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So critical for the economy, in economic revival businesses need to do well but one thing could derail it. That and much more on making money. Charles 2019 went out with a bang, putting exclamation point on the year. In fact for the decade. Tuesdays session was the perfect proxy for the key cakic of the market in 2019. Remember it was listless . Everybody was getting out early. All of sudden it exploded higher in the close. The stock market term for the 2019 was resolute. You know what it means . Overcoming array of issues, or speculative. What would the word to describe the market this year . David dietze and Money Map Press chief investment strategist keith fitzgerald. Keith, what im sitting there, 25 minutes left in the market, it takes off like a rocket. Thats it, baby, that is 2019 in a nutshell. What do you see for this year . Isnt that the coolest thing you ever seen . The markets are forwardlooking. I see 2020 as changing of the guard and i see it the year of choosing money meaning stockpickers will do better than those that go along for the ride. Charles i like that, because the s p 500 last year 450 were higher. Almost a dartthrowing thing. In hindsight easy to say that we both know, all three of is know, volatility in markets shake people out. What you might have said in january, who knows would you still hold in december. That being said were looking at the last few decades here and, if you look at the decades going back to the 1950s, as great as last decade was, david, it suggests that we could get better, like it wasnt so overwhelmingly great there is only one place to go . I think that is absolutely right, charles. When you look back over last 100 years. This is only the fourth best decade. Its a good one. We can move higher. What we saw last decade dramatic drop in interest rates. We saw corporations borrowing hand over fist, putting money into Capital Expenditures and money into stock buybacks and dividends. This next decade, if we relax regulations, keep taxes low and establish great profitability, this market can go very well for the next decade. Charles keith, you talked about your buzzword for the word being choosy. As i was coming into the studio for the New York Stock Exchange there were 1446 stocks up, 1451 stocks down, right . It is going to be a lot more difficult i think. Volume about 560 million to the upside. Almost 700 million to the downside. So under these circumstances what changes . What are you looking for to be able to really zero in on the winners from the pack now . Well, in contrast to years in the past where you play for the dogs of the dow or look for undervalue, i think being choosy now looks to valuation of companies with a clear path to profits, changing the world we live in. My numbers, my research, im still doing a lot of it, companies with a billion plus in revenue creating value, are creating it faster than companies at opposite end of the scale which are destroying it. To me, bigger get bigger, get more valuable. That is where you want to concentrate. Charles what is one word you think might characterize or describe the market for 2020 . To me it is profitability. We had close to 29 return last year with practically flat profitability. I think we can get up to 10 profits. If the valuations stay the same, 10 more earnings, that takes market up into a doubledigit return this year. Charles this morning we had upgrade, target upgrade on advanced micro, had one on tuesday. It was the number one stock in 2019. First are still upgrading it. We had upgrade on tesla. Tesla shorts are getting crushed. Look at the new target from canaccord. 515. People were shorting that at 250 a few months ago thinking company was going out of business. Investors do they chase these things . Or take the more dangerous approach where the profits, your buzzword may not be there just yet . From the fundamental perspective we know the next decade will be the decade of the electric car. We know it will be internet of things going to require chips and everything. In terms from investment point of view to the extent youre paying more, your return is less. A little caution is due. You may want to look for perfect entry point with some sort of a pullback before getting backpack in. Charles gold is intriguing. Didnt see if you guys like it. Something as potential hedge. When david brought up, keith, how dicey is could be, were due for choppiness, the vix which measures volatility was down 45 next year. Is there somewhere you would hedge the market like gold . I tell you what, david makes brilliant points, but no, i would not hedge using gold. Gold, if youre betting on assumption, think about this, betting on assumption gold will go sharply higher, Everything Else went into the proverbial toilet. I dont like gold for that point. Can you own it . Yeah. Does it diversify the portfolio . Yeah. I would like to look into inverse fund that will truly provide that hedging than gold at this point. Charles happy new year, gentlemen. Two of the best. I appreciate it. Thank you. Charles folks, major onetwo punch for Small Business last year. Weekly wages skyrocketed to a record high of more than 4 . Composition of this was amazing. Hours worked were part of it. They closed up 3 . Their strongest showing since 2019. So were looking really strong going in, but some people are worried, myself included it could come to crashing halt this year as 24 states raising minimum wage. Small businesses, will they be able to keep up . There is signs that theyre struggling right now. Want to bring in cpa, Small Business expert gene marks. Happy new year. Thanks for joining you. Happy new year, charles. Thanks for having me on. Charles i looked at adp data one and 19 workers. Three years, they created one million jobs. Up to november of last year they lost 6,000. Is that mostly because these Small Businesses cant keep up with wage growth . If they cant, what does it mean for everyone else . Its a tough market for Small Businesses right now. Ill tell you why. Its, the economy is growing, demand is there. Most of my clients, my firm we have 600 clients. Mostly Small Companies up and down the east coast and midatlantic area, right . Nobody is panicking as far as the economy is going. Theyre doing okay. But they have to the big challenges, charles. When you hear the news about the Unemployment Rate being at 50 year historical low, thats great but what it does it takes away supply of good workers away from Small Businesses. Big companies, the government, theyre the ones that can afford to pay higher wages, more benefits. Most of, if you asked any Small Business owner the country what their number one issue is heading into 2020, their issue is finding good employees. Charles right. Coupled with that issue is, just overall environment of rising employee costs as well. You mentioned minimum wages going up. That is one of the factors that is really putting a lot of pressure on a typical Small Business owners profits. Charles we have 82 million hourly workers in this country. Less than 2 are federal minimum wage or below. Right. Charles so, when you see these things happening, when you see the governments, state governments, local municipalities, forcing Small Businesses to endure this, maybe theyre doing it for the right reasons but does it really help or does it hurt . It hurts and ill tell you a few reasons why it hurts. You know, first of all, the average minimum wage in this country now with all the states are doing is about 12 an hour. Remember, the federal minimum wage is only at 7. 25. Minimum wages gone up for a great many workers around the country. What people dont understand, an increase minimum wage doesnt just affect lowest skilled employees it, has upward pressure on all wages. Im in pennsylvania where it is 7. 125 an hour. Most of my clients are paying a lot more than that. Say you have a guy on the floor, paying him 15 bucks an hour. Federal minimum wage goes up to 15 bucks an hour. That is talked about this election year. What is the guy making 15 bucks an hour going to say . Will he stand making wages of firstyear unskilled employee . Those people come back to the owners of businesses say, we deserve more. And that puts upward pressure on all the wages that a Business Owner is paying. Charles right. Some companies can absorb that. A lot of Small Business owners cant absorb additional costs and it worries a lot of my clients. Charles with less than a minute to go, overall, you have amazing access, you understand Small Businesses as well probably better than most folks where are we as we have the momentum coming in . Small businesses were the first to react postively to the election of President Trump. We saw where the optimism went through the roof right after the election. Yeah. Charles for the most part it has hung in there. Yeah. First of all, all metrics for Small Businesses are good. Youre absolutely right. Optimism at historical highs on many different levels. Demand is good. People are feeling good, Small Businesses about this year. The biggest thing that could tee rail them, remember derail them, when i talk about them, people that employ 50 of the workers in this country is where the election goes. If there is a different direction where one of the democrats that support changing health insurance, higher minimal wages, more benefits, paid time off required at a federal level, these kinds of things could really have a big impact on businesses. And so, were telling our clients, listen for the most of 2020, youre in good shape. Tax rates are low. Go ahead invest, youre in good shape there. Keep a close eye on elections. You want to save your money if you think that will have an impact on the economy and it really could. Charles really good. Gene, thank you very much, have a good year. You too, charles, take care. Charles people lining up for hours ahead of a new law legalizing marijuana in the state. How this could be an opportunity to make money. Up next he is blowing away the competition for fundraising but what worries me the most about Bernie Sanders where he is getting the bulk of his support, from teachers . Our Political Panel weighs in after the break. 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This morning i woke up calm and unbreakable. Tomorrow . Who knows. Age is just an illusion. How you show up for the world, thats whats real. Whats your idea . I put it out there with a godaddy website. Make the world you want. Charles wowza. Bernie sanders raising 34 1 2 Million Dollars in the final quarter of the year. The haul from nearly two million donors exceeded put buttigieg. He had a very good quarter himself. Very impressive. Where is the money coming . Folks that worked at amazon, walmart, targets, starbucks, u. S. Postal service. Here is what got me worried, the most common occupation . Teachers. Teachers backing a socialist candidate . When you think about that, what are they teaching our kids . Jenna, when i saw that, im like teachers . Theyre backing socialists what country is this . Im confused you know, charles i dont think anyone regardless of any profession should be backing socialism whatsoever. So i think thats a problem regardless of what profession were talking about. I think what is most interesting about this, probably speak as lot more to the influence of the influence of union bosses over teachers more than anything else. So i dont think when you look at, average teacher in america and what they are for and what theyre promoting, i think it speaks a lot more to the union influence. And bernie gotten some of those endorsements but if you look at unions otherwise, President Trump certainly has a lot more of the backing of other types of unions. I think that were going to see that for the individual average american, regardless of profession, you see so much in those Small Campaign dollars that are going to President Trump over anyone else. Charles well talk about trump in a moment, jenna. First of all i do have breaking news. Official now, bidens Fourth Quarter numbers are in. He raised 22. 7 million, slight letter slightly better than he had in the Third Quarter. Here is the thing, you consider bernies numbers, mayor pete, almost 25 million, consider over 12 million for andrew yang. Im looking at these numbers, im saying to myself, the democratic establishment is losing their group. Feels like grassroots, your party, they dont want these manufactured, you know, candidate that the establishment sort of rubber stamps. There is obviously an appetite for change. Look, Bernie Sanders has been a fun raising dynamo even in 2016. He had this reputation and raised more money from small, individual donors than anyone had before. Now he has broken that record. More of the same for him. It is very impressive but i would say about joe biden, his numbers are pretty encouraging for him to come in as you said at 22 million, almost 23 and he is starting to coalesce top democratic fundraisers around his campaign. Those who supported biden and hillary. Not forget in hillary in 2016 outraised Trump Campaign and rnc. Charles right. Well see joe biden begin to get that support. These numbers are good for him. I would say the biggest loser elizabeth warren. Charles no doubt about that. I agree, let me ask you though, take mayor pete, bernie, andrew yang, over 50 million. There is a message being sent to your party though, that is the question im saying. Is anyone paying attention to it . Or will they continue to borrow your word to coalesce around biden . Well we have to remember the main thing important to democrats in this election is defeating donald trump. Health care is important and people talk about jobs, those things but there is a strong, sort of passion around getting donald trump out of office for people on the left. I think as polling continues to show that joe biden has the better chance at defeating donald trump, that the money will continue to go to him as people drop out. Julian castro dropped out today. I dont think yang or will drop out soon. Charles i felt the earth move under my feet when he dropped out. Jenna, back to you, President Trumps 46 million, overall speculation when the rnc announces their number, combined number for the Fourth Quarter could be over 200 million. Nothing to sneeze at. Certainly a juggernaut in his own right. Absolutely. The 46 million is not aggregate number. That is important to say, to show that President Trump is out fundraising everyone and even combined aggregate of democratic opponents. He is the only candidate right now that has 102 million cash on hand in his campaign at the end of the year. That is really significant. He was also the first president in United States history to announce his Reelection Campaign the day he got inaugurated. So President Trump had great momentum going into 2020. Fundraising is only one aspect. He is strong on all fronts. Charles kevin, i got 30 seconds, i guess democrats will stop calling to take money out of politics. Look, you have to have the resources in order to win. We see that, like jenna said, President Trump has amass ad war chest. We have to put money together in order to defeat him. Getting behind someone to appeal people in the middle that is important. That is biden is the only one. Charles jenna. Im telling you, there is Something Interesting happening here with the bernies and mayor petes and andrew yang. Something is happening. I think folks in charge of the Democratic Party will not have an answer for it when it is all said and done. Thank you very much. See you soon. Happy new year. Happy new year. Charles talk about a legacy, fans remember former nba commissioner david stern who singlehandedly led to juggernaut around the world and how the business is benefiting. Pot fans in illinois rejoice after pot sales are legal. Will pot stocks do any better as well . Well discuss that for you. Its the next one. You always drive this slow . How did you make someone i love . That must be why youre always so late. I do not speed. And thats saving me cash with drivewise. My son, he did say that you were the safe option. And thats the nicest thing you ever said to me. So get allstate. Stop bossing. Where good drivers save 40 for avoiding mayhem, like me. This is my sons favorite color, you should try it. [mayhem] you always drive like an old lady . [tina] youre an old lady. Charles folks, weed is legal in illinois. Fans are lining up big time. Just hours before the dispensaries opened this morning, take a look at the lines. Now 11 states allow Recreational Use of marijuana. I have to be honest it, hasnt done a lot for the pot stocks. In fact most of these companies surprised investors being down double digits, some 50 that year. The question what will 2020 bring . Bring in optimal capital director of strategic strategy, Francis Newton stacy. Last year they were supposed to be a slamdunk because they were legal in canada. Everyone was buying them. All of a sudden they took a huge hit a monster, monster hit. Nice action on tuesday. Again though down today. Kronos is down 3 . Cgg is down 4 . Is it too gimmicky . Is there a time they can live up to the hype . Look at traditional valuation, you have a couple variables on pot stocks you wouldnt have on other stocks. Even though the states are increasingly becoming legal. It is not increasing demand. Because every state where pot is illegal, there is still a huge market there. I dont think with the states becoming legal there is more demand. I think there was a lot of hype, now i think that the hype has been baked in. We know that markets like to price things super early and sell the good news. Charles you mean at some point, lets say theoretically there was a federal law that allowed banking, interstate banking and some administration, possibly even this one, you know what . It is no big deal. Go ahead, well not, it will not be a criminal offense anymore. It could really ratchet it up. They could do honest to goodness banking and real honest to goodness growing in this country. Could that change the dynamics at all . There is always a possibility but the people think before it became massively legal, so many people got into growing of it, anticipated that, sort of, i just think the biggest part of that move has already occurred. I dont know that is a crowded space now. There are some pot growers around the country, i just dont know if you will have a new wave of people getting into it. Charles right. What is really interesting, some of the unintended conseqences, usually im a lit and let live kind of a person, not personally my thing, but do your thing but it is interesting, the dealers that were dealing pot particularly in colorado, they went out of business. They had to start dealing other harder drugs to compensate for their Business Model because they werent types that would partner with the government and get into all the regulations, stuff like that. It is kind of an interesting thing. Personally, probably going to have somewhat of a trajectory of the cigarette stocks where it is huge market. If you can get into stock picking charles constellation brands, they made a 4 billiondollar investment into one of the bigger names. They were up. But now theyre down. I think large names are out there looking perhaps somewhere down the line, but i think youre right t has been early and it has been dangerous. I want to get a sense, were in 2020 now. Yes. Charles the thoughts on the market, where were going and a place you are excited about . Im basically, were still looking at decelerating growth in the u. S. And uptick in inflation, right . That is quintessential stagflation model. Energy stocks, reits, utilities, things that did well in 2019. Some tech thrown in there. Some tech is probably overbought. The thing is this. The reason markets are staying up, up, up after the china trade deal, there is uncertainty in the business environment. Look for uptick in manufacturing. Look for up tick charles so ride the wave. But it is the fed. The fed is injecting so much money, such a large quantity of money over a short period of time to short repo markets. Where there is liquidity, equity prices go up. Charles ride the wave for now. Ride the wave. Charles happy new year,. Thanks, charles. Charles the tale of two legacies. Remembering a man with profound impact on entire world of sports. Were talking former nba commissioner, david stern. A now disgraced chairman making unbelievable escape in dead of night. Carlos ghosn. Dont go away. Charles the sports world has lost a legend in david stern, former nba commissioner, passing away on new years day at the age of 77, after suffering a brain hemorrhage. Jackie deangelis joins us with more on his legacy. Reporter good afternoon to you, charles. David stern was an nba haulhalloffamer in his own right as commissioner. Three decades of leadership, the most successful period in the leagues history. The current commissioner of the nb a, adam silver said this in a statement, for 22 years i had a courtside seat to watch david in action. He was a mentor, and one of my dearest friends. Revolutionized nba, focusing on branding, business, stars, remember larry bird, Magic Johnson, Michael Jordan an lebron james. Stern is remembered for creating the wnba in 1997. Michael jordan said without david stern the nba wouldnt be what it is today. He grew the league into into International Phenomenon creating opportunities and the league it it. He boosted revenue. In 118 million to before i took over to 5. 5 billion when he retired. He singlehandedly raised Television Broadcasts money. He made the league an International Powerhouse as well. Back to you. Charles jackie, thank you. Sterns, business savvy, led the current stratosphere of success. On his watch the league morphed into a major multibillion worldwide enterprise. The question is how did he pull this off . I want to bring in to discuss, former investment banker and Chicago Bulls fan carol roth. Longsuffering Chicago Bulls fan, charles. Charles you still have enough bragging rights you know. The players took the game from the twohanded sit shot to the slam dunk and razzledazzle. He is one that found out who knew how to monetize it in a way that changed, it just changed everything. This is a billion dollar business. Charles multibilliondollar business. If you think about thechy about the Chicago Bulls a year after the stern became commissioner, Jerry Reinsdorf bought them for 6 million. After he left as commissioner, steve balmer bought the clippers for 2 billion. The Value Creation was incredible. The sports stars shared that as well. The average salaries went from 250,000 on average to more than nine Million Dollars on average. We know megastars made hundreds of millions of dollars in salaries. That is in addition to obviously all of these fantastic contracts they were getting in terms of endorsements. That is where his genius lies was in the marketing, expanding the nba into an international audience. Charles we have to say, essentially he was ceo. When you start to rank ceos of the last 20, 30 years, he is in the conversation. He had to get the players to buy in. It wasnt always easy, with the dress code and some other things . Yeah, absolutely. I think that is one area that a lot of people are really remembering him by. Not just the business legacy, but the fact he was an ally for the players. I think the biggest example of this is what he did with Magic Johnson, after Magic Johnson announced he had aids and we didnt know a lot about it, he allowed him to play in the allstar game. On the fabulous dream team, the best Team Ever Assembled in the olympics, raised awareness on a National Level for what aids was. Like you said, there were times he had to be tough, his personality. He yells a lot. He was very demanding. Probably a lot of social justice warriors would say he had toxic masculinity. But at the end of the day, everybody loved him. He had a love for the game and respect for players. Charles i cried at the end of the nba allstar game with Magic Johnson when he made the final shot. Real quick, less than 30 seconds, carlos ghosn. I want your thoughts on him. In 2001 people were calling him greatest ceo in the world. A lot has changed since then. This is tarnished legacy that will be a hollywood movie. He was a ceo of multiple fortune 500 global companies. He was known as a turnaround king. Now he is known for escaping japan potentially in a Musical Instrument case . I dont know. Were still trying to figure out the story. This is a legacy where great business mind, also potentially, allegedly some sketchy things. This movie will continue to play out. Well talk more about that. Charles we i will. I will be racking my brain. If i had to escape in a Musical Instrument, what the hell . In a piano case . Carol, thank you very much. Appreciate it. Happy new year, charles. Charles happy new year. New years resolution. Lose weight, check. Get divorced, check . Why is january the most popular to end marriage. Gamers are getting big endorsements, including for sneakers. Thats next. Huh, fifteen minutes could save you fifteen percent or more on Car Insurance. Everybody knows that. Well, did you know pinocchio was a bad motivational speaker . I look around this room and i see nothing but untapped potential. You have potential. You haveoh boy. Geico. Fifteen minutes could save you fifteen percent or more on Car Insurance. Charles so these days famous gamers get all sorts of relevant endorsements, right . They have gaming chairs, headsets, computers. Now they have sneakers. You may ask yourself what does a gamer need sneakers to begin with . Fame must gamer ninja, had his own model from adidas. They sold out in hours. Is this ultimate influence or do we go higher . We have katy bedford. Happy new year, it has been so long. I know, charles, im so excited to be here. Happy new year. Charles you have been a passionate voice for gaming space, where it is going. You told me years ago it was going here. I honestly didnt believe you. Sneakers for gamers . Why do they need their own sneakers . First and foremost you boil this down to what it is apparel sponsorship between a brand and influencer. Ninja is an influencer. Models are influence endsers. Sports athletes are influencers. He has tens of millions of followers around the world. Adidas looks at that, the looks at gaming industry blowing up in terms of money and growth. We want to be in that. With esports, conveniently has a huge sneaker culture this is something i learn about now that im part of the industry. That is a great segue for adidas. This shoe is not necessarily about functionality, so much as it represents between adidas and ninja in this partnership and case in point, chars, you seen louis vuitton, done it with league of legends. They partnered with league of legends one of the biggest esports in the world recently. Charles right. Ninja, the adult size of this shoe sold out in 40 seconds. I saw a puma gamer, i was doing research, puma gaming shoe, it aint pretty. The ninja shoes looks a whole lot better. Where does it go from here . Feeling better. I think theyre building a stadium right now strictly for gaming. Are we talking about, we talked about the legend of david stern. Are we talking about a league on the level of major sports leagues right now . On the level of them . I think not. Will they get there above them. Charles really . Absolutely. I think they will 100 . You see the growth. Kids are nine to 15. What are they watching . Theyre watching fortnite. They are watching ninja. That is what theyre interested in. The league of legends championships i mentioned had 137 million hours watched. That is almost four million viewers. That is enormous. That will only get bigger. In that sense it will be unward and up ward. Charles, you see my point in places like adidas saying clearly there is money in this. There is a benefit as a company to getting involved in the industry. You will see more places like adidas, more places like mercedes, highend brands jumping into esports. I think you will see a lot more partnerships with people like ninja. Charles someone tweeted me what sneaker i was wearing. What sneaker are you wearing . Charles hogan. I never heard of it before. It is only one that fit. Great seeing you. Well see a lot more of you. This is Major Business story. Love to hear it, thank you, charles. Charles stocks in record territory for day of trading. Were at the highs of the session. You talk about the cp effect . Can momentum keep up . Start of new year can mean the end of marriages. The impacts of divorces in this month. Its a critical thing and it is real. Well be right back. When it comes to using data, everyone is different. Which is why Xfinity Mobile is a different kind of Wireless Network that lets you design your own data. Choose unlimited, shared data, or mix lines of each and switch any line, anytime. Giving you more choice and control compared to other top wireless carriers. Save up to 400 a year when you switch. Plus, unwrap 250 off a new samsung phone. Click, call or visit a store today. Charles well its a story were all talking about, the escape straight out of the movies. Carlos ghosn jumping bail and officials are completely baffled. Liz claman will have more of this in the next hour. Everyone is intrigued by this. Intrigue, hollywood existment and International Issues here, charles. Somewhere in between lies the true fascination with carlos ghosn who ran nissan renault. He escaped bail from jop on christmas day. Which know why he did it. He felt he absolutely wasnt get a fair shake with the japanese legal system. He is master of disguise. He tried this before. He dressed up as a construction worker where even had reflective stripes on his jacket and face mask that many japanese construction workers wear. How did he get out . That is less the question now, and more of, how does he stay out . We say that because interpol, the International Police organization, this is global, has put out what is called a red notice. That means that every International Police and Law Enforcement agency has been asked to find him and arrest him. Will lebanon give him up . What happens if he tries to ever leave lebanon . Is he stuck in lebanon for the rest of his life jamil jaffer from george down university. He knows all about the security situations. What happens if there is tensions between japan and lebanon, lebanon and tokyo . He is live 3 00 p. M. Eastern. Well put out the very latest whodunit ideas how carlos ghosn escaped. Charles i cant wait to hear what the Musical Instrument was. Exactly. Tune in to the claman countdown at the top hour on fox business. New year means end of main for quite a few folks. The number of divorce filings in january is higher than any other month. What is behind the socalled divorce month . Joining me wall street journal writer jillian medical sherr. Thanks for having me. Charles i read in the past, husband and wife know this is going that way. They dont want to do it before the holidays or mess up christmas hanukkah, new years, but immediately interest after get this thing going. Stick around for a fresh start i guess. Statistics are fascinating. The other one ive seen is that in april during tax month the number of arson cases jumps. Burning tax papers t makes sense look at the logic of it. It is after the holidays, starting new year on new pace. Charles there is income impact. It is impact on peoples net worth, the family. Creator of poverty, particularly for women and children. I mean the consequences are just so staggering. And, it is something i dont think we talk about enough because usually these divorces ruin families well beyond just the idea of mom and dad not being together. Youre absolutely right. If you look at bank rates most recent polling on this the average divorce in the u. S. Costs 15,000. And that sus why the divorce in of itself. It is not looking at all corollary impacts to all of this. If you look at ton of studies, it is true, if you finished high school, if you get married, have a couple after 21 your rate will go up significantly. Conversely, divorce has a pretty significant financial impact. I was looking at different studies. Up to 77 of your net worth over a long party may be affected by that decision. Charles wow. Get married and stay married. Be wisely. Charles unless youre jeff bezos you can weather the storm. We were talking in a meeting, someone mentioned a friend who filed electronically on december 26th. Also technology, going online, making it even a lot easier. Before it was tougher, right . Yeah, it is. One thing promising, if you do it you should do it cheaply enough, affordably. I have to give a shoutout to my home state wyoming, one of the cheapest states. Charles marriage household formation, is one of my investment themes for 2020. I think it is ticking higher. I think its a wonderful thing. It is cureall to change economic ails and change the direction. My next guest is not optimistic, he is joining me in a segment im calling, okay, gloomer. Well be right back. Charles stocks are really, look at that folks, lets face it the market really is kicking off into high gear the economy is on fire, were looking at wages, hours worked, everything surging unemployment near record low, but according to one investment strategist, stocks could face a 50 chance of a 2020 correction. I say okay, bloomberg bring it, and hes here, dan shafer. My man, its been too long. Yes it has. Charles now listen im superstitious to a degree and when the market is this hot i do get a little anxious and worried ironically what makes me feel better is when theres enough bears out there. Im the only one. Charles youre the last man standing. I get the reports and see the calls for next year for where the s p is going to be i dont see anybody below where it currently is have you . Charles i havent seen it yet. I havent either. Charles whats everyone missing . Well i dont know what they are missing but its certainly momentum play. You and i have been around long enough to know what happened in 1929. We studied it and 1987 we studied 2000. 2008 and 2009 and what we have here is an expansion of the stock market based on gitdiness with a multiple higher than 2000 and 2008 and the earnings are not keeping up so when you incorporate that into it we also have a tremendous amount of debt all around the world. Auto loan, Student Loans, governments are in tremendous debt and thats whats keeping down the growth globally and i see it happening for the next 10 years. I think its a major problem so when you get this kind of a curve weve seen the dot com bubble and we are living probably. Charles on the screen right now youre right, obviously loans are up acrosstheboard but the delinquencies have not necessarily been that bad. Its obviously Student Loans out there but even from the Second Quarter to the Third Quarter and mortgage delinquencies are at an alltime low talking a 9 trillion market so when the Housing Market imploded that was a much larger market and had a much larger impact particularly after they sliced and diced all of those mortgages up, so can you argue that the risks are equal to where we were on the onset of the Great Recession . No, i think its a different risk, but were all looking at housing but theres an issue there. Youve got demographics of the younger people not able to purchase the homes that are coming for sale from the baby boomers or whoever is el el el selling going into retirement and then you have the issue of manufacturing down around the world and millennials are not spending money the way they used to spend money or the way you and i spent money when we were younger and then were not saving but you have other factor s that are involved here with currency issues and that the biggest thing is this repo madness and the fact that the central bank of the United States is doing rerepos even this morning they did 56 billion and 27 billion of it is 14day, in other words a repo theyre buying treasury bills from the banks on their books putting cash in. To make it that simple for the audience essentially our Financial System ran out of cash no thats not true. Charles and they are buying repo to pump cash out there. Well maybe, what i think is that the banks dont trust each other because its the fed funds that are depositing for the Federal Reserve that is required to keep, theres a shortage of the banks. Charles real quick in 10 seconds all of these, theyve been out there for a while. What triggers the downturn . I cant tell you whats going to trigger it but well wake up one morning and hit that top and there is that top tick. Charles okay, happy new year. Thank you. Charles well right now folks the dow is up 230 points near the highs of the session, and a great start to the new year, but its very selective, more selective than it has been. Going to hand it over to my friend liz. Its been a while. You look fantastic. Liz [laughter] thank you so do you. Wait a minute is this the new boomer . Charles yes for our show, the once a week segment we bring in the bear, and well listen to that side of the story. Liz i like it but were both kind of boomers so all right weve got ourselves a bull bash as we head into the final hour of 2020s first trading day with the new year we are looking at Brand New Records the dow, s p, and nasdac all on the verge of closing at all times highs by the way the dow and the nasdac at session highsment did the trump adminitration just take the first step in closing down much of the vaping industry . Wait until you hear about the firm plans of vaporized the most popular ecigarette flavor and what sparked the dramatic move and which stock could see profits go up

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