HAVEN, THE PRICE GOES UP, THE YIELD COMES DOWN.

YIELD COMES DOWN. THERE YOU HAVE IT.

THERE YOU HAVE IT. ANOTHER SAFE HAVEN USIS GOLD.

ANOTHER SAFE HAVEN USIS GOLD. THAT IS AT A SEVEN-YEAR HIGH, UP

THAT IS AT A SEVEN-YEAR HIGH, UP 27 BUCKS AT $1676.

27 BUCKS AT $1676. >>> OIL, THAT’S NOT A SAFE

>>> OIL, THAT’S NOT A SAFE HAVEN.

HAVEN. YOU ARE COMING OUT OF OIL

YOU ARE COMING OUT OF OIL BECAUSE OF THE DECLINE WORLDWIDE

BECAUSE OF THE DECLINE WORLDWIDE IN TRAVEL.

IN TRAVEL. $51 A BARREL FOR OIL, DOWN TWO

$51 A BARREL FOR OIL, DOWN TWO BUCKS.

BUCKS. LOOK WHO’S HERE.

LOOK WHO’S HERE. I NEED HELP FROM THOSE WHO HAVE

I NEED HELP FROM THOSE WHO HAVE EXPERIENCE IN HANDLING THIS KIND

EXPERIENCE IN HANDLING THIS KIND OF THING.

OF THING. MARIA BARTIROMO HAS SEEN ALMOST

MARIA BARTIROMO HAS SEEN ALMOST AS MANY SELLOFFS AS I HAVE.

AS MANY SELLOFFS AS I HAVE. NOT QUITE.

NOT QUITE. MARIA: SELLOFFS, RALLIES.

MARIA: SELLOFFS, RALLIES. STUART: HOW DO YOU HANDLE THIS

STUART: HOW DO YOU HANDLE THIS ONE?

ONE? MARIA: I THINK YOU WANT TO FIRST

MARIA: I THINK YOU WANT TO FIRST STOP, SEE WHERE YOU ARE

STOP, SEE WHERE YOU ARE INVESTED, ASSESS WHAT YOUR

INVESTED, ASSESS WHAT YOUR INVESTMENTS ARE, AND ACTUALLY

INVESTMENTS ARE, AND ACTUALLY IDENTIFY WHERE THE EXPOSURE IS

IDENTIFY WHERE THE EXPOSURE IS IN TERMS OF THE EXPOSURE TO

IN TERMS OF THE EXPOSURE TO CHINA.

CHINA. DON’T THINK EVERY COMPANY IS

DON’T THINK EVERY COMPANY IS APPLE.

APPLE. IT’S NOT.

IT’S NOT. APPLE IS AN OUTLIER.

APPLE IS AN OUTLIER. APPLE IS PRODUCING EVERYTHING IN

APPLE IS PRODUCING EVERYTHING IN CHINA AND THEN IT’S COUNTING ON

CHINA AND THEN IT’S COUNTING ON ALL THE DEMAND COMING OUT OF

ALL THE DEMAND COMING OUT OF CHINA FOR ITS GROWTH STORY.

CHINA FOR ITS GROWTH STORY. THAT’S NOT EVERY COMPANY.

THAT’S NOT EVERY COMPANY. YES, 50% OF THE EARNINGS IN THE

YES, 50% OF THE EARNINGS IN THE S&P 500 ARE COMING FROM

S&P 500 ARE COMING FROM INTERNATIONAL ECONOMIES BUT NOT

INTERNATIONAL ECONOMIES BUT NOT TO THE EXTENT THAT APPLE HAS

TO THE EXTENT THAT APPLE HAS ENTRENCHED IN CHINA.

ENTRENCHED IN CHINA. SO NOT EVERYTHING IS GOING TO

SO NOT EVERYTHING IS GOING TO GET IMPACTED HERE.

GET IMPACTED HERE. STUART: ARE THERE GOING TO BE A

STUART: ARE THERE GOING TO BE A LOT OF PEOPLE, SMALL INVESTORS,

LOT OF PEOPLE, SMALL INVESTORS, INDIVIDUAL INVESTORS, WHO LOOK

INDIVIDUAL INVESTORS, WHO LOOK AT THIS MARKET AND SAY YOU KNOW,

AT THIS MARKET AND SAY YOU KNOW, IT DOESN’T COST ME ANYTHING TO

IT DOESN’T COST ME ANYTHING TO BUY A STOCK, THE TRANSACTION

BUY A STOCK, THE TRANSACTION COST IS ZERO, SO IF I BUY

COST IS ZERO, SO IF I BUY MICROSOFT, SAY, AT $170 A SHARE,

MICROSOFT, SAY, AT $170 A SHARE, AND TEN MINUTES LATER, I SELL IT

AND TEN MINUTES LATER, I SELL IT FOR $172, THERE’S GOING TO BE A

FOR $172, THERE’S GOING TO BE A LOT OF PEOPLE TEMPTED TO DO

LOT OF PEOPLE TEMPTED TO DO THAT.

THAT. MARIA: SURE.

MARIA: SURE. YOU WILL WANT TO FLIP AND GET IN

YOU WILL WANT TO FLIP AND GET IN AND OUT OF STOCKS.

AND OUT OF STOCKS. BUT IN MY VIEW THAT’S NOT THE

BUT IN MY VIEW THAT’S NOT THE WAY TO CREATE WEALTH OVER THE

WAY TO CREATE WEALTH OVER THE LONG TERM.

LONG TERM. I THINK YOU DON’T WANT TO LOOK

I THINK YOU DON’T WANT TO LOOK AT EVERY SELLOFF AS AN

AT EVERY SELLOFF AS AN OPPORTUNITY TO GO KNEE-JERKING

OPPORTUNITY TO GO KNEE-JERKING REACTION ALL OVER THE PLACE.

REACTION ALL OVER THE PLACE. LOOK, I THINK YOU HAVE TO ASSESS

LOOK, I THINK YOU HAVE TO ASSESS YOUR PORTFOLIO AND UNDERSTAND

YOUR PORTFOLIO AND UNDERSTAND FULLY --

FULLY -- STUART: YOU ARE THE VOICE OF

STUART: YOU ARE THE VOICE OF CALM.

CALM. MARIA: YES.

MARIA: YES. I’M NOT WORRIED ABOUT THIS

I’M NOT WORRIED ABOUT THIS BECAUSE I SAW THIS COMING.

BECAUSE I SAW THIS COMING. FRANKLY, OF COURSE WE WERE GOING

FRANKLY, OF COURSE WE WERE GOING TO HAVE DISRUPTIONS FROM CHINA.

TO HAVE DISRUPTIONS FROM CHINA. STUART: YOU SAW AN 800 POINT

STUART: YOU SAW AN 800 POINT SELLOFF COMING?

SELLOFF COMING? MARIA: I SAW THE DISRUPTION

MARIA: I SAW THE DISRUPTION COMING AND I TALKED ABOUT IT ON

COMING AND I TALKED ABOUT IT ON THE AIR.

THE AIR. THE REASON IS BECAUSE YOU ARE

THE REASON IS BECAUSE YOU ARE GOING TO HAVE DISRUPTIONS OF

GOING TO HAVE DISRUPTIONS OF PARTS, SHORTAGES IN COMPONENTS,

PARTS, SHORTAGES IN COMPONENTS, EVERYTHING IS MADE IN CHINA.

EVERYTHING IS MADE IN CHINA. LOOK AT THE MEDICAL SERVICES

LOOK AT THE MEDICAL SERVICES INDUSTRY, WHERE YOU’VE GOT

INDUSTRY, WHERE YOU’VE GOT EVERYTHING FROM PLASTIC GLOVES

EVERYTHING FROM PLASTIC GLOVES TO MASKS TO 70% OF DRUGS,

TO MASKS TO 70% OF DRUGS, GENERICS ARE COMING FROM CHINA

GENERICS ARE COMING FROM CHINA AND INDIA.

AND INDIA. YES, YOU WILL HAVE DISRUPTIONS.

YES, YOU WILL HAVE DISRUPTIONS. LET’S UNDERSTAND FULLY WHAT THE

LET’S UNDERSTAND FULLY WHAT THE DISRUPTION IS.

DISRUPTION IS. LET’S UNDERSTAND FULLY WHAT

LET’S UNDERSTAND FULLY WHAT COMPANIES WE OWN AND HOW MUCH

COMPANIES WE OWN AND HOW MUCH EXPOSURE THEY HAVE.

EXPOSURE THEY HAVE. DO IT CALMLY.

DO IT CALMLY. YOU DON’T HAVE TO SELL

YOU DON’T HAVE TO SELL EVERYTHING OUT TODAY.

EVERYTHING OUT TODAY. STUART: DO WE HAVE A V-SHAPED

STUART: DO WE HAVE A V-SHAPED RECOVERY?

RECOVERY? AT SOME POINT THE VIRUS WILL BE

AT SOME POINT THE VIRUS WILL BE DEALT WITH.

DEALT WITH. I DON’T KNOW WHEN.

I DON’T KNOW WHEN. BUT WHEN IT IS DEALT WITH, DO WE

BUT WHEN IT IS DEALT WITH, DO WE HAVE A V-SHAPED RECOVERY?

HAVE A V-SHAPED RECOVERY? MARIA: I DON’T KNOW, BECAUSE IT

MARIA: I DON’T KNOW, BECAUSE IT ALL DEPENDS ON THE DURATION OF

ALL DEPENDS ON THE DURATION OF THIS.

THIS. IF THIS GOES ON ANOTHER TWO WEEK

IF THIS GOES ON ANOTHER TWO WEEK INCUBATION PERIOD, THEN ANOTHER

INCUBATION PERIOD, THEN ANOTHER TWO WEEKS AFTER THAT, THEN IT’S

TWO WEEKS AFTER THAT, THEN IT’S GOING TO BE LONGER THAN PEOPLE

GOING TO BE LONGER THAN PEOPLE THOUGHT.

THOUGHT. IT ALSO DEPENDS ON ARE WE GOING

IT ALSO DEPENDS ON ARE WE GOING TO GET HONESTY FROM CHINA.

TO GET HONESTY FROM CHINA. THEY HAVE NOT BEEN HONEST WITH

THEY HAVE NOT BEEN HONEST WITH US.

US. THEY KNEW ABOUT THE CORONAVIRUS

THEY KNEW ABOUT THE CORONAVIRUS BACK IN 2019.

BACK IN 2019. THEY DIDN’T TELL ANYBODY AND WE

THEY DIDN’T TELL ANYBODY AND WE STILL DON’T REALLY KNOW WHERE IT

STILL DON’T REALLY KNOW WHERE IT ORIGINATED FROM BECAUSE THEY

ORIGINATED FROM BECAUSE THEY WON’T ALLOW THE CDC IN THERE.

WON’T ALLOW THE CDC IN THERE. HAVING SAID THAT, I THINK IT’S

HAVING SAID THAT, I THINK IT’S IMPORTANT TO JUST STAY CALM,

IMPORTANT TO JUST STAY CALM, ASSESS YOUR PORTFOLIO AND LOOK

ASSESS YOUR PORTFOLIO AND LOOK AT OPPORTUNITIES TO GET IN.

AT OPPORTUNITIES TO GET IN. THIS MAY VERY WELL CONTINUE FOR

THIS MAY VERY WELL CONTINUE FOR A LITTLE BIT BUT THERE WILL BE

A LITTLE BIT BUT THERE WILL BE OPPORTUNITIES TO BUY GREAT

OPPORTUNITIES TO BUY GREAT COMPANIES AT GREAT PRICES.

COMPANIES AT GREAT PRICES. STUART: MARIA, HOLD STILL FOR

STUART: MARIA, HOLD STILL FOR ONE SECOND.

ONE SECOND. CONTROL YOUR ENTHUSIASM, YOU

CONTROL YOUR ENTHUSIASM, YOU MIGHT SAY.

MIGHT SAY. WE GOT NEWS ON THE VIRUS AND

WE GOT NEWS ON THE VIRUS AND THIS IS FROM THE WORLD HEALTH

THIS IS FROM THE WORLD HEALTH ORGANIZATION.

ORGANIZATION. SUSAN: THEY JUST HELD A PRESS

SUSAN: THEY JUST HELD A PRESS CONFERENCE IN THE PAST HOUR.

CONFERENCE IN THE PAST HOUR. I THINK THAT’S KIND OF WHY THE

I THINK THAT’S KIND OF WHY THE STOCK MARKET TRICKLED PAST THE

STOCK MARKET TRICKLED PAST THE 800 TO 900 POINTS DOWN ONCE

800 TO 900 POINTS DOWN ONCE AGAIN.

AGAIN. THE W.H.O. DESPITE THE FACT WE

THE W.H.O. DESPITE THE FACT WE HAVE SEEN A SEVENTH DEATH IN

HAVE SEEN A SEVENTH DEATH IN ITALY BEING REPORTED IN THE LAST

ITALY BEING REPORTED IN THE LAST HOUR OR SO, THEY SAY IT IS NOT A

HOUR OR SO, THEY SAY IT IS NOT A PANDEMIC STILL.

PANDEMIC STILL. THEY ARE RELUCTANT AND SAY IT’S

THEY ARE RELUCTANT AND SAY IT’S TOO EARLY TO DECLARE A PANDEMIC

TOO EARLY TO DECLARE A PANDEMIC BUT WE ARE STILL TRYING TO AVOID

BUT WE ARE STILL TRYING TO AVOID THAT REALITY, ACCORDING TO THE

THAT REALITY, ACCORDING TO THE W.H.O. WHEN IT COMES TO THE

W.H.O. WHEN IT COMES TO THE CORONAVIRUS.

CORONAVIRUS. RIGHT NOW, WHAT THEY ARE

RIGHT NOW, WHAT THEY ARE WITNESSING IS THE UNCONTAINED

WITNESSING IS THE UNCONTAINED GLOBAL SPREAD OF THIS VIRUS AND

GLOBAL SPREAD OF THIS VIRUS AND WE ARE NOT WITNESSING LARGE

WE ARE NOT WITNESSING LARGE SCALE DEATHS.

SCALE DEATHS. HENCE IT’S NOT A PANDEMIC STILL

HENCE IT’S NOT A PANDEMIC STILL IN THEIR VIEW.

IN THEIR VIEW. BUT A TWELFTH DEATH REPORTED IN

BUT A TWELFTH DEATH REPORTED IN IRAN, AT LEAST 12, SEVEN IN

IRAN, AT LEAST 12, SEVEN IN SOUTH KOREA WITH OVER 800 CASES.

SOUTH KOREA WITH OVER 800 CASES. SEVEN DEATHS IN ITALY WITH 219

SEVEN DEATHS IN ITALY WITH 219 CASES AND 50,000 BEING

CASES AND 50,000 BEING QUARANTINED THERE.

QUARANTINED THERE. GLOBALLY, 79,000 CASES AND CLOSE

GLOBALLY, 79,000 CASES AND CLOSE TO 3,000 DEATHS.

TO 3,000 DEATHS. ASHLEY: I WANTED TO BRING HOME

ASHLEY: I WANTED TO BRING HOME MARIA’S POINT ABOUT EVERYTHING

MARIA’S POINT ABOUT EVERYTHING IS MADE IN CHINA.

IS MADE IN CHINA. I’M LOOKING AT THIS FINE "VARNEY

I’M LOOKING AT THIS FINE "VARNEY & COMPANY" COFFEE MUG.

& COMPANY" COFFEE MUG. I TURN IT OVER AND GUESS WHAT?

I TURN IT OVER AND GUESS WHAT? IT’S MADE IN CHINA.

IT’S MADE IN CHINA. STUART: THE WORKSHOP OF THE

STUART: THE WORKSHOP OF THE WORLD.

WORLD. WHEN IT SLOWS DOWN, WE ALL FEEL

WHEN IT SLOWS DOWN, WE ALL FEEL THE HEAT ON THAT.

THE HEAT ON THAT. BUT XI JINPING IS DOING, HE’S

BUT XI JINPING IS DOING, HE’S MOVING MOUNTAINS TO TRY TO GET

MOVING MOUNTAINS TO TRY TO GET THIS THING BEHIND HIM.

THIS THING BEHIND HIM. HE’S GOING TO PUMP A TON OF

HE’S GOING TO PUMP A TON OF MONEY INTO THE ECONOMY.

MONEY INTO THE ECONOMY. HE’S GOING TO ORDER PEOPLE GET

HE’S GOING TO ORDER PEOPLE GET BACK TO WORK.

BACK TO WORK. MARIA: HE ALREADY DID THAT,

MARIA: HE ALREADY DID THAT, RIGHT.

RIGHT. OVER THE WEEKEND HE TOLD SOME

OVER THE WEEKEND HE TOLD SOME PEOPLE GO BACK TO THE FACTORIES

PEOPLE GO BACK TO THE FACTORIES EVEN AS THE DEATH TOLL IS

EVEN AS THE DEATH TOLL IS RISING.

RISING. I THINK IT’S VERY HARD TO

I THINK IT’S VERY HARD TO BELIEVE ANYTHING COMING OUT OF

BELIEVE ANYTHING COMING OUT OF CHINA AND BY THE WAY, SUSAN JUST

CHINA AND BY THE WAY, SUSAN JUST WENT THROUGH THE DEATHS.

WENT THROUGH THE DEATHS. THOSE ARE THE DEATHS WE KNOW OF

THOSE ARE THE DEATHS WE KNOW OF IN THE HOSPITALS.

IN THE HOSPITALS. CHINA IS REPORTING THE DEATHS

CHINA IS REPORTING THE DEATHS COMING FROM THE HOSPITALS.

COMING FROM THE HOSPITALS. WE DON’T KNOW ABOUT ANY DEATHS

WE DON’T KNOW ABOUT ANY DEATHS IN APARTMENT HOMES OR IN HOMES

IN APARTMENT HOMES OR IN HOMES IN CHINA.

IN CHINA. THOSE ARE NOT BEING REPORTED.

THOSE ARE NOT BEING REPORTED. I THINK THIS IS PROBABLY WORSE

I THINK THIS IS PROBABLY WORSE THAN IT LOOKS, CERTAINLY FOR

THAN IT LOOKS, CERTAINLY FOR CHINA, BECAUSE THEY HAVE BEEN

CHINA, BECAUSE THEY HAVE BEEN PLAYING THIS DOWN FROM THE

PLAYING THIS DOWN FROM THE GET-GO.

GET-GO. WE REALLY NEED THE CENTERS FOR

WE REALLY NEED THE CENTERS FOR DISEASE CONTROL TO GET INTO

DISEASE CONTROL TO GET INTO CHINA AND START DOING AN

CHINA AND START DOING AN INVESTIGATION.

INVESTIGATION. UNFORTUNATELY, THE CHINESE WILL

UNFORTUNATELY, THE CHINESE WILL NOT ALLOW THAT.

NOT ALLOW THAT. BUT LOOK, UNFORTUNATELY, THIS IS

BUT LOOK, UNFORTUNATELY, THIS IS WHAT WE HAVE TO DEAL WITH.

WHAT WE HAVE TO DEAL WITH. WE DON’T HAVE THE REAL ANSWERS

WE DON’T HAVE THE REAL ANSWERS FROM CHINA, BUT HOPEFULLY, WE --

FROM CHINA, BUT HOPEFULLY, WE -- THE CDC IS IN AMERICA AND