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The others by his wealth and dealings of minorities and women. But no matter who the democrats pick, he or she will have a formidable task beating an incumbent president running a strong economy. Right now President Trump has that going for him as we head into november. Mr. Trump is already campaigning on the countrys solid job creation for 2,205,000 jobs added in january march the fourth month in the past year we saw employment gains of more than 200,000. Hes also touting of course low unemployment with historic numbers for africanamericans and latinos. Two groups that have not giving him much support in the past. And while Economic Growth has been good, not great, economists see little threat to recession anytime in the near future. On wednesday, the federal rate serve release management january meeting showing members felt the outlook for the economy was even better than december. A new wildcard has emerged recently. The coronavirus. Its in china would spilling over into that countrys economy and having global ramifications as well. This week, apple said is feeling the ripple effects. Said revenue will fall short this quarter because iphone sales in china have been disrupted. Walmart will see operations affected as well. In fact, Financial Data says one third of Financial Companies that had fourthquarter earnings through midfebruary use the term coronavirus and the cause. 205 of those had their businesses are being impacted. So is the u. S. Economy doing as well as the president is telling us or could do coronavirus or the election, or indeed anything else bring it tumbling down . Here to discuss that and much more is economist his resume includes working with the federal reserve, International Monetary funds, the world bank, and the president s council of economic advisers. Hes is currently the professor of economics and ceo thank you for joining us. Lets start with this outlook for the economy. You once famously earned the nickname doctor doom for your derek outlook and you are certainly out ahead of the financial crash and in 20,072,008. The u. S. Economy right now it looks fair, steady growth, unemployment great lowest in 50 years gains arising Financial Markets looking optimistic and confident. What could possibly gurob with that picture . Several things could go wrong, you are right absently the baseline is solid Economic Growth. The first of these is the coronavirus, we dont know yet whether its going to be contained within china or not. But i would say that the markets are busier than they would be of vshaped with the First Quarter going to be shortly down in china and may be slow down the rest of the world. But the production of the Second Quarter, i feel in the days. [inaudible] this thing might be more than the firstquarter effects. Secondly because the Chinese Government is going to be 6 is this is my tracking of the numbers even in this scenario growth in china would be at best 4 . To go from 64 is a reduction in chinese goods and china accounts for nearly two thirds of the goods so this trade competency and others can be significant. Im not forgetting of course the u. S. Recession but think growth in the u. S. And especially europe may surprise on the downside. Gerry s gonna have some sublime Global Supply chains like apples and others, but are we just get a snap back from that as soon as this is over . Firstorder secondquarter . Or would we expect an immediate recovery and no not Significant Impact the company . The answer depends on how long this contagion spreads within china and globally. But even in the baseline which things are going to improve by the end of this quarter, i think the damage done to china cannot grow more than 4 this year. Even if there is a rebound after this firstquarter shock. If thats the case, then shiny is only 4 growth so trade and other channels is going to be slow. Theres this lowdown saying u. S. Having 2 growth and they could have 1 or something slightly lower than that. Theres growth in the Second Quarter so thats a wash. Has a meaningful impact of the global economy. Gerry what about broader global relationships weve seen the trade and lets talk about phase ii but nobodys gonna think thats likely. Have we seen kind of the worst in terms of the effect on confidence of that trade work . Or do thing theres more to come . With them buying more of our goods, that is a broader issue for china with sdi investments, financial links is actually escalating look at what is happening with 5g and therefore we are in the middle of a process between u. S. And china. With pete globalization the be of Global Supply chains and we need to think. Gerry is that a longterm secular trend with d globalization . Yes we look at d globalization because we are looking at this between u. S. And china the Global Driver early between these two powers will lead to economy. And it goes towards policy everybody wants to protect their own firms and workers. They have more inward policies more protection, this is going to be like a negative supply shock in the global economy. It gradually over time. Gerry and it will suppress gross over the long term . The obviously reduces trade and economic activity. Just quickly, would gotta take a break and i want to talk was of the geopolitical risks. Are there any specific at risks in the u. S. Economy . We havent seen the imbalances it sometimes the economies and garlic this for almost 11 years. This stage of expanse and you see the housing market, Financial Markets were not really seeing any of that. Are you seeing any domestic pressures that could derail customer. I have seen them theres a a buildup that of the corporate sector where they leverage loans and liens to highgrade as opposed to writing too low. They are increasing profit margin but there could be profit margin compression with hi, not because asserting good but rather its becoming larger and larger on the adjusted basis are totally out of line. Any shock could lead to a correction first of all. Gerry but anything like 2007 or 2008 . Not yet but a few more years of this there is more housing and mortgages in banks and this time around its going to be corporate banks and other banks that lend to these corporates. Could be a crisis in a couple of years. Gerry print take a quick break him away come back were going to talk about the political picture and your thoughts on iran and the kind of threat that country may pose going into the region but for the rest the worldly United States. Stay with us. Im your mother in law. And i like to question your every move. Like this left turn. 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. Colon Cancer Screening for people 45 plus at average risk. Some things are harder than you thought. And others are easier. Like screening for colon cancer with me, cologuard. Im noninvasive and you use me at home. Im also effective. I find 92 of colon cancers using dna in your stool. So why wait . Cologuard is not for those at high risk for colon cancer. False positive and negative results may occur. Ask your Healthcare Provider if cologuard is right for you. Most insured patients pay 0. Do you recall, not long ago we would walk on the sidewalk all around the wind blows we would only hold on to let go blow a kiss into the sun we need someone to lean on blow a kiss into the sun all we needed somebody to lean on the new xc90 plugin hybrid electric. Xc90. Recharged. Tits great actually, ive been listening to audible. Its aiobooks, news, meditations. Gotta go hey you know, i do think its weird youve started commuting when you work from home. Ill be in my office. Download audible and start every day off right. Gerry my guest is economist nouriel roubini. I want to talk about the challenges we face you know that country very well, iran. There is a general view that after the killing of Qassem Soleimani by the u. S. Last month, iran is back in its box and we may be seeing some reduction and irans power and the threat it poses. I think you take a very different view, tells we think. Let me talk about the global level go into iran. For some others arrival between you asked and not just iran the other three that represent power its iran, china, and russia and north korea. Thats going to create a lot of attention. You see china and others, the issue with iran is the u. S. Was to contain iran or have a regime change. In the regime wants to survive. He had selected they are out of power its another four years of economic pressure and with change. Its baa really think its that much of a threat of President Trump stays in power . Yes the regime wants to survive. Now people believe that after the killing of Qassem Soleimani and the attack because if the iranians wanted a regime change in the United States they have to call chaos in the middle east, theres a spike in oil prices theres a crash of the u. S. Stock market, we go into recession and then trump was his election. So of course they have to pay a price, if they want to bomb the hell out of them to contain but its not going to lead to a regime change in iran letters 1 million troops in boots on the ground invading iran its not going to collapse. Even bombing the hell out of it the regime is going to rally to support the regime. So unfortunately they have to pay the huge cost, but they want regime change so. Gerry how are they gonna do that customer terrorism warfare question mark. Attacks against israel and others unleashing a mosque and bullock, cast on iraq, theyre going to create a regional conflict by spring and summer. If they escalate the israelis are going to want to attack iran. They cannot do that alone they need the support of the United States. That conflict is the region becomes actually glover and the u. S. Get sucked in. And then the markets and the policies will blame trump. Because the war with this oil prices go to the roof, stock market crashes he will be blamed for. Gerry doesnt history suggested theres a war scenario and terrorism theres kinda rally around the flag effect in this country. Doesnt that increase President Trumps prospects . Usually though war that leads to that has consequence i khamenei invade afghanistan. Look at three major shocks in the middle east. You have 73 war and then you had 79, 74 and five, and then you have the second shock with iranian revolution and 79, 82 carter loses to reagan. And then you have the invasion of current kuwait, spike in oil prices. Then by 92 and bush moves into claimant rates are three times when youve had a shock in the middle east is a spike in oil prices crashing the market and the economy, weve had regime change in the United States. Iran knows if negative for the fourth time. Be eight but this time the u. S. Is much less dependent on the middle east for oil. They are an exporter of oil would have the same effect even if oil went 220. Barrel . First about even if its a hundred and 20 cannot be at 60. The prices global and 10 below. To the price goes up normally. Second point when the producer of oil is going to make a fortune in terms of profit and revenue you will have consumers of oil, guys with prizes of 67 a gallon, utility prices increases a spike in the middle and you have all you have the u. S. It as a shock those losers are spending less. Those who are benefiting will save it and therefore its going to be hard on the u. S. Economy. You have a severe economic shock even United States. Gerry will become back i want to talk more about the u. S. Economy and election coming up here. And if we have a little more time well talk about the state of capitalism. Stay with us. Limu emu doug [ siren ] give me your hand i can save you. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. 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If you are right there is significant tension in the middle east we have oils prices spike, we have a significant trouble here will president Bernie Sanders what would that mean for the economy . People worry about Bernie Sanders on the economy and he certainly very progressive. The reality is even if democrats take control of the senator, the immediate senator will be very much centered than Bernie Sanders. 2 oil tax big deal. Investors are paying 220 to hedge funds to manage their money so one pretentious tax is not a problem it will be acceptable. The point is that the policy, the actual policy is to be very different than one of President Biden or bloomberg because theyre not going to the morality. Was corporate taxation that arise, taxing the rich and wealthy. Gerry see or think in more regulation. Theres a lot of president can do is we have seen with President Trump he can do a lot with executive action that would presumably worry most people business wouldnt it . Yes to the stock market is going to take a hit to get stronger the economy is going to go around 2 i dont think youre going to have radical changes with medicare for all. Even what is a longterm objective, its not can be passed by congress but its good to do question record and expand obamacare for those needing coverage. So the policy on sanders on healthcare is the same of biden. Same practice is they Want Congress to pass. That will be much more moderate the impact on economies and be gradual. They do care more about the environment were i dont think that Bernie Sanders is a comic hes a social democrat he is to the right wing of Boris Johnson by the sand of europe but by the standards of United States is a leftist. But not really radical. Gerry im sure you would agree theres truth to get but that he is radical by american standards. What is to say about this country about confidence in the system, confidence and capitalism that so many Young Americans seem to support Bernie Sanders and actually save you asked them they would like to give socialism a try, they think capitalism is failing we think about that . There are trade of trade, migration, technology, those are winners and winners and losers many of them work for the democrats but for example trump a run as a populist saying the working class of america the white collar blue color being hurt. Since a good chunk of america people on the right or left that are left behind. They voted for trump because he pretends to be a populist. Its essentially governors and Bernie Sanders has some of the same things. With the workers and so on. So in some sense public is the right public is love its not very different. Gerry very quickly after wrap up you say that but real wages are rising at a faster rate than they have in a while. Skewed particularly towards the lower incomes. President trump may himself be but he is creating benefits. Is growing okay its not democratic republican a lot of people are left behind. There people dying with the surge of suicide depression, obesity, they are not measured by the 2 growth. As an economic problem its not the democratic problem or republican problem somebody has to fix them. Spee10 thank you very much indeed. Up next at tip from me who came to manahan to do years ago and made it much better. Stay with us. Uhh, excuse me, is there a problem here . Youre in a no parking zone. Oh, i. I didnt know. You didnt see the sign . That. That wasnt there when i was here earlier. whimper really . You know, in italy, they let you park anywhere. Have a good day, sir. With geico, the savings keep on going. Just like this sequel. 15 minutes could save you 15 or more on Car Insurance. glass shattering frustrated yell car horn blast yelp now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. Sending your own clubs ahead with shipsticks. Com makes it fast easy to get to your golf destination. With just a few clicks or a phone call, well pick up and deliver your clubs ontime, guaranteed, for as low as 39. 99. Shipsticks. Com saves you time and money. Make it simple. Make it ship sticks. So to breathe better i started oncedaily anoro. Go your own way copd tries to say go this way i say ill go my own way with anoro. Go your own way oncedaily anoro contains two medicines called bronchodilators that Work Together to significantly improve lung function all day and all night. Do not use anoro if you have asthma. Anoro wont replace rescue inhalers for sudden symptoms and should not be used more than once a day. Tell your doctor if you a heart condition, high blood pressure, glaucoma, prostate, bladder or urinary problems. These may worsen with anoro. 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Its kind of an ancient history and it is still slightly boggles the mind to think that history was the reality of my fathers early life. I have often asked some people learn of my dads advanced age, whats his secret . Good genes surely i hope so . A life i think lived according to the simplest principle. Everything in moderation. While we may want to know the secret to a long life, i think we should devote more times to see what makes a good life, whatever time span we may be allotted. Here, i think i know my father secret. He came from an age when life was defined mostly by beauty, not by entitlement. The primary animating principle of his own life has been devotion, not to himself but the family, god, and country. In an era thats been scarred by broken families, he has been a loyal husband and father for many, many decades. In an era when the culture seems to have its highest accolades for bravery to those who make speeches about their own rights, its worth remembering the kind of courage my father in so many of his generation showed. He volunteers to join the british army days before the Second World War and spent the next six and half years in uniform. And an error when religion is increasingly a curiosity for many people, my father lived his life with an unshakable commitment to faith in god. He is truly, and has been a man for all of the seasons. First century and now more. , happy birthday dad. Thats all for us this week be sure to follow me on twitter, facebook an instagram. I will be back here next week with more indepth interviews right here on the wall street journal at large. Thank you very much for joining us and have a great weekend. Jack welcome to barrons roundtable of the sharpest minds on wall street make to get behind the headlines and prepare you for the week ahead. I am jack otter. We begin with what we think of the three most important things investors should be thinking about right now. Big Tech Companies hit by coronavirus, how supply chains are hurting apple, amazon facebook and more. A Morgan Stanley with a 13 billiondollar bill of what it means for investors and soaring ahead of their flight playing the new space race barrons table tonight we will start with reshma. The market hit a new high this week and started falling down to 400 points, one half percent. Coronavirus clearly one of the concerns. The scope is unknown at this time. We have more cases in japan and singapore the last couple of days, the numbers out of china keep skipping around. Their economy is not up and running yet. The chinese economy, some millions of people were quarantined, many render travel restrictions. Goldman has an estimate of all the days that have been missed its like two months of unpaid holidays. Its crazy so factories and production lines have been stopped and investors are really waiting to see what happens with manufacturing and transportation. As of right now the estimate is we are only at 3050 of normal levels. I wish stock markets would let me know if i should panic yet they posted 1. 9 is now below 1. 5 . Thats a dire warning. That tells mashpee laying on this table right now. Pounding my fist and wailing about the coming recession. But the stock market is still up for a couple is has had nothing to worry about. Jack i think the only time its been below this level is brexit. Its always been higher than that. Its really, really low. So what countries are we supposed to worry about . Overnight businesses start by the tenth of march thats a change in production. Apple warned already they have been seeing production we have had a saying they dont have parts and of close their plants we have dell and hp very vulnerable they lab a lot of key components from china. The big shipping companies volumes were down. I think were going to see a lot more of this. Jack even in the air quality over time he conceived vast improvement because factories are shuttered, they are going. The coronavirus is not the only worry. No, i think people are expecting a quick rebound, sort of a q1 hit and then bounce back so they been complacent. But these things or get a linger for a while evil and production gets up and going, companies have to expedite orders, margins are to take a hit. Theres talking about Electronic Companies usually the First Quarters when they prototype a new product. Jack he just heard the Service Numbers have not been good in the u. S. Housing starts were down and all of this is probably why the rates are so low. Low rates big problem if you are a discount broker making money off of the carry. Absolutely, what you sow this week with Morgan Stanleys matching of e trade were Trading Companies have gone toward zero we are seeing more consolidation in the industry. Thats was affecting the brokerage firms. But when you look at the big banks, the dynamics of change they are, since the financial crisis. These guys are making a killing on trading before the crisis, now because of regulations, because of a number of reasons, increase technology, they are not making their money there. So youre looking at retail consumers you see Morgan Stanley going by e trade. They are not trying to secure the rights to that commercial with the baby that talks like the grown man and trades from his crib or the one with a chimpanzee riding a horse, i dont think you can do that think peta probably would get that. Is a different era. Jack i sent a note to the Communications Director to ask about the baby and the monkey said we hear you. So they are kind of noncommittal. Is a different look for them and i think thats whats so interesting about the way these banks have changed because we used to say okay they are bank. But before the financial crisis they really werent banks in the traditional savings and loan. Now, since the crisis, and under regulation they have to become that and they are getting more of their revenue from these kind of traditional functions. Morgan stanley is done a great job of moving into the wealth of space and they are really leading its that hard. With e trade they see a chance to get younger, not as wealthy investors bring them into the chain. The henrys the high earners, not rich at. So it e trade because they have a compensation people are getting employee stocks, e trade owns that business paired Morgan Stanley has that too its a great way to get affluent clients right away. Real quick, jack, space race . Think the race right now is is a who can pay a stupider price for Virgin Galactic . 250,000 you delegate shot up into the air and get a few minutes of weightlessness customer. Is not a scalable business how may people can they do that to. Idol of a tongass hypersonic flight you want to pay the stock this too expensive its too risky. If you like suborbital flight, ive got a little operation out of atlanta for its called delta air lines, trades at eight times earnings but 300 bucks on sale. They will take you to disney world and back there and some peanuts and what have you. They will show you a movie. Speeds nine coming up with growing competition and the move to free stock trade, its going to be hard to choose among these Online Brokers paired we are going to bring you barrons varied topics, e trade is one, but first while the corona virus moves the market there sang d d d d d i am totally blind. And non24 can make me show up too early. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. Im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. We are solving problems that improve lives. Jack earlier i spoke to jan van eck we talked about china, coronavirus, bitcoin and more. Lets listen. Jan van eck lester you adopted that for china dont fight the pdc does the coronavirus change up your . And brief it doesnt. My theory for this years dont worry be happy. And the reason is if you oversimplify the world into two countries the u. S. And china, both cases you are having policies in the centralbank and the government. The u. S. Has been auto street, china is kind of overcoming a hangover. They tried to crack down on their credit in 2018. And so since then, they took their foot off the brake, but it still gentle. We call it drip stimulus. But its solid growth. And i think they will recover from this. Jack i want to get to those we talk about u. S. Stocks near being near alltime highs. This is been a heckuva ride. So they are pretty pricey now. Big multiple expansion last year without much earnings growth. Where do you see u. S. Stocks . What should be investors be doing right now . They still look like the best house in a mediocre neighborhood. When your central bank is stimulating, you want to own equity you want to own financial assets. But now we are not the shop that likes to do just index market cap indexes. Born distortions or exposures in the market that we like. We are concerned about things, the value of microsoft is greater than the value of all Energy Stocks combined. So from an outlook perspective, why not own some Energy Stocks. Thats more tactical. And then in general, if you can get a methodology that buys equities that arent overvalued because now some are getting kind of profiting. We have a wide note approach. I think that something to look at two if you can embed that into your equity exposure. See nine and your etf is beat the market over time and i think three and five years. What is the approach used but the stocks together . Think the main track, we are only talk about Quality Companies but the main hidden trick is to get them at cheaper evaluations. The more you start Equity Research looks at the earnings potential the profit potential which is the heart of any company. And then says okay, am i paying too much given our view of earnings . And so it they will do, they will sell stock on a rotational basis. And thats what is an important discipline. Jack s with a value approach but not in the Old School Way of thinking about value. Its when price and growth become out of line . Its an evaluation done. Jack lets talk briefly about the energy past year pretty bullish on that based on lousy performance . Its a contrarian view. And they also think if you look at what our investors are demanding more from from a sector that might not have a growth outlook. And thats want my money, i want my money through dividends or i want my money through stock buybacks. And Energy Companies had not been providing that. Only the majors have been doing that. So investors are saying im sorry, across the board i dont care how much acreage you have, youve got to show me the money. And so i think that change in mentality and the sector will take a year or two, but thats the thing, the catalysts we need. Jack so theres a lot more capital discipline in that area. We have a precedent for gold buying companies. Gold buying Companies Hit bottom in 2015, all of the goldmining ceos were fired. They stocked outlandish spending, and again their market didnt believe them for a while, but now show me the money and gold shares are picking up. Jack but the commodity itself is doing well itself what forces are pushing gold higher . The air of essential bands were talking before about Central Banks with capes flying around solving every problem including the coronavirus, that environment with low Interest Rates, thats great for gold. Theres an additional elements of a little bit of concern that may be Central Banks cant solve every problem, especially in europe. And i think that dynamic has whats been to all diversify hers. Speed nine optimist think crypto currency might be the new gold. So you recently dipped your toe in the bitcoin waters. Whats your case there . It used to be the main boy to get the diversified exposure with goldmining companies or shares. Now with golds etfs, thats a relatively new phenomenon so thats taken with some of the demand for gold shares. An absolute for the Younger Generation we are believers that bitcoin is another sort of component parities for gold and silver, now called golden bitcoin. Jack i want to ask about walmart product at your sports etf. That barrons we warn people away from some etfs to warn people about a um. They say under 100 million might be a dangerous play. You check to both of those negative boxes but once again crafted i think dabbled the return. What is your case for an east sport etf . Fundamentally a lot of people are consuming virtual sports. More people watch Online Sports games than they watch the nfl or any established sport. What hasnt happened yet is the monetization of that audience. But the audience is growing and the way people play the games, watch people playing the games and televising theres all of that dimension. For the tenure view, its hard not to think of a world thats more virtual. Now it will have her smart phones, more step is going to happen online. And it might merge with are realized with entertainment and all kinds of ways we cant imagine. So long answer, sorry, its a trend, not just a fad. Its not a twoyear thing we see it as a longerterm trend for tactical allocation and by the weights 98 million or something. So were getting there. Jack jan van eck thank you so much. What you can do first thing monday morning to improve your portfolio. Earning on that eclair. Dont touch it dont touch it yet let me get the big one. This one . No this one . Yes no. The big one theyre all the same size with freedom unlimited, youre always earning. Let me get them all. Im gonna get them all. I cant decide. The better question would be where do i not listen to it. While im eating my breakfast. On the edges of cliffs. On a ski lift. Everywhere. Download audible and start listening today. She is on her way to our house. What . I got it. Alexa, start roomba. The lexus es. Eagerly prepared for the unexpected. Lease the 2020 es 350 for 389 a month for 36 months. Experience amazing at your lexus dealer. Lease the 2020 es 350 for 389 a month for 36 months. 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Save 50 on the sleep number 360 limited Edition Smart bed. Plus 0 interest for 24 months on all smart beds. Ends sunday. Jack this is the 25th year of barrons Online Broker survey. Back and we started there was something called ee schwab then bragged about 205,000 consecutive logons they called them and today you can tell alexa to buy you a stock. So reshma we have a good list you are the big winners. Usually have a tie between fidelity and e trade was number three. I think one of the trends was that they become good at both longterm investment in each raiders. Jack was interesting is fidelity in recent years have been tops in terms of people like us, regular folks at interactive trade appeared now fidelity is Getting Better with a traitor but Interactive Offers a new thing where they are looking at the regular Retail Investor who doesnt trade that often. I think we can go to the three of them and you can hear the top points are lets start with fidelity. Very easy to use, Fast Research and you would expect that from fidelity. I think theyre also kinda teetering towards the younger investor with factional shares you dont need 20500 to buy amazon you can buy a bit of amazon. You can afford a single share brookshire for people so we split it but now you dont need that. You can do it on your own. What about Interactive Brokers customer. Theyre great for trading in international investing. They have many more currencies and exchanges available. You also have the ai power identification. Jack so they have lots they see what russia once and he only sent to those. [laughter] so i caught up with the chairman and founder back when were in palm beach and i asked him about an interesting phenomenon. He offers free trade, but he says thats not the best deal and most of his highpowered day traders are actually willing to pay a commission because they think they get better execution that way lets listen to what he had to say. When you have broker charge commissions, they sell trades the highfrequency traders because they themselves and make a profit on it. So in order to internalize those they have the brokers for you. The end result is the end customer is better off paying a small commission then zero commission and have his trade sold his order sold to a highfrequency trader. Jack not a big surprise and not everybody agrees with him. Fidelity says they dont sell these things. Also interesting as he told market watch this week that he is in negotiations with e trade for a possible merger. Before Morgan Stanley jumped in they couldnt quite come to terms. Lets talk about e trade, what did barrons like about e trade . Theyre good mobile and visuals for the also have options you can practice without paper money. A thing it so interesting when you look at this list we have e trade at number three about to be snatched up by Morgan Stanley but four and five give Charles Schwab and they announced the type at the end of the year. So the amount in this industry is just really setting. Jack i think thats what happens when ed two big engines of making money. You could charge commission and then when you put money end, they sweep into these accounts that were charging or paying you nothing, but meanwhile they could make interest. Now that margin is pretty much gone. If youre not an active trader you at the easiest possible thing. I think ten years ago i estimate is real smart about him pewter should i get an apple or the one that runs microsoft. He said apple is too dumb to buy computers i bow in the next day what is the one for people you dont learn a thing new, the easiest one fidelity . Thats we found the survey. Its easy for all of us. Jack so in the magazine we actually lay out exactly how we did the survey and all the different criteria. And it says, everybody has a different opinion of whats is a pretty website. What is actually easy. For you and apple might be easy for others its a pc. But i want to point out there were six categories trading, usability, mobile, research education, news, international and then retirement and dividends which more and more people are starting to realize its not just putting away its actually taking it out can be tricky. And things on the lists that are in books the deal between schwab in each tray is going to Morgan Stanley, so theres going to be some serious change here in this list of capabilities brokers. Jack changes and is static or Something Like that. Up next roundtable gives us the investment fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. Including your Interest Rate right by locking in a fixed low rate today. And you can get your money right with sofi. Check your rate in two minutes or less. Get a nofee personal loan up to 100k. Get a nofee personal loan youve been hearing a lot about 5g. But theres 5g. And then theres verizon 5g. Were building the most powerful 5g experience for america. Its more than 10 times faster than some other 5g networks. And its rolling out in cities across the country. So people can experience speeds that ultra wideband can deliver. 1. 7 gigs here in houston. 1. 8 gigs here in frigid omaha. Almost 2 gigs here in los angeles. Thats outrageous. Its like an eightlane highway compared to a twoland dirt road. Can it help keep me asleep . Sleep number event on the sleep number 360 smart bed. Absolutely, it senses your movements and automatically adjusts to keep you both comfortable. Its the final days to save 50 on the sleep number 360 limited Edition Smart bed. Plus 0 interest for 24 months. Ends sunday. Jack Jack Warren Buffett hasnt called me recently but if he did, his very first question i know would be does jack hough approved of my purchase of kroger . Good news i do, because if i use the word buy online you pick up instore, being night i want to go to the store why dont you just buy it. Its a very big and groceries right now. So big i think there should be a separate term for getting your groceries. Notice taken me about it. Walmart is an early leader and they will be delighted this year end amazon to prove those kroger is the only pure play grocery that makes the digital investment. I think buffett has discovered a way to buy this at a reasonable price. Spieth nine and kroger is a tough market business but its going out there. These regional grocers run into trouble and some of them are closing stores. Some of these customers are good and epic kroger, so theres an opportunity there for them to benefit. Jack thanks jack, we want our viewers to leave with actionable ideas what are yours . We are looking at caterpillar earnings dip this year but if you look under the hood they are improving their Profit Margins and youre getting a 3 yield on this. The nine they always think its a micro trade but it is really a company that can improve itself over time. It has done that. Jack so the trade ideas you have to have big building to go on. But margins are improving the matter what. Im into something boring, rebalanced take money idea growth stock and add some to value. Like iwc to do that earnings are normal, and theres no room for mistakes. Jack think thats really important point. People think that the fangs are the only way to go and thats a great trade, it might continue to be. But when one thing goes the same traction for a long time is good to make sure youre covered the other way. Jack youre not saying its got good and youre just making sure youre covered if it does is other ways to do this as well. See mecklers equal weighted out there. Ryt it owns every one in the state to check out more check out this weeks edition of barrons roundtable see the rest of winners in the survey. Weekend. Lou good evening, President Trump holding a raucous rally in nevada. The president speaking for 1 hour 45 minutes before 7,000 of his supporters at the Las Vegas Convention center. Thousands more watching the event from the outside. The president calling the radical dimms sick and their sorry efforts to undermine his presidency a total failure. President trump the radical lefts attempts to poison our democracy and overturn the last

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