Skip to main content

tv   Making Money With Charles Payne  FOX Business  June 23, 2022 2:00pm-3:00pm EDT

2:00 pm
neil: got it, my friend. thank you very, very much. jim gray following all of this very, very closely. we're following what is happening corner of wall and broad. dow down 78 1/2 points. a little over an hour away from another january 6 committee hearing. that will be the fifth. that is not necessarily a market moving event but with a day so much going on in washington people will pay attention as they always do with charles who is up now. charles: hey, neil, would you take the money if you were of that stature would you leave the pga? neil: i'm thinking about all the link-ups pga has with china and other countries not exactly with choir boys, where do you draw the line, right? i don't like the way these guys betrayed as greedy s.o.b.s or whatever. you know, it depends who you are flirting. charles: i was a good old-fashioned capitalist. not you too, koepka.
2:01 pm
golly. thanks a lot, neil. neil: all right, you got it buddy. charles: good afternoon, everyone, i'm charles payne. this is "making money." stocks swank -- swinging between gains and losses. we're tackling inflation. can powell pull it off? can he negotiate a soft landing? maxine waters got in on the act, bringing up profiteering, blaming corporate greed, redefining notion what creates recession. no one is buying it but should we be hearing it? one day after president biden rakes the oil industry, senator granholm met with the oil industry. the meeting just wrapped. believe it or not they didn't solve anything. this administration is out of ideas save pointing fingers. i want to ask tracy shuchart, she is the absolute best. she never runs out of ideas.
2:02 pm
all that and making more on "making money." ♪. ♪ [i'm going to knock you out] charles: that is ll cool j, right? he said it best. the best comebacks when you're down a lot. while this stock market fits the bill, check this out, folks, talk about fitting the bill. when this market closes the first half of the year this will be the worst first half since 193 it. can we come back from that? jpmorgan is out with a call saying it can be done. i will ask slatestone's kenny polcari. here is the deal.
2:03 pm
average market goes out 72% during the recession. we're wave way there already. >> i think it is always difficult to pick a bottom. you don't know when it is going to come. it may already be here. we may be churning at the bottom. nothing says it has to go down another 15, 18% from where we are now. i think we're closer to the bottom. therefore i think there's constructive opportunities presenting themselves right now. if i were, you know, if i were someone on the edge about it i would consider think about, all right, maybe you want to go a little slower. maybe you want to keep a bigger cash position.n. shyold cnu cou c will ue to find opportunitiin a mar d charles: you k w aboutorort ofofof the t elasticity of marks the phe pheac pk the quier thomebk,k, jpmn s sing 27%. would that be too optimistic for the second half? >> listen i -- that would take us back to 4800 rally 27% from
2:04 pm
here. i think that's great. i think it's a little bit aggressive, same way i think goldman's 3100 call aggressive. i think market is higher year-end. we'll struggle through july, next fed meeting. i think the market will end up finding its footing end up higher, i'm 4,000, 4200 range then i like they're that bullish. by the way i'm on a call with them next week to hear that story. i want to exactly hear what he has to say. charles: speaking of the fed, what we're starting to see a week ago, wall street saw the fed topping 3.8% on fed funds rates. now 3.6. it's a small move down. it tells me maybe there is droving confidence, jay powell may not pull off a soft landing might be actually up to the task? >> look i think he made it clear a soft landing will be very difficult.
2:05 pm
he all but said that yesterday in his testimony that a soft landing may be difficult. that being said, i still think year-end that the fed funds target rate will be somewhere between 3 1/2, 4% where the market is assuming it is going to be. some people think jay powell will blink, he will not move ahead with the rate increases that he indicated. i don't think that's true. i think he will have to. i think inflation remains elevated at heights it is. i don't think it will roll over and die at all. i think the market has it about right. not as long 3 1/2 4% range. i think that is where we'll be. charles: leave it there. my man. always appreciate kicking the show off with you. want to bring chief global strategist. we got the flash pmi composite t was a pretty big swoon, right, for the number overall although there are signs inflation pressure could be easing. so is it possible, is it possible this economy, sima, is already in a recession, and if
2:06 pm
so, does that cause the fed to be less aggressive? >> i think it is unlikely. we have to remember the definition of recession is more than two consecutive quarters of contraction. you need to have consumer spending, you need to have market, all the pmis moving in very negative fashion. we're not quite there yet. we've seen declines. unemployment rate still 3.6%. i don't think we're starting recession just yet. i think it comes at some point not today. charles: certainly a lot of anecdotal stuff happening. commodity prices led by dr. copper stumbling. when you see things like that, we're slowing, maybe the jobs market is slowing. how do you begin to even factor it into your work? >> yeah, these are all really important leading indicators. stuff like commodity cycles, a lot of stuff that you will see is as consumers, people get
2:07 pm
concerned, that continues to have to come up with spending you typically get commodities being a leading indicator. at the same time you have to keep a close eye on labor market. you typically see that job openings or job postings start to fall, temporary help start to fall. you're already seeing signs of that. you have to consider the consumer is such a backstop for the economy over last two years, really, really resilient. that is because supported by excess savings. but we have seen as at the time inflation is eating away at a lot of this excess savings propping up consumers. if you look at credit card data, that is showing you that lower wealth and also high wealth consumers are starting to pull back because they are feeling the pain from higher prices. charles: i saw where you were looking for, you know from the peak, a 30% drop was not impossible. maybe reasonable at this point. we're 3/4 of the way there. i was talking to kenny about
2:08 pm
positioning because we positioned for the future. do you become more defensive here? is it too late to become defensive? do you look for of the turn as a strategist? >> well i think kenny raised very good points. one it is very difficult to time the market, market turn. we have to be careful about how you're positioning. having said that i think there are still ways to defend. one thing for example moving more into treasurys as you get more into recession phase you should see u.s. treasury yields continuing to fall. the other parts of the market we think will perform well is stuff like infrastructure. so those are real assets typically do well in inflationary environment. because they find stabling, those parts of market. those opportunities will no go away not necessarily see underweight position because within equities there are also opportunities. is that point that investors have to actively seek them out,
2:09 pm
start to look where valuation is becoming more attractive. charles: sounds like you're saying old cliche, we're in definitely a stock-pickers environment? >> that is exactly what it is. from investment management perspective this is where active management really works well. you need to do deep analysis to understand where the opportunities are. it is not enough to be in an index because we need to be able to see where are the -- coming from and very specific sectors that cannot perform. charles: i have to ask you about megacaps because it feels like they're being written off. i keep hearing and reading they will never be the same, they won't lead the market. if they don't lead the market how can we get a broad market rebound and by the way do you think they will lose all of that luster? these are the best companies in the world in terms of growth, in terms of earnings, it seems like they should still play a major role? >> yeah, absolutely. it is very difficult to see a market rally unless you have a lot of megacap tech stocks in line with that.
2:10 pm
we can see they're very challenged at the moment. particularly challenged because of so many expectations for rates that the funds rates keep rising but if you look beyond the next year or so the very strong secular theme behind technology where invested companies will continue to invest in technology, it means this is probably a long term, a long-term -- can see technology appreciating over the long term. charles: right. >> we don't think the shine is gone. just in the meantime it's a little bit challenged. charles: listen, i'm not selling my apple, amazon or any of that stuff. it is on the shelf. i'm very young as you can see. thank you very much, appreciate it. >> thank you very much. charles: not just of course the professionals but individual investors are down on the market. bearishness edged up to 59.3. to put it into perspective that is almost 100% above the historic average. we have the investment analyst
2:11 pm
at etoro, callie cox. investors are bearish the money keeps flowing in. you look at fun flows, keeps pouring into domestic equities. i think it is the right thing to do but what does it say for the folks, listen, i'm afraid but i'm not going to stop putting money into this thing? >> i mean i think it shows you have to watch what they're doing instead of what they're saying. when people have money they're going to invest because a lot of retail investors are the long-term investors who invest when they have extra money in their paycheck. we've seen a lot of investors hold the line here. we've seen a little bit of buying, a little bit of selling. among our more active investors we're seeing a little bit of hesitation to buy into until there is more convincing evidence of a bottom. charles: are you seeing people head for the exits? the reason i'm bringing this up, you have a pulse, you have access to individual investors a lot of people that come on financial television really
2:12 pm
don't. it's a guess. many seem like they want the folks to break in order for the market to turn around. i feel like this diamond hands things are real. that a lot will not break. they may not be buying but they will not sell down here. >> i think you're right, charles. we see that in the data. we see a lot of holding, we see repositioning trying to take advantage of opportunities. we don't see a ton of selling out. that is a very broad statement, if you look across instruments it's a little bit different. you see levels of selling among stocks and cryptos a little different. overall retail investors are holding here and thinking about the long term. charles: where are you on the recession debate and what are the best ways to safeguard portfolios right now? >> yeah, gosh, that is the million dollar question on wall street right now. we still think we're in a slow down, we don't think we're in recession at the moment. it feels very difficult these days you don't need to read the headlines, tell customers how to play offense and defense right
2:13 pm
now. now that we're in bear market, prices 20% down from highs. think about where your cash levels are, think about where the opportunity is, how long you have to wait the bear market out. -- not yet. charles: not yet. no problem. hey, i feel like we're on the cusp of a massive short squeeze. i'm not saying, the dust clears we're off to the races forever but it feels like you know, but what would spark something like that and do you have these kind of discussions on your platform about hey, in a bear market you get some big-time moves you can actually make big money on? >> yeah. that is a really good question and it's hard to know exactly. we don't have a ton of customers out there playing short squeezes at the moment but we do see some discussion about quick moves, quick momentum, we're telling customers to you know, really, if you want to play that game, really understand why you're investing because right now it is tough to see where the market
2:14 pm
goes short term, especially if you dig into sectors and single stocks. flows dominate where we're going. it is tough to make assumptions about the economy, fed, markets over days and weeks. so we're encouraging people to really you know, understand again why they're investing, what kind of risk tolerance they have and if they want to take bargain hunt. really understand their ability to do so. charles: less than a minute to go. risk tolerance issue, when markets going up, they're strong like bull. when it starts to get hurt the risk tolerance changes. is this a discovery process for individual investors? sometimes it is baptism by fire. you can say one thing but you have to really live through it, don't you? >> i love talking about this. you know, i think we shouldn't discount investors in the market right now. a lot of them got in at the time the covid crisis was bottoming. so it is hard to say many of these investors are trading through the first bear markets
2:15 pm
but i think it takes a little bit of burning to get the to point where you understand your risk tolerance. i encourage all retail investors out there, stay engaged, stay intellectually curious. even though things may not work out but you're learning. charles: stay strong like a bull. >> stay strong. charles: hey by the way someone tweeting me yesterday, when will you have another town hall? i'm glad you asked. i'm happy to announce our town hall will be tuesday july 26, 2:00 p.m. eastern during inflation in america survival guide. we'll have all kinds of experts here. i will be also answering some of your questions about the economy, inflation, the fed, whether pros should leave the pga. never mind. we'll cover it all. for the best part, folks it is live. a live studio audience. could come. if you want to be a part, visit in studio, email us at invested
2:16 pm
in u.com. maybe the crypto winter thawing as well. white house blames russia, bill oil and profits. here is the problem americans are suffering in real time. stay with us. we have the best in the business. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.
2:17 pm
visit indeed.com/hire centrum multigummies aren't just great tasting... they're power-packed vitamins... matching your job description. that help unleash your energy. loaded with b vitamins... ...and other key essential nutrients... ...it's a tasty way to conquer your day. try centrum multi gummies. now with a new look.
2:18 pm
2:19 pm
2:20 pm
♪. charles: so president biden's war on oil continues to ramp up. now he is saying well gas stations need to find a way to bring down the price at the pump. it is our luck, kelly o'grady happens to be live in los angeles with the very latest. kelly, going after the gas station owners. reporter: i know, right. the blame game continues. i thought it was rather surprising yesterday he started blaming gas station owners on top of putin and big oil. we dug exactly what goes into the gallon of gas you see behind me. quite high unfortunately here. taxes maybe up on average 15% n california taxes are so high that number is more like 25%.
2:21 pm
distribution and market well as refining both under 20%. the ma report of that cost is coming from oil. of 150,000 gas retailers in the u.s., over 95% are mom-and-pop establishments. your local station may say exxon or chevron but most of those are franchised. we see the occasional spot two other three dollars higher but most remain competitive. we talked too to a station owner he makes two or three cents a gallon, at most a nickel. most make more on the cup of coffee a driver purchases from the convenience store than a gallon of gas. oil companies don't set the price that is determined by supply and demand on a global crisis california dems here are launching an inquiry to determine if big oil is price gouging drivers. the companies are blaming it on
2:22 pm
the government's policies. a lot of blame, not a lot of relief. last sometime i checked it is not on small business owners to solve the energy crisis for the white house. charles? charles: kelly, thank you very much. administration continues to go after oil executives. make hour 1/2 middle easting with energy secretary granholm. apparently not much come of it. president biden berating industry for profiteering calling for a gas tax holiday. research report from evercore isi, after the meeting was spot on. they call it politically oriented and noted it will not even get enacted. they also said that the proposal made them feel few ideas that are forthcoming on energy and inflation from the white house means that they have no more answers. joining me now to discuss, energy specialist tracy shuchart from hedge fund telemetry. tracy the stock market yesterday
2:23 pm
was trying to rally. we opened and rallied. this anger administration has towards business in general, profits in business in general, it starts to permeate throughout the air and affecting anything. they don't have any thoughtful solutions. if you could attend a meeting with them what would you say to them? >> look, it boils down to this the administration right now is too focused on price not why prices are high. they need to focus on underlying issues, to focus on production and refining capacity but that is hard to do at the same time you have granholm just yesterday comes out and triples down on green energy saying the only way for the nation to avoid boom and bust cycles was to break its reliance on fossil fuels. now this is not confidence inspiring for oil companies to
2:24 pm
invest more. charles: yeah. you will put a billion dollar project together, without any wall street help, change the rules on you six months later. the other part is bothering me, administration bragging how much oil pumped under them versus trump, not mentioning that the whole world shut down for this thing called covid-19. realistically how much more than be squeezes out industry in terms of production? >> refineries are operating at 94% capacity right now. we're at top of the 30 year range. some months this year we even surpassed the 30 year range. refineries are cranking it out. as far as production goes there are still supply chain issues, labor issues, in addition to additional pressures the government is putting on companies by stopping pipelines, stopping, canceling oil leases. we're squeezed. we're squeezed. charles: oil under pressure, are you buyer, is this a temporary
2:25 pm
pullback? one point oxy was number one performer because buffett was loading up. in general the stocks are many doing down. what is that about? >> recession fears are overwhelming market. fed hiking into slowing economy. gdp forecasting growth for q3. seeing weakness in signs of labor markets, housing markets. as many times as powell tells us we'll have a soft landing broader markets obviously are not believing him. longer term, next two to three years, buyer and holder on dips in the energy industry and metals industry. i think that the cycle is very similar to the 1970s when we saw high inflation. the fed hiked us into recession which did bring prices, only temporary. when inflation came back it was even worse than before. charles: right. >> nothing has changed
2:26 pm
structurally in the commodities markets. we're in a structural supply deficit with oil, gas, metals market which will even worsen if we get a slowdown or recession. the fed can't fix that. charles: the fed can't fix it. governments won't try to fix it. i have to try to let you go. what is your favorite idea? >> right now i really like nat-gas companies with distribution capabilities are at the top of my list, particularly with the problems europe is having right now. so oxy and lng. charles: i love lng, just the story of it alone. you're one of the best, i appreciate it. >> thank you. >> coming up the market spinning its wheels here. it can't get the spark. it needs a spark. maybe we have to hit the bottom first? we'll discuss it. also the crypto relief rally, maybe that is stalling winter, how long will it last? natalie brunell will give us her take. she is next.
2:27 pm
♪ another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™
2:28 pm
lemons, lemons, lemons. the world is so full of lemons. when you become an expedia member, you can instantly start saving on your travels. so you can go and see all those lemons, for less. like many families, the auburns value time spent together. to share wisdom... i got some of my gold before i came to this country. i got some of my gold before you passed the bread. encourage one another... i can buy gold for this?! you can buy gold for this. and talk about life's wins and misses. responsibly sourced like my gold but not responsibly cooked. because at the end of the day, nothing keeps it all together quite like - gold. visit invest.gold to see how gold is everyone's asset.
2:29 pm
at fidelity, your dedicated advisor
2:30 pm
will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. 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 coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. i'm steve. i lost 138 pounds in 9 months on golo and taking release. golo saved my life. i was way overweight, and that's what sent me down the path, was i--i wanted to make sure and live for my kid. plain and simple.
2:31 pm
charles: so the price of bitcoin stablizing here right around that 20,000 range. you know there is a sense that maybe the latest wave of pressures run its course. of course it wouldn't be the first time that reports the death of bitcoin were greatly exaggerated. in fact there are no less than 457 obituaries for bitcoin according to 99 bitcoin.com beginning 2010. the high was 124 in 2017. so far this year we have at least 17 obituaries. joining me natalie brunnell. 69,000 to 17,000. now we're holding. for people who believe, those
2:32 pm
who are on the edge, is the journey worth these sort of wild things? >> hi, charles, nice to see you. i certainly think so. bear markets are painful in the short term. i understand people who started journey of bitcoin in 40, 50, 60-k range. this could be tough. i started bitcoin in 2017. i rode it up, i rode it down, i rode it in the covid crash to 3800. this is you should not look is time horizon more than five years. what they said in the 1990s, there were headlines said the internet would be a passing fad, it was never going to work. i would rather have bought bitcoin 60-k, rode it down to 17-k, held, seen it recover, wait, not buy at either one and go to 100-k to buy in which i think will be the case for a lot of people. charles: you're an evangelist. you believe in this. you have your podcast.
2:33 pm
people love the podcast. how much of it do you spend holding hands these days? >> well look i'm just trying to educate people on bitcoin so they can decide how much they want to allocate to it. really it is about why bitcoin exists, about money printing, the policies i think led to so much wealth disparity and people feeling left behind. i relate to people because i was once skeptical about bitcoin once. i needed my handheld. i didn't understand how the technology worked. i read a ton of books, listened to the podcasts. i want to help people. ultimately we should be a nation of savers that produce economic value as opposed going further and further into debt. i believe bitcoin is the internet of money. charles: it is interesting, almost every time you have a skeptic or non-believer they change their course they do become believers. normally they're very powerful. they actually went through a thought process required, rigorous thought process that got them there here's the thing, not you particularly you know
2:34 pm
there is tremendous amount of criticisms coming out. some people are dancing on the graves of crypto but some are calling is massive frauds and they're saying people with these podcasts like yourself have done a major disservice. what do you say to folks like that? >> well i would say they are wrong and people who advocate for bitcoin over crypto to understand the difference are doing a huge service to the community. we have seen a lot of scams with the other tokens and seen crypto platforms facing major liquidity issues. they offered attractive yields that were not sustainable or were not properly capitalized. michael saylor said last week, we have $400 billion industry with thousands of unregistered securities that are cross collateralized with bitcoin. we need regulation. bitcoin unfortunately suffers when some of the other projects fail. charles: i have less than a minute to go, in your mind walk us through the script. what happens next? seems you're inviting
2:35 pm
regulations. i don't blame you. all the bad news that happened it's a learning lesson, a tough learning lesson. what happens after we make safeguards and bitcoin can live up to the potential? >> we need more clarity. we already know bitcoin is a digital property and digital commodity and we need fair accounting for institutions to come in and we need a bitcoin that people can trust and people understand the securities so they have proper disclosures, proper filings. i think all of that will happen. i think all will be good for bitcoin. with a macropicture we need to see what happens with inflation. i think we'll see a short term bear market rally and followed by some more pain. fed will have to pivot. people should listen to what putin said about the global financial system because he called out the u.s. for our money printing policies and asked why countries should exchange goods with dollars for euros because they're losing
2:36 pm
value because of inflation and money printing. he predicted a world moving away from treasurys, sovereign debt. that means bitcoin is coming for bonds. that is a way bigger market cap than gold. charles: there is small story how emboldened the "bric" nations are. remember when "bric" was big 10 years ago fading away. maybe they can take us down again. natalie, that was concise to the point. >> thanks for having me. charles: of course, reminder, folks join me in the studio for town hall inflation in america, survival guide. email us at invested in you @fox.com. lance roberts is coming up. we've been talking about this. is it time? have we hit the bottom? does it even matter? is everything inevitable? we'll be right back. ♪
2:37 pm
2:38 pm
2:39 pm
welcome to your world. your why. what drives you? what do you want to leave behind? that's your why. it's your purpose, and we will work with you every step of the way to achieve it.
2:40 pm
2:41 pm
♪. charles: have you noticed something the word inevidentable is being used everywhere, even folks on the opposite side of the debate, no, it is inevitable, no, it is nesterrable. if economic outcomes are inevitable why the drama? we have lance roberts with us. lance, inflation, recession, recovery, is that the inevitability we always have to live through? >> i think there is always a thing about cycles, the only thing inevitable are death, taxes and thanos. powell on capitol hill talking about he thinks he can raise rates, slow the economy and quell inflation without causing recession. it is possible. i have no idea how he does it because all the economic data suggestions we'll have a recession. even the new york fed is suggesting an 80% chance of recession this year or next.
2:42 pm
but it is possible, right? charles: it is possible. by the way at the same hearing, by the way, folks, sometimes you got to watch these things, right? right out the gate maxine waters went at him, boom, it is about greed, blatant corruption, it is about profiteering. i thought powell handled himself well with all of that kind of stuff. he got back to what you were saying, that is inflation with the cost of inflation. he said it is always a monetary event. but when you throw in a pandemic, doesn't that change up the calculus a little bit? >> actually it doesn't, charles. if you think about this, what the pandemic did was we used that as an excuse to shut down production so we closed the economy, we cut off the ability to produce goods and services. then we applied a massive amount of monetary policy into the economy. we gave people checks to spend. now you have demand outstripping the potential supply, that is a
2:43 pm
basic monetary economic equation 101. it was very disappointing to hear just how economically lacking a lot of our senators are that are running the senate banking committee. that they really don't understand the basics of economics this is all this is, charles. charles: yeah. >> too much money, too few goods. that leads to inflation. charles: if you thought the senate version was bad you should heard today's in the house. there were some doozies in that one. was mistake shutting down economy too long? and messes up the supply chain or giving out too much money? or both? >> really a little bit of both. we should never have shut down the economy. look i understand the reasons why we did it at the time. we didn't know how bad the virus was going to be et cetera. but i think the consequences of shutting down the economy was worse than the disease in a lot of, in a lot of ways that we impacted people and the economy.
2:44 pm
and then yes, you know, people got free money. what people are paying for now is the taxes on that free money through inflation. there is nothing free in this world, charles. if we're going to get something for free we have to pay for later this is simply the payback of all the free money. charles: we always hear nothing's free but -- let me ask you about an article, i don't know if you saw it, i think greg ip wrote it in the journal, saying milton friedman is having a moment. suggesting his theories have really lost their husbandter and sort of importance. do you agree with that? >> i don't. i actually just wrote an article not too long ago about this very same thing. what milton friedman said was monetary, inflation is always a monetary phenomenon but beyond that he states this isn't the function of greed of corporations or consumers or anybody else. it is strictly the function of printing money and the government. if we go back to look at every bout of inflation it always
2:45 pm
comes down to a monetary issue. i don't think he lost his luster at all. in my opinion. charles: real quick, less than a minute to go. i saw your twitter fee, thanked joe, at the pump you paid 100 bucks. i was at the pump this weekend, i paid 177 bucks. what are you driving my man? are you driving a civic in texas? >> i live in texas. we produce oil. our gas here is about 4.89 a gallon. charles: oh, okay. lot less than you i was worried about you. i have the t-rex. i know everyone not at 177. i thought it was a little light. is he driving a civic? markets driving to pick up a little bit of speed, call it "the cp effect." how should you be positioned? two of the best joining me in studio. get out the pens and pads. this is the place to make money. we'll be right back. ♪
2:46 pm
you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire this is koli. my foster fail (laughs). when i first started fostering koli i had been giving him kibble. it never looked or felt like real food. but with the farmer's dog you can see the pieces of turkey. it smells like actual food. i saw a difference almost overnight. healthy poops, healthy dog, right? as he's aged, he's still quite energetic and youthful.
2:47 pm
i really attribute that to diet. you know, he's my buddy. my job is to keep my buddy safe and happy. ♪♪ get started at longlivedogs.com
2:48 pm
millions have made the switch from the big three to xfinity mobile. ♪♪ that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get $250 off an eligible 5g phone with xfinity mobile. take the savings challenge at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile.
2:49 pm
flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. psst. girl. you can do better. ok. wow. i'm right here. and you can do better, too. at least with your big name wireless carrier. with xfinity mobile, you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill, over t-mobile, at&t and verizon. wow. i can do better. yes, you can. i can do better, too. break free from the big three and switch to xfinity mobile. charles: help, the stock market
2:50 pm
has fallen and can't seem to get right up. what exactly will it take to turn the tables. can investors survive in the downdraft for they're in position when it rebounds? global spring head of equities, along with maine capital management president ryan payne. they don't put the disclaimer in there. i'm not affiliated with the payne capital. at least we, we checked that off. you know the attorneys are in charge of everything. glad you both are here, two of my favorites. let me with you, spinning its wheels, what will it take before you kind of sense that we've got the all-clear? >> i think there has been real separation, charles, between the market and the economy. markets are ahead of the economy, telling us that, things have changed. we're not in a low-rate, almost free capital economy anymore. and, the market certainly sees risk to that.
2:51 pm
but they price ad lot of it in. we've gone from pe of 21 times to 16 times on s&p. at the same time earnings in q1 were expected to be up 5%. they were up 11. earnings have gone up. charles: right. >> expected to be up another five in q2. so earnings are not collapsing yet but there will be earnings risk going forward and the market knows that. it is done a lot of the hard work by pricing it in. now is the time to really start picking stocks rather than just, deciding i need to be -- charles: you want to get out of the defensive shell more or less? i know we're not going crazy, we'll get more specific, but to that point, ryan, i love the market is sort of a forward-looking -- i think market in my mind will start to turn long before the economy does. remember the pandemic we had v-shaped market, everyone said the economy can't do the same thing. it had a lot of aid and help but
2:52 pm
sort, the market leads the economy. i'm hoping we get this market bottoming process, we start to turn a corner. you have been relatively bearish or neutral, now? >> i'm bullish. ann is speaking my language over here. we have to look, a lot of the damage is done. s&p at 16 times forward earnings, not that cheap in very, very long time. earnings still look solid here. charles: what about all the people saying earnings estimates have to come down? >> you have a nice cushion even if they do, 16 times forward earnings better than 18, 19 before the pandemic, right? charles: right. >> look at state tis particularly, the market down 20% first six months, hasn't happened since 19750. that was a very hip year. every time that much first first sons of the year. markets after 23% next six months. odds are you will get a big
2:53 pm
reversal. charles: won't be same tide will lift all ships, right? we won't be in a dart throwing environment. you have to focus on asset allocation? >> right. i think you do. looking at stocks from a bottom up perspective paying which companies do i want to own in this environment, so if you're looking even at certain sectors -- charles: are you looking for companies with pricing power. looking for companies with big margins? everyone is sort of saying hey look at the balance sheet, not the income statement. >> so i would say quality is definitely, it is time to focus on quality. so free cash flow, balance sheets, are you secular grower, can you maintain margins or at least protect margins on the way down. and then who is running that company. do they have experience? charles: right. >> going through difficult challenging times. charles: i'm glad you said that. almost all the big hot stocks that crashed, if you sift through those ashes, ones come back pellatons of the world, maybe never, zooms some of those
2:54 pm
others i think it is management. more than being overvalued. ryan, what are you looking at? before you were a little bit more conservative. have you gotten a little, like i know you were on the value side for a while? >> which helps. value done way less than growth. >> absolutely. >> animal spirits are out. you heard it here first. small cap stocks are more attuned to economically sensitive, if you look earnings out next 12 months, talking about 20% increase in earnings, that is insane. if we look past this maybe recession, maybe not recession, economy will be a pretty good footing out 24 months. charles: right. >> small caps is very important place to have in your portfolio. my clients mass affluent. we definitely have a healthy allocation to small caps. charles: all right. we'll leave it there. ann, ryan, thank you very much. my takeaway real reasons americans say we're not too satisfied with the direction of this country. we'll be right back.
2:55 pm
♪ limu emu ♪ and doug. ♪ harp plays ♪ only two things are forever: love and liberty mutual ... if anyone objects to this marriage, speak now or forever hold your peace. (emu squawks) (the crowd gasps) no, kevin, no! not today. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
2:56 pm
(fisher investments) in this market, you'll find fisher investments only pay for what you need. is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different.
2:57 pm
2:58 pm
charles: u.s. satisfaction goes from bad-to-worse. that the headline the in the latest goal up survey with the american satisfaction in the direction of our country, its dipped three points over the past month, to 13% if this
2:59 pm
continues the downward trend in march, only 24% was satisfied in fact nearly nine out of 10 americans are dissatisfied with the direction of this country, satisfaction at the lowest goal up really the record was back in january 2021 we're not far from it when it was 11% who were feeling this way. i think a big reason for this is not only, well, not only are those folks who are in charge in competent but they continue to speak to us in the most insulting of ways, right? they think we're either not actually living in a real-world where we go to supermarkets we go to work, we're wanting to see grandma after three years of being locked down or b, they don't know we have google. one of my favorite richard pryor skits is when he talks about his father spoiling for an argument because he has this big almanac back home and he would wait for someone to mess up and jump in and say what it was not 1948 i've got the book back home and everybody would pile in and of course go and see the real deal so today,
3:00 pm
the financial news, cspan, these politicians, representative, all blowing smoke, folks, just straight up lying and i kept thinking why are they insulting our intelligence? i don't need to get in the car. i don't need to go home. none of us knew. we got the facts at our fingertips and the sooner they that and tell us the truth the sooner we'll be more satisfied with this country. liz claman? liz: i was always running to our world book. we had a set of world books. charles: we had the encyclopedia s. liz: sure. charles: you couldn't tell us anything we were the smartest kids on the block. liz: [laughter] i know charles can i quote a meatloaf song? two out of three ain't bad. how about that? charles: ♪ two out of three ain't bad ♪ liz: sing it my friend. that gives the bulls their second win out of the last three sections, big tech stocks rally ing as treasury yields fall to a two-week low. airline stocks, under pressure. flight tracking company flight aware's misery map is sh

13 Views

info Stream Only

Uploaded by TV Archive on