With the president , at least recently. Uhhuh. He seemed to take a shot out of the blue at you a week or so ago. And then youve responded with a couple tweets in the last 24 hours. One that said, and im quoting, its time we accept pous for who he is, hes entertaining. Later you said its a waste of time to try and turn pinocchio into a real president. Whats going on . A couple of things. First, i deleted the first tweet because i thought the pinocchio tweet said it better. Loon, i tweeted more of it today. There are policies that i tend to agree with him on. I mean, i want reduced i want less bureaucracy. I want better tax law. You know. Changes to the fcc, changes to the fbc. Those are all good things but more republicanoriented type policies. What i have a real problem with is that i dont think he has any leadership skills. I think he has no self awareness. He has no ability to admit his mistakes. He is completely unaware of how technology works. And lets start there because one of his big pitches obviously is creating jobs, particularly manufacturing jobs. Now, lets look at what he said and lets look at whats happened. On the surface nobody can argue with wanting to create jobs. On the surface, any time someone says theyre going to create jobs and build a new factory, it sure seems smart, right . But what hes missing because he doesnt understand technology and apparently isnt listening to anybody around him who does, im willing to bet that these companies that are building new manufacturing plants, when its all said and done, these are going to end up leading to fewer people being employed, that those companies that are building these new plants, theyre not going to end up having more employees in two or three or four years. Theyre going to end up having less. And theres nothing President Trump can do to stop that because of the trends in technology, machine learning, network, deep learning, et cetera, is changing the nature of work. And so while his intentions may be good and give him credit for that, the reality is that fortune 500 companies, the s p 500, the dow 30, theyre going to have a lot fewer employees to get a lot more done. And were going to have to deal with how do we address the disruption thats going to happen in the employment for these Big Companies . You know there are going to be some folks out there who hear these comments. They look at the tweets. The one specifically that says no self awareness, no Situational Awareness, cant admit mistakes and theyre going to say especially his supporters are going to say nothing youre saying bothers us one bit. We knew who we voted for. Hes now the president of the United States. Lets get over it and move forward. How do you respond . You know, the response is very simple. The difference was when youre a candidate, thats all great. You can talk. Now not only is he president , which involves him managing and leading millions of federal employees, but hes also the commander in chief. And as commander in chief and as the leader of in total 4 million plus employees, every single one of those employees listens to everything he says. Every single one of those employees. Hes the man in charge. They look to him for leadership. They look to him for examples. They look to see what cues they should take from him. And so you cant be candidate are trump any longer. When he has a press conference like yesterday, thats great if he was still campaigning, more power to him. But now hes the man in charge, hes the guy, right . So the file clerk in bose si, idaho, that works in a federal office, they take cues from what he says. You know, look at all the leaks. You know, as somebody who manages a lot of people, as someone who invests in a lot of companies, i always try to say, look, i can do im willing to do any job i ask you to do. You know, if something goes wrong, its my responsibility. If theres an error, it ultimately ends with me, the buck stops here, the buck doesnt stop there and there and there. And the fact that he wont admit errors, the fact that he wont take responsibility for errors, the fact that he likes to talk about fake news rather than facts, that leads to people who work for him saying, well, if he wont take responsibility, if he wont admit mistakes, somebodys going to take the blame for those mistakes. And that Somebody Just might be me. Look, im not going to go down im not going to take that bullet, hypothetically speaking, and go down with the ship. So maybe ill leak this to protect myself, to show whats actually going on. Maybe ill talk to a reporter off the record to tell people whats going on. All these leaks that hes concerned about, those arent a failure of those individuals. Hes responsible for those people. Those are failures of leadership and he refuses to admit it. If he had any leadership skills whatsoever, he would be maybe hes doing this in internally and we dont see it but i doubt it very seriously. He would be saying to these people, look, i will get this fixed. I understand theres a lack of communication. What i say on the podium is not what i say behind the scenes. And i will take responsibility and we will get this fixed. Let me put it to you this way, then. I think its what would you way to the fact that he says on the podium has already sort of been refuted a bit behind the scenes. Do you think hes getting enough credit for what he claims to have done and what in reality he has done in the short time four weeks that hes been in the white house, between the execive orders, even, and whether some of them were clumsily rolled out and could have been done better. Look at every great ceo you have ever met, talked to, read about, watched in action. Right . Do they talk about how much credit am i getting . Do they talk about here are the accomplish mmentes of the people who work for me, here are the people im proud of. Let me talk about soandso. Here are the communications i have with them. Here are the efforts were making so as an organization our culture is designed so we all succeed. Let me talk to you about how i put a person in position to succeed and the excellence theyve created. When you talk to any great ceos, thats what they talk about. You dont hear any of that, not a smidgen of that coming from donald trump. If its such a disaster though why as were having this conversation, why is the dow at 20,5 hurrica 20,500 and why are we wet setting new highs in the markets . One of the reasons i think and i was surprised an i was trying to get my arms around it as well because i always thought uncertainty was bad for the market but jim cramer said it bess. He said the market doesnt seem to care if mike pence is named president. And then if you take part two to that, that what i mentioned on with the new technologies, all these major people are coming to the realization that machine, deep learning, et cetera, is changing so that, you know, were going to get a lot more productivity from a lot fewer people, which could lead to a lot more in profit. I mean, amazon and netflix are my two biggest holdings. I think amazon is the greatest startup and the greatest company in the world. And the way they are using new technologies and the way theyre willing to invest in new technologies is not just disrupting retail, its getting ready to disrupt everything, from transportation i can see them competing with uber. You know . Its just they are a smart, smart, smart company. And so i think people are starting to recognize that this new technology, you know, all of these derivatives and subpart i dont know the right way, derivatives of Artificial Intelligence are going to have substantial impacts on profitabili profitability. Now, there are a lot of social consequences that we havent started to deal with. Theres going to be incredible disruption in the nature of work and theres going to be people who arent going to have jobs that never imagined they would they would lose their jobs. And we havent started to address those. And to be blunt, the few communications ive had with the administration have been, okay, how do you deal with all these displaced workers because were talking millions. I think people over the next two, three years that are going to lose their jobs because its been theyve been replaced. Weve got theyve been replaced with technology and weve got to start to address how were going to deal with that issue. Let me ask you this, and i dont know that youve answered this question on the record and maybe you have and ive missed it and if i have, i apologize for that. Sure. The meeting that you had several weeks ago with steve bannon, what was that about . Just saying hi. I know steve. I had meetings with steve, you know, years ago when he was in the entertainment business. So weve known each other. It was just touching base. Nothing beyond that. Were there possibilities of you working in some capacity with the administration . No. I was very clear there. I was very clear that i did not want a government job. That i thought that that if i could help in any way, shape, or form, feel free to reach out to me any time. Is he one of the gentlemen p gepettos youre referring to in the tweet . Im not inside enough to know. Ill let everybody else speculate on that. My concerns with the president are social social policies have been bad in my mind. What hes doing with the epa is horrible. If this a. P. Thing about 100,000 national guard, et cetera, those things scare the hell out of me. But what scares me even more are the things we talked about before. Hes leading 4 point however many Million People between federal employees and the military. He is the commander in chief. Theres no question that you want your commander in chief to show strong leadership skills. Strong management skills. Strong communication skills. To be able to do deal in a factbased manner. Thats what i mean, im not a military expert. My dad, my uncle, et cetera, were military, but wasnt. So i cant speak from experience. But i would guess and ill let anybody feel free to contradict me and say im wrong, im guessing that, you know, the military wants factbased information from their commander in chief. And were just not getting that. For anybody. And that is a huge concern and that has to be fixed. Mark, its steve. Im not going to disagree with you but im going to say youre too narrowly focused. Its not just the Government Employees that want it. And that was the issue yesterday. The issue in my mind was a much bigger one. Its the lack of stability and rational thought process throughout the entire press conference. Im not going to argue with you. I agree with that 100 . For the entire country. I sit there as an investor first, you know, as a fiduciary. Im not going to look at social policies wear that hat which i disagree with virtually all of them. But forget about that, im wondering how long the mark is going to go through this. Talk object yourself as an employer and as somebody who runs a business and had lots of people work for me. You tolerated those individuals that were difficult to manage for as long as they were super productive. Not just productive for as long as they were super productive. Only as long as they dont mess with the culture of the organization. Hes a cultural killer for the country in my view, but the market is not look at that. The market is not looking at pence, as jim says. That could be a valid reason. As long as he continues to execute on his promises and he has directly core rarelated to y single promise hes made and the market is holding where it is because they expect he will execute on the tax plan, on revitalizing the roads and the bridges,nd on repealing obamacare. Mark, its josh. I agree one more thought. Okay. Until he falls down that, then well have our first instance of that if he does or doesnt on the tax plan in a week or two, the market will continue to rise. Hold on. Hold on. Go ahead, josh. Go ahead, mark. You can answer to steve. I agree with you. At the end of the day results matter. If all these he hasnt done all that much yet, right . You signed a lot of executive orders but were talking about if the tax plan happens. On obamacare, theres no chance they could ill tell you why quick quickly. Theres three real stakeholders. One is the insurers. Two are the Health Care Providers. And three are the consumers, us. Who is going to take less . Are the Health Insurers going to say, you know what, well take fewer profits . No. Are the Health Care Providers going to say, you can pay us less. Well, theyve already been crushed in that manner. Theres not a whole lot left to pull out of there. So its going to fall on the consumers to get less coverage in some manner or another. Ill disagree with that. Mark, let me ask you this. You said amazon and netflix are your two biggest positions. As i said, weve been watching the major averages hit new highs almost every day. As critical as you are of the Trump Administration thus far in the early stages i dont hear you saying youre getting out of the market, selling the market. Are you . And do you think as a result of what you believe of how the administration is operating that its going to end badly for investors or not . I dont know. I always try to stay ahead but historically ive used the vix in a variety of manners. But thats not the vix seemed to have disconnected from what i would consider to be volatility issue. So honestly, im looking at different sources. Ive shorted some companies that i think are, you know, might suffer and i dont want to name them. But im honestly looking for hedges. Do i think i should sell . No. Do i think i should color everything . No. I think the country is bigger than the president and, you know, unless it leads to war or something, you know, that i cant anticipate, that, you know, well come out okay. So, no, im not saying sell the market. I tend to always try to be hedged and thats my approach. Let me take you know about paying the bills from shark tank and everything else. Let me take a quick break, mark. Come back on the other side and continue the conversation. Is that cool . Yes, absolutely. Well be back with more with our conversation with marc cuban after this. This is my nealert system after this. But thinkorswim alady lets you create ctom alerts for all the thingsth are im. Shhh. Alerts on anyt aall . Not onon that, u can act on that opportunity witht one ta right from thelert wow, i guesse dont need the k anyre. Custom alerts on thinkorswsw. Onlyt td ameritrade. Wve done well in life with helfrom o advisor, we ma ithrough many market swings. Sure we could travel, take it. But weve never been the type to juit back. H many market swings. Not when weve got so much more. To give wh you have the right financl advisor, life can be brilliant. Ameriprise we are back with our conversation now with the investor mark cuban. Mark, as luck would have it we happen to have kevin oleary on our show today. I know that he would love to get in to this comment. Is that good luck or bad luck . Good luck for me. Im asking the questions. May be bad for you. Youve got to respond to mr. Wonderful. Kevin, are you there . Yeah, i am. I am. I have a question for you, mark. I was in dallas last night talking to faculty and students at arlington u of texas. A lot of people know we Work Together so i got a fair amount of feedback on your recent tweets to the president. And theres two themes that are pushing back on. Number one is, every administration going through a transition has gaffes. And you can go back the last ten president s and see this happen in the first 100 days. Many people feel that everybody should be given a fair shot. A lot of your criticisms are stylistic in terms of you dont like the way he presents himselfed a a leader. But heres the question ive got for you. Theres a lot of people that you are in partnership with. Lets just take you moavericks base, that are not so happy with what youre doing. In a heartbeat, kevin. Because unlike you youve got to respect you have to respect other peoples opinions. This conversation. I put country over dollars. Right . And you know, you put your pocket book first, last, and all in between. Thats so not true. We are completely different. I personally feel that you are not giving this president a fair chance to get in order. You may not like his style, but the fact is he has made trillions of dollars of potential growth in this parkt. You and i had a conversation where you called him an idiot. I never called him an idiot. Never. Yes, you did. Never, never. I dont call the politicians idiots. Kevin, you and i on sharp tank you and i make decisions in 30 minutes, 60 minutes, on peoples ability to lead, to manage the company, and we ask questions. And we get feedback and we make decisions. Mark, mark, hear me on this. Listen, dont shoot the messenger. But there are many people in your home state that feel you, sir, are disrespecting im not oblivious. I speak directly. Let me finish my thought. Mark, theres many people who feel that youre disrespecting the office of the president of the United States. Im just telling you what theyre telling me. In the elevator, at the airport, im im theyre using me as ma messenger. Im not disrespecting the office. Im disrespecting, the person, okay . Like ive said to the people in his administration, people who work for him, people who have worked for him. Im happy to help anyway, shame, or form. But lets just be real. Everything i said is absolutely true. Hes oblivious, he wont accept mistakes, hes known no Leadership Qualities whatsoever. As an american citizen thats part of my responsibility. To stand up and say what i believe and if im wrong, ill say im wrong. Look, i want him to be successful. I also know that he reads what i say, that he pays attention to the interviews i do, and so hopefully, hopefully it will sink in. And so as far as what mark, people are critical of you, you think i care . You think i care what ill listen to them, ill try to learn from them, ill take criticism, ill try to figure something out and see if it makes me smarter. Im always willing to help check my hole card. But im country first, kevin. I get that. But are you being are you being too critical for the first 100 days . Did you give obama a bigger pass . No. Did you give clinton a bigger pass . Did you watch the press conference yesterday . Did you watch it . That is a style unique to any president. Are you too critical on style over substance . You just dont like the way hes messaging . Kevin, kef vip, okay, when the guy just doesnt get the facts right, whats one thing you have to do when you come on shark tank . Mark, im asking you this kevin, i asked you a question. Kevin, my turn to ask you a question. What the one thing you have to do on shark tank, you have to know when you come . What i have to know . The entrepreneur, what is one thing the entrepreneur has to know i think hes alluding to, kevin, you have to know the facts. The numbers. I do say that. He doesnt even mow how many electoral votes he got. Thats a very, very mark, the question is, at the end of the day, is this because this president and maybe its first time in a long time. And look, i agree with you theres some issues around his policies. But he said he was going to put in place a whole series of policy and, you know what, this is the first guy ive ever seen do it. Hes being doing eight at a remarkable pace. Maybe too fast but hes made promises unique and different. Do you know the difference between an executive order and a law . Plenty to put in place by obama. Im just saying, look, im an investor first. I look at this and say to myself yes, you are. Kevin, say that a little bit louder and say it again. Thats all you are. Mark, im here now talking about investing. Weve had remarkable returns because this is a president that made promises and is delivering. What i dont like about your tone and im allowed to have my opinion, is frankly, youre criticizing style. Yes, you are. And i dont think thats right. First, im not criticizing style. Fell free to come back on anything i said in this interview. Anything. And we can have a conversation about whether we agree or disagree. You want to talk about his management style, you want to talk about his communication style, you want to talk about his handling of facts, his Situational Awareness . Pick one. When you generalize and say you dont like his style mark, i think leadership a combination of all of those things. This man got elected fair and square as president of the United States. He did. At the end of the day he is allowed to implement his policies including the executive orders. No, hes not, kevin. This is the United States of america. There are three branches of government. We have checks and balances. I didnt agree on his immigration policy. Im half lebanese and half irish. Let me say this, this is scott again. You would admit that some of the initiatives and the way that they have been put out there have been clumsy, maybe sloppy. Those are fair criticisms given all of this stuff that hes done thats been perceived to be positive by his supporters. They are. The stock market has voted in its own right that the market itself is at least on the surface, comfortable with whats happened. But would you take issue with any of the things that have happened to this point . Of course. But is it so its very unfair to take any president in the first 100 days and criticize so vehemently their mistakes because they are all them. Kevin, welcome to the United States of america, buddy. You know thats what we have a right as american citizens to do. We have a right to stand up for what we believe in. I agree. Look, its very harsh to say on any president youre going the get a smooth takeoff in the first 100 days. Explain to everybody watching and willing what you love about the parliamentary system in canada. Just tell them what you told me. Well, basically, the british parliamentary system is in some ways very similar to the u. S. It still has its checks and ball lapses. If the members dont agree with what youre doing no, what did you tell me you really like about it . Its a fact. The parliamentary system provides more power to the Prime Minister until the time comes where his own caucus does not agree. And so there is plenty of checks and balances. What you liked about it is that you get Carte Blanche and that you really admire that system. That is an unfair criticism in every way of the canadian system. By the way, at the end of the day i want to point something out and why im concerned. Do you realize that the inner relationship between canada and the United States is a 2 billion a day business . Were the number one trading partner of 38 states. Im very concerned that the nafta, what are you feeling about his comments about nafta . Look, i am concerned. Thats my whole point. We need to have oh, so what youre saying youre concerned but you shouldnt say anything because were still in some quiet period when we should just let him have cart. Blanche . No, i want the president to be successful baz its very good for north america. The best way to do that is to shut up and get out of the way, right . Let me finish a point. At the end of the day, lets pick automotive. A car chassis goes back and forth between the Canadian Border seven times before its completed. Theres no way we can put taxes on every transaction. Im very interested to see how that plays out. I am willing to let him bring forward policies and see what theyre going to be before i criticize them because i dont know what they are yet. Im waiting to see. You just did. What . You just made my point. Whats your point . Youre saying be quiet and yet you just went on and on ant how his criticisms of nafta are wrong but you want to wait youre saying hes doing so much but its better to be quiet yet you just gave a very good reason why you shouldnt be quiet. Im not quiet. Im saying show me the policies mark, show me the policies, let me see what they entail. I know full well that you cannot put a tax on a chassis going back seven times. Thats a 2 billion transaction everyday. Lets ewhat its going to be. At the end of the day if i dont like it, if its not good for north american trade its not good for you and its not good for me. Kevin, you just said, this is like being on shark tank again, right . Of course it is. But now were dealing in the real world. Yeah, but you just assume that everybody agrees with you. No, i dont. You just said very clearly what was wrong, why nafta wont be overturned. Why, because were so intertwined. Exactly. But everything that he has said is contradictory to that. Thats exactly my point, mark. You nailed my let me push back on you on this style tring. Trump has a style, makes statements. At the end of the day my assumption is for the good of all of north america, including mexico, hes going to be pragmatic. Thank you, peter thiel. Thats what look, thats what youre basically saying hes not. Youre saying hes not pragmatic. These decisions as leader and on everything hes doing are not going to be pragmatic and theres a risk of destroying north america. Thats what i hear in what youre saying. I dont agree with you. Im okay to push back, too. We all enjoy the freedom of speech and im saying to you hes not that hes not going to trash his own country and the trade he does with canada and mexico because hes pragmatic. You dont like his style. Thats what i think. Remember during the campaign, peter thiel came out and gave a lot of people comfort, he said, take him seriously but dont take him literally. Now january 21st, donald trump, President Trump is trying to be very clear that he is going to uphold all his campaign promises. That you should have taken him literally and he will respond literally in the actions and orders and laws that he tries to pass. Look, i make the assumption, mark, and maybe you should be thinking this way, too, that one day i will be negotiating with this guy for the benefit of both you and i. God help us all. Im telling you, for the benefit of both you and me. Im going to be pragmatic. Im going to see what he brings forward. The market is clearly optimistic that these policies are going to be good for the United States and canada because canadian markets are hitting new highs, too. And right now canada has no trade imbalance with the United States. I cant see a situation where thats going to be damaged. Kevin, let me ask you this. Yes, please. Because youve been cautious lately on the stock market despite what youre saying today and the defense that youre giving to the president. Do you think the market deserves to be where it is today . I do. But heres what im doing and mark is doing the same thing. I heard josh say the same as well. Im putting on putts every quarter because i dont know how long the timing is going to be to give me right now we have p expansion and all the financials. Were up 30 , 40 in some of these names but we havent had a change in policy or a a. Tax plan yet. Wait, wait, wait, you havent had any change in policy . You havent had tax plan yet yet hes done more oh. No deregulation on banks, no raise on taxes yet. On the 28th of february im willing to wait to hear what the plan is. I am an optimist that ill hear it on the 28th of february. If i dont ill be more concerned than i am today. Im waiting for the speech, show me the policy. Lets do this. Since we mark, hold your thought. Lets take another break and come back and continue the conversation. Good . Okay. Well take a quick break. Ns e y ro here on the cloud. That driverless ca did not feel like cloud. Ve sn all. Tels drivin. The fure traffic lightsstreet lamps. Business rs on the cloud. And the oud runs on intel. I wonder what the other 2 runs on. car horn know you have dedicated advisor and team know you can craft an investment planm as strong as your values know that together, you can establish a meaningful legacy with the guidance and support of your dedicated pnc wealth management® team. Companies across the state are york sgrowing the economy,otion. With the help of the lowest taxes in decades, a talented workforce, and worldclass innovations. Like in plattsburgh, where the most advanced transportation is already en route. And in corning, where the future is materializing. Let us help grow your companys tomorrow today at esd. Ny. Gov theres a live picture of north charleston, south carolina, where the president is expected to arrive at that boeing plant any minute now. And were going to show you pictures when President Trump does arrive tr. Xwef within having a very spirited conversation between the investor mark cuban and kevin oleary, the investor certainly as you know friends and maybe sometimes foes from shark tank. Mark, you still here . Im still here. Kevin was making the point essentially, give the president a chance. He hasnt rolled out real policy yet. And you were attempting to answer that when we went to take a quick break. That wasnt his point. His point was he thinks he knows what hes going to do and hes okay with what hes going to do. Big difference. Sure, but the market look, always in trying to keep this within this market and investor prism. The market has moved the way it has moved on what it thinks and hopes will happen. Youre not ready to suggest that the market has gotten this all wrong though. No, i mean, look, i think theres less volatility than i would have expected. So i was wrong there. And like kevin, im looking for ways to hedge, to protect myself because i still think theres a considerable amount of uncertainty. But what i havent heard from anybody anywhere other man maybe the president himself is that, you know, were hiring a lot more people. You know, were seeing Better Business in the United States. All the discussion ive seen on cnbc have talked about, you know, outside the rest of the world growing mark, on your comment regarding technology taking jobs out of the market, that is the definition of productivity coming into the market. You have to admit and agree and both of us would say this, it cant be bad if capital gets reinvested in north america thats sitting over in asia and europe. No matter how its invested. How can it be bad whether it goes into robotic plants or vast learning or artificial bell jens, whats wrong with bringing that capital back . That is one of his big messages. Financial engineering is not productivity. And nobody ive heard that has significant amounts of capital overseas that is discussed repatriating it have said there is capital restrain from doing things they need to do anyways. Take apple. Speak to apple. Apple has had to do Financial Engineering by issuing swiss bonds to bring its capital back. Why would that company have to contort itself. Youre changing the topic, kevin. What youre saying now is theyve had to play games to repatriate the capital. The issue is repatriation suggests that now you have capital you otherwise would not have had to make investments to do things you otherwise could not have done. The companies who have significant amount of cash overseas were not capital constrained. Now when you repatriate and pay your tax thats all great buzz you pay some amount of repe repatriation tax like in 2004. Talking about job reductions. My turn to say let me finishsh. Please do. 2004 we tau that it was used for stock buybacks and dividends and basically enriching those at the top. Thats capitalism. Thats fine. We have no reason to expect otherwise today. So the suggestion that this repatriation is going to lead to investment in r d, investment in new jobs, i dont believe it. I think its going to be additional Financial Engineering. I know you like that, kevin. I know to you thats good. To me, there are bigger thats fine. Thats part of the deal. Right . I make more money. Im a capitalist, thats all good. But sometimes youve got to look at the big picture. When you look at the nature of changing due to significant changes in technology you have to look what type of disruption are we going to have in ffor oh for the majority of our population. That is unique to north america. That is global phenomenon. Whats a global phenomenon . Youre telling me the chinese is not go invest in robotic technology, the end wran indian going to do it . This is not just about rob robotics. Dont make the assumption were the purveyor of all the technology in the world. My point is whats wrong with having a president , any president , forget that its trump, being pro returning capital, pro keeping jobs in this country, being pro building out whatever is available in terms of technologies . Hes right now going to one of the most advanced Technology Centers in the world, boeing. Hes going to encourage the companies to do as much as they can in their domestic markets. Whats wrong with that . Because he doesnt understand the bigger picture. Kevin, when you have then youre basically not giving him a chance. Let me guys, let me jump in for a second, and, mark, try to make a point or even a pushback if you want to take it that way. Youve had ceo after ceo after ceo walk in to that white house happily for meetings with the president who have since come out and said things like jack welch told our network, that it was the best meet that he has had in the 30 or 40 or however many years it has been that he has been going to the white house. The ceo of auto zone the other day came out and told this network that it was the first time that he could remember that people from history had been invited into a conversation in the white house. Clearly these are people who are thinking about far greater things than Financial Engineering or this, that, and the other thing. And really do have their eye on the big picture and what this more seemingly open to business white house could truly mean for their own industries if not this country at large. Theres nothing wrong with that. Kudos to President Trump for sitting there and talking to them. But it doesnt change whats going to happen, you know, technological from a technological perspective in this country. Its not the job of the ceo of any Given Company to take the responsibility of the entire country. Thats the job of the president. If you look at what just look. Just Pay Attention to anything thats going on with all the derivatives of Artificial Intelligence. Anybody who is really dug in will tell you ive talked to a lot of Big Companies because this is an area of interest to me. An area im really trying to bone up on and really understand completely. And one company asked me if i had any ideas for real estate because they were going to be getting out of a lot of their commercial real estate and theyre probably going to be 85,000 jobs or more, theyre going to have to move more than 85,000 people and theyre wondering how theyre going to deal with that. Another company was 30,000. Another company was 60,000. Over the next five to ten years. I mean, i talked to another company just the stories are inconceivable even to me. Ask me a year ago i never would have thought this was really happening now. I would have said, no, its too far out. You look at nvidia, do you know what the market is telling you . Looked amd, lookal all of these companies ohy ies amazon, co of artificial components in these derivatives. I got you. Im also look at technical and saying ive also been looking at the cyclical stocks, industrials, things that would do really well under what this president has said he was going to do, in some case whats hes already done and what he still hopes to do. Then youre going to kevins side, we have to see what his actual policies are. You know as well as anybody they want to do a trillion dollars in debt. You know go ahead. You know as well as anybody though how markets work. Everything is on hope and a dream to some extent. Of course. But these are real, real fundamental things that are going to change in this country, that have the chance to be stimulative for business, stimulative for jobs, stimulative for the markets, and investors. And thats the reason why we continually on this network cite the farkt that the markets continue to go up despite the noise, the style or lack thereof of whatever you want to say. What im telling you is this. Right . The people in the investing industry, the a lot of funds are spending, you know, the goldman sachs, there were a lot of banks are spending a lot of money on Artificial Intelligence and its derivative. And theyre coming to the realization of the benefits. Theyre seeing the benefits already and they can anticipate the far greater benefits. I think youre just missing and correctly dismissing the fact that there are a lot of smarts, the super smart money is already anticipating the impacts that these new technologies are going to have on industry. So on one hand i agree with you. The shortterm benefits to Infrastructure Investment if they spend a trillion dollars there will be companies that benefit and if it gets past those stocks will do what theyre going to do. The smartest money out there are the people who understand whats going to happen from the technological perspective. And understand the dramatic change thats already starting to happen in the nature of work. And so if you take heres if i had to make a prediction, heres what it is. And i mentioned this briefly before. The fortune 500, the dow 30, the s p 500, our Biggest Companies are going to gain the most from all these advance technologies. Thats one. Two, the number of Public Companies that are going number of Companies Going public, particularly that get the number of companies that go public is so slow and the amount of money coming in that almost all the money is going into the s p and the dow. And, three, so much money is going into passive indexes, you know, when money is coming in its just a question of supply and demand. So you pull all of these features together. Its supply and demand and recognition of whats going to happen tech logically and it makes sense the market is going to go up. Some people might say youre just trying to not give trump the credit. No, he deserves a lot of credit for people having the confidence to put the money in the passive indexes, the put the money in the infrastructure plays. When its all said and done could the market just continue to go up despite what trump may do, despite the risks that we think is there and why the volatility is so low because of all of these other things happening . Thats what i think is really happening. Look, im not im not dismissive of the fact by any stretch of where sort of technology is going or has gone or the ramifications of that in any way. The genie is out of the bottle. Everybody knows that. I dont think people realize the extent. I really dont. Mark, for eight years, for eight years that same metric could have occurred under a previous administration. No. It took a new president with a new direction, a new tone, a new personality, a new style to unleash the animal spirits again that have been dormant for a decade. Admit that at least. The whole concept of animal spirits is the most ridiculous thing ive ever heard. Well, youre witnessing it right now. Youre witnessing it right now. Pes have expanded right across the market. Earnings havent changed. Just pes. That is the definition of animal spirit . That is the forecasting of good things to come and maybe this president should be given some credit for it that youre not willing to do. Breach, brother kevin. Broach. Im not preaching. Im pointing out the facts. You cant deny. You can measure this. Kevin, i know its technology. I dont know this Technology Well enough and im busting my ass every day to learn as much of it as i possibly can because the changes were going to see over the next few years are going to dwarf the impact of technology. Theyre going to come into the market, too. If these things are going to work, well be investing in them. You should buy some of my etfs. Ill make sure you make money. Lord, yeah, you work out so well you had to sell yours, right . No, no, no. I got out of the mutual fund business. I got in the etf business now. Because it worked out so well for you. Mark, lets be realistic here. I want you, before we end this debate, and its fair to have it own youre here because i would never criticize you on this and i defended you in the elevator yesterday in dallas saying, mark has listen, youre lucky, youre lucky i sit there and take the abuse theyre not willing to give you. Im telling you, i defended you in the elevator. Ticket holders, with your own guys. I was going to say thank god the next time youre together barbara and damon are in between you but maybe youre making good now. We go through this all the time onset. We have the exact same conversation. I bet you do. Were going to leave it there. Probably a good place to wrap it up. Mark, thanks so much. Appreciate it. Thank you. Thanks for your time today. We appreciate it. Mark cuban and kevin oleary. You guys want to take a quick break . All right. Well take a quick break and come back and discuss. S instinc. Theyre experts in things you havent heard of researchers of technologies that one day, you will. Some call them the best of the best. Some call them veterans. We call them our team. May not always be clear. But at t. Rowe price, we can help guide your retirement savings. So wherever your Retirement Journey takes you, we can help you reach your goals. Call us or your advisor t. Rowe price. Invest with confidence. [car[clicking of ignition]rt] uh wha woof eeh woof wuh [silence] [engine roars to life] [dog howls] dramatic opera music swells from radio [howling continues] i am benedict arnold, the infamous traitor. And i know a thing or two about trading. So i trade with e trade, where true traders trade on a trademarked trade platform that has all the. Get off the computer traitor i wont. cannon sound right. We are back on the Halftime Report after we just had what was a spirited conversation, debate, whatever want to call it, between kevin oleary and mark cuban. What do you think of the market . Im just kidding. Are you in on what you we heard . Politically, im more on marks side. I actually agree with one of them. I think kevin said that mark wouldnt give them credit for is the idea that animal spirits have propelled the stockmarket much more so than probably a hillary victory would have. Without a doubt, people are feeling more dangerous, more sexy, more willing to take risks. I think you see that in attitudes. I do believe there is more business its not a nonsense term, its kings. Its a real thing. But where cube isnt right and this is more important than kevins point, every time trump goes mexico, its so ridiculous, because all of the data suggests the real issue we are going to face and are already nation is automation. So its microsoft. Its not mexico. The reality is, mark is right the president has no idea. Its much, much easier to tell people who are disenfranchised and unhappy, that farm owners are taking their jobs. The truth, its much more nuanced, more complicated. Its really hard to make policy around this. Because what it virus more stem education. Thats like a ten or 20year playoff. No politician is running for ten and 20year terms. These people are rung for fouryear terms. To make that investment now is untenable. Its going to get worse before it gets better. Rob from ubs, with a portfolio worth billions of dollars. Right. How is the conversation that weve just had the things that were brought up t. Themes, et cetera, how are they factoring into how you are putting your money to work in this market . In the short run, its important. In the long run, i think weve seen a mark to begin in the Third Quarter with earnings accelerating. So this has been fundamentally based. First quarter better. Third quarter better. You are bullish on the market . We are. Are you passtive because of the agenda of the new president . No, we think we are in a self sustaining recovery working through your seeing earnings. I disagree with kevin, earnings are increasing. We had zero, zero the last two years, now 11 forecast earnings this year and you are seeing the economic trajectory completely change. I think the policies can act as an accelerant and add 15 to base earnings if theyre enacted. I think the important this inc. Is not to focus on animal spirits, there are still tons of up advisors paralyzed sitting on a ton of cash. That is not animal spirits. What is happening is Business Confidence is returning. Investor confidence is returning. Consumer confidence you throw a molotov cocktail into the white house that says im going to be an act of change, there is a possibility it can be an agent of change. I think people can feel better. Good things potentially happen. Lets hold it for just a second. Domenic is going to talk about it. Lets talk about oil prices. Because we are seeing a move off the low so far today. We have anthony ggrisanti. What do you like about oil thats got your sensation . Reporter crude oil is stuck in this range. We seen volatility dry up, the oil made a new low this morning at 26. But we are looking at the potential geopolitical conflict between iran and the administration. Also opec. Opec is really liking what the price of oil has done. So there have been rumor, they may extend that sixmonth cut of supply no a full year. So anthony grisanti, you are looking for that here or oil can turn it around . I think we can see weakness, number one, we had a huge supply over the past few weeks, 24 million barrels. When you look at the march gasoline contract, its been very weak. We cant use that gas starting in april. Because that represents winter gas and april is the summer gas season. So i think once that march gasoline contract goes up the board, youll see crude oil return some strength. Thank you so much, jeff killberg as well. We have rib counts at the top of the hour. Head to futures now cnbc. Com. Well be right back. Hey nicole. Hey i just wanted to thank your support team for walking me through my First Options trade. We only do it for everyone gary. Well, i feel pretty smart. Well, were all about educating people on options strategies. Well, dont worry, i wont let this accomplishment go to my head. Im still the same old gary. Wait, you forgot your french dictionary. Oh, mucho gracias. Get help on options trading with thinkorswim, only at td ameritrade. Were drowning in information. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. Deartheres no other way to say this. Its over. Ive 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 we are back. So we turn final trades into final thoughts. Kevin oleary, i have less than a minute. Give me your sort of final rap from you. Im really optimistic to get solid policies to gnaw in the speech of thump. I need that to stay with financials, which are stretched. Im an optimist. I need to see the time table. Im still long europe. Im loving europe. Lower pes, lots of revenue coming into the u. S. I dont think the border tax will happen. Im staying long. Im really happy. By the way, those are animal spirits. Get used to it. Kevin, well see you back here. Soon. I love kevin oleary. Jim you got a final . Next week is retail, all week long, there will be winners and losers everyone knows j. C. Penny, see the result, you can pick your winners and losers k078ing forward. You have a final . No, i think the Market Options action, you cant tell the after effects of the press conference. That does it for us, too, have a good weekend, everybody. Power lunch is now. You are looking live at the boeing facility in north carolina. That is where President Trump is about to speak t. Stocks on the chair, hitting an all time high today of 172 bucks a share in todays session. We will take you live to the president as soon as he starts. Your money as we await the president. The stock cally taking a bit of a breather on this friday. The do you st
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