Memorial in arlington, virginia, a special veterans day edition of Halftime Report. Now, heres scott wapner and the halftime investment committee. [ cheers and applause and welcome to the womens memorial here in arlington, virginia. We have a great lineup of womens veterans in business including the ahead of womens veterans on wall street and some of todays highest ranking female officers. Were happy to be with you to honor women who have served this great country. Our traders today were going to get to our guests in a few moments. We honor your service. Lets kick things off with the markets. Stocks have been trading around record highs. Im going to defer to you first for obvious reasons. Thank you for being a part of our program. Trade. Thats what it all comes down to yet again. Trump earlier today, the president saying he hasnt agreed to a rollback of tariffs with china in any way. Were still up a little bit. Before we do that, thank you again. More importantly, i think thank you to everybody serving today who has served. We have the privilege of being in the industry knowing we are under the protection of Uniformed Services knowing that allows us to live our american life. Now, it seems so trivial to talk about trade, but lets talk about trade. It looks like this phase one is going to happen. Im hopeful that this back and forth whether we meet in the u. S. , whether tariffs roll back or not. I think thats immaterial as long as there is a sign of progress in some sort of phase one deal signed. I think it would be great if the tariffs were rolled back, at least the ones issued on august 1. That was the one round of tariffs it seems a little bit hasty. I think you can roll those back and move forward and still not lose your negotiating power with the chinese if you do that. It seems at least on the issue of trade what was yesterday with this white house isnt the same thing today. We have learned our lessen about that. There has been a lot of optimism. Its driven the record back. You can feel the turn in the narrative. You have new calls today. Tom lee raises his target to the end of the year 3185 said when he was on with us it can go higher than that. Marco, jp morgan, a technical guy is increasing risk on. Streets getting more bullish. Is it justified . I think its more than just trade that has held us back. It was Global Growth and Global Growth recession that we saw and manufacturing recession. We have actually been getting data over the last couple of weeks that actually has shown us seeing stabilization globally. Even here money supply is up eight percent in the last 13 weeks. Thats very positive. So if we can get any progress on trade and then you have Global Growth stabilizing. And then you have earnings less bad and next year earnings are expected to grow eight to ten percent, thats a heck of a lot better than flat this year. Is there reason to be more bullish than we have been in prior month snz. Im going to tell you what i consider to be the single most Bullish Development that happened during the course of 2019, and it is still happening. We went into this year with this idea that all the market was being generated by a small group of companies known as the f. A. A. N. G. S. And they would take over every industry and i dont think people were really excited about that, unless you were the ceo of one of those stocks. This year we had a complete reversal in the sentiment around that idea. Look at amazon. Its up 15 on the year. Not bad, but drastically trailing the s p 500. In the meantime, take a look at walmart. Take a look at target. Take a look at costco. These stocks were up 40 , 60 . So i think the idea that you can buy companies away from Silicon Valley and that theyre having success taking on the amazons of the world, that is a relatively new development that people are waking up to. The American Consumer has never been better served by some of the Large Cap Companies in this country. And i love seeing it be a ball game once again. Is that something you will see continue i think we do. I think we are seeing more confidence on the part of what we used to think of as old Line Companies saying we can be a tech company, too. We are seeing it in finance and health care. Companies have confidence that they can get into the game, too. I think it reflects stock prices. Thats why there has been such a bid driving the train for a while. Now things have reversed. There is a good debate as to whether that is going to continue. A lot of the recovery that weve seen in value has to do with the steepening yield curve. Basically Global Consumers have shaken off any fears of a recession. Can we dismiss the premise that inversion was going to lead to a recession . We have seen such a dramatic reversal in the correlation that was negative 55 basis points at the end of august. I agree with the comments of everyone. Im very bullish on where we go for the remainder of the year. Remember, consumerism has no boundaries. We have a protectionist mentality here in the u. S. The consumer here, the consumer in europe and the consumer in the emerging market, theyre out there. Theyre spending. What about the idea that value has never been this cheap . Is that still the place to ride . I think it is, but im a little bit biassed, because i do have a value youre the expert. I think that the sectors that are value, even energy have lagged for so many years. And there is been such disinterest. There has been interest in f. A. A. N. G. And growth stocks. So i think the positioning is very important. The positioning is still in those sectors and in those stocks. I think its not going to take much for the value sectors to continue. But you do need to see eventually Global Growth, not just stability. Im excited about seeing stability because i think industrials are priced so inexpensively and so are materials and energy. But at some point, youre going to need to see growth. So im watching it. Im very encouraged. And im enjoying this rotation for sure. Value rotation continue. We talked this week about the money on the sidelines, billions and billions of dollars if not more and whether its going to come in and if it does where it is going to go. Its just a question of when. Thats what generally generates that phase of the rally that we havent seen. We havent seen that phase. The question about value, i do think it continues. I will borrow a phrase. There is a ball game here. You cant just throw money at every sector of value. I think industrials are a little ahead of themselves. So united rentals, i like them still. Energy is a great place to be bottom fishing here. And you can do it safely. We talked about this yesterday with some of the dividend players. Or you can get aggressive with high beta names. Health care is an industry beaten down because of legislative issues. There is a ball game. There is places to be specifically. Its not going to be a straight run to the top. Today were at the top. There are a lot of reasons to think that we could go higher, but yet takes a trade comment or a headline and drops you back. I disagree with that. I think the market is becoming desensitized to a lot of the headlines that are emminating around trade. I think the market is more importantly pointing towards the recovery. If the president today said we have agreed to roll back the tariffs, you wouldnt have a dow or s p that were in negative territory. Certainly. Its still sensitive to the most important parts. There is a chase more on the upside. There is more of a chase on the upside. I think underneath the market and largely that is due to the Federal Reserve, there is the put underneath the market. Its back in 2019. I think we have to understand that the liquidity is there. The sensitivity is on the upside because people are under performing. Talk about the put. Its the idea. Its insurance. There is powell insurance that if things got bad, the fed would cut rates. Right now the stance appears to be the most recent cut and then a pause. Its the global central bankers, too. Thats very powerful. Or and the liquidity which is so important. Its not just cutting rates. Its the global liquidity. The Federal Reserve has lost to a certain degree their power to enact economic growth. What they can do is effect asset prices. And its the wealth effect. And we have all talked about the wealth effect on the show. That seems to be the once defense mechanism that they have. And in 2019, they are all in. Discount it as a tool. When you consider how central to all of our lives now our 401 k balances are, the middle class, the upper class in america rely on the 401 k balance for their future, but also take their cues today in terms of how theyre going to act, whether they shop a lot for christmas or not. We actually saw a bear market october, november, december of last year. And it hit holiday sales. That shouldnt be surprising to anybody. 5. 8 trillion currently sitting in 401 ks in i. R. A. S. When that drops by 15, 20 , there will be an economic impact. The good news is it always worked the other way around. A year like this, every asset class is up double digits. Whether Investment Grade bonds, u. S. Stocks. So i think youll have a really good holiday sooens. I think that optimism can bleed into the first quarter. I think we have to acknowledge we have nooengineered a situatin where no matter what the stock market does. Lets kick around disney, if we could. Thats the big mover. Top and bottom, its the best performing. You should deploy yourself in disney. Lets speak the language of why were here. The bar was high i think going in. Optimism had dripped a little bit lower. Now what so in preparation for disneys earnings, i looked at my holdings. After jp morgans earnings were released, i have continued to buy more. I asked myself the question, do i want to have the same behavior in disney . And my answer was no. Disney gave me what i was looking for. They have told me that they have checked all the boxes and things look as though they are going as planned. The real story is in the future years. Can they get the subscriber growth i dont expect very much from disney in the near term. Im certainly happier today than i was yesterday. Im going to wait with this company because i believe in management and the strategy. I think this is a company thats really going to accelerate. Disney very much fits the narrative of my opening comments about old Economy Companies deciding were in this game, too. Disney is still ten points off of the high. 147 was the previous high. I think it still has room. And igor made comments about the technical aspects. They didnt test it here. They tested it in the netherlands. Just with old content, people in the netherlands went absolutely bonkers. They did not have technical glitches or issues that were worth pointing out. The app works as advertised. This is disney creating its technology. Im superbullish. This company is almost 100 years old. They have to contend. Thats talk about the valuation. The stock is down 10 from last quarter. Im all jazzed up about disney plus. This is years in the making. You have to wait five years to see real intense and competitive product. You have to invest in this technology and in the content. And so to me i didnt youre right about that. Is it five dollars or six dollars. I purchased this, i dont know when that is going to be. So for me at 24 times earnings, ive made my money. Ill keep a little position, but its very much like mcdonalds. What if they dont invest we all agree, what if they didnt do this it would be lost. Of course. That is why i own it. Im not going to sell the entire position. I dont need to make this that large of a position when we just dont know what the operating leverage and retuearnings power of this company. When we were buying it, it was cheap, because we could discount the future earnings. We knew what they were going to be spending and investing in. Now it seems like they are opening up the spigot. Cramer made the point that igors ability to adapt on the fly the way he has is i think unmatched was the word that jim used or something to make that similar point. That is what you were talking to about the leadership. Signing the deal with netflix and turning over their entire content library to another company. And they essentially helped netflix build 60 million subs with disney content. They have had to adjust to the fact that netflix is the center of the content consumption universe. Dont you think the stock should be up more today . It was up seven percent at one poi point. To me if everyone was jazzed up about the future and excited about the resultess and visibility into next years earnings it would be up seven, eight, nine, 10 . Ill take that skepticism. To be continued for sure. Up next, the head of Women Veterans on wall street. Were going to find out what shes doing to bring more women like her to the world. The special edition of Halftime Report honoring americas veterans continues from the womens memorial in arlington, virginia. Well be right back. The womens memorial sits on the edge of another National Memorial, Arlington National cemetery. Just meters from the gravesite of president john f. Kennedy. This memorial is the only National Memorial honoring americas past, present and future female members of Americas Armed forces. This memorial has become for me the most important thing i have ever done and ever will do in my life. The doors of your memorial will be open. The memorial opened in october of 1997 and is open to the public every day of the year except christmas. Exhibits begin with womens involvement in the civil war and the spanish american war and go right up to today. We tell the story of what women have done in service to this nation like no other place anywhere in the country. More than 3 million women and counting have proudly served in the American Military. More of the special veterans day edition of Halftime Report live from the womens memorial in arlington, virginia is less than two minutes away. When military men and women come back to civilian life, they need jobs. Organizations like veterans on wall street are helping them make that transition. Patricia laborda, a Founding Member of Women Veterans on wall street now works for u. B. S. One of her mentors is a wealth adviser and Senior Vice President and is part of a military family. Her son is a lieutenant in the navy. Kelly demers is a graduate of west point and is currently Senior Vice President and adviser with bank of america private bank. All three are with us live today. And welcome back to this special veteransday edition of Halftime Report live from the the womens memorial. With us now, ladies thank you for being with us today. Thank you. Im going to start with you, patricia. 13 years in the army. How did this group come about . So it really just started reflecting from my experience leaving the military. I figured out now i want a career in Financial Services. And just during that process just naturally i realized i need to learn about what im getting myself into. Having mentors helped me i found was extremely important during that process. I think thats something that a lot of veterans will benefit. We created womens veterans to create a network so veterans in the industry can share that information with Women Veterans that are thinking about making the same transition. Are we Getting Better with hiring veterans . The hiring effort is absolutely Getting Better. I think women need to come in making the informed decision. Is this sthe industry. The resources are there both in the military and also in private sector with nonprofit organizations. Being strategic with how you leverage and put it all together, do i want to go to grad school or take that first career. You have been a mentor. Your son is a lieutenant in the navy. Talk to us about all of that. I first got involved with the Veterans Network about 10 years ago when my son was commissioned into the navy. Because i have no military background nor does my family. I thought this would be a good way for me to learn about the experiences of military personnel. So through that works with one of the partnerships called american corporate partners. And that organization mentors executives throughout the fortune 500 companies to work with some of the transitioning military. Kelly, the number of women has doubled, i believe, in the corps in the last 30 years. You have really seen proliferation, i think, of women who want to be in the military and then ultimately need to transition out. Thats correct. For my case, i did spend 4 1 2 years on active duty. When i transitioned from the military, that was before internet time, and there really wasnt a whole lot of mentorship programs out there. And so i didnt jump right into finance at that time. I chose a different career path. And i realized that i wasnt really fulfilled. And being a soldier, im a soldier for life. Its in my dna. I wanted to help people. And what a better way to do it with their finances. Can you what lessons did you take from being in the service to managing peoples wealth there is a lot of skill sets that really go well into finance from the military. Discipline. Discipline. Maybe thats the most important thing. Thats a word that i hear from those on our show all the time, the discipline that it takes to make the right decisions. Is that the number one thing discipline and integrity. We are dealing with confidential information of the peoples personal finances. I also work in a team environment. So in the military, were surrounded by lots of different skill sets, people from all walks of life. And thats very similar to my role in the industry is that i have great people that work with me and help my clients out. Discipline, is that another thing that youve taken from your 13 years of service absolutely. Youre entrusted with a huge amount of responsibility and the discipline and the integrity and values that across the board veterans bring in any industry is transferrable and that is something that we want to make sure that it truly resonates and giving the opportunity to figure out what is the industry that i would want to see myself in the next three to five years. How big can your organization be so right now we have about 200 members that volunteered to engage with veterans that want to reach out and learn more about their industry. And its more of an informal conversation to reach out and ask the questions and learn about the experience and hear their story. Eight firms are partnered with you we have about eight firms that have supported veterans and helped us host events. Only eight . We have i say that because we want everybody to be a great supporter. We want more organizations especially across the industry. We want to branch out not just in Financial Services open up their doors to have veteran comes in. Just ask questions and shadow and see what its like to work here and see is this the industry that i want to cross into. Great having you here. Thank you so much for spending time with us here today. We have questions from our live audience. Thanks, scott. Yes, im here at the womens memorial. Folks, you have to come down here and see this. This is fabulous. I want to start with a question from a woman, a female who is the spouse of a marine corps. Introduce yourself. I am the spouse of an active duty marine who is currently serving at the pentagon. Tell us your question. Im wondering if google stock will ever split which will help my stock because people can finally afford it . I dont think its going to split. That will actually make it split cht watch monday. Having said that, there is a lot of highpriced stock these days. When i was growing up, having a stock split was wonderful. The truth is it doesnt change the monetary value. When i was growing up, there was a penalty in the price you paid if you bought less than a 100share lot. Thats not the case today. I realize 1,300 for google. If they havent split by now, i think its unlikely that they will. Thank you for your service. Now we have preston. Give us your question. My question is, with markets on a tear, are there sectors or individual stocks . I think all sectors are good right now. Im not going to Say Something silly Like Technology is expensive. If youre overweighted in one particular stock or sector and you can compare that to the s p 500 balances, then you should trim it. It doesnt necessarily have to be priced. Its relative to you and how youre allocated in your portfolio. Thank you for your u. S. Air force service, preston. With that, im going to toss it back to you. Thank you very much. Some of the highest ranking female members of the Armed Services join us next including the highest ranking sisters in u. S. History. Well meet both generals next. Also, the first female fourstar admiral the navy has ever seen. She has many firsts on her resume. Shes a board member of ibm. The special edition Halftime Report returns in just two minutes. There were many women throughout our country who have never heard of the memorial, that dont know their service can be recognized. If you or someone you know is a woman veteran, please go to wome womensmemorial. Org or call us and regter. My family has served in the army for over three generations. My great grandfather was in the army, my grandfather in the air force and my father in the air force, as well. Getting to lay a wreath at arlington was such an honor for me, because i know my father and grandfather lost many friends at war whose familyies never got th chance to say good bye. She is here in the audience. Her dad is a veteran. Her mom is a Financial Planner and knows the importance certainly of investing early. So our friends are proud to honor the recognition of veterans with a gift card to help her get started on her investing journey. How great is that . So happy to have you here. I know it meant the world of you to come down here. Thanks for being here today. We want to move on now and speak with some of the highest ranking women in military history. There are about 1. 3 million active military personnel in the u. S. Armed forces. 215,000 of them are women. With us today, army general paula lodi, her sister is Major General maria barrett. Together, theyre the highest ranking sisters in the history of the u. S. Military. Lieutenant general is one of the topranking women in the United States air force serving from the pentagon. And retired admiral Michelle Howard is the navys first fourstar female admiral. She serves on ibms board of directors. Please help us welcome four of the highest ranking women in American Military history. Thank you so much for being here. What a real pleasure to have you. Just tell us what the military has meant to you. Oh, my gosh. I think about serving with sailors and marines and some of the phenomenal missions we were involved with. And they are a group of individuals that perform miracles every day at sea. Thats a privilege to lead people like that. Given your really incredible distinguished career, you must realize that youre a role model to girls and women, girls like isabel and others who may want a career in the military. What advice do you have for them i think anyone should pick what they want to do, and pick a career that they love. If you have passion about what youre going to do, you wont feel like youre working. Two sisters who become generals, how in the world does that happen . It happens because you have a passion for what you do and you pursue it with great determination. And you get promoted through a system that actually promotes everyone equally. So i think this is a credit to paula and i working hard at this and really being committed to it. Did you always know that you wanted to be in the military. Did you think your sister would be a general so yes i always wanted to be in the military from a very young age. No, did not ever imagine being at this point in my career. But i dont think anyone was ever surprised the day that maria was promoted to general. Were you guys competitive i have two stars, you have one star. Wheeze rr going to get more stars . No. She is sitting on the wrong side of me. It is you are with the cyber command. What about the partnership with Silicon Valley is it a good one that the military has with Silicon Valley do we rely on them are they a good partner . I think Silicon Valley and industry in general, and i would throw in academia, are absolutely critical to what we do. I think cyber is definitely a team sport. We cannot do it without the partnership. The amount of Technology Changes that take place, it is absolutely essential that we partner with them. Obviously cyber threats, how concerned should we be i would be very concerned if somebody came and punched you in the nose. You would want to take a swing back at them. I think we need to be prepared to have options to defend ourselves in this space. You wanted to be a dietician. I did study to be a dietician in college. When i commissioned, i commissioned as a medical Service Corps officerer, as a field medicalusiste cysassistan. My thought was i would do 10 years as a field medical officer and troop assignments. But then at the 10year mark, then transition into a more clinical field within the Army Medical Department so i could prepare myself for transition afterwards. My first two assignments were in divisions, were in combat divisions. And that really gave me a feel for what my passion was and what i love doing. General, the air force, its so interesting you actually commanded the president ial air wing. When i read that, i was blown away about how unbelievable that must be. Can you talk to us about that . It was a great honor to command. We not only fly the president , but we fly Vice President , secretary of state, all of our cabinet officials and congressmen around the world. Its quite a responsibility, because its not just an air lift mission. These aircrafts are flying command posts that we keep all the government officials connected at all times to make sure they can do the business of america every day. And the men and women of air Mobility Command who do not only this mission, but the mission of air lift and air medical evacuation around the world, they take great pride in what they do. Im very proud of that team. You actually flew air force 2. I did. I didnt want to leave one of the headlines out of the story. Thats the 757, flying the Vice President and secretary of state. What an honor to bring them to places for diplomacy. We bring diplomacy forward. What is the future of the air force going to look like in a world talking about drones your air force is becoming a digital air force. Digital transformation. What were trying to do now is harness data to make decisions faster, artificial intelligence, machine learning, because speed wins. So what you see and when you bring up drones is we are trying to tie every censor like a drone, like a satellite, like a navy ship, like a soldier, tying all of those censors together to make some sense out of that data so that we can bring it to an effect whether an air force effect or navy or army effect. Tying censors to shooters 24 7, accelerating our decision advantage. Admiral howard, youre on the board of ibm for those who dont know. Using your military experience, how are you helping that company plan for the future . So the navy is a global navy. We get a strong sense of the geopolitical landscape wherever we go. And then ibm is just a different shade of blue and also a Global Company and needs a strong list of the landscape. There is nothing we can do today talking about how connected we are. There is nothing we can do today that doesnt have ripple effects across the globe. Let me thank you all for your service and thank you for spending time with us here today. [ cheers and applause let me bring in josh, a member of our investment committee. Hes standing by with some members of our audience taking their questions. Take it away. What an amazing event this is. I will take a couple of questions from the audience. Id love to give you a good answer, so give me an easy question. Ill try. Thank you for coming. My name is melinda. Im here to honor my motherinlaw who is one of the first. How long are my stocks in the doghouse only a few weeks. How patient do i have to be lets say you were a value investor, you would have been asking that question for 10 years. These types of trends can go on for a really long time which is why we never advocate for investors to pick one or the other. Its always got to be a balance. And then part of that is the rebalance. So when you do see a wide gap between the returns of both, you have to take that as an opportunity, sell a little bit of what has been working and add to what hasnt been working. If you do that systematically on a time table, youre not going to be worried about when one will catch the other. Youll be rooting for that separation. Thank you for that question. I would like to ask you invest in that one spice for the rest of their life. What would that stock be and why . Thats a tough question. I would probably say that it should be a Technology Company, but not a Technology Company thats reliant on a single technology. You want to think about its no sure thing that google will catch the next trend and the next in search as things move to voice from the screen. It will be a challenge for them. I think they are diversified enough. We couldnt understand you can probably bank on them eventually figuring out what they need to. That would be my best guess. Either one. Judge, im going to throw it back to you. Josh. We appreciate it very much. We have more stock and finance questions coming up next. One of the many great things about the womens memorial is the history behind it. The roof has special glass panels with four famous quotes of women in the military. The qualities that are most important in all military jobs seems like integrity, moral courage and determination have nothing to do with gender. Ermecacos army dil rp opation desert storm. This special edition of Halftime Report is brought to you by boeing. To all the veterans, thank you. Let the generations know that women in uniform also guaranteed their freedom, that our resolve was just as great as the brave many and with victory our hearts were just as full and be just as hard for those we left behind. Welcome back to this special veterans day edition of Halftime Report. I want to welcome in two more members of the investment committee. They made the trip, as well. Its great to see you guys down here. Great to see you. Were going to go back to looking at the market. We have a big week coming up next week. A certain fed chairman is going to capitol hill. What does the market need to hear i think the market needs to hear a consistent message from what we heard that we are not looking for additional cuts and not looking to change our overall stan stance. I think it has been a driver. Wednesday and thursday is where chair powell is going to be on the hill. Can he do anything to upset the market i think hes been so consistent. And im continuing to rely on that. I love those words act as appropriate. Thats what i want to hear as a Portfolio Manager. A bunch of Economic Data out next week. Along with earnings, you could have i dont know if i want to say a pivotal week, but certainly an important one for the direction of the market if you can extend the highs that were trying to get past. I think what is going to upset the momentum that we look over the next six weeks or so. If you look at making sure were consistent from the fed and making sure we do see some relative progress on the trade side and earnings continue to come in better than expected with some meaningful upside in Consumer Sentiment coming out of the ceos i think that is really important. I want to get through a couple of stocks, as well. We like to do a call of the day, generally a Sell Side Research analyst comes out with a stock. Foot locker upgraded to positive from neutral. Price target goes 55 from 43. You owned foot locker. I do. I think the challenge with foot locker has been we go online to buy everything. I think the samp store Sales Numbers have been disappointing. The brands are still very supportive of the model. As long as crow have great sell through of new items to get a fresh pair of shoes and that you are able to try them on and see how they look, i think foot locker will continue to be volatile if you believe the consumer is going to remain positive then heading into the holidays, foot locker maybe not a place to be. I would say no. Lets talk caterpillar. Price target goes to 156 from 130 at goldman. Theyre still neutral on the stock. They bump the price target up and we started our show today talking about trade and tariffs and whether the agreement is going to be signed or whether tariffs will be rolled back. Is caterpillar waiting with baited breath to see what happens . Maybe not waiting with baited breath. The way we look at it with all the trade, we look at that as stabilization coming into the global economy. When we think about cat as an investment, we look at lower interest rates, a stabilizing economy. We think they are very positive and we think analyst earnings for 2020 are probably too low. There could be positive surprises going into next year. Meanwhile, its super cheap. And it has a three percent dividend yield. We love it and we think its a nice place to be. Were going to take a question from the audience. The hot seat. I live in the area, watch the show every day from my desk. Its great to see you guys here live. I wonder about the outlook. And so if you think about it in terms of, you know, the different platforms that you can access content on, i think that were going to increasingly be forced to try to figure out where we want to see that content. I think from value perspective, theres still some there is some value in the viacom name but i would, as an investor, im more focused on where do i want to get my content . How do i broaden my basket of content . And so i think names like netflix, which i know has been under some concern, you know, stress certainly but thats an interesting place for me. Okay. Thank you. Thank you so much for your question lets take another one [ applause ] hi, scott hi, ladies welcome to washington, d. C i think the obvious question that everybodys thinking about here in our area at least and probably in the country now, hows the impeachment hearings and possible impeachment going to affect the markets . Right so were good question and thank you for it here, were talking a lot in the last couple of weeks about which candidate may run, which may not. Whos going to get the nomination what the impact of the markets going to be. Whether the markets going to go down 20, 30 if a particular person gets the nomination what about impeachment just washington intersecting with wall street. Can i take that one yeah, please. Thanks for the question i actually had a client call last week or email and he was freaking out about the impeachment hearings and his son apparently had emailed him and said, like oh dad, the impeachment stuffs going on you should get out of the market and one of the things i love so much about being a Portfolio Manager and looking at each portfolio in the company individually is it helps you tune out the noise and the reality was there was no talk in the market last week no talk in the actual market or fluctuations in the market about the impeachment hearing. And then when you look at each company in your portfolio, you can see it makes no difference whatsoever right . It makes no difference to ibm or at t or viacom or cat. They are not making decisions based on oh sorry there theyre not making decisions based on the impeachment and so its nice to be able to just ground yourself in that i dont think its the impeachment conversation i dont think its meaningful as an investor right now. Thank you so much for the question much more to come on this special veterans day edition of the Halftime Report. Next, a former army officer and her sister born and raised in a military family see how theyre making their footsteps heard in the world of business when the Halftime Report comes right back from the womens memorial in arlington, virginia. My parents never taught me anything about managing money. The amount of Student Loan Debt i have, im embarrassed to even say. We just decided we didnt want debt any longer. I didnt realize how easy investing could be. Im Picking Companies that i believe in. I think sofi money is amazing. Thank you sofi. Sofi thank you, we love you. And nobody understands your options like the advisors at a place for mom. A place for mom is a free service to help you find a place that fits your parents budget, needs and personalities call today. Cala place for mom. A place for mom. You know your family we know senior living. Together well make the right choice. Army veteran emily nunez is the founder of sword and plow. The militarys trash is her treasure with her sister betsy, they take surplus supplies, turning them into bags and other accessories. Supporting veterans is a big part of their mission. Hiring veteran contractors and donating 10 of profits to charities that support veterans. While based in denver, they used the latest technology to stay in touch with their manufacturers. I have a productionrelated question. The sword and plow sisters also hope to strike a conversation and set an example about what it truly means to serve the country. Emily and betsy the founders of sword and plow are here with me now hello, ladies. Congratulations on this business. Scott, thank you so much for having us. Id like to know first, betsy, where did this idea come from well, we grew up in a military family and that inspired emily to serve. And emily thought of the idea while in army rotc. Yeah. I went to middle Berry College and did army itc while i was there and for many years, i was the only rtc cadet on campus so i saw a need to strengthen Civil Military understanding and learned about some challenges around veteran unemployment. And we thought how amazing would it be to work with veteranowned american manufacturers to repurpose military surplus and make these really durable and stylish accessories. Its one thing to have a great idea its another to put it into practice how did you take it from idea to reality . Well, we have an amazing team and i learned so many lessons in the military that has helped me and our team at sword and plow so much. And so we launched on kick starter in april of 2013. Is that right yes and actually, we had to move it up by a few months because i found out i was deploying to afghanistan in just three months and so the army teaches you how to be adaptable and we put that into practice. Wow how did you get the material and how do you continue to get the materials . So we have a variety of different avenues. But one of our favorite has been our uniform donation program, which has allowed us to upcycle a lot of uniform fabrics and really see the range of different fabrics and camouflages over the years weve received some really, really interesting pieces and some really great pieces with history and incorporate them into pockets and organizer pockets and liners into our products. Not just for ladies we see a lot of purses and handbags and some jewelry there, too. But i see a shaving kit for men. Yeah. The shaving kit is one of our bestselling products. Weve also got a money clip and a number of brass accessories, which are all handhammered by an amazing female veteran in kentucky named shanna. But all our brass products are made out of repurposed shell casings. But pretty much any type of bag, we make it, as well as jewelry so this is just a small sampling of what we have. But they make great gifts and were really proud that theyre all made here in the u. S. You said that all of the contractors, all of yours, are veterans how did you establish that network . Yeah. So actually, when i was a Second Lieutenant and working on sword and plow in the evenings and with betsy whenever we could squeak in a little bit of time, we started researching veteranowned american manufacturers in the United States and found one and then have built on that to now were working with five different veteranowned american manufacturers across the United States. Fantastic well, congratulations on the business thanks so much for being today here with us. Thanks for having us. Sword and plow. Thats the name. Veterans day coverage continues continuity with jim cramer and mad money. Hes at the air force academy. Scott, amazing show we got to keep it going and we will drop at the u. S. Air force academy at 6 00. 6 00. All right we look forward to that. Jim cramer out at the air force academy. Thank you so much to our studio audience today all of our veteran guests and most importantly to veterans all across this great country of ours and those of you abroad, as well very thankful we are for what all of you do. And for all of us here at cnbc, happy veterans day [ applause ] scott, what a wonderful hour on hollowed ground in arlington, virginia welcome, everybody this is the exchange and heres whats ahead. The tariff tug of war after trade optimism fueled stocks to new highs, the president saying today he has not agreed to roll back any tariffs were going to lat