is it what druckenmiller says? we'll talk about druckenmiller. >> in a minute. look, it's just -- >> liquidity. >> people waiting to buy the dip. the people saying the money coming in the treasuries is coming out. >> some people said yesterday, it may have been tom lee's firm that said there were, you know, certain assumptions. in the lower-inflation environment, it is better. you don't have to adjust them. it's a surprise maybe it's that good. maybe it makes sense. who did we have on yesterday who said? the most hated market that we've seen. >>> meantime, this is a fascinating story. we are watching shares of expedia after the financial times reporting that uber has explored a possible bid for the travel web site. uber approached advisers in recent months after the idea of acquiring expedia was approached by a third party. the focus was on the role of dara. he said any approach would be friendly because he would then recuse himself from the discussions. the report says the uber there was at a very early stage. no formal approach or discusses have been made with

that there was no reason to do that stan druckenmiller in an email to another media outlet today says the following, i hope the fed is not trapped by forward guidance the way they were in 2021 gdp above trend. equity's all-time high, kremd it tight, gold new high where's the restriction? these men have a point >> yeah. well, you know, i love larry i know him very well, but larry was also the one that said there was absolutely no way we can stop this inflation with having -- without having a severe recession and that certainly has not come about. now, was 50 basis points a mistake? no, i think they should have done 25 in july and 25 in september. they doubled up. again, as i said, although the jobs numbers looked good, hours worked for third quarter was not a gangbusters number at all. and, as a result, why not move more towards what you think the long-term rate is. the fed put out the bulletin in september saying 2.9 now i've been saying, no, it's higher it's 3.5 when you were at almost 5.5 before the last rate cut, you were way too high for good growth to continue in the next several

wednesday, my interview with stanley druckenmiller. and more with morgan stanley as well.rsday, ecb rate decision with a double dose of jobless claims. building permits in china, gdp, that's friday. thank earnings come bank stocks have been on a tear since the jp morgan results. investment banks are writing higher on promising results from the biggest of the investment banks out today. we will get a better read on the consumer from bank of america and citigroup. those large credit card businesses. let's see if we can keep it going with less rate cuts than expected. after the first, this is the first set of results. from new york, that does it for me. same time, same place next week. this was "bloomberg real yield," this is bloomberg. ♪ it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided

is the market -- druckenmiller yesterday argued that the market is pricing in a trump victory.e sense? >> i don't think so. i like stanley. he's a really good guy, he's really smart, but industry-by-industry, there's some -- some things haven't. and one of them is the auto industry, because the auto industry would be severely protected, which would then raise prices for the autos, but it would also hurt the american consumer. >> the other thing druckenmiller said, of course, was lamenting selling nvidia. "big mistake." >> i have to tell you. one of the reasons you have to like stanley is, whoever admits they sold something? whoever says, licking my wounds, and the answer is -- investor that's never had a loss year, has a level of humility that i love. kind of like tepper, but less profane. >> he's not alone in being sad that he sold nvidia. i mean, anybody who sold nvidia is sad they did so. i'm sure masa, in particular, at softbank -- how much percent did they own of nvidia six years ago? >> well, remember -- >> made some money. sold it before the big move. >> jensen has -- th

there's stan druckenmiller who is one of the most famous and successful investors this country has evern who said, quote, i hope the fed is not trapped by forward guidance the way they were in 2011. i mean, larry summers made the point after the jobs report following 50 basis points, which he thought, by the way, was a mistake, to where he said, quote, today's employment report confirms suspicions we're in a high neutral rate environment where responsible monetary policy requires caution and rate cutting. how would you assess what both of these well respected economy and market watchers have said? >> yeah, so i do believe that probably interest rates and neutral rate is higher than it was in 2014 through 2019. i think there's a lot of reason to believe that. but you know, the fed rate, the funds rate is high relative to where inflation has come down to. so in other words, if you don't move rates down gradually, you will be inadvertently tightening. given where the economy is and where inflation is relative to goal, i don't think that's necessarily appropriate. but they're right in the s

the other is stan druckenmiller, what he thought a week or so ago, 15% to 20% of his portfolio is short bonds, and he said he was embarrassed he wasn't short more, given all the issuance coming out over the next couple of years. right now, the market is looking at it through the optimistic l lens. >> are you in that camp? >> are you embarrassed? >> i'm embarrassed by a lot of things, but not his camp. >> bonawyn? >> it seems that we're -- monetary policy is too restrictive, but if the argument is that gdp is exceeding expectations and possibly dragging up inflation expectations, well, are we nearly as restrictive and does it make sense for us to be essentially pricing in the rate cuts that we had as of, let's call it three, four weeks ago? i think he makes a very compelling argument in terms of s&p multiples, but we've seen the s&p fly in the face of that argument for the better part of 18 months now. >> with a poor auction today, what andy didn't spend a lot of time -- he talk ed about an economy that has driven rates a reason to move back to where they are. geopo geopolitics, we had a

it is worth noting, too, you know, for a david tepper there's a stan druckenmiller who says no thanks. as long as xi is in charge, i'm not interested in owning any stocks over there. i'm paraphrasing a little bit, but that's the general theme of thought of what he had to say. >> you haven't been wrong to be conservative about china, to hang back. i don't think you'd be wrong to hang back and see what saturday's press conference holds. however, i just think that the odds are stacked, you know, in the favor of this is a government that's got -- you know, self-preservation is important here. they've got to do something. things are not looking right unless they stimulate that economy. if they do, there's such little exposure to these chinese stock names, especially compared to where they've been historically. it's not inconceivable you could see them not just double or triple but 7 x, 8 x. they've done it before. some of the brokerage names over there have been the quickest to jump back. obviously people are going to jump in and buy stocks over there. tiger brokers, futu holdings is anoth

of this, but can you be very pragmatic about this for a moment we heard high profile folks like druckenmiller say they are shorting bonds what is the practical advice for investors even if it just relates to, look, the stock market, other than the russells and maybe other than -- it's largely taken this in stride and shrugging it off >> first, if you are -- to the extent you are in fixed income, you want to reduce duration of holdings rather than hold ten-year, 30-year paper, long-term corporate paper come shorter term they are going to lose less money when yields go up. that's one thing you do. second, find yourself some alternative to bonds and the current setup. in addition to equities you are looking at gold. i've been looking for gold as the ultimate currency, kelly and you referred to it earlier on in the program, even though the dollar has strengthened against the euro, think about the gold price as if gold is the currency and dollar exchange rate is given by the gold price. and that is shooting up, ets essentially telling you there is flight from currency the market is leaving the dol

. >> paul tudor jones last week on "squawk box" i want to say sam druckenmiller the week before, stanw on rates going higher. what are your thoughts on that? >> maybe a little bit higher, it's tough to see yields going substantially higher at this point. i think you need a huge spending plan out of trump. trump to win, republican sweep, if trump talks up another percentage point or two in the deficit, maybe that kind of thing would spook the markets, but they've run so much already, pricing for the fed has gone up by 70 basis points i think in terms of terminal rate, it's pretty spooky. i can't see a heck of a lot more from there. >> you heard steve talk about the possibility of us not knowing who controls the house and potentially who controls congress, maybe even the actual presidential election until the end of november because california is such a slow vote counting state. in that scenario what sort of volatility should investors be bracing for and are investors actually positioning for that heightened prolonged volatility? >> i think investors are not positioned for heightened vo

jonathan: have any people feel like stan druckenmiller? his views on the election? doesn't that resonate with a lot of people? lisa: it looks like he is not voting and that resonate with a lot of people who just can't bring themselves to vote for either candidate. jonathan: they don't know which way to turn. lisa: what is interesting, he said he felt the market is going to be convinced that trump is going to win. you still have a race very much tied. jonathan: you do get that sense, don't you, that the market is leading in one direction at a time that the polls are pretty even. lisa: what we've seen consistently is even if people understand what a trade is, they never really understand it until it happens and then you get a sense of what that trait is. right now you people saying different things on both sides in terms of what is going to happen. we shall see on november 5, six, 7, 8. annmarie: he said he liked the financials. is that a trump trade or the fact the bank stocks, earnings had a blowout quarter? jonathan: you can make a big call on what this all means f

. >> i thought that the comments yesterday from stan druckenmiller, they were being s circulating aroundt in investing there the investable versus uninvestable idea, tepper saying buying everything there. it's very investable now maybe a game changer stan, these guys have been long-time buddies. >> sure. >> two of the greatest ever. >> it's the pittsburgh thing >> for sure. >> a lot definitely the pittsburgh thing. but just interesting to me how you can have two legends of the business who know each other's sort of investment styles as well as anybody else can come off on different sides of a particular trade. >> maybe your definition of an investment would you actually want to just own those businesses indefinitely, or maybe tepper feeling like as long as they are in this mode of being serious about stimulate, it's really going to float through in a pretty dramatic way through the markets to the economy, and it just builds you a little bit of time and room to have this trade work i mean, if you look at the depressed levels we're coming off of, it's nothing the fxi at 34, the old high in

perplexity was founded two years ago and funding by jeff bezos and stanley druckenmiller which earnsbscriptions to the customer base and beginning to sell advertising. you use perplexity? >> that's the first one i tried. i'm not like you. i haven't tried every single one. you have favorites? >> perplexity, you wouldn't write anything. >> it is better than google and you have to collate everything. if you say i need a hotel near blah, blah, blah, it will do all of the, you know, all of the se search. i don't use it for much. have you used a.i. already today? >> today? no. googled today. >> which one is your favorite, an andrew? >> i still think google for most things is better because i like the choice and i like to figure it out myself. >> you can't ask a specific question? >> you can actually. >> in a round about way. >> i've actually noticed some dpoob google stuff is pretty good. if you look at the overview at the top. >> overview. yeah. okay. >> not for you? >> no, i just -- >> if you are going to write, chatgpt or anthropic. >> you have to do the paid version. >> when would you