in bridgewater, that is ray dalio.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 our question of the day, let's get back to it. how much will omicron matter for assets in the new year? to help us answer that, we are joined by alan higgins, coutts cio. how will omicron af

meet ray dalio, the founder of a hedge fund. plenty of american billionaires trace a large portion of their fortunes to china. they do business there and manufacture products there. it's not businesses -- job to set u.s. trade and investment policy. it's the responsibility of our elected officials. but it's not just about the money. he's also endorsing the ideology. he seems to be a true believer in the chinese way of doing things. almost sounds like a ccp sycophant. his comments had a conference. prosperity is a good thing, another way of saying sharing prosperity for most people. with its own net worth of $20 billion, he extolled the widespread opportunity supposedly provided by the communist system and admitted that his views on the topic were pretty much aligned with those of the communist leadership. well, while co dwelling on the atrocities committed by the ccp against its political and cultural opponents, he proceeded to lecture those in attendance on chinese history. a man afraid of what? offending his honeypot. he prais

. >>> 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 talk about china and the shuts down in china and ray dalio. everyone is entitled to your own opinion but how comfortable are you in your opinion is used as a propaganda tool by the chinese communist party echo ray dalio, that is where the conversation is. tom: i was thunderstruck of the comments of mr. dalio on the relative prosperity and society of china versus the western world as well. it is not for me to second-guess somebody of his stature, but the idea of billionaires running around, talking social policy, is hazardous to their health and our health as well. i was stunned at what he said, that the u.s. needs more common prosperity and a lot of other countries do as well. on a compare and contrast of china, i was stunned. jon: very casual with his words here, the u.s. drew its own system -- through its own system needs its own prosperity. i think people are focused on the more common prosperity by the chinese government. lisa: to tom's point, it is stunning he doubles down on this rhetoric after the backlash she has gotten from his own fu

that's why ray dalio walked back this comments. the china communist party. it's ridiculous. it's not common prosperity between the two countries. it's their common prosperity at our common expense. continues to be. and you're absolutely right about the belt and road project. that has always been a military project. i've talked about this for five years. they go and they make onerous loans to these small countries under the guise they're going to have more commerce. that country defaults to china. they're doing it from the west side of africa, leap frogging to central america which they're doing right now and they're going to mess with us in our hemisphere and that's how it's working, straight down that path. maria: well, who is protecting america, dan? i mean, look, at the end of the day this is the law of the land. so if these companies want to invest in china where they're committing genocide or plan -- with plans to overtake the united states, they can do it because it's the law of the land. whens is joe biden going to get tough

yet dalio's comments, as shocking as they are, only the tip of the iceberg. our own government is filled with chinese sympathizers. remember anthony fauci himself took great pains to avoid criticizing china at the start of the pandemic. >> the chinese authorities have really been very explicit that they were not going to tolerate any misinformation. >> laura: i'm surprised that you would say that, given what we know about china's pattern of lying. >> i have faith that they are not distorting things. >> laura: of course our own nih had clapboard with the chinese over the years and even funneled taxpayer cash to the wuhan lab. either internationally acclaimed researchers procedures academic institutions are also afraid of the ccp. let's face it, one tweet that even tepidly questions beijing can mean devastating economic retaliation. of course the real blame lies with congress and frankly both parties have a lot to answer for. we should have begun decoupling from this evil and despotic regime years ago but money talks and you know what else walks through the cha

haidi: this is ray dalio's playbook.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 vonnie quinn with the first word headlines. vonnie: chair powell has pledged to do what is necessary to contain an inflatio

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

anyone who has followed your career knows ray dalio and bridgewater have a specific culture.expecting that they carry on the legacy of this culture? >> this culture has been chipped away at for a long time. to a certain extent, bar dea having come from within the firm may be continuing that. on the other hand, it is not just the radical transparency, but a culture that is very controversial and caused problems to the firm in the past. there have been lawsuits about discrimination within the firm. we have seen the firm at times at pressure kind of cut staff that were focused on this. it is not necessarily something investors are super excited about anymore. at one point it had this legendary sort of appeal and now we are seeing investors say i want governance that is esg focused. i want to see exactly how you are doing that. frankly, it is a time when investors have not been kind to bridgewater, although it did see gains of 8.1% last year after a substantial loss in 2020. dani: simone, thank you so much. coming up, a wall of maturing debt and a surge in seasonal demand for cas

ray dalio has shared his views of volatile trading.chair of bridgewater associates spoke to "the david rubenstein show" about whether now is the right time to buy or sell. david: the stock market has been correcting, if that is the right verb, should people be selling everything and getting out of the market now because markets are going down? or is this the time to buy? ray: i am not here to give advice, but will give you the following thoughts. david: we won't tell anybody. [laughter] ray: what has happened is, they produced a lot of debt and gave out a lot of money. so, everybody has a lot of money and it is also easy to borrow money to buy things. as a result, if you create much more binding our, you create goods and services, you have got a lot more inflation. 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. now, that free money is still going to be cheap

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

hedge fund billionaire ray dalio has a small percentage of his portfolio in cryptocurrencies, but itoes not spend a lot of time thinking about it. dalio was interviewed for "the david rubenstein show: peer-to-peer conversations." >> the amazing accomplishment to have programmed it, to have 11 years that it has not been hacked, but it is a very vulnerable instrument because they can track who is operating it. it will be outlawed probably by different governments. in terms of its size, it has issues. i think too much attention is spent on crypto. ritika: you can watch that entire interview on bloomberg tv . 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. i'm ritika gupta. this is bloomberg. guy: thank you very much, indeed. we got ge earnings a little earlier today. sales missed. the call with mr. cope has wrapped up test with mr. -- with mr. culp has wrapped up. let's look for a sense of direction from that call. brooke, what have we learned? what sense of direction did you get? brooke: i thi

matt dalio, we understand ray dalio managers money for ccp in effect is funding their expansion.at the same time ccp make it very clear we will overtake united states as number one superpower maybe those companies americans are unwittingly invested in are say will companies that will turn around fight against the united states because the important companies are obviously, tied to military in china. >> yeah, you know i think we have to look at it like this, maria. the ccp, is looking at president biden, in this administration, and they are laughing. because he is not holding them to account, in the manner that president trump held them to account, whether it was sanctions, or trade, or other components of their participation. finding out what happened with covid. so they see this as a clear runway to take off, this is when they are -- bullying taiwan continuing to push against us why they are not going to give us answers we need. and these companies need to say nothing good comes from communism never does never will. maria: they're not saying that senator so we are going to keep

ray dalio has been managing money for the ccp. >> the well the only people that would be surprised byes you know an enormous threat to the united states in economic terms, in national security terms also poses a threat to national security global security, so something that is going to define our -- our policies for the next decades to come president trump i thought did a very excellent job resetting focusing on the relationship with china in a way they needed to i think when you need to take additional steps push back on terrible direction china head the threat to america if you think about kind of person, or persons, we need in our government to do that, i am a combat veteran i have written been involved in dsts reform what needs to happen to electrifies nement kwar negotiating request with chinese reputation tough-mindeded negotiating to point chinese were pushing back to president on policies i was making under bush administration more recently, yes, bridge water has done business with china i have been a person, that my business career has been very focused on negotiating with ch

tom: we had a little bit from ray dalio about china.n terms of omicron, is that the key risk for china? is it about their zero covid policy? karen: i think it is the key risk. the variant is highly transmissible and will require these targeted restrictions. to be fair, in the last two years, it was. china had efficiently managed their external border and it has worked. need to give them the benefit of the doubt. it is a key risk. i spoke to my colleague yesterday who talked about big stories around how they plan to bring the global economy into china. that comes into the supporting arenas and approach to buses. it is a highly thought out plan. it is a key risk, but we have seen the manage it. francine: karen, thank you so much. we will have more about china and the assets in the region. that it was karen ward, the chief market strategist at jp morgan. this is bloomberg. ♪ francine: welcome back to the open. you can see that we are responding to the cpi figures yesterday and the fed chair really tried to ensure lawmakers and investors th

care workers and we are going to do it not just by owing them a debt of gratitude that paint in the daliotarting with the retention bonus of $3000 poor health and director workers throughout the health care workforce. those doing god's work are no longer paid minimum wage. beyond salaries we are making it easier for doctors and nurses from other states to practice with existing licenses here in new york and expand the capacity of our medical institutions so more students can train her high demand health care jobs and we'll make it possible for them to get training with free tuition and stipends if they remain here after they graduate. a once-in-a-lifetime pandemic demands a once-in-a-lifetime response and that's why i'm setting an ambitious goal to grow our health care workforce by 20% over the next five years and we will make the largest investment in health care in the state's history, $10 billion. as we bolster our health care workforce we know we they aren't the only heroes of the pandemic. i'm so grateful to the county leaders school superintendents administrators parents and teacher

sheri: yeah, i mean, we continue to see names like ray dalio as well, really have that fomo, fear ofght? more and more people see the volatility, but they are interested in trying to make something out of it. paul: yes, it is a story that will not go away in 2022. we will continue watching the 14th of cryptocurrencies. now let's get a quick check on the latest business flash headlines. david beckham is selling it 55% stake in his company to authentic brands group for $270 million. according to the deal, authentic will take a majority stake in the company, which handles the former soccer star's endorsement deals for watches and whiskey. authentic owns brands like forever 21 and juicy couture. microsoft fixed a bag that caused messages to get stack. the company said the problem was not security-related, instead blaming a date-checking failure. there were two updates for both client and individual servers. microsoft has not said how widespread the issue was. the latest spider-man film held onto its latest spot in the box office in north america for the third week in a row. a generated $

they struggled with secession since ray dalio stepped away.y 2015, at least five people had held role at various times. we will break that down in the next hour. give covid continuing to soar with a record 10 million people diagnosed in the past seven days. we will get more insight from the professor at ucla. this is bloomberg. ♪ alix: this is "bloomberg markets." i am alix steel. omicron is driving covid cases to a new record. joining us this christina ramirez from ucla. we are seeing kids go back to school. testing questions remain. they are worried covid tests are undercounted. do we have the capacity to test the way we need to? christina: i hope we do. hope is not really a strategy, but i do think testing is a way to show if you are infectious now and to be able to slow the spread. i am a big advocate of rapid testing and testing sequentially to keep the virus out. we have seen having just vaccinated only is not sufficient to keep the virus out. i think there are at least 92 cruise ships having cases. the infamous norway christmas party, t

heels of the attorney general's speech yet, updating us on the doj's very i'm reminded of semis ray dalio said a couple days ago, it's entirely possible that neither side will accept losing the 2024 election i'm not trying to draw a line directly to the market, but how much of this acts as a suppressant on market activity >> i don't think it's hit yesterday. i do think that commerce -- the ceos have been steady. i knowthere's some dispute about how people feel like that, but business has been the greatest source for social change i never hear anyone that didn't agree with george w. bush, president eisenhower, president lincoln, by the way, these are the foremost gop presidents, that this was wrong. i don't hear anyone ever say it. these are leaders who have many people who work for them, and i give them ample material to talk about the opportunity, that maybe it represented something positive i just want to know, and it so roundly condemned, while ray dalio could be right, the business community stands with america, with a republican derived america, when i think about president lincoln,

speaking yesterday on closing bell, ray dalio said he believes the fed will not take it too far and hurt the economy >> the problem with that tightening of monetary policy is that there's a great deal of interest rate sensitivity. because it's gotten so far and so extreme, just the pulling back of that is a very delicate thing. but i would expect that if you understand the short term cycle, this typically seven-year type of cycle in terms of expansions and recessions, it's the beginning of the testing of the brakes >> all right let's continue the conversation bringing in josh whine good to see you again. happy new year do you think the fed, one way or another, is going to screw up this stocks party, for lack of a better term. >> good morning. i think no matter what they do, someone is going to say they screwed up i don't think they will. they've been forthcoming about where we are and admitted some mistakes around their view of inflation, whether it was transitory or transient or temporary. so no, i would, you know, agree. i think they are highly sensitive to, you know, ruining the econo

ray dalio said, thank god for the oil producers you know scoring the risk of transitioning away fromels too rapidly. this administration, they remain undeterred. they're pushing almost every time, every week something new, a new scheme comes up to diminish the role of fossil fuels but what will happen if they get their way? could we be really talking about 100, well over $100? >> we're definitely going to continue to see higher oil prices if they, you know, maintain this direction. it seems like they are. i mean most recently last week, biden announced that he is setting up an aggressive regulatory agenda this year to reduce greenhouse emissions, even aside from the build back better bill. and highest profile climate regulations will introduce limits on methane emissions from existing oil and gas facilities on federal lands. all of these measures are going to do the opposite of what the biden administration is looking for. that is to lower oil and gas prices, especially heading into the midterms. it seems as though this administration can't get out of its own way. charles: you know,

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 director out in st.

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 council. he was ceo of a big company in pittsburgh creating over a thousand jobs in pennsylvania . and when iter a comes to china,e has stood up to china over and over again on behalf of the national security council, on behalf of the treasury depa

haslinda: that was ray dalio.of that conversation next week on bloomberg television on david rubenstein's show. rishaad: we have chinese markets going off for lunch. these are the last prices we will get before they do so. it is a read story across the board. -- it is a red story across the board. the golden dragon index in the u.s. falling back as well and as a result, the likes of alibaba and others including properties, those responsible for the broad-based falloff we are seeing -- as we see the global and asian selloff continue. haslinda: red across the board. the nikkei 225 comes back from lunch break. asian markets -- a hawkish fed. don't forget the tensions in ukraine. look at where we are in terms of inflation concerns. getting reflected in singapore and australia. currently trading up. on the back of the second tightening in just three months. three year yield in australia at 1415. cryptocurrencies under a lot of pressure. cryptocurrencies were up by about 140% last year. it going dropping 1%. not a big h

it's a very difficult -- in the modern world and i think in defense -- i don't want to defend ray daliosaid trying to figure out the perfect morale approach to all of this is above my pay grade. it couldn't be above ray's pay grade, nothing is. >>> coming up the reddit ncr llion, it's been a yea sie gamestop mania jolted the markets. a closer look is coming up hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone. -capsule! -capsule! -capsule! capsule saves me money on prescriptions. capsule took care of my insurance. capsule delivered my meds to my doorstep. capsule is super safe and secure. get your prescriptions hand delivered for free at capsu

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

speaking at investment conference dalio praised atreides push to redistribute its money and opportunitiesulation. -- 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 treaty organization. days ago, they sent troops to cause asked on to -- to k azhakstan for protests. globa