Back at some of the weeks big moments in this weeks edition of the weeks talkers. Watch. Maria you have a scenario that you believe took place here. Tell us what you see. Oh, definitely. They framed general flynn because he was the cornerstone of the insurance policy to destroy President Trump in the event he was elected. Maria youve been talking about this, something was to come, for some time. If you take a look at this hard drive and youre an fbi agent, youre compelled to do something about it because there are things on it that havent come out yet that if any fbi agent sat by and watched it, they shouldnt be an fbi agent. Maria the fbi was leaking stories to web sites, and then they would use those stories that they leaked as evidence to renew the warrants to spy on the trump campaign. This is a scandal, and it stinks. If you look at what the Obama Administration did, it politicized the fbi, the department of justice, the cia. It used them, essentially, as a political Oppo Research team. Maria facebook officially said were not going to disseminate this information broadly. Twitter officially closed down any account that tried to disseminate these emails so that the American People would understand. Look at the behavior of the big tech oligarchs who want to control the biden administration. They immediately censored this information. Maria what was your takeaway on day one of the hearings for judge barrett . Well, you heard from the other side that its all about health insurance, and this doesnt have anything to do with health insurance, this is all about getting a qualified person very highly qualified person on the Supreme Court. Maria 29. 9 billion in revenue, better than expected at jpm. Well, its a wonderful position to be in right now because the yield curve widening. As i like to say, that makes geniuses out of otherwise lowlevel iq bankers. Maria oh, yes, Third Quarter earnings season now in full swing. We heard from jpmorgan and all of the banks, the major ones, the large ones. 42 s p 500 Companies Reported so far, 88 of those beat earningses expectations, more than 83 beat revenue expectations as well. Lets talk about the quarter and whats ahead with ryan payne of Payne Capital management. Ryan, thanks for being here this weekend. You say prepare for more surprises to the upside. What does that say about the economic recovery give us your stance the on the backdrop here. Yeah, i think the one thing, maria, is every economic surprise has been in the positive since march, right . So i think, you know, on friday we had retail Sales Numbers again, they totally blew away expectations coming in at almost 2 . Which i always say never bet against the american consumer. We just love to spend here in america. I think the one thing id look at here is what is the trend right now, and thats every economist, every strategist has veered very, very negative. But time and time again weve seen Economic Data come in better and better. So i think theres two real big influences proright now on the economy, and thats low, low Interest Rates and the American Household able to refinance debt, you know, with refinancing their mortgages. Its really, really fueling this housing boom, and youre also seeing this deurbanization. Youre seeing a lot of millennials leaving new york, going and buying houses, and all the economy is around buying a house. Its tremendous. So whatever youre losing on that hospitality and service side, were really starting to gain back because of these other trends that are happening. Maria yeah. When you look at the mortgage market, mortgages are soaring with Interest Rates where they are. Do you want toal locate to allocate capital consistent with where the growth is, so youre saying retail, there was a big boost in car buying, furniture as well as i just mentioned mortgages. Is that how youre allocating capital, or do you have a different strategy . I think you have to look at two things here. You have the work from home stocks which have just killed it, i mean, growth is just going through the roof here, and the valuations reflect that. Valuations at this point, when you look at growth, you look at technology, it looks a lot like 99, 2000. Now, will be, that trend can go on for a very, very long time. It looks irrational to me now, but it doesnt mean those stocks cant go higher. As someone whos trying to get a longerterm return for my clients, i love those beatendown value names. Look at the financials, Interest Rates have ticked up a little bit. Thats good for margins. Look at those loan provisions. Earnings were very, very good relatively for the banks, you know, better than expected. And even owl. Im a bold man, maria, you start looking at energy, Energy Consumptions going to go up a lot over the next two decades, and supply keeps coming down, and youre basically buying stocks in the Energy Sector for, like, book value right now. Maria yeah. I made a joke recently, Warren Buffetts laughing at you. Hes buying a lot of these companies that are, you know, at their price at their book to value. So a lot of great opportunity out there. Maria so does any of this change with the election and the results afterwards . Were just two and a half weeks away from election day. Do you want to look at what, you know, the election tells us in terms of energy or any other spaces . Because, remember, donald trump and joe biden have very different approaches to energy. Thats a really good point, but i think the bigger mistake that investors are going to make here and ive seen it time and time again this year, is waiting for the election to be over to get invested, waiting for that certainty. Now, you know, when the market recovered, i was one of the few people on wall street saying we may see a vshaped recovery back in april. Before the summer, again, there was a lot of concern about what the market was going to do. Market went up big other the summer, we had a summer meltdown. Now theres a lot of uncertainty going on and a lot of investors sitting in cash and waiting. I think thats going to be a big mistake regardless if its trump in the white house or biden. I think the one trend we can all agree on is theyre going to spend a lot of money. Maria all right, ryan, thank you so much. Ryan payne, Payne Capital management president. Stay right here, my ah come on lets hide in the attic. No. In the basement. Why cant we just get in the running car . 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Because our customers love it. See for yourself, at carvana. Com. Did you try it yet . Comparing plans . Oh yeah. They sure can change year to year. I found lower premiums and lower prescription costs. And those new insulin savings hundreds of plans, 35 a month. Thatll save you money. So uh, mark . On medicare. Gov now. Open enrollment ends dec 7th. Comparing plans. Really pays. Paid for by the u. S. Department of health human services. Maria welcome back. A lot of vaccine news this past week. On friday pfizer boosted markets on its news that it could apply for emergency use of its covid19 vaccine candidate codeveloped with biontech as soon as late november. That was earlier than the market expected, it caused a big move. It has received the necessary safety data required by the fda, so pfizer shares lifted many boats. And earlier in the week Johnson Johnson announcing a halt to its covid19 vaccine trials after a participant suffered an unexplained illness. I spoke with the cfo and executive Vice President joe wolk on the news of the trials and whats ahead for Johnson Johnson. So, maria, were letting the drug safety monitoring board kind of go through their analysis. Weve learned about this event, singular event, within the last 36 hours. It should really reassure the public that all scientific, medical and ethical protocols are being followed to the utmost degree. And we just have to let that process play out, are let that information be analyzed by the independent board, and well proceed accordingly. Again, weve had 100,000 finish. Maria understood patients on this platform through other means we ebola, h user e v, zika, and so we have a high degree of confidence in the safety of this, but we want to make sure were thorough for this unexpected event. Maria understood. You have to make allowances for the situation where people might actually have an adverse reaction, i get that. But does this in any way suggest that you are having less confidence in a vaccine the way you were quite confident just six months ago of having a vaccine out in the market within the next year . Yeah. So, maria, with a 60,000patient study, unexpect add verse events are something adverse events should be expected to some degree. I think the best way to answer that is we have not altered our investment plans in terms of expanding our manufacturing capacity. Were still on the timeline for First Quarter next year for potential approval, and were going to let the science dictate how we proceed. Maria understood. Lets talk about the Third Quarter. You reported earnings, posting a double beat on the top and bottom line. Joe, what drove the business in the last three months . Tell us where the growth at j j is today. Yeah. So, maria, all three segments performed extremely well, especially considering the pandemic dynamics. In pharmaceuticals, a great portfolio of inline products, a very promising pipeline continues to excel. We believe we led the market there in terms of our performance top line. Consumer had very strong the performance within our over the counter medicine such as tylenol, listerine and oral care was extremely strong as well as zyrtec and pepcid. And medical devices, probably the most pronounced impact to our beat, where elective procedures came back in a very profound way. If you think about the Second Quarter, that segment was down almost 35 . Its down about 4 as Hospital Systems have adjusted their protocols for the pandemic. Were seeing a lot of those very important elect i have procedures elective procedures coming back to the market, and thats helped our business. Maria what about that in terms of medical devices and seeing that kind of growth sustained Going Forward . I think in the early days of this pandemic, people were putting off knee rerace inments replacements, whatever medical device needs they had. You did see an increase in hospital visits, a willingness for people to get back into the hospital, back into the market to actually deal with these things. Do you have any evidence of that this is sustained, that this sustains in the coming quarters . You know, im bullish that it will be sustained, maria. If you look at the Third Quarter dynamics, each of the months were down about 34 , so it didnt vary greatly. The Second Quarter you saw a tremendous improvement with each of the passing months. I also have to give a tremendous amount of credit to the Hospital Systems out there. They are making patients feel safe. They can run their Hospital Systems in a manner which treats all patients and not just shut down for the potential to treat covid patients. So a lot of learning has happened over the last 68 months with respect to the pandemic on the scientific front but also operationally in terms of Hospital Systems. Maria in terms of the pharmaceutical business, joe, what do you expect in terms of pricing pressure . Many people are expecting prices to start really moving lower with this pressure from government to get lower prices for the consumer out there. Do you expect pricing pressure . So, maria, we dont only expect it, were incurring it right now. So i spoke about the tremendous pharmaceutical results we had, and thats really attributable to our innovative portfolio of products that meet high unmet medical needs. We experienced in the u. S. About 7. 5 of price decreases this quarter alone, yet we were still able to grow 5 because of the innovation and the solutions that we provide to patients. So this has been a topic for a number of years now. We dont expect it to subside. But we think the right cadence of Innovative Products certainly can overcome that, and you can still perform extremely well. Maria joe, let me ask you about the supply chain. This is obviously something that people are worried about. We really got educated on the subject at the beginning of this pandemic when a lot of people learned for the first time that 70 of the active ingredients in our drugs are made in china. What can you tell us about diversifying your supply chain . Can you to that in terms of can you do that in terms of moving some manufacturing to india . Are you expecting to take any supply chains back to america out of china . So, maria, when that talk sparked early on this year, we were in a very solid position at Johnson Johnson being a Global Company with very important products to provide. We were never heavily dependent on one specific region or country in terms of supply. So that really didnt apply to us. We want to make sure weve got great Business Continuity given the importance of our products. I will say that having a lower Corporate Tax rate, which we currently enjoy and, again, its still above the 37 countries in the oecd thats an important factor. Its no longer a headwind that i might have experienced four years ago when i was looking at anage sis as to where to place manufacturing. Maria my thanks to joseph wolk of Johnson Johnson. Of Johnson Johnson. Dont go anywhere, were talking before discovering nexium 24hr to treat her frequent heartburn, marie could only imagine enjoying freshly squeezed orange juice. Now no fruit is forbidden. Nexium 24hr stops acid before it starts for allday, allnight protection. Can you imagine 24 hours without heartburn . For allday, aso the national eye instituteon did 20 years of clinical studies on a formula only found in preservision. If it were my vision, id ask my doctor about preservision. Its the most studied eye vitamin brand. If it were my vision, id look into preservision. Only preservision areds2 contains the exact nutrient formula recommended by the nei to help reduce the risk of moderate to advanced amd progression. I have amd. It is my vision so my plan includes preservision. So youre a small bor a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Maria welcome back. Since the pandemic began back in march, more americans have been doing their Grocery Shopping online, and whole foods has been in a position to take Real Advantage of that since the chain merged with amazon in 2017. Whole foods has become a force in online Grocery Shopping. In england, the retail giant took triple its Online Grocery sales from a year ago, it is one of the jewels of the amazon portfolio. John mackey is the whole foods cofounder, ceo of whole foods, also the author of conscious leadership elevating humanity through business. And, john, it is great to have you this weekend. Thanks very much for being here. Thanks for having me on the show, maria. Maria so tell me, john, how the last several months have gone at whole foods. It seems to me that if you can adapt to a delivery mechanism, youre in good shape, but those retailers that have been unable to do so in a fast way, they really have been left behind. At whole foods how have you adapted to more Online Grocery and delivery . Well, maria, of course, 2020 has been the weirdest year of my life, the weirdest year in whole foods history. Its been a terrible year. The pandemic has, obviously, made a lot of people sick, its killed now over 200,000 people. Its made a lot of adjustments. But our first thing at whole foods has been to end keep our customers and our team members safe, so we put a great emphasis on that early on. In terms of temperature checks, mandating mask wearing for both team members and our customers, discuss infecting grocery carts. Weve been repeatedly named the safest Supermarket Company in the u. S. During the covid crisis. But, yes, things have changed. I mean, soc