Member at your place of worship. Maybe it saves the lives of one of your childrens teachers. Maybe it saves your lives. So, please, i implore you, wear a mask do it for yourself do it for your neighbor. A mask is not a political statement, but it is a good way to start pulling the country together i want to be very clear. The goal of mask wearing is not to make your life less comfortable or take something away from you. Its to give Something Back to all of us, a normal life the goal is to get back to normal as fast as possible and masks are critical in doing that it wont be orever, but thats how well get our nation back, back up to speed economically so we can go back to celebrating birthdays and holidays again so we can attend sporting events again, so we can get back to the lives and connections we shared before the pandemic. It doesnt matter whether or not we always agree with one another. It doesnt matter who you voted for. We are americans and our country is under threat. And now were now called to do the same thing that many proud americans have done for generations throughout our history, rise above our deferences to defend the strength and vie at that time of our nati vitality of our nation thats the character of patriots, thats the character of americans we have to do this together. Wearing a mask might seem like a small act, maybe you think your individual act wont make any difference but throughout our history weve seen over and over how small acts add up to enormous achievements. Its the weight of small acts to the that bend the arc history. Theres nothing the American People cant accomplish when we Work Together as one people, with one mission we can get this virus under control, i promise you we can rebuild our economy back better than it was before. We can address racebased disparities that damaged our country. Its in our power. So lets wear a mask, lets get to work. Thank you. May god bless you and for all those who have lost somebody, our heart goes out to you we know what its like. Our heart goes out to you. Maybe god protect our heath worker workers, our Health Care Workers and all americans. Thank you. That is the president elect joe biden there giving his first covid19 briefing. Also announcing today his transition advisory board. The president elect saying, quote, the challenge before us is now still immense it is growing. There is need for bold action. The president elect also laying out a series of initiatives, including a core of contact tracers, he says much more testing, the scaling up of therapeutic and ultimately a vaccine. The president elect also discussing the Ground Breaking news from pfizer and the progress that it is making on its own vaccine. We will spare no effort to turn the pandemic around says president elect biden when he is sworn in on january 20th lets get to work, lets wear a mask Kayla Tausche watching it all for us kayla, they are moving forward even though the current president of the United States has still yet to concede that election without that concession, the transition team, scott, will not have access to federal funding and meetings with their official counterparts within these agencies to move forward but even so, the president elect has a roughly hourlong briefing with his newly announced covid19 task force. We are still awaiting an official readout of that meeting from the pool that traveling with the president elect. You heard he was attempting to depoliticize the wearing of masks and areaff reaffirming next months the cases and deaths will rise. They also have on the transition web site underscored what they believe is needed from a finance perspective. He believes they will need emergency funding for schools for ppe and Small Businesses to reopen and a Renewable Fund for state and local governments that are facing budget shortfalls, so they dont have to keep going back to congress for more money, which has become an incredibly partisan process on capitol hill and even as this pandemic has ravaged the country under the watch of President Donald Trump, it is now up to the president elect to oversee the deployment of the vaccine. Even this amazing news from pfizer and biotech today, getting it in the hands of the people who need it most will be another challenge. Appreciate that thats Kayla Tausche for us. A new high today for stocks. A beg day in fact all across the board in the markets the s p 500 hitting a new record high, the first high in the Dow Jones Industrial average the Investment Committee to discussion all of the broad implication, joe terranov, you get the first crack at this today. It may not be the finish line but we can see the light at the end of the tunnel. We certainly can. I think whats interesting about today and, first of all, i think today is a day where youre really stress testing the holdings in your portfolio youre looking at what is the performance of select stocks you dont want to have performance thats worse than the nasdaq overall you dont want to have performance thats better than the small caps you want to have that balance between the two. So you really have to look at specific stocks. I think whats important here, scott, is lets remember positioning as it relates to the fixed income market. Because there was coming into the election a lot of belief that you were going to get fiscal stimulus and you would see yields rise and there was positioning accordingly. Very quickly that got reversed now thats getting reversed again. Weve got a tenyear treasury up to 95 basis points money dgoes into fixed income ad growth and values and financials, jopmorgan, citi, ban of america, theyre up near their highs. Marriott was above 130 its now below 118 so you ve so you pra so you really have to watch how a lot of these stocks are trading. Court, you were with us the other day. You were looking forward to the day when we would have good vaccine information. We got that today. So what are you doing now with your portfolio hey, scott. Good to be back again today. Its kind of interesting my portfolio today, ive really kind of been just watching where i am as you mentioned, i have been loading you on names that i liked during a lot of the dips had a great opportunity to have t the toopt opportunity to do that its clearly working out on my side today we have optimism and have hope again and we have certainty in our market, another critical piece as we think about why were up, peter, today at this point in time. At our desk, i said to one of our traders, were better to buy 21 and all of our clients are institutional clients, better to buy 21. By the same token were seeing buys in nails like uber that one would have said its at its high, should you be buying today . Thats showing a conviction in names that once this reopening happens are going to continue to grow as we move forward. So its an exciting time, i think, across sectors, across names and it is a primetime for stock pickers to do just that and pick stocks. Josh, it seems as though, you know, people are buying some of these things indiscriminately today, whether its the travel and leisure stocks, some names th some of the names that courtney mentioned are we supposed to go all in now on some of these epicenter and reopened names you know my names, you know what im in, uber, starbucks, Simon Properties up 25 today, shake shack up 25 you know how im living. We talked about this vaccine and i told you that last week normally i mock stuff like that and laugh at that one event is going to be so binary its going to completely change the game. This case i really felt that it would. There might be an issue in some of the cruise lines and, whatever, it doesnt even matter joe taerranova made point, 150 billion taking the total dollar value in u. S. Fixed income, which is mostly in treasuries, etf, over a trillion dollars this year. Its ridiculous. Its earning nothing its like lighting money on fire if your time horizon is beyond ten years. So you ask me what do you do now . You buy these stocks now well, what do you think that moneys going to do as the doses get out there into the economy next year and we start reclaiming our lives bit by bit . That money is sit in treasuries earning negative real returns versus inflation no of course its not you know how you know . Because that money is being managed by people like me who have return bogeys to hit to help people retire the best thing can you do is not lock at oh my god, ubers up 9 , its up so much, pull the chart back further its done nothing for two years. Doesnt let todays action make you think youre never going to have a chance to buy again you will calm down. Everythings going to be fine. Keep watching us, stop listening to macro smurfs. Its a good point one of the questions i was going to ask the gang, which is the obvious question as josh relays up stock is up 15 to 20 today can i really keep buying it . Josh says if you look at it in that small box, youre missing the bigger story hes right. And if you have if youre fully allocated today, youre having a great day and if youre not, youre going to get opportunities and there are going to be areas in the market were going to have a bridge now to when the economy reopens and there are a lot of stocks out there to joshs points, even if that are up 10 today, 5 , 15, if you look back to a year ago, there were opportunities all the companies, even consumer staples, some of the beer companies. There are so Many Companies out there that were just taken to be dead and werent going to have any operating leverage, any earnings and it was just a company of how much cash can you burn you pick your spots and you can come back in its quite a day. You know, joe just the other day before we got this pfizer news, investors and i had been speaking with i think the overwhelming view started to be and certainly the market started to go there of a biden presidency plus a split congress being pretty darn good for the stock markets outlook now you want to layer in some really positive vaccine news its hard to imagine a better environment that you could think about moving forward for stocks. Agreed. We called it nirvana last week, but now what youve also introduced is the possibility f for economic growth. And that possibility last week with the form as of potential gridlock, i dont know if we were very optimistic about that, we were really reliant on the Federal Reserve to do the hard work for us. Now that possibility is there for economically sensitive equities to perform well, for an environment where were going to be exktihibiting growth. Its reflect of what going on in the u. S. Treasury and its also reflect in the value of the u. S. Dollar look where the dollar is trading today. Previously its been lower dollar equals higher risk assets now were getting confirmation in not just the cyclical outlet for risk asets but the secular outlets for risk assets. What am i supposed to be doing if im not supposed to be deterred by some of the massive moves were getting in some of the names, what am i doing to the flip side of that if i own a peloton today or zoom today or some of those stayathome stocks today, what am i supposed to do . Thats such a great question. I dont think i have a great answer for you i own a couple of stocks that had been done because theyve been seen as the work from home or work from anywhere winners. And now theres a mindshift that, oh, actually, i might go back to my office before im dead im feeling that way i dont think that the play is now, oh, short them because all of a sudden no ones going to ever get on their peloton again. Maybe these reactions are extreme. The one im thinking about reloading is crowd strike. Im in the stock, its definitely trading down. The zooms, though, like the really, really extreme work from anywheres, those might take a few weeks pain so im in that its not a massive position. I really dont know what to do with it, though. Im not sure if im ready to get out of it just yet because i want to be realistic about what this winter is going to be like and how important zoom has become societally i dont think thats going to away just because we return to the office. Court, how do you view that same question . If someone watching us is owning a bunch of these stocks, are they in danger of feeling a lot of pain on the way down . Is it time to get out of some of these . I think its a multipronged question, scott. I do want to also go back to this liquidity factor. Its so, so critical, right . You have the fed telling you youre going to keep rates so. You have 5 trillion, 2 trillion in pe money behind it. When you think about all the cash thats been sitting on the sideline and is still sitting on the sideline, there as still a lot of money people have to put to work. You have to think about fundamentally is something changing in those companies . Do you really think, like josh said, were not longer going to use zoom when we go back to the office no instead of getting to a plane and flying to shanghai to do business, i can now do a zoom call at 3 a. M. And wake up in the morning and have breakfast with my kids not saying were not going to go into work because i want to see josh and go into the office i want to get on my peloton bike my sisters buying a treadmill and cant get one until december reallocate to the places you like lets bring in a couple of voices, tom lee, fund strike global advisers, brian belski. Good to see you on what is a very big and optimistic days for not on investors and this stock market, before america at large. Tom lee, i go to you first for obvious reasons. I y you have told us all along the way to do our best, to look through the noise, the numbers, cases continuing to go up, to focus on the bigger and longer term picture and here we are today seemingly doing that give us your thoughts. Yeah. I mean, i think today is a really good reminder, and josh and courtney mentioned this, that theres another play book that people have that they stuck in their drawer on investing, which is once we get through covid and we can see the againing of the end through therapeutic, vaccines, there is a strong cyclical recovery that will take root everyones been frozing but everyone figured out solutions so theres tons of operating leverage i think this is only maybe a one quarter, even a tenth of a step in what kind of move we can see once the economy gets moving its a great center for epicenter stocks but i think its only a baby step in front of what could be a much larger move brian, as i laid out, the market was already feeling pretty good about the Political Climate it had found itself in, however unexpected to some no blue wave theres a runoff in january in the senate but certainly no blue wave the market got behind the idea that a biden presidency, a split congress, will be pretty darn good for investors thanks for having us. It harkens back to 1995, 1996 and more recently 2019 i dont think people are talking about the potential of a goldie locks scenario i think weed all like to be really smart and pick the bottom but we have to remind people the stock market is a market of stocks as we said on our march 23rd note, we believe the next ten years of a bull market is going to look much different than the first ten years, scott, meaning more about stock picking, more about themes, more about bott s bottomsup fundamentals. I think today is a wonderful example of how to do that. Today with peloton and netflix getting hit, those are brand name, killer stocks you are want to own pick your spots. You have ross stores and t. J. Max up pick one of them this is a quintessential stock picking moment the interesting thing, tom lee, from the investors that i talked to postElection Night and a few days after until biden was declared the president elect was that it was going to be such a Good Environment for stocks. Okay, youre going to get some spending under a biden but maybe not as much as if you had a democratic sweep rates would go up but not through the roof, the bond market wasnt going to go crazy is the way it was told to me by a big investor you do have rates moving up today, 95 baf 5 basis points what happens if that part of the gold goldilocks scenario continues t rise i think the key word there is level, not change. In any other century, even millennium, a 2 tenure would still be a great environment for risk assets, capital investment, for risk taking. And if we talk about rates going from 50 basis points to 90, its still not its still negative rates as long as rates are below nominal gdp. I think its a great rate environment. To me, i think the level of a tenyear is probably more in that 3 , 4 range. I think for now its a risk on signal to see rates rising i think its an inflationary signal and i think another reason to kind of still add to your cyclical epicenter exposure so you were looking at 3,600, tom, on the s p. Were there. And you think now we can get how much more to the up side as a result of what happens happened politically and now with biologically, if you will . Yeah. You know, we still are pretty early in the fourth quarter. You know, normally its a seasonally strong period. Theres over 4. 5 trillion of cash on the sidelines. I think people have been very pos mystic about the future but now with the vaccine and then potential potentially, i think volatility sensitivity is the wrong sentiment, we could still rally 10 from here. Its possible we could see 3900 before the end of the year that would be a remarkable year bellski, does that sound reasonable i think that stocks are going higher the fed has basically signalled were going to be here for three years. Maybe a year from now well be in a different scenario with tenyear treasuries. But i think hes right, our target is 3850 in terms of the best Case Scenario i any we could go higher than that and then well see in 2022 how the market starts to broaden out. What if i said to you rates are going up, youre going to get a smaller stimulus and the political environment may not be as rosey as everybody thinks what happens if all of it falls into place the great point, one, it will be difficult for us to put out our yearahead forecast for 2021 until we know the construct of the congress were going to have a negative impact on energy, financials, health care, maybe even tech where on a shortterm basis we are going to have the stayathome like tech and communications do very well. So i think the construct of the market will look a lot different if we do see a blue wave i think were going to have as investors plenty of time to position accordingly look at today the way the market is moving. Its yes too soon to call this a split government quite yet lets wait until january however, it does point to higher prices overall anybody thinking about the fed and maybe the fed zone staying power is not as much as maybe it was, i dont know, last week yeah. I mean, i think that they may feel less inclined to be providing uncondition an suppalr markets. I think now between now and year end no one will try to upset the apple cart i think for investors whose bogey is december 31, its going to be pretty strong risk on. But i think everything youve raised in 2021, even if it proves to be a good year, theres going to be a lot of speed bumps. It could be big opportunities or managing risk around theres a lot for investors to take into consideration this is a very positive steph with the pfizer news today its not the end game. Everything is not getting vaccinated tomorrow, the day or week or month after. Theres a lot that could happen. Thats why there are returns for investors who are intrepid enough to look at that lit aanyf things that everyone is concerned with lets look at the debt we have trying to fight this virus and keep the economy going lets not forget about the fact that there are still millions of households that maybe have lost their jobs forever and have to retrain and find a new place for society to fit in and take that and magnified it all over the world, europe, same problem. And the political situation. So this is not like, oh, its the end of the movie and a rainbow comes out and we all march into the sunset hand in hand of course. But thats why stock Market Investors earn more than bond Market Investors, because theyre willing to accept the fact that things could go wrong and there will be stumbling blocks and yet they remain invested, adding into years like this in the market when things look bleak because they understand the fact they have to eat that risk in order to get the runs in the future, that people sitting in cash are not going to get. Im also wondering, tom, as to whether you think josh says its not the end of the movie, but if the show has an intermission of sorts for mega cap tech, which is underperforming today, by the way, and had so dramatically overperformed on the way up. I get that theres a lot of money out there thats going to go somewhere, but if a disproportionate amount of that money goes towards cyclical stocks and value, does that take some of the nearterm luster off of those stocks that were looking a the right now on the big board, whether it is apple or some of these other i know were looking at Software Stocks im thinking of the microsoft, amazon, facebook and apple, the big four its a good point because the cyclical or the epicenter trade is about 27 of the market cap of the s p so if the moneys coming from the sidelines and goes into epicenter, its a dramatic move. So 10, 20 weeks is going to be possible, but will somebody take their 70 allocation out of the mega caps . I think what id call dictionary stocks, stocks that have become like one word part of our lives, i think theyre always going to be great businesses so i dont see them as a source of funds but i dont necessarily stheem as resillents of this huge influx so i say theyre going to maybe track the market but the real opportunity will be in the epicenter. You have a thought on that, brian, on the mega cap tech . I do. I would think the theme from 2021 into 2022 is neutralizing these positions. Its too soon to do that, especially considering the increatii increasing likelihood of a lockdown how do you factor that in, courtney we talked about some of the high flying growth, the zooms, pelotons and things like that. What about the microsofts, the apples and the amazons look, ive said it before and im pretty consistent, scott those become consumer staples. And theres a pro and con to that theyre going to be so a part of our lives. I like that diks nary name you say you want to get an uber, youre going to see return and growth in those names. So you mean trim them and maybe get some of the tremendous amounts of doubledigit growth in other names but those names are going to continue to win for the long term, scott i dont see any scott, youve been waiting as a Value Investor for your moment in the sun there have benefits and starts and false starts and all of that mean this truly is it. I think ill take whatever youre talking about, well see how far this goes. Its a nice way to start and i think we need this country and nation, the bridge to happen, potential lockdown and potential congress i think capital flowing in from fixed income and other areas could help us. This margin on financials is stingle digit. Could you get a 20 expansion and be Single Digits or lower double digits and still do well. Do you feel like buying any of those and adding to positions you already have, be it industrials, financials, et cetera i dont need to right now but the autos could be one area and even like a delta. But im not going to get aggressive i think youll see the market stabilize but theyre still really cheap in terms of lets say the travel and leisure stocks, the gains today are unbelievable do you think its overdone its too much . I think its a little bit too much theres some Short Covering in there. So i think you just wait for it to come back a little bit and well get a better opportunity of all the stocks i thought would you buy, go daddy is not at the top of my list but you did. Im looking a the growt grow reasonable price, not growth at any price, its growing in the domain space, the leader at 33 . Its an option to secular growth it doesnt matter if were staying at home or going out, its a company we like and think its going to do well in the long term. Well take a quick break. My thanks to tom lee, brian bellski, well talk to you again soon marc lasry joins us next, the chairman of capital you can tune in tonight for the news with shepard smith. He talks about the Pfizer Vaccine news and who it gets distributed, the ethical debate over who will get it first and where it will be welidy available. Were back on the half in just two minutes. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Welcome back, everybody, im sue herera housing secretary ben carson has tested positive for covid19 an aide says he is in good spirits. Carson is also a member of the Coronavirus Task force you can go to cnbc. Com for more on this breaking story Vice President mike pence appears ready to take some time off. The faa says he is scheduled before tomorrow to fly to a Florida Island where he has vacationed before and stay through saturday pences office has not yet commented on the trip. New yorks Governor Andrew Cuomo saying he expects the covid19 positive test rate to increase as we go into the winter he is expected to make an announcement on further restrictions a bit later today and some good news for the netherlands. A rare rhino was born at the rotter damn zoo. Mama and baby are doing well zoo keepers have not had a chance yet to see if it is a boy or a girl. But its great either way because they are so endangered scottie, back to you. We appreciate that, sue thank you. We do have another session guest joining us, marc lasry, a supporter of the president elect joe biden. Ma marc, welcome back thank you how have you been . Ive been well but beneficially watchibeneficial busy watching how the election would unfold. Your reaction to the biden went. I think its great. You saw in his speech its all about positivity the legal challenges are moot. Theres no benefit to it if there was anything that was real, the campaign would have already mentioned it i think at the end of the day we should just move on. You know, president elect biden will be the next president of the United States in 75 days so lets start dealing with trying to figure out what we need to do as opposed to complains about things that just arent real. Yeah. The market seemed to pretty quickly, marc, get behind the idea of a biden presidency and maybe a republican congress. Certainly the senate if things stay that way. Whats your view from where you sit on wall street look, i think its all positive i think at the end of the day, i think everybody was happy. I mean, other than, you know, everybody who is on the far right or far left. I think what ends up happening is people looked at having a republican senate. Thats beneficial for wall street ending up having biden as president has been official for wall street. So it will be interesting to see what happens in georgia. I think what will happen is youll end up having one, you know, one democrat will win and a republican will win so it will probably be 5149. So i think right now welfare reform street is really happy. Youre seeing it with the news its all beneficial. Thats really whats going to end up happening what about this new calculus about the vaccine and this news we got today from pfizer im thinking about what you do for a living, what your bread and butter is is looking at distressed investments and things are feeling a lot less distressed today, mark well, they are but, you know, the question is how long is it going to take for things to get back to normal the good news is it looks like well be there in six months companies are still going to need cash. So, look, i think its fabulous news for the country i think for what we do, it shortened our time frame but, you know, it is what it is. I think its going to be hard for people who have raised your huge amounts of money. I think for people raising a couple billion here and there, that will be fine because there will be plenty still to do what about the Interest Rate equation you know, we spend a few minutes chatting on Election Night rates had moved up and then they really plunged you know, you were at 94 basis points, i think, at one point on Election Night you went down into the 70s and here we are new yorking at the door again on one is there a level that would upset the market do you think . No, not at all. I mean, i think rates will be between 75 to 1. Look, its very low. Ultimately at the end of the day thats actually beneficial for the economy. Low rates are good also for the government youre borrowing at low rates so i think low rates are going to be here to stay so i think thats positive for everyone what about the idea of how business is going to view the president elect . And then ultimately a President Biden . Ive reported earlier weve seen this letter from the ibm ceo to the president elect, business now trying to put out its hand to a new administration and see whats going to evolve there how do you think business broadly feels about a democratic administration, maybe and the possibility of higher corporate rates and how all of that is going to factor into the earnings picture i think at the end of the day what everybody wants is stability. And i think theyll have that with President Biden is there going to be some cost to that . Yes. Was there a cost with President Donald Trump yes. Look, theres always a cost to all these things ultimately at the end of the day i think what business really wants is stability and knowing where things are going to be over the course of the next four years. I think thats number one. Number two, the real question is and is looks like it, that President Biden or president elect biden is going to try to do things much more from the middle. You know, where he wants to unify sort of the country. So to do that, youre going to see him doing things more that are going to be beneficial for all americans. Thats going to be the question in and of itself, particularly not the far left is going to lean on the incoming president for things it wants. Its going to be a delicate balancing act, mark, that the new president is going to have to do. He will but i think at the end of the day what he realizes is if you want to govern and you want to end up having a country like the United States, youve got to be more in the middle because if youre going to the right or to the left, youre just going to have issues. I think thats whats clear about this election is you need the country is much more in the middle than people thought. Joe terranova, do you have a question for mark lasry in the credit universe . Please, the floor is all yours i absolutely do how are you . Hi. High yields are basically sitting about 14 basis points off their alltime low, but the thing on my mind today really relates to commercial real estate i know you follow that closely we think about here in new york city do you think this is a day that kind of marks a bottom for assets that correlate to new york city itself or the commercial Real Estate Market . You know, its a great question i dont know if todays the problem is the bid ask is really far. Right . So today what would i pay for that and where would somebody sell i dont think youre going to be able to do deals i think today whats changed is if youre the owner of that real estate, you feel a lot better. I think that part is really positive but at the end of the day, youve got to get back to normal and i dont know what the normal is going to be on the real estate side. You know, ive yet to meet one person in new york, one person, who had told me they want more space than what they anticipated six months ago it seems like everybody still wants, you know, at the maximum what they have and at a minimum a lot less so i thits all beneficial for new york so that parts really good but at the end of the day i think thats still going to take some time. Does an nba team owner today see this pfizer news, mark, and think about packed arenas again and all the things that were so normal to our lives for so many years . I think as an nba owner, this is great news, that hopefully people will be able to come back in to the stands so i think our decision to start december 22nd is going to be pretty good and that hopefully by sometime march, april people will be able to start cutting back into the stands so i think its great for everybody. Thats marc lasry Iconic Companies are embracing change join us to hear more were back on the half after this you run it by an expert, you talk about the risk and potential profit and loss. Couldve used that before i hired my interior decorator. Voila maybe a couple throw pillows would help. Get a strategy gut check from our trade desk. And welcome to the etf portion of halftime report, im bob pisani what do the moves mean for the etf Business Today matt, you run the pied spider ve and growth etf, two of the biggest out there. Many of these value stocks like the industrials have already had big runs in the value space. Banks and energy maybe lagging is it time to differentiate some of these stocks in the value group . I think it is because of how sectors are represented within the value state. Energy and banks reacting very differently from the value stocks you may find in consumer discretionary. We some some of our etfs today, theyre up very much double digits were trying to pick out the winners and losers as a result of the shift in sentiment. Nick, you are big in watching flows and etf flows. How will vaccine news play into etf money flows . Its pretty clear its going to be helpful. Youre going to have a faster anticipated resolution of covid and natural end of your flows out of fund into etfs. That could make for a record month of inflows, particularly into equity etfs many cog up on etf edge, more on value versus growth, gold etfs, high yield etfs. Thats etfedge. Cn b bc. Com welcome back, a new book coedited by our josh brown represent how he and a select group of Financial Experts navigate the markets and their own personal finances, how i invest my money includes another member of our Investment Committee, jenny harrington. Josh, congrats on the new piece of work. Thanks so much, scott appreciate it. What did you learn do you have a copy as you hold it it up, thinking about your own story but from these other people who are included, is there a common theme that answers the question that i ask that you ask yeah. Such a great question. We went to 25 of the smartest people in our industry who are both professional investors and also and, you know, manage money but are also good at writing and communicate considering and nobody has the same portfolio they are extremely different across the spectrum for many different reasons, but the common theme, to answer your question directly is that everyones portfolio makes sense to them, and the most interesting aspect of what these Financial Professionals portfolios look like is not just what they own, like what asset classes, what funds and what stocks but why, and when you ask the question why, and you force people to really think about it. Thats where all the really stuff answer happens, so, i just love the way the book came out it was very unexpected. Youre obviously very confident in the way that you think about the markets. You always have very thoughtful to the answers to the questions that i ask and to the conversations that we discussed. Did you learn anything now from any of the other people in the book that you will now put into practice in your own financial universe in some cases an affirmation of anybody i thought and someone confirmed and then in other cases, particularly in the chapters that were done by investors who are older than i am, i think what i really learned was that i dont have to have a god reason for everything i do if it feels right to me theres a gentleman named bob c. Wright who is one of the best financial writers in our industry hes got a decade or two or me in terms of experience on the street and age, and his chapter is about the worst investment he ever made financially which is like a beachhouse but the best investment emotionally, because its where his family gathers all the time, and all of his memories come from you know, grandkids, et cetera that was the kind of thing that i think i needed to read and thats just one example of many because ive got people who are in their 20s and people who are in their 60s having contributed to this book, and everything in between, so i just felt really good after reading each chant ker and getting a sense of the why behind why people do what they do. Im told that joe has a comment and, remember, joe is somebody who likes to buy high and sell higher, so im wondering what xhour went would be about this project, joe. Well, for my children who are at at age where they now need Financial Literacy education, they are not going to listen to me, scott. Mark fisher who is a friend of the show would be one individual that i would want to teach them and inegivebly josh would be the other person josh in terms of his instruct and helping people learn about the markets and educate is clearly one of the best around and id have him teach my children to do exactly that. Thank you so much, joe. And im sorry to make the cut for this book, but were going to do volume two an im definitely going to ask them to reconsider you. We appreciate you that. Hold the book up again, congrats its a big day for you. Thank you very much. I know youre proud of it. On sale soon. Preorders now available. November 17th. November 17th how i invest my money, josh brown, coeditor of the project helped to put that together. Thank you. We talked about the tenyear highest level since march. Bond prices heading lower and investors rushing into stocks. Jeff kilburg is following that new calculus about rates or what well, my Notre Dame Football Team is moving up in the polls, were seeing u. S. Treasury yields move higher as well so its a wild day, super fascinating to seat u. S. Dollar index move higher, stocks move higher and Interest Rates move high, but i think this 1 is going to be an interesting resistance, but short term momentum is here so i want to be a seller at is 38 even, looking for a dropdown for 137 each. Being mindful and putting stop in at 137. 16 risking 1,000 to make 5,000 theres still 17 trillion in negative yields. That will offset any type of longevity above 1 in the tenyear note. Good stuff. Big game it was on saturday night. I know youre enjoying that. Well do final trades on the other side of this break before we talk about taxsmart investing, whats new . Audreys expecting. Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Welcome back time trades in a moment. Do want to call your attention to what were about to show you on the bottom of the screen there. The there had been some change expected within the Trump Administration postelection day and now were learning of the first of perhaps more. The president of the United States tweeting im pleased to announce that christopher c. Miller, the highly respected corrector of the National Counterterrorism center will be acting center of defense effective immediately, defense secretary esper has been fired by the president there apparently there, and well see what else happens throughout the day . Hes now outgoing secretary of defense is mark esper. I do want to call attention to the fact that rick receiptor is calling attention to as we get set to do final trades, he emails i heard pete mention selling vol on the shot. Has been spot on and is killing it, Pete Najarian on our show last week saying the volatility index is having a big decline on this momentous day on wall street courtney, why dont you start us off with finals. Scott, on friday i was on and i said buy bam, up 11 with still more room to run and it owns 61 of a Renewable Energy company. Biden in the white house, i dont care who has the senate, infrastructure will get done okay. Surat, what have you got got to be quick . Delta airlines. I still think its got a ways to go. Josh then joe. Jpmorgan. Joe tcbi, energy bank. All right there we go. I wanted to finish this soy could show you the market. Dow right now is good for 1,350 points first new high for the Dow Jones Industrial average since february on a big day on wall street does it for us the exchange hats story and picks it up right now. Thank you so much, scott, and hi everyone on this huge day for investors and for the country. Positive vaccine news from phizer is sending stocks soaring, the dow and s p and russell 2000 all hitting record highs. For the dow like scott just said this is the first time were at new highs since february remember, at the march lows the dow was just over 18,200 had we ear at 29,600, almost 700 this afternoon those are some monster gains now, all this is also sending yields jumping today the tenyear nearly breaching above 1 but thats helping stocks