where is alpha? you seen him or her? >> it's been difficult to find, but i think it's defining what you are looking for in alpha. if you are looking at broad asset classes and trying to outperform broad asset classes, it's almost nonexistent, but if you look at subsectors or special areas of certain asset classes, i think it still can be found in the area of real estate, private equity, and even in hedge funds we are becoming more concentrated or more focused on certain elements that allow us to generate alpha. >> you feel like we're at a tipping point? i mean, you've heard some of the speakers who have been here from the most bearish of people like paul singer to the more optimistic, like bill miller. where do you come down when you are trying to figure out where to allocate capital? >> i think you don't press. one of the panelists mentioned, you don't chase return. you have to be patient capital. you have to make sure that you have cash and liquidity on the sidelines, so when opportunity presents itself, you can act qu

lot here to come from delivering alpha. i'm off to a panel. we'll be talking to the executive chairman of alibaba. right now over to carl and the gang at nyse. carl? >> thank you. good morning, everybody. welcome to a special edition of "squawk alley." i'm carl quintanilla. obviously an important day, big day. cnbc, institutional investor hosting the sixth annual delivering alpha conference in new york city, bringing hedge fund titans and investors together, offering their views on policy, the economy, politics and investing. in just a few moments we'll hear from elliott management's paul singer. that's a big one. first, bridge water associates making news a moment ago, talking about rates along with former secretary tim geitner. take a listen. >> when jamie dimon says to raise interest rates you think that's wrong? >> that's right. i think that's wrong. at this stage, the risks are so asymmetr asymmetric. there's no doubt you can slow the economy, world economy, u.s. economy. look at the inflation pressures, it's a horrible thing. you look at

alpha, tuesday, september 13th, 2016. "squawk box" begins right now. ♪ signed sealed delivered ♪ 0 yeah >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin and we do have a big day ahead of us as we bring you a front row seat to the sixth annual delivering conference. produced by cnbc and institutional investor. >> signed, sealed and delivered. not seeking. very few deliver. >> this event brings together the most important players in asset management and tackling the critical issues facing investors in today's economy. among the headliners today we have treasury secretary jack lew, his predecessor tim quite quite, ray dalio, steve schwartzman and carl icahn. stay tuned to cnbc all day for the highlights. in the meantime let's get you caught up where we stand. yesterday the markets had a rebound. the dow was up by over to 230. volatility is back at least for a few days. dow is down by almost triple digits decline of 96 points below fair value. nasd

earlier on delivering alpha pulsinger from l.a.years, 30 years, not safe havens, bill miller saying short the ten year, yields moving up, as they were making those comments. you would think this would lead to a spike in banks. look at the bank, the kbe, which stayed down, moved up briefly, l long after they made their comments. the other story, oil, the iea coming out, demand will be lower than anticipated next year, particularly for india and china. none of the oil stocks have done anything all day. all big names down 2%, 3%. they're all trading towards the lower end of the recent range in the last three or four months. here is the s&p 500, yo-yo, as we like to call it. down 1.5% today. up 1.5% yesterday, down 2.5% on friday. and, melissa, the general feeling for the next seven or eight days until the fed meeting this is the kind of volatility we're likely to see. back to you. >> bob, it is interesting, because for, what, basically two months, we didn't have a 1% day. it was legendly flat. now the last three trading days we had al

it is another busy hour from delivering alpha.will speak to bill miller live from the conference and steve schwarzman and carl icahn both set to take the stage later this hour. joining me on the panel today we have senior market commentator mike san thole here. welcome, guys. for more on today's market action there is so much to get here. what do you think in a nut shell has happened? >> continuing from friday is this back up in bond yields we have had globally. it is giving a little bit of a shock to the premise of a lot of stock ownership. lower for longer with rates. it allows you to pay more. it allows you to justify higher valueuations. that is the immediate overlay of what has been happening here. once you have that buyer strike i don't think it is mostly about the fed. the fed is looking towards december. it is just about why our bond investors are getting cold feet. we have not made net progress since july 8. doesn't mean it is the whole story. that is what i think upset the stock side. >> another fascinating development t

alpha hasn't disappeared. we've had three quarters of consistent outflows and hedge funds, and everybody thinks, you know, says my gosh, what's happening? is it it's fine. it's fine. capital is shifting. >> this massive move to indexing from a trading point of view has changed the way stocks trade. my strategy has always been longer term. one to two years out. if i'm a manager, i have to start looking further out if i want to generate alpha. >> hedge fund strategies are cyclical. what we've seen of late is a function of crowding into certain strategies. >> places that a manager can create an advantage in the past are also disappearing. >> eventually the strong survive, and, by the way, it's not a bad time to have a weeding out of people who, you know, aren't the best stock pickers. now that fedex has helped us simplify our e-commerce, we could focus on bigger issues, like our passive aggressive environment. we're not passive aggressive. hey, hey, hey, there are no bad suggestions here... no matter how lame the

sara and david are at delivering alpha.ighlights, talk to mark carhart and ubs's jonathan patrick. >> the reviews are in. apple getting ready to release its latest iphone 7 and iphone 7 plus to the public. we'll put the new device to the test, right here. >> wells fargo is in the hot seat this morning after announcing it will eliminate all those product sales goals for retail bankers effective january 1. we've got the latest on that unfolding controversy. but first up, cnbc and institutional investor hosting the sixth annual delivering alpha conference in new york city. sara eisen and david faber are there. good morning, guys. >> hi, carl, good morning. a lot of news being made here. really headlined by jack lew, the treasury secretary. speaking with steve lease man to kick off the conference front and center, apple and the european commissions action over its back taxes in ireland. here at the delivering alpha summit, here's what treasury secretary lew had to say about all that. >> the action that the european commission t

we bring you a front row seat to the alpha conference.nt brings together the most important players in asset management and tack tell critical issues facing investors in today's economy. among the headliners treasury secretary jack lew, his predecessor, tim quite quite, steve schwartzman and carl icahn, a massive day at a moment when volatility has speck. stay tuned all day here on cnbc. >>> let's check in on what the markets are doing. we're lower. triple-digit declines while not any more. typical. the dow lower by 97 points. the s&p by 12, the nasdaq by 25. expecting about 0.5, 0.6% decline at the open. yesterday we expected by the same but by the end of the day we saw a significant rally. only two of the s&p sectors didn't rise by more than 1%. that off the back of fed expectations, being pushed back out to december as opposed to september. we'll discuss that in just a second. >>> european trade this morning, somewhat surprisingly and same is true of asia not showing significant gains because asia and europe decline. yesterday they did

while face back, alpha bit and especially amazon are not treat.ow alibaba, even though that's from china. 8.9 million households in the u.s. own an rv. how can you make a money from the trend? i'll clue you in. can elf be a thing of beauty after its first day of trading? >>> and fabulous long-term investment that can help immunize you from the gyrations of the economy. >>> and two different people on the subway. two different people. you'll have to take a look at that. stick with cramer. >> don't miss a second of "mad money." follow @jimcramer on twitter. have a question? #madtweets. send jim an e-mail at "mad money" at cnbc.com. or call 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. still paying for your home when you should be enjoying your retirement? if you've paid off at least 50% of your mortgage and you're 62 or older, a reverse mortgage might be the answer. a government-backed reverse mortgage stops your mortgage payments and gives you steady tax-free income. let the home you've taken care of, take care of you. turn your equity

they gathered at the delivering alpha conference, presented by cnbc and institutional investors.n tyl w >> today at the delivering alpha conference in new york city, policy makers and the portland's top investors came together to share ideas. the day began with treasury secretary jack lew commenting that while he thinks there is ample time to get the tpp, the transpacific partnership, through congress, before the end of the president's term, he sees a less bright prospect for any progress on tax reform. >> the political environment is not one where it has been ripe to take up something like this. but the ideas that we have been promoting will be the foundation for action in the future. it takes a desire on the part of congress to do something hard. hard things don't happen unless there's a real, real desire to do it. >> on the investment front, the head of one of the largest and most interesting hedge funds of all, ray dalio, of bridge water, said you should set your economic expectations very low. >> closer to 1.5 to 2%. but i think that the answer to the question is really, why

so much to cover out of delivering alpha today at cnbc. kay kelly.f ideas here, a lot were presented. what do you gravitate the most? >> i think the idea of selling g-7 bonds. that to me is most interesting. i would take out the u.s. i think that's a better relative value trade. everything else, without a doubt, is in a bubble. we're in a bond bubble, no question in my mind about that. >> pete? >> the most interesting thing for me was bill miller. always been fairly bullish. but he pointed out a couple areas where he thought, for instance, the airlines. he said these are incredibly cheap, essentially. this is a buy here. we've all thought that for a long period of time. i've been one of them. interesting to hear that when you look at so much devastation in the market over the last couple trading sessions. >> jim chanos, short on tesla, well-known. shorting tesla and solarcity. is that a good deal? if the deal falls apart, great for the short position, it would be great for tesla. >> tim was arguing last night on the show. in the short term, tesla mig

better than last year's delivering alpha call. >> we'll see how yesterday's delivering alpha call --> dangerous. we got to put high voltage signs up. >> yes. >> this is called the third rail -- delivering third rail. i mean, you ever see the third rail? >> we spent a lot of time on it yesterday, jim chenos coming out talking about tesla. corporate governance we've also focused on here in that solarcity deal. but beyond that, jim, we had some pointed questions for him and he came back, stock is up today. but it is favorite of the hedge fund community. >> solarcity has had -- there's been a big downturn in that solar business since this deal was even announced. that's obviously not what he was talking about. he's talking about how the company is worthless. >> right. he's talking about the fact that they're going to need excessive access to the capital markets for a long period of time given what he believes now they're taking on in solarcity. the shareholder vote hasn't occurred yet. >> didn't you love this moment you asked him, well they have access to capital, he says they have acces

there was a feeling across the board that it's super hard to deliver alpha.hen you have a guy who says we're headed to a negative place. we're in a low-growth environment. there was consensus on that. that will persist. low an negative interest rates, it's debatable how much they helped. whether they could have done more or less at the fed. the bond rally is going to end at some point. we don't know when. it will be ugly. a lot of pessimism there, even though boaz is doing well and other debt investors made money in this environment. >> two points on rates. the u.s. consumer doesn't care about the fed, they care what they'll pay on their mortgage and credit rates. the ten-year year rallied 16%. the ten-year yield f we're worried about consumer facing interest rates. the consumer will pay 16% more than he would have a couple weeks ago. >> but it's still cheaper than a couple weeks ago. >> that's the jamie dimon thought. the big fear, the big risk, the big unknown about a rate hike is not about whether a consumer will pay more, it's does the multi hundred trill

we'll continue our coverage from delivering alpha.ave been hitting the comments from ray dalio, carl icahn, we'll follow up on them. >>> and volatility is back. it really was a snoozer of a summer no the fsu summ summer, now the futures are moving. is it fed related? election related? oil related? we have delivering ail fashlpha markets and your money. it's still dark outside. a lot to do. i don't need to complain to you guys about getting up early. you actually, i don't think, go to sleep. >> of course we do, brian. the focus for us always is getting well rested to deliver "worldwide exchange." >> in the dark, as always. >> you've been in america already too long, my friend. >> great stuff. look forward to it. "squawk box" in ten minutes time. >>> still to come, the big factors likely to drive the trading today. ction. no, it's a fact. based on hundreds of proprietary and open data sets folded into a real-time, actionable analytics model. nine. eight. three. five. two. you're not gonna round that up? you don't round up facts. powerfu

alpha. >> don't have a word to describe the alpha. >> no. delta kappa psy alpha. >> to the third power. >> indeed. >> yes. >> indeed. >> look at all those people. >> who are you doing? >> we're doing best ideas panel with a bunch of really good ideas this year. >> and we might -- >> for a change. and then we're going to team up on some other people too. >> really? >> i don't know. >> okay. yeah, but anyway, last year i interviewed nelson peltz and bill ackman and they talked about refranchising. ackman wanted to refranchise mcdonald's and then suddenly got involved with burger king. they adopted his model. that is the last thing on earth that clip wants s tchipotle wa. here's something that's going to work in ackman's favor. the yum incident. kentucky friday chicken. taco bell incident a few years ago, 2006, then the tremendously terrible 1993 jack in the box e. coli, four children dead, more than 150 brain and kidney cancer -- kidney damage and in each case, 12 months later, as you annualized it you saw a turn in the comp stores and had to

let's say if you can generate alpha a long time.d question. >> i'm glad you said -- you did not say it is ridiculous question. >> no. if you define off as unique and you cannot get it anywhere else, you get into, in my opinion, i have not seen a better answer, you get into game theory on what you should charge. in principle, you could charge .lmost all of it i could beat the market with 5% every euro the time. not only 5% of alpha, but i was perfectly consistent. say, that is gigantic. a guaranteed plus 50. that is a fictional world. where you going to -- the prices get laid down. fraction.rger i do think there are things in the world that generate alpha. even we will look, when i talk about these factors. better.o make them >> there are 9000 hedge funds or howthing in that order? many people in your experience having studied this statistically can do it. how big is that group? >> 11. i think most of the time you look at these and the numbers are closer to 50-50 then you could imagine. .mall edges matter a lot if you look from 94 to

dangerous alpha. >> dangerous alpha. >> sounds like maybe a movie title almost. >> i kind of like it. sounds spicy, interesting. >> it does sound spicy. srirachi. >> delivering alpha. >> dangerous alpha. >> we'll see what the next couple of days brings. there are going to be some specific industry stories. apple wraps up of course its first weekend with the iphone 7 and 7 plus in stores. j.p. morgan out with a note saying positive reaction for demand is premature. the firm citing carrier indications more in line with their own second half forecast, adding that apple usually runs into shortages at this point in a product launch. you made the point a moment ago, apple responsible for a large part of last week's gains. >> usually you have shortages except for the fact a few weeks ago we thought they were going to have too much inventory. so that's great. why don't we go back a few weeks and say, listen, big worry is that they can't meet the demand. i mean, come on. i saw some pieces this weekend, these are the greatest ones. if the samsung phone didn't catch fire, then apple wouldn't do

so you're committed to delivering alpha.eople sounded fearful yesterday that the end of the credit cycle was approaching an end. are you as worried as they are? >> you know, i'm not woreally. i think there is a crowded trade that is out there, it is in this low volatility safety trade and you see an incredible rush of capital to this. and what that has meant is that stocks aren't being priced for growth. you know, there is growth, where it is open ended and secular. at the same time, you've got stocks that are reflecting distress asset prices. when the fundamentals are dramatically better. for my view, we're finding great opportunities both in great secular growth stories around the world, as well as really interesting deep value stocks that are -- where the fundamentals are substantially better than the share prices reflect. >> brexit, negative interest rates, populism, the rise of the right wing, we got all these things, george that have never happened before. is there any historical guide? can you look back at any textboo

cnbc and the investors will bring you the sixth annual delivering alpha summit tomorrow in new york. speakers include bridgewater associates founder ray dalio as well as elliott management founder paul singer. these guests and many others are tomorrow on cnbc. and you certainly do not want to miss that one. >>> meanwhile, the future of alpha will depend on demographics according to bank of america merrill lynch. in a new report the bank said millenials and centennials will account for 60% of the global workforce by 2020. and both corporate and investors need to adopt to the new demographic reality. well, for more we'll bring in sergeant hall, managing director of bank of america merrill lynch. good morning. good to see you today. before we get into specifics of the millenial trend, when you look at the market reaction today and the uptick in volatile till, how do you make the case for investing? >> we are living in a world which is star for alpha and we believe that a house needs to establish a shopping list with a one to three-year timeline. >> what is on the shopping list? the repo

>> since i wasn't paying attention to alpha m, i'll just go about it like i normally do. >> no! >> that will get you a second date. [ laughter ] >> swallow next. >>> you now know how to eat an >>> that's all for today's show. >>> right now, weekend edition, not out of the clear yet. rising water in the bay area forcing families out of their homes. there are mandatory evacuations underway in pasco county.>>> a former nfl superstar back in the spotlight and for nothing good. why lawrence taylor was put behind bars in florida. >>> labor day weekend, we've had a lot of other news going on this week. there are some sweet deals. we will run down what you can save the most on this three-day

don't miss the blockbuster lineup tomorrow at the alpha delivering conference. the summit is produced by cnbc and the institutional investors include treasury jack lew, carl icahn and more. over the last few years, it seems like all we talk about is the poor performance and the outflows. >> i couldn't agree more. but it is interesting we have had the big sell-off and spike in relatively the day before we have the experts to shed light on it. >> absolutely. >>> when we come back, much more on the morning's market global sell-off. we are watching it for you as we begin with the week with volatility. check out the casualties of the home builders xhb index having the worst day in about three years on friday. it was one of the hardest hit. we'll be watching that at the open. >> and not the only thing that stalled out on friday, a lot of things did. the facebook and twitter question today, we want to know how much further does this sell-off have to go? weigh in and we'll bring you the results later as we continue the coverage here on "worldwide exchange". hhh... but w

sigma alpha epsilon says they account but have since removed the pledging process altogether. >> it is about manipulation, about abuse of power. it is not about bonds of brotherhood. >> reporter: roslyn weissman is an expert on young adults and the author of "master minds and wingmen." >> unfortunately what happens in practice tearties is that young men are bonding through the most superficial ways of being a man. by drinking as much as you can. by partying as hard as you can. by going after as many women as super fflly as you can. >> reporter: the movie on the memoir "goat" by brad lands. >> i think what lies at the part of it is this important relationship between two brothers. >> reporter: brad fledged his younger brother brett's fraternity at clemson. >> watching some of these scenes, the duct tape, the cage scene, i'm thinking, this can't be true. >> i think it's tame. it can be a bit tame, actually. >> you think it's worse in real life? >> yes. it was worse. >> reporter: brad says the hazing broke his spirit. out of the fraternity, choosing true brotherhood, they say, over the gr

>>> and much more from carl icahn from delivering alpha.p of the hour on "the halftime report." carl, see you in about 15. >> that was good stuff yesterday, scott walker. thank you. >>> now to the cme group, rick santelli, "the santelli exchange." hi, rick. >> hi, carl. there are a lot of cool things being written about the treasury markets, and indeed, there should be. i'm not sure if we're making a generational low. it seems like a safe bet, but do remember, you know, if you look at 2012, a whisker under 140, look at the recent low this year around $136, there's not a big path in between those two. so, arguably, you could argue that we've made a generational low a couple of years ago, but is it really important? it sounds great. i think it makes people look smart, and indeed, maybe you have to be smart to draw those types of conclusions, but that's not in my opinion what's the most important thing. and i think there's a good example. let's look to the oil market, okay? there was a close to $150 trade, and then there was a $26 trade. does

andrew lowes was in sigma alpha epsilon at dartmouth. >> pledges had to go through initiation rituals ranging from constant binge drinking, chugging vinegar to vomit, competitive eating challenges. >> reporter: he admits he perpetuated. >> seeing that on the other side as a brother was traumatizing. just really weird. so it was not long after that that i left. >> reporter: dartmouth says hazing is strictly prohibited and charged his fraternity with violating that policy. sigma alpha epsilon says they weren't able to validate his account but have since removed the pledging process altogether. >> it is about manipulation, it is not about bonds of brotherhood. >> reporter: roslyn weissman is an expert on young adults and the author of "master minds and wingmen." >> unfortunately what happens in practice tearties is that young men are bonding through the most superficial ways of being a man. by drinking as much as you can. by partying as hard as you can. by going after as many women as super fflly as you can. >> reporter: the movie is based on the memoir "goat" by brad lands. >> i think w

honestly he looked very vikings like. >> talking about delivering alpha. >> dangerous alpha. you call it -- >> looked like for the vikings -- three sacks. >> he was looking for -- >> the problem with sy, he is so smooth you start thinking that, you know, am i being sold? but the fact is is that i like the play on china. i think china is doing better than most people. i know that is strictly v verboten. i'm hearing very good things, auto sales were on fire in the month of -- >> yes. >> yes. >> let me ask you this, on back on the fang, three months, remember -- >> it's fa because they changed the darn name and wrecked everything. a note to follow higher stock price. >> facebook up 17.5% three month, amazon at an all-time high up 17%. netflix up 13 1/2. google is up 19. you stay with those -- >> i think amazon -- i will keep thinking about what bill mueller said at dangerous alpha where he said it is not dangerous at all. it really is going to double and then i look at -- do you know that alphabet has not been expensive for a year now and -- moonshot. it's not moonshot. it's on

this is full of alpha hydroxy and vitamin a and c. i know you are going to start seeing spas all the pumpkin themed things. until it's like --. >> kyndell: i was asking for maybe the little ones or the men out there if mrs. wagner was to make something like this could mr. wagner take a bite before he put it all over her face. >> you could. >> kyndell: could you eat it. >> it's all natural. >> dana: see. >> get in the shower. cover yourself. scrum it up and your >> kyndell: what exactly is the benefit? you were talking about those enzymes and things of the pumpkin and putting it on your skin. >> it helps rebuild skin cells and helps with skin cell turnover. full of alpha hydroxy. this is definitely okay for your face as well. a lot of people ask can i use it on my face. yes you can. the second is a hair mask. so i really like this hair mask this is what we do a lot with our hair. so this is a great treatment once a month. you can make it in a big batch and freeze the extra. so you just thaw it out when you need it. so all you do is you

will he try to be the alpha dog -- >> i think he'll try to be the alpha but i think he's aware that holdsot of risks if he tries to outalpha hillary clinton. he could come off looking like a bully. when i look at that -- we've done this after a lot of primary debates. right? the big difference for tomorrow night, there's not going to be 15 other people on that stage that trump can try to throw elbows at. it's going to be just -- he's never been in that position before. >> can he do 45 minutes of talking, half of 90 minutes? >> on policy, on specifics, and on personality. he's never done 45 minutes like that, half of a debate, by himself with no breaks, no huddling with advisers. we didn't see that during the primaries. >> and if he falls back and just repeats the same thing again and again, you know, make america great again and i'm going to build a beautiful wall, if he doesn't go beyond that and have something new to say, he could come off looking pretty bad. >> i think that's been part of the prep to the extent there's been prep, has been to actually try to push that envelope to get hi

sixth annual delivering alpha conference.his is the preimminent investor summit produced by cnbc and institutional investors. we'll be there all day starting at 6:00 a.m. headliners include treasury secretary jack lew, paul singer and carl icahn. more details at deliveringalpha.com. >>> and elon musk is announcing big changes to the autopilot on the tesla car. phil lebeau is joining us. the changes are coming over the airwaves in the next week or so? >> it's an over-the-air software update, that's what tesla is sending out to the vehicles with autopilot technology, all the vehicles built since october of 2014. here's what the software update does and what the new system will do. it's now allowing autopilot to essentially use radar to detect objects on the road. therefore, there should be fewer accidents, it will do a better job at detecting whether there's a vehicle that is suddenly stopped ahead of another vehicle in front of you. that's the whole idea here to see octobers and car that is the previous system could not see. b

he's looking like a beta to her alpha. he shouldn't have done any of that. stood, though, with her shoulders square. and when she looked over at him it was just her head turning, not her whole torso. by doing that she maintains her alpha status. >> how would you grade both of them? >> i would give donald trump a c, and i'd say secretary clinton an a-minus. >> you're not talking content. you're talking body language. >> just with the non-verbal. just with the non-verbal. nothing else. >> it's so fascinating to look at this body language stuff. jack brown, thank you so much, appreciate it. >> thank you, anderson. >> still ahead in our next hour, hillary clinton, donald trump hitting the campaign trail, running just hours after the most watched debate in american history. both claiming victory, neither one backing down. the latest from both campaigns when we continue. plus b vitamins to help convert food into fuel. one a day. redid you say 97?97! yes. you know, that reminds me of geico's 97% customer satisfaction rating. 97%? helped by geico's fast and friendly

all of these things make him look like he's subordinating himself to her alpha. looking like a beta towards her alpha. he shouldn't have done any of that. she stood with her shoulders square. and when she looked over towards him, it was just her head turning, not her whole torso. and by doing that, she maintains her alpha status. >> how would you grade both of them? >> i would give donald trump a "c" and secretary clinton, an a minus. >> you're not talking content, just body language? >> just with the nonverbal, nothing else. >> so significanting to look at this body language stuff. jack brown, appreciate it. >> thank you, anderson. >>> up next, hillary clinton and donald trump hitting the campaign trail just hours over the most watched debate in history. the latest from both campaigns when we continue. i am rich. in my gentleman's quarters, we sip champagne and peruse my art collection, which consists of renaissance classics and more avant-garde pieces. yes, i am rich. that's why i drink the champagne of beers. (ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't

the alpha fund blends the two strategies together and it is about flat.dgewater is the world's largest hedgefund company managing $150 billion in assets in total based in west port known for unique culture which embraces the notion of radical transparency which involves and all of that is a part of creating culture of very direct feedback. interesting place to work. and ray dalio because of his cultural issues and ideas he is a big fan of meditation. i remember hearing about that a couple of years ago and the audience was wrapped. >> they want to hear from him where he gets these ideas. >> you want to know what makes them tick. >> how they perform and what it is that allows them to get through their daily routine and for him it is the practice like 20 minutes two times a day from what i have read. very interesting. >> i hope you ask him about that tomorrow. >> maybe something to that. >> 22.5 billion is that a bet on ray dalio? you have other superstars not doing so well. >> there are a couple of factors. people are definitely betting on the long game. ft

make sure you join us tomorrow when we are at the delivering alpha conference. we will see you then. right now it's time for "squawk on the street." ♪ >>> good monday morning. welcome to "squawk on the street." i'm carl quintanilla with david faber, sarah eisen. cramer is off. futures red but well off the lows of the morning, the worst day since brexit as you know, worst week for the dow since the middle of january. europe and asia playing defense overnight and this morning, plenty of fed speak today driving bonds. and oil has touched the 50-day moving average. our road map begins with that global selloff. futures coming back slightly, but now goldman's out with a new very pessimistic note on the market. >> hp is buying samsung's printer business for $1 billion. we're going to talk to hp inc.'s ceo about that deal in a cnbc exclusive "squawk box," donald trump saying we're in a false market. and janet yellen is keeping rates low because president obama wants her to. we'll have much more from that interview coming up as well. >>> first up though, futures are reco

the performance comes from the index rather than the often generation. -- health the generation. -- alpha generation. that is going to continue to be with us, but eventually, less powerful as an engine. the discrimination is going to happen amongst managers, amongst investment and with an asset allocation. mark: give us an idea of the selection. sergio: if you remember at the fragile012, you had a five in front of your nose, but people were buying all emerging-market countries. they did not look at fundamentals. current deficits were there, but it took time for people to realize other countries were week. you had the side moving out and all the problems exposed. say to investors, hey, remember that time -- let's not make the error twice. let's look at the weaknesses come of the countries that can do better if the time comes. the commodity exporters that enjoyed 10 years of a bull run during the 2000s were the losers post tapir tantrum because they forgot to do their homework. you had india, china, mexico, turkey and now, we see that mexico, turkey, india are eventually starting to backped

but he is aware it holds a lot of risks if he tries to out-alpha hillary clinton. he could come out looking like a bully. the big difference for tomorrow night. there won't be 15 other people on the stage that trump can throw elbows at. he's never been in that position before. >> can he do 45 minutes of talking. >> on policy, on specifics and on personality. he has never done 45 minutes of that half a debate by himself with no breaks, huddling with advisors. >> if he falls back and repeats the same thing again and again. make america great. i'm going to build a beautiful wall. if he doesn't have something new to say he could come off looking pretty bad. >> i think that's been part of the prep to the extent that there has been prep has been to try to push the envelope to get him to do the 45 minutes so he doesn't fall into that trap. >> there are areas we all know from watching the debates he doesn't think much about. if one of those areas are gone into -- i don't know what lester's approach will be. more. take more time on that. i'll give you more time on that. let

alpha hasn't disappeared.rain can't make a judgment about one company versus another or one sensitivity products versus another, i mean these companies are run by human beings, right? and each one of us makes that judgment every single day as to what we think the future is of those opportunities. and that's what great portfolio managers do. >> love that. that was jpmorgan rejecting active management is dead. can you hear more and what others had to say by watching the entire panel. that's live delivering alpha @cnbc.com. if you're getting a iphone you may need a new protective case. oat terrify box is known as the strongest one. >> thank you very much. >> i think i had an oat terrify product once. i can't sotter without breaking in to a smile. in the case of the iphone 7 what your seeing in terms of demand here? >> demand is definitely up. i see a great quarter ahead for us. we definitely attached to any device that launches, so for us our sales are very dependent on whether it's apple or samsung or htc or any

she is the first alpha male. how does he respond to that. it's a 90-minute debate and the first 30 will likely be the most important. from gore signed to nixon sweating. both happened in the first 30 minutes. we can see a shift in the polls. why? there is no third party candidate on stage tonight. if this will move anyone, it's that sizable chunk of voters, about one in seven that are not just undecided, but in the johnson and stein camps. from western new york, the first member of congress to endorse donald trump. >> always good to be with you. >> here in your home state. let me ask this. which donald trump do you expect to see? >> i believe we will see president donald trump who is going to remain focused on the change. he will bring to america or two thirds of americans of americans say the country is going in the wrong direction. he is going to talk about the future and say things like imagine america when we have cities that are no longer at war. imagine america where our children and grandchildren have good paying jobs. imagine america

alphas. no, that's the season two finale. that was quite the cliffhanger.

. >> they connected with alpha dental. and this company has a trust where they help three people a year get dramatic kos meltic dental work. >> they don't have the money. >> and sometimes with these legitimately. she's definitely somebody who would qualify for that. >> your first presentation to somebody, your smile is so important. >> that was three months ago. this is her reaction after hours of work. she's got the shades on, the jackie o look. >> and she is absolutely ecstatic! >>> ten-hut. time for t report for duty. >> oh, oh, oh, oh! >> how about this reportin'. >> well, maybe they're on a mission, and this is their mission, you know, to damage this equipment they're trying to get rid of anyway. >> oh, there's a mission all right. and the mission is capturing and releasing as much of the goofy behavior as these guys in the swiss military can conjure up, like this. that is wrong. >> neutral now? >> i also think it's interesting they released this footage. i imagine if that were here, there would be a lot of frowning f

one that was echoed today at cnbc's delivery alpha conference. a major investor where big money speaks his mind and that mind was definitively, and i can say this without question, negative. in some ways i can't disagree. though i do not, on the record, do not share the depth of despair of so much of the speakers i heard today. causes gyrations that are magnified by a month that so often ends the complacency of a summer rally. if only because the pain is back, the most people feel like the pain is just not worth the gain. again, this moment of angst is understandable. think of the major variables out there. federal reserve officials each with the tune of desperate and unelected voices who wield tremendous power over stock prices. we ought to have trading cards to keep track of them so we know who the heck they are. you know what? my crack staff made them up. we know for instance that fed chief janet yellen's card has real value. like an honest wagger. same for the stanley fisher card. she are potential hall of famers, hof'ers as they call to the

. >> alpha devolver unos libros a la biblioteca y se enterÓ que habÍa una opciÓn de ciudadanÍa y se inaugurÓs se conviertan en ciudadanos y prosperen en la comunidad. >> lo que queremos desintegrar no solamente la participaciÓn cÍvica sino tambiÉn una integraciÓn social, económica y a travÉs de la educaciÓn. >> ofrece asesorÍa legal y clases y materiales de inglÉs para preparar el examen e incluyendo prÁcticas para la entrevista. >> la gente ya conoce las bibliotecas, y es de gran ayuda porque no deben ir a otro lugar para conseguir informaciÓn de calidad. >> rafael morales fue llamado a dar la experiencia de hacerse ciudadano, lamentablemente no toda la gente tiene la preparaciÓn, para poderla interpretar y para poder avanzar. >> inclusive le pueden realizar una teleconferencia como Ésta para una consulta gratis, se calcula que en san josÉ hay unas 80.000 personas elegibles para hacerse ciudadanos, en san josÉ, noticias univisiÓn 14. ♪ >> miles de mexicanos continÚan con las celebraciones por el 206 aniversario de su independencia y el Área de la bahÍa no es ajena a esta fiesta. >> uno de l

he had web pages up and they saw one of the claims was he was a member of kappa alpha sigh.e predominantly african-american fraternity says he first saw it on his website. he captured this days after he spoke at the rnc and then he started investigating. >> what did you find? >> there is no person names mark burns, john mark burns or any variation there after in the fraternity fraternity ever. >> he said he contacted david burns and they contacted kappa alpha psi and they had no record. >> i had started the process of being a part of that organization. >> is that the bio from your website? >> it is but this is not an accurate depiction of the bio. information has been added. i own up to any mistakes that i made like i did with my tweet. >> so this is not from your page? >> no. this is from my page but what i'm saying is obviously, this has been manipulated or either hacked or added the. >> reporter: cnn asked the site's host about the possibility that someone could have tampered with the church's website? the company says there is no evidence of a hack. cnn obtained the full

that's how much alpha there was. >> there's amex news.s court tossing out an antitrust case. >> that was a big win for them and a lot of people felt they took a lot of risk there and it turned out to be good. i'm surprised the stock is only up 52 cents, but we're in a tough market. i think the stock is probably an interesting buy here. that was one of my biggest fears. interesting. >> and then caesar's striking a deal to end the bankruptcy of the company's main unit, striking a deal with most of the unit's creditors. >> that's been a disaster. >> it really has. >> wow, nothing good there. >> but you know what's good? kite, fantastic news. any time that there's success on these drugs, i always get very excited because it means that people's lives have -- you know, there's extension, they're doing great things. but amgen, amgen has a drug that i thought would have done better. amgen is down, but you'll see kite up and i think that this is just one of those situations where there's just great science being done on immunotherapy. what we ough