You. Thank you. So, when you were with us on august 7th, you said the market is fully valued. From then until then the Dow Jones Industrial average is up 6 , the s p up 4 we overvalued now . Not yet, no i would say that, you know, basically bull markets ended over valuation and i dont think were overvalued use whatever adjective you want to describe it the market is not cheap and its not expensive. So as i think ive been saying, i think were kind of approaching normalization, and to me normalization is a 17 multiple on earnings and the trick is what is the earnings youre looking at . You know President Trump and the republicans get their way, and we have a tax package, you can see earnings next year in the s p about 150 and the 17 multiple and 150, i think its 2550 that would be fair value, full value but fair values, and, you know, most bull markets end over valuations so took another 10 to 15 to that number. The trend is favorable and the conditions that normally lead to a big market decline, as i said, on august 7th just arent present. You know, you dont have go ahead, im sorry. How much of the expectations of taxes, if any, are in the market now, do you think i would guess modest. I would think whats in the market is synchronized Global Growth, restrained inflation, stimulative monetary policies and deregulation, the proBusiness Environment that were in, i think consumer net worth is up, you know. Employment is up and credit spreads are very narrow, so i would say the market is discounting what its seeing and what it sees it likes, and what normally ends bull markets, as ive mentioned repeatedly on your program, is accelerating inflation, oncoming recession, hostile fed, or some kind of significant geopolitical event that you cant foresee forgetting last one because you cant forecast it, the conditions that end bull markets arent for the moment present. I dont see euphoria i find a lot of stocks that are very attractively priced the market as a whole, because money has been flowing to the index, doesnt seem all that attractive, but i think were finding a lot of things to do in the market. Let me ask you this David Einhorn had a letter to his investors that cnbc has gotten its hands on, and theres a quote in there that i would love your reaction to it it speaks to the kinds of things that weve talked about on this program in the past and he says, quote, the market remains very challenging for Value Investing strategies as Growth Stocks have continued to outperform value stocks the persistence of this dynamic leads to questions regarding when Value Investing is a viable strategy what would your reaction be to what mr. Einhorn has to say today . Well, i think david is a very bright guy you know, look, weve been through styles i remember in 1972 i lived through the nifty 50 when sales people at Goldman Sachs were telling me you can close down the research department. All you have to do is follow 50 companies, and the philosophy was we dont care what we paid as long as they were a world class Growth Company that was avon, xerox, imm and 3m and so on and so forth and that proved to be a flawed strategy and then we had portfolio insurance in 1987 which didnt end well. Now we have the move towards passive investing. At the end of the day the market reflects economic fundamentals and you have to be patient, but, you know, whats value and whats growth you . Know, my large disposition is google you know, google sells at 19 times next years earnings its growing at 20 a year its got a fortress Balance Sheet and the main threat we see is from the government where the government is looking at these companies being quasimonopolies and maybe they do something stupid, but, you know, i consider google a value stock but a lot of people call it a growth stock, so i think youve got to be careful with the labels, but theres no question its a challenging environment the money is flowing into the index. Youre not in the index you have more trouble performing but you just have to be patient. Im a lot older than david and david is probably a lot smarter than me, but we just have to be patient. At the end of the day value will win out. Sounds trite but thats whats going to happen. You think you can still be a value investor, and you made the comment earlier. Im still finding stocks that look attractive, and you think you can do that in a dow 24,000 environment pause thats what were living in. Absolutely. You know value stocks will be look, all stocks have been helped by a monetary policy. All assets have been elevated by monetary policy. Frankly, a given rise in Interest Rates in theory is more negative for Growth Companies than it is for low Growth Companies because of the change in the discount rate i prefer to take the market a name at a time, you know we find a lot of things. I look at my list of things to talk about amc networks, eight times earnings aetna 12. 5 times earnings and shia pharmaceutical nine times earnings with a terrific business mix we just find a lot of things that were interested in doing no question overall the market is reasonably fully valued but not overvalued theres a comment ive used for three or four years which i hear a lot of other people using which is the old line from John Templeton which was very insightful bull markets are born in pessimism, growing in skepticism and grow in optimism and die in euphoria clearly were in optimism. We can debate it, but i do not think were in euphoria assuming no recession, no hostile fed, you know, slow rise in rates i was reading something the other day from jpmorgan where they said they didnt think a tenyear government would get above 3 any time in the next few years, and thats been the view well before them, my partner Steve Einhorn who does a great job in monitoring the macro scene has been of that view for quite some time. Let me jump in and interrupt you because were hearing from the president because were talking about the stock market that were hearing about right now. Nobody even understood it and didnt know what was going on, and those days are over, so were renegotiating certain trade deals, and we started the process for others its actually a long process, as you probably know. You have statutory requirements and lots of other things, but the bottom line is step by step and were getting it done and were way ahead of schedule, i would say. Yes, we are, mr. President. We started with nafta well see how that turns out may not turn out, and if it doesnt turn out, well have to do a new nafta or a new deal, but well see how it turns out thank you. Im honored and thrilled to be with you this morning at white house and the oval office which is a very special place. I assume every one of you have been in the Oval Office Many times, right well, its an honor to have you now, can i tell you that i want to congratulate every one of the businessmen and women in this room and all that you have achieved, credible stories each of you has just a remarkable past and i think an even more remarkable future. I feel that. Does everybody feel, that by the way . I think so. Yes, especially with trump as your president each of you represent a critical american industry from construction to technology to manufacturing, but you all share in a common will and drive to succeed, and i salute you for that you need that drive to be successful mine northowned businesses employ 8 Million People and generate more than 1 trillion in annual economic output. The work you do and the products and services you bring into this world generate new prosperity across america for that we are in your debt you inspire our children to develop their talents and to always chase their dreams. You carry on our nations proud legacy of innovation, and you breathe new life into the american spirit. A recent department of labor report showed the fewest jobless claims since 1973. Think of that. 1973 we just had a report we have the fewest jobless claims i dont think the press the only word that i get that out there is if i say it because they will never say it my administration is deeply committed to empowering minority business owners. Were working to lift government barriers so that you can thrive prosper and grow and speaking of growing, our stock market just hit another record high. Its the highest its ever been in history by far. Weve created about 5. 4 trillion only in stock market value 5. 4 trillion, and were very happy about it and a lot of jobs we have the lowest job number since i believe 16 to 17 years, wilbur, right . Lowest unemployment. Were doing really well. Were doing well which makes it better for you as a candidate for president , i pledged to fight to deliver opportunity for every community in america all American Children from the rustbelt to our inner cities deserve great schools, safe neighborhoods and access to hoypaying jobs. I talked a lot about the inner cities on the campaign, and theres tremendous potential in the inner city and were working on that very, very hard. Critical to creating this future is reforming our tax code to produce now investment and development in our country we must bring back our jobs and rebuild americas cities and towns. This is what were doing its time to take care of our country and fight for our families at the center of our America First agenda is our commitment to ensure every child in america has a future of security and a future of hope were one of the highest taxed nations in the world, anywhere in the World Highest taxed costing us millions of jobs and drill yongs and trillions of dollars. Our tax cuts will restore americas Competitive Edge and lower the crushing tax burden on the american people. Its also going to bring back, when we get this passed which i really believe we will i think we have to as a country. Its going to bring back, i would say, 4 trillion back into this country which right now cannot come back its being spent in other countries. Money that wants to come back into the United States cannot come back, but under our plan that money will flow back in it will be very quick, and it will be very easy, and its a lot of money nobody even knows the amount it was 2. 5 trillion a few years ago, so i would say now its got to be close to 4 trillion or maybe above that number. Well find out soon because its going to come back very, very rapidly. Under our plan more than 30 million americans who own Small Businesses will get a 40 cut to their top marginal tax rate. This will be the lowest rate in more than 80 years so this will be the lowest rate you have in more than 80 years thats 1931 is the last time there was a rate this low. Were going to massively reduce the Corporate Tax so that Companies Stay in america, move to america and hire right here in america in other words, they stay in america and dont fire their workers. Thats what were about. Our plan can be summarized in three simple words jocks, jobs, jobs. The awardwinning Business Leaders here today represent the best of america and our determination to succeed and to Grow Together well ensure that more american citizens can unlock potential of which they have tremendous potential, provide for their family and live out the American Dream again, congratulations to all of the awardees its a tremendous achievement, a tremendous achievement i have Great Respect thank you, god bless you and god bless america. Thank you very much. Thank you very much, everybody. Thanks, everyone. All right President Trump at the white house commenting on trade. His tax plan, stock market hitting another record high. Youre looking at the Dow Jones Industrial average as he is today, up nearly 200 points. Our eamon javers at the white house watching these events. Bugsy day for the president. He likes talking about the stock market as we know. Eamon, and he does indeed like to spar with senator corker which hes been busy doing all morning long. Reporter its really dominated the morning in terms of the News Coverage and also in terms of the president s time over the space of about three hours occupied with this feud with senator coaching and its not going to stop now because the president is on his way to capitol hill in the next hour. Hes going to the Republican Senate policy lunch, a traditional lunch that they have every week up there. The president will be there and bob corker will be there at that lunch, so it will be interesting to see what the reports are out of that about the body language between the two men. But bob corker has been going on twitter and on television today making some extraordinary comments considering that he is the chairman of the Foreign Relations committee in the United States senate, talking about a sitting president of the United States of his own party, including a commentabout the president debasing the nation. Heres what he said earlier today. The sad part from my perspective firmly, and i think that the worst of it is going to be just the a contribution that hurts our nation the most. You think the president is debasing our nation. I dont think that thats there ines way that thats the case just the way he conducts himself and goes to such a low level. Just i do. Corker also described his own interactions with the president talking about personal dealings hes had with the president and the staff here at the white house which gives some explanation for his thinking here about the way the president has been managing presidency heres what he said. Ive had private meetings with him, dinners with him i played golf with him ive, you know, multiple occasions where the staff has asked me to please intervene he was getting ready to do something that was really off the tracks, and, look, ive seen no evolution in an upward way. Would i say it appears to me that its almost devolving reporter corker there saying the president s behavior has been devolving, not improving during the course of his presidency for his part President Trump blasting corker five separate times in tweets over the course of about three hours lets show you some of these tweets from the president of the United States. Very personal stuff saying that corker helped president obama give us the bad iran deal. He said he couldnt get elected dog catcher in ten see he also said that he refused to endorse corker and now hes negative on anything related to trump. Hes calling him corker a lightweight who couldnt get reelected in the great state of tennessee saying hes going to fight tax cuts and he called him incompetent head of the Foreign Relations committee and said the entire world was laughing and taking advantage of the United States, calling him little bob coaching, so personal insults being hurled back and forth between the president of the United States and the chairman of the Foreign Relations committee in the Republican Party in the senate today. Well see how this plays in the next hour in that lunch, burks boy, to be a fly on the wall in there, and one interesting observation from here on the north lawn, scott. I just saw ari fleisher who was george w. Bushs press secretary in the early 2000s, he went in to have a meeting with sarah sanders, the press secretary, saying it was the first meeting with sarah sanders, never met her before and hadnt been back to the white house in quite some time so perhaps the establishment of the Republican Party sort of connecting with the trump wing of the Republican Party which occupies the white house right now. Very busy keep us up to date eamon javers on the north lawn of the white house once again for us mr. Cooperman, let me just come back to you. Call me lee. Call me lee, thank you. Theres a lot to get to obviously on this. Im just wondering what look, youve been in the white house, youve been in the oval. Youve dined with the president. Twice, twice, twice ive been in the oval office with president obama and President Trump. Im wondering what you make of what we just heard and the back and forth between senator, core and the president let me ask you that first and then ill follow it with something else. Just a common sense observation. Basically President Trump advantage kwished 16 opponents in the primary he won the election. Who am i, a mere mortal, to tell him how to deport himself, okay . Hes more confident in his view given his success in the election as a business person i would say that his behavior ought to be somewhat different and were going to pay a price if it didnt different in the midterm elections because the republicans cannot go into the midterm elections 0 for 2, you know they didnt get anything done so far on health care, and if theres this great degradation on the debate on taxes and nothing gets done this country is going to move to the left the republicans have to unify and get something done and i dont think you unify by criticizing important leaders in your own party, but, again, im not here how to tell President Trump how to deport himself. I listen to what he says and hes obviously appealing to his base, you know its all jocks, jocks, jobs and his base wants to see it i dont think its healthy i would rather him tweet less and