tom: david wilson, go away. look for him on friday. -- dave: simple subtraction, tom, that's all it is. tom: dave wilson, thank you so much. there is a bid to the market. i know it is not so much a percentage move, 0.5% on the s&p 500, but i'm sorry, there's a nudge this morning. jonathan: president lagarde with some more headlines. the ecb can miss its favorable conditions when it is a recovery. italy in mind with the 10 year yield, down through 1% over the last couple of weeks. i think that is the focused going into june 10 for the easy be meeting and that conference with president lagarde. tom: in the ecb's defense, they have been clearer about extending their timeline out. i think they have done a much better job than the fed of saying 2022 and even 2023. jonathan: it is time contingent forward guidance instead of state contingent forward guidance, where we say when we get there, we will do something. are we done? ? tom: we are done. i'm looking at the bond market. do you say curve flatter? we haven't talked about it in ages. but t

david wilson, thank you so much.onor of the summer, we go to sunol he bassett -- go to sonali basak, having that new tele--- having that new tele -- having met -- having that nutella latte out there. what an odd summer it is. sonali: summer was over before it began. sorry everybody, it is raining this weekend before they get to enjoy coming back to the office june 1. citadel does expect everyone starting to come back. people have already been coming back. bankers are telling me and their clients that they are turning away work because it is so busy. we expect starting on tuesday a lot of work, a lot of people getting on planes, seeing clients. tom: what's the ramifications? i talked to an intern at morgan stanley. she's going to be at the office. all of the fancy guys in fancy suits and ties go to the office. in the middle, do they really want to come back? sonali: first of all, people are dressing more casually. i'm noticing that right away. so maybe ditch the tie. [laughter] lisa: you don't even know what you are a

tom: very quickly, david wilson. you have covered this for bloomberg for decades. d over general motors of 1996 or even 30 years ago. david: with its wholesale transition to electric vehicles -- tom: they are really doing it, aren't they? david: they kind of have to. tesla has laid out what happens if you move into that area, and we see a lot of companies go there as well. ford, volkswagen, plenty more. tom: david wilson, greatly appreciate that. i look at the mary barra thing, and to go back to a hugely homogenized press statement. it will be interesting to get some color on that. jonathan: i think we want detail on how ford has done, what ford got damaged by, and how gm has helped to avoid it. lisa: net sales and revenue actually missed expectations. net sales and revenue at $32.47 billion for the estimate of 32.77 billion dollars, i am trying to square that with earnings-per-share. what was the reason for their actually operating either more lean lee or making more profit per vehicle -- more leanly or making more profit per vehicle? jonathan: first quarter earnin

like to do is stop the show when it is important, and right now we are most fortunate to have david wilsonome our bloomberg stocks editor. one of the giants of what we do has died, and died tragically young. david swenson was at yale. he's the one you don't know. you know jon golub, warren buffett. david swenson was a giant that they worshiped. i want you to come in on this as well. modern portfolio theory, swenson learned it from james tobin and said, wait a minute, there's a better way to do that. that was the yale model. david: it changed the way that endowments across the country were invested. the whole idea of not just focusing on publicly traded stocks and bonds, broadening investment horizons, private equity, that sort of thing. that's why they yale endowment has done as well as it has over the decades. jonathan: i sat down at university -- tom: i sat down at university of virginia with people that worshiped swenson. uva hit a homerun only because they diversified into commodities, and we are there again because of a commodity moonshot. david: and now people are starting to pay att

david wilson, thank you so much. more on verizon and apollo through the morning.nand srinivasan with bloomberg intelligence, senior analysis. i think we ought to talk about chip shortage. lisa, started off. lisa: let's get to what pat gelsinger was talking about come the idea of shortage could go on. housing of get will this be in terms of affecting everything from auto make -- how significant will this be in terms of affecting everything from automakers to your washing machine? anand: none of the stuff pat gelsinger said was particular surprising. we have been caught flat-footed. it has been a long time coming. the auto industry, for all of the noise it makes -- this is all pervasive shortage. we are connected at the hip with respect to the global regions that make semiconductors, particularly taiwan and what happened in 2020 was we saw a shortage in supply or we saw a huge falloff in demand. we cut supply. that supply has gone into pc's and handsets and other areas. when demand did come back in autos, much stronger than anticipated, we got flat-footed. this is g

david wilson did an all-nighter with a mac computer writing up the visual guide to crib, and joins usow. you've massaged the crypto stocks, as they are called. dave: absolutely. looking at the relationship between cryptocurrency stocks and what is happening in going. it is a relatively small period we are looking at here. just 10 days, kind of constrained. tom: for bitcoin, that is long-term. dave: absolutely. coinbase global just went public last month, so you kind of had to use a short period for this. what is interesting is you think about it, coinbase, you can trade bitcoin and these other currencies. it does not have the closest correlation. what does, microstrategy. yesterday you were talking about micros -- about the ceo of microstrategy. tom: not really up to speed on this. dave: 2.2 $5 billion invested in digital currency. tom: why is paypal in there? dave: because they allow their customers to deal in crypto, just as squared as. they have done a bit of investing in bitcoin, which may explain why the correlations lineup the way they do. tom: dave has a glorious bar chart of l

tom: david wilson here to save us.lking with dan curtis, bloomberg aviation correspondent, about airbus and boeing, and some really interesting dynamics. dave: that's all about what is going on at airbus. tom: optimism. dave: yeah, at least a sign of it, for sure. they are planning to increase production of their best-selling a320 series of jets. they are looking to years out to have output levels that would exceed what they were before the coronavirus pandemic. we have seen the recovery in air travel. now you're getting a sign of a recovery in airplanes. tom: right after a great story on this, dan curtis nailing the research on it, boeing says production lapses relating to boeing 737. they have problems that won't going away. dave: they are still dealing with the recovery from the 737 max jet. but here, at least you have a positive sign for the industry. boeing supplier spirit air systems also higher in early trading. then we turn to snowflake, a data warehousing software company. warren buffett's berkshire hathaway a

let's hear it for david wilson and the whole team. [applause] thank you for supporting this group. back in south carolina, home to so many leaders i admire, governor mcmaster, senator lindsey graham. we are joined today by a dear friend of mine, congressman joe wilson, a great champion. [applause] and i what you think the members of the general assembly who are here with us today. i know you are in session, but make some time to put palmetto family council first and i am honored by your presence. and how about senator tim scott last night? [applause] while -- wow. i just spoke to them. he and i are very dear friends. i first met him when he was in the general assembly a decade ago, and we have been friends ever since. i can honestly say i was for tim scott before it was cool. the truth is, how great is it to have such a positive vision laid out before the american people and all of you gathered here at palmetto family? how great is if you have a leader on national television that says becoming a christian transformed my life? [laughter] -- [applause] the truth is, they told me my h

tom: as david wilson just talked about with the s&p ratio and all of that, i really didn't understandhat he was talking about, but what i would go to that i think is so important opening up "surveillance" this morning, oxfords optimistic view, those are not in the market right now. jonathan: lisa brought up a good question, what happens with the savings rate. it is very elevated. a lot of money has been accumulated that could have been spent. the degree to which it will be spent i think is going to be important for what these numbers look like. tom: i agree. all of the cash that is out there. i get that we will consume it and all of that, but to me, the idea that ultraconservative money is somehow going to move into apple shares, i just can't get there. lisa: there's a question of the disposable income that people have versus what is wealth. there's an important point here that was one of the biggest takeaways of the week, which is pricing power. which companies have the ability to raise prices, pass along the input costs to the consumers, and which don't and are seeing deeper negativ

david wilson is the expert on this. let's go to him. he's focused on energy stocks today. of this for us. because you are differentiated and compelling. dave: i hope so, tom. what can i say? sam: differentiate $90 -- tom: differentiate $90 in oil and what it means for energy. dave: in the latest note from baycrest partners, the chief market technician had an interesting comparison. he called it dirty energy versus clean energy. we are talking about a couple of exchange traded funds. one of them tracks oil and gas producers. the ticker is xop. the other is a first trust etf, qcln, down 97% from its high in 2012 through last november. you had a bit of a turn, and that is highlighted in green on the chart. the ratio is actually doubled from its low. tom: so this is where we are on radio and you say it has tanked, it's been straight down, and finally we got a leg up. tom: something like that. -- dave: something like that. tom: continue. jonathan: pummeled, cratered, crushed. tom loves those words. keep going. dave: ok, fine. they are looking for more out of the old-school ener

michael mcglone is going to join us any moment, but right now, david wilson, visual guide to financialhor, we are waiting for a visual guide to crypto. dave: i'm going to give you a visual guide to quality. it is morgan stanley highlighting what may be a developing shift toward higher quality companies and away from lower quality ones. now they are -- no there are all kind of ways you can define quality. tom: things like apple? dave: that kind of thing for sure. it comes down to looking at an index which, in essence, buys the highest quality companies within the russell 3000 and bets against the lowest quality ones. going back to march of last year when we started to see stocks taking off, that that really went awry -- that bet really went awry. this index that morgan stanley uses was down 58% in about a year. it is starting to come back, and their chief u.s. equity strategist mike wilson is saying look for more of this. it is basically an economic argument we are making, that we move beyond the early stage of a recovery and we are getting to the point where you have to think about wha

david wilson has seen every mgm movie. you've seen "die another day" wh at, 10 times? don't know, i've lost track. tom: when do we get emg -- when do we get mgm, sometime today? dave: it could be. we look around for stories affecting the market. autozone was out with fiscal third-quarter results, and it continues the trend we have seen as quarterly figures have been released. eye-popping numbers relative to estimates. not much reaction in the stock. earnings well above analyst average projections in the bloomberg survey. same-store sales up 29%. that was almost double the average estimate, and it gets you zero point and percent gain in the stock. tom: you told me to buy that at $50 and it is now at $1400. i didn't buy it. that is pretty much a linear moonshot, isn't it? dave: it sure looks that way. but i digress. let's talk about lumen our technologies -- about luminar technologies. this company has a contract with tesla for testing and development of autonomous vehicles. ceo elon musk over at tesla said we don't need the technology that they provide to be able to bui

i think we know that cyber is the perfect weapon to quote david sanger who wrote a book with that title at the wilsone itself into our major government, private networks. we just saw that. but here in ransomware, this is, you know, a different kind of attack from a criminal element. i they is true. but they are housed in russia. so, hopefully the russians will share in responsibility. this could happen in russia, too. what the effect of it is pretty serious. half the nation's fuel supply may have to move on land for a while. trucks are vulnerable. oh by the way, we can't find truck drivers and enough trucks because of this labor shortage you were just described with chipotle. and we have a serious problem bringing this country back better. everybody should know that. i think what i see here is a word that we haven't seen recently. it's called competence. competence in the government response by the homeland security department and the treasury department which has waived certain rules so that trucks can carry the fuel and competence in the private sector, which is trying to step up and create the res

david: yeah, it is a tough time though. alan wilson, south carolina's attorney general.now saying get the shot, drop the mask, to a top doctor next asking what took so long. my retirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. so you want to make the best burger ever? then make it! that means cooking day and night until... [ ding ] success! that means... best burger ever. intuit quickbooks helps small businesses be more successful with payments, payroll, and banking. wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion

host: this is david on the line for educators, new jersey, good morning. guest: yes, i just wanted to say that professor wilsonif i listen to her, i will be afraid to come up from under my bed. this is just nonsense. i wonder if she has read any books by thomas soul. one of his big comments was, if black fathers were present in the household, 80% of black poverty would be eliminated overnight. we have to look at ourselves, too. and it just sands me, because i look at a city like baltimore, and i have one other point after this point. the mayor is black. the police chief is black. the fire department head is black. the board of education president is black. the superintendent is black. and yet they have some of the most abyss natural test scores in the country, as well as chicago. host: ms. will son, give you a chance to respond. guest: i appreciate the recognition that some of the things that i talk about are uncomfortable. but we don't have to be afraid. there's no reason to be afraid. i think that i haven't read the author that you just discussed, but what i think about is that, in my recognition of reality,

wilson institute. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westinbloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." we start with a check on the market. joining us is abigail doolittle. it looks like it is about tech. the text seems to be rising. abigail: we do have some strength for tech. the s&p 500 and the dow down slightly, the tech heavy index up slightly. this is a continuation come the decline for stocks. despite the fact thursday and friday were strong last week was the worst week since february. some of the insert d coming through, especially for bitcoin -- some of the uncertainty coming through, especially for bitcoin. the idea of too far, too fast. lots of news from the big

dave wilson is a bloomberg contributor, but what you don't know, he invented the equity coverage at bloomberg news, and we are thrilled davidus today. and someone says dow jones theory or dow theory, what is that? dave: basically, the idea that if a market's really rising, then the dow jones transportation average has to be setting new highs along with the dow industrials. this goes back to win the averages were much purer than they are now in terms of industries, so if companies are making more stuff, the railroads and other transportation companies need to be taking it places. tom: we are not going to go ritual gristle -- go richard russell here from another time and place. two jon's valid point, are they fossils from another time? dave: they are representative of their industries. there are a lot of other indexes that cover the same ground now arguably, but because of the tradition, because of the history, you get something with the dow averages that you don't necessarily get with the other indicators. tom: do you think royal caribbean will be a dow component in the next couple of years? dave: i don't know about that, bu

david? who threw the flyers out of the second car window calling for an insurrection against woodrow wilson which was the original case the original case that was like what president trump did >> got it. >> you're a proud boy, man. >> excuse me >> what? >> i didn't mean that. >> you didn't mean it. >> carl, sometimes we're better off -- >> a big piece this morning, guys, about the arcane walls that get users kicked off all the time and obviously, don't have a sense of coherence which is worth the read, given the importance of this decision today. julia has a little bit more context around what just broke a few moments ago. jb >> yeah, carl, earlier i mentioned that they said it was inappropriate for facebook to make this an indefinite suspension but what i want to make very clear here is the board pushed back to facebook and giving facebook six months to determine trump's final decision on the account status it is important to note here that a lot of this is being pushed back to facebook, and that facebook now has to decide if this is going to be a permanent penalty or not another six-month

wilson's control that might have shaped this one about. oh, i'm sorry. just one more thing. forgive me for interrupting. i just saw something in david patterson's note the german archives on this stuff are very strong and have been strong or excellent. but it does help to be able to read your right which actually really very few of the american scholars ever really tried to get but then they did they didn't know to look at it because they didn't know it was an issue. i'm sorry to have been no, no, not at all. not at all. so one is a question. you know, where is the guns of august and all this which i take to me and you know. how does the just you know the whole system of rivalries and everything that helps us explain? so the degree that we can the outbreak of the war. is there is there maybe kind of kind of an inertia still going on that that narrows this window even as it's opened and then another factor that you address very very directly. but maybe could be expanded upon you've got a question about. what was houses? what was edward house's goal his his you know, why was he dissembling? why was he open with wilson? and then then i

host: this is david on the line for educators, new jersey, good morning. guest: yes, i just wanted to say that professor wilson i listen to her, i will be afraid to come up from under my bed. this is just nonsense. i wonder if she has read any books by thomas soul. one of his big comments was, if black fathers were present in the household, 80% of black poverty would be eliminated overnight. we have to look at ourselves, too. and it just sands me, because i look at a city like baltimore, and i have one other point after this point. the mayor is black. the police chief is black. the fire department head is black. the board of education president is black. the superintendent is black. and yet they have some of the most abyss natural test scores in the country, as well as chicago. host: ms. will son, give you a chance to respond. guest: i appreciate the recognition that some of the things that i talk about are uncomfortable. but we don't have to be afraid. there's no reason to be afraid. i think that i haven't read the author that you just discussed, but what i think about is that, in my recognition of reality, i

david sinkada. i was compelled to speak. i am no longer representing mr. wilson.i did represent him back in 2013, when he started this project. i can't believe what i'm hearing, so that's why i felt compelled to speak. a little bit about my background. i started with housing issues in -- for most of my life when i started working for h.u.d. years ago, and i worked for combined housing and redevelopment agency on the east coast, and then, when i came to san francisco, i got appointed to work in the mayor's office of housing, and i did that for three mayors. i've heard a lot of rhetoric about how much we need housing, and then, i see what happens to a project like this, and it's tragic, it's just tragic -- >> clerk: unfortunately, that's your time -- mr. sinkata, i apologize, but that's your time for public comment. members of the public, this is your time for public comment. seeing no additional requests to speak, public comment is closed, and we should go to the d.r. requester for a one-minute rebuttal. mr. hayes, you have one minute. >> thank you very much. i jus