bridgewater in 1983.are now approaching the generational change that each of these firms needs to go through if it hopes to survive beyond its founding ceo's and chairm en. in bridgewater, that is ray dalio. if ray or henry or george wants to institutionalize the firm, and that is the term people use when they talk about building a company that is going to survive for decades, you have to choose new leaders. so this is very much a coincidence and the timing, and the sense that all of these corporate leaders are in their late 60's, 70's, maybe even approaching early 80's in some cases, and they are being forced to hand off the baton, but ray dalio clearly wants bridgewater to outlast him, and that is why he has made many of the changes, including the appointment of these new ceos and the formation of a formal operating board, which bridgewater just disclosed last week. these are steps along the way. dani: fascinating stuff. fantastic reporting. that is bloomberg's erik schatzker. from leadership changes to

david mccormick stepping down from bridgewater.is bloomberg. ♪ manus: it is "bloomberg daybreak: europe." to bridgewater associates. they have named a new co. chief executive officers, the world's biggest hedge fund. a new chapter for the storied firm. david mccormick steps down. he seeks a career in politics. simone foxman is tracking the story. surprising that two people are named co-heads. i have seen this many many times. do you think it will work? >> it is not the first time bridgewater has had co-ceos. it has worked in the past. frankly, the firm has had a lot of issues. moving the succession plan away from ray dalio as he steps back from the firm onto the third phase of his life, that has been going on for many, many years. mccormick, for what it is worth, was named one of the people who were a likely good candidate for the pennsylvania race, very good for republicans in maintaining their presence in the senate. what is interesting for me about this new co-ceo relationship is that you have this young guy who has been at the

a new era at bridgewater. david mccormick quits. all that and more coming up. let's take a look at where the markets are. it is quite an interesting session. volume doing pretty well. at the open, you had a decline in the equity market. then it was buy the dip and we pushed higher. it was in everything cyclical rally. the s&p up .1%. financials, energy, consumer discretionary doing well. you are also looking at some airlines and cruise lines. the losers of last week doing well. we have the 10-year yield up 11 basis points. a huge move in the bond market. big underperformance on the long end. that is helping the kbw index. you would think if you saw a rally in the yield u.m.c. tech fall off -- you would see tech fall off. that is not the case. we will see if that can continue. i want to talk more about the bond markets. what do you make of the rise in yields today? >> i think we are playing catch up. going into year end, you see the market is cautious. now, it is game on for the fed as far as rate hikes. the market is starting to rapidly price in three hikes for

rebecca patterson at bridgewater associates, thank you very much, indeed.e going to do next? bank earnings start at the end of this week. we are going to talk about that next. this is bloomberg. ♪ guy: the nasdaq is up by 0.9%. live from london, i'm guy johnson. alix steel is in new york. this is "bloomberg markets." les spend, driven volatility starting to eat into fixed income trading revenue. this was to a certain extent a little bit. people -- a little bit predicable. the talk about what it means i'm about the rest of the earnings season as well. we welcome sonali basak. walk me through the jeffries numbers and what the take away is for the sector. sonali: did biggest take away is that wall street has gotten very used to hitting records. we are seeing jeffries which has been doing extraordinarily well in trading, finally see that slump in fixed income trading and that jump in investment banking, which many banks are expecting is not offsetting total revenues. even with a 5% rise in investment banking, you have a 3% decline in total net revenues. that is

bridgewater raised over 8 billion to become the largest global hedge fund player in china, is is by america'soing for communism? joining me now, fox news can jupiter and capitalist hedge fund manager, he knows a thing or two about the hedge friday, welcome back. happy new year. >> thanks, great to be with you. ray dahlia just like warren buffett, a great example of how to be a smart businessman with terrible politics. he wants us to emulate to align with communist china? this is frustrating, flabbergasted and infuriating. he knows better. more wealth created, it's created by more freedom, to earn money china was doing that for a long time. china's advancement in the 2000 really came only because of their liberal nations in the 70s and 80s so if you want to create more wealth, he should be advocating for more reid him. kennedy: they are not creating creativity, they are stealing from the united states so intellectual property theft has been a popular channel for them to take great ideas birthed from the incubator of capitalistic forces, they steal them so they are way ahead of the game in term

-excellent choice. >>> maria: talking with david mccormick this morning former ceo bridgewater associatesn entire op-ed this morning on fox business.com telling readers time to push back on chinese communist party from former ceo of bridgewater enormous statement ray dalio is cofounder of that firm probably the biggest support of the chinese communist party. a question apologize for break but please continue your thoughts. >> the point i was making two points i think we do need to have a substantially tougher set of policies in terms of how we are dealing with china to protect the american people both economically and from national security perspective i was lifting some of them but two or three i wanted to health one is i think we needed to decouple in key areas can't be genetic on high end technology can't be dependent for pharmaceuticals i think that is a really critical thing, and i do think, that we should have an outbound investment review process some kind i think unacceptable if u.s. investors or u.s. companies, are investing in companies in china that are supporting chinese milit

bridgewater associates ray dalio says markets are having to adjust to the prospects of fed lift off.> the federal reserve has been behind the curve, slower to tighten monetary policy. as a result, we are starting to see the rise in interest rates, to be able to deal with that. as that happens, all assets compete with each other. that means all of the other assets have to adjust. we are in the process of making that kind of adjustment. matt: joining us now is katie greifeld as well as betsey stevenson, professor of public policy and economics at the university of michigan, also a bloomberg columnist. katie, let me start with you and ask you about the insane swings we have seen yesterday. bespoke was telling us only the sixth time on record since 1980 that we have seen a decline of more than 4% and then finishing in a recovery. katie: those numbers are pretty staggering. history is not on our side here. also if you look at one month out from those six declines we have had, the median decline was about 5.5%. three month out it even worse. the median decline was 7.9%. we will see if hist

shery: bridgewater's ray dalio and u.s. china relations susan shirt.ck on draft rules from china that could significantly alter how and where chinese firms go public outside of the mainland. stephen engle us from hong kong to discuss. so this group representing global banks voicing their concerns to beijing. what are they saying? stephen: yeah, obviously there's some concerns because there are sit -- different systems at play here. and as ray dalio referred to, the souring political situation between china and the united states and china's emphasis on data security as evidenced over the last year and a half on the crackdown on big tech. and this is kind of an offshoot of that and the intellectual property and data and making sure that the big companies that go abroad do not have their sensitive data or strategic data leaked to foreign hands, right? so these new rules, sweeping new rules for ipo's and the regulatory process for approving them were unveiled in december by beijing. now are in this consultancy period, and this industry and financial market

[applause] we brought care and compassion to bridgewater state hospital after decades of national embarrassment. [applause] a long list. we created -- treatment beds in state history and became the national leader against the fight and opioid addiction. we eliminated the widespread use of hotels and motels to shelter homeless families. [applause] we fixed a very broken home connector and made it a national model and we made deepwater a booming affordable reality in america. [applause] we created the first municipal venerable ability program in the country. over 95% of our communities participate. we modernize local governments by updating 50 years of mostly useless statutory busywork. there were so many happy officials with us when we signed that bill into law. [applause] we enacted long-overdue changes to our exclusionary zoning laws to unleash must -- much-needed housing building options. [applause] we rescued a bankrupt and unaccountable public transportation system and created a soap -- an oversight board and invested over $6 billion to modernize this for structure bid. finally, after 30 ye

they're completely their faith. bridgewater wilson is one of india's most relentless activists for the countries poorest and most neglected people. when i called him, he was in the midst of organizing the distribution of food packages, and russians went till them wanted to be there with their family. and your role though, that the $64.00 international flights will be operating from thursday for one week to evacuate. indian started in 1200 when the board want to go back to their own. why do you, how much prorated appears that we are not giving it? if we're going to want to, we want to actually actually, i'm not understanding the very read the book is enough that we are not considering them of the didn't at the heart of any lockdown is the need to stay indoors, stay at home, sty at home and canarsie, and gotta get up when a good a man he loves it, but for millions of indians, not only can they not afford to remain in doors without a daily income to ensure their survival. there is no home to physically distance in . in the indian census, the latest one was conducted in 2011. the homeless

. >>> coming up today, a can't miss interview with bridgewater founder ray dalio.hat exclusive interview is coming shortly asking bank of america's head of commodities research where he thinks oil prices could be headed next. >> let's focus on the big stories this hour. mike santoli tracking another wild day joining us with his take adam parker mike, what are you focusing on right now? >> tentative steadying action is not movement under the surface there's a weak bounce in the growth sectors after being oversold today the s&p 500 did go down and held the initial technical areas people were looking for. it comes up in there really what we have done is tried to stop the bleeding in this area. right around the november/december high just there's been a lot of money in motion and seems like today with a payrolls number first thing tomorrow morning sometimes the market idles in neutral before that. this is happening across the market real economy stocks are back in favor. here you have regional banks in financials they have converged. similar total movement here's the b

we are hearing from bridgewater associates ray dalio the u.s. two about fairness, talent and redistribution of wealth. haidi: this is ray dalio's playbook. we have documented and dug deep into his history, his fascination with china. china is one of rich waters biggest clients. -- one of bridgewater's biggest clients. he has been a controversial booster of china's policies. saying xi jinping's push to redistribute wealth and opportunities allows the economy to draw upon a wider talent pool. ray dalio saying that at an investment group conference monday. saying that campaign is often misunderstood by international investors and he said you were supposed to get rich and then you make a point of distributing those opportunities. the u.s. needs more prosperity. ray dalio going out to point out what he sees as some of the positives about chinese government policy. shery: really quite the break from other big investors. george soros has criticized china's policies not to mention scott minerd calling china at one point uninvestable. let's turn to vonni

i mean, you know, look at like i said blackrock, bridgewater.ors to up their investments in chinese companies by three times. do they not understand that they are funding china's expansion and at some point if the ccp does overtake the united states there certainly will not see the same upbringing, their children will not have the same upbringing they did in a chinese empire. >> well, the case of blackrock is interesting. apparently blackrock backed new board members, pushing exxon to divest itself of certain oil fields that if they did would almost then certainly wind up in chinese hands. and if you think that the chinese who are building over 30 coal fired power plants cares about environmental degradation, i wonder if these folks are also investing in bridges between new york and long island. maria: yeah, right. well, that's the thing. i mean, you know, they want to come out and be this esg champion by telling us not to invest in fossil fuels and yet they're investing in china which the last time i checked was the biggest polluter in the worl

laura: bridgewater associates have named two co-ceos for david mccormick. and mark ber tolini. credit suisse is laying off 69 employees in new york according to a company filing. the cuts will take place in march with the lender set to wind down its prime services division in august. this comes in the wake of the archegos issue. it is the end of the road for an iconic smartphone. washington post reporting that today is the end of the life date for the blackberry. the company is winning devices running on blackberries legacy operating systems will no longer reliably function and will not be able to send a text message or dial emergency services. the phones popular -- the phone 's popularity dave it its nickname, crackberry. francine: tom goes back to the big one. i had a pager. tom: i am not that old. i do remember my dad having one of those things. it felt cool at the time, the 1980's rick of a phone. you plug it in and charge it and at last about an hour. i had the nokia that was very robust. francine: i miss those days. you could not take pictures. we hav

bridgewater sees a much bigger drop in the share

bridgewater associates named two co-ceos to replace david mccormick as he steps down for a potentialate run. they will become the joint heads of the world's biggest hedge fund. the white house is set to nominate philip jefferson for a seat on the federal board of governors. the first black man to hold the position in the -- the fourth black man to hold it in the history. more than one million people in the u.s. were diagnosed with covid-19 on monday. the omicron variant continues. the record was set just four days ago. this came during india's delta surge. hong kong will require people to have at least one covid-19 vaccine shot. that starting in late february. they are pushing back plans until after the lunar new year holiday to allow them to repair and give time to roll out to the one million or so people. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> people who want to avoid the virus at all costs matter what will be stuck at home. as we get to 2022 and we say look

military background, bronze star, served as ceo of bridgewater associates. it's a crowded race, dr. star power over there. are you concerned he is to as some say establishment? his fund has done a lot of work in china, his partner is pro-china to the max. are you worried about that and have you discussed these issues with him? >> i have and i'm not concerned, i've known him for a lot of years and i think he is an exceptionally strong candidates. we got to win pennsylvania to take the senate and you look at dave's story. born in pittsburgh, grew up on a christmas tree farm in western pennsylvania, he was a high school wrestler, high school football player. got appointed to west point, he was the captain of the wrestling team. you and i are lawyers -- this guy was an army ranger, combat veteran in iraq, served as the senior official in the security council, he was ceo of a big company in pittsburgh creating over a thousand jobs in pennsylvania and when it comes to china, he has stood up to china over and over again on behalf of the national security council, on behalf of the treasury

the fact he manages chinese money, that bridgewater managed state money going back to 1993 really speaks to the conflict of interest of the entire complex of corporate america that is still trying to take advantage of the business opportunity, even as the u.s. tries to double down on these human rights violations and other issues they have with china. how does this dynamic play out? jon: there are two issues tom touches on and i think you are right to touch on both. one issue is how cozy the relationship is with ray dalio and the chinese government. the second is billionaires talking about inequality. tom: i don't know. we gotta get started. anne-marie says you are going to have to do it but i will not come on later. we m is in the wrong spot right now. the letter m is in the wrong spot. jon: will you try this through commercial break? are you sharing your score the end? tom: worst player in the world. [laughter] jon: futures up .3 on the s&p. this is bloomberg. ♪ >> with the first word news, i'm leigh-ann gerrans. ref i'll bostick says the central bank may need to raise interest rates a

he's a former bridgewater ceo, and he's got double digits, even though the straw poll was only two daysng there that he does have some inherent appeal. but a bit of a surprising turnout for dr. oz, the celebrity name in this race. only one vote. he has, of course, a lot of name recognition in the state, chris, but looking like in terms of the party itself, he's not being taken as seriously, quite yet. when you go to the democrats, though, you've got lieutenant governor john fetorman, who is very well known here in the state. he's styling himself as a populist who can win over some of those rural voters. he's putting up big fund-raising dollars. the other name i've often heard from voters and folks in the state, conor lamb, who's running as a moderate, who can win over the union voters, and blue collar voters, like the ones we have here in luzerne county. and there could be a potential mix-up in the schedule to the primary over redistricting. state republicans can't dpree on maps they've been blowing through those deadlines. and it's difficult for a candidate to run if they don't know wh

. >>> for more ideas on where to put your money, be sure to catch an exclusive interview with bridgewater's founder ray dalio this afternoon >>> steve liesman here with the story. >> thanks very much, kelly st. louis fed president telling a group in st. louis that this hour that the fed is in a good position to take additional steps to control inflation those steps include passive balance sheet runoff i'll come back to that word in just a second, as well as raising interest rates the fed, he says, could hike rates as soon as march, and it can adjust rates up and down, depending upon do rates faster or slower depending on the economic data. he does not see omicron as a big risk to the economy, believes that cases if it follows the south african model, will fall off in the coming weeks. separately, san francisco fed president saying that the fed needs to hike rates to keep the economy in balance she now supports rate hikes. but she says the fed should only reduce the balance sheet after raising rates, so a more dovish ideas. he was joined by governor chris waller who used to be his research d

dan next in bridgewater, new jersey, republican line. >> it doesn't matter, for example i heard the man of new york and the president of the bronx speaking and they were amazing. sixty years in new york city, i never heard such profound thinking. i didn't look at their race but when biden gets up and says it's going to be a black woman, he's making a statement not about the physical characteristics, he's making a statement about the closed mind format in which these people are working and he is debasing the supreme court. since he's been president, joe biden has screwed up everything he has touched. i'm just hoping a massive republican majority that he creates in reaction to his stumbling and fumbling around, that he just won't run for a second term. >> survey on article we read that president reagan when he was a candidate in 1980 said he would appoint a woman to the supreme court his first chance came in july of 1981 when he selected sandra day o'connor. this is a quote from president ronald reagan on the announcement, july 7, 1981, the president says at that time needless to say, spe

bronze star served as ceo of bridgewater associates. dr.is a crowded race got oz and star power over there. aree you concerned that he is too, as some say, establishments ? his fund doesayme a lot of work in china. his former partner ray dalio is pro china to the max. >> are you worried about that ?? have you discussed these issues with him soha i have and i'm not concerned about that . i've known dave for a lot of years and i think he is an exceptionally strong candidate. we've got to win pennsylvania to take the senate.e. and you look at dave's story. i mean he was bornre in pittsburgh, grew up on a christmas tree farm in western pennsylvania. he was a high school wrestler. he was a high school football player. he got appointed to west point. he was the captain of the wrestling team at west point. and i got to say, laura , you and i are lawyers and supreme court clerks. this guy is a bad. he was an army ranger who was w a combat veteran in iraq. he served as a senior government official in the treasury department, the national security co

maria: i was reading a piece the other day, about ray dalio founder of bridgewater associates he saidto myself whoa how rich, china is rising while u.s. in decline hundredth i been among people funding that rise for the ccp by managing money i also understand that his son runs a charity in china. lives there as well, they have a very close relationship to the ccp. >> they do. and odious i adequated in book ray dalio said, in his book principles talked about the second most powerful man in china, and calls him a sort a quasi religious influenza on his life ray dalio's life said this man a remarkable force for good for decades i thought take a cursory look who is this man, that gets the high operatives from ray dalio, this is president xi's enforceer, the commitment manager called him most feared man in china this is the guy takes political opponents gets them thrown in jail, purges political competitors this is the guy ray dalio plays out some kind of saint, it is really, really odious stuff. >> and yet ray dalio is able to write a book and maim it principles. principles. you also writ

haslinda: that was ray dalio of bridgewater associates speaking with david rubenstein.f that interview next week on bloomberg television. we have breaking news on evergrande right now. evergrande bondholders did not receive a dollar coupon due on monday, and that is the very latest we have on evergrande. some bondholders have yet to receive the dollar bond coupon payment due january 24, according to investors who hold the securities. we will bring you the latest when we have the details. now, let's do a check of the latest business flash. activision's popular call of duty franchise remains on playstation despite the acquisition by microsoft. activision says it will release the next three games on sony's platform in addition to microsoft's xbox. microsoft shares were covered in late trade after investors were reassured is still has the potential for broad growth. the company posted sales and broad gains with revenue climbing to $51.7 billion. microsoft expects its zero growth rate to pick up in the first quarter. rishaad: that's have a look at the eu. there's a big cavea

the founder of bridgewater is urging the states to narrow the wealth gap.t conference dalio praised atreides push to redistribute its money and opportunities equally among the population. -- he praised china's redistribution of its money. jerome powell will tell the senate banking that the federal -- higher inflation is becoming entrenched. he's prepared opening remarks for his confirmation hearing, cautioned that the post pandemic economy might look different than the previous one. president biden picked powell for a second four year term. top u.s. and russian diplomats continued to agree -- agreed to keep talking. the two sides held the first discussions in geneva. it did not lead to a breakthrough. as nato may expand further east however, the u.s. and russia signal interest in further negotiations. >> some of the issues that might be basis for future exchanges. and hopefully also some progress. vonnie: meanwhile president putin vowing to protect ex soviet allies from what he calls color revolutions. putin spoke at a conference of the collective security

host: all right, john, bridgewater, new jersey.eople looking at this map looking at where the troops are stationed. they have ukraine surrounded on three sides. the red dots tell you where all the russian forces are. the tanks, the vehicles, artillery, other military installations. surrounding ukraine on three sides. richard, kansas city, democratic color. hello, richard. what do you think should happen, richard? caller: what should happen? we should put a couple of airborne divisions over there and give nato some back. they've had a free ride over there. trump let them run wild. they have got crimea already. they have taken half of ukraine. if you let this guy, just like hitler's, give him an inch and he will take a mile. it's time for somebody to put their foot down. nato is not going to do it in less we go. host: all right. melba, texas, independent line, we go to you next. caller: this is melba. yes, we need to be careful, stop and reflect, remember. in the united states we went berserk when the ussr put all the arms there in c

the x ceo of bridgewater, david mccormick, has filed for the primary in arrest set -- republic senateeat. mccormick stepped down from the world's largest hedge earlier this month. morgan stanley is reportedly planning to raise annual bonuses for top performance on more than 20%. it's being told by sources that bankers and equity underwriting and m&a advisory are set to get the biggest boost. trend sweeping wall street as banks try to reverse high turnover levels with large bonuses. jeffrey shares slid the most in nearly two years after the firm's trading revenue dropped to percent from a year earlier. the fixed income slump contributed to a 28% in overall trading revenue in the three months to november. the company says challenging market conditions were to blame. soon act china holdings is seeking to raise $500 million in share placement. the developer will offer shares at a 50% discount to wednesday's close and will use part of the funds to repay short-term lows. they were looking to withdraw quarterly asset prices after resolving a dispute with a business partner. shery: and of cou

bridgewater has two ceo's to replace david mccormick.the joint heads of the world's biggest hedge funds. nir bar dea, and mark bertolini. a singapore arbitration tribunal could allow the indian retailer to settle assets. the singapore tribunal head refused to terminate the case before the final hearing. they argued the arbitration is illegal, and had an indian antitrust ruling against amazon. shery: we are counting down to trading inso -- in seoul. we are expecting the first speech of the new year and korea's fair trade commission to release a plan today. hyundai motor is in focus after it is aiming for an 11% increase in sales this year, with kia targeting 13% wage growth. japan will be watching apple suppliers, given that company had a $3 trillion valuation. japan is back from the new year holidays. we are watching manufacturing pmi, that should be released in the coming hour. the nikkei reporting toyota is looking to develop its own operating software for its vehicles by 2025. mitsubishi's ceo says the company may need to be restructu

for more on this and how to play it, let's bring in karen tam bor, bridgewater co-cio of sustainabilityt's great to see you. do you see all of these wild moves as tied to what the fed is going to do? >> hi, sara. yeah, i think we're entering a phase that's a really interesting phase and a tricky one because the economy is likely to do fine. inflation is likely to remain high but the fed is withdrawing liquidity, going to continue to withdrawal liquidity, and we're experiencing that sort of suck when the fed withdraws liquidity, it brings down asset prices i don't think the fed is likely to tighten enough to stop the self-sustaining momentum in the economy and get ahead of the inflationary power it doesn't want to cause a down turn, but it's been printing money for so long, so many dollars floating around, that removing liquidity, even if you're tightening ehind the curve, it really hurts assets. we're experiencing that. and it hurts most whatever is most liquidity sensitive, wherever you saw money go during covid is what's really the most now. >> exactly how it's been playing out. would

bridgewater founder ray dalio backing china's common prosperity.t xi jinping calls his claimed push for equality. it has ended up driving crackdowns on e-commerce and retail real estate sectors, rather, brought down more government control and regulation. dalio is calling the chinese communist party's approach a good thing. he is stressing the benefits of investing in the country. he said the u.s. should adopt a similar system to help close the wealth gap and promote prosperity. joining me now is wolf pack research founder chief investment officer, dan david. dan, we constantly hear ray dalio pushing china's line because it's about money. s he's investing and managing ccp dollars, has been for years. >> it's totally about money. and it's one of my favorite things to hear multibillionaires wax poetic to us about what common prosperity means. he must live it every single day from his gilded tower, paid for by the ccp. and ray dalio has been famous for touting truth and transparency and his firm, it's what made them so successful. well, look, we just

well, wall street's biggest names backing former bridgewater associate ceo david mccormick's bid for his campaign on this show last week. >> i have lived the american dream and i want to make sure that other people in pennsylvania have that same opportunity to live the american dream that i was able to live and i think the american dream's at risk, maria. i really do. i think the rise of wokeness and weakness is really putting future generation, i'm not talking decades, i'm talking in the next five to 10 years at risk so that's why i'm running. cheryl: mccormick will face a crowded field. omicron delaying adele's highly anticipated las vegas residency, announcing the decision one day before she was set to begin after a rash of cases on her team and a other hurdles like delivery delays. adele said her team's working to reschedule her canceled performances which were supposed to start tonight and go through april 16th. and finally, maria, you got to watch this. the internet is going crazy after a west virginia reporter was hit by a car on live tv, then she kept going. watch this. >> oh

serving on the board, mark betterolini a friend of "squawk box" taking the helm of co-ceo role at bridgewater an extra shot it will require u.s. workers to be fully vaccinated or face weekly tests starbucks says it is acting due to an osha rule, that requirement has been challenged in court the supreme court is said to consider the rule this coming friday, so starbucks proactively saying they will go ahead with it as if it is going to last as a long. >> they're dock it the question is, is that leadership to the extent it will be seen by other companies as the way forward? and are people going to follow starbucks? we'll see. meantime, in the wake of tesla reporting 88% delivery for 2021, a legacy vehicle making a big move i want to welcome the former president of the americas and its international group. we have an announcement, it's playing double production for the upcoming ev pickup the f-150 lightning. thank you for joining us, let's talk about this. because there has been so much demand in fact, i think after the first 200,000 orders were placed or requested replaced, you had no cut it of