pharmacies. so, if you want more from medicare, call now to speak with a licensed humana sales agent. learn about humana plans that could give you more healthcare benefits, including coverage for prescription drugs, dental care, eye exams and glasses, hearing aids, and more. a licensed humana sales agent will walk you through your options, answer any questions you have and, if you're eligible, help you enroll over the phone. call today, and we'll also send this free guide. humana. a more human way to healthcare. neil: all right. we are in around session lows downs about five 500 points here on wall street. hard to get a gauge on final election results charles payne if. charles: it is a doozy, everyone is scratching their heads. i'm charles payne, this is "making money." breaking right now, the day

after, folks. the midterm elections what is clear the only red wave are mounting job losses in silicon valley. the modern-day economic titans there who continue to have their comeuppance. of course not just big tech. the king of crypto has been dethroned sam taking 15 billion-dollar personal hit. another would-be warren buffett bites the dust but what happens to the world of crip conow? we have defy champion expert jim bianco. sarah kuntz on the vc world there are reports now regulators are looking how ftx handled customer property and their lending practice. sec commissioner hester peirce in the studio. the day after the election what does it mean for young adults in the world. we have a live group in studio. casting a pall on the happiest place on earth. maybe, maybe it is time for them

to focus on fun again. all that and more on "making money." charles: so needless to say this past year has been really tough for the crypto market, right? it morphed, morphed from this amazing place of unlimited potential, economic freedom into sort of a wild, wild west. run amok from bad guys. just think over the last few years you had these major players emerge, right? this zz, started binance in 2017. another couple years later sam bank fran freeze invested in ftx. binance was number one and ftx was number two. there was friction. when he said he was selling toke owns main asset on ftx the whole thing apparently began to implode. ftx went to worth of $32 billion

to essentially nothing in the last 48 hours. that is the latest saga to make decentralized finance a reality. joining me bianco research jim bianco. jim, i don't think anyone argued as articulately as but the decentralized finances. you got me to buy into it but what do you make of this latest disaster. >> by the way, charles, this is the one-year anniversary of the all-time high of bitcoin. what a year it has been. charles: wow. >> this latest disaster to put a nuance on it is a centralized exchange. ftx is run very much like exchangeses that do business with the new york stock exchange. it is not much different than that. decentralized exchanges are run by code and don't employ leverage, don't comingle customer funds, don't do any of these shenanigans. your money sits in a pool and goes in and out for every trade. the problem with this is happening is people are

conflating decentralized finance with centralized finance and that's my fear. is that when we look at this we're going to say decentralized finance is bad but this really didn't have a whole lot to do with it. charles: right, meantime cryptocurrency getting hit pretty good here. i do see, maybe my rose-colored glasses. there is not a stampede per se. this could be the resolve of cryptocurrency and the entire thing? >> there is not a stampede yet because there is a lot of money trapped on the ftx exchanges. sing a you point out they are the second biggest exchange. they hope binance will come in, take it over, reopen it and allow people to transact and withdraw their money. the fear, so there is a lot of just waiting and right now to see what comes next and whether or not binance will actually wind up taking over the ftx exchange.

charles: right. >> it is unclear whether or not that will happen. the price of bitcoin and ethereum is sinking and sinking. there is not just individual customers on these exchanges. there's hedge funds. there is other brokerage firms. venture capitalists, bitcoin miners. if all the money is trapped on the exchange they default to their counterparties. who default to their counterparties so we get a daisy-chain effect. everyone is holding their breath wondering what the next play in this act will be. charles: meantime all the news i keep seeing scuttlebutt, lawyers are leaving, this person is leaving. the scuttlebutt is not really good. i want to ask you about a tweet i saw you earlier, a 10 pager, 10 of 10. the answer is true defy but i fear d.c. which think the answer is defy harder and push everything towards central financing. put trade fy regulations on them. all that will accomplish is a

digital version of the trade fy mess we currently have. i have hester peirce coming on later on. i'm looking at this i'm thinking what i could ask her. what would you ask her to sort of convince her it is in the best of everyone to allow defy to flourish rather than the government elbowing out of the way? >> i would ask her straight up is efi part of problem we've seen and ftx and other firms that failed this year that were centralized exchanges as well and whether this calls for regulation on decentralized exchanges, like you any swap is one everyone knows. uni-swap. hopefully she condition different between the two. it is a different model or different way to trade what a deity exchange is as owe foesed

to a centralized exchange. that people will inflate them and this is not crypto. charles: to be frank, 99-point% of the planet will do the latter. they will conflate it all. put it all in the same basket and it is scary because i think it has a huge amount of potential. i hope this doesn't hurt it even more. jim, go ahead. >> real quick. sbf was the second largest donor to the democrat party and a lot of democrats will be embraered they took money from him. that they will figure out a way to get tough on crypto to get their penance. charles: sam bank man freid, number two donor to joe biden's campaign last shun. jim, thank you very much. >> thank you. >> no red wave in politics. you obviously see the red on your screen. there is a lot of disappoint that republicans didn't fare

better a poll what would be more bullish for treasurys, we saw professional investors overwhelming 48% said republicans take both chambers. lesser degree 34ers say if they take one. that is over 80%. no one, professional investor or retail investor wanted democrats to keep both chambers. maybe that is not going to happen. these days generally what is good for bonds is good for stocks. there is a real somber mood. investors waiting to the waiting game. that means tomorrow's cpi report is the next major hurdle. i want to bring in chief advisor group phil blancato and kaltbaum capital management gary kaltbaum. phil, if the gop gets slim majority in the house would that be enough to slow all the spending and put a stop on war on fossil fuels? >> i think so. that will give them enough ammunition to break the train we're on right now to be

pro-fossil fuel. the president is not on your side you will not get anything done through veto power anyway. having a significant majority would give them a much greater opportunity to force the issue. with a thin majority. it will slow it down, won't give them what they want. charles: gary i think there was a political message along with a economic message last night. by the way your governor touched on it. take a listen. >> we fight the woke in the legislature. we fight the woke in the schools. we fight the woke in the corporations. we will never ever surrender to the woke mob. florida is where woke goes to die. [cheers and applause] charles: all right. so desantis, huge victory. disney probably the worst stock out there today in terms of big companies getting smashed. is it time really for business in general to sort of stop bowing to this wokeness and get back to business as usual? >> first off 30 very important electoral votes went from toss-up every election to blow out red every election on this

move. look, disney made some huge mistakes coming out of the box and entering the fray where they just shouldn't, when they should just been running their business and the governor pretty much had enough. there are people that disagree with him. there are people that agree with him. yet disney needs to start getting it right. let me just say this, their parks and products were up 34%. their subscribers were up 39. the problem they lost 1.5 billion trying to get those subscribers. if they don't get that act together, trouble afoot. i promise the new ceo will not last too long. woke lost in this case. charles: also i look what happened in georgia too. brian kemp again, someone accused of doing things that i don't think he did, major league baseball pulls out of the game, a lot of local businesses lose out for no reason, the election went really nicely in georgia. stays aabrams more or less acknowledged that. we're all bracing for cpi

report. investors should form a strategy around recession. you got the 30 year yield. it has gone parabolic. this tells us if recession is on the way. it keeps going down and down. this not only says recession but it might be saying deep recession. phil, i need to know from you, the difference when you invest during runaway inflation versus when you're investing in the midst of a recession? >> real easy. buy real bonds. buy good bonds. treasury note yielding 4.%. own real bonds that will mature at par. if the, think of it this way, prices will go up as interest rates go down in the midst of a recession because the fed has to cut rates to save the economy again which we don't want to have happen but if it does, own real fixed income for time in long time. paid to wait around. get dividends, big quality dividends that smooth out volatility to allow you to invest. dividend comes in, you buy

cheaper shares. you will do just fine. charles: gary cpi, under 7.9, comes in better than expected do you think the market pops, chase something like that, or you hold off? >> i'm not sure.8 7.8 pops. that is a very, very big number the fact of the matter prices are elevated. you brought up recession. i watch two things, savings rates are plummeting, credit card use is skyrocketing. the horse left the barn, the train left the station a while ago. i'm keeping fingers crossed things do get better but a lot of things i follow very closely are not very pretty. i'm hoping we come out of this but right now, it is troublesome. this rally has been led by the dow while the risk-on has been suffering big time. again not so sure that's good news. charles: tell you what, the risk-on names, some of the darlings of this market the last two years i did not know a stock

could go down being down 80%, down 99%. just carnage everywhere. guys we got to cut it short. i have a live studio audience waiting for my. i appreciate you both very much. phil, gary, thank you very much. we'll pick up on the ftx fallout and all things crypto. meme stocks, these investors want a lot of answers. i will get them from sec commissioner hester peirce. she is at 2:40. asked you yesterday, reiterate that, tweet me a few questions, make them nice, tweet me @cvpayne. we have a very special panel. we went to vote yesterday. what do we think today? business owners, young folks trying to make it in this world. we have the whole bunch here. we'll discuss america's future here when we come back. ♪ personalized financial advice from ameriprise can do more than help you reach your goals.

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♪. charles: got something really special for you today a day after the midterms. a panel of voters, investors, and young folks making their way in the world. talk about their concerns.

business owners, labor issues, david, business owner for 34 years. christina is here from sneaker and street wear. ladies i will start with you, because this is a business oriented show and you know, it is also a show about achieving the american success. so when i see someone has been in business for 34 years and still you know, going through the ups and downs of it i understand 100% where you're coming from. what do you make of the economic circumstances that we're in? you know, seems like business must have gotten harder here recently? >> yeah, deferral so, yeah. my retail boutique for 34 years and recently we've just been getting it kicked out of us, it is unbelievable. covid has exacerbated everything. retail was tough. we've ridden the waves but this new wave has been impossible to ride. just so unpredictable. i feel like, you know, anything is possible. you just kind of constantly try to pivot an figure out what to

do next. charles: christine, you went from being a dartmouth grad. i guess you could have gone anywhere. certainly could have gone to wall street selling sneakers and street wear. >> i did. charles: how did you make that move? >> i actually did start when i graduated in wall street. i was at jpmorgan for a few years but ultimately wanted to pursue my entrepeneural passions. so i started with noble in 2012. charles: one thing every business that i have read about and talked to is concerned about from the largest to the smallest, inflation. just, how much, how expensive it is to get the product in. inability for some of these businesses to be able to pass it on of the are you handling inflation better at this point, deb? >> no. i import a lot of from europe. getting product was a disaster. supply change issues. packages that fall off trucks. a whole shoe shipment disappeared. how we handle it? we're in the trenches. we're trying to figure it out.

but it's a really challenging. charles: christine? >> yeah unfortunately it has been really challenging as a small business owner the last couple years. charles: some in the government have accused small businesses of profiteering. do you feel like, my costs went up. i just pass them on. has it been as easy as people who have no idea about business insinuated? >> unfortunately no, it is not that easy. i think that the issue we're dealing with right now that is most front and center for small businesses inflation where we've been dealing with covid hangovers. we've been dealing with challenges around hiring and retention and now we're dealing with ramifications of inflation. >> i hate to say it, look at diesel prices i hate to say it prices will keep going up as the federal reserve crushes this economy. i heard what you said things falling off the back of the truck. for folks unfamiliar with the term, in this area someone stole the stuff. i wanted to bring in a retired

law enforcement officer bill. you're retired officer. active. partner in a bar. let me ask you, crime was a big issue in the election yesterday. you hear people complain about it big time. what do you make of it. what are you seeing now with this present crime wave? >> well the way it is going about now, the way i see it now, the crime is based on, from how i see it, the economy. people need more. they want more. they're reaching for more. if they can't get it based -- charles: do they need this stuff? i feel like i'm seeing people going into louis vuitton and walking out of the store with $20,000. do they need $20,000 of louis vuitton stuff? do they feel entitled to it? perhaps to me different. they can go to jail and be back out in an hour. >> that is true. they don't need it. society has changed a lot with social media and being popular guy or popular girl.

everybody wants to shine now. so they're going to get it any way they can if they can't get it the right way. so they will go that away. charles: here you are retired law enforcement, still working. >> that's right, that's right. i've been chasing goals but still working. >> want to come back to you about some of those goals. i want to bring in bill. got three bills here. how are you doing, bill? >> good. charles: let's talk about this because you're obviously a business owner. you're concerned about the supply chain but also, i know you're concerned about getting skilled workers. we started hearing this term a few years ago and some people wrote it off. now we see really is prevalent. it really is a problem. whose job is it to make sure we have skilled workers in this country? >> i think small business has always done a good job of making it attractive, good opportunity, providing training. our workforce is has a significant number of you know, first generation international employees and we put a lot of effort into training them.

charles: so that's great for but in general, if you look at for instance, nfib, they can't, first of all they can't compete anymore. we're in what we call a wage spiral, right? people who leave a job go to the big companies, they get 16% wages. they can't get that at the average small business. some say they should teach this stuff in high school, giving people real skills so when they leave they don't have to get a four-year degree they can't use or be burdened by debt. is there a roll out there to make sure someone doesn't necessarily have to bring in foreigners per se, homegrown people, people sitting on the sideline? participation is still well below 2020. maybe reignite something in this country, bill? >> yeah, absolutely. i think just placing emphasis on high-skilled, technical trade, electrical work. we're in the motor efficiency business and our workers, i think that, it's a great path and you're right, we do have to compete against a lot of wage

increases and the way to do that is you just have to really leverage technology and you have to work smarter, not harder. charles: yeah. this last gdp report the two things that kind of saved it was shipping, selling gasoline to europe and companies investing in technology i guess, that is the only way to do it. say thanks right now. we'll take a real quick break, folks. when we come back we'll talk more things with younger folks trying to make their way in the world. give us a couple minutes. we'll be right back. ♪.

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(fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when our clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. ♪. charles: all right, folks, welcome back. we've got the panel with us.

we're chitchatting between commercials and christine dropped a bomb on me. aye yi yi, you didn't bring this up, how often are you robbed? >> unfortunately pretty much every day. charles: every day? every day? >> become cost of doing business in new york and new jersey. >> that's mind-boggling. >> it is really unfortunate. charles: is it same people? do you even bother to call the cops anymore? >> unfortunately, no, because i think it is so commonplace that police are usually not able to respond in a timely manner. these are usually folks run in and grab stuff, run back out. it goes to speak to how challenging of an a climate it is for small businesses to thrive right now. charles: really is amazing. i want to bring in andre and kelly, our two younger folks. i will start with kelly. you're bouncing around the country. you're from california. >> yes. charles: came to new york, went to texas an connecticut.

one of the things pushing you around christine's point, finding a place where there is not a lot of crime and you can pursue your own american dream? >> yes. i finally make enough to pursue that dream. now i realize oh, i'm actually not rich. i thought i was. they thought i was jeff bezos. every day i'm buying things. now i am here. budget. get hit by homeless people every day. teach their own. charles: are you just, what is your main concern then? you know, just sort of, i know quality of life obviously is permeating the air here. >> yeah. charles: that is something all americans are concerned with. is that you want to make sure you have a great quality of life? >> yes. i came used to the quality of life down south. my business is online and based here i am bitter here. i feel i have 10 toes on the on

floor, because it is huge. now i have to look over my shoulder. charles: you can't move back? >> well i can. charles: florida, everyone is moving to texas. >> my work is social media, they are typical young people in l.a. and new york. i'm opposite. i like whataburger. i feel i can protect myself. i can't do that here. it is very conflicting. stuck inside of the coastal cities. charles: andre, let me bring you into the conversation. you're 26. getting married soon. >> that's right. charles: phd student. i learned you get paid to be a phd student? what is going on here. >> some programs pay for themselves. charles: that is hell of a program. is that why some people never graduate. i bring andre on 10 years from now. working on the program. >> still working on the thesis, ironing out the last details. charles: how do you envision life. you're getting started.

you will have great credentials. your city ahn say the same, you know where you want to go, do you feel confident you see the world around you with did country ripping itself apart how are you feeling about it? >> well obviously the situation nationally is not good. it is not something that i am proud of but i'm still proud to be an american. i still love america more than any other country in the world i think it is important for my fiance and i to do things the way we want to do things. as long as the government doesn't start getting involved how we are raising our children i think we can get by pretty well. charles: great to hear you want to have children, pursue the american dream, a lot of people are being dissuaded about that that is a big, big problem as well. places like japan and europe. maybe soon even here. let me bring sean in for the conversation in a moment. you have four children. two grandchildren. charles: i got five, i got you

breath. your son is working with you. same age as andre. >> 32. charles: he was working with you. moving on. you're concerned for the younger generation, aren't you? >> yeah. he is out there trying to buy a house right now and it's very tough. charles: oh, my goodness. it is like -- if he had done it year-and-a-half ago. did he ask you for money pop? >> absolutely. charles: feel a little guilty? >> more than happy to give it to him. charles: more than 700,000-dollar house year-and-a-half ago, maybe get the same down payment a 200,000-dollar house. >> that is exactly. take a 500,000-dollar house pat 3%, 7%, you can only afford a 32 million-dollar -- 325,000-dollar house. inflation is crazy. it keeps going up. charles: about inflation, just had the midterm election how are you feeling where we are in this nation? >> inflation is killing us all. everything is going up in price. i'm worried for this generation coming up. they have to ask mom and dad for

help, why us to go out to buy a house to get the down payment. charles: yeah. >> my grandkids going to school, saving up for their money, everything else, for the college, it is going to be really tough for these kids. charles: blessing for me was to be able to buy my mother a house. last year help get my daughter and granddaughter a house. the other part of that, my son, is wearing out the uber-account, grubhub account. my man, you have to take a black car everywhere? golly. thanks a lot, sean. i want to bring in amorus. you're from the dominican republic. great to meet you. you're a private chef. i was noticing in the notes going over them, you have concern about the future, young people in this country. so far has america lived up to the hype? like you're from the dominican republic. hearing about america. obviously a lot of folks come here from your country, very successful. you want to get here. has it lived up to the hype yet? >> i feel like it has. i feel like a lot of people need

to come here with a empty palate. you have to get ready what is coming at you. that is a big problem with the youth, they're so impatient. they want to do everything fast. what i learned, i'm still a kid even though i'm 33, i learned in these like couple years of investing that you know, takes patience. it takes a lot of taking it on the chin. you have to have what they call diamond hands. you have to have diamond hands in any situation and what i've just learned it like you know, nothing is going to go your way. you have to take it as it comes. charles: right. >> you waste a lot of time trying to paint this perfect picture and you have to take the brush yourself and paint. >> the emphasis ultimately is on us as individuals. >> yeah. charles: i think the great thing the backdrop, this country is the greatest place to achieve these things. where is sal? >> right here. charles: sal, how is it going, man? >> it is good. charles: i see where you stopped day trading, you look better already, my man, tell you right

now. >> color came back into my face. charles: i guarranty you had before after, sal a year ago, sal now. >> head of hair. charles: you look good. i can see the flesh and everything. the day after the election. the market is falling apart. one hand we got runaway inflation. on the other hand the federal reserve beating up, deliberately trying to crush the economy. how do you feel about the crazy mix we're in? >> it kind of feels a little bit surreal trying to figure it out. i've always been a technical analysis type of guy but if you look at charts it looks like a little kid playing with crayons it really does. even going -- charles: you think because of what is happening with the overall country that makes a lot of these other investing decisions irrelevant at the moment? >> yeah, definitely. i definitely think it does. now we're seeing the way tech is going now. where are we moving after tech? when will which move back into tech? is this a buying opportunity? do i stay on the sidelines? it is the most confusing time i've seen. charles: let's ask a wealth advisor, we have bill.

stand up, bill. we met before. >> yes. charles: i love the fact you say you will never going to retire. >> right. charles: that is luxury for some people but unfortunately a lot of people going back into the workforce. we saw that in the last jobs report. >> true. charles: particularly millenials taking on a second gig. you work with people. work with successful people. do you still see that path? >> don't bet against america but i will tell you that the demographic on both sides, baby boomers looking to enjoy the golden years are being impacted by this high inflation. and millenials trying to buy a house. charles: what about the ability for some of the folks here to be able to get to point they need a wealth advisor? is this still viable? >> i think it is still possible. it makes it more challenging now because so many things are changing so rapidly that it makes it a little difficult to do. with good planning, good advice, reading your book by the way helps a little bit. >> all right. >> certainly the inflation has taken a toll on millenials

specifically trying to buy the first home. charles: we have to leave it here. thank you, very inspiring stuff. i really appreciate y'all for coming in. i think the overarching message is keep at it, right? keep at it. thank you so much. appreciate you. give yourselves a hand. great stuff. [applause] coming up the word of the day is comeuppance. it is happening to the most powerful people in this country. crypto is under amazing pressure, at this very second, look at that board folks it can go either way. sec commissioner hester peirce as crypto falls apart and maybe other parts of the market with it. we'll be right back. ♪ what if there was a community of like minded

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many are losing faith because they feel like maybe the authorities, maybe those in charge, maybe regulators like sec not doing enough to help them. gary gensler has been very active. we certainly see him a lot in the media. sec collected a record $6 billion in fines but doesn't make people feel better. perhaps the most outspoken and independent commissioner in the sec could help us here because she is joining me now in studio live, hester peirce. you were at one point known as the crypto mom but you put that moniker to bed. hey, i'm not a mom. b, you say government, people should get over the idea of government being parental. i get where you're coming from there but when people look at government, particularly the agencies designed to protect them how should they look at them? >> well i think there is certainly an expectation that the agency works for the american people and so we have to serve the american people. as the sec our job is to build rules in which the markets can

operate freely. people can make their own decisions about what they want to buy and sell and what they want to buy and sell it. charles: freely i guess is the part that is throwing a lot of people off. you know better than anyone else. the public at this point has lost a lot of faith in the sec. particularly new investors. we saw last year where trading was halted. now we see this big blow-up yet another crypto. inside the agency there is a sense of urgency to do something about this? outside the agency we hear a lot of lip service but we don't see any action. >> we're certainly working on a lot of different initiatives. some are good and some i think could create additional problems in the market but we're doing things working on shortening the settlement cycle. looking ways -- charles: why does that take so long, hester? >> when you do, when you undertake a rulemaking like that you're trying to get input from everyone so you make sure operationally it works well. that is a major change. you want to make sure you don't

cause more disruption when you undertake something like that. charles: does input from one source, you get input from everyone, powers that be benefit from the current system, they have the lawyers, they have the money, they have influence and put in some beautiful suggestions. someone writing a handwritten note at home to the sec are you giving them the same level? do you feel like the agency is giving them the same level of importance? >> we certainly welcome comments from everyone. if you bring data to the comment letter, you get more weight with that comment. everyone's comments matter. i think something like shortening the settlement cycle. you have uniform agreement. charles: i wonder that seems pretty simple to me. if that is low-hanging fruit, taking this long to do that some of the more controversial things may not happen. let me ask but the thing at ftx right now. earlier i had a guy jim bianco. i'm not sure if you know him. i think is one of the most brilliant guys for wall street. he had a question for you.

i want to share it with you. >> i would ask her straight up whether or not she believes de-fi is part of the problem we see not only with ftx, voyager, celsius, these firms this year failed and were centralized exchanges as well. whether or not this calls for regulation on decentralized exchanges? charles: your answer? >> so i think some of the problems that we've seen, without addressing any particular failure entity some of the problems we've seen really are about centralized entityies and not about decentralization. a lot of crip at the is pushing for to get decentralization. desend decentralization is tran parent. that could help address some of problems we see. charles: that is why you got the term, moniker, crypto mom. when you say something like it sounds like you get it. >> i certainly see potential in

it. some of the same lessons that apply in traditional finance we see play out in the traditional crypto markets. use the same skepticism. charles: you're getting pushback in the agency though? are you getting some pushback? >> what i'm getting pushback on i called for us to develop some clear regulatory guidelines which is our job and we're not doing that. instead we're bringing one-off enforcement actions. charles: i asked yesterday for questions. i probably shouldn't put your twitter handle in there. do you watch your twitter? >> i see it often. charles: it is pretty rough. >> it is. i love, that is what the american government is all about. we should hear directly from people. charles: one of the questions was about settlement. we talked about that as well. what did dttc, and some other issues, the dark pools? the inability to game settlement, that a trade may never settle? some of these obviously if the general public is available to figure these things out the sec must know about it. if it is not a deliberate effort

it's a slowest effort you can imagine to make this work. you know, so, what do you say when you see these sort of tweets. there are some meat to these things, isn't there? >> i certainly appreciate the input. people who are participating in the markets. they are observing things. they want to ask questions. i think that's a good thing. we do have regulatory changes to make but whatever we do we need to make sure not to break what's working in the market and i think that's a very delicate operation. that is why we have to undertake it carefully. charles: who does the sec work for? do you say -- >> ultimately the general public. we answer to congress. congress gives us our authority. we act on that authority. charles: but it feels like the large institutions have such a outsized influence s that just a function of government, a function of lobbying? >> one of the things i tried to do in my tenure there is to hear from as many people as i can. so i try to reach out to people who are active participants in

the markets, people who are retail participants and make not as active. charles: right. >> so my door is open. i love hearing from people. charles: you will. you will continue to hear from them. i want to say i admire you for coming on because this is serious. i'm a champion of investing but i don't think there is a level playing field and we need people like you inside there fighting the good fight. >> thanks for having me. charles: appreciate it. folks, coming up i give you my takeaway on the next warren buffett. as you can see a few of them have gone down in flames. big tech getting slammed. sarah kuntz here on the changing of the gourd in the vc world, the tech world and maybe your portfolio next.

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charles: comeuppance is the word of the day. happening to the biggest, out most powerful people in the country, particularly those tech billionaires. here's the thing. they threw around a lot of money. they wanted to change policy and other things. now they want to put out their own fires. i want to bring in sarah kuntz. apple we know this purities it into perspective. apple is still hanging up here.

all their rivals are getting hammered. tim cook, clean cut image, sort of a boy scout. apple has been ruthless. they have really gone after these companies. just your thoughts, not just by accident they're hanging tough and everybody else is falling apart? >> they have been incredibly effective at kneecapping advertisers, right? they should probably be called the tonya harding of tech companies right now but the reality is, the hardware business isn't really where it used to be and i think to some extent the way they have been going so hard on rivals is proof of that. if you're innovation machine is working then you don't have to work quite so hard taking out everybody else. is apple going to keep being a billion pound gorilla in the room? absolutely. i don't think they are at peak innovation. i think they need something new besides airpods. charles: let me ask you something about the broad market. you you were cautious. you told us what happening could

keep happening. snare close have to be built in this market. have we there yet. >> people want to call the bottom and go on holiday but reality one it's a fool's errand to call it exactly but when you look at global macro trends it is hard to argue it is in our rear view. the fed made it clear rate hikes will continue into the new year. i think it will be at least summer again before we start to feel like this is behind us. charles: but you have picked some, diamonds in the rough if you will. i guess it will get a whole lot rougher. sarah, we had a live studio audience. so we're short on time. always appreciate you. hope we get you back soon. all right, folks, i will be back soon. give me one second. ♪.

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