did he go daddy yeah i met lee got it all would work in it and it's that's who we are we're american we're smooth but we're that's not us americans are crude ruthless huckster golf playing sharks that's who we are and those who don't trump is that's why i don't like go barack obama that's what the intro so again most people do i don't like to look at themselves as victims especially when a huckster is doing you over a ponzi scheme operator defrauded you you don't nobody likes to admit that so you can look at the other side and you can see how they're. look at those tea party scam they've been scammed by all the hucksters so let's look at the other side because the democrats of course are pristine and smart in a way to a lead an educated and i retirees and leading but they mention here that we saw the rise of scam pacs during the obama years were grifters would tap into anti obama sentiment to raise mostly small dollar donations from grassroots conservatism them pay themselves consulting fees rather than use the money to support candidates or

causes brandon fisher the director of federal on f.e.c. reform programs at the nonprofit campaign legal center said in an e-mail the democratic coalition seems to be using a similar playbook only here they are tapping into anti sentiment but i'm sure are like you are so smart and you're on n.b.c. and m s n b c and you're way smarter than to be on by these stirrers there is another word for those c n.b.c. types and the rachel maddow m s n b c and that's communist. clearly they're a communist threat there's a communist infestation of this country they lash back to their original want to another american huckster joe mccarthy and mccarthy that's right who's you know just watching some videos from paul robeson that guy was down i mean he set the stage for everything you know he he saket to whiting in the very elegant way with that voice creaminess everyone should watch paul robeson get an education hey. we

gotta go to the second half so stay right there and don't go away. with no make this manufacture consent to stick to the public well. when the ruling classes protect themselves. in the final merry go round certainly the one. we can all middle of the room sick. of the real new.

day everybody i'm stephen baldwin task hollywood guy the suspect every proud american first of all i'm just george bush and r.v.'s to say this is my buddy max famous financial guru and we're just a little bit different i'm not. going to win those up with all the drama happening in our country i'm shooting the road have some fun meet everyday americans. and hopefully start to bridge the gap this is the great american people.

welcome back to the very part imax keyser time now to continue our conversation with mark hughes go he runs morgan create capital all right here in north carolina it's like billion dollars and stuff welcome back marc thanks for having me first of all two quick points carry over from our last chat your guy is the bitcoin gold equivalency it's a very dashing tie and second of all you put out a four hundred thousand dollars price target for bitcoin because you believe it is gold two point zero if i'm not mistaken just to finish that point mark digital gold i think is the preferred method for storing value for the millennial generation and if you ask anybody under the age of thirty if they own gold they look at you like you have two heads if you ask them big corner theory and oh my gosh of course so if you think about gold as a market it's an eight point four trillion dollar market there are twenty one million bitcoin now there aren't there eighteen or nineteen whatever the number is but eighty four a point forty five or twenty one is four hundred thousand that's over

a decade not tomorrow and actually do you want to compound a greater return on that big number i need to do that yes it gets a good one but if you look i right i was going to buy your fun but now here that you are and i mean to be we'll get to the warren buffett bet a second that we you know he berra said you could observe a lot just by watching if it was in the dow jones soar for the past year what have you observed i have observed that we are in the euphoria stage of a bubble that we are in the melt up phase of that euphoria stage which means we're getting very close to the end and you can never predict the end date you know a great economist once said tell people when or what never together so i won't do that but i think that i have observed were highly valued in traditional stocks and bonds around the world and it's time to look at alternative assets and cryptocurrency and those things are return of assets morgan creek are you. it to be fully invested or can you take a heavy cash position how do you play this is really important question we are not

obligated in a sense that you know we do have flexibility to to go to cash i would say even amongst our clients who are very sophisticated in who are who are great many of them still feel a little weird when we say go to cash you know one of my heroes the investment business seth klarman today is forty five percent cash just like it was in zero seven just like it was in two thousand and go back to two thousand they thought the guy had lost his touch he didn't know he was doing was a value investor value was dead could raise any money over the next decade s. and p. was negative one point nine percent he was up seventeen percent compounded i think we're close to another decade like that coming up talk about legends in the business bill miller yes one of the guys to beat that down for a long long time many years eleven twelve years are a key we recently took a huge bitcoin position well he started small it became large when it went up a lot last year about ten fold j.p. morgan has come out and said finally that we actually kind of like bitcoin despite

what our guide jamie diamond says it's a non correlated asset yes now why is that important market non correlate of assets reduce the risk in a portfolio one of the things about wealth right is all great wealth comes from concentration every great pool wealth came from somebody in concentrated business ownership stock position real estate position all great wealth is preserved through diversification you know this is how do you create a small fortune start with a large one and stay concentrated so what non correlates of ass it does is it lowers the risk and the market's won the nobel prize for this when you take bonds and you add stocks risk goes down at hedge funds risk goes down adventure capital risk goes down at bitcoin risk goes down not up because it moves countercyclical that's a really good important point that actually adding this part folia reduces the risk because you're diversifying in a non correlated out. and this point will be written large amongst the many

thousands of hedge funds out there they've got a huge buying power huge and they're going to be coming in here stumbling around on a market that doesn't have a lot of volume for those guys and something's got to give and that something has to price right the price is got to go up the howlers are going to feel bad make it make it so easy making this money go four hundred thousand dollars and i did the math quickly in my head wow are sitting here the compound rate of return we're talking about is one percent a day like that number yeah you know what i'm actually i just made that up because it was going to run hot enough or are today it's not that far off and here's the funny thing so on twitter i'm out actually on twitter too at mark use go and i think a lot of grief because people so how much you putting of your client money in this i say look we talk lance all along one percent in national crypto currency is another one to three percent in the picks and shovels you know the coin bases it cetera and well if you think it's going to go up so much why not more so well because there's still a non-zero risk i think is a very low but a non-zero risk that it could get displaced by

a better technology i don't think that's going to happen i think the miracle of bitcoin was going from point six cents two hundred dollars the fact that that happened was the miracle one hundred thousand not a miracle thousand to ten thousand not a miracle ten thousand to one hundred thousand not a miracle so but it's still not zero that something could come in now open source makes that better the risk is lower because something great comes out we can take copy paste that new technology onto the become a block chain so i do think that over time i'll get more confidence to have a bigger position but like anything in life you start small when things go your way you double up it was one of the things that julia roberts and one of my mentors great hedge fund manager was amazing at he said you never average down losers average losers you always double things go up tend to go up exactly go down tend to go down exactly now year you've got a billion or so an amount of spent sounds like a lot but actually in the grand scheme of things that's not a lot of enough to eat. top dude over there is your whole i am i'm the father got

you've got maneuverability now so you can move around whereas large pension funds large as additions they have a board they have a committee bitcoin won't be on their radar for a year to three years i think it's a great great point and we're talking to a multi you know tens of billions of dollars pension funds i'm going to class now who is going to going i'm going to guess in the guise of the guy i'm going to go to what we would like to be is that in between that allows an institution to get access and we're talking this pension fund and they would love to get involved but they can't write small one hundred million dollars check what's the chatter out there and in the pension fund business you know best kind of the mother load in this industry and what's the chatter they know that they want uncorrelated assets you're talking about earlier that's one of the benefits as well j.p. morgan put up the bible of crypto currencies this morning because they want to base that as they want because there's no matter what jamie says the fact is that shareholders want profits of course jamie is just talking pension funds have a problem if you look at everybody's forecast of traditional assets over the next

decade where the p a q our research affiliates are g.m.o. even vanguard is telling us you're going to make low single digits you're actually assumed rate of seven so you're going to get there so you've got to find these one core of the assets with the private investments to give an illiquid the premium real say venture capital center or something like crypto currencies big coin a serious setter where you're going to get this lift from the network effect that's such an incredible touch to say that interest rates have been artificially low for years an error is due to the bailouts that are ongoing for the banking sector and your pension rates are as we thought they'd be seven percent but they're actually one percent and the save the day to save america it's going to be bitcoin i mean who would have thought that this was going to be the so there is now let's talk about the vix the vix is the volatility index and what happened with associated e.t.f. products recently regarding these products your thoughts look short selling. not that that. leverage not that bad leverage plus short selling can be bad and so

what we had here was everybody and their sister started selling volatility because it was a one way bet in a q.e. world selling volatility seemed riskless last year the s. and p. had its highest sharp ratio in history but a lot of history more than one hundred ratio is the ratio of return to risk the standard deviation return of a bystander evasion minus the risk free rate the standing ovation last year with the lowest ever at three point eight percent the sharp ratio was four point five the normal sharp ratio is zero point five so nine times less volatile so it was only a matter of time before volatility spiked and when volatility spikes and your levered short you can lose everything which we saw in ecstasy reminds me of the make it puts that were being written in one thousand eighty seven yes some of us are old enough to remember frightening stat more than half of hedge fund managers are less

than five years in business well i think that so they don't remember eighty seven and they don't remember two thousand but if you think about portfolio insurance and what it did it was a pro cyclical strategy right it does more of what's working and what that insures is like passive index funds what does that in short means you have the maximum exposure to exactly the wrong thing when the turn happens and that's exactly happened fix our last time a warren buffet or so and i took over he accepted a one million dollar bet with warren buffett you said has found a lot before in the s. and p. five hundred of the next ten years why do you think he'll win this time when others have lost well look the last ten year bet that he made with ted sadie's was was a really interesting bet and for the first five and a half years buffett was behind it was only when q.e. started that the s. and p. had this low volatility melt and hedge funds underperformed sounds like a dog ate my homework you know it's what it is what it is is it. not buying it no i mean buffett is buffett and he knows that over

a cycle like ten years time the fed is always going to come in and print money because their constituencies are the banks and they hate is inside the banks he was the chairman of solomon for years he like bailed out goldman sachs his dad was a stockbroker he's an insider he's not going to make a trivial bet like this i completely agree with you so why you may have been disappointed with buffett are you a glutton for punishment no because valuations are so extreme today that will win now the dent into the story is i did talk to him i did think he was going to take the bet three days later he sent me a letter saying his age preclude him from taking the bedouin so my guess is he's never going to take a bet he can't when he chickened out war and you are a big fat. plucky plucky my chicken my pet chicken because i talk about that all right well that's the status and so some of the bond market now we've been a bull market you know since i started in law straight back in the early eighty's

you know bond markets have just gone up thirty five thirty five years and is it ever going to end in fact i was just listening on the ride over here to cure also koloff and if you ever talk to him but you should he's run some called thirteen d. research and he wrote a book in one thousand nine hundred two inflations ending are you ready to think about one thousand nine hundred two where inflation was thirteen percent nobody thought inflation was going and he was by in equities not bonds and they should have just held them long bonds over the past thirty five years have crushed equity returns come power terms much i really just don't know how to be long bonds and gratian twenty or. thirty year there's areas on bond there's be the s. and p. over the same it's i was correct it is correct and hoisington runs a phone in austin texas that has a track record to prove it now the key is from here what he was saying is that he believes we've seen the secular low now the guys event who isn't and would defer they think is not a twenty twenty one but we're get. close to that secular low in rates and at that

point bond bear market is going to take over and it's not going to be pretty i don't know where we had a bond sell off you know there's a vicious there's going to eclipse that it would be way worse if it occurs i argue that it can be tough to occur because just like japan we have a demographic problem every day in this country ten thousand people turn sixty five sixty five eighty five year old people turns out don't spend a lot they don't buy a lot and they buy bonds so i think there's going to be more of a bid for bonds and people anticipate because of the graying and it goes back to one or you know conversation about how you're famous right we got to go thanks reality show now thanks for having fun of course it's fun the best show ever thanks this is the show anyway we got to go thanks for being here and watching the kaiser report with me a mask guys are stacey her special guest was mark hughes go is over there it morgan creek capital there fantastic exposure typically if you're that middle tier you know not the going to catch us on twitter it's kaiser report so next time.

when else seems wrong. why don't we just don't. let me. get to see. this day come to. end in detroit equals betrayal. when something find themselves worlds apart we choose to look for common ground. just. certain i want to do things that show a new face do we really be very clear let's go away go to.

management. and they are they they when they up and they have a bad man you. ask him you need to feel. something yeah i'm them what do you how they become us of what your body looks local do you. mean that within those you still want to talk more like a national. elliston is getting international recognition with the help of israel at least in the world of zoos i'm in bill fails to commission to do it like immediately this isn't my cup

of tea is going to go kill somebody all maybe. john going to tell nobody shit the only palestinians is who gets the most help from its jerusalem counterparts i don't think this is about those who are in the world under the oak vision they're not going to go through this. and know it is unfair advantage to have this lady of the most of which they had i'm going to continue muslims you know do more commitments also don't put this all. right brooke. on the law. for.

both samples of a russian olympic medalist and south korea have tested positive for a banned substance this is not confirmed by russian sports officials. the turkish president has announced that his army is going to encircle syria's afrin in an operation to oust kurdish forces the statement comes amid conflicting reports that damascus also plans to send troops to the city. and in japan recently discovered state documents revealing mass forced sterilization have come to victims to break their silence. at ten my parents told me that time is a great dong are in the now i cannot sleep my father didn't agree to the british he was forced to sign documents by my teacher and while sounds and says.

this is art international coming to you live from the russian capital with me talk on the go thanks for joining us this hour. both samples of a medal winning curler from russia have tested positive for the banned substance smell donia that's according to russian of olympic officials alexander crucial new one not only the country's first ever curling medal along with his partner and wife but also the hearts of fans all over the world. joins me live now with the details from here on chang you know what else do we know at this point. jacqueline. hello again well with this official confirmation from the russian side we now understand for sure that both crucial needs positive test sorry tests a and b. were positive in this case and this is bad news for the o.a.r. team for the entire country as well of course the russian sports officials have

ruled out that there was systemic consumption of mill don't even by the core curler and also that alexander crucial need ski could have taken the pills on purpose the curler himself also made a statement saying that he has never taken any banned substances the russian olympic committee are in its turn starting a comprehensive investigation into how the banned substance may have ended up in the body of the athlete some other key points stat i should bring up here are that the consumption sorry the concentration of mold only and the samples suggests single use beside this all the doping tests that crucial needs he went through before the olympics as many as ten and total were negative so that means that for now there is no proof of systemic use now we already heard suggestions that

someone may have spiked a crucial needs food or drinks with the banned substance and i can tell you that russia's curling federation will be looking into these claims particularly and they have already asked for c.c.t.v. footage from the authorities and other curlers including the coach of the russian female team here at the piano chang olympics have told us that it is possible that some sort of salva taj may have happened. but there was a prism you publish them you don't need to be a secret agent to give athletes of both a with any kind of banned substance that totally unprotected you just put it in a hotel room it's easy if you can see the bottle and it's like locked then it can open it you can see it was locked he open it drink it and as long as you keep an eye on the bottle that's fine if you just like turn around for a second so he has this bottle i want to tell you that currently is

a peculiar sport where accuracy the try to be mentally stable while your door in this and many other aspects that are not physical are very important i guess it is fair to compare it more with things like poles bowling and fact as well and i have spoken to some of the other experts in the sport and they are saying that they can't understand how. that enhances in durance and recovery can help in this case i really don't think that in curling helping is useful i think in curling both is really important and it's like mansell and physical side so the doping is absolutely no excuse full at this aspect i don't really understand what what it would be approved for what it would improve you and your game things to apply i don't understand what it will do for you. well

as we all know the next step in this case is for the court of arbitration for sport to look into this case and consider all the possibilities here we know that inside have already asked the same lawyers that were defending the russian athletes earlier before the games to get involved in this case and the hearings will start on thursday. artie's thinks for bringing us that report live from south korea. that we spoke to any a sports journalist and author at sports integrity initiative he says it's premature at this point to jump to conclusions as the concentration of muldowney i'm in the athletes' samples could be the result of a mistake or sabotage to me this seems like a sort of mistake or as your report suggested perhaps an attempt to sabotage by a member of another team will apparently concentrations in small apparently it was

taken months ago now he stays true. and that discounts the possibility of sabotaging the games because you couldn't why would somebody give somebody military and nine months to go and test positive games it just doesn't seem to make not you could sense however sabotage is a possibility because as a step we don't know what the concentrations were we don't know how long ago it was taken and we just don't know the details of the case strange. the turkish president has announced that the country's army will encircle theory of afrin where it's trying to oust kurdish forces the move comes amid conflicting reports that damascus also plans to send troops to the city to end the crisis. you know that takes time to make preparations on the ground in the coming days the siege of our prince it is sensible proceed much more swiftly. and this way outside aid to the city will be cut off given the terrorists no choice they're

creating a terror corridor south of turkey we're determined to show that this is not so easy . kurdish teachers and schoolchildren have marched through afrin in protest over the turkish military offensive in the region kurdish why fiji militias deny reports that they've reached a deal with the font forces ankara says it would welcome syrian army efforts as long as they only target what turkey calls our friends terrorists or on the flip reports. africa has turned into a bloodbath a grinding war that is claiming dozens if not hundreds of lives every day. turkish soldiers rebel allies die in droves near

a thousand dead reportedly the kurds the y p g p k k or p y d some estimates put their losses it's over a thousand in a matter of weeks the turkish operation in africa isn't so much an advance as it is a meat grinder these senseless yet according to the belligerence necessary slaughter and it's hurting everyone we can cooperate with any side that lends us a helping hand in light of the barbaric crimes and the international silence there is a possible solution one that could stop this madness a man the least likely candidate of all. of this is assad is clearly a terrorist and is carrying out state terrorism there is no peace in syria and it cannot be any peace with assad in power. the regime says we will hand over our

regions to the regime's army we will never handed over that was then before the us led anti isis coalition began butchering each other now when everyone's dying and they need him as said isn't such a bad guy anymore. if the regime is entering that cleanse the petri kain p y d then there are new problems however if it comes in to defend y p g the nothing and nobody can stop us or turkish soldiers simple if as sad took over africa and africa in syrian territory he could this all sideline the y.p. ji and korea's enemy would be neutered and there'd be no more need to throw away turkish lives the kurds in turn would survive and africa will be turned into another crater it's the least bad solution so far the only solution to stopping this now. complicated question but

it is a very good step it's good news for us may god help them and everyone who supports a free. analysis we are all very happy about this decision we want this crisis to end so people can return to their homes we are waiting for the pro-government forces to help us it's early days the details are still being worked out the issue is no one trusts anyone the turks are afraid asaad will ally with the y.p. ji the white p.g.d. are afraid that assad will sell them out to the turks and asaad assad probably wants both gone. discuss this further i'm joined live by security and political analysts on. now could everyone's announcement be a reaction to the reports that assad sending forces to the afghan region yes i think the.