canal has ended but the battle for damages is just beginning. it is estimated that the cost of the canals closure was $10 million per day. cargo was delayed for days, if not months. that will likely lead to claims for everyone infected -- affected. the biden administration is sounding divergent notes on the coronavirus pandemic. the president celebrating a ramp-up in vaccinations, he said 90% of u.s. adults will be eligible to get a shot by april 19. meanwhile, the head of the cdc pleaded with americans to wear a mask. and she warned of impending doom as cases and deaths start to rise again. and a sharp rebuke, antony blinken announced he will formally scrap a blueprint by his predecessor that sought to limit u.s. promotion of human rights abroad for issues including reproductive and lgbtq

rights instead of favoring religious freedoms and property matters. sources say secretary blinken will continue a report by former secretary of state mike pompeo. ethical trial -- as the trial for derek chauvin, charge of the death of george floyd, continues, one witness testified that he called 911 because quote i believed i witnessed a murder. donald williams, a former wrestler who says he is trained and chokeholds, said he saw the 46-year-old slowly fade away. the attorney countered saying williams helped escalate tension at the scene and that officers felt threatened. global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. i mark crumpton. this is bloomberg.

>> is 1 p.m. in new york, 7 a.m. berlin, one a.m. in hong kong, i'm not miller. welcome to bloomberg markets. here are the top stories we are following as wall street reels, there are big questions looming about regulations. we will take a look at the issues facing market watchdogs. and rob arnott says the ev craze is a classic sign of big market delusion. we will find out why, but compensating the victims of covid-19. we will talk to one of the most well-known dispute resolution experts in the world, ken feinberg. that is all coming up. first, let's take a quick check out what is going on in markets. we see a drop for the s&p 500

and the dow jones, both down about half a percent. the russell 2000 come on the other hand, rising one and a half percent. small-cap stocks big winners today. the dollar dating again today. -- the dollar gaining again today. gold continues to come down. let's turn to the turmoil surrounding argo's capital, jp morgan estimates total losses for banks up to $10 million. questions raised about the lack of regulatory oversight. >> we are all in favor of transparency in the marketplace. really, the substantive difference, if they are managing hundred million dollars in assets, i think the marketplace is entitled to understand what positions they have and what they are doing.

one of the more interesting things to me, we have a rule in the united states code section 16. if you own more than 10% of a public company, your subject as i am, i can't just go and buy and sell my stock without the possibility of recapturing profits. obviously, the sec will look at is to see if there was content -- was intentional avoidance. it is pretty significant. matt: joining us now is cinelli bostick, we know that they have already been meeting with banks involved, do we expect more action? >> we certainly do. at the heart of the matter is the swaps market. that is something that has a distinction. it is an arcane corner of the market, it is ok, there have

been a lot of questions around this for a long time. in the wake of 2008, that is when gary gensler was leading the sec. when i talk to prime brokers across the industry, they have told me over the last 24 hours they would like to see more disclosures in this space. but, also, beyond disclosure there is still that looming question of how one single-family office was able to amass so much leverage in highly concentrated single-game stocks. the issue of how much leverage firms take on it as well as disclosure is a? . matt: absolutely, and the i'm wondering of that has caused market dislocation. you have to wonder how many other whales are out there, like bill wang and archegos. and if those bankers that worked

with him or see that market turmoil are looking at their client list, looking at the exposure they have on the balance sheet and wondering if they should start unwinding other trades. >> it is so funny, just this morning we were talking about how so manytements about leveraging financial institutions but not naming with ar. on one hand, is this because the term hedge fund has a political conversation? or because there are more institutions out there? family offices have grown significantly. private equity firms, there are other things out there outside of the banking system that are connected. by the way, also, beyond the sec and the stc, you have to wonder if the fed will be concerned at all. we are approaching a couple of years ago, they conditioned a stress test that they could estimate trading losses. so, will the fed sit here and say the global bank, we are a

little concerned about your operation? we also have to look at international regulators, swiss regulators, they are the toughest in the world. are they going to be thrilled that they are exposed to three or $4 billion in losses? then, you bring in the japanese regulators on top of that and you have an international collaboration among global regulators. matt: absolutely, and of course you have the green sell issue on top of all of this. risk management is going to be held to questioning for sure. continuing coverage of this block stock saga for us, time now for the stock of the hour. it is one, one of the main stocks involved, viacomcbs. one of the fourth share sales in the archegos controversy.

shares are trying to rally back for the first time in six days. >> in the aftermath of all of this drama, viacom shares are rising today. some analysts upgrade as well. what a wild ride, it went from being the top of the s&p 500 to the bottom. we sell the shares rally 100 77% yesterday, until last week, dropping 55% in five days. we see the effect that is happening -- that is having on his media peers. look what fox said, that is getting a significant beating. the warning, it had such an incredible rally during the pandemic that many analysts were worried that it had gone too far too fast. this sudden drop puts its fundamentals back in focus. on its valuations as well.

now, more in line with the average when they had skyrocketed before. credit suisse, interestingly enough, coming off of upgrading stocks to neutral. we know how much credit suisse has been hit by this, but it is now telling you that the risk reward is more balanced now. mary of the valley also upgrading his recommendation on the stock. still, 11 cells. six buys. matt: when a stock falls far enough, you have to expect to see certain upgrades. this stock has fallen quite far from the $100 peak in the $85 level at the last share sale as well. now, people who bought into that have lost $40. stock of the hour, a continued focus on viacomcbs. thank you for that. coming up, a bumpy road ahead possibly for electric vehicles.

why rob barnett believes there could be a big -- why rob arnott believes there could be a big market correction in the ev craze. that is next. blerg. ♪

matt: this is bloomberg markets, i'm matt miller. after its worst drawdown in five decades during the pandemic, value investing is making a comeback. inverts best quarter since june of 2000. joining us now is research affiliates rob arnott. a pioneer investor. rob, great to get some time with you. appreciate you stopping by the program. let me ask first what you make of this rotation, everyone

watching factors so closely, doesn't make sense? rob: it makes a lot of sense. the interesting thing is timing market turns is near impossible. long-term market directions not that difficult. when it comes to value, the spread in valuation between growth and value stocks, at the peak of the tech bubble, if you use the classic french definition of value, at the peak of the tactile, the price-to-book was 10 times that of value. by last august, it had stretched out to 13 times. 30% more expensive than the peak of the tech bubble. by other metrics, some of them were a little richer than the peak of the tech bubble. others less so. basically, we had a repeat of the tech bubble. the valuations were such that growth stocks had to exceed stupendous expectations in order

to improve on those valuations. and, value stocks only had to do slightly better than bleak expectations in order for them to come back. that is exactly what has been happening. matt: rob, if we had a repeat of the tech bubble, we haven't seen the bubble burst. is that something you expect? rob: i would say it is not unlikely. you don't have to have the bubble burst to have some mean reversion back towards historic norms. it is still nine to one. which means the value would have to be growth by about 80 percentage points to get you back to the normal relationship. that would be a huge gain. and, of course, the electric vehicles have been among the utterly dominant leaders and what i think is going to go down in history is yet another substantial bubble. matt: i'm glad you bring that

up, i want to point out a chart that caught my eye today. you may be familiar with it, this shows gains we have seen in traditional automakers here in orange. they have held their heads above water. ev specialists in white have shot up. of course, we have seen this with the biggest name in the industry, tesla. we are starting to see investors put massive faith in terms of buying shares of volkswagen after they put forward their electric strategy. why do you think this is overblown? why do you think it is a delusion? rob: firstly, let me define big market delusion. it's an idea that is familiar territory for a lot of investors back in the heady days of the

tech bubble. every stock was priced as if they were going to be winners. yet, they were competing against one or they couldn't possibly be winners. every financial service company was priced as if it was at an immediate risk of bankruptcy. every bankruptcy creating the landscape for survivors to prosper. big market delusion means you take a segment of the market and you have this delusion, that everything is going to succeed in parallel or everything is going to plunder in parallel. and, the ev market is a perfect example of that. there are atv specialists in the world. at its peak, it was 30 times annual sales. 30 times the annual total revenues of the company. and, it was the second cheapest

of the eight companies. the second cheapest, good gracious. matt: rob, how do you explain that? even after losing a little bit of its luster, tesla is still a 600 billion dollar company. i have heard bulls make the argument that it is not about cars, it is a software company, a tech company. i don't know if it is lifestyle, what could possibly be behind a $600 valuation for tesla? rob: as with any bubble, it is built on a narrative that has a lot of truth to it. is elon musk a visionary? yes. is the electric vehicle a surge taking over much of the auto industry in the coming years? yes.

especially as autonomous vehicles come on screen. when they are not occupied by customers, they are automatically driving themselves there and getting charged up. and of course electric vehicles are the ev specialists the only winners out of this? the other surprise that, to us, approves -- prove this is a big market delusion is that the ev makers from the march lows went up nearly tenfold. by the time of their peak. during that same time, the traditional automakers nearly doubled. they are being squeezed out. no, they are not, they are shifting to electric and we are seeing that. matt: so you don't think it is necessarily a big market delusion to see a run-up of other carmakers who get into this producing of electric

vehicles, obviously big in germany, i see bmw was a front runner and then gave up for a while. volkswagen has now put his money where its mouth is. you don't have a problem with games and those shares necessarily as a big market delusion because they are still valued at very little small pes when it comes to tesla, right? you can't compare a 14 joint unlimited of tesla. rob: do i think traditional automakers have a major catch up to do? of course. joining them the resources? of course. who will be the winners in this competition, i will be hesitant to write off tesla is one that will not survive. but, 30 times annual sales at its peak when the traditional

automakers are, on average, about one time sales. so, if tesla's triples -- if tesla triples its production and the price goes nowhere, it is only down to 10 time sales. and, the traditional automakers ramp up electric production and ramp up to two-time sales. matt: rob, i wish we had a lot more time with you because i would love to spend an hour chatting but, unfortunately, the nature of television is that we don't. so please you could join us. rob arnott there. a call and to pioneer, great to have him on the program. still ahead, volvo's latest export model is the 24 week paternity leave. rolling out a new program that applies to either parent. we will discuss that and cars. this is bloomberg. ♪

matt: this is bloomberg markets, i'm matt miller. one year into the pandemic. and 2 million u.s. women have left the workforce. bringing the participation level to the lowest point in 30 years, partially to address this issue, volvo cars is rolling out a new initiative with parental leave. their ceo joins us now. this is interesting because sweden, where volvo is headquartered, has one of the most generous parental leave programs in the world. it is government funded which makes it a little bit easier. but now, you are bringing it to the u.s., why did you decide to do it? >> is very successful. to attract talents, to do

something different. we know to go to the process, an adult or child, it is the most important time of your life. we know that our employees will grow as individual pioneers. and we will get the money back. matt: so, of course diversity is key for the auto industry. more women make car buying decisions than men. how important is it for you to have a diverse in what he based? -- employee base? >> extremely important. this program is for manufacturing, all of our employees. all genders. and, i think that is the reason this is so strong. matt: talk to me about the car business, your growth has been incredible. i think you have doubled sales in the last five years and you plan to do it again in the coming five. what is driving that?

>> first of all, we are a strong brand with strong values. safety, design, our focus, it attracts our customers. our customers are well educated, they brag about their financial situation. based on the pandemic, we get more help based on the dna. matt: you are starting to make electric cars, you have a brand i loved -- a brand i love which makes a super high-end hybrid version, but you have an electric car in the volvo range as well. when will we see fully electric xc 90's cruising around u.s. interstates? >> those cars will be delivered in a couple of weeks. we have busy 40, full electric.

then, after that, we go to the rx and the 90 produced in charleston in the u.s.. matt: honors, thank you for joining us both on television and radio today. i was glad to speak with you earlier on the airwaves. on discussed of sin -- he also runs the entire americas group. coming up, u.s. treasuries on course, they have left over 4% for the first quarter of this year. if they do, it will be the worst first quarter loss 1980. i will guess many of you were even born yet. details next. this is bloomberg. ♪

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ordered villagers fleeing myanmar ordered back. they are ready to shelter those escaping. the violent clashes taking place since the military coup in myanmar last month. the military takeover ousted the pro-democracy leader. another setback for astrazeneca. germany is recommending the vaccine only be supplied to those over the age of 60. that after study of essential side effects including a rare brain clot. angela merkel wants federal authority over virus mitigation measures. drivers will not be asked to pay for president biden's infrastructure plan. the transportation secretary ruled out plans to increase the federal gas tax or charge

drivers a fee based on miles driven. the problem is that the federal fund that pays for roadways and transit systems is funded by the gas tax and it currently runs at a deficit. a battle by the supreme court could decide whether a battle about college athletics is listen. -- lucent. the ncaa is trying to shield its rules from tough antitrust scrutiny. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. ♪

>> welcome to bloomberg markets. >> we welcome our audiences. here are the top stories. the bond rout reignite the economic reopening trade is back in full force. we will bring you the latest on the selloff in treasuries. plus, we will speak to one of the most well-known dispute resolution attorneys in the world about compensating the victims of covid-19 and we will discuss the vaccine rollout with the ceo of a biotech company. a lot going on. we have a jampacked half-hour. amanda: markets may well be preoccupied with the yields today. it is one of the factors out

there. you're not seeing massive momentum in any one direction. slightly negative in tone is how you might describe some sectors. utilities are dragging this market down and tech is not helping. you can see the nasdaq is down. the 10 year plus the five-year is the real newsmaker as it popped a little bit as well. it is closely watched. that is rattling some investors who have rotation in mind. question we have to ask is what is driving the move in yields? is it inflation fear? is it something else? liz is with us now. on the one hand, the steepness of the curve could say great for the economy. the markets seem on certain -- uncertain about how to interpret. >> right now, it's a wave of a

lot of things coming in. right now, we have a president biden laying out another round list, he is talking tomorrow to lay out this new infrastructure package along with what just went through. it is still very accommodative fed policy. plus, the v rollout is picking up speed. president biden said we could get 90% of the country in short order. much of that is adding momentum to the u.s. economy rebounding faster than people had originally thought. consumer confidence data was quite strong. globally, confidence numbers were very good. we are on course for a strong payrolls number on friday. there is a lot coming together. for equities, it is a mix. good economy is good, but it is hurting some of the tech stocks. matt: you can see the optimism,

consumer confidence knocked the cover off the ball from the conference board this morning. we were only expecting 96. we had 90 in the previous month. the treasuries market has been fastening to -- s and adding to watch. what is going on with the seven year auctions? i don't know all of the jargon, but it has been disappointing this month and last month. why? plex february was horrific. forget about what the tail is, but it was bad. demand levels were a record low. this month wasn't so bad, but it was not great. i was talking to one of my colleagues who covers this all the time. it seems like we could be an era of -- we keep hearing janet yellen beginning to see a weight

of record supply. it is taking longer to digest this supply. the seven year is a hot button lately, we will see what happens next month. the demand is not so great. amanda: we have heard from some big players in the bond space that that is there big fear even though it may be an outlier fear. what is the right response if that's what's driving things, if there is a disconnect coming, what should the fed do about that? >> it's interesting. you heard jay powell continue to say that the rise higher in long-term yields, he will be troubled if it tightens financial conditions, which it has not done yet. he said if it becomes disorderly or disruptive, which happened in

march of 2020 and so far he doesn't see that. we did see some analysis from folks at jp morgan saying it wasn't as bad as march, but there are tracks in the armor. -- corrects in the armor. the microstructure of the market is bending a little from all of the weight of this. as for now, it's not an issue that jay powell feels like he's gonna have to come in and buy more bonds or do something, but people are watching. signs being weighed down by all the supply. matt: i'm getting pretty old, i'm a borderline boomer. to me, the amount of money that the federal government is spending seems very high. i wonder if there's not a point at which the bond market rebels a little bit. after how many trillion dollars we are going to spend over the

last year and next few years, is there a possibility that bond vigilantes come back? >> yes, and i am well beyond a boomer. i did a story recently that you might remember that when bill clinton was president, he had to slow down some of his spending, because the bond market was going crazy and his aide joked about how powerful the bond market was. i got him on the phone the other day and he was saying on the bond expert, but it's like a sleeping behemoth that might be coming back. someone has been mentioning the same thing that meant -- that came up the term bond shall anti-. we know it's part of their policy to let it run hot for some time, and the fiscal spending, we don't have the fiscal hawks that we use to in washington, but eventually the

market is pushing back saying you're not going to borrow more, but you're going to pay more. matt: thank you so much for joining us. that was our senior rates reporter. i'm sure she wasn't even in high school yet when james carvell said i used to think if there was reincarnation i want to come back as the pope or a president. now i want to come back as the bond market. that is one of the many lines for which he is famous. u.s. home prices surged in january jumping the most since 2006. the mortgage rates are feeling this historic rally, or at least the biggest rally we have seen going back quite a few years. you have seen it there especially in toronto. amanda: absolutely. it's a double edged sword.

higher home prices make people feel good and wealthy. that can keep consumer spending buoyant, but it can make them take on too much debt. if rates should shoot up, you can see a bit of a crisis happening. that is the concern that we are watching. coming up, we are talking to -- ken feinberg is known as one of the negotiation masters in the world. he will be up next talking about potential compensation for victims of the pandemic. stay with us. ♪

this is "bloomberg markets." matt: i have to complain a little bit about how germany is not dealing with the crisis. the main problem is we can't get the vaccinations out. within germany, there's an issue with the 16 federal states. they can't seem to agree with themselves or with angela merkel. today, two of their states have said they will no longer approve of the astrazeneca vaccine for men and women under the age of 60. there have been issues of blood clots that have sometimes led to death. i have always said i will take whatever vaccine they will give me, but now i'm starting to think not astrazeneca. amanda: it makes us look not so

bad. we have had the same slowness of rollout. astrazeneca is now prohibited for us under the age of 55. that will lead to vexing hesitancy. all of this is disappointing. we look to the mighty america leading the way in a way that we know it can do what it wants to. matt: america first seems to have worked out for the best at least in terms of development and procurement of the vaccine. now the biden administration is doing a great job passing them out. let's get over to our guest, attorney ken feinberg joins us. he served as the special master for the september 11 victim compensation fund as well as tarp executive compensation and now he is helping victims of the 737 crashes. you have worked out so many of

these big compensation issues. have you ever seen anything as big as what could come as a result of covid? >> no. mother nature trumps all other examples. i must say that the magnitude, the international magnitude of the covid crisis makes the entire solution much more challenging. amanda: one of the things that you have become masterful at is the most difficult, which is assigning the ultimate liability . we know that that can be extremely sensitive and difficult as it was with the world trade center bombing. it is always a complex thing. who is to blame when it's mother nature? where does liability like? -- lie?

>> in a broadway, the courts decide somehow whether somebody's illness or injury or death should be attributable to government or a drug manufacturer or a drug distributor or retailer. with the virus, it is difficult because it does appear to be largely an international natural phenomenon. maybe better steps could have been taken, but other or not the courts are equipped or some special fund is equipped to start allocating blame, i tend to doubt it. matt: there's going to be a lot of cases, and you have written about this. for example, if you are on the front line and you get -- a police officer died in the line of duty he or she is compensated for that. are we going to see the same expectations from medical professionals?

even regular workers who feel that they are under some pressure to go back to the office, then contract the coronavirus and either get very sick or die, are there employers liable for that? >> your question answers itself. there are so many permutations. there are so many hypotheticals you can raise, you just raised in your question, i think any attempt to design some sort of pervasive coronavirus compensation fund like the 911 victim compensation fund or the general motors ignition switch compensation fund, i doubt. become for what you wish for. it would be so overwhelming, who is eligible? how much money do you get? who pays? i think the likelihood -- i don't think you have seen or

heard much about a virus one because the challenge would be such that it would probably promote more disaffection and or division than being viewed as a generous alternative. amanda: one of the ways these things tend to systemize themselves is through the assurance and reassurance markets. when we watch the suez, my thoughts went to those markets and where liability would fall and it's already going to be debated. there is no insurance and reassurance precedent. nothing in the way of government or at the level you would need to cover. >> i must say most individuals do have health insurance. not all of them. if you get sick from mother nature and the virus, you have medicare, medicaid, private health insurance, secondary

health insurance, the government is chipping in with a very important and valuable and constructive relief package. the pandemic relief package. there are alternative sources of revenue and alternative sources of financial and health assistance than setting up some new federal centralized 9/11 thai fund, which would require billions and billions of dollars. and it wouldn't cover everybody. i don't think it's likely. matt: i wonder what you think about the rollout of vaccines. the u.s. has gone incredibly well compared to the rest of the western world. one of the concerns i have heard from especially germans, but other europeans is that they want to find a way to limit legal liability in case something goes wrong with one of the vaccines. we are seeing for example issues

with astrazeneca that look like it may be connected to that vexing. is that what's holding us back here in europe? what has the u.s. done better than everyone else? >> the u.s., with drugs in the usa, you can't bring a lawsuit. it is barred by federal law unless you can show the manufacturer, the distributor, the employer was so reckless in distributing a drug or allowing employees back to work, there are very few relatively speaking, there are very few lawsuits here in the united states. that is a signal it seems to me that america is handling the liability side of this very well. in germany, or any country in the eu, i don't think legal liability should be such an issue. i don't think the german civil

code for the laws in european countries would permit the type of litigation that you normally see here in the united states. if it wasn't for a federal alternative resolution mechanism. i think the big problem in the eu is, just like we had a problem with all the 50 states having authority over the vaccine. i think the eu can't get itself to speak with one voice. that is a real problem when germany wants to do it one way, italy another way, and other members like greece another way. that is the absence of a centralized system like president biden has brought to the united states system. we don't really want the states to each do their own thing. we want a centralized vaccine

just region system. we want a centralized system for inoculating individuals. that has taken off quite successfully here in the united states. the absence of that type of centralized authority, one pulpit urging all americans to act in accordance with masking into the rules, i think that is probably the difference between the u.s. and the european union. canada, i defer to you guys on what the situation is in canada. amanda: ken feinberg, such a pleasure to have your views. a vaccine rollout is one part of the equation. some countries all -- some companies are already

researching cloud treatments. -- coronavirus treatments. where are you and how close to an actual market deliverable might you be? >> we announced today that we are going to be proceeding with a phase two trial. our drug therapy is different than the vaccines that are being used today and other therapies, because we focus on treating the immune system as opposed to attacking the covid virus itself. the advantage in our opinion of that approach is that the variance they keep arising every week will not be an obstacle for us in treating covid patients because our mechanism is a dampening of the immune system. in doing that, we are going after the inflammation as toac virus. matt: you are also working on

multiple sclerosis treatment and you run a number of biotech's. are you impressed with the kind of progress that is being made in drugs over the past year as opposed to the decade or century previous to that? >> i would say it keeps improving and the pandemic definitely helps to transition a lot of investment into the sector more than we have seen ever. today, with respect to multiple sclerosis, we announced that the fda has granted us compassionate use to getting to progressive multiple sclerosis patients with our antibody and it is a big step for us because it is the first time that progressive multiple sclerosis patients will be given an antibody nasally. amanda: we don't have a lot of

time. in terms of how the ms drug works, what's different about it? >> the mechanism of action is the same as the covid drug. it dampens the immune system. ms is caused by a hyperactive immune response. the method is exactly the same as for covid. matt: thank you so much for joining us. i appreciate your time. your company has been a key in a number of biotech areas. amanda: there might have been some confusion around that stock recently, but we got it straight. matt: i also like as tla.

really any variation of those four letters is good. in any case, it has been a fantastic program. thank you for joining us. this is bloomberg. ♪

so jeff, you need all those screens streaming over your xfinity xfi... for your meeting? uhh yes. and your lucky jersey? oh, yeah. lauren, a cooler? it's hot. it's march. and jay, what's with all your screens? just checking in with my team... of colleagues.

so you're all streaming on every device in the house, what?!! that was a foul. it's march... ...and you're definitely not watching basketball. no, no. i'm definitely not watching basketball. right... ( horn blaring ) mark: the world health organization's chief says a

study of the origins of the coronavirus in china did not adequately consider the possibility of a lab leak as the source. the mission coleader countered saying there is little support -- little to support that notion. >> nobody has been able to pick up any firm arguments for proof or evidence that these labs would have been involved in a leak. mark: the who director general says even though the leak is an unlikely hypothesis for the origin of the covid-19 virus, it warrants further investigation and he noted that scientists have had difficulty accessing raw data from china for its report. opec expects the global oil stockpile surplus that