i know that throughout rhs bridgewater, you have been at l rhs bridgewater, you have been at pains to heritage. in many ways it is i almost a link to our universal path in that the paradise garden, this passionate making that has been in existence since 500 bc and began in persia and iran and yet we see it cropping up through christian europe, from 1000 and then use it in the gardens designed by victorians and then you see all these victorian gardens. this crucible pattern and thatis gardens. this crucible pattern and that is why we chose to develop the idea of the paradise garden here. we have been talking this morning about the fact that, with it being a cold spring, a lot of plants have not yet flowered, as they certainly had last year. this of course being a walled garden... year. this of course being a walled rarden. .. , , year. this of course being a walled rarden... , , . _ garden... yes, it is so incredibly fresh. it garden... yes, it is so incredibly fresh- it is _ garden... yes, it is so incredibly fresh. it is minted _ garden... yes, it is so incredibly fresh. it is minted

are your headlines there's a broad pullback in asian equities as equities ease in costs meanwhile bridgewater associates say they'll continue to grow as a dominant political currency. >> i think you're going to see a strong currency, stable currency, more attractive returning currency, and also a more widely used currency, you know, in the years ahead. >> the crypto route continues amid reports that u.s. financial regulators are considering cracking down on digital coin trades >>> and deutsche trades move lower as they find money laundering controls. >>> well, good morning and to anyone watching from the uk, happy bank holiday happy watching cnbc. we're starting to watch some of the flashes out of the latest economic outlook just to bring you the top line summary, the name of the report is no ordinary recovery. they talk about the economic outlook brightening but in a very uneven way. they've got 6% pencilled in for this year after a 3.5% contraction in 2020, around 6% it's actually 5.8% there's some lines here saying despite encouraging signs in both the health and the economic recovery, man

greg jensen of bridgewater associates, thanks so much for your time today.ust want to point out that the nasdaq is off the lows, but it was getting more beat up. now we are down by about 1.3% for the overall nasdaq. the nasdaq 100 continuing to stay around those lows. this is bloomberg. ♪ ♪ guy: as you were pointing out before the break, the nasdaq is down 1.4 1%. overnight in asia, he look at what happened with the taiwan market, down for percent overnight. huge unwind. ashdown 4% overnight. huge on what -- down 4% overnight. huge unwind. it is on the back of potential restrictions on covid. alix: that wound up reading havoc on s&p futures as well. that did have a knock on effect . we get inventory data, and we will talk to the ceo of continental. ♪ we know how much you count on us... ...and that's why we're here 24/7... ...and on the road maintaining a fast and reliable network. we're always working to ensure the internet meets your needs... ...by making access easier for all... ...with comcast lift zones and our internet essentials program. we're invested

she is the bridgewater director of investment research but far more is her time on the street bringingtically together the foreign-exchange market with everything else out there. rebecca, wonderful to have you with us today. on bitcoin, what did we learn this week? i put up there some of the dynamics, the silliness of it being a gold equivalent or coin equivalent. what did we learn? rebecca: i think we got reaffirmation that it is a speculative asset and still has a long ways to go to become a gold equivalent, to become a problem -- proper store hold of wealth, something you can count on to have purchasing power over time that will have stable and relatively low volatility. this was not a low volatility week for bitcoin, quite the contrary. jon: do you see a generational divide between certain age groups at believe this is the new gold and other age groups? ? that do not rebecca: anecdotally, yes. -- roots that do not? rebecca: anecdotally -- groups that do not? rebecca: anecdotally, yes. people looking for alternative sources of cash, you have a bias toward the cryptocurrencies versus

so bridgewater�*s arrival — albeit later than planned — will be very welcome., scotland and wales, stages are beginning to burst into life as audiences can return once again. everyone is so excited. we know the show, so we're just kind of fine tuning at the moment. and everyone is happy to be together. but when the curtain finally goes up and you hear the audience coming into the theatre, that's going to be a special moment. we love to perform, we love entertaining people, that's obviously our passion and that's what we love to do. and it's been hard not being able to do that but finally we're getting back to it which is an amazing yeah, just missing the crowd. hearing the cheer when you've just the cheer, and the energy you get | back as well when you're running | through the audience, you see as lockdown restrictions ease, agatha christie's the mousetrap was one of the first to reopen. the classic whodunnit said to be the world's longest running show is back after what has felt like the world's longest interval. well, no detective skills are needed to spot th

they don't know quite what to make of it just as many of us, but hearing her speak about she said bridgewaterll take us into the next error of different historical value and this can be particular value in a money printing world after all crypto doesn't have an internal rate of return, it doesn't have fundamentals, it's hard to know how to evaluate when you're talking about dogecoin or bitcoin or any other coin i like what yang said he doesn't know what's going to be the winner, personally he has a basket of all of them. jack: jump in here, lauren look into the crystal ball who's gonna win economically the u.s. or china. >> i think the answer is both, the panelists discuss it incredible onto venereal spirit in china and how battle hardened chinese companies have become as a result of the competitive other marketplace in the fact that they haven't really seen the entrepreneurial focus outside of the west and ethic it's very possible that you could have two separate ecosystems of entrepreneurship and competitive companies in the future. jack: all finish with one thing i found interesting in the

the fed governor will be speaking at 9:00 a.m., and ray dalio of bridgewater speaking today. there is increasing concern that some of the frost in that world is coming up with more companies opting not to raise money through that vehicle. the house financial services committee will hold a hearing on bats and direct listings, investor protection, at a time where people are worried some normalization of fed policy could lead to disruptions in these markets. and today, the u.s. commerce secretary will be heading to macron technology in virginia, talking about the chip shortage. how quickly can the u.s. act to shore up chip supply at a time when the amount of the lag time between when you get it is at a record? jonathan: thank you. two-your nose come tomorrow from the treasury, five-year notes shortly after, a day later -- two-year notes come tomorrow. there seems to be some weakness, which we have seen again and again over the last several months. not sure why. lisa: not sure anyone totally understands why. it has to do with a bunch of issues, but it has been a key marker of jus

and bridgewater. do you know were the easiest place to die is where you think there is a bubble?t is shorting the market. some run it hot, but red hot. that is what warren buffett said, his take on the u.s. economy, and he called it a buying frenzy. he issued a big warning on spac s. who is crowding me out of this bar? dani burger has the lowdown. good to see you. spac me up. dani: it is the annual meeting, the woodstock for capitalists. everybody loves to hear what buffett has to say. it is no surprise he has really concentrated on spacs because you mentioned the cash pile he has, more than $145 billion. i think there are questions as to why he didn't spend that. why didn't he do more acquisitions? he spent a lot of the past year going for buybacks. this is where he glop to onto spacs, saying it is a killer that will not go on forever, but it is where the money is going now and wall street goes where the money is. this is his reason, he says, why it has been harder for him to do deals. these spacs that move quickly, can go in and make a splashy deals and outdo a bargain-hunting

jonathan: rebecca patterson of bridgewater mentioned that.he uncorrelated asset of the year for some people has been the chinese bond market. is that something you are looking at, too? michael: we think that is attractive. there's a limit to how much people are willing to put into chinese bonds, but nevertheless, when you look around the world, it is one of the few bond markets that really offers an attractive field at the moment, so it is certainly something that can be used for our purposes. lisa: there's china, india, and then there's everyone else in the emerging markets. i wonder about some of these studies from the world bank and other organizations talking about the great divergence, the fact that the recessions have been brutal and are affecting the middle class way more in these nations than in the u.s. how do you distinguish between the haves and have-nots and the maybe have-nots for an even longer time post-pandemic? michael: our preference at the moment is for asia. if you are thinking about msci em, china, india, korea, and taiwa

haidi: ray dalio, the founder of bridgewater associates on bitcoin.o elon musk tweeted he is inclined -- in talks with bitcoin miners about their energy uses. he says prices the least interesting aspect. i want to ring in the founder and ceo of avanti bank and trust. one of the charts we have been looking at that shows the price action and volatility across crypto and bitcoin. this is from the weekend on sunday at range from 20% top to bottom, trading within $7,000 or so. price philosophically may be that least interesting ask about price action is the number-one reason a lot of institutional investors say, this is preventing us from living in. so when do we find that happy medium? >> well, bitcoin is certainly price volatile. it is not systemically volatile which is why i like to talk about price being the least interesting. point taken, investors, certainly speculators, are most interested in the price action. and what we saw in the most recent correction is a majority of coins that traded hands were purchased at higher prices so it was no investors

am looking at, 9:00, the fed is going to be speaking at the consensus crypto asset conference in bridgewater -- conference. very interested to hear about a digital dollar. ray dalio has come out with some skepticism about the crypto assets. curious to see if he has changed his views. the house committee for financial services, holding a hearing on direct listings and public financing and a host of different things as well as investor protections. how much are we going to reveal, in terms of appetite by regulators to crack down and then a u.s. secretary visits micro technology in virginia, also a company -- also accompanied by bipartisan congress members. semiconductor production in the united states as we see that ongoing chip shortage. jonathan: a quote for the weekend, the nice thing about the stock market is you stop getting your ass kicked on friday at 4:00 p.m. and it generally does not ruin your weekend. i think he was alluding to bitcoin trades. tom: china with two statements over the last week and you wonder what the next political statement will be, to move out bitcoiners. a theory

that leads me to something that caught my eye today, cummins from ray dalio, founder from bridgewatertes. he was speaking earlier at coindesk come and listen to what he had to say about bitcoin. >> i think bitcoin's greatest risk is its success. the more we create savings in it, the more you might say i would rather have bitcoin at -- personally i rather have bitcoin than a bond. and then the more that happens, then it goes into bitcoin and it doesn't go into credit, and then they lose control over it, so that is a risk. kailey: so bitcoin won on zero, at least at this point. my question is more about bitcoin to gold, because many have been making the case that the coin can act as an inflation hedge and can do a better job of that than gold can. but when you look at volatility, bitcoin versus gold, that argument seems unsteady to me. virgin galactic had its first successful test flight in two years this weekend. earlier today the space exploration company ceo told us about the plan about matching the demand for flight. >> the first thing we need to do is finish the test flight program

alix: that was the bridgewater associates co.ing to us -- associates co-cio speaking to us. now joining us, michelle's light -- michelle seitz, russell investments ceo, on the 85th investment for -- 85th anniversary for russell investments. you're the first in studio guest i've had in a year. what do you think? michelle: i think our portfolios are exposed to the ultimate outcomes of the clients, so we have been managing risk within the portfolios fairly consistently over time, but we have been constructive. fortunately, fundamentals are catching up with valuations, which is great. where we see opportunity in the market is in global value, so we have seen a rotation. i think katie was talking earlier about the breadth of the market, and we are seeing fundamentals catch up, which we are very encouraged by. guy: does that mean europe? michelle: it does mean europe as well. non-us certainly has some room to run. the u.k. is behind the rest of the market. but we are constructive globally , and we are constructive specifically around v

everything you're saying, mike, reminds me what this headline over the weekend from the co-cio of bridgewateraid something like 10% of stocks are pricing in 20% revenue growth and margin expansion, and historically 2% of companies have been able to do that, but he follows by saying -- shorting that kind of market or bubble, if you think it's a bubble, is the easiest place to die. >> that's right. >> that's the real conundrum for some investors >> absolutely. incredibly hard to fight the general trend of valuation expansion and also, yeah, maybe 10% of stocks are priced that way and only 2% achieve that those 2% if they go a couple 100% each, maybe pay for the eight losers know what i mean that psychology has gotten into the market by the way, nobody the short no shortages in this market at that multiyear low more deserving reality than saying, be careful don't be short this market, because i don't think it's popular to really fight it so far. >> great point, mike thanks for all of that >>> look now to rahel solomon for a news update. >> good morning. what's happening at this hour -- pfizer st

tom: eight minutes away from this report, bridgewater of connecticut puts out a note about inflationes, and they see the key is to understand this economy from bottom to top. boy, does that sound like the gym glassman prescription we have known for years. what does powell need to know about the bottom of the economy right now? james: i think he's got his hands around this. bottlenecks have happened in the pandemic, so the fed expects there are a lot of price pressures you are seeing in the commodity area. but the fed is saying it's chill. a lot of this will sort out as we get moved on the road. if you look at futures prices, you will see lumber and a bunch of commodities. the market agrees with the idea that things are going to slow down here. i think the fed's right to be patient because you don't want them having to fundamentally shift policy just because of some short-term problem related to the pandemic. so bottom up, i think the conversation in my world has changed dramatically. everyone is talking about price pressures, but we know why that is happening. there's a lot of bottle

shery: ray dalio my founder of bridgewater associates. on bitcoin the latest with su keenan. token ended up having its biggest intraday gain so far after another tweet from the london mosque after a possible -- elon musk after a possible use addressing energy concerns. su: elon musk continued to rock the price of bitcoin in the latest session. at one point sending the world's most widely traded additional quite up 19%. -- widely traded bitcoin up 19%. michael seller, another bitcoin booster, tweeted they held with north american miners sunday to discuss energy use transparency. he recalled tweets from musk last week about its carbon footprint, how it made it undesirable, set off a lot of this volatility. the group agreed to form a bitcoin mining council to standardize energy reporting. bitcoin shot up on the tweet, and came within striking distance of $40,000, before paring gains. remember it fell as low as $31,000 and change over the weekend, half its peak price, a dizzying run in the past few days. crypto related stocks also shot up to session highs shortly after the tweet,

unbelievable when is corporate america major investors getting the memo kyle you've got ray dalio bridgewaterlic companies, ready to open up their -- their businesses in beijing, i keep saying i have been saying for a long time, look at what happened to the ant group make sure you understand, the treating the that jack ma got. this is one of china's jewels, jack ma with you know billionaire air found one of the most successful in china alibaba that is the point you can't become bigger than china jack ma was getting too successful for ccp they disappeared him three months, when is corporate america going to get the memo here about the threat that is you communist china? >> yeah, i i mean, jack ma so far has gotten off easy maria, just -- removing him from position taking a bunch of his stock if you remember, the chairman of hna you know did a 50 foot trek off 2 1/2-foot wall, and then the head of interpol who is chinese disappeared and interpol was the one investigating th the hna dive off the wall, if you see the wall, it is 2 1/2-foot wall 50-foot drop on the other side the way that china op