oz as well as david mccormick the former leader at bridgewater.ut spring in the national correspondent for bloomberg is this week. great story and fascinating. i recommend everyone goes online to read this. it shows you that people can change quickly because this kite went from a total transparency, absolute truth environment at bridgewater to politics which is like the opposite. >> that is right and to use your earlier reference, this race is more reality tv than bridgewater. david mccormick is a widely respected bridgewater ceo and left in january to get into the republican race for the open pennsylvania senate race. he's running against dr. oz and i embedded with both of them and what's remarkable is the suddenness of the mccormick transformation from a gladhanding ceo to this completely reinvented trump acolyte who is out there decrying woke liberalism and complaining about immigration on the u.s.-mexico border. the big picture story is it shows just how much of an influence donald trump continues to have over republican politics because both

. >> coming up next, bridgewater's view on the market we'll talk to karen car neal tam bower. and the biggest risks she sees in the market right now. they have been betting big on comaumties you're watching "closing bell" on cnbc. session highs with the dow up 100 points (vo) for me, one of the best things about life is that we keep moving forward. we discover exciting new technologies. redefine who we are and how we want to lead our lives. basically, choose what we want our future to look like. so what's yours going to be? new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪ ♪ whose resumes on indeed matchnice suits, youria. guys blend right in. the world needs you back. i'm retired greg, you know this. people are taking financial advice from memes. [baby spits out milk] i'll get my onesies®. ♪ “baby one more time” by britney spears ♪ e*trade now from morgan stanley

ray dalio has built bridgewater, the largest single hedge fund in the world, managing more than $100illion. he is also an accomplished author and his most recent book, "the changing world order," talks about the rising china and sinking united states. i had a chance to talk to him recently about that book and many other things relating to the investment world. ray, thank you very much for coming and for writing this book. we will talk about this this evening. i wanted to start by asking you this. you are running the largest hedge fund in the world. more than $150 billion. how do you have time to write books when you are running that hedge fund? ray: i didn't write either of those books, really. what i did was, this book was -- in order to understand what was going on today, i needed to do a study. and what i experienced in life many times before is the surprises that happened to me were things that never happened in my lifetime but happened many times in history. david: when you read the book, as i have, and i enjoyed it, it took me a couple sittings to get through because there is a

bridgewater posted a 16.3 percent return in the first quarter. the hedge fund rose 5.9%. macro funds made it out better. tiger cub suffered a brutal reversal. losing money on their favorite trades of tech giants and unicorns. joining us is tom metcalf. one thing that struck me by the wide breadth of returns. it was double-digit gains and double-digit losses. >> complete disparity. on one hand, equity focused hedge funds. tech heavy focus, they have been hit hard. in some cases, double-digit declines. so those funds, a tough few years. with volatility, the markets, some big bets paying off. >> who are the monster winners? chris had a good run, that will be a relief. >> a great example, coming off of a tough period. a really long run has turned around in the situation. capital management, where the first quarter is up 148%. gigantic returner. >> we are in this period of more volatility. that means more value and better return for hedge funds. >> it is in the name, they should be able to play this market well. but part of the reality is this kind of diversion, some funds in

coming up, primary season is underway, i'll speak with the former ceo of bridgewater associates runningd mccormick is here on the latest polls in the senate race. join us for that coming up. the drama has only just begun, everybody has an opinion on elon musk's big bid for twitter. harvey pitt is here, what he thinks is a platform run by musk would look like. don't miss a moment of it. we're coming back in two minutes' time. joining the conversation all morning long this morning, dagen mcdowell and james freeman. we're going to get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. m. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. when you start with care, living with metastatic b

coming up, bridgewater wins big while others suffer riddle reversals. hedge funds in focus next.his is bloomberg. ♪ francine: welcome back to the open. 23 minutes into european day. you can see stocks supported by what we heard -- not by what we heard from the fed, but having time to digest what we heard from the fed. investors trying to figure out implications of a federal reserve that is hawkish. we do have the corporate stories and that is atlantia. yesterday there were people that were looking at reports that there was blackstone looking at it. we don't know exactly what it ends, but it is owned by the moment is benetton. we are also focused on the hedge fund industry. glenview capital hedge fund rosa 5.9%. -- losing money on their favorite trade of tech giants. joining us now for more is tom metcalf from our finance team. we look at what hedge funds did and what they got wrong and what they got to write. who are the biggest winners and losers? tom: on the one hand it is the equity focused hedge funds and particularly the type that are very tech heavy that had a rough ride. a

bridgewater thinks the fed will have to go significantly higher in order to contain inflation, well northf where the market expected it to go. kate: yes, so at blackrock, we are very much and decamp the fed is going to move 50 basis points of the next meeting and likely follow a lot of market pricing. perhaps hikes after that. i think we all know, students of military -- monetary policy and economic no monetary policy works with variable lag. the fed will not get too aggressive, particularly hike to aggressively into a softening economy. one of the big challenges we talk about all the time is a lot of the inflationary pressure is from the supply side. we can come demand a little bit, but it does not change some of the supply disruptions we have had as a result of the pandemic or china's shutdown. it is not going to change the mix in the near term that is driven i the headline level, much higher energy prices as a result of russia's invasion of ukraine. kailey: your points on inflationary challenges, supply-side issues reach the corporate margins. have you been surprised by what we have se

host: stan, bridgewater, new jersey. republican. we have been living off of chinese slave labor. they make junk and everything -- from the chinese and they have almost as many dollars as we do. now we are having inflation. it was the byproduct of the situation just like corona was the inevitable byproduct. we have lost all sense of national self maintenance. we have lost the ability to dictate which way our lives are. we just buy junk and then the price goes up because we don't control what happens to us. let's take personal responsibility. let's take response ability for our inability to think ahead as a people and as individuals. host: sarah in indiana, pennsylvania. democratic caller. caller: i think we need to focus on global warming. if we care about our children and grandchildren, but also it is affecting us now. these wildfires in california, this drought all over the place, the disasters in terms of the worsening of hurricanes and heavy storms. these are things hurting our economy now and will continue to hurt our economy. i

the leading contenders in the republican primary are former bridgewater associates, ceo dave mccormickd television personality. dr. oz. nice to see again. we spoke about a month ago. since that time coming up in the what, more than 50 counties throughout pennsylvania? we talk about issues all across the country every day at on our program. what do voters tell you they are voting on? in this race? >> good morning to both of you. thanks for having me. i go from county to county in my pickup truck and i hear the same three issues over and over again. people are desperately worried about joe biden's economy. the socialist policies that he has put in place have really led to this huge spike in inflation that we see. which is killing working families. it's killing elders on fixed income and it's killing small businesses. they talk about energy policy over and over again. pennsylvania's fourth largest energy reserves in the world and the biden administration is really putting enormous restrictions and uncertainty in place which has stopped capital investment and is led to this huge increase i