Wish we were together again. So the word unprecedented is getting quite a workout over the past month or so. Jack, it certainly applies to what was happening in the Energy Market over the past week. Right at the start of the week the Energy Markets you know what . Lets get weird. I know you think youve seen weird, but how does 37 sound on a barrel of crude oil . Does that mean i can go to a gas station, theyll pea me to if fill up the car . Thats not what it means. In the futures market, each contract has to do with a specific type of Oil Delivered to a specific place at a specific time, and on april 20th when that may west texas intermediate contract came due, you better have had a pipeline and storage tank willing to accept your oil in oklahoma or you got closed with next to zero liquidity. Most people didnt have it, so so we had prices go sharply negative. Now jack if you have a boat that holds oil, thats a nice thing. Funny you mentioned that because on my street wise podcast for barrons, i spoke with the chief of a shipping company. Theyve rarely done better. Free cash flow is up more than 50 right now. June delivery of oil is cheap. September delivery of oil is more education pepsive because right now, look, the roads are empty. We hope that by the end of the summer were going to be driving and getting back to normal. You know what . Take my oil, dont send it anywhere, just give me a few months, and then ill try to sell that oil for more. Jack if we do, in fact, get driving this summer, i assume consumers are going to see low prices at the pump. That is the Silver Lining. I saw a national average, its well below 2. Some parts of the country are below 1. 50, prices they havent seen in a decade. But again, we have to go somewhere in order to feel the benefit of those price. Jack ben, early on in the week it was clearly oil that was in control of the stock market, but then the focus shifted to over the week. Yeah, thats right. The stock market saw this, everybody that was watching what was happening with oil kind of went whats going on, and then the market started to fall. At first it was mainly Energy Stocks and things exposed to oil, or but then it shifted to the rest of the market. By wednesday it was like, okay, whats next . And the market rallied back pretty nice. Then a drug trial of a gilead drug to treat coronavirus was accidentally released, and it showed disappointing results. Theres a lot of requests about this trial and what it really means, but just that headline knocked 400 points off the dow. The dow went from up 400 to flat on the day. That just shows everyone is focused on the coronavirus right now. The sooner we can get a cure, the sooner we can get reopened, the Better Things will be. Its an obvious statement, but thats what the market cares about right now. Jack where else are you seeing cracks in the market over the past week . Thats the problem, after energy everyones looking for where the next bad, where the next unexpected event is going to come from. Some of them are kind of obvious. Theres the emerging markets where youre seeing the currencies of places like mexico and brazil and russia and turkey really get hit hard. Their stock markets too. Just because everyone knows that these countries, they dont have the fiscal balance sheets, and right now currency that was weak would normally be a good thing, but theres no exporting right now. So there is no Silver Lining to this. Another area we have to watch is Municipal Bonds. We have senator mcconnell thinks states should just declare bankruptcy. You can imagine that if that would happen, the market would really not be happy about it at all. Jack yeah, absolutely. Carlton, one bit of good news, i guess, is that in the food market people are going to the Grocery Store. You have to stand in line, and theyre cooking at home. Exactly. Its really amazing because when you look at the packaged food companies, they were largely forgotten years ago. People were shopping in the outer ring, now theyre going to the center of the store. Were looking at general mills, campbells soup, conagra and kraft heinz. Last year Warren Buffett said he overpaid for kraft, but now were seeing that these stocks are having a bit of a rally. Maybe not where they were way back in 2015. And some may be wondering, okay, is there still room to run here . It seems like there is because a lot of these stocks are still trading a little bit below the broader markets pe multiple. People are looking for shelfstable food, its out with kale yeah, jack . Its jack howe. Im looking at a can of spa get owes, ive bot some chef boyardee ravioli, and thats what im wondering, are people going after these legacy brands because theyre trying to stock the garage with something that can stay on the shelf a little while right now . Exactly. Theres only so much fridge and freezer space, so a lot of people are going to these canned goods. So packaged food sale are up about 24 for the week epping april 4th. I mean, thats incredible. So theres still a lot of room for these Companies Even as the economy comes back online. I think a lot of shoppers still will be cooking at home. [inaudible conversations] just so you know, you can taste the boyardee region of italy in every bite. [laughter] jack im going to tell my children the next time they complain about food, i grew up on that stuff, and im going to serve them a lot of chef boyardee. [laughter] coming up, if former Kansas City Fed on how the plunge in oil prices will impact the economy and should we worry about this is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Shes confident, protected, her strength respected. Doctor bob, what should i take for back pain . Before you take anything, i recommend applying topical relievers first. Salonpas lidocaine patch blocks pain receptors for effective, nonaddictive relief. Salonpas lidocaine. Patch, rollon or cream. Hisamitsu. Founder of times square churchid told mike evans. Number one New York Times bestselling author, mike evans, has written an astonishing book on it, called. For the full prophesy by David Wilkerson and the book by mike evans go to www. Foz. Org jack jon as the scrambles, its dealg with plunging oil prices, states desperate for cash, an ever increasing National Debt. Here to help us sort it all out, thomas hand ec. Thanks for joining us. Lets start with what these crisis meetings are like. Youve been in them. Whats the feeling in that room or, i guess in this case, on that zoom. And how do you sort through everything and decide, okay, this is at the top of the agenda. You have some staff briefings to kind of set the stage, and then you get input from the different individuals, president s and governors that kind offing dreier their understanding of the situation and their views. And then the chairman, in this case jay powell if, would outline what he thinks is an option for the committee, fomc committee, to follow going forward, and he would lay that out. Jack i do want to ask you about whats going on in the oil market and how this might reverberate across the economy. Is it possible some of these drills will go bankruptcy . Could that be a net to banks that are lending to them. I think that the industry industry and oil particularly has had a hard time. Now, other commodities have as well. But this is unusual because you started with a price war between vape what and saudi arabia and russia, and then it carried over into this terrible pandemic where demand has just dropped off. You are seeing this collapse in prices. There is pressure on producers all over the world and certainly in the United States, and you will see some bankruptcies. Now, there are some differences, perhaps. The larger producers will work way through. I think the president was talking the other day about helping them out, smaller producers may [inaudible] by those larger producers, and youll see some consolation of the industry. But in the consolidation of the industry. But i think the importance of oil and energy to the United States would mean theres support that goes to the producers just like it has for other, other participants including the banks themselves. Jack gotcha. I a with want to switch over to state budgets. Obviously, states are very strapped right now. And should the fed do anything to support them . Well, the fed is supporting them right now. I think its a half billion dollars, excuse me, 500 billion of support in the markets for Municipal Bonds to try and make sure theres a market for them. Whether they do more than that, i dont think they should be doing direct grants or direct investments. Thats up to the government itself. But the fed is doing its part in terms of providing liquidity in that a market, and i think that has served that a market well at least to this point. Jack gotcha. So, obviously, we are running up big deficits and adding to the National Debt during this crisis. Most people seem to agree that the alternative would be worse. But looking way down the road once we get past this, are you worried about Inflationary Forces . Well, to agree with you to begin with, i think that the government and the Federal Reserve has to provide immediate support. But it does put an obligation on them, on the fed and the administration and the congress to move down the road now. To look down the road now. We are mortgage future generations for the president , so we need to be thinking about how we do that. As we do it, it continues on as it did in the last decade, as it continues on, it does misallocate resources, and that does affect future wealth generation, and so those are important factors to consider at the moment, not just town the road sometime, but at the moment. How are we going to exit from this emergency actions and make sure the economy stays strong well into the future. Jon jack yeah, well certainly be dealing with that for a long time. Tom hoenig, thank you very much. Coming up next, the newest barrons big money poll shows exactly what some of the countrys most successful investors expect from the market. Stay right there. In these uncertain times, look after yourself, your family, your friends. But know when it comes to your finances, we are here for you. What can i do for you today . Well take a look at the portfolio and make adjustments. Im free to chat if you have any more questions. Our j. P. Morgan advisors are working from home to help guide you through this. For more than 200 years, weve helped our clients navigate historic challenges. And we will get through this one. Together. Its a voice on the other end of the phone. A note to say youre on our mind. A willingness to come to you. The world and how we interact with each other is changing. But that will never change who we are at lexus. Now, more than ever, you and your needs come first. Find out what Service Options are available in your area at lexus. Com people first find out what Service Options its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] jackie right to your barrons survey. Some to have most successful money manager in the country on where they think the economy is going. It may surprise you. Here to weigh in is Morgan Stanley cio lisa shallot. You and your team titled a recent report too far too fast and suggested that the recent runup is just a bear market rally. Does that mean you think investors should not be chasing stocks right now . No. Actuallying quite the opposite. I think the point were trying to make is that investors really need to think about act e investing as opposed to just the pass i index passive index. Right now we know that the the index, the s p 500 index is going to [inaudible] and our sense is that a huge portion of that is really driven with by the fact that the s p 500 as an index is extraordinarily concentrated with the top five stocks actually representing about 22 of that index. There are another 300 companies in that index that actually represent less than a tenth of a percent each. And so so our view is the index itself, this crowding into the fangs and the growth names and names that dominate the index, nominate the nasdaq really probably have made a full move here. And wed much rather see investors be active stock pickers and owning some of the things that are going to work as we come out of this recession over the next 12 months. So that would be areas like financials, like energy, like industrials, like materials, some of the more cyclical and value styleoriented sectors of this market as opposed to just chasing the index which has been quite crowded and very vulnerable to momentum. Jack well, certainly right now if active management is ever going to shine, right now would be its time. Interesting you pick energy, thats a bold choice, and, you know, our big money poll we saw a big split over that. So i think it was the second pick amongst the bulls, but it was also the top pick amongst the bears saying it would do worse. I want to run a couple of the other results by you. 39 of those we polled were bullish on stocks this year, but that jumps to 83 for 2021. We also asked them about when growth would resume and, of course, that was mixed, but the plurality thought that that in q4, Fourth Quarter 2020, is when we get out of recession and go back to growth. How do you guys feel about that . So, you know, at morgan stan weve had a view that this is going to be Morgan Stanley e that this is going to a v or ushaped recovery and its probably going to take us 18 months to get fully threw it, and we wont with really be in a growth phase from an economy standpoint until the Fourth Quarter of 2021. But what we have to remember is that stock markets are anticipatory discounting machines and that the market looks ahead. Its one of the reasons why were sitting here with record unemployment numbers and yet the stock market has held up and held this most recent rally. So for us, the reality is that we think that over the next 12 months the stock market is going to be higher and anticipating the improvement at the end of 2021 and pricing that as early as january. Finish. Jack i want to ask you about jay powell. Usually in these polls anyone in government gets a wad ranking from the a bad ranking from the people we survey, but in this particular one powells fed got very high marks. Do you feel the same . Have they done a good job . Look, i think the fed has done everything that is in their mandate and their power to do. Certainly in terms of their responsiveness to the situation, to the crisis. Look, i think that the top thing for the fed at this point is going to be what is left, how creative can they be moving forward, have they run out of room . They are at the zero bound. What do they do at the zero bound. And so thats going to require a lot of finesse, a lot of creativity and a lot of very strong communication from here. So i dont think that the challenges for the fed are easy, but i do think we have to over the last 90 days we have to give them an a for boldnesses, for being responsive, for being proactive. They do deserve an a in my mind over the last 60 days, for sure. Jack i think jack howes jumping in. I didnt have a bad connection. Did you say you like energy . Because its been a while since i heard something positive about energy now. Why do you like it, what do you like there . Look, i think the fundamental thing that always helps us decide what side of a trade were on is how are the stocks and how are the credits responding to the news flow. We got some pretty provocative news flow at the start of this week that the futures market was highly disrupt ared, that the main contracts went negative, moments when it looks like the june contract were going negative. And yet, and yet the stocks of the major enps held up. The credit of the major en ps held up. That signaled to us that there is a great degree of confidence in the overall futures curve when you look out 69 months in oil and that the market, quoteup quote, gets the joke that the enps are hedged over the intermediate term. Jack unfortunately, i do have to cut you off there. I really like those insights and thanks especially for getting that word in there. [laughter] up next, round table members give their investment ideas for the coming week. Stay right there. 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Jack jack, i know you like excitement in your food choices, but when it comes to the market, youre saying give me some boredom. Im excited about. Com right now, i think. I mean, look, late last week thursday into friday we saw not much going on in the stock market. I like a time when not everything goes frantic 3 in a day every which way. Our pal al root from barrons likes closer, they make pump, valves, thats just my kind of boring. Its been beaten down, but these are Replacement Parts that continue to be in demand even during down times, so this company can hold up pretty well. The price unusually cheap. Buy some and take a nap. Jack that sounds great at this point in the market right now. I want to get an actionable investment idea from our other panelists as well. Carlton, im going to start with you. Jack likes cars in a can, but youre going healthier. [laughter] absolutely. Ive got to say going to the Grocery Store is the eye light of my week now highlight. So were taking a look at krause farmers a market. We talk about how Soup Companies are doing well, sprouts is one of the grocers that is still trading at a discount. Its one im keeping an eye on. Jon and, ben, we are in the middle of a pandemic. Youre looking at a medical opportunity. Yeah. Stocks like Johnson Johnson and eli lilly have broken out, so investors might be wary of getting in right now. But another one who hasnt broken out yet is rome. Its also roche. Its this big multinational pharmaceutical company, looks like it could break out too, its an interesting opportunity. Jack thanks a lot, ben. Thank you, jack and carlton, as well. To read more, check out this weeks edition at barrons. Com and dont forget follow us on twitter. That is all for us. Wash your hands, keep on your masks, and well see you next week on barrons rounding table. Much. That is weighing on investors. Charles hello, everyone, ooh im Charles Payne and welcome to our second America Works together virtual town hall. Todays special guest is mark cuban, it will be with us for the entire hour. Our First Virtual town hall focused on Small Businesses and government relief efforts. It was a huge success but there were so many unanswered questions. Since then as you know the ppp ran dry and millions of Small Businesses are really in a life or death predictment at this moment. Apparently more money is on the way. The delay could prove fatal for many Small Businesses. Frustration is growing and there is overreaching anxiety about the future of this country as we race t