500 reaching uncharted highs once again. Friday a big day for financials, jpmorgan, wells fargo and blackrock reporting earnings. Blackrock had a solid report beating the street, raising its Quarterly Dividend by 50 . Oil at 70 a barrel for the first time in three years. Analysts pinning the rise on oil spries. Thats bad for drivers. The e. I. A. Announced gasoline prices will be on the rise with the average pump price reaching 2. 63 a gallon. Walmart announced this past week its raising the minimum wage to 11 nationwide. Its also spring every hourly employee with a onetime bonus up to 1,000. Visa announced its raising its 401k match to 10 of base pay. Bitcoin having a digital rollercoaster week. A south korean 0 officious announced his government is going to ban crypto coin currency. But its 1,000 percent increased since january of last year. Apples battery controversy not going away. Apple was asked why it wasnt more transparent about its deliberate slowing of batteries. Thune wants a response by january 23. David marcus is with us. Its good to see you, david. I know you are bullish on stocks, but you have moist of your money in europe . Yes. We are a global fund. We can go anywhere in the world. Over the last two years u. S. Market has been so strong we have been taking the money out of the u. S. And investing in europe. And we focus on restructurings and turnarounds and transformations. European countries are so farther doing it now, you are seeing breakups. And they are interesting for other companies to buy. We have over 70 of our assets in europe today. Just look at one company at a type finding quirkily idea that really are misunderstood in the market. And as more investors see what these companies are becoming, the stocks gets revalued. Maria well hear from jamie dimon, the ceo of jpmorgan. Europe, they are growing again. Expectations are 2 . Absolutely. Even though the growth rate is a lower number, 2 . The fact is its 2 up from nothing before. So its huge. So the mentality in the companies and board of these companies. Its so different than it was. I have been investing in europe for almost 30 years now. This is almost as good as when i first started because you have such a wave of change. We own vivendi. Its 38 bill market cap. They own universal music. And they have other assets. But for 10 years it was the biggest dog out there. It went down for 10 years. Then four years ago a new shareholder came in and he has been so violently aggressive to turn it around. Now they have all this content. He doesnt know where its all going. They even have a stake in spotify. Maria what about the euro rising . Does that put a wrench into things when investing in europe . We look at the currency how will it impact the companies and their business. So our view is we are stopping. We want to live or die because the stocks actually work. Maria in the u. S. Right now given the valuation gains, 7 trillion in the last year. What do you want to do in terms of sectors that have not kept up . Is there anywhere to hide . Do you like energy and healthcare . These are the areas that have not been as strong as technology. We are not always the most of sector driven. But energy is sort are of just picking its head up. We want to look at the areas that have not worked. Healthcare. You have Big Companies spinning off healthcare assets. The German Company se siemens is spinning off their assets. Maria they will do a deal or buy back stock. The amount of money out there is huge. Tax reform will increase that, and money is coming in. Companies are buying growth. Where they dont have product offering, they are buying their old competitor for that item. You have companies here like dow and dupont that merngd. And their plan is to break up into three or four companies. So they become powerhouses in certificate gories. You dont have to powerhouses in certain categories. Maria david, its good to have you on the program. Jamie die moins next. Announcer hes arguably the most of powerful bank ceo on wall street and hes talking to maria. He tells maria how he thinks tax reform will impact his company and america. My experience with usaa has been excellent. They always refer to me as master sergeant. They really appreciate the military family, and it really shows. Weve got auto insurance, homeowners insurance. Had an accident with a vehicle, i actually called usaa before we called the police. Usaa was there handson very quick very prompt. I feel like were being handled as people that actually have a genuine need. Were the webber family and we are usaa members for life. Usaa, get your insurance quote today. Maria it will be a big week next week for earnings. Jpmorgan reported net income of . 4 billion in the third quarter. For the year, 2017, jpmorgan earned 24. 4 billion. I spoke with jamie dimon at the Healthcare Conference in San Francisco giving fox business rare insight into the industry, and politics in washington. Jamie dimon there are almost 2,000 individual meetings. The beauty of this if you go back to the beginning. It was 10 companies, now its almost 500. The total market cap is 5. 2 trillion. That to me is an amazing uplifting thing. Maria you are seeing companies talk about new innovations and get help in the sector. Jpmorgan, largest bank, millions in credit cards, how would you characterize our seeing. Jamie dimon from our business lines and other data, its clearly accelerating. You see it in Household Incomes and capital investment. And its helped by the fact that rest of the world is growing, too. But the American Economy looks like its strengthening. Maria why . Whats behind that . Jamie dimon this is my own personal opinion. We were growing slow for a long time. Animal spirits are back. Markets are higher. I think you are seeing more people come back to the workforce. You will see rate increases. We wanted for the average american. So confidence is up. The rest of the world is surprising people, too. Maria the tax legislation is signed into law. What do you feel is the impact of this. When you talk about a 21 corporate rate down from 40 . Thats a big deal. Jamie dimon one of the mistakes people make is that it will have an impact tomorrow. So if you go back 20 years ago, the world was 40 , and we were 40 . Now the world is 20 and we are 40 . By most of measures, capital, and Price Waterhouse estimated 5,000 companies that would have been headquartered here are headquartered overseas. It was a huge disadvantage. You will see companies doing things in the short run like increasing wages and onetime bonuses. But over time, that retained capital used grow businesses, competition. And over time it will be good for america. Maria you talked about some of the savings being come meet away because you would lower costs. How much would be come meet away and what are you planning. Jamie dimon helping cellular growth in america. I think well having a double effect. But the fact is that competitive taxes is good for america it will become a onetime benefit. Remember when we say that, that means it will go to consumers. More inover vision and more r d and higher wages. That is exactly what americans want. Maria what about the rollback in regulations . You see all these changes. New people in different agencies, regulations coming down, what kinds of impact has thanked had, and what does that mean for your cost basis. Jamie dimon there is no caution in my mind. It got worse and worse and worse. In other industries, if i speak to some of my friends in the media, mining, telecom, they are seeing the benefit. We havent seen it yet in financial services. But this is a vast bureaucracy which is like sand in the engine. To reduce some of that, not roll back good regulations. We need to protect consumers. The American Public when they go to the dmv and va, thats whats been happening more and more in the United States. One example i find bad. 12 years on average to approve a bridge in america. In canada and germany it stakes two years. 12 years. And there was already an existing bridge falling down. So we lost some of that cando ability that was american. If we just kill some of the bureaucracy. A Small Company in upstate new york. 5,000 rules and regulations. One day we are going to take a deep breath and create a efficient, competent way to regulate and not allow every state and city to throw rules on top of rules. Maria much of the expense at corporate has been going to hiring lawyers and compliance experts. Thats god to be good for the bottom line. Jamie dimon we just need as a country to do a better job balancing those two. Maria are you more poised to use extra savings from the tax plan and rollback in regulations to buy back stock and create new jobs . Our dividend will consistently go up like the always has. Primary thing is always use your capital to grow. Thats why we are here. Thats investing in communities, countries, going to countries around the world. We opened 20 commercial banking branches in the United States in the last 20 years. Regulators want banks to hold their capital. A lot of it was held for regulatory purposes. But at one point banks use it to grow. You cant turn growth on and off. Some will do buyback. But in the right circumstances over time capital will be used to grow businesses. Maria will this be translated to jobs . Jamie dimon yes. The branches in commercial banking, those branches will have 10 people each. If we are successful through innovation on the internet or mobile bank we have to add people in digital. We added thousands of people in digital to serve our clients. The number one thing for joins a healthy, vibrant economy. A healthy vibrant economy descriefs jobs and wages drives jobs and wages. Cutting some of the bureaucracy, the infrastructure. We have to fiction that. Inner city education. Half the kids dont graduate. Thats not good for productivity. Announcer despite an economy thats booming, real estate has had its shaffer problems. Jamie dimon says there is an easy fix. A complete multivitamin with key Nutrients Plus b vitamins for heart health. Your one a day is showing. Money managers are pretty much the same. All but while some push High Commission investment products, Fisher Investments avoids them. Some advisers have hidden and layered fees. Fisher investments never does. And while some advisers are happy to earn commissions from you whether you do well or not, Fisher Investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other money managers. Fisher investments. 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Maria you have been spending a lot on technology over the years. You said to me at some point you would spend a billion on cyber. Jamie dimon cyber is a big deal. Well do of what we have to do to protect ourselves and our clients. Technology, i look at it as table stakes. Well roll out a couple projects. If they dont work well try something different. You will be able to do more and more moving money and buying things. Well have self in directed investing. We have great teams of people doing it. They are having fun doing it. They report to senior people and the american. You wants it. Maria people say there are be more robots and people. How do you calm people down to say my job is going to be replaced by a robot. Jamie dimon technology has taken 20 Million People off the farms. Back breaking hard work. Its not that they lost their jobs, they went and did other things that is productive in society. Its why my daughters kids are hopefully going to live to be 120. Education is better. There are some negatives. Thats always been true. When the car came along the horse and buggy business died. Think of government and business collaboration to help people displaced, training, relocation. Training assistance. But dont stop telling. Some of the jobs replaced are backbreaking jobs. You will have people involved in news and analysis. Maria you have been involved medication in a way to make sure they have the skills they need. Jamie dimon the economy is doing quite well. So obviously that fakes us dramatically. We have all these new things coming down and it helps our clients. Maria you report earnings this week so i know you cant talk in terms of figures. But we just hit dow 25,000. You always had a great head for market. Jamie dimon we build people, products, systems. I dont worry about stock prices, the weather, change in the gdp. If i have a bad week, that doesnt make the restaurant bad fit a snowy week. The way to look at the market, if we have a couple years of good growth, that could justify when you are seeing the market spread. The stock market is too high. The stock market is a reflection of expectations. Maria the question is the fed. They are talking about four Interest Rate hikes potentially in 2018. 50 billion slowly but surely getting to 4. 5 tri. Hotri 4. 5 trillion. Jamie dimon 4 is possible. The fed wont act not knowing whats going on. A Strong Economy will swaw wl dwarf higher rates. If you have a Strong Economy, im not sure its consequential. There might be a point in time when the fed isnt facing a favorable outcome. Inflation is too high, its faster than people think. Thats when it gets tough to be a fed. Maria it sounds like you are comfortable with Monetary Policy slowly going away and fiscal policy taking its place. You have an economy that seems like its firing on all cylinders, but you have trading unpressure, loan growth not where one would expect. Jamie dimon when it comes to large corporations, they have a choice. They can get from overseas. But you are right, in the middle market where you would expect to see more growth today you havent. It may just be a typing issue looking at the short run. Real estate is okay. Mortgages is fine. Obviously it would be affected by rates going up. The economy is healthy. How do you get more lending and housing for those lower fico core people . Thats a great question. I have been beg our government for years that because of service and costs there are 3,000 requirements to service a mort gaining its hugely costly and risky to the servicer. It costs more money to produce loans. A lot of lenders make loans to lower income, selfemployed prior defaults. We have so many people involved in the housing policy. They have got to get in a room and finish that. If they do that the cost of mort gainings will go down for everybody. Jp more fans economy estimated if we had dont right thing, not going to subpipe, just opening up the requirements we might have been doing a half trimore a year. A year. That alone is. 2 growth a year. Thats one of the first things the administration can do to help immediately. Make mort gainings more accessible and cheaper for everybody. Announcer jamie dimon hasnt always been the president s biggest advocate. So what does he regret today . Fr good luck out there, captain thanks but i dont need luck, i have skills