ackman had a few good stars, so did einhorn. liz: einhorn wanted to buy a piece of the met.t's a lot of coin. >> i think einhorn has five to eight billion dollars under management. same with ackman, they have lockup periods so you can't pull the money out. liz: one eighth at a time. >> for pershing square. here's what i know, that people at both of the funds are bracing for massive redemptions. as of now they are saying they're going to stick it out. they're going to stay in the business, but there does come a point where enough's enough and you manage your own money, and some of the things that i hear is that both guys, einhorn and ackman have a lot of money, the employees of ackman's firm have $5 billion in the fund, it's a substantial hedge fund if you took out the outside money, you know, they're clearly talking inside these shops about them becoming family offices. now they say that's not the case now, they have no plans but if it keeps going the way it's going not stopping, they got issues. that's where it is. it's an amazing fall from grace from where they were nine y

einhorn said the fund lost 13.6% in the first quarter and that it was not easy to explain why. getting a lot of earnings direction right, his positions still moved against him over the first three months of 2018. einhorn added the portfolio will perform well when the market processes more news rationally >>> u.s. equity funs suffered their second highest quarterly outflows on record data shows 63$63.3 billion lefti the first quarter with the same amount flowing into global equity funds despite the flow divergence the performance of both were almost exactly the same demand for bond funds increased again in the first three months of 2018 driven by retail investors. >>> tjeffrey gundlach speaks to cnbc later today with his outlook on yields, the markets and more get his insights at 18:30 cet. >>> the u.s. ten-year yield snapped four straight days of declines on tuesday, despite slightly higher demand for bonds. bonds have just seen some fresh buying on the release of new tariffs on u.s. goods from china. we're seeing a fixed income reaction this morning. matt king, the global head

einhorn is looking for a move to $30. he's clearly looking for something bigger than that very tough to play the short game as many of the folks know, but it's something to watch for sure it trades down to 30. >>> another hot topic at the sohm conference was bitcoin. john pfeffer joining us. you want to go right to what you were predicting at the conference and that is that bitcoin rise to no less than 90,000 and potentially as high as 700,000 what sort of time frame are you looking for and can you lay out the case for the bear case i guess if you want to call it that for 90,000 and the bull case which is 700 grand? >> well, sure. the bear case is zero. >> okay. >> listen, these are all -- people should think of crypto assets as a venture capital investment it could go to zero but there's a chance that they could be worth much more. in the case of bitcoin, the $90,000 price would be what it would be worth if bitcoin became equal to private gold bullion holdings, about $1.6 trillion of total value compared to 150 billion o

david einhorn's greenlight capital last money across the board in the first three months of the year,of the worst quarters. einhorn told investors it went against his positions, losing money despite positive earnings, in an analysis of stock wages, einhorn said his biggest long 20itions fell 5.6%, and is largest shorts fell by 5.5%. that is your bloomberg business flash. anna: thank you very much, juliette saly. the u.k. is trying to address the gender pay gap. reportrs today have to wage disparity. companies are legally required to report the differences of salaries paid to male and female employees. hasing us now, nejra cehic been looking at the details. how many companies are reporting and what do they have to disclose? nejra: it is around 9000 companies. bloomberg is tracking this, so you can look on the website and the bloomberg terminal. over 9000 companies reported so far. we were expecting it would be a data dump on the deadline date today, but it seems like most firms, a majority have complied. any firm with 250 or more employees in the u.k. has to be median hourly and pay fo

stock market may be down because of tax selling john paulson had to pay $1 billion in taxes david einhornmoney out of his fund to pay for taxes. there was a ten-year window hedge fund managers didn't have to pay taxes this is the year they have to pay it i think that's why you have this correlation, there's tax selling in both of these assets. >> do you agree with that, with the whole -- you were very skeptical about the takes day selling aspect of it. >> i've been skeptical just because i sense that the global industry that everybody says is two-thirds in asia is not a bunch of u.s. folks. but if you think about the liquidity in the market and what it takes to push it around for selling in a nonliquid environment could hurt. >> it's friday it's already that time >> you know what's next. >> no, not that time it's time for the final trade first. tim. >> they report monday, halliburton and the osx. >> last night i came on as a special guest which was not own thrilling but fun too. i said buy bitcoin above 8500, i put my money where my mouth is, i bought some. >> you're just relieved we invi

we've learned a good deal more about why david einhorn's fund did so badly in the first quarter.o start with sir martin sorrell. the vpp is looking into it -- wpp is looking into allegations of personal misconduct. we don't have a lot of details, but nonetheless interesting. guest: it is interesting because it sounds like the company is investigating misuse of company assets. they are saying it is personal misconduct as well in terms of the allegations. we will see how it unravels, but this is another example of succession planning and questions that investors and analysts have of key man risks. david: first of all, the company said the misuse of funds that occurred was not material. the second, sir martin has denied it. they couldn't have happened at a worse time for the view ppt -- four wpp. it is not like they were doing very well. is another account of finally ceos being held accountable for stuff, like the me too movement. i must say, i find it's stunning the extent to which hr issues are coming to the forefront in almost every company now. the hr officer is going to be one

. >> good to be back >> you have a great lineup, einhorn, carson bloc, why this topic?> obviously in a bull market, bubbles appearing everywhere, the latest cryptocurrency. >> yeah, mentioned how painful it's been to try and short, given the momentum and you think it's coming back >> yeah, look, it honestly was a contributor for me going out of business and guys like me who are very resilient and stubborn when they think they're right, a lot going out of business or exiting shorting, that, to me, smells like 1989, for example. and that's why you want to look for opportunities. i'm assembled 22 of the smartest short-sellers i know all day long they're going to be pitching the best ideas and how they survived the bull market. >> leslie picker will be there all day. you've got 22, there's going to be a lot of stocks on the move joe, i don't know what you think about the art, the pain, the challenge, the opportunity of short-selling and the cost >> and the cost. if you could speak to that >> yeah, i think pain sort of covered sort of the financial cost but also, it can be m

. >> einhorn, regis philbin. >> it overshot on the up side and overshot on the downside a lot of people with the stick still up on the year are saying i don't need to stick around >> semiconductors were weak today. this and you add nvidia, something was tweeted prusing its short on the stock. >> amd put out a $700 price target i was bullish on micron for a long time i continued to ride it to the upside offer earnings. it looked like it was the right call obviously it's gone completely the other way. to dan ace point on a stock like this when this products become somewhat commoditized valuations get thrown out the window. back in november they had a great quarter the stock rallied to 50 and failed past resistance on the up side becomes support. we are there now i don't know if the 34 price target comes into play didn't have the volume today to signal it was a capitulation today. if you are looking to trade above 50ish this is your level now. >> rick bach betting big on e sports he will be here to tell us his plan to dominate the market. i'm melissa lee, you are watching cnbc first in bus

david einhorn is pain $300 million. he is pain that tax bill.e talking about john paulson, $1.5 billion. this goes back to 2008. it has to do with fees were earned offshore and were part to there. they had a decade to pay those taxes. they hoped something might change. it didn't change. alix: too bad. >> the numbers are staggering. let's talk about a number that isn't as staggering. that is deutsche bank. a flaw that meant germany's biggest lender has sent $35 billion to an exchange. they already have problems with risk management. >> that's a polite way of putting it. $35 billion just walked out the door. assistantow an mismanaged. it comes at a time when the bank is under huge pressure, getting a new ceo. it doesn't look right. -- great. can'tif regulators believe in deutsche bank, why would they support it and let it take its time to sort itself out? >> it's like an individual that does bad things, when they do another one, i am done with this person. it's hard to give them a second chance. >> if you still believe in doing space -- deutsche b

that leads to our second topic, which is david einhorn. 14%. -- you think you would have done better, especially since stocks got him at the last two months. thursday and friday, we were thinking he would do better, because some of his bubble basket of tech stocks really suffered in march. amazon.com, netflix, but it still came in down 9.1% in march, bringing him to a 14% loss for the first three months of the year. david: it is not just tech. negative on. he is shorting tesla. alix: so is this long for him? peggy: he is -- some of his long picks have not done well either. he is kind of getting hammered on both sides. february, he said in a call with investors that this is the worst performance the fun has ever seen, but we really -- he really stock with the growth strategy -- he stuck with the growth strategy. this has really weighed on the firm. alix: what i find interesting -- we love to talk about hedge funds. in reality, the first quarter should beware hedge funds outperform. they do not necessarily need to be the benchmark, but this is wh

>> scott rudin, producer, and the director, andy einhorn.ve you. i thought hmm. i'm the kind of person who if i said no i would always wonder what if. i thought, yeah, i'll try this. >> how's the transition been from broadway? >> i knew it would be a shock to my system because eight shows a week is big. we're not amplified in classic music and can't do more than maximum three a week because we need the downtime. so this i thought how. a going to do this. amplification makes it much easier, and -- >> what does that mean? >> so when you have a microphone, instead of the body doing the power, the technology does the power for us. >> oh. >> you can afford not to get so tired. >> how different is at that in terms of singing? a small change or big -- >> it's huge. massive. if you go to the stage of the metropolitanond remarks for instance, that -- opera, for instance, that seats 4,000 people, there's no microphone. >> i never thought about it. >> we're like ventriloquists. it's really different technically speaking how we sing. >> did that take an

david einhorn was in. george soros's firm had a big play. investment i really detail how that whole thing came about. i broke the news on cnbc that that had happened. i didn't know the back story and i detail in the book how the firm and a guy named paul over there made it happen. try to take you behind the scenes of every little twist and turn of what is a very public battle. i try to bring that to light in this book. >> to me it seemed like ackman so bent on destroying will go to any length. he needed some government agency to shut it down and he failed. >> he had to have that. the entire thesis was predicated on the fact that the government needs to intervene and shut the company down. there are a couple of issues with that. is the government going to act on behalf of a billionaire in new york city telling it to shut the business down? the ftc in the end came out and smacked herbal life pretty good, fined it and made it change the way they do part of their business. they did not shut herbal life down. >> i loved it. it's a quick, reads li

was one of the worst quarters ever for legendary hedge fund --ager david i've more manager david einhorn his fund dropped 14% in the first quarter. that is your bloomberg business flash. guy: shares in deutsche bank --aching the 11 euros level the 11 million euros level -- the 11 euro level. significant is 11 as a line in the sand for investments, do you think? not pretty tot is see, but as long as we are not at the level where we were in the fourth quarter 2016 when there is really a lot of concern about the bank and the way forward and whether it could be a viable bank among some investors, that is kind of the fundamental psychological level. 10 obviously is the area you don't want to go close to because that is another psychological level. if you cross that out, it doesn't look pretty. thatjpmorgan pointing out maybe bb k should pull back from the united states. s has taken responsibility for a lot of the action. how big of a blow is it personally for him that this is not performing? guest: it is a big blow. one of the first investor conferences, he was asked by an analyst about growt

and david einhorn, his stock gain gained >> if you bought the day off, would you still see some of thosens? >> i put myself in the mind wof the average investor who is watching the sohn conference, you would do it right after. if you're an average person watching these moves -- >> you can't get the instant tick on it >> i trust those investors i want to invest how they invested this is what would have done. >>> wunts again this year, cnbc is partnering with the sohn conference foundation. we will be live from the conference on monday, april 23rd that's coming up it's here in new york. it brings together some of wall street's brightest investors to present their best moneymaking ideas. leslie, you will be covering it? >> i will, indeed. >>> coming up, companies are increasingly relying on automation to perform jobs that would have been done by humans we'll look at trends in the energy sector and those jobs first a quick check of european markets right now they're green. 'lbeight back. at&t provides edge-to-edge intelligence, covering virtually every part of your manufacturing business. &

regulation around facebook >> outside of tech there were long investments in dr horton and mckesson david einhornaid he was short assured guarantee over its puerto rico exposure assured guarantee fell in after market trading on those remarks. >>> can we talk box -- >> that statement itself >> no, not on the statement itself >> that statement, you can understand why a company would disagree with an assessment like that that's a bold faced he knows nothing statement. what was the chatter on the box call >> it was interesting. everybody was surprised to see the name box as the company he was pitching for the first half it was all about artificial intelligence. he laid out this stack of where he sees artificial intelligence going and penetrating into the ecosystem of silicon valley. he put names on there like nvidia, like google. we thought he would pitch long in nvidia or google. no, it was box >> i don't get that one at all box to me is a commodity storage play what it has to do with ai is a long way where it's justifying that earnings it makes money on a rental commodity basis. >> where are you on