tv Making Money With Charles Payne FOX Business February 22, 2021 2:00pm-3:00pm EST
personalized advice. unmatched value. at fidelity, you can have both. ♪ more than this ♪ jackie: oil prices flirting with the highest settle since january 27 of 2020. the dow is staging a come back too. charles, over to you. charles: thank you very much. we call it the commodity super cycle. i'm charles payne this is "making money." the breaking the rotation out of superhot growth names i referred to. the commodity super cycle is seriously on fire. don't look now, many reopening stocks are changing hands at all-time record highs. the true face of the retail investor revolution. it might be the only real woke movement in this country. the house budget committee marking up president biden's two trillion dollar relief bill this hour, ready to give it a final
seal of approval. with so much beginning to sizzle, covid-19 cases plunging is this too much stimulus? we will get reaction from economist brian wesbury. cpac scores, we'll speak to matt schlapp getting president trump to speak. we'll ask him what is conservatism these days? that and so much more on "making money." ♪. ♪. charles: so in the aftermath of the gamestop hearings last week, there seems to be this urge in the financial community to put the whole episode in the rear view mirror. you know, a blip that came from lots of easy money, free time on the hands of folks who otherwise would be betting on sports? that narrative has always been widely off the mark and willfully ignores the dynamic of
the retail investor revolution, including the fact it is here to stay. according to a survey from the financial industry regulatory authority, national opinion research center at the university of chicago, brand new investors, those who once had accounts or what they called experience in opening a new account last year, well you know, they're doing extraordinarily well. you of course also have the holdovers. now from that group, 37% earned more than $100,000 a year. 45% of those experienced investors, those folks who had an account, they opened a new one last year to start trading again, they're earning six figures or more. many, you know, it may be true, folks that many are new to investing. that these newer investors earn a lot less than $35,000 a year. that is 33%. those folks do have less than $500 in their accounts. this is a true woke movement. you have gen-z, younger millenials, they're taking charge. they're 45% of new and
inexperienced investors. the real force has been the older millenials. check this out. 68% of new and experienced investors last year were older millenials, 30 to 44. i tell you, it is part of the fact they're making adult financial moves and owning stocks this move swept up black americans who made 17% of new investors, dwarfing the combined 14% they represent in combined experience in hold over categories. face it life is not fair. there are mighty forces determined to keep retail investors in their lane. there has been a lot of finger wagging. a thing of the investors, retame investors that i told you so. guess what, the retail investor is outperforming professionals since march of 2020. i'm here to give a shoutout to all of investors, all the retail investors, your time, your economy, your future. with that being said, there are going to be greater tests than player hating, player hates you
see on tv or even with the rules being changed. in this what i want to do is continue to help with the learning curve. on that note let's bring in three investment pros who love to change their knowledge. nicole webb, ceo of new street advisors, alanna shapiro and luke lloyd. luke, let me start with you, today we're seeing a lot of action in the names the shorters love including kohl's. kohl's is erupting. this is interesting, activist group, professional investors with deep pockets making a move. remember last spring no one on all street would touch the stock. they hated brick-and-mortar. they said kohl's was going bankrupt. it is making a huge comeback. ironically, maybe not ironically, new names that investors bought may be ultimately winners. what are your thoughts? >> most of the reopening stocks are back to pre-covid level.
so the easy money is made. these brick-and-mortar stocks are part of things we don't want any part. that is negative trend of going into stores. charles: luke, these stocks have made enormous moves. i know. i've been in a couple of them. how dumb is someone who bought kohl's last year wall street said to sell? you got brilliant people trying to buy this company now. >> absolutely. obviously these stocks have had 100, 200% runs right? the thing back then it was a big dead-cat bounce back then. we saw a bunch of these stocks thought the world was ending at that point. that is just not the case. we're seeing the economy open back up right now. we're seeing some sectors do better. the problem a lot of these valuations are higher than they were back before the pandemic. a lot of companies are not operating. cruise lines, retailers, all the reopening trades they're not making any money at this point and trading at higher valuation. for me i stick with the good
secular trends like e-commerce right? charles: well, e-commerce will always be there, i think nicole for a moment. when you talk about outperformance, since september, november, these names, these sort of reopening names, are names wall street given up on, but not the new retail investor. they have done extraordinarily well. the point i'm trying to underscore here, i think there were a lot of cases where these young investors were right and wall street was wrong. >> well, look, charles, you and i both know any results will be scattered but again kudos to the retail investor. looked at the market, looked at their specific behaviors said, no, i still like the experience of going to the store, of touching the fabbri. we've been making the case, whether it is best buy, for instance. i remember years ago it will turn into a showroom and leave the showroom to search for best product and price.
charles: right. >> i think retailers, retail investor, but retailers have the opportunity to get it right by focusing on the consumer experience because that there is pent-up demand for. that there will always be demand for. we can go back to the starbucks example which is old, traded out now but it is real. charles: you know one of the biggest winners today is dillard's. dillard's is the sort of proxy for all department stores which supposed to have been dead for the last 25 years. i remember the death of the department store going on 25, 30 years. you wish you had dillard's in your portfolio today. i want to stick with this topic before moving to the broad markets here. roaring kitty was famous in his own cliquier i think has gotten more attention, said to be buying more gamestop. these are diamond hands. they don't ever sell. i'm a seller when i have big gains. what do you tell the new
investors who seem to find value even if they're not given credit for it. when do you side to sell a stock you really love but you think it made its run? >> thanks, charles. i don't know if i have diamonds like the other holders. i never sell, i never buy a stock for emotional reasons. what i'm looking for obviously to make money for myself and my clients. a lot of those things, obviously the initial announcement that you did when you made the purchase. if that still stays intact. you want to keep that stock, right? charles: right. >> something changes materially for me i will sell the stock. i read the original point by roaring kitty. he had strong points, strong analysis in there. the other issue are people following into the trade. do we still have the same analysis or copying what he seeing? the original post he is still bullish. i understand, i read the original post. he made fair points in it. charles: broader market, major
indices have been wobbly for last week 1/2. people say valuations. others say spike in rates. obviously there are fewer easy buys when the market made this kind of a move, nicole. your over all assessment what we're seeing in recent trading? >> simply put, charles i think we were due for profit taking in the last two weeks. we saw almost 100 billion in flows toe to equities. i always talk to my clients never love anything that can't love you back. my mentor taught me that years ago. when it comes to the buy strategy, that is generally easier than the sell strategy. i think a lot of people are profit-taking. it is normal to see a pause following that. the market is digesting to your point whether or not this next round of stimulus is necessary, and if it comes with inflationary expectations. is it truly covid related? last thursday we had blowout sales reports, ppi headed higher
but at the same time we're looking at this unbelievable stimulus. you watch the bond market today it is concerned playing out right in front of us. charles: luke? >> yeah. so the market right now is in stall mode, guess what, more stimulus is coming. that will take the stock market higher. all we heard over the past year is stimulus, stimulus. we continue to hear stimulus, stimulus, stimulus. that is the story for 2021. in the near term i wouldn't rule out a little pullback but more stimulus is coming. a ton of cash is on the sidelines. market pullbacks won't last. some people citing interest rate rising as a concern to delay mark met mow men. i think that is a good things. bond market says the covid is over. charles: luke i agree for you. we've waited 30 years for money come out of bonds into stocks. it is finally happening. i want to talk about the super cycle for commodities. been talking about this on or
off, whether. if you can, delano, do you buy into the notion we're in a commodity super cycle, if so, what is the best way to take advantage? >> so i like the manufacturers here. i like steel dynamics. that is something that has broken out the past couple months. as far as a super cycle, i'm not sure yet. i would like to see a little more price movement but i like steel dynamic national this case. charles: my man, telling you right now, don't miss the boat on this bad boy. you've gotstocks moving like tech stocks. telling you don't blink, i wished to charles, gotten more steel names. thank you very much. we appreciate it. former president trump gearing up to speak to supporters at cpac since the first public appearance since leaving the white house. matt schlapp with a preview at 2:45. democrats nearly two trillion dollar stimulus bill is
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♪. charles: president biden's 1.9 trillion stimulus package is one step closer to becoming reality but a deeper look into this plan reveals items that have zero, absolutely nothing to do with relief for the average american. edward lawrence has those details. edward? reporter: there is a lot of other things in the fine print. now, yes, the $1400 in direct payments are there. also the extension of the unemployment benefits adding $400 a week for 74 weeks. that is almost a year-and-a-half. however the other stuff, like $350 billion going to states. a larger portion of the money will go to states with more unemployed workers. rewarding states that had strict shutdowns and keep those shutdowns in place even though the infection rates were similar to states without strict shutdowns. look at the five highest unemployment rates in the country right there listen to this. >> california's got a 10 billion-dollar surplus right now. gavin newsom was bragging about that last week. 10 billion-dollar surplus in california this bill will borrow
money from our kids to give gavin newsom billions more. this makes no sense. it is destructive to our economy. reporter: the bill also adds $50 million for environmental and climate change grants. it references the executive order signed the day after the inauguration which asks for nature-based solutions, reducing our reliance on coal as well as calling to reduce the financing of coal projects to eventually stop that investment all together. the bill has $270 million for arts and humanities. another 200 million going to museums and libraries. democrats say this package will help americans. >> there is an awful lot we agree about here, you know, whether we're going to quibble over whether this industry or that industry is going to get money, i think those are footnotes to footnotes here. the point is we're in an emergency. reporter: dollars worth of footnotes. we expect the house budget committee to vote on this on
friday. back to you, charles. charles: he had edward, thank you very much. it is happening. the biden bill should be pass in the house on friday. not long after that the senate, you will have the final bill. it will happen, folks, two trillion to go on top of almost 4 trillion. the fed has not missed a beat with the money printing operations. so already, that is one of the reasons we're seeing money supply, m 1 or m2. the m 1 is $7 trillion, up 3.9 trillion at the start of last year. the question is there such a thing as too much money? it is not a rhetorical question. the man here will give us answers. never gives us rhetorical advisors. first trust advisors chief economist, brian wesbury. brian, it is too much money? >> charles, it is too much money. if you look back over this past year the m2 measure of money, that is all checking accounts, savings accounts, cds, money market accounts, it is up 26%
over the last 12 months. we've never seen growth in the money supply that large. maybe 70 years ago. i look back at the stats. i can't find a number this big and when you print that much money, the value of money goes down. it is sort of like if you have a bumper crop of corn then the price of corn goes down. well we have a bumper crop, we have a massive bumper crop of dollars and what happens is, the value of the dollar goes down, purchases less oil, less gold, less everything. charles: right. >> value of money goes down. that is inflation. too much money. charles: but brian, the new school of thought, everyone has devalued their currency. there is not a country in the world, even the swiss devalued their currency. don't have to worry about that anymore. >> right. charles: the central banks are devising ways to keep inflation
down, negative rates or our federal reserve will find a way to cap yields. so could be coming next? >> charles, you're right. you just made a really important point. that is when everybody has a bumper crop of crops, then all crop prices go down together. so we're not going to see the dollar collapse versus the euro or yen or pound. but what we will see is it collapse versus commodities. if you look at lumber, corn, soybeans, oil, all of those things are going up in price. and then to go to your final point there, it is this inflation that picks up because this money is getting into the economy and the difference today, teen today and back in 2008, back in '08 the fed was pumping a lot of money in the economy but they were hammering banks with regulation that meant the money couldn't get into the
economy. charles: right. >> today they're actually asking banks to make loans. they're giving people money directly and that is why the money supply is exploding. it is different than 2008, 2009. charles: i want to ask you about this notion of herd immunity programs by april. i want to give you props. you published a report almost two weeks ago that said the same thing. so what would it mean for the economy if indeed that were to happen? >> yeah. charles, this is huge. just so everybody understands how we get there, right now we have over 60 million doses of the vaccine has been administered. not everybody has two shots but even getting one helps you with immunity. also if you have had covid, you have some immunity. charles: right. >> when you add those numbers up, we're almost to 50% of americans that have some kind of immunity. and so, what happens here is that all of sudden, people realize it is much safer to go back to normal activity than
they thought. as a result, i think, you know, 1.9 trillion of money on top of an economy that was already beginning to open, it is too much. that is why all of this worry about inflation is building. but immunity is key to getting back to normal. and when you put all of this together i think 2021 will be a boom year. charles: all right. i got less than a minute. i wanted to ask you about free markets and the electric bills down in texas. one gentleman, an army vet, 63 years old, got almost a 17,000-dollar bill. republicans down there want to have a legislative meeting. some are saying you should live by the sword, die by the sword. republicans seemed to like free markets, when things like this happen, they say that is part of the civil, why change it now? >> yeah. what is interesting, charles, okay they had free market pricing in texas but to call the energy system in texas a free market it is just isn't true.
i just talked to a friend of mine who lives in texas. he goes, none of ever heard of ercot, that is the electric reliability council in texas. charles: right. >> they control where the investment goes. we invested too much in wind and solar. that is where the problem started. it is not a real free market. charles: so people opening up their bills, saying, i got your attention now? didn't work. i tried. brian, thank you very much. >> they will have to help them. yep. thank you, charles. charles: well, there you go. meanwhile the spac field, golly, have you heard this before, becoming too crowded? dare i say too absurd? but will have different fate than the tech bubble of the 1990s? what started as a comedy career at age 14, sprawled into amazing holiday excess story. my interview with media mogul byron allen coming up.
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charles: traditional wall street wags its finger at retail investors, they keep avoiding special acquisition purpose vehicles or companies, i am surprised there isn't a tiktok spac dance. that is how popular they are. my next guest is a early investor, one of the best i know, gotten involved in his own spac deal, mike murphy is with us now. mike, tell us about the deal. i pulled up your symbol. and great to see your symbol, rose cliff acquisition corporation. why did do it? >> thank you, charles, great to be here. it is very cool. charles, we've been investing in the private markets over six years as a fund across seven different rose cliff funds and we've met so many great private companies.
i have thought if i coput together a team, my team is jordan zimmerman from zimmerman advertising, kiran goodwin, king street hedge fund, brian rodeki sea yo at co-star next 17 years. i thought if we bring us together, we could have a private company become a great public company. i thought we could do it. so i put the team team together. we're looking for a target company. charles: is there a general size, a general industry that you're looking for right now? >> yeah. you know, we kept it pretty open, charles. we're looking consumer tech. so we're thinking about anything that you would be the end user for. think fintech, think telemedicine. think traditional direct to consumer companies. think insurance tech. so we're seeing so many great businesses out there that we really believe will be worth more and will abettor business in the end up by using public
markets and using public market equity in stock to grow through acquisition. we just think the time is now. size would be somewhere we did a 200 million-dollar spac. we had great demand, $2 billion for our deal, we up-sized that. our perfect target range will be 1 1/2 and $3 billion. charles: so, mike, and i know where you're coming from, i know this is what you do and i know you're sincere about it. i was reading an article though over the weekend and pointed to how crowded and some say absurd the spac field has become. ironically it is one of the few areas where politics don't matter. consider you have colin kaepernick doing one and wilbur ross but the same article if you were to substitute the word or term, ipo for spac, and read it out loud you would think you're reading something from the late innings of the tech bubble. so explain the difference now because everyone in this can't
have the skillsets you have, can't be that many great companies out there and for it looks like a mad dash at a money grab. >> so i think when you look at this, charles, if you can go back three years, i was live with you talking about uber, talking about lyft, talking about wework and think, all these great companies are staying private forever. they're getting the big multibillion-dollar checks from the soft banks of the world and the mom-and-pop investors, the people at home watching your show aren't getting a chance to invest in these companies like they did with nike or intel or oracle or microsoft years ago. decades ago. so i think right now all you're seeing is a new path to the public markets for companies but i would push back, charles. if you thought 250 spacs for 2020, now you're seeing so far a big increase in that year-to-date, you're seeing about 150 spacs, there are some
great private businesses that will benefit, not all, but great private, a lot of private businesses that will benefit by merging with the right team, becoming a public company. i think back in 99, i lived through it as you did. that was throw a dot-com at the end of the name of your company, go public and cash out for me, you and the founder. charles: yeah. >> this is different. some of these companies won't make it, charles, but a lot of them will and there is a lot of great companies out there so i think it is very different than '99. charles: i can tell you right now i feel a million percent better listening to you, so does the audience. i know you're sincere. we'll look for the opportunities. mike, thank you very much. i appreciate it, my friend. >> thank you, charles. charles: meanwhile at the age of 14 byron allen started his career in comedy. today he is one of the richest men in hollywood. in honor of black history month i sat dan with allen to talk about his incredible journey. >> i am one of the most fortunate people on planet earth.
charles: 60 years old byron allen is among the most powerful media owners in hollywood. founder, chairman and ceo of entertainment studios, allen owns a film distribution company, more than a dozen tv stations and eight cable channels, one much his most notable acquisitions, the weather channel. >> business is nothing more than a sport and my goal is to just to be the greatest of all time. charles: byron allen, folks, born in detroit, michigan, to mom carol fokes who had him at 17. his dad worked at the ford motor company. after the death of martin luther king, jr., allen and his mom headed to los angeles for a vacation and ended up staying. after her mom got a master's degree and landed a job at nbc she would bring byron along. >> there at nbc, i realized what i wanted to do with my life. charles: tell us about the first gig. >> i go to the comedy store they have monday tryouts nights. i would go at 9:00 in the
morning, sit there on the cush until i could do my five minutes. charles: there the high schooler got his first big break. writing jokes for comedian jimmy walker along david letterman and jay leno. >> jimmy gave me 25 dal dollars, i can quit my paper rout. >> welcome byron allen. charles: he was 14, appear to be the youngest comedian on "the tonight show." >> what did you have after lunch? i don't know. charles: his career skyrocketed from there. standard in nba's real people, toured as opening act from lionel ritchie to sammy davis, jr. during those years byron learned how to sell television shows directly to tv stations, something robert johnson, cofounder of b.e.t. said allen was born to do. >> byron was both a talent, an actor and he also was smart
enough to be a salesman. byron said not only should i make television, i have should also sell television channels. and own television assets. that's what he did. charles: allen starred in, produced, personally sold his show, entertainers with byron allen. >> i literally sat at my dining room table for one year, from sunup to sundown, called all 1300 commercial tv stations asked them to carry my television show for free. my once a week show interviewing movie stars talking about their movies. literally every television station told me no 40 or 50 times. charles: 26 years later the shoaf was still in national syndication. >> julia,. >> baby. >> how are you doing? >> i'm good. charles: byron allen is a media mogul knows he is paving the way for others just like him. >> i know now, kids out there, that are of color are going to see themselves differently. because they see somebody owning
something as important as the weather channel and they look like them. charles: allen says this, this is just the beginning for entertainment studios. he says the company will continue making acquisitions, buying more network affiliates and more cable channels. folks, bitcoin losing a little bit of steam after elon musk seems that the price is still too high. still above 50,000 however. why the crypto craze is on fire and how companies are benefiting from it. we'll be right back. ♪. key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity. good morning! you need decision tech. the four way is a destination place. right here, between these walls, is a lot of history.
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if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your healthcare provider about nuplazid. [announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you.
do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ ♪. charles: they say that rising tide lifts all boats. that is exactly what is happening in the world of bitcoin. the crypto surged past 50,000 mark helping a lot of companies that dabbled in it like paypal and square but none seem to be benefiting as much as coinbase which is valued at more than
$100 billion ahead of the much anticipated direct listing s this more evidence that this crypto rocket ship getting going? joining me now bitcoin author, jayson williams. before we even go to coinbase, the laser eyes, i'm trying to qualify for it, my man. i have my photo ready. what do i have to do next. >> you got them. go back to crypto twitter. your picture is waiting for you. the community welcomes you with laser eyes wide open. charles: all right. i appreciate it. so another huge weekend for bitcoin. got up to like 58,000. musk kind of amused it might be ahead of itself. he did that with his own stock. anyone who sold tesla on any times maybe it was ahead of itself regrets it. i think treasury secretary janet yellen took another shot. are you concerned how focused she is on illicit activities and
all the illegal things you can do with bitcoin? she seems to be laying the groundwork for something. i'm concerned about her. >> in janet is really concerned about illicit use of currency look no further than the u.s. dollar and your listeners know that well. they were also thinking, i think janet was considering taxing unrealized gains and i'm sure that would go over really well with your listeners. charles: janet yellen, treasury secretary. you know, but i don't know, if you can't overlook, and again, jason, seems to me this is becoming a juggernaut. you have got bigger names piling on. you have got it thing moving. the argument for it, you know, the fiat currency, i had this conversation with brian wesbury, every currency, including the swiss, right? they devalued their currency. so the argument is there but i
just can't see, i'm just concerned that these governments are going to try to find a way to slow this thing down. you're not concerned? >> no. you know, charles, you're already seeing governments try to ban bitcoin, so i think pakistan tried to or has some type of ban on it. guatemala did the same. all it does is expedite adoption in the communities. we've seen that. it is already played out. you can't ban bitcoin. charles: right. where is it going next? we hit these highs. it sort of meanders a little bit, pulls back for whatever reason, then the next leg seems to be more impressive than the last? >> you brought up the $58,000 number we hit this weekend. down to about $46,000 today, which was effectively a 20% price move down. you know you've get to put all this in context. if you go back to the bull market of 2015, 2017, we had
nine 30% price moves down, charles. i like to put this all in context. i expect to see moves in the 20 to 30% down as we march along to six figure bitcoin here in 2021. charles: all right. well you've been right so far, jeh son. i appreciate you coming on the show. so does the audience. talk to you real soon. >> my pleasure. charles: how the republican party is rapidly becoming the blue-collar party. what is really expedited itself under president trump's watch. the former president is about to make his big public debut since leaving the white house t will be a sunday cpac event. we have matt schlapp, the organizer of all of it. he will give us a preview. he's next. ♪.
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where they stand in front of the statue of liberty and talk about how liberty mutual customizes your car insurance so you only pay for what you need? uhhh... yes. huh... what happens in this one? seagulls. oh, i like it. how are you doing? (seagulls sounds) only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪. charles: you know often ridiculed for being the party of elites and big business, now without a doubt the republican party thanks to almost entirely president trump is the party of the blue-collar worker. cheryl casone to break down the numbers. reporter: the trump era certainly had a dramatic effect on the gop but one of the most pronounced changes what makes up the gop. according to a new nbc news poll the amount of blue-collar workers declared as republicans has jumped. that in term affected
demographics of democratic voters is the republican party the blue-collar party? over the last decade percentage of blue-collar voters as republican jumped 12 points. but democrat fell eight points. among white-collar voters, change of one point for each other. the demographics, 357% of white blue-collar workers are now republican versus 45% 10 years ago. as for hispanic workers goes from 23% to 36%. african-american blue-collar workers shifting to the right as well from 5% 10 years ago to now 12%. what does that mean for policy decisions. how does the gop handle issues that affect blue-collar workers? union membership, trade, energy jobs. even wall street regulation. does it mean more government interference. or as traditional republicans believe in less government interference, charles? all of this in the post-trump
era, back to you. charles: cheryl, thank you very much. major political news over the weekend. the conservative political action conference known as cpac scored president trump's first public appearance since he left the white house. here with us the chairman of the american conservative union matt schlapp. matt, first and foremost congratulations. obviously this is huge. according to reuters president trump will speak about the quote, future of the republican party. also the conservative movement. is that going to be your theme for the entire conference? >> yeah. our theme actually, charles is america uncanceled. it is just perfect to have donald trump, president trump with us at cpac because you know, twitter tried to shut him down. facebook has tried to throttle him, the social media platforms are all woke, have tried to say somehow his supporters are not worthy of their right to speak and, i think it is going to be a great and important moment for the country. i think half the country is really struggling with the new
executive orders. all of these policies that are going to harm their economic position, our economy, it is a troubling time and it is an important time for the conference. >> you know obviously, i mean there must be just so many folks who are offering or asking president trump to speak with their organization, to do something. i mean, how does it feel that he decided to, former commander-in-chief saying i go with you, matt? i think you have got the best platform. what is it about cpac that makes it so attractive? >> always liked cpac. i think one of the reasons why he was attracted to cpac is that it is based on conservative principles and philosophy. it wasn't something controlled by the party. cpac is independent of the republican party. i think most of the people who go are probably registered republicans but we're definitely an independent operation. it sure seems like what we're all reading in newspapers, and conversations i've had is that the president believes that the republican party will only be
successful if it holds on to the policies he pushed so be a aggressively. charles: so then let's talk -- i've got a minute to go but i do want to ask you about that also. not a lot of republicans out there bad-mouthing president trump but those who do get plenty of airtime, plenty of ink. >> they do. charles: is there anything legitimate about some of the things they're saying? because the party feels like it is being somewhat pulled apart. you invited vice president pence and declined. so what is the state of conservatism and these folks, a few people in the gop who think that maybe president trump can be a stepping board for their own political careers? >> first of all i don't think vice president pence declined for any other reason, he will wait a few more months before he comes back out and starts commenting on what is going on in society. i think generally the party is not pulled apart. i think that we're very unified. i just think there are some establishment republicans who just honestly saying they never really liked donald trump. they don't like him now.
they don't want him to come back but the vast number of people who are associated with our coalition, that is what it is, charles. it is not just a party. it's a coalition, conservatives, republicans and the maga movement. i want to keep that together. if we keep it together, we'll put more conservatives on the supreme court and white house and both houses of congress. if we pull it apart we'll not get anything done because we won't win. charles: i seem to agree with you. count how many it really is. these are folks who never, never liked president trump. >> that's right. charles: this is major move. tell mercedes we say hi. see you soon. >> got it, charles. charles: they call it being contrarian, i love when wall street is bearish. all of sudden all the mavens that missed the big move in 2020, they're following up on the bandwagon. what happens when everyone is bullish? that's next.
charles: so we learned last week that global fund managers had their largest exposure to stocks ever, and their cash position is at an 8-year low. that makes me nervous. i want to talk to a market pro, chief strategist brian belski. brian, so what happens when everybody all of a sudden is bullish and everybody's long? i mean, who's left to buy the market? >> yeah, i'm a little nervous
after you just said that as well, charles. [laughter] thanks for having us. no, listen, i don't know if everyone's bullish though. i do -- i'll say one thing though, i think everyone's on this inflation trade. when you have someone, everyone, i'm sorry, agreeing on one side of the coins which is in this inflation/reflation trade, i think that is a bit troublesome. and you're right in your preaming bl with respect to the institutional investors missed this move, quite frankly, especially the march to june move. got on late in the summer, got hit in september, and then again kind of missed the move into value/small-mid. and to me, the momentum trade that really started in 2019 carried over in a different way in 2020, it looks kind of the same way in terms of how we're trading stocks. there's different players, charles, but it's the same type of strategy. so could things slow down? absolutely. are we going to look for a big correction? no. charles: so you talked about
this reopening trade. you're saying that this notion of a return to normalcy this year is a fallacy. what are people getting wrong about the reflation trade? >> well, i think it's happening too fast. let's go back to the whole herd immunity situation. is it going to be april, may, june, july, it keeps on getting pushed out, and i think people are going to be reticent getting back to normal, people being society. i think it's going to go into 2022, and i actually think the fed has it right to stay on the pseudolines because there's going to be -- sidelines because there's going to be bumps in the road. we're going to see new ways to manage our businesses and artificial intelligence and becoming more efficient on the technology side. that's why i think it's a major mistake if people are selling technology at these levels. charles: yeah, listen, i do too, you know? i think it's even more amazing when dillard's trades like a software stock too. i mean, i think that all gets back to your point. i think there's a lot of people
who missed this, brian x they overchased these ideas. i like to get and sell to them. i wish we had more time, my man, but we don't. you have been spot on. people, you need to listen to him, i'm sure you already are. you know, liz, i couldn't get the rest of the indices up. the dow, though, benefiting bigtime from these oil names which have been massive laggards. i'm saying we're in a commodities supercycle, and i think people should start to pay attention. liz: it's a call. and same with the transports, charles, they're going bonkers. any gain is a record. all right, what is the one thing that could stop bitcoin's record-shattering rally? apparently, it's the slightest bit of doubt registered in a single tweet by one of the bitcoin's biggest cheerleaders. but who got elon musk to maybe trigger his digital coin slip that has the coin plummeting, 18%