dalio one point seven billion steve cohen one point four billion by the way half of these companies didn't need to beat the market last year it doesn't matter they have the structure that is independent of any real performance but over a few money managers or has funds beat the market not even warren buffett is beating the market at this point i think ninety five percent of all money managers fail to beat the market but they create benchmarks. and when they go to clients and these are typically very wealthy people who either inherited the wealth or have monopoly positions and by gaming the government or gaming the copyright system or just outright thieving or a copyright manipulation or a monopoly position of software they after the couple of billion dollars you become kind of stupid so you give a bank like j.p. morgan your money and they say we created a benchmark is called the jamie diamond i'm a frickin rip off artist benchmark and by that benchmark we're beating the benchmark we're now being the market we're doing lousy against everybody else out there every asset class including gold

hedge fund manager ray dalio receiving the money management lifetime achievement award last night.'s quantitative easing has been artificially inflating the markets. >> i think what has been artificial is there's been a lot of printing of money which has driven short-term interest rates to make cash terrible investments and to make bond a terrible investment. both the printing of money and the seeking of safe returns have driven money into cash. with a negative return of 2% in cash and half a percent in bonds, that's a bad investment. as a result there's a reaching for return. that's driven other assets up. there's a beginning of a leveraging process. and that is good for assets over the near term. so i think that assets will continue to appreciate, but there will also be a tightening ahead. >> we had him on last fall and he predicted a little bit of where we are today. said there would be a turnover. we haven't seen the full turnover from bonds. >> the grand rotation. >> almost 2% on the tenure. >> he wasn't giving away too much. >> were you here for tepper? >> of course i was. go