AND WEIGHING IN ON THE MARKETS
AND YOUNG PEOPLE NOT TAKING
ADVANTAGE OF IT.
THAT'S A BIG STORY, BUT
MILLENNIALS HAVE MISSED THIS
ENTIRE RALLY.
ENTER THE BITTER BOOMERS TO SAY
PFFFFT.
CHARLIE GASPARINO, STEVE LEEB,
LIZ MacDONALD.
DO WE HAVE TO SLAM THEM?
>> YEAH.
>> THEY HAVE A LOT OF DEBT,
COLLEGE DEBT, GET IN AS SOON AS
THEY CAN.
>> ALL THE PRIVATE SCHOOLS
TAKING FINE ARTS, DOING -- AND
THEY MAKE -- NO WONDER THEY GET
JOBS AS BARISTAS AT STARBUCKS.
>> THEY REALLY DON'T GET
BARISTA JOBS.
>> THEY ACTUALLY DO.
>> THEY DON'T.
>> EVERYTHING IS DONE ON
>> IT'S ALL SOCIAL MEDIA TO
THEM.
>> IT IS SOCIAL MEDIA, AND THE
PROBLEM WITH SOCIAL MEDIA IS
THEY LIVED IN THE CLOISTERED
LITTLE CIRCLES AND ONLY HEAR
GET INVOLVED IN THE MARKET NOW.
WE HAD A GUEST SAYING EARLIER I
SEE DOW 30,000 THIS YEAR.
YOU COULD MAKE THE ARGUMENT,
YOU ARE LATE TO THE PARTY BUT
DOW RALLIED 25% LAST YEAR TO.
HIT 30,000 WOULD BE A 20% RALLY
THIS YEAR.
IS IT POSSIBLE WITH EARNINGS
GROWING AND MULTIPLES STAYING
THE SAME?
NEIL: NO.
>> EARNING GROWTH?
>> AND THE THING IS THERE USED
TO BE, I MAY BE DATING MYSELF
AS A BITTER BOOMER.
THAT'S AN OLD JOKE, SORRY.
[LAUGHTER]
>> THERE USED TO BE A SIMPLE
RULE.
P PLUS INFLATION 20, AND THAT'S
FORWARD EARNINGS TODAY ARE
ABOUT 18, INFLATION IS ABOUT 2.
NEIL: WHAT ABOUT THE NASDAQ
TRADING AT 28 ALMOST 30 TIMES,
IS THAT A LITTLE TOO RICH?
>> THAT'S WHERE THE EARNINGS
GROWTH COMES IN.
NEIL: JUSTIFIED AS THE NEW
MATH.
>> THE TECH SECTOR WAS THE BIG
WINNER LAST YEAR, IT'S
CONTINUING THIS YEAR.
NEIL: FIVE STOCKS.
>> AMAZON HAD TRILLION MARKET
CAP.
NEIL: IT IS 28.
>> I DON'T THINK AMAZON TRADES
ON EARNINGS, NECESSARILY.
>> NO.
BUT WAIT A SECOND.
AMAZON.
>> IT IS NOT THAT GOOD.
ANXIOUS.
>> AMAZON HAS A SOLID FREE CASH
FLOW.
THEY HAVE MONEY AT THE END OF
THE DAY.
AND FACEBOOK HAS A FAIR AMOUNT
OF MONEY AT THE END OF THE DAY.
>> AMAZON IS THE MOST
PROFITABLE NONPROFIT.
IT DOESN'T HAVE A BOTTOM LINE
LINE BUT DOES HAVE CASH,
LIZZIE, IT HAS A LOT OF CASH.
>> ONE THING I SAY ABOUT THE
NASDAQ.
NEIL: YOU JUST TOUCHED STEVE.
>> I LIKE TOUCHING HIM.
[LAUGHTER]
>> HIS MANLY SHOULDERS.
BUT THE ONE THING YOU HAVE TO
SAY ABOUT AMAZON, AND IT'S A
MARKET BIAS TOWARDS THIS
COMPANY.
THIS COMPANY DOES NOT
OUTPERFORM IN TRADITIONAL SENSE
OF THE TERM, AND THE TRADERS
AND INVESTORS GIVE IT A LOT OF
CREDIT.
SUPPOSE THEY STOP GIVING AMAZON
THAT MUCH CREDIT FOR
UNDERPERFORMING.
NEIL: THEN IT CAN TURN.
>> IT CAN TURN, MAYBE WE SHOULD
GIVE MILLENNIALS MORE CREDIT
>> BRINGING IT BACK --
>> PLEASE DON'T MENTION AMAZON
AGAIN.
>> OKAY, I WON'T.
SOME OF THE COMPANIES COULD BE
IN TROUBLE.
NEIL: COULD I SWITCH GEARS A
THE PAPERS TODAY, DOW 25,000
WOULD PROMINENTLY MENTION, I
DISMISS THAT.
MUCH MORE MENTIONED IS THE
WHEN GOOD NEWS COMES EVEN WITH
ON THE FLOOR OF UNITED STATES
SENATE SAYING YOU BETTER NOT
FIRE BOB MUELLER.
DO YOU THINK HE GETS A FAIR
SHAKE FOR THE MARKETS AND/OR
THE ECONOMY?
>> NO, HERE'S THE PROBLEM, THE
PRESIDENT HAS MADE IN A VERY
UNFORTUNATE WAY THE TWEETS AND
A LOT OF RHETORIC WHERE HE SHOT
OFF HIS OWN FEET.
HE'S HURT HIMSELF.
THERE IS EMOTIONAL REACTION
GOING ON NOW IN THE D.C.
BELTWAY, THE MEDIA BELTWAY, AND
CHARLIE IN ALL OF US TRAINED
JOURNALISTS, WHEN WE WERE AT
THE "WALL STREET JOURNAL," WE
WERE TAUGHT IF YOU GET
EMOTIONALLY INVOLVED IN A
STORY BECAUSE YOU'RE GOING TO
BLIND YOURSELF TO THE FACTS.
YESTERDAY YOU HAVE THE PRESSER.
25 K ON THE DOW.
19 QUESTIONS ABOUT STEVE
BANNON, ZERO ABOUT THE RECORD
RUN IN THE DOW.
ZERO ABOUT THE ECONOMIC MINI
BOOM THAT'S GOING ON RIGHT NOW,
POSSIBLY TAKING OFF BECAUSE OF
TAX CUTS.
NEIL: IT COULD BE A LEGITIMATE
STORY BUT THE DOW IS A
LEGITIMATE STORY.
>> EXACTLY -- HANG ON.
WHEN YOU LOOK AT JOURNALISTS
DOING THE REPORTING, WHERE ARE
THE QUESTIONS ABOUT THAT?
YOU KNOW WHAT I MEAN?
>> THE DOW HAS BEEN UP -- THE
DOW IS ACTUALLY -- WAS UP MORE
UNDER OBAMA THAN TRUMP.
I KNOW THAT IS AN UNFAIR,
SOMEWHAT OF AN UNFAIR --
>> THE BULL MARKET STARTED IN
MARCH OF 2009.
>> TONS OF QE.
NEIL: LOT OF QUANTITATIVE
EASING.
>> I FULLY AGREE, IT'S NOT
EITHER OR, CHARLIE, NOT
EITHER/OR.
>> INEVITABLE CORRECT COMES,
TRUMP WILL GET THE BLAME FOR
THAT IN THE MEDIA.
>> HE ALSO, TO LIZZIE'S POINT,
HE STEPS ON THAT BECAUSE HE'S
MARRIED TO THE MARKETS, YOU ARE
GOING TO BE MARRIED TO THEM
WHEN THEY GO THE OTHER WAY.
>> HOW MANY WHITE HOUSE PRESS
CONFERENCES UNDER OBAMA DID YOU
WATCH THE MEDIA ASK QUESTIONS
ABOUT THE ECONOMY AND GROWTH
AND THE MARKETS.
A LOT.
THEY ASKED ZERO YESTERDAY ABOUT
THAT.
NEIL: TO BE FAIR, WE WERE
COMING OUT OF A MELTDOWN, AND
EVERYONE IS FIXATED ON 700+
>> UNDERSTOOD, AND OBAMA
ALL THE PRESIDENTS INHERIT
RECESSIONS AND OBAMA DID, TOO.
>> I REMEMBER DISTINCTLY, I'M
NOT QUIBBLING WITH YOU.
NEIL: WERE YOU WITH CNBC BACK
THEN?
>> YES.
NEIL: THOSE ARE THE GOOD OLD
DAYS.
WHEN I USED TO MOVE THE MARKETS
500 POINTS A DAY DURING THE
FINANCIAL CRISIS.
WHEN THE MEDIA COVERED OBAMA, A
LOT OF REPORTERS, MYSELF
INCLUDED, WERE VERY FOCUSED ON
ASTRONOMICALLY HIGH.
NEIL: HE GOT TO BE FAR MORE
IMPRESSED WITH THIS PRESIDENT.
>> FEET HELD TO THE FIRE ON THE
SLOW RECOVERY.
THAT'S WHY THE REPUBLICANS WON
IN 2010.
>> UNCHARACTERISTICALLY
ANTAGONISTIC WITH THE PRESS.
NEIL: HE CREATES IT.
>> HE DOES.
BUT HE DOESN'T GET ENOUGH
CREDIT AND WE DON'T REALIZE
WHAT'S GOING ON IN THE ECONOMY.
NEIL: WE CAN COVER ALL OF THIS,
RIGHT?
IT'S ALL FAIR GAME.
>> IT'S ALL FAIR GAME.
NEIL: OKAY, ALL RIGHT.
>> PEOPLE DON'T REALIZE, HE IS
HIS OWN WORST ENEMY.
NEIL: I HAVE A PRODUCER YOUNGER
THAN MILLENNIALS SAYING GET