♪ welcome to "squawk alley" for a morning. kayla tausche and myself at post nine. john out today. we welcome back this morning from palo alto, roger mac that me coming back from a very nice tour. roger, good to see you again. stocks are off highs of the day. nasdaq positive in the month, rebounding from february. the president set to meet with fed chair yellen at the white house to discuss the economy and wall street reform. and roger, we have seen a bit of a turn around since you last joined us, all major indices up more than 10%. i wonder if things got cheap enough in february for you. to start taking advantage of stocks. >> it's a great question, carl. you know, to me, the big

issue -- or the big opportunity we have seen is it turns out that janet yellen is as good at job boning the markets as greenspan ever was, without being quite as opaque. and to me, that, you know -- there's great comfort. because we took away some of the speculative behavior in my world, particularly related to the unicorns and the venture capital side of the business. and as i look forward into the year, i still think there's a tremendous amount of uncertainty. so i expect a lot of chop. but there's no question that by deflating some of those crazy asset valuations that we saw in the private market, the tech sector, at least, looks better than it did when i left. >> roger, you credit janet yellen with taking some of the air out of that system? >> oh, definitely. i mean, the way i look at this, there are any number of reasons why people could have looked at what was going on in the tech world, particularly on the private side and said, hey, wait a minute, this is crazy. and i think when yellen said, look, we're going to be raising

rates, make the assumption three times this year. that just caused everybody to go, wait a minute. that's fundamentally different in that environment, all asset prices are going to be different. but especially things with super long durations. and, you know, so to me, she does one move, and effectively got the benefit of the equivalent of three moves. and so the markets come back down. i think people are now more cautious. and that's really all the fed wanted. it just wanted people to be less complacent. and, you know, i don't think we get a bull market out of this yet, because i don't think the economy is strong enough. but i do think there's no reason to be, you know -- i don't think there was any reason to panic at the beginning of the year. i don't think there's any reason to panic now. i also don't think there's any reason to be diving into the markets head-first, because there's a big bull market. i don't think that's the most likely outcome. >> that's interesting. so how do you bide your time, and wait out however long period you think this is going to be without slowly losing your

shirt? >> well, carl, the problem here is there are times when there really is nothing to be done that's going to be dramatically successful. for me, i still own facebook, i still own some apple. i own facebook, because i believe that as we're going to talk about in a moment, that they are the most well-positioned media company out there. they're getting a disproportionate amount. apple is a cheap stock. there are other cheap stocks in tech. i don't have big expectations for them this year. my basic view, i want to have some exposure to the market. but i'm still mostly very defensively postured, because i do think that once we're through the election cycle, once we begin to get a better handle on the implications of news like the panama papers, on the end inversions and some other things, the market still has to figure out what all those things mean for earnings. and, you know, we'll figure that out over the next few quarters. >> you mentioned facebook, roger and the developer conference

kicks off tomorrow. live video and messenger expected to be two major theepgs, obviously. the company unveiling that mobile app last week. it could be the start of facebook's video play. there have been reports they'll make an announcement, a very large number in terms of their investment this week, roger. >> well, you know, i think it's already working huge. if you are an advertiser or a brand holder on facebook, you have been able to do live video for some time. and there's no question it works huge. i know for moon alice, our most successful promotional tool over the last 12 months. and what's going on now is we're extending all of that to everyone on facebook. and i think one of the things we're going to hear about at f 8 is the ability of brand holders start to take very highly produced video. stuff that's not done live. and find ways to put that into the system, as well. i think that's where the really huge numbers are from an advertising point of view.

you're also, i think, going to hear a lot about a term that most people are not familiar with, called chat bot. essentially what's going on, facebook is trying to promote messenger. and messenger is its texting application. and they want to give you the ability to do other things while you're in that app. so imagine putting little applettes so you can order an uber or send a yelp review without having to leave messenger. i think that's another big commercial opportunity for them. the term chat bot is nonsense. these are little applettes that sit inside texting, but they have a chance to be a really big deal. and not just for facebook. they could be broadly a big deal. >> well, we have started to see some of the ways that facebook is trying to build out messenger. but roger, we always ask the question of what happens when facebook cannibalizes its own business model. instagram is so rich and popular, people are spending more time on instagram, taking away from the time they're spending on facebook. and what about messenger versus

whatsapp? are we getting to a point of as muchration for the business model? >> of course we are. of course we are, kayla. to me, the genius of mark zuckerberg and sheryl sandberg and their team is that they went out early and identified products that were likely to cannibalize facebook. and they acquired them. so at least they're doing it to themselves. and i think that that is, you know -- that is a sign of a really astute management team. you know, i've been worried that things inside the u.s. were so hostile around this election cycle that nobody was going to have any friends any more. but apparently that's not happening. and apparently, all this concern about lack of original content, people no longer posting their location or their selfies. that's apparently overblown. i've talked to people at facebook who have said to me, that was an issue six months ago. it was still an issue three months ago. but for the most part, it's resolved and trends are more favorable again there. so i think from a facebook point of view, we're going to get good news this week. and i think this is going to be

a very good year on earnings. and what the market pays for that remains to be seen. but from where i sit, if the market gets bullish, that's going to be one of the first stocks they want to own. >> people might not be checking into airports or posting status updates, roger. but they are really tuning in to see 600-plus rubber bands burst a watermelon. hundreds of thousands of people watch this buzzfeed video on friday afternoon. and everyone was saying this is the future of tv, this is the future of content. but i'm curious how you see the future of smart content developing on some of these social networks that actually informs an electorate, for instance. >> i got to be honest with you, kayla. watching this election cycle, i am terrified. i have no idea how that's going to turn out. and i think realistically facebook has a gigantic opportunity. and how they do this, i don't know. i think from -- from their perspective, they're trying to

remain in the middle and not -- you know, they want to be uncommitted, they want to be independent of everything. they want to support everybody who wants to communicate. but at the moment, there's no question that the level of quality news that's available to us, the level of fact available from news services is way less than it once was. and facebook has a chance to fix that. how they do it, i have no idea. i just hope they do fix it. >> finally, roger, we would love to get your temperature on this one. the owner of britain's daily mail in a bid for yahoo!. a spokesperson says the company has been in discussion of the number of potential bidders, but an early stage and no guarantee any transaction will take place. faber's take on this, it's sort of like the preshow. nothing too serious to get all worked up about yet. you agree? >> well, the way i look at this is, yahoo! had five years at the beginning of its life when it

was really one of the great darlings of the internet cycle. then four or five years where it kind of rode that wave. and for the last ten years, it's been just very slowly but very surely declining and going off the rails. it missed video completely. you know, it didn't just miss the netflix distribution model. it missed even with a media-centric strategy, missed creating video the way netflix and amazon have done. it's simple. if you're a newspaper like daily mail or someone else, you're the titanic. your business is sinking. so no matter how bad yahoo! looks from a tech perspective, it surely looks better than that. so it doesn't surprise me that a lot of traditional media people look at the cash flow, look at the slow rate of decline and think, you know, i could probably do this better than they're doing. and i don't know if that's true or not. but i can see people doing that. and it will surprise me if it we get to the end of the year and something has not happened to yahoo!. what that is, remains to be

seen. but i think something will happen. >> roger, if you're a media company, daily mile, time, inc and bidding for yahoo! are you interested in the roster of name-brand journalists or home page algorithm? >> no, i think you're interested in the cash flow, plain and is simple. i assume whoever buys this thing is going to sit -- simply give up on trying to be successful in the silicon valley side. and they'll simply look at a source of cash flow. on that basis, yahoo! is a really attractive business. you know, they have a -- so many people come to the website. so many ads that they can successfully sell. that it would buy anybody a lot of time if they could buy it at a reasonable price. and given that the traditional investors in yahoo! have pretty much given up on it, it's not crazy to imagine that the stock -- at some point trades at a price that is compelling to a buyer. >> what a treat to have you back, roger. good to see you again. come back soon. >> we'll see you in a couple weeks. >> roger mac that me.

meanwhile, the markets off their highs of the session. the dow up as much as 154 points, now up 58. the s&p up about 5. the nasdaq up by 19. all up for about a third of 1%. tech and materials, the best performing sectors of the day. sap, first quarter results weaker than expected. and alphabet shares are barely in the green this morning. the stock was upgraded by pivotal research, which sees a strong quarter ahead for alphabet. and finally, under armour diving on a bearish note from morgan stanley, claiming the company might be losing market share for the first time in three years. the stock is down 5.5%. and basically maintaining their price target, taking it from 64 to $32, although that's happening after the company's two for one stocks. >> when we come back, a lot more on internet stocks with facebook's conference on deck. and ken burns out with a new documentary on jackie robinson.

ken visits us to talk about content. and masters winner danny willed, fresh off his win. an amazing weekend of golf. "squawk alley" continues in a moment.

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i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. earnings season kicks off this week with al koa reporting tonight and analysts see the weakness continuing. but we're in vancouver with the parts of the market that may actually hold up, despite that weakness. dierdre, what did you find?

>> good morning, guys. what we found is that weak earnings don't always mean weak markets. now, we know that the season isn't going to be pretty. but markets tend to think that it's going to be a lot worse than it usually is. over the last few years, earnings have been overly pessimistic. the companies have beat lowered expectations and the market follows. we crunched the numbers and looked back at the past eight quarters, where s&p 500 actually earnings have beaten estimates every time but once. in the four weeks leading up to the start of the season, based on the date that alcoa reports, stocks often lose ground as they price in the worsening news. as earnings get under way and surprise on the up side, markets rise. the s&p 500 has traded positive 75% of the time and returned more than 1.5% in the average four weeks after alcoa reports. the start before and after, the start of season, the earnings

season are tech and industrials. let me tell you about tech. the biggest winner has traded positive nearly 90% of the time and returned more than 2.5% on average in those four weeks after alcoa reports. now put simply, guys, companies and analysts consistently under promise and over deliver, and the markets fall for it. this pattern has become more consistent since the financial crisis as the estimates versus earnings gap has grown. as always, guys, past performance is no guarantee of future performance, and keep in mind, the market has run up more than 1% in the last month, but if you think that the earnings estimates are overly petitiossic and it is a particularly bad one, there could be room to gain on the other side. back to you guys. >> we will get some data points very shortly, dierdre. thank you for running through that. when we come back, more on internet stocks, the bot economy, and whether saying could come roaring back, and ken burns joins us at post 9 as we await his newest documentary on

jackie robinson. "squawk alley" will be right back.

danny willett, masters champion, having never before won on u.s. soil. what an amazing weekend of golf. we're going to talk to danny on his big masters win in a few moments. >> looking forward to talking to him. meanwhile, what is a bot? we have been talking about them, but facebook, google, microsoft all betting you're going to get more comfortable with that question. julia boorstin has more in l.a. >> kayla, if you've ever dealt with customer service online, you've interacted with a bot and you're surely talking to more of them. a bot or chat bot is a program that uses artificial intelligence that processes language to simulate conversation with users and perform simple tasks. they can live within messaging apps so companies can reach consumers where they are. a next generation 1-800 number. users can get help or information without having to

crowd their home screen with more apps. facebook is already integrating a number of companies' chat box into messenger. you can order an uber or check on a flight or check on an order from zoo zulily of the facebook is expected to announce a bot store, creating apps within its platform for the 900 million messenger users. kick, which has 275 million users worldwide launched a bot shop with h & m, the weather channel and vine. bots aren't without risk. microsoft drew negative headlines when it debuted its bot on twitter and users manipulated it to say offensive, racist and sexist comments. microsoft pulling it offline. if companies can make artificial intelligence work, there are opportunities. advertising, commerce with the platforms taking a cut. now the platforms need to make

sure they're useful enough that people will want to use them. kayla? >> very interesting. thank you, julia boorstin out west. for more on facebook and the f8 developer conference, let's talk to colin sebastian an analyst, ken senna. ken, i know you've written a lot on bots. and we have seen how we have had to interact with them on the customer service side. where will they play into the social narrative? >> i think it's important. because when we look at the ads, we're already seeing how ads can become much more transactional, and with all the structured data starting to be embedded into them. but they can also become much more communication-enabled. and thinking through whether there is a friction point in wanting to buy something or an issue you could have post that transaction. a bot can actually handle quite a bit of that. so i think as we're starting to see advances in natural language programming, it's an opportunity for platforms like facebook to scale that capability for

businesses. and i think to the point earlier from julia, to potentially replace the 1-800 number to a large extent. >> an opportunity too, colin, for the developers going to f8 trying to build products to fit into facebook's existing product suite. look at the schedule for f8, it looks like a laundry list that facebook could yet monetize. messenger, free basics, video streaming. the list goes on and on. where is the value in the near term for facebook here? >> well, keep in mind that facebook is a company that is one of the most innovative and disrupturive technology platforms and i think the focus and what we'll see this week at f8, obviously messenger with the bots rolling out is a focus, as well as video and facebook potentially taking a much larger bite out of television ad budgets. that's a huge opportunity for them. but the background story here, of course, is machine learning

and artificial intelligence. and facebook really creating more gap between themselves and other competitors. and i think we'll see that on display this week. >> ken, there's been some on the sell side who say q1 is light for facebook, calling for a reset with the caveat a lot of their misses tend to be bought longer-term. how much risk is in the quarter, do you think? >> i think it's relative to what. there's always a certainty that -- or there's audiologists the potential that expectations can get ahead of ourselves. but i think when you're looking at -- when you're talking to the buyers right now, they're getting better -- they're getting the reach and the frequency they need from facebook. better and better performance. and i think as you start to look at what facebook is offering them relative to other channels, it is still the place to go. so we still feel good about the quarter. >> video obviously a big part of the conversation. facebook's content strategy going forward. colin, how do you see facebook and twitter competing against

each other, now that twitter is flagging live as its main buzz word, getting this nfl deal. it looks like the two are going head-to-head on live. all be it with very different size networks. >> well, on one hand, facebook has some clear advantages in materials of scale, and technology, and the evolution of their products over time. has certainly outpaced twitter. on the other hand, the story is, of course, the massive amount of video spending that currently occurs through traditional tv networks. and so as that transitions online, there is plenty of budget for both platforms for both companies to absorb. >> fang stocks going forward, facebook the only one of the fang stocks actually positive so far this year. do you think that, ken, it's an outlier for good reason or do you think it could catch up with the rest of the bunch there? >> well, i think facebook is making investments in content. they have a tremendous amount of distribution. and they're also making big

investments in the infrastructure. i think to ultimately be that platform that can move into these bigger areas, like colin mentioned, even with video. so i think as you're looking to the performance that they posted last quarter, as you're talking to buyers now on facebook, and you look to all the opportunities that we're talking about ahead in terms of how messaging can integrate into things like customer service, et cetera, they really are an amazing position here. so, you know, we like facebook. i think, you know, talking about the quarter. but really i think as we looked out over the next few years, i think it's a place you really need to be. >> first quarter earnings, april 27th. but we'll see how f8 goes first. colin, ken, appreciate your time this morning. >> thank you. >> thank you. when we come back, film maker ken burns is here, talking about his new documentary on jackie robinson and the state of media today. coming up shortly, as well, danny willett on his big masters win. dow gains eroded.

up 47 points. back after the break.

a comeback for the ages for englishman danny willett to win the masters, his first big major for the golfer. we'll talk to him later on on "squawk alley," on the heels of that big win. in the meantime, let's get to sue herrera with a news update. sue. >> thanks so much, kayla. here's your news update for this hour. a deadly suicide bombing in afghanistan. at least 12 new army recruits

were killed in an attack in the eastern city of jalalabad. another 38 wounded. most of them are in critical condition. no one has yet claimed responsibility. volkswagen is hoping to return to the bond market as early as may. aiming to raise billions of euros to replace the costly bank loan it had been relying on in the wake of the emissions test cheating scandal. the company has been effectively shut out of the bond market since september. bryan adams cancelling his show in mississippi because of the state's new law, allowing religious groups and private businesses to refuse service to same-sex couples. he was scheduled to play at the mississippi coast coliseum in biloxi on thursday. and kayla mentioned the masters. well, forget about jordan spieth's masters meltdown. check out this incredible shot by oosthuizen. look at that. oh, my gosh. his shot hit another ball on the green before going in for a hole in one.

and it was the third hole in one at the 16th on the same day. what are the odds of that one? pretty darn amazing. that's the cnbc news update this hour. back downtown to "squawk alley." guys? >> i've watched it ten times. i'm going to watch all day. >> i know. it's replaying on the golf channel. we're all glued to it. >> thanks, sue. let's bring in simon hobbs. >> you know, colin, we are re eroding gains earlier. still green, solid, but some banking stocks notably down into negative territory. and it is really all about the italian banks today. we do have a meeting in rome this afternoon. which the -- some of the big lenders on the government along with the state lender are going to try and hammer out some deal that enables the italian banks to better raise capital and deal with their nonperforming loans but stay within european union rules. so these guys were actually higher, of course, on friday. they followed through today. some disappointment, perhaps,

that it didn't emerge over the weekend. but it is what it is. those guys are higher. and actually, other banks around europe have also been lifted today. as have other insurers which is quite interesting. we continue to see certainly sovereign debt riding high and t yields falling. the political event of the day in the last half hour. prime minister david cameron before the house of commons with a very robust defense of the revelation that his father had a trust in man pa, as we saw from the panama papers, coming out all guns blazing in defense, saying he hadn't broken laws. and the wealth creation and the desire of parents to leave wealth to their children. take a listen. >> mr. speaker, i set all of the criticisms for not responding more quickly to these issues last week. but as i've said, i was angry about the way my father's memory was being produced.

i know he was a hard-working man and a wonderful dad. and i'm proud of everything he did to build a business and provide for his family. >> one of the reasons we're interested, cameron is leading the fight to keep the uk within the eurozone. when we have that referendum june 23, ten weeks away. what's interesting is, this fall that we had in the uk pound has kind of stabilized recently. partly, of course, because the fed here -- this is a uk pound dollar. the fed here is becoming more dovish. so that supports the pound as well. also because people are increasingly aware, if they vote to stay in the eu, the next discussion might be with when do they raise rates of the bank of england and that would be sterling supportive. back to you. >> first things first, i guess. thank you very much. fame documentary film maker ken burns has called jackie robinson the most important person in the history of sports. probably something the president agrees with. this is the president in ken's

newest film, "jackie robinson". >> jackie robinson felt a reason to speak up. power where our voice matters. where we are heard. have to do a constant gut check. are we doing enough to make sure that voice is active on behalf of the values that are deepest in us that matter most to us. >> race continues to be a big conversation in this country. a new poll from gal up says the percentage of americans who say they worry a great deal about race relations has doubled. director of jackie robinson, film maker, ken burns. always good to have you at the table. welcome back. >> thank you for having me. >> it's a powerful documentary. big carveout of someone who has done wonders with baseball. how early did you know you were going to do this? >> well, his widow, rachel, had been asking me for many years to

consider a stand alone, and sara burns and i were finishing up a film dealing with race again and figured it was the time. jackie, like many important figures in history, become kind of superficial and mythological. and if you liberate them from the tyranny of that mythology, they cannot only -- you're doing a service to them, they're doing a service to us because jackie can talk to us about these difficult racial times we're in or maybe never left. we're just more aware of the inequalities still there. so in our film, you'll see confederate flag issues, black lives matter not called that. driving while black, stop and frisk, burn black churches, integrating swimming pools, stuff on our limbs in the recent few years. jackie can speak to us and help us. we make our films trying to tell a good story. in this case, telling the most -- a story about the most important person in history of the sports, is a good one to tell. >> how to tell that story, though, with so much delicate issues in today's political

conversation. that you have to walk a delicate dance on pbs. >> you do. we don't throw any curve balls and we don't do any breaking balls and sliders. we throw a fastball straight down the middle. that's the way i've always played it. i have my own personal opinions. but if you tell a story honestly, it's going to be a great story. and so sara and dave and i were committed to not cutting the corners that that mythology did. for example, the very famous moment when he apparently put his -- pee-wee reese put his arm around him in solidarity didn't happen. did you know, for example, that jackie was a co founder of freedom national bank in the '60s. he always felt as his daughter sharon in the film says that the ballot and the buck are most important. so he's not just talking the talk. he's walking the walk. and it becomes the most successful black-owned bank in the united states within a few years of its founding. this is, you know -- is doing what he set out to do, getting up every day and making the lives of other people better.

and that's the kind of person we wanted you to get to know. not the mythological figure. >> every time you hear we try to talk about distribution, because you came with the one that brought you in pbs, and stuck with -- >> i'm staying with them. we're signed up through 2030. god and funding willing. and we've got -- we've got almost the entire block filled up. we're finishing vietnam. we're editing country music, shooting ernest hemingway, talking about how to filling in that 2020. a great underwriter, bank of america, that helps us do it. so is we've got a lot of stuff on the horizon. and jackie is playing tonight at 9:00. and then tomorrow night, part two at 9:00. but it's also after it will be available for streaming. and the dvds hit the street tomorrow and the blu-rays as well. so, you know, it's an ever-changing circumstance. we're still staying there. >> one of our viewers wrote in, ken burns, the original purveyor of bing watching. >> the first series, civil war,

baseball, jazz, critics said no one will watch this with our youtube lack of occurration. when the roosevelts came out a year-and-a-half ago, nobody said no one will watch it. they knew exactly people will watch it. nielson tracks 130 networks, only a couple growing. pbs has gone in the last few years from number 11 to number 5 after the big three and fox. that tells you that i have not placed my money or moved my chips on to a fragile block. in fact, we're here to stay. and in 2020 -- 2030, i'm sure we're going to be still, you know, have the same kind of sterling brand that pbs has always had. >> do you worry that some of the new types of models that aren't hamstrung by on-air real estate, like live television is, would allow more competitors to say, hey, i have 18 hours of content to put out there. >> yeah, the only thing is -- i agree with that, kayla. and it's an important thing. and we're keeping our eye on it.

only public television is going to permit me to spend five years doing the deep dive into this. that our generous underwriters, not just bank of america, but the angel society, a nonprofit formed by individuals of wealth to help us make our film. the pugh charitable trust. people who keep us going. corporation for public broadcasting, permitting that deep dive. you can do anything, quick and dirty. but you're not going to have the loyalty -- people aren't going to say, you know -- it's like picking a brand, you know. you look up and go, oh, it says pbs. that's what i'll look at. >> in a world where people will literally watch a season, in a night -- >> in it a night, right. >> do you say to yourself, i may structure my next dock at 30 hours. >> you know, we've got this vietnam thing next year, 10 parts, 18 hours. we're confident people will take the time. first of all, it's an important subject. i think what we want to do is understand that in this world of unlimited information, we're all -- it's like a tsunami.

so what we're doing by binging is self-cure rating. we're saying, you know what, i trust this person, whether "house of cards" or "game of thrones" or ""downton abbey"" or jackie robinson. i know this is four hours, i can do that for something i care about. we feel confident, again, not only content will out, but quality will out. and that will always be no matter how much diversification there is, that will finally be at the end of the day the reason why you pick that box of cereal over that box of cereal. >> your list of subjects is itself extremely diverse. jazz, cancer, baseball. what's on your list of curiosities? >> besides the vietnam, we're adding country music and happy to say -- merle haggard passed away a few days ago. we want a history of reconstruction, that little known period in american history after the civil war. we want -- may do a biography of

winston churchill, a history of crime and punishment. we're embedded in the prison where you know that last fall the debate team beat harvard. we were the only group filming that and been embedded for two years there. a lot of stuff. >> that will all keep you busy until 2030. >> that's why i'm -- sarah burns and david mcmann are my -- my oldest daughter and sister-in-law. all you're doing is handing the broom and mop over to the kids who got to take it over at some point. >> you're like the facebook of nonfiction. literally. your tentacles are everywhere. we can't wait to watch tonight. pbs. >> let me know what you think. it's so good. i like it. thank you so much. >> ken burns. "jackie robinson" tonight and tomorrow night, 9:00 p.m. and 11:00 p.m. eastern. thanks to ken. yesterday he was fitted for a new green jacket. today he joins us on "squawk alley." danny willett on his masters win, sponsor wants and a lot

more. don't go away.

coming up on the halftime report, why morgan stanley is giving under armour shares a double bogey today. from spieth to steph, we're talking where that stock is really headed from here. plus, one firm says jpmorgan will be a disappointment this week when it reports. do our experts agree? and our call of the day. why google stock alphabet, can hit close to $1,000 a share. that and more, top of the hour. kayla, we will see you in about

15. >> all right. sounds good. thanks, scott. meanwhile, let's get to chicago. the cme group, where rick sta santel santelli, has the sanity exchange. >> there used to be a time where there was a popular adage where time is money. i think we can safely now say that's morphed into into time is dead. and then after that, beware of growth imposters. let's look at the most recent spat of important news that affect the global financial markets. ita italy, of course, one of the problems is the banks have lots of nonperforming and toxic assets. nonperforming loans, toxic assets. another round of reforms needed. greece still coming into the headlines, even though it's probably the mosquito on the hippopotamus at this point. in certain ways. but in other ways, when we're listening and reading about stories about taking helicopter ben's notion and transferring to

europe and dropping money out for euro-citizens. who is going to back that? of course, the germans, right? the problem is that so many large institutions, hedge funds, financial entities that we have come to respect over last several decades have been awfully site with regard to what's going on with policy, whether from the politicos or central planners, central bankers, all of it. and just consider, there was so much money to be made by those post the crisis that had access to credit. that were able to turn credit into leverage. that knew and had the wherewithal and the balance sheets to do large carry trades. didn't hear a peep, because the money was flowing rather nicely. well, that slowly has started to dry up. just read any of the major papers the last month. all of a sudden, we're starting to hear squawking from high-level individuals that run etfs.

that profited from the leverage in the form of junk and high yield. now we're starting to get a more real picture. but is it a bit late in the game? see, the problem is, big debt is a very large price to pay for 2% growth here. 1% growth in europe. any growth is considered wonderful in japan. but we don't talk about the dead that much. as a matter of fact, we've pulled so much forward that we have now become accustomed, just like low rates, that maybe the revenues we look at today that were robbing from all of tomorrows. is there some finite timetable where there's going to run out? i think we're close to being there. that mckenzie study, $58 trillion created since the crisis and i think it's higher at this point, that is a big saddle bag for the global economy. and i'll tell you what. the most recent spat of news is that policymakers globally better get on the same page and

normalize rates while they can. boy, those are some words we should be listening to. carl, back to you. >> all right. rick, see you soon. rick santelli in chicago. the dow is up 42 points, trying to hang on to what was once the best day for the dow since march 11th. back after a break.

thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it?

you do with comcast business. it's reliable. just like kung pao fish. thank you, ping. reliably fast internet starts at $59.95 a month. comcast business. built for business. they found out who's been who? cking into our network. guess. i don't know, some kids in a basement? you watch too many movies. who? a small business in china. a business? they work nine to five. they take lunch hours. like a job? like a job. we tracked them. how did we do that? we have some new guys defending our network. new guys? well, they're not that new. they've been defending things for a long time. [ digital typewriting ] it's not just security. it's defense. bae systems. an aardvark ex channel emerging from the panama papers. we have more at headquarters. >> morning, carl. this new scandal erupting from

the panama papers, involving a $25 million mow dill an e, allegations of nazi theft in one of the first families of the new york art world. prosecutors searched the geneva freeport warehouse for the painting seeded man with a cane painted in 1918. the piece stolen by the nazis from a pa region art dealer during the war and should be returned. the piece is now owned by the namad family, they own galleries in new york and london. a family member served a year in prison for a multidollar sports betting operation. the panama papers revealing that the they control an offshore country. according to vice news. in court, the namads denied direct ownership. the attorney telling me the ownership is, quote, irrelevant, and there's no proof the

painting was either owned by the plaintiffs or that it was looted during the war. the offshore company was bought in $1996 for about $3 million. now worth an estimated $25 million or more. a lot the stake. back over to you. >> robert, you've written the book on wealth, so to speak. and so much of art is interesting, because of the lack of liquidity. the concerns about prove negligence. does any of this surprise you? >> what surprises me is not just this case, but a lot of others that came out over the weekend of just how much art was purchased with offshore companies. there's a guy named eeve bouvier. we're getting a clearer picture. we'll see how all of this affects the art market this spring. >> robert, thanks so much. good to see you. robert frank back at

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a new ad from apple is out,

featuring kobe bryant and the actor michael b. jordan. take a look. >> siri, open the nba app. >> here he is, over jackson. >> see that? >> how good is this kid? >> that's the guy you're playing in this movie. cold-blooded assassin. >> locked in the battle of father time. >> what? >> on the verge of steep decline. perfect. >> there's no decline. it's all ascension. >> so what part hurts the most? >> i don't know. what does it matter to you? you're playing young kobi. >> i'm playing you all the way through now, prosthetics and stuff like that. play "the curious case of benjamin button." >> that is the newest ad from apple. kobe bryant, michael b. jordan. perhaps this is a role we'll see more of, now that he'll have more free time. >> he's going to be playing invisible, i'm sure. as for apple, a stock in the low

90s in february, almost to 110 here's. barro barrons, the target for them 150. arguing that it needs to be valued more like a cable company because of their relationships with the content creators. although the argument is nobody needs an apple watch. we'll see the unit sales if they break out. there is a sense that version one has run out of gas. >> there are a lot of these ease about how you value apple. is it still in hardware, where will it come from, what does the next chapter bring. >> and some say look for revenue to double not too long from now. dell's cyber security unit, secure works, going public and a possible price could be valued up to $1.4 billion as the first major tech stock.

price range expected between 1550 and 1750, as much as $157 million. is we all know how light q1 was since square 1 became public. >> and we saw where square ended up pricing, below the range they originally expected to price. so although they are laying out the range of 1550 to 1750, the most important number, where they actually priced. what investors are willing to pay for a new equity, when they're none too pleased with existing equities in the portfolio i can'ts. >> as for the week ahead, unofficial start tonight. alcoa, you'll be busy this week as we get through jpmorgan, bank of america, wells and citi. and then the real onslaught begins next week. u.s. inflation data. and then watch oil. highest level earlier since march 23. doha, this sunday, reports out of rurts there is a fair amount of either member or nonmember producers who are in support of

a freeze, if they can only get iran to come around and be part of that plan. >> no small detail. >> yeah. in a mastery surprise, danny willett won the 2016 tournament over the weekend with a wild comeback in his first career major win, birdieing three of the last six holes. danny joins us today on cnbc news line. danny, kraigs. >> thank you very much. >> i'm curious. was there anything to suggest to you in the first day or so that this was going to be in the offering? >> no. it's just one of those things that happened. we just let things happen and it kind of fell our way. >> danny, you've had a momentous couple weeks. you're a new dad, and congratulations on that, as well. you almost didn't compete in the masters. in hindsight, tell us about that decision. >> yeah, it was obviously -- you

know, we decided to come early. and, yeah, you know, did some double checking in making sure she was all right at home. and to come out clear-minded to try and do my job, i guess. and i guess it all worked out pretty well. >> danny, i think a lot of golfers who watch our network for sure want to know from you, how you held it together mentally when things were starting to work in the last part of yesterday. what were you telling yourself? >> yeah, we were just -- you know, we were just going through processes. we were going through, you know, it's very cliche, but one shot at a time, stay focused on the job you've got to do. and had some good shots. and like i said, one of those things that if you're going to win major win golf tournaments, you've got to get quite fortunate at the right times. an