with nurtec odt, i can treat a migraine when it strikes and prevent migraine attacks, all in one. don't take if allergic to nurtec. allergic reactions can occur, even days after using. most common side effects were nausea, indigestion, and stomach pain. ask about nurtec odt. good afternoon and welcome to power lunch. good to have you with us. coming up, elon musk donating billions of dollars of tesla stock to his own charity, gave the organization money and gave him a new tax break. in report says that the musk foundation has been mostly sitting on the money, not spending it and that could be a

problem. sea levels are rising but new data shows the ground is also sinking. why is that happening and how fast is a potential impact? first let's get a check on the markets. the dow industrial barely hanging on to the green, the s&p 500 in the red, down fractionally, but nasdaq composite off by a third of a%. chips have been the hottest area of the market lately but also pulling back a little bit -- down almost 2% at 1.6%. -- down about 4%. for more on whether markets stand after a strong recent run let's bring in mike from the new york stock exchange. the market keep it up? >> i think you might expect -- down actually about 12% from friday morning, that may be you would've thought the market would've had a harder time handling that. in fact, the market that was

pretty overheated over four months, last week was only the third down week in the last 18 or 19. the cooling off is happening in an orderly and relatively painless way because it is happening through rotation and a broadening of the market. something everyone has been asking for. if you look at the s&p 500 it is beating the nasdaq on a one month basis. i would categorize it as another test tentatively passed at this point. one test one of the market need the fed to cut rates starting in march, that is what we thought might happen a couple of months ago. those expectations -- the second part was, we overly dependent on the small number of big ai related momentum stocks and at least right now you can sort of say we might not have been quite as dependent on it. should probably cool off a little bit more. but right now making use of a

healthy macroenvironment to take risk from one area of the market, put it elsewhere. >> one of the amazing thing i see on my notes is from back in march 2009 which is 15 years ago, does not seem that way. that kind of outperformance is an outlier, right? >> it is and very sensitive to that starting point which was march 2009, the s&p 500 was below where it traded 11 or 12 years earlier. yes total return annualized over that time. i did look back, there have been stretches of 15 years but have been better than that but not too many. it should inform how you, i guess form your expectation for what returns can be over the next ticket. rapidly not nearly as good but that does not mean we go right down. >> maybe we should be grateful

for the growth we have seen. back next guest sees market turbulence ahead but says this is an economic sweet spot. here is the president of lido advisors. if this is the economic sweet spot, how do we position portfolios to take advantage of that? >> i do think there are headwinds and i think we will see some bumps. you cannot go from 6% and have a linear return, think about the return it would be way too high. mike talked about a 60% return, the average for the last 100 years is 10%. i think now this rotation we are seeing is very healthy. a good rotation. broadening out, making sense. we do not know when the feds will move but, we do not think they will raise rates. if they're not going to raise rates and we have good employment right now, very good, i like this. i think we should hedge but i do not think we should be fully

aggressive with our portfolio. i like a hedge. >> hedge for what and how? >> some of the simplest ways to hedge, you can use options, very effectively, i want to have a little bit of downside protection. you usually give up a little bit of upside but you make money not losing money first. have a hedge. i also like hedges by finding where the opportunities are. we were just listening to a real estate expert, there's a lot of credit, a lot of debt coming due and not all of the speculators will be able to keep their portfolios and their real estate. they are coming due at higher interest rates. i think some of the opportunities in real estate takes since right now. >> if certain sectors of real estate will face a debt cliff, so to speak, how do you differentiate between the ones that will want to get through where you might want to put your money and the ones that

are vulnerable to the higher rates? >> i think it is an opportunity to keep your powder dry and watch as this billions and billions potentially trillions of dollars of debt refinances. and be able to be very selective, i like multifamily -- right now. not a lot of new building, not a lot of construction, it is hard to get the banks to lend. all of that is lending to another macro trend that makes sense. keep your powder dry, look at apartment builders -- either you can go directly into the private equity real estate or, if you look at the -- sector which has underperformed the broader for many of the reasons we know, rates have been going up. >> we heard him talk about this, the mega cap names we have seen so much growth coming from and where that is going in the future? >> that is a positive in the fact that you have 20 times

earnings on the s&p. a lot of that is tied to that -- deserves growth that is associated with that. the other stocks, do not trade at 20 times earnings. and the broadening out, we have not talked about utilities and how long? how nice is it to get paid and have an actual i think approachable multiple on that? >> it tells you where we are as a society when we talk about healthcare. we are not really talking about what could cure cancer, it is all about weight loss drugs and ozempic. with actual opportunities in healthcare? >> 100%. the fact of the matter we are is -- living longer and living more active. that is what i call a macro trend. when you have an opportunity to

buy into that macro trend at the right multiples, but the market come to you, do not chase it but, i like these entry points coming up. >> thank you very much. >> stocks are pulling back today just by a little bit, bitcoin showing no signs of stopping. 72,000, the latest milestone cross. >> this is the most euphoric pocket right now when it comes to the market, the big driver has been demand and flows into this group of new crypto -- has now been a total of $20 billion of inflows into these etfs excluding grayscale which has seen outflows because of higher fees. -- significantly outpacing the flows you saw in the first gold etf that launched in 2004. even on an inflation adjusted basis since they launched only two out of 28 trading dates. they also point out a small correlation with it quynh

returns and those we have seen for u.s. equities which is a big change. others, meanwhile pointing up the increase we have seen in institutional demand. at least signs of it. we have seen average bikes in larger trends that tends to indicate wealthier buyers getting in. this has been a volatile path for it quite that is because of the increase we have seen in leverage. investors are paying huge premiums at this point to keep those positions which are exacerbating some of the price moves in both directions. speculation showing up in both directions and highlighting heightened risk appetite. other factors you have -- meant to keep a cap on supply coming up in about five weeks and then news out of the uk as regulators open the door to exchange traded funds when it comes to bitcoin. >> fascinating, thank you. president joe biden released his budget today and we are learning more about how he

plans to pay for his priorities. we have no details on that. >> that is right, president joe biden needs to find a way to pay for this $7.3 trillion budget he released earlier today. he will be looking to corporations and the wealthy to up cover the bill. some of these revenue raisers will sound familiar. the biden administration will focus on implementing a 21% double minimum tax on corporations and left the minimum tax in the united states and quadruple the stock buybacks from 1% to 4% and propose a minimum tax on individuals with a net worth of $100 million or higher. and he is promising to close a handful of tax loopholes on carried interest and gift taxes and on life insurance policies. treasury officials say he is allocating an additional $100 billion to the irs to strengthen enforcement of the tax code. overall, white house officials say their plan would raise

almost $6 trillion in fiscal 2025 with nearly half coming from operations and half from high net worth individuals. the usual caveats apply these are just proposals but they show us where the white house priorities are especially as we get closer to 2025 when former president from's tax cuts are set to expire. >> let me ask you this. this would apply to the 2025 budget year which begins in september of this year. that is six months away from now. you think there is any way that much, or even any of what these revenue raisers that are proposed would get passed into law? >> certainly not right now. we are still talking about he last budget in congress. we are not anywhere close to this happening right now but i think it sets an important marker as we get closer to the election. this is what is on the line, if democrats do well in congress

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welcome back to power lunch. despite making billions in tax- deductible donations, the charity apparently gave away less than the minimum credit amount in recent years and elon musk may have to pay the price.

a piece in the new york times over the weekend takes a deep look into his charitable foundation and quenches the number on how his donations often support his own interest. joining us is one of the authors of the piece an investigative reporter for the new york times who covers on profits. let me make sure i unpack your story correctly. i found it to be fascinating. one is that elon musk has given a large piece of stock and other capitol to a foundation that he is one of the key board members of that he controls. there is nothing wrong with that, isn't that what bill gates does with the gates foundation? >> that is right there is nothing wrong with giving a lot of money or in this case stock to a foundation that has your name on it or that you run. >> but, the problem arises because there is a requirement that the foundation expend a certain percentage of its

capitol every year. how much did elon musk put into the foundation and how much has it spent? >> he put in about $7 billion with the tesla stock. you are correct, when you put money into a foundation you run, you are basically giving yourself a job, a responsibility. tax law requires every foundation giveaway about 5% of its assets every year to keep you from stockpiling money in your foundation. in this ase, the foundation was required to give $350 million in 2022, the last year for which we have numbers, the only giveaway about $160 million. right now at the end of 2022, -- behind where they should have been in terms of the money they should've given out, the fourth largest of any foundation in the country. >> in the nonprofit world, how common is that? >> not very common. there is no immediate penalty

for it, you get a year-long grace. but as i said it is uncommon for foundations to have that much money short. >> this would kind of be like a pension plan that is not putting in enough to cover its benefits. so it would have a shortfall. to the have time, you just said they have time to make it up. if you have a deficit in 2022, you might get another year to make good on that 5% you owe? that is right in 2023 they have that year to giveaway $234 million they have left over. plus, the 5% for 2023. if at the end of 2023 they have not given their shortfall from before the away penalty tax to the irs. >> the money to charity is giving away, what s it going to? >> about half, as far as we can tell about half has gone to

things associated with elon musk himself. after one of his rockets blew up in south texas near the space x launch site, an hour later he started announcing donations from the musk foundations to schools and downtown beautification in that area. in another instance he had a customer who paid him to rent a space x rocket and is part of that the customer said i will raise $200 for st. jude's, the rocket lands and they have not gotten the $200 million. elon musk kicks in $50 million from the musk foundation to get his customer over the charitable pledge. a few months later, the same customer orders three more flights. he also used the money to start schools or build schools located right next to his business operations in rural areas to provide schooling for employee children. >> some of those children -- his own children, correct. >> the first year he started, when space x was located in

california and he was still located in california. of the first 14 students, five for his own children. >> how closely is the board involved in the decisions about where to donate money and whether to donate money? >> it is important to know who the board is. the foundation, despite its large size has no paid staff, it has three board members all volunteers. elon musk, his money manager and a woman who works for the money manager. collectively they work two hours per week's on the foundation. he asked all three board members including mr. musk how does that work. does the board meet? do they challenge you were elon musk and ask him you want to give money to that and they didn't respond. he seems to have an outsized influence on where the money goes. >> has he responded? >> no, we sent him a lot of questions last week and he is not responded.

>> let me ask one more final question. if he is in deficit for the charity is in deficit -- what kind of penalty would he face, in other words, if he is in arrears on what he should be spending, presumably he has the tax deduction against income or the amount of the donation so what 20 oh? >> he has a year to give away the 2022 shortfall. if he did not do that by the end of 2023, he would face a 30% penalty tax from the irs on whatever the remaining shortfall was. then, if he still did not give it away even after paying the 30% shortfall he would a 100% penalty tax so the irs would basically confiscate all the money he failed to give away. >> thank you for joining us and explaining.

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how was the auction received? >> on the first part of that we are looking at rates creeping up going into tomorrow and the -- 56 billion went quite well. you can see right around -- that pushed yields lower as you can see we are revisiting high yields pretty much on every maturity. if you go to a one-month chart you can see that the three-year note friday closed at a one- month low. but it came back and what is fascinating if you look at the year we have had 49 trading sessions, only three have closed before 4.01%, which is where they ended last year.

and the bank of japan meets on the 18th and 19th. we are now on pace for the fifth lower close of the dollar index again and as you look at the chart, you can see they close at the lowest level in favor of the japanese yen since february 1 on friday. let's get to a cnbc news update. >> house republicans are releasing a report today trying to undermine the special committee on the january 6 incident the capitol and the star witness. they claim that it will prove that the account of the former president's actions that day were not -- former white house staffer testified she heard trump get into a physical altercation with his lead

secret service agent after he was told he could not join his supporters at the capitol. back to the budget proposal. the biden administration is seeking $43 million in funding from congress to help solve the country's air traffic controller shortage. this says fatigue and mandatory overtime are likely exhibiting two more close calls at american airports. airbnb responding to privacy concerns with any policy on security cameras. the short-term rental site is banning people across the globe from using cameras indoors. previously got airbnb allow them in common areas. outer security cameras are still permitted. a new study reveals not only is the east coast syncing but it is thinking at a faster rate than water levels are rising. what is the cause?

a groundbreaking new study shows we may be at more risk

from sea level rise than we think and that could have impound -- senior climate correspondent -- explains in her continuing series on rising risks for climate change. >> we know that as the earth warms and glaciers melt, sea level rise will increase but we are learning of another harmful effect of climate change that could make it even worse. this is what baltimore, maryland looked like in early january after a heavy rainstorm. it does not always take a storm for the city to let. so-called nuisance flooding is increasing. not just because the water is rising but, because the land is sinking, more than doubling potential damage. >> particularly right here in the promenade. >> grace is the coastal planner for the city of baltimore. >> nuisance flooding is

basically an inconvenience but when you think of the promenade here athletic, some people cannot get to businesses or work. >> coastal baltimore is sinking by more than two millimeters per year. >> that does not seem like a lot by any means but it becomes an issue if it is not uniform and you can have building foundation sinking faster and that is where you will see foundation is not stable. >> coastal land is sinking around the world, especially on the east coast of the u.s. from new york to provoke according to a new study. in some areas, it is sinking as much as five millimeters per year. sea level rise is about three millimeters per year. >> we will have doubling the frequency of flooding. >> this team used space-based radar satellites to build digital maps of land over many years in order to see where it is sinking most. then they built the first high-

resolution maps showing the east coast syncing from 2 to 5 -- 800,000 properties. the study says when you add the sinking of the land to sea level rise it actually doubles the frequency of flooding and cut in half the amount of time that both cities and coastal residents have to repair. and it has profound consequences on the flood adaptation strategies that been developed. areas including new york's jfk and laguardia airports are seeing land think of more than two millimeters per year. and why? clement changes causing drought forcing us to pump more groundwater and build more dams to store water. >> in terms of groundwater extraction, it is primarily one of the reasons why ultima is sinking. >> baltimore is surrounded by more than half a dozen dams which reduce the supply of sediment going to the coast, thereby causing the land to sink. even as water becomes more scarce, we need to mitigate the

sinking of the land in the next decade or it will severely impact the integrity of buildings and infrastructure. >> pipelines, railways, runways of airports. that would translate into trillions of dollars lost and cost of repair. >> what do we do? there are several options. you can recycle water by treating waste water and sewage or putting wider restrictions on water usage, especially in landscaping and capturing rain and baking it better. one project in virginia is pumping groundwater back into aquifers and treating it at wastewater plants. would have the option, the sinking needs to stop. let's go a little deeper on the sinking east coast and the groundwater depletion helping to cause it. joining us is one of the authors of that paper, a climate and coastal research

director and the chief operating operator -- east coast water provider, american water. welcome thank you for joining us. patrick, let me start with you. i believe diana said that one of the reasons why the land seems to be sinking is that we are pumping more groundwater out of the land. and my understanding that correctly? and why are we having to pump more groundwater out? >> that is correct. we need water resources for drinking, irrigation, industrial uses and so one f the main sources is pumping water out of the ground. when we do that, we are essentially compressing spaces in the sediment and the land settles through time and that is one of the driving factors. and when we pump oil and gas it has the same issue, we are basically taking fluid out of the ground and the ground compresses over time and lowers. we see a lot of that especially

along the east coast. >> why do we not need to pump out as much in the past than we do today? is it because of drought? >> it is a confluence of factors. our cities are getting larger, more of a demand for natural resources and water being order one for what we need. we get water out of rivers and out of the ground and these are resources we need to support these urban centers. >> we heard some solutions including recycling wastewater. how feasible is that to start those changes soon? >> it really is very feasible. we have done that in a number of locations. we have done both the aquaphor recharge as well as reuse of water. people use water it goes to the treatment facility, they clean it up very good and then you can reuse that for things such as irrigation and just, not

necessarily for drinking in a lot of cases. you cannot get there quickly for drinking water but certainly for irrigation and other purposes which can take a lot of water. >> certainly, there are places where that is already happening, orange county, california has the technology in place to recycle wastewater into drinking water and they have already started. what about the other parts of the story mentioned. the fact that he dams, for instance, are keeping sediment from being deposited in the deltas? >> they will hold the settlement back so you have to manage that well so you can either release the sediment slowly or you have to do dredging to clean out the sediment behind the dams. in some cases, the dams will feel all the way up and you have to either take them down or do an extensive project to remove the sediment. >> i do not know which would rather take his question. we clearly waste a tremendous amount of water leaving the

faucet running while we are rinsing dishes or brushing our teeth. but there is also the loss or leakage of water because of deficient infrastructure. we must lose millions of gallons every minute to that. can one of you comment on that? >> i can jump in there. we lose across the u.s. about 6 million gallons per day from infrastructure that is not up to where it should be. there is a huge gap in needs across the u.s., the american society of -- as a c+. that is really not where we want it to be. there is over $1 trillion of investment needed all across the u.s. the water industry is fragmented in the u.s. so it requires each individual system, there are about 52,000 water systems across the u.s.

and requires each of those so consolidation could be a help to try to utilize similar resources to rovide water to multiple communities instead of each community trying to provide it themselves. that makes the infrastructure investment challenging. >> the most affected cities boston, remington, charleston, savannah. particular risks in the chesapeake bay area. and, new york city. we saw new york city first-hand on super storm sandy came in and the low-lying areas were inundated and really left out of function for more than a year. where does the tipping point come? >> we built up the societies, these urban centers so close to the coastal margin so we are on a razor thin edge between the land and ocean. with the sea level rising at a rate of about a foot per year we expect to get about sorry about a foot a century, we

expect to see that by the end of the century. if the land is also going down, we could see double the amount of sea level rise in places like new york city and, when we look at the flood probability about every 2 to 4 inches of relative sea level rise doubles the flood risk. you are near the tipping point right now. we have this especially amplified during storms what can happen when you have sea level rise and the land sinking on top of that. >> will this sink edge and the rising of the sea, of water, mean ultimately that buildings that have been built as you say on the margin, whether it is alexandria, virginia or long island city, new york or boston harbor, are those buildings going to be unusable? they will have to be torn down? >> it will be a challenge. we have to think about how will be billed resilient coastal

communities and incorporate the risk here now and coming. will have sea level rise and storms. we will have more subsidence and all of those factors have to be taken into account so we can engineer and protect these cities to be more effective moving forward. >> thank you so much. it is interesting because we did not even touch on what the insurance implications are if you have buildings going up. coastal united states is already problematic when it comes to property insurance. that is a red flag warning, i would say.

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a new bipartisan effort to crack down on tik tok now gaining traction in congress who is said to vote on the bill as early as this week. former president trump seemed to change his stance when he weighed in earlier today. >> i was at the point where i could've gotten it done if i wanted to. i sort of said you decide, you make that decision because it is a tough decision to make. there are a lot of young kids on tik tok who will go crazy without a. a lot of users and a lot of good and bad. the thing i do not like without tik tok, you will make facebook bigger. i consider facebook to be an enemy of the people along with a lot of the media. >> >> pick up on that thought.

>> it is such a massive about face i remember in 2020 when president joe biden spearheaded and started to -- the question is why is he changing the stance right now and juxtaposing it with facebook. some have speculated that it gets a lot of play on tik tok, even if his -- a lot of his speeches and content get -- go crazy for tik tok, a younger demographic 150 million users in the united states especially leading up to the election for his content to be on their and also take a stance against facebook.

-- caught everyone a little bit offguard. it has always been a bipartisan issue that the timeline is all happening i think quicker than many had expected, the bill will go to the house and the senate and into president joe biden's desk for signing. if you wonder -- saying there is a violation of free speech. still some ways to get there but >> are there other foreign owners of major internet social media sites? >> tik tok was kind of this phenomenon. until tik tok, not a big chinese company that had made

major -- e-commerce players that have successfully captured american consumers. you have to wonder back in 2020 president trump talked about banning tik tok but the more relevant -- collected a lot of american user engagement. -- what they do to our companies over there or do american consumers who love to use them to the use the great edge to get beyond and use the apps. >> the young users there the ones accustomed to using platforms that originate in china is where they really proliferate.

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time for today's three stock lunch. here is michael farr. chief market strategist with hightower advisors and president and ceo of farr, miller, and washington. great to see you. we have meta as morgan stanley

reiterates ai as the top line driver. today former president trump called facebook an enemy of the people. cheers went down nearly 4% today. what's your trade? >> enemy of the people, that sounds kind of strong to me. look, meta has been a fabulous company. they have executed really well. they've also caught a real surge of this ai tidal wave. that the generative ai but the other ai. all-time highs. up 37% for the year. here we are. it's not even march 15th and there are up 37%. i think the company is not going anywhere. it's a very powerful tech company. a lot of people had profits. i would be trimming them, not investing your money today. the rule is to sell high and buy low. all-time highs, still in that range. >> shares down 9% today.

producers agreed to buy back against the former pipeline business for 5.5 billion in stock. the latest wave of oil and gas. do you like it or not? >> i don't like it and there are a couple of different reasons. i think in time, this could work out. but as a price and a trade or an investment, i don't want to catch a falling knife. i want to wait till it bounces and hits the ground. the price of natural gas has fallen in half here. around a dollar 76 now. that's not helping. they know this pipeline. they know what they can do with it, but wall street didn't like the price. it's not going to work well on the balance sheet. i'm going to wait. i would not buy it here and i don't own it, so i don't have to worry about selling it but i think you certainly get this one cheaper. >> there is a stock you picked. shares roughly flat today.

down 30% or so in a year. why are you bullish on this stock? >> i have liked this stock for a long time. i guess as much is anything from where i started to buy it. it just made a lot of money in it and i am a by two old guy. i don't trade stuff a lot, so i still have great profits in this company. the companies continue to execute. infrastructure spending and agriculture. take that with a fed that at some point is going to be lowering rates. money is more accommodative. more spending still on infrastructure. money that's already been allocated that's going to get and more on agriculture. i think this company is a well- managed company. i like management. i like what they are doing. maybe they got ahead of themselves, but longer term, i think they execute, they grow. this company, certainly from these levels, you make money.

>> you like it, you own it. down 7% this year. 20% over the past 12 months. does that make you wobble a little bit about your ownership? >> every time something goes down, i wobble. you know, i am human, too. but when i wobble on this one, i would wobble towards pouring more of it, to increasing my position where i didn't have a full position. from the clients of the firm, i will take new positions in valmont. also i tend to buy a 2% to 3% new position and any stock. when it pulls back it will not tell my overall portfolio. i limit my risk and manage. it still considered a concentrated portfolio with 30 names in a portfolio or so. but i like this name. i'm going to hold onto it. >> all right, thank you, michael. still ahead, north carolina sports betting just went live. we give you the details on books that are open for

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>> welcome back to power lunch. just in time for march madness. mobile sports betting launches today north carolina. the newly rebranded espn bets. outside of the gate with big competitors like fanduel, draftkings and others. wait and see who grabs it now. >> thanks for watching power lunch. >> closing bell starts ext. >> thanks so much. welcome to closing bell. hear from the new york stock exchange. this make or break our begins with the state of stoks and whether the rally is changing shape. from nvidia and meta market to an apple and off about one, we will ask about this final stretch including top insider tourney. 60 minutes to go in regulation. an eye towards tomorrow morning. cpi is clearly what is driving