doesn't it? how long can stocks and bonds continue to go up together sh. >> i'd say several more basis points out of the bond, judge. we have got low volatility, low inflation. those are both helping stocks and bonds. the bonds of course are just running like crazy. there must be more shorts in this than in tesla, but down at 214, 212, where ever the ten year is, you could see it push to two. perhaps under two. >> k is to bes are going to continue to go up. >> if it's because of low volatility, then where he, and china saying they can see themselves buying more of the bonds again instead of stepping away from them like they allegedly has been doing over the past several months. that's another thing that's you know, working against the bears on that trade. >> i don't know what it is. rick, i mean, i don't know, is it worry about the agenda? is it i don't know, ahead of comey? the economy? what is it. why do bond yields continue to go lower. >> i think we can safely say it isn't comey. running a memo b about it right now. >> throwing your hands up in the air after a while saying why the heck do bond yields keep going down. >> i think i have it in my mind pretty straight. it's the rest of the world i'm going to have to convince. i've talked at great length that central banks have broke the smoke signal machine. that we now see the signals coming up, but nobody knows the language. if we are 75 or 100 basis points higher, we probably wouldn't be having this discussion, would we, jon? >> no and we'd be worry ied if were up at 270, would they be moving. >> now, the only question that matters. central banks own 18.3 trillion, give or take, of the tradeable 54 trillion of bonds out there. jon, do you think if they sold a chunk of that, we could get a 50 or 100 basis point rise? maybe we could see france get over 1%, maybe the u.k. get back over 1%. maybe we could see boons get back over 70 basis points. the think some of these countries have such significantly lower yields than ours, then you look at central banks. i think the discussion we are having is an impossible discussion to find the promised land sh, which is the answer. we have no idea where rates would be if it wasn't for ben bernanke, the ecb or the japanese. we really don't or for that matter, the bank of england. >> i tolt otally get you, i do, because it's had a dramatic impact. no normal anymore as a result of everything you said, so we don't know what it is. >> but i do agree with you that when ever i don't know the percentage, but disappointment that we haven't enacted some of the policies or disappointment that the global economy even though it's improving, isn't improving fast enough. all those are definitely channel, but i think they're channels that are about that big, versus the central bank channel that's you know, monstrosity. >> good points. josh, look, dollar, weakest level since november. gold and bit coin continue to go up and these bond yields continue to go down every day and some wonder how long that can continue, whether stocks and bonds can rally from these levels and how much that can last. that's what jeffrey says, it's hard to see a rally from these levels continuing for both. >> so, i must be an idiot because i don't think this is that complicated at all. i think you have investment demand at record levels around the world. the ainges pop rationlations of china, japan, europe, the united states. the demand for safe assets has never been higher. it's not going to go away tomorrow. people are living longer. people have enormous portfolios. you have $100 trillion economy here in the united states. could be 200 trillion two years from now and people need somewhere to put the money where they feel it's going to be the next day. why is this so difficult? here's the other thing, this idea that stocks and bonds can't rise together for much longer, first of all, that's what they've done for most of the last four decades. second of all, going back to 1926, stock and bond prices have gone up at the same time about 40% of the time, so, to say this is somehow bizarre or rare and then even just in the last ten years, the total bond market has had positive returns in nine of the last ten years. the only year it was down was 2013 in which it was down 2%, which you might as well call flat. so i don't know why this is so cont controversial. >> you want me to buy ibm, josh, if janet yellen or coroda, decide to buy ibm, you don't think that would have an effect on ibm's price? zpl i do. >> i do. >> i think you guys are totally by the way, i don't think it's helpful. >> i don't think what they're doing is -- the story about everybody holding on to fixed income, it's a demographic issue. is anybody at this desk recommending an aggressive purchase of these sovereigns? >> we're not doing that here. >> don't talk over each other or we can't hear anything. we're not doing that here. we have stock, the taper was three years ago. it's an old story. the fed is is not increasing the amount of treasuries. >> over a trillion thus far this year. sfl it's a stock versus -- >> buying of the security. >> this is the stock versus the flow. >> you guys are saying the same thing frankly. >> we're not arguing, we're just animated people. >> i generally agree, but i want to say this. i think what scott's driving at here and what i feel here is that traditionally, if you look at yields coming down the way they have, if you look at the flatness of the yield curve, that's a bad omen for the economy and thus, for profits and cash flows. >> for the stock market. >> yeah. -- that's what josh, you're drying and rick is driving. we're not in kansas and haven't been for ten years. i think we got to pay attention to the jobs report last week, the second quarter estimates which were supposed to row re bound dpr a terrible first quarter has been sequentially coming down and maybe all is not well in denmark maybe we have a slower growth economy, still growth. >> can i make a point from an investor perspective, seven years ago, eight years ago, the narrative was that bonds have nowhere to go. think and eight years later, low rer and lower. think how many bad decisions that narrative has caused individuals to make. constituti institutions to make. how many trillions of dollars allocated to sharl mans and traded poorly. the reality is we don't have 1,000 years worth of data on the bond market where we can say yields can only go in one direction. we don't know where they're going. the prudent allocator has been buying treasuries alongside equities, rebalancing periodically and making a ton of money, period, end of story. >> i don't know necessarily that it's a bad thing and i think there's social consequences, i think there's market c consequences. i think we don't agree with what they are doing. market consequence is simple. if you are a ceo, a cfo, you're looking at the debt markets. you have access to debt. you're able to fund acquisitions. you're able to go to the dept markets, raise the capital, do buybacks. >> that's beneficial to earnings. >> what's going to crack first? >> nobody knows the answer to when it cracks first. >> i'm going to suggest it's likely to be stocks. >> that's great, but the reality is the professional successful investor and trader is the one that when they crack, recognized the crack and doesn't buy one on the -- >> can cost you years and years of upside. >> you're both right on that, but there's also one other thing i'm surprised we haven't brought up here, in terms of an explanation for this disconnect between bond yields and stock prices. there's no inflation. period, stop. i don't care, up 2.5%. that ain't it. until there is wage inflation, you frankly may not see higher interest rate. >> whatever happeneded to the reflation trade that everybody was talking about? >> it's all gone into stocks. it's stock flation. >> i like that. job openings, record high. >> i was talking about that last hour. >> and he's been spot on about it. so, when you see that, is that really where you could finally see what you're looking for? >> it's not jolts though. they're at a multimonth low. openings, we can't forget quits. we can't fill the positions i think is what's most interesting. there's a reason. it's because we've got a mismatch in skills. when you look at what the 6 million open positions are, the leading categories, finance and insurance. construction and hospitality. and people that were in manufacturing last month, don't look at themselves in the mirror and say, i'm nin hospitality no. >> what about the notion, rick, do you think there's anything to the bond market trying to say we're over our -- a little bit, the stock market still needs to hear the music? so to speak? that the stock market has a little ahead of itself? bond markets telling you maybe it's not going happen like we think? >> i just don't see it. now, i can understand the stock market at some point getting disappointed about things like tax policy, but i think investors have a long runway there. but no. i continue to think maybe we haven't completely reverseded out the gains in price and develop in yield since the election is for exactly the opposite reasons. the last two term president was a cool guy, but his policies in many people's opinion including mine, weren't really economically sound growth policies. if you really want to take care of people, the best way to do it is not the way of venezuela, the best way to do it is have a really great economy then let the schumers take all the profits for their program. that's the way it should work. sfwl rick, appreciate you come ong. talk to you soon. >> thank you, guys, always fun. >> rick santelli up in chicago. well, it is not often we see a downgrade of apple. did get that yesterday. it did move the stock and came ahead f the worldwide dw developer's conference. andy hargraves made it. cut the stock, joins us now. welcome. do you feel you were early on this? >> i might be, but quite frankly with a call like this, where my perspective to the upside, is super significant over the next few months. i'd rather be early rather than late. >> i guess i ask that question sort of suggesting to do it ahead of wwdc. you weren't moved by anything apple moved yesterday? virtual reality, augmented real, any of the products they showed? >> no, i wasn't. maybe you're just missing the boat. it's. >> it's possible. being more and more oriented around the services. i'm not of the views that iphone going away anytime soon, but when you take over multiple years, the value is in what the devices ago access and that is where apple is the weakest. that showed up yesterday, where you have a nice speaker, but it's a speaker. >> it's josh brown. >> i want to get your take on the ak kit, which some technologists are saying could be the platform to beat. then on the speaker, just a quick comment. do you really think three years from you, we're going to be sitting around and accessing the web via a device in our hand or is is it more likely we're just talking generally and the computers in our home, apple speaker or alexa, are doing the computing away from our hand. if that's the case, suspect potentially the home pod way more important than maybe it might be for the next six months? >> so, i'm of the view that our interactions with compete however you wanted to find it is is going to be more fragmented. to be more and more the silent, omnipresent thing. that's why i bring up the point about services. the things that people are accessing in that scenario, are what are going to create value. and that plays away from the slent. >> our home pod is going to be great for people who want good, quality sound, but some smart, i think that's a tiny fraction of the overall mark. on the first question, it's really, really early. the model around it are nascent so say the least. most successful so far. and so we have to see more about what you can do with it before i can say ar kit is meaningful to apple. >>. >> we discussed this very issue yesterday. you urged people to maybe take some profits. maybe put it into another stock like alphabet. when do you get back in? >> this is not as others have said, a trading stock. it's an owning and investing stock, so you tell me if i heed your advice, when do i get back into anpple? >> we've got a 12 month fair value at 145. if it meets your return threshold, you would get back in. after that, i would have to see something that makes me think the number is going to change meaningfully and i don't have that right now. >> joe. >> andy, you're not very excited about the services side of the business from what i hear. a lot of the upside we've witnessed so far year to date in apple is about the growth and the services side. why do you seem so skeptical about that. sxwl when you peel back the onion on an a l services business, there's one giant piece that makes most of the profit and that's the app store. i have no issues with the app store. it's a phenomenal business. and there's, it will continue to grow. i do think that the growth there is going to deaccelerate. just as the user base has slowed. i think we'll see some slowing in the spin as well. but that's they're only entree and when you look at people are looking on smart phones, just on computing in general, there's a lot of other avenues that people are making in the amount of money that apple isn't p participating in at all and i don't think is structured to participate in, or at least thot structured to win it. the app store is doing well, i just don't think that's enough to you know, warrant the stock going higher! andy, thanks for coming on. i pleeshuate your call very much. jimny, what do you make of this call? >> well, look, first off, he's got an opinion on the iphone 8. i have a different opinion. neither one of us are going to know until this fall when it comes out. >> he said it's priced in. you don't think? >> i don't think. what's priced in is an iphone upgrade cycle like the 7, which was an off year. i think this being the tenth year, ths there's a lot of pent up demand. the people are holding back for this iphone 8. i think this is going to be bigger and by the way, scott, you know what nobody is talking about is india. they have slowly been making enroads in india. been doing manufacturing there, getting permission to sell there. that could be very big in fiscal, in the next year fiscal '19, which is really calendar year 2018. >> scott, augmented reality just like josh said, i think that's huge. the kit, the developer kit they taubed about at the conference at wwdc, along with 27 million subscribers, paid subscribers over at apple music now, now, that's still half of spot fi, but they're catching up. keeping an eye on it. i disagree with andy. respect him, but disagree because i think like jim said, between the potential of that augmented reality on the iphone as well as the subscriptions growing as fast as they are, paid subscriptions, i think that's huge. >> he's downgraded the stock 50% lower than these levels. upgrades and downgrading every quarter. >> it's a dangerous game to get in front. >> oh, it's worse. with the momentum that it seemingly has. >> it's worse than dangerous. because the business model of the upgrade and the downgrade has nothing to do with a regular investor deciding whether or not to invest in apple. this generates trading activity. this has nothing to do with whether or not apple should be bought or sold. sbl make it quick. >> they get the benefit of the doubt. to introduce products that they fail, okay, they're fine. they've got enough cash. we'll introduce another one. >> here's what else is coming up on the halftime report. >> next up, one of our own has today's call of the day. see why joe says forget fang, invest in this tech giant instead. before the break, apple shares after a worldwide developer's conference like yesterday. our data partner show stock talk falling in the two weeks after the event, baugh month later, apple is is positive one month after a developer's conference. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. hthis bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? 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[ eerie music ] [ guitar plays ] [ music abruptly ends ] [ alarm beeping ] [ guitar plays again ] [ music abruptly ends ] [ alarm beeping ] [ guitar plays again ] [ drum beats ] [ upbeat music ] she is real. the mummy. rated pg-13. what other stocks could outperform the fangs? comes from one of our own. it's from joe, who says microsoft will outperform facebook, amazon, alphabet. bold call. >> i think it's important in the market environment we're in now to kind of reck nice the con fluns of momentum, which is so important. i know josh watches and fundamentals. pete has done an unbelieve bable job over the last couple of years highlighting the fundamental transformation of microsoft and the appreciation, but the moment of now microsoft o is is actually outperforming facebook and anning and it's coming to you on the back of really strong earnings and now, you see the interest and the momentum accelerating as well. where they're hitting on all marks is really in the cloud space. the hybrid space, which is so important. the integration between public and private on site demand. and you just have a collaboration if you look at platform software, infrastructure, as a service, microsoft is the leader in each. azure, windows linked in. the ability to offer it to each of those. >> azure. >> azure. >> cloud platform. >> threw me. i didn't know what you were talking about. >> this segment's going well. really well. >> thanks, scott. bottom line. is your talking about a company that right now, in the moment, has the ability to find momentum and earnings and take it. >> joe, your shirt. >> can i ask you a question? great company. >> by the way, when you make the money, it's all green. >> i got you. look, it's made a lot. right? you said since the election. >> no matter what your accent is. zpl made a lot of money! the stock has done really well. the mouz is not crazy. it's not crazy multiple. you know, peg ratio of about 2.5 is a little heavy. where do you see the growth rate? you mentioned clouds, but at heart, isn't this still windows as driver and if i'm right in that, windows as the driver, where do you get the growth in windows? >> the driver of this is that they are so dominant in the intersurprise space. in the absence of a second competitive challenge to them. that's where the driver is. >> what about oracle. >> nowhere near what microsoft is delivering now and all three of those cloud services. additionally, the quantitative element to you're finally seeing twaunt quantitative funds and buying. that are doing the same thing they did a while back for apple. for google, for facebook. and for netflix. >> start pricing in the 7 billion. >> you like this call? >> i do because intelligent cloud. >> not just liking microsoft. >> outperforming the fang. because of the run the fangs have had here, judge. >> microsoft is no slouch. it's no slouch because it's eaten ibm's lunch. so of course is amazon, but you look at the hybrid cloud and basically, the cloud of services that i think was 7 billion or just under 7 billion. this past quarter. at the growth rate they're seeing there and they're basically not creating any error for ibm to get back into the game because amazon and microsoft just keep cutting price so much. i know that works against their margins, but pretty soon, it's just going to be a two man race. >> microsoft and google both selling at the same multiple of like 22. i'd rather by alphabet, but i like both names. >> how about maxim today, this equity research firm. they go 1300 bucks on amazon. are we getting up in the clouds now? >> go to 1800. the stock is untethered to reality. it doesn't trade at a price to book multiple or a price to earnings, so it can do anything. >> who's the competitor again for amazon? >> i'm going to look up what the price is is, what, 500? >> doesn't matter. just ridiculous. saying, what about -- >> in the contest of it, what stock is going to outperform fank. a heavy call to say that microsoft is going to be the one. >> so, i'm not in agreement simply because i think this is you know, this is getting pretty frothy at the top here. however, the analyst does do a good job of saying look, there are some physical presence things that amazon can do to get the next leg of growth. that may sound counterintuitive to what we've always known amazon to be b as an online shop, but there have been a lot of talks, some may sound crazy like a furniture store. groceries on their mind and that could be from a fundamental point of view, the next leg of growth for amazon, however, ooimg not toughing it at this price. zpl let do our trader blitz. gm shareholders rejecting to divide shares into two classes as well as the candidate. jimmy, you're in the stock. >> you know, surprisingly, the stock doesn't actually the two or three weeks since david einhorn came out with this, the stock hasn't really cared if for it. investors had known the tea leaves are showing it's not approved and they don't seem to mind it. for us in the stock, what you're looking for is are sales going to continue to plateau or are they going to drop off? i'm in the stock. i think sales are going to plateau at 17 million for the foreseeable future. if it breaks down, then i would get out of it, but i don't think it's going to happen. >> hd supply is tanking following its earnings. 18%. trading snit. >> yeah, i've traded in and out of this one and i've really been looking for some sort of fear factor you know like a wash out sort of thing and not really feeling it yet, so i haven't been as aggressive as i have been in some of these other stocks. in order to buy a lot and hold it, so, just quick trades in and out, but they are in a world of hurt right here and they had an executive departure that's weighing on the stock today. >> morgan stanley is down slightly today, but it is up more than 50% over the past year. and joe, you just bought this stock. >> been building a position over the last couple of days. it's a name i want more financial exposure. i've been in and out of financials, reduced out of regional banks. my way to get back is to buy morgan stanley, coming off the back of fantastic earnings, you saw trading and investment banking growth that you did not see in the capital market side from goldman sachs. this is a company that if finance is going to reaccelerate, is going to take a lead in that. >> amd. if not the best, up 7%. >> amd is getting really cute. now, they're putting out that they're really important curr currencies of course, we are now over a very significant milestone, the amount of money that's in all of the various currencies, bit coin being the biggest example, so they're kind of pitching to people as you need our chips to store them. that's what's going on with the stock. but really,n it rant even gotte into the gap yet and i would not be a buyer here until it can clear the gap. >> all right, up next, john is tracking unusual activity in the energy sector. he is going to do that when we come back on halftime. trz ♪ this is a story about mail and packages. and it's also a story about people. people who rely on us every day to deliver their dreams they're handing us more than mail they're handing us their business and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you ♪ . there's sue. the latest headlines! hi. here's what's happening at this hour, everybody. we start on a serious note with paris police now saying an operation around notre dame cathedral is over after an attacker who targeted police with a hammer was shot and injured. the officer was also wounded in that attack. police believe the attacker was an algerian student, according to an i.d. found on him. california's governor jerry brown says he will cooperate with china on climate positive opportunities. speaking at a clean energy forum in beijing, he said china was capable of driving the world's standards for automobile emissions. >> so, in an analogous way, china can drive the world economy, the world standards for auto emission. and auto emission standards, so this is very good we're here, we're talking about it. >> americans on food stamps can now get amazon prime at a discount. the cost will be about 5.99 a month, nearly half of the regular membership. it includes free shipping and unlimited streaming of movies and tv shows with prime video. over to prion what's coming up on "power lunch." >> coming up on power, president trump meeting with congressal leaders later on today. this as we count down to the summer recess. can can congress get anything done? plus, a major ruling for the supreme court that will limit the sec's power. what it all means for you, the investor and business, jobs and billion. nba and business legend magic johnson weighs in. all that coming up on power. more halftime report after this. trz [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. ♪ ♪ welcome to holiday inn! ♪ ♪ thank you! ♪ ♪ wait, i have something for you! ♪ ♪ making every stay a special stay. holiday inn, smiles ahead. whether for big meetings or little getaways, member always save more at holidayinn.com dearthere's no other way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced. our senses awake. our hearts racing as one. i know this is sudden, but they say...if you love something set it free. see you around, giulia . welcome back. jon is at the telestrator for unusual activity. >> well, judge, we've got the s&p oil and gas exploration spider. the xop. down about 22% year to date, so it's been a horrible year for it. somebody made a bunch of money on pots puts not too long ago, d them today and bought 33 strike calls, so here, you see the slide, now take a look from a couple hundred to a couple of thousand. now all of a sudden, trading 16,000 calls at one strike. june 33s. they also bought the strike above it, the many i jumped in, i'll probably be in a week to two week, judge. >> gold is hitting its highest level in nearly seven weeks and it's up 5% over the past month. going to go to the futures pits next. first though, the s&p sector -- back in a few minutes. dynamic performance, so you can own the road. track-tuned handling, so you can conquer corners. aggressive-styling, so you can break away from everyone else. experience the exhilaration of the bold lexus is. experience amazing. who's the new guy? they call him the whisperer. the whisperer? why do they call him the whisperer? he talks to planes. he talks to planes. watch this. hey watson, what's avionics telling you? maintenance records and performance data suggest replacing capacitor c4. not bad. what's with the coffee maker? sorry. we are not on speaking terms. we see it there. gold's up nearly 11%, rallies to a seven week high today. wring in jackie and the futures now crew. >> hey, scott, gold rallying to within just a few dollars of 1300. gained 13% this year, so the question is is, do we move higher? >> well, i think there's definitely a possibility. when you look at the environment that we're in on the equities side with the vix around ten, gold is rising and we haven't even gotten volatility, so imagine if we get shakeout in the equity market, so i think it's easy to take gold off another 5% from here. couple that with another environment, the ten-year. down to 2.15%. just so low people are looking for alternative investments and gold is that place right now. another 5%, i think we're good to go. >> if you look at technicals here, gold has broken through it's 200 day, so what do the charts say? higher? >> not only that, but when you look at that chart, you're going to see this b channel starting to form where gold can go higher. brian mentioned the other factors, i'm look iing at geo political, the weak dollar. that's supporting gold, also and probably 1365 on the outside. >> okay, today on the live show, we're keeping the gold conversation going. plus, we're joined by tony. pimco market strategist and portfolio market manager. we're looking at what we calls five political markets. back to you. >> thank you so much. gold is up 12%. who saw that come something. >> not me. >> i'll say that. and now, it's here, so what do you make of it? this goes back to the top of the show. i think gold is a referendum on the federal reserve reserve right now. they are going to go in june. if they weren't, they would have let us know, but i think the tone and the posture they take after that meeting is one where they back off of future rate hikes. >> i think i have no reason, i have no understanding why i'm long gold. i'm long gld. >> well, god bless you. >> keeps going up. >> i have no reason why i'm long gold. >> by the way, it goes up and we can pick and choose. we can say it's up because the fed is going to say it's easy. these days, oh k it's up because of trump and geo politics. make up whatever reason you want. >> in the make up room, i see pete, do you have unusual activity in miner, okay. >> i thought you just check his wrist? >> he has unusual activity on his wrist, 24/7. infrastructure is is outperform ing the broader market this year. next, one portfolio manager on that trade is with us. how he's making money in that sector now as president trump gets set to launch his big plan to rebuild roads, railroads and more. halftime report is coming back. this is where i trade andrs. manage my portfolio. since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities- trade confirmed- and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. our 18 year old wase army in an accident.'98. when i call usaa it was that voice asking me, "is your daughter ok?" that's where i felt relief. we're the rivera family, and we will be with usaa for life. welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways, there are always smiles ahead at holiday inn. welcome back to halftime. another big voice calling for infrastructure spending today. lloyd blank fifein tweeting thi morning, arrive d in china, as always, impressed by condition of airport, roads, cell service. u.s. needs to invest in infrastructure to keep up. port manager of double line capitals global infrastructure fund, joins us live from los angeles. andrew, welcome. >> thank you very much. thanks for having me. >> do you think we're going to get infrastructure done anytime soon? >> i do think so. we have been getting it done. yesterday we saw trump speak on a plan for privatization of air traffic control. we do need private funds to fund this mandate, and by making this step i think that's the step in the right direction. >> exciting time obviouslily for what you do for a living, infrastructure plays. can you give us an idea of the kinds of things you invest in? >> we're a little bit different than the other sfrus dead funds out there and most other funds are muni based. we are based on the corporates and really run the gamut. our focus is transportation and renewable energy. >> so are you -- i have 43% of your fund is invested in transportation. are you buying debt of rail lines, the csxs of the world, other names and transportation plays? what exact investments are you making? >> the class one railroads are in our portfolio. we look for project finance transactions where we're secure advertised from toll roads or airports themselves. we see that as a really attractive area. transportation is the arteries of our economy. it's very important. i think that's why trump's administration is pushing it to the forefront of the agenda. >> joe? >> andrew, most of the exposure is to power. how specifically do you gain that exposure in the debt side, and where is the geographic location of it as well? >> most of our concentration is here in the u.s. we do have some outside the u.s. the vast majority is state side. any exposure in power is really with the regulated utilities or the transmission and distribution side. we believe investors are looking for a safe, stable place and these are very safe assets. >> 63% of your investments are based in the you states, yeah? >> it's almost 70% actually right now. >> jimmy? >> andrew, i think i heard you say municipal bonds don't factor in. i love seeing the subways and tunnels built by munis. why, if i heard you right, you're not in munis, and would that change as we go forward, a more private/public partnerships issuing debt. >> i think it could change. what we see right now with munis a lot of them are long dated in terms of life. our view is we want to keep it mitigated in the infrastructure play and we do that in bonds. in terms of public/private pa partn partnerships we hope that will take off. we have been seeing it over the years. >> i'm looking at names of these companies on your list of investments, mosaic, solar -- i'm thinking of names that would know, american tower, you want to talk about any of those specifically? >> look, i can just talk about -- let's choose the tower companies. there's talk about self-driving cars out there. it will require a tremendous amount of bandwidth to get this done. they are critical and cash cows. they can be assured or see very good transparency in terms of cash flows here. >> thank you for your time. thanks for coming on. >> thank you very much. >> andrew hsu. three hours to go until the close. your final trades up next. think again. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov usaa gives me the and the security just like the marines did. the process through usaa is so effortless, that you feel like you're a part of the family. i love that i can pass the membership to my children. we're the williams family, and we're usaa members for life. i have to tell you, joe, i owe you -- i owe you a hearty apology. we called microsoft, and they said it's azure. >> you knew it wasn't -- a-zor. >> i say -- >> a-zor. a-z-u-r-e, does that sound like azure? >> azul. >> the real question -- we have the clip. go ahead. >> look at platform, software, infrastructure as a service. microsoft is the leader in each a-zur, windows, linkedin. >> he said it wrong. >> no, microsoft, i think, agreed with him. >> did you ask microsoft? >> we went right to the source. you get the first final trade. >> well, there's two questions, why does microsoft name things so difficultly. i love that i gave you an opportunity to bring up china again, once again. >> soft "r." >> yes, soft "r." i will tell you everything i presented about microsoft i believe in its position that i continue to build and i continue to believe this moves towards $80 and is a strong, strong buy. >> are you "azor" about that? >> blue skies. >> yesterday i was going to repeat this. i mentioned it thor industries would report. they blew out the number after the quarter last night. winnebago is up on that news. not as much as thor. they will report late they are month. i think based on the thor news and historical patterns, winnebago just crests right into their report which will be later this month. i think it's easy to right winnebago here. >> okay, josh? >> i would point out we talked about infrastructure. 3m is the best looking chart in all of industrial land. it's not cheap. it's 25 times earnings but that's reflecting what people think is ahead in terms of global manufacturing. you're still getting a 2.2% yield which i would note is now above the ten-year treasury yield, not that you should look at this like a bond proxy. it's going higher. >> doc? >> square, judge. sq. they've been buying calls and rolling up. this is smart money that's made money as the stock traded through 20, through 21, and now it's 24. they're buying the 25 calls right now. >> okay. list of new highs today. i like to pull out a couple. sales force. haven't talked about that. i know you like that stock. do you own it? >> still own calls in sales for. >> nvidia. visa new high. >> dunkin' donuts. >> good stuff. azure. "power lunch" starts now. a great show today. here is what's on your menu. president trump meeting with congressional leaders to push his agenda with only about 30 working days until the summer recess. can the president and congress get anything done? another new high for high-flying tesla. elon musk meeting, no doubt happy. why do many think the stock should be worth less than $100 than it is now. trump, jobs, and the nba finals. magic johnson checks in. i'm brian sullivan and a fast break slam dunk edition of "power lunch" begins right now. ♪

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