggressive policies bring it under control. we have to recognize it could cause a recession. pay me now, pay me later a lot

more situation. charles: you know what? volcker and reagan, had the combined swagger. took the heat early on. then they,erred in at least a decade's worth of prosperity. thank you very much, my friend. >> take care. charles: so inflation taking a real mighty toll on americans who basically have cut back dramatically on all kinds of discretionary spending but there are certain things, let's face it we cannot cut out or cut back on. sadly those are the areas seeing largest price increases. i want to go to iwf policy director hadley heath manning. hadley, we toss around numbers, 11.5%cpi, 8.8 ppi. the fact of the matter there are real lives behind the numbers. what does it mean the average u.s. household spends extra $5200 a year for the same stuff they bought a year ago? >> exactly, charles, for a lot of families 48% increase in gas

prices last year make a difference are we going somewhere for spring break? will we stay around town? these are tough decisions for families. it is even tougher at the grocery store, 9% increase in grocery ills b that means 9% fewer items in our carts. they're making changes. beef is up 16%, bacon up 18%. i don't think people will bring bacon home to the store. they are going toilets. switch outed goods instead of fresh fruit. they're making choices. consumers are learning this is not transitory. it is inflation here to stay and it's a big problem and this. charles: what underscoring that, which is frightening, hourly wages dropped 2.3%. weekly earnings were down 3.6% which suggests to me people are making less and working less.

listen i know we have a lot of money socked away. peter morici used a number popular on wall street, $2.5 trillion. face it at this rate most people are drawing down savings. what i'm worried about some politician saying don't worry we'll print more money. is that the answer? >> well, oh, definitely not. you know, i think we've got money supply problems in the first place which is driving a lot of inflation, but workers are responding to what they're sensing. what they're sensing is correct. their dollars are worth less. work is less incentivised. when work is less incentivized people work less. that makes it in the position money they do earn doesn't go as far when they go to the store or buy gas for fair that many if i also. charles: maybe that explains survey, from grant thornton, 20% of workers found a new job but 40% are still looking. is this is not the gig i want,

doesn't fit my ethos or i'm still not making enough cash? >> remember, charles, half of americans can't get a few hundred dollars together in case of a emergency. people live paycheck to paycheck. huge amount of stimulus went into the economy because of coronavirus response. some of that is tapering away. the upheaval of the pandemic is still with us. people switch positions. every time someone switches positions that leaves a open position behind that person. many families made a lot of decisions about household, child care, schooling, response to the coronavirus pandemic. that has effects on moms and dads and work too. people are grappling with their direction. still group pelling with what the futures hold. charles: you're a big advocate for families. i always appreciated your common-sense approach on this whole thing n florida this week there was a new bill signed to help young men. tony dungy was there, famous

super bowl winning coach. they destroyed him on the internet. reminds me what happened when florida passed the parental act as well and the disney brouhaha came up. where are we right now in society things that i think we should be rejoicing in, parents having more say with their kids learn and us making a greater effort to help young men, particularly who may not have a father in the home, get that parental assistance that they need to succeed in life? >> yeah. well i think there were some silver linings from the pandemic. one of them is that parents started paying more attention to what was happening in their schools in terms of the curricula coming through the zoom school screen and in response to that, a lot of parents said we got to make a change here. charles: but are you surprised at some of the pushback? i'm with you there, hadley. we got a minute to go. i want to kind of cut to the chase. i agree with what you're saying, are you surprised these kind of things become controversial? >> i'm not surprises, charles

because i think people on both sides of the aisle understand education is so important. what we're teaching the next generation is sew critical, so important, shaping young minds. kids are so formative. parent want to make sure we're the ones who have the final say stewarding our children, making sure they're formed into the right kind of adults to lead our society forward. charles: i just, again, boggles the mind. for someone like a tony dungy who dedicated his life to helping people in general, certainly at-risk young men i don't know where we're going with this. it has been far too long, hadley. thank you very much. appreciate it. >> thanks, charles. charles: see you soon. folks, later on in the show my take on janet yellen making the same mistakes her old agency made before, making some real serious promises to the rest of the world. meanwhile bitcoin fans have been called a whole lot of things but psychopaths? there is a new study out that is shaking up the crypto world. we'll discuss it next. ♪.

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♪. charles: all right, folks, cryptocurrency at the center of a financial revolution so it's natural that it has drawn assortment of criticism, let's face it, plank player hating. scientists at queens technology taken this thing to a whole new level. they say bitcoin investors have four unsavory traits, machiavellianism, psychopaths and believe in sadism. we have a crypto cofounder cody willard. >> with that inslow. charles: how crazy are you? you should i do this behind a bulletproof seal. >> that would be more accurate description of most of guys i know on wall street frankly. the average bitcoin investor

certainly on the retail side, there is element of greed. they want to make money. there is also a belief from a lot of people including me we need competing currencies to fiat currencies. we don't need complete control. charles: i'm with you on that but sort of like all these different things, every time janet yellen speaks talks about crime as if crime was invented with bitcoin, right? no one ever committed a crime until then. all these different angles. i never heard this particular angle because apparently they were researching something different when they discovered, okay, out of every four patients in the study, one owns crypto, two want to own crypto. something is wrong with crypto. they made this big leap. >> exactly. you could do the average person in the population that same percentage either owns crypto or wants to own crypto. charles: right. >> there were people in the study, narcissistic, sadists, what not, they want to own crypto but so does a lot of normal people. charles: you're in town because

yesterday you were master of ceremonies at the 2022 spring blockchain event. what caught my eyes, i saw on social media said it should have been called, it will get worse before it get the better. that sounds very ominous, what do you mean? >> that actually was the name of it. their angle was the regulations in trying to figure out how to navigate regulations around crypto will get worse before it gets better but i think actually crypto itself, i've been a bitcoin owner nine, 10 years, since 2013, i've been a long-time believer in crypto, i think out of 18,000 cryptos out there, 17,000 plus are fraudulent, silly or stupid. they're going to zero. so yes, the crypto market will get a lot worse before it gets better but once -- charles: you need regulators to hash that out or shouldn't the market hash that out? >> a little bit of both. there is obvious fraud, regulators could use existing fraud to go after really bigger fraudulent cryptos out there. i'm not talking about like the

top 50. charles: sure. >> there are several worth billions of dollars i think pretty clearly fraudulent. regulators and government, police, sec, cftc, nobody is doing anything about it and i do think they should crack down on that. yeah, as long as it is not fraudulent, siltly or stupid let the free market take care of it. charles: what about the notion, some are anxious, maybe, just maybe, i joined you in the bitcoin world. i bought some this world. i'm in there with you, eight years late, i'm there, eight or nine years late, maybe this is such a threat to fiat currency though ultimately regulators around the world will be used to derail the movement? they will put up a different competing coin like central bank backed currency. when that fails they will start to find ways to derail the whole thing? >> one of the ironic things about bitcoin at this stage we've been, government has been able to actually find stolen bitcoins. i think bitcoin, it used to be the -- charles: but are governments okay now? this is a threat to fiat currency. at least the way it is sold.

>> i think fiat currency over time loses more and more importance dwindles into some sort of dim minute must meaning to our economy. that is decades long road. free markets again of competing currencies probably work out. charles: before i let you go, what is the most important thing we should know now. >> i would mention, go to sktls.com, i have a space degree cryptocurrency currency. no founder tokens. not getting rich building the thing. trying to do a social good. make the space revolution happen. free to register. we don't even collect your information, how about that? how about that? charles: you brought some coins with you. >> real bitcoins. >> thank you. >> good as gold. got my bitcoin. charles: all right. cody, all right my man. great to see you. talk to you again soon. rideshare companies uber and lyft under a whole lot of pressure right now. apparently yesterday they spiked their prices in brooklyn after the subway shooting. residents are pissed off.

should they be? also we're going to call that out, maybe see about that. but also, just society in general. i want to bring in don luskin to get his thoughts on all of that. that's next. 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. it■s hard eating healthy. ♪ ♪ unless you happen to be a dog.

♪. charles: breaking right now, the brooklyn subway shooting suspect is in police custody. 62-year-old frank james has been arrested for setting off a smoke bomb and firing 33 rounds inside of the train that injured 29. new york police commissioner says james was stopped on the street in manhattan and the arrest was made of a crime stoppers reports. joining me now trend macro chief investment officer don luskin. and, don, listen, i lived in harlem in the '70s and '80s. tell you i feel like i saw felonies every single day.

i tell people new to the city it can get a whole lot worse. as on sequence we have crushing fear every day, horrible economy and i'm really worried when i hear mayor adams blaming guns not people pulling triggers, the triggers i'm worried we can go back there. your thoughts? >> yeah. man, i remember the '70s and '80s too. that was a time of extreme economic difficulty, very little upward mobility. you can understand why we had the kind of rampant criminality we had in big cities like new york t took ronald reagan and couple decades of prosperity to turn that around. i feel like now we have reverse that in a few short years. worse than that we're promoting a narrative of lawlessness based on idea we should defund the police, that our civilization is fundamentally corrupt, it is tyrannical patriarchy based on racism and imperialism. so why not go out to loot, pillage and steal?

we have problems, man. civilization is enabled by a thin blue line and it is fraying. charles: yeah. when i was young growing up in harlem, things you talk about, if you lived in a place you didn't have heat in winter time, you believed it. there was a big, big chance you go the wrong way in life. i would like positive leadership this is great country. we don't hear from a lot of people, whether they want to get elected or not that would be the right thing to do. let me ask you this morning the price businesses are paying just hit a record, month over month record, 11.2% year-over-year. obviously a lot faster than price changes than what we're seeing consumers are changing. we keep hearing president biden blaming businesses, saying this is profiteering. that bothers me. obviously they are not passing all of the costs on, they're taking a hit? >> well, let's see. now why would that bother you? let's see, it would bother you because, it's a lie and it would bother you because it's covering

up for the real culprit. we know why we've got the inflation we've got right now. it is because as soon as president biden was elected last year he went ahead and passed the largest economic stimulus bill in the history of the united states of america after the economy had already substantially recovered. so what a shock. you drop helicopters of money on consumers and what do you know, the price of goods and services denominated in that funny money goes up. charles: yeah. >> for the consumers and for the businesss who have to serve the consumers. it is lose/lose, thank you, joe. charles: on that note, what we're talking about here, i'm going to go back to the brooklyn shooting because on the side note lyft and uber jacked their prices up big time. they had this thing called surge pricing. they took a lot of heat on social media. eventually they lowered them. to me this is an interesting area. would you consider this an example of corporate malfeasance or corporate greed?

>> none of the above. this is just another blame business thing. what you had, in a situation like we had yesterday, completely tragic situation, you have a sudden shortage of transportation services. so how do you ration the transportation services that you have? well the best way, most efficient way, the most fairway to ration things is by price. so in this case it's not a question of corporate greed because it is the individual entrepreneurial driver who is going to get the extra fee. it is not the big corporate monster lyft and uber anyway but what better way by the way, when you have a transportation shortage to lure more drivers into the market to meet that need than to offering these big prices? then when the drivers show up the prices come down, what do you know. it is economics 101. charles: i tell you what, social media 101 got the better lyft and uber. >> once again. charles: don, thank you very much, my friend. love the conversations. talk to you soon. >> bye-bye.

charles: new york and surrounding area the auto show is here. it is about to kick off. the big pushing of course on evs. here is the thing, real cost of evs. not just talking about a economic cost. we have the car coach, lauren fix is in studio. with soaring inflation should you be in commodities? everyone says you want to be in commodities but how do you play it? stay with us to find out. ♪.

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charles: well the car show is in town, folks and it its electric. manufacturers around the world tossing huge projections in terms of number of evs they plan to put out the next few years. where will they get materials for batteries and these charging stations? is this realistic? joining me now, the car coach, lauren fix. general motors said they cut a deal for cobalt. that is one of the metals that is needed. but these numbers they're throwing out there seem farfetched. can they even remotely come close to hitting them? >> that is impossible. first off the grid can't support it. asking for all the nickel, the rarest of rare earth minerals. if you can't get it how will you

make it up? they're working on solid state batteries. lead acid batteries and technology. watch if you're thinking investing. talk about lithium. there is one lithium mine in north america. but the thing is -- charles: can you invest in that? >> you can invest. i think sli. charles: really. >> they haven't done that well on the stock market. i invested a little bit. charles: i saw rare, etf, rare earth minerals t was one of the best performing etfs last week. >> right. charles: so you know, they're really not rare. they're just kind of dirty -- >> limited. charles: we could get to them if we had the will power to say, hey, let's do it. >> then you are strip mining s that environmentally friendly? you and i talked in the past what they do to the earth in order to make one battery. charles: let me share that with the audience. i saw a tweet said a single tesla battery requires extraction and processing, folks, get this, 500,000-pounds of materials. so at this rate we would minor

ores than humans have the last 70,000 years. essentially back to your point. we would strip mine the planet. i don't try to cast aspersions, this up pity better than you a lot of ev drivers have. i'm in a gas guzzler only gets 12 miles to the gallon. we're drilling a hole, stripping entire planet, going places for cobalt i don't know you should feel great about yourself. >> where are cobalt and rare earth minerals? afghanistan. we gave that away. countries like china, we'll do a road and belt program. put in all the roadsage brins and instruction instructs and hire afghanis to do it. who ends up owning it? china. charles: yeah. >> we have be careful. there is technology e-gas. this developed by porsche. audi has been testing since 2013. working with exxon, a couple of companies. combustion vehicle, everybody

still has, wouldn't have to get rid of it. you could use synthetic gasoline. they make renewable products but if it is synthetic made with hydrogen run in the vehicle. charles: t. boone pickens wanted us to use natural gas. that was brilliant idea. >> i agree. charles: hindsight how clean it is it was a huge mistake we didn't do it. let me ask but the chips. >> okay. charles: chip shortage, amazing how much chips go into regular car. forget about the ones for ev. are we ever catching up on the chip shortage? >> i was saying 2022. i just talked to someone in the volkswagen in corporate offices, 2023. if that happens, price of cars are crazy. supply and demand thing. used cars got expensive. softened a little bit. charles: a little bit. down 3% yesterday. >> 3%. charles: 30 years year-over-year. new cars are going up. >> supply and demand. make them as quick as they can,

yes factories will start producing other resources but we're far from through this chip shortage. plus we have the ukraine where wiring harnesses. neon for processing microchips. catalytic converters, palladium, platinum coming out of russia and ukraine. factors are coming out. and supply chain issues. charles: two weeks ago, my wife, three weeksing a, looking at local website, why are people stealing all the catalytic converters? >> palladium. platinum. people drilling holes in gas tanks. you have to be careful. that is really dangerous. charles: have fun at the show. >> thank you. charles: i will see if i can sneak over there. >> it is worth it. >> thank you. michelle schneider. stay on the topic of pipe-dream things. there are hot areas in the market. lauren always comes up with the new technologies. you how you invest in them, come to fruition to live up to the hype, how do you go about that? >> i think the classic example

we can learn from is really cathie wood and arc. every idea she has is definitely the future. talk about pipe dreams, everything, including the evs, tesla being the one exception that is actually performing but her timing has really been bad. so really what you have to do is, get back to this all the time. you have to have some knowledge, not only of the general macro which of course we just heard again about supply chain particulars affecting evs, one of those pipe dreams, when will the market tell me? the market is little bit ahead, when that might be shifting. that is when charts come in. we're in bearish phases, all the companies apart from tesla, look at ev, ford, general motors, toyota, they're all below in bearish phases 50 and 200. at the very least like to see some momentum improvement and some price movement over those 50. and then you start probing. that is how i always done thing

with all the great megatrends i love to watch. charles: that is funny. we had nio on the screen. someone reiterated target of 51. a hell of a target. to your point maybe if it break as few resistance points i add to it. talk about the semiconductor. nvidia got upgrade yesterday. most of the street is negative on the stock. are the chips oversold? almost time to look at them buying them on the dip? >> certainly nvidia would be one, if you're going to look at one, we love nvidia. it is the king of all of them. the whole idea of the chip space isn't going away. gaming, data centers are hot, always will be hot even into recession. it gets down if we look at smh, i love looking at etfs, you get the basket. it is holding 240. if it continues to hold 240, gets a little higher than where it is trading right now, which looks like a meager bounce,

semiconductors have been the first sector to show a bottom in this market during every correction pretty much since 2010. charles: right. >> so once again, that's where i would go. absolutely. it would be not only oversold but possibly a good buy opportunity. charles: i got less than a minute. i saw you bought the invesco agriculture etf. want to make sure everyone knows that. but also real quick, on the earnings front, earnings season kicking off, is there anything you want to be in that we should think about being long before they post their results? >> well i never allow our clients if they're not already in something to get long before earnings because i've always seen opportunity after earnings. then at least it is out of the way you can have a fresh look without worrying about waking up to some disaster, talk about pipe dreams, i would love to see cannabis do well. again the ev space do well. i would like to see some of these crypto miners do better, some of the biotech stocks do better. so i have a big keen focus on all of that but i will be

patient. charles: all right. that is the name of the game. michelle, you're one of the best. thank you very much. >> thank you, charles. charles: so my takeaway how biden's treasury secretary could be making the same mistake the fed made last year when it came to inflation. wait until you hear what janet yellen is saying that we have to wait for. we'll be right back. ♪. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ...♪ the bank that starts with care when you start with care, you get a different kind of bank.

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charles: so, janet yellen making strong remarks on the "the way forward" for the global economy. this ahead of next weeks imf and world bank spring meetings, the focus is on food, security and taxes and while the treasury secretary laid out four areas to fix the problems ultimately the outcome for the global economy, of course, dependings on the path of the war and one of the things that makes you go hmmm. that sounds like the path of the economy depends on the path of the virus. you remember jay powell said it at every meeting last year? the virus, of course has faded away big time and yet our economy is in deep trouble. as for the fed's new challenge, yellen says they won't get the job done on its dual mandate but will require skill and good luck. wow finally i agree with janet yellen on something they are going to need good luck because i think they have already kind of blown it so badly with all their tough talk, they boxed

themselves into a corner, and so that means probably, they may have to overreact. i know they want the jaw boning to work for them and to a degree it has. i think the economy will naturally slow down, and that's why the biggest mistake the federal reserve could do is to overdo it. come out of the gate strong but we'll see where they go, in the meantime this is a pretty good looking market, liz claman, i'm digging this action today. liz: [laughter] yeah, the bulls are digging it, the bears are like wait, we gotta streak busting wednesday session yes, charles as the s&p 500 and the nasdaq aim to crack three straight days of losses, we've got the dow up 286, check the s&p up 44 a gain of more than 1% the nasdaq up nearly 2% after falling 2% yesterday. investors ignoring record inflation at the manufacturing level and also ignoring one big disappointment in the mixed bag of earnings to start the first quarter season. that disappointment jpmorgan