hospital— because they're more convex cases. hospital say — because they're more convex cases.that got worse because of lockdown, so patients may need more company to treatment and longer stays in hospital. this man was diagnosed with cataracts three years ago and are still in a waiting list. it years ago and are still in a waiting list. , , ., , years ago and are still in a waiting list. , , . , ., , list. it is steadily getting worse, it's an insidious _ list. it is steadily getting worse, it's an insidious thing, _ list. it is steadily getting worse, it's an insidious thing, it - list. it is steadily getting worse, it's an insidious thing, it has - list. it is steadily getting worse, | it's an insidious thing, it has sort of crept — it's an insidious thing, it has sort of crept on — it's an insidious thing, it has sort of crept on and _ it's an insidious thing, it has sort of crept on and i've _ it's an insidious thing, it has sort of crept on and i've had - it's an insidious thing, it has sort of crept on and i've had the - it's an insidious thing, it has sort. of crept on

the shorter the contracts, the higher the convexity, so they have to buy more as they get closer to being in the money. that was part of the impact. we saw a record call volume day for amc. it broke that record today. you saw 2.4 million calls get traded. that was it not enough to keep the stock moving up. joe: options go banana, pretty wild. amc was up 38% today. it did close negative. we saw the coins fall, apple, tesla fall, so starting with exuberance, but ending on a down note. >> i was trying to get to the bottom of that. i spoke with one person about the incredible call volumes. what is going on? it could be that we're heading into a long weekend. day traders is an eternity on that timeline, so some people could be closing out their positions. maybe they are not as enthusiastic in this stretch. caroline: bitcoin will not be there. down 30% over 10 days. many of us are wishing it gets some sleep over the weekend. katie will be covering it. thank you for joining us on the brave new world of meme stocks. coming up, spending rising, signaling a sustained rebound for the world's largest

that has much better convexity. you want to buy the much lower dollar priced paper. it has over $300 billion of that paper in the triple b lens that has better total return prospects over time. investors have to pay attention, especially in high-yield. i know it is not like mortgages, but most bonds are callable. one of my pet peas, i think the spread relationship between triple c's and single b's is irrelevant. it is distorted. all of a sudden it looks like your spreads have tightened, even though the quality of the overall universe has gotten higher. i am not going to make the case that they are incredibly cheap, but we think we are cleansing out of lower rated companies. a lot of restructuring, the weaker players are gone. it might not be as dangerous as some might think. taylor: where do you go? what do you like? noelle: we like the triple b play. we also like leveraged loans. we think the upgrade cycle is still going to be relevant there and demand is there. they did underperform in april when you saw a rates pullback, but still posted positive returns and the d

and there's a rate on ground in the convex lens. and the focal point is all the, the re lines, the parallel lines, and the angles of refraction. here it is a 1000 years ago. optics are all around us from the glasses or contact lenses you wear to the screen. you're watching me on right now to the particles of light produced in a synchrotron. everything we know about optics today is built upon the work of scholars. like even said it odds and the father of modern optics. if no hate them who 1st opened our eyes to the science of like next time, probably taking a look at the modern day, it's going to be and navigation. and exploring the contribution made to the field by the scientists of the golden age. that sweat to his genius comes in because this diagram, the tooth coupled simplified. a lot of that complication, we see the role they played in the evolution of astronomy. installers has to develop an area of mathematics called spirit, good yama tree, which was actually a bomb 4000 years ago. and we reveal how school is slumber world con

you can look like convexity, credit quality. what is the thing that matters right now. >> the things that matters right now is the way these inflation pressures are in -- affecting market yield. we know there are short-term inflation pressures. are they transitory? the fed minutes the word transitory in the minutes we read last week. that was compared to twice in the march meeting. is that going to be the case? when we talk to companies, we are definitely seeing cost and put pressure and wage pressure. we think a lot of that will be temporary. it will be over in september. that is the biggest area. jonathan: what would exert the maximum amount of payment on the most amount of people? high yields are lower yields? >> it might be lower yields. the market is positioned now that we just had the worst quarter for the bond market in about 40 years in the first quarter of this year with the aggregate printing a negative return it, we have a grounded positioning. >> perhaps the balance of risk is getting skewed a little bit. >> i think

in front backseat without a book about genetic history would be good because our population we do convex is which we are using would tell us in a 60 to 80 percent success rate that means if you presented it what it is back that's when it did and we have 70 percent evidence that says and then be up to 6 percent population which is already coded that's it so it can't be a girl that was 16 percent which is it white coated d how to get archy in moscow and many places a lot of * people having 50 and we had being and you wouldn't just get on a plane again goodbye and that 50 percent of if i was accepted while on duty and did what he's so possibly exhorted me to do by and with 5 people a lot of tickets where we did activities adventure in asia but my go get that we may have get nobody in next couple of months or so if i got the order to get good ship. goods to go to sub but he thinks a day took to get a lot of them by. a swept through a covert 19 ward in the indian city of. at least 12 people are dead and that figure is expected to rise emergency services are battling the fire which is already

do you expect stability, or do we need to be really aware of potential convexity not only in bonds, buthe equivalent in equities? seema: i think there are risks out there. that is obviously a risk. but i think a lot of it can be done now, at least in the next few months, to the fed's communication. where are they turning up that they feel rates, where they feel inflation? they have the ability to keep the market calm come but they start to unwind, that speed affects derivative. it becomes a very key risk. our view at the moment is that markets are on a steady upward path. there may be winter pullbacks, but it is really an upward movement from here. jonathan: do you have a regional bias right now outside of the united states? where is it? seema: that's an interesting one. we have really favored the u.s. over the last few months. we have pulled back some of our preferences for emerging markets because of all of the reasons with covid, inflation concerns around china. europe is became an -- is becoming more attractive, but that would be a difficult cyclical trade. we still think europe is

the reason it is important and affecting the efficacy of the hedge is that tells you how convex a hedge it is. even in these days when the market is down a couple percent the way it was last week, either bonds are flat were up a little bit. they're not giving you that big movement that made them such an efficient hedge the way they were a couple of years ago. that is a big change. we don't talk about that a lot. we talked about bitcoin and the fed. if you're building a portfolio, the degradation efficacy of bonds as your primary hedge is a big deal. jonathan: your the first to mention of this program. russ: serves me right. jonathan: are you still nursing the cash position? russ: we do have the cash position. it is the flipside of that. everyone has a volatility. in the absence of duration, need other hedges. part is cash. there are others as well. there's fx pairs. in a world where you're not getting that convection duration to hedge, will run with more cash. jonathan: thank you. russ koesterich blackrock. portfolio manager. just a conversation about the substitution for duration, time

i think the convexity of lisa's offspring is just extraordinary. lisa: it is extraordinary.n: the difference is that i don't have kids and i speak that way. you do have kids. i mean, come on. tom: we get lectured on children by mr. ferro. jonathan: from new york, this is bloomberg. ♪ 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 in making our apps easy... ...to give you personalized assistance around the clock. and we're committed to keeping our team and customers safe by working from home... ...and using precautions in store. see what we're up to at xfinity.com/commitment (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back

the others he's in charge of informing the wrist of the people resistance who live over the water convex building this is only 2 ways that really is a moment lee and for them alone the policy here is to evacuated their buildings to leave. that additional personnel it is all offices and you mention somewhat about how difficult it is certainly for a media organization has a lot of equipment we need to tell stories to get the story out to the world the 2 others who are in there if you're living in that apartment that's your entire life in that apartment just give us a sense of how difficult it is for people living in the gaza strip when they are given a one eye were warning what the people pack obe what was important to residents when they're killed your building will be destroyed in one hour how do they prioritize what to pack up and what to leave behind. that's a complicated question because the on thursday all to complicated because you know if this 5 sort of recalled the experience of one i'll be building another to. residential buildings that include. 2 from 10 to 14 visitors are flown

says china has a bioweapons program in contravention of its obligations under the biological weapons convexhave she to. and -- access to. and we also know that they're responsible with the start of what we've been dealing with for the last year. what recourse do we have to hold them accountable? any leadership out there willing to do it? >> no, i don't see the biden administration doing that. matter of fact, the biden biden administration has actually helped china with regard to its biological weapons program in the sense that they're now pouring money into the world health organization which is dominated by china. we know that the number of developments recently, especially china talking about a new type of biological warfare of, quote, specific ethnic, genetic attacks, that comes from the national defense university of china, a 2017 publication, if that means, pete, that the next pathogen from china could be a civilization killer because it could leave china immune and sicken everybody else in the world leaving china the only viable society on the planet. pete: do you have any doubt that