The number on fridays the u. S. Economy added 273,000 new jobs destroying the economist by nearly hundred thousand. The Unemployment Rate ticked down to below of. Breaking down to look ahead anthony chan informant trunk campaign Economic Advisor steve moore. Its great to see your gentlemans weekend. Thanks mr. Being here. Your reaction to the job number and then i want to look ahead and its expectation for the outlook is unnerving for investors. This report clearly shows that job figures are still in a quarantine. We are not seeing many symptoms of this virus. Id like to say its the calm before the virus. Warm weather has helped construction, its also the Health Numbers coming in strong. Transportation warehousing already starting to show a few cracks. But basically it wont be until next month that we really see the real brunt of it. As more and more workers are staying at home, they are probably not going to put pressure on the wages. Those organist stay stable at 3 range or drop even more in the numbers will start slowing but its got a good head of steam and we will get through this. We will get through this too but the market is nervous about the economy is gonna do we are down more than 11. 5 from the highs, with these thousand point gyrations. So at first can we take a minute to celebrate this amazing jobs quest market really was incredible. When you take into account the revisions from previous months, it was closer to 350,000 jobs. Thats amazing because the rest of the world was not growing even before the coronavirus. So something is going amazingly right for this economy. I was a trend Economic Advisor i think our tax cuts and trade policies, and deregulation of had a very positive effect on the economy. But youre also right this is a bit of looking in the rearview mirror. This is for february. We are now in the middle of march, and there is no question that we are going to see layoffs this month. Because of this paralysis in the economy. I do think there is been an overreaction because this is a virus, but the idea everybodys going to be a hermit is dangerous for the economy. Finally, i agree with you maria, you sit on your show friday there a lot of buying opportunities out there in stocks. I am not saying we havent hit bottom, we may very well see another couple weeks of a wacky stock market. You look at the blue chip stocks and prices. If you are in the market for not just 60 days but two years, five years, ten years, if you buy these stocks now you are going to be sitting pretty good five years out. Kennedy maria look at the airlines, banks, youve got an opportunity to buy great bargains in the stock market having said that. We now have 4 million tester so out. We actually are going to see the tests happen for most americans. We havent been testing. We are going to get a lot more coronavirus cases next week, the up weeks to follow is that in a scare investors customer so i dont think is going to scare investors 30 scared enough. But if you look at all the virus, and ive looked at every single virus although back to 1918, they usually last less than a year. There were so much a spanish flu in 1918. Bauman was started in the spring by the summer is burned out. It came back, but remember we have a medical arms race today the speed we are going through to actually create some sort of antiviral, is a lot quicker than it was back then. I have a strong suspicion that certainly within the next five to seven months this thing is going to be dying down. We will really have a handle on it. That market is price to suggest this is gonna last the next three plus years. Maria its price like we are all gonna die. Its ridiculous. Will we get out of this. We are going to be in a much better position in terms of stimulus, prospects for economic growth, is that right . You made another very good point under show this week was that people who have been exaggerated the death rate from coronavirus. Theyre looking at the number of people who contracted the virus and the number people died. With their way underestimating people who have actually had the virus had just gotten well from it. This idea its a two or 3 death rate from this, most doctors are now agreeing its too high. Maria have to look at rates before you guys go. What you want to say about a ten year yield that drop before all day friday we were looking at seven tenths of a yield on the ten year. So of done a lot of research my doctorate was on the yield curve. This tells me that the lower ten yield and tear and ten year versus two year we are hovering close to 30 basis points. Still not screaming recession to me. Maria but isnt that the worry we have yields will regard that indicates a recession is on the rise quest Mark Anthonys not buying it. So have a slightly different take on that. I think we have a real danger of deflation in the economy right now. When we have people buying a 30 year battle at 1. 31. 4 , there is no sign of inflation whatsoever in the economy. That should be proactive. I want more dollar liquid equity in the economy that would bring up these rates a bit and stop the deflation. Maria great conversation thank you gentlemen. Thank you gentlemen. Dontwhile the world keepsevor fighting for your attention. Well keep building smarter suvs. To help keep you focused on the road ahead. And. The road beside. Did we mention the road ahead. With an available best in class. Epa estimated combined fuel economy and the technology to practically park itself. This is the reimagined 2020 ford escape. And the technology to practically park itself. You work hard for your money. 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Theres never been a better time in this world to go public for zero emission vehicles. The technology companies, tesla has shown they are way up over 100 billion in value. We knew right now we are at the latest in electrification for heavyduty transport partly want to make sure that we are first to get the same type of value that tesla saw on the motorist motive side. Maria i love this story before he started he said we are the amazon of electric vehicles. I want to get to that. Jeff, you saw this is a really great idea enough to make it one of your biggest investment in your spring fun. Thats about additionality and most of it is Public Market investing. We are trying to be active run environmental social bulls. We think it will drive value and change corporate strategy. Inside the board, the toys always done but with a different lens. The fortunate thing for me, and thats a compromise world to a certain extent. A new meat founders like trevor that her Mission Driven and running for the goal, it is refreshing. And it has kinda changed the world stuff. Youve got a blank piece of paper to design. Maria i know you have identified so many growth stories in your career. When you say this is something special, i believe you. I want to ask you about the electric truck market and electric cars in general. A couple of months ago i did a onehour special on ai. What i took way for my ai conversation is that we are not going to see electric cars on the road for a long time. What is your expectation of when the struggle be on the road . It will be on the road next year which is awesome. The factors going up right now, we are kicking it off this year. Vehicles come off the production line next year. So we are the post oem around the world i have a full electrified semitruck in the world in production. That is amazing. We beat dimon, bobo would beat everybody. We are like that tesla trucks most important thing to understand is that if you look at amazon, what made amazon so special, amazon was not just a retail company. They didnt just sell goods they handled the entire logistics birds if you buy a package from amazon i will get a text saying your packets obey your door in three hours and 30 minutes or less. And its amazing because they own the entire supply chain they are vertically integrated. Nikola is the same way. When you buy a truck you have to buy fuel and service and warranty, we wanted to simplify the whole thing, stabilize the whole thing like amazon did for ecommerce why do a nikola issue lisa truck, we cover the fuel, the warranty, the maintenance everything for each of the owner no longer has to deal for any of that stuff. Its all zero emission from the beginning to end and its cheaper to operate and diesel. Thats the first time in history that zero emission has been competitive with diesel. Maria i know with presentations and new learning more about this, jeff commented terms of sustainability and lowering emissions that really got you interested, right . To a certain extent, i went down the hydrogen rathole in 2017 and i called nikola because when you look at fuel cell or electrolyzer companies, nikola was there biggest come bonita b. Learning from trevor and the team about what hydrogen is, the key for this company is trevor solve the chicken and the egg by having an integrated model of. Mile model, he originated an order book of zero emission trucks, that then advertises and pays for the net work, the feeling network. And with longhaul trucks, hydrogen is the best solution because the Energy Density in the tank is so great it can go further with less weight. So the hall is better. Its really kind of the endgame for longhaul trucks for sure. Maria i know this is the guy you want to be with the terms of backing and support because you learned as much as you can about this subject and you have a belief in growth. Where does the growth come from, trevor, from your standpoint at nikola lets say five years out. So nikola is very unique we are not a truck manufacturer although we are, we are really an energy tech company. So seven years from now nikola will be the Largest Energy consumer in the world. That is insane to think about. And it is because of how much energy is consumed about charging electric battery trucks and are Hydrogen Trucks paired we control that whole infrastructure. So by doing that, we are building out 700 hydrogen stations around america. It wont just fill our trucks it will fill our competitor trucks. Weve got over 14 billion ready to go with lease orders from customers right now with Companies Like anheuserbusch ordered 800 million of leases. We are absolutely killing it right now. Where we go from here will be sold out probably for many years. Maria that is an incredible growth story. Lets take a short break and then will return our it all starts with an invitation. To be ouguest. The invitation to lexus sales event now through march 31st. Lease the 2020 rx350 for 409 a month for 36 months and well make your first months payment. Experience amazing at your lexus dealer. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. 100 online car buying. Carvanas had a lot of firsts. Car vending machines. And now, putting you in control of your financing. At carvana, get personalized terms, browse for cars that fit your budget, then customize your down payment and monthly payment. And these arent madeup numbers. Its what youll really pay, right down to the penny. Whether youre shopping or just looking. 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So ultimately nikola is going public barely compared to most companies. Think thats how its going to be in the future for a while. The reason while is when that we work debacle happen, most of the very large investors around the world that were piling billions into startups and tech companies, said look, we had no idea what was going on, it was very hard in hard for us to see we want people to have complete transparency now we want to make sure our money is protected. Money in the private sector became very difficult to me had to give up a lot. The public was dying for stock, to buy stock in nikola so we decided lets go public early. Even though we are a few months early, it normally companies would wait until they are right in production to go. I said lets go one year early, lets let the private individuals come in. Over 20 i believe is around 20 million shares of this traded yesterday when we said we were merging with vt iq. And it will be changed over to nikola and ke and kla when the merger is complete. It was amazing to see when we announced it and the market people went crazy. I think it ended at 12 or 15 when the market was down 800 points yesterday. Maria they see this as a special situation pray but why did you go the route of this reverse merger. I know emerging galactic did something similar. Why that route . Its really about timing. To go public as a yearlong process. And with this you can do it four to five months. It was just really about timing. So and the ability to raise 750 million which is morning with an ipo. Maria you think your Company Competitor will be tesla . So fill priming the closest around the world because the other manufacturers are way too far behind. We are five to seven years ahead of any competition accepted tesla. Their semitruck will come out, it will be similar to ours. It will be battery to electric only and we do battery, electric, and hydrogen so batteries get up for 300 miles after that the weight of the additional batteries becomes a problem. Thats way can also take hours to charge those trucks. Thats why hydrogen is so good over 300 miles. Five minutes five to 50 minutes to fill it up with hydrogen and you can go another 600 milesburg with battery it would take hours to stop a truck in charge of her tenure in the battery up to me charge it. Maria let me ask you, we look at this market its come down off the hyperion time but the private market as well as the Public Market. After we work everybody change. After receiving this week, what is your change on the broader markets putting nikola aside for Margaret Reese surprised the decline in the nervousness receipt of the market . The market is overvalued as a market but there is tremendous variation, value stocks have been difficult thats what we have done. Historically, so i do like that you take some of the air out of the balloon for sure, for whatever reason whatever the excuse may be. Maria you mean in whether its coronavirus or whatever. Thats healthy. Value stocks they throw the baby out with the bathwater. They were already cheap and now theyre cheaper. When i look at the lay of the land, when i can find bp is an interesting company. One of the things they want to do with Oil Companies as we went to the Capital Budget of Oil Companies as nikola to pursue our business. If you look, we have we have the truck partner cnh, a solar partner, and probably should have a fueling partner over time. And so the idea of grabbing the oil company budgets and making them part of the solution, is interesting to me. The Oil Committee stocks are valued it like three times as if they are going out of business. Its difficult to put transport oil out of business by the way. What we are doing, is unique and fantastic. It does it is going to take a while to build 700 stations. Maria i love the story of you deciding to getting involved with bt. You were sold on their plan to lower emissions. Its one of your principles which is so great. You arent worried . We had a market upset, its a better situation because are you going to be able to buy companies at lower prices . Thats what we do. Maria s you wanted open and have a . So we had some cash was good. Maria do you worry things are slowing down materially. No traffic inandout of china with the coronavirus . Worries about going out . Will the slow things down . There are some fundamental fallout for sure, the supply chains we talked about are going to get redone. To a certain extent. That is disruptive. Food safety is interesting, nobodys talking about it. But thats interesting. China has to address that because it could continue to happen. So there could be stuff that increases the risk, generally. But longerterm in nature rather than all my god, theres somebody sick in new york sell the stock market. Maria theres longterm and shortterm prudent in terms of your issues around nikola are you worried about shortages in particular going public . So the good thing about transportation is its the very last sector to really be affected because everything in your life has to be delivered to your house. You will sell your toys, you wont want vacation, but your staff will still show up on nikola trucks are amazon vehicles to your house. So to matter what comest only to move goods. Its the last market to be affected. Maria what an incredible growth story, congratulations to you both. Thank you for sharing it with this tran six founder jeff ubben and Nikola Motor Company ceo trevor milton. Dont go anywhere well be right back after this. I saved hundreds on my Car Insurance when i switched to geico. This is how it made me feel. 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Im check out or coming up our exclusive interview with New York Stock Exchange president Stacey Cunningham on the effective coronavirus on the markets, trading and more. But we begin with what we think a t