i'm jamie colby for "strange inheritance." thanks so much for watching. and remember... >> it's just money. can't take it with you. on't wan. good-bye from new york. >> announcer: from the fox studios in new york city this is maria bartiromo's "wall street." maria: happy weekend. thanks for joining us. i'm maria bartiromo. coming up, co-ceo of the carlisle group, glenn youngkin. but we have the fox business headlines of the week. reporter: low market volatility on wall street. the rollercoaster ride started wednesday when stocks took a hit over fears of rising interest rates. the stress rid yield hitting a

four-year high. all this resulting in a 475-point swing in the dow in the final two hours of trading. despite the drop early in the week the markets finished in the green for the week. walmart listed their latest quarterly numbers. blaming their mixed fourth square on their e-commerce business and structuring expenses. walmart stocks dropping 10% on the news. the nra feeling the heat from businesses in the wake of new calls for gun control. prize rental car a -- enterprise rental car will be ending its discount for nra members. blackrock is asking gun makers

to respond to the shooting in florida. what that means exactly has not been made clear. maria: another week of wild swings in the stock market. is volatility the new normal for investors. we have keith banks. a wild week. is it true that volatility is here to stay? keith: i think it is. we have had a regime shift. we have gone from a period of secular stagnation to a tactical reflation. and with that comes volatility and higher inflation. maria: are you worried about inflation and higher interest rates? when i look at 2.9%. i am thinking we have had rock

bottom rates for so high. >> we have to remember to look at real rates. even though the entire yield curve has shift up. at the shortened of the curve they are negative. you have got to keep an eye on rates. we think the 10-year will end between 3 and 3 1/4. maria: we see the thousand-point moves whenever the yield moves up a bit. how do you want to be positioned. are valuations where you think they should be or do you think we'll see a further decline? >> we peaked out with multiples 19 times shy of that at the end of january of this year. right now i think we bottomed close to 17 times when we hit an intraday low. we think as the year goes on, rates will expand further, and

then you have tremendous earnings growth this year. so we think earnings growth will be between 16 to -- to 20 percent. it will get the s & p between 2,900 and 3,000. it's not clear if we found the bottom. and we think you could see action that will found the bottom then begin a movement back up again. maria: you have to be happy with the policies out of washington and impact on earnings. >> absolutely. maria: growth of 7%, 8%. where do you want to invest with those numbers? >> we saw an instantaneous, we are positioned for yesterday,

not tomorrow. everybody moved to a higher inflation, higher rate, less accommodative fed environment. that was the big shift we saw. going forward you want to be more cyclical. cyclical.better so we think that's part of it. but we think you want to be in equities. we like the developed markets and emerging markets better than the u.s. maria: developed means europe and japan. >> yes. the emerging markets will probably do better overall. from the sector stand point we like financials and technology. one of the things we think will help drive the economy is we are starting to see capital spending cycle finally emerge. maria: we heard from the white house chairman of economic advisors.

he addressed growth as well as inflation. >> most of our policies will create growth for the economy. the increase supply puts downward pressure on prices. he thinks inflation will get out of control? you don't think so? >> we think some inflation is good. one of the reasons companies struggled with top-line growth. because noise ability to raise prices. inflation is going higher because economic growth is higher in the u.s. and globally. that's a good thing. if that's the driver of inflation i am comfortable with that. we think inflation stays relatively low here. maria: we'll have glej youngkin

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maria: welcome back. the private equity world is seeing a change in industry and that includes at the carlisle group. bill con waip and glenn youngkin announcing they would be stepping down. and they will be replaced by lee and our guest this week glenn youngkin, the co-ceo of the carlisle group. you are seeing this next generation at carlisle and you are seeing it at black stone group and other firms as well. you are seeing a generational

change at private equity firms. we want to get your take on where the growth is at the business and how you would like to continue this great success you have been overseeing. you raised $43 billion last year alone. >> we did. and our funds are up. 20% across the firm. corporate private equity funds are up over 30. the real estate funds are up close to 20. maria: how do you keep this going? >> we don't. while the global economy is in as good a shape as it's been in a long long time. the portfolio in the ground, the funds that are invested continue to perform very well. that's where firms like carlisle are at our best.

we have deep capabilities and when we are able to invest in a project we bring to bear lots of skills and capabilities to improve them and make them better, and that wraps we get our returns from. maria: we are worried about credit spreads, your credit business has been growing. you think that's where much of the growth comes from in the coming years. >> i do. we have a credit business that's quite large, $33 billion in assets under management. the private credit business much like private equity, private real estate, energy, infrastructure, unvestors are recognizing there is a premium to being in private credit. the premium is drawing investors into the market and we can do

private structure plays, and we have begun to build a large credit business. maria: tell me about the policies out much washington and what that means for your business. i know you have been waiting on the infrastructure project. $200 billion in federal money. the energy business and rollback in regulation. how do the policy changes impact how you allocate money. >> it has less to do with lou we allocate and much to do with our optimism that it will perform the way we hope it will perform. we are getting tail winds where historically there might have been head winds. tax reform. the opportunity to in fact lower tax rates by 40% across our u.s. portfolio companies and take

that capital and reinvest it in growth is huge. we see a net positive from tax reform. regulatory changes have been material and they are showing up in all aspects of the business. but i think most of importantly, we just see a positive business climate coming out of washington. so for years i would say it was neutral to negative. now we see it neutral to positive. that gives business leaders, ceos, board rooms, executives making decisions about building plants and launching products more confidence to do so. maria: do you see any value in the business of gevment? >> they are undergoing a massive evaluation of their overall strategy. there are wonderful businesses inside ge. i think everybody is standing

poised to see what businesses they will stay in. whether they polite into separate -- whether they split into separate companies. they are just such a good company. maria: i have got to get your thoughts on the synchronized global growth we are seeing. more with glenn youngkin when we come back. noun, private equity powerhouse gleng youngkin has more hold together. a little to the left. 1, 2, 3, push! easy! easy! easy! (horn honking) alright! alright! we've all got places to go! we've all got places to go!

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maria: glenn, carlisle had yong

earnings. the lower corporate tax rate and new tax law obviously helps the bottom line. but i see a link to the rest of the world. when i was in davos i was speaking to europeans who said they had a strategy to invest in europe but now are going to invest in the united states. >> each one of the individual economics are performing extraordinarily well. all that does is give us confidence our global portfolio has good tail winds. there are good investment opportunities before it many more comforting to invest when you have good tail winds. europe is interesting today. i believe there are short-term shifts that strategists make with regards to i want to be heavy because the dollar

declined. that's not way we are thinking about things. we are holding businesses for 4, 5, 6, 7 years. short-term shift don't come into play. maria: that's why i love the company. i don't like knee-jerk reactions. >> we can take a long view on what's happening in europe. europe came out of the recession after the u.s. started its recovery and was driven by exports. and over the course of the last 24 months we have seen the consumer economy and purchasing economy inside europe actually grow as well. so your chief economist likes to use this thing that europe is breathing with both lungs. that's why the euro has risen versus other currencies.

which oh, by the way, in the mundane world of pundits saying europe can never grow more than 1%, this is extraordinary growth. they did not cut costs because a lot of the social restrictions are taking costs out of companies. as revenues grow and the cost structures are inflated realtive to probably where they should have been. margins expand faster. and we have higher earnings growth. that's why a lot of people believe over the course of the next three, four, five years, europe is an interesting place to have a disproportionate amount of investing. because of the rule of law and the dependency of the economy. but we are reallyspread spread around the world. we are active in the u.s. and asia because we see this. maria: before we leave europe.

i'm being told france is a real standout. i like the fact that macron is going after the labor union and the u.k. is the under performer right now. >> the u.k. is the one temporary piece of europe that is independent where the economy isn't growing as fast as it is in the rest of europe. that has everything to do with the brexit process which has lurches in the progress they are making. but with that said, there is still underlying growth in the u.k. but one thing we are concerned about is trade on the global economic horizon. one of the benefits to the economic environment today has been the productive nature of trade and its inflation dampening capability. in fourth quarter of 2017 the u.s. economy grew at 2.6%.

purchasing, individual, businesses and the government actually grew over 4.5%. but we had a 2% trade deficit. if we were trying to buy all 4.5% of purchasing growth from all u.s. companies we would have far more inflation because supply would be outstripped by demand. i'm not saying what the president is doing innis correct to make sure we have free and fair trade. but we worry if we swing too far in trade issues, the global economy which benefits from the free flow of goods and services may be impacted. but it is one of the things we are watching. maria: there was an op-ed about trump and canada and a chill in the nafta deal. quick but go.

real estate. i know you have got a big hand in terms of ownership. what are you expecting? >> we have a wonderfully successful real estate business. our u.s. real estate business appreciated 20%. we think there is a real opportunity to continue to grow there. the real estate business today is in an interesting point where you have concerns about interest rate increases and there are weak performance over the course of the last 6 to 9 months being impacted by that. being a counter balance to the fact that real estate values themselves should be going up. that creates a pocket of opportunity. the way we do it where we pick sectors we like, medical office, senior active living. certain regions of the country does present a chance to take

advantage of what we think are dislocations from pricing and yet still taking advantage of economic tail winds. maria: we are living longer and that's creating opportunities. >> one of the most of underring areas in real estate today is in europe. we have a turbo charged relatively speaking economy and the real estate market hasn't been growing the last five or six years. maria: thanks for joining us. the carlisle group's co-veo, glenn young kib. don't goat liberty mutual stood with me when this guy got a flat tire in the middle of the night, so he got home safe. yeah, my dad says our insurance doesn't have that. what?! you can leave worry behind when liberty stands with you™. liberty mutual insurance.

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consumer confidence. wednesday we'll get the latest gdp numbers. and jay powell scheduled to testify before the house finance committee. that will be watched closely because of the inflation fears. later in the week we'll get the latest on personal income, and consumer sentiment. nutrisystem, fift fitbit. anit.joel greenblatte is my guet next week. that will do it for us for now.

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