Speaker · Updated
Robert Frank: latest market views
CNBC
Summary
Robert Frank is CNBC's Wealth Editor, author of the Inside Wealth newsletter, host of 'Secret Lives of the Super Rich', and author of the bestseller 'Richistan', who previously spent nearly 18 years at The Wall Street Journal.
Chorus has 7 views from Robert Frank across 3 episodes on Squawk Pod (CNBC Squawk Box) and CNBC Power Lunch since October 7, 2026.
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The latest views
Newest first. Every quote is checked against the episode's transcript.
Wealth, inequality & billionaires
Money did not decide the California billionaire tax vote; wealthy residents were already leaving the state.
Frank argues that people overstate the effect of money on elections and that the tax would likely have failed without the roughly $300 million spent against it. He points to about 20% of California billionaire wealth already leaving the state, including Sergey Brin and Larry Page, which he says was a reason the billionaires had less need to spend, and that a sense of self-interest or belief the tax is confiscatory likely drove the opposition.
“So I don't know that you needed the billionaires to spend $300,000,000 to defeat it, but I agree with you guys. I don't think money was a deciding factor in this election.”at 20:28
Squawk Pod (CNBC Squawk Box): A Blue Tsunami: Maryland Gov. Wes Moore 11/4/26 ·
Expect Democrats to push a corporate tax rate increase, since corporate tax revenue is at multi-decade lows.
Frank says the k-shaped economy, with asset owners doing much better than labor, will drive discussion of capital gains taxes and a higher corporate tax rate. His evidence is that corporate profits are at record levels, yet as a share of GDP, corporate profits and tax revenue, corporate tax revenue is at its lowest in decades.
“I think you're gonna see discussion on the corporate tax rate increase because even though we have record corporate earnings, as a share of both GDP, corporate profits, and tax revenue, corporate tax revenue is at the lowest it's been in decades.”at 21:09
Squawk Pod (CNBC Squawk Box): A Blue Tsunami: Maryland Gov. Wes Moore 11/4/26 ·
Trump may be more open to raising taxes on the wealthy than expected, based on his past comments.
Frank points to Trump's 2016 Today show remarks in which he mused about raising taxes on the wealthy and never explicitly ruled it out. Frank argues that Trump is less morally opposed to the idea than expected, so there may be room for a deal with a Democratic Congress.
“I don't think he's as morally opposed to the idea of raising taxes on the wealthy as people expect. There might be some give there.”at 21:49
Squawk Pod (CNBC Squawk Box): A Blue Tsunami: Maryland Gov. Wes Moore 11/4/26 ·
LVMH Moët Hennessy Louis VuittonUncertain
LVMH's China weakness is a single-brand, single-country problem that may stabilise after the Louis Vuitton boycott fades.
LVMH's third-quarter sales grew 1%, but fashion and leather goods, the key metric, fell 5%, well below expectations. Analysts tie the drop to a Chinese consumer boycott of Louis Vuitton after a legal fight with a tea chain that used a similar logo. Elsewhere the company held up: watches and jewellery were strong, wine and spirits rose 6%, Sephora was up 8%, and the US grew 4%. Frank calls the problem weakness in one brand in one country for a group with 75 brands. He hopes things stabilise once the boycott fades and the fourth quarter improves, and that wealthy buyers in the US will offset weak China demand. He treats the outlook as uncertain.
“this is really weakness in one brand in one country for a company with 75 brands... Now it's an important brand, an important country, but the hope here will be things will re-stabilize once this whole boycott thing in China shakes out.”at 44:47
Wealth, inequality & billionaires
Tech billionaires are capturing a growing share of US wealth gains, widening the gap with everyone else.
Frank cites Bloomberg data showing the top 100 tech billionaires added $845 billion this year, nearly 20% of wealth gains for the top 0.1% of families. Musk gained nearly $300 billion, about 40% of the gains for the world's 500 richest. Tech billionaires' combined fortunes rose to $4.6 trillion while the combined net worth of non-tech billionaires fell to $62 billion. Frank says all households gained wealth, but the top is growing about 15-20% against roughly 8% for the rest. He expects this to fuel calls for a wealth tax before the midterms, and he says the concentration is tied to the AI boom.
“The top 100 tech billionaires added $845,000,000,000 to to their wealth just this year. They accounted for nearly 20% of all the wealth gains at the top point 1%”at 8:24
Squawk Pod (CNBC Squawk Box): DOGE ‘Blockers,’ Media’s Mega Merger, & Bigger Billionaires 10/7/26 ·
Money is concentrating in AI, with non-AI stocks and private markets underperforming.
Frank says family offices he talks to want to invest only in AI, and that stocks outside AI are underperforming. He sees the same pattern in private markets, and says debt markets are now highly correlated and leveraged to the AI trade, citing SpaceX's $40 billion raise. He says this creates concentration risk for anyone seeking true diversification. Insider selling has been marginal, not the wholesale selling that would signal a peak.
“they only want to invest in AI, and they're not investing in anything else. I think you're starting to see that in the stock market where stocks of anything outside of AI are underperforming.”at 10:21
Squawk Pod (CNBC Squawk Box): DOGE ‘Blockers,’ Media’s Mega Merger, & Bigger Billionaires 10/7/26 ·
The five-year stock lockup in Trump accounts gives too much benefit, letting donors deduct undisposed shares.
Frank says he supports philanthropy and gifts to children's accounts, but objects to the five-year lockup on contributed stock. Donors with concentrated stock positions could give shares to a foundation, take the deduction, and keep the shares unsold. He says that is too much benefit. He notes most charities sell donated stock immediately. He also points out that giving concentrated positions into children's general accounts could leave kids exposed to concentrated, volatile holdings. Because the law is written loosely, he does not think it can be easily challenged in court.
“Now the the part that I have a problem with is the five year lockup.”at 13:43
Squawk Pod (CNBC Squawk Box): DOGE ‘Blockers,’ Media’s Mega Merger, & Bigger Billionaires 10/7/26 ·
Shows
- Squawk Pod (CNBC Squawk Box) · 2 episodes
- CNBC Power Lunch · 1 episode
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