einhorn was saying that the roadshow is flawed.these long and medium size managers. they would be there to buy the stocks. you don't have as many of them. they make you don't have as many of them because people gone into indexing. it will be interesting to see exactly what happens with all of those companies. still ahead, spotify users listen up, the streaming platform is another one business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. (sirens) [due at target in 5!] py that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments, we're 30 secon out. need the next level n

it says, wait, wait -- >> that was david einhorn at the sohn conference.ll hear much more from david einhorn when he sits down at 2:15 p.m. don't miss it. let's bring back nancy on the markets. i'm not going to ask you about his pick in particular, but he was poking fun here at growth investment and all the hype that we're seeing around artificial intelligence. valuations that got out of hand and essentially talking about commodities. where are you in the markets this week? we have seen the tech trade take a breather, and things like commodities continue to move higher. >> yeah. hopefully we're continued well for all of that. we are value investors. i would say we're relative value investors, which has kept us alive and allowed us outperform relative to the peer group. so you have to be nimble in this business, but we have a clean energy infrastructure strategy that is long on many of the commodities that have perked up this year. so as investors, you have to look at the secular environment that you have been given and the narrative behind that. so i don't

we are monitoring that for any stock-moving headlines, and then david einhorn takes

what do you make of what both cohen and einhorn had to say? it's not a bubble. >> i don't think it's a broad bubble. i think there was a bubble and maybe still is in the enthusiasm around a.i. in the sense of expecting it to come to fruition this year or some time in the next 12 months. i still think it's a theme that will continue to play out. any new theme, any new innovation goes through a boom or bust cycle. we haven't had a bust cycle in this theme yet. so are we in a bubble if we're comparing that to the late '90s or early 2000s? no. we're still reasonably priced by comparison that way and reasonably priced by comparison of tangible revenues occurring in a lot of companies that have been driven up. however, are we at a late cycle enthusiasm phase that could get drawn out, bring things even higher? whether you look at trailing or forward, you're somewhere in that 80th to 90th percentile range. it's hard to argue that we're cheap. a bubble i would consider higher. >> i brought out tech purposely. i want to highlight another move. bill baru

shares up 8% in the pre-market. >>> david einhorn says his company bought a stake in solvay.a chemicals company based in belgium. the company has higher margins than typical commodities producers. the stock trades at seven times expected 2024 earnings. it is a major producer of soda ash. shares are up in europe after the u.s. depository receipts jumped 14% yesterday. european trading is up 6.5%. >>> etsy issing moving higher the long pick from elliott. it will generate multiyear upside. elliott has a 13% economic stake in etsy. the company appointed one of the portfolio managers to the board of directors in february. >>> janet yellen is on the way to china set to meet with leaders on that side of the pacific. yellen is offering tough talk to protect american businesses. megan cassella is joining us with more about the trip. >> reporter: good morning, dom. yellen will have four meetings across two cities. her goal is to meet with former and current leaders. the biggest piece of the eagend is meeting with her counterpart li on the economy. she will press for changes. we heard a

einhorn said it today. all the big institutional traders recognize what's going on, and i think it's going to be the unraveling of the longer maturities and the steepening of the yield curve and the presence of stagflation that's all going to be grouped together. >> rick, always great to get your take. appreciate the time. rick santelli. >> thank you. >> karen, what's your trade on tlt these days? >> well, i covered some. it's moved a lot. though, you know, listening to rick, i was just thinking about it as he was talking, all right, well, do i want to be completely out? no. but you know, we could get a little bit of cool data, it would move a lot. i don't think -- i think more likely to see hot data, so, that would -- that would vote for staying in it, but now i have a half position, so, i don't know what i wish for. >> when karen is talking about staying in it, she's saying short it. >> yes, yes. >> it's important for people to understand that. >> correct. i think -- that trade says yields will go higher.

. >>> solvay surges as einhorn takes a stake saying the group is a top five position in his portfolio>> it is under valued because there is not a professional industry trying to identify and purchase these things. the opportunity comes to us and we can buy a company of this quality with a double digit dividend yield while we wait to improve the operations. >>> the disney ceo bob iger keeps the keys to the castle fending off the challenge from nelson peltz as the proxy fight comes to an end. we will hear from iger at 14:00 cet. >>> the head of nato proposes a 100 billion euro aid package for ukraine as the alliance looks to lock in long-term support. >> europe needs america for its security. this is essential. europe is investing more. at the same time, north america also needs europe. >>> good morning. we start the show with some economic data. we are just getting flash final pmi readings for the eurozone and these are the figures. in terms of the composite figure, we have it coming in at 14.9. i should say 50.3 compared to an expectation of 14.9. we're seeing a slight improvement and

david einhorn joining those saying u.s. investments could be booming because of rate hikes, in spite of them more than $13 trillion of interest bearing assets like bonds and money market accounts. it nets about $400 billion a year in interest at today's rates. that money could provide some real gains if it's funneled back into the economy just look at the change in key data since the start of the fed tightening cycle gdp is growing, unemployment steady corporate profits rising could the current environment actually be supporting the economy and markets? karen, what's your take on this very interesting view? >> it is a very entering true. i want to turn it on its head a little bit it is the cause of the gdp being so strong, is the cause of the higher rates yes there are benefits to that like the ones you pointed out. i also wonder how much tax income is boosted from all that extra income we were talking about that before the show. and then there's also -- there are some downsides as well obviously it's hard on the housing ma

that is what steve cohn said to the network this week, david einhorn told me it's not a bubble. do you share that view? >> yeah, i share that view. i did the article about the internet stocks in january, february, march of 2000. those were big cap stocks. their average price earnings ratio was 200. the average price earnings ratio of these stocks, the nvidias or the mag 7 are about 30 looking forward on earnings. so, they're one quarter -- now, it was way overvalued then. the nasdaq went down 75% from that peak. you know, way overvalued then. but we are not there. i mean, we're really at pe ratios that are one-third to one-quarter of where they were in the beginning of 2000 in the internet bubble. so, you know, i'm not saying it's not -- it's impossible to get there. you know, anything's possible, speculation in the market. i think i even mentioned on your show or earlier that if nvidia is priced like those emc, sunmicro system, oracle, all those were priced 24 years ago, you know, nvidia would be somewhere around $3,000 to $4,000 a share. >> your point is well taken. >> yeah. t

haslinda: bruce einhorn, thank you for that.sbc's ceo noel quinn is pushing to improve his bank's wealth management capabilities in china and india. we spoke to him exclusively as the bank hosts its first global investment summit here in hong kong. noel: in 2023, the performance of our wealth and personal banking business in hong kong, we saw significant customer acquisition. we also saw around about 50% growth in our insurance and wealth business, in terms of new business last year. the facts are wealth management is continuing to develop and grow in hong kong. the liquidity base in hong kong today is higher than pre-covered levels. --pre-covid levels. i still see for hong kong is a vibrant financial center. capital markets are subdued but that is a function of still coming out of covid. the economy is waiting to recover, but we have seen early signs of the debt capital market starting to pick up as well. the facts support that hong kong still is a vibrant financial market. david: you are set to report your first quarter earnin

we have got bloomberg's bruce einhorn. tell us what progress has been made?: well, what we know is there have been comments from senior israeli officials that are the most upbeat when it comes to prospects of a cease-fire. the defense minister said that progress on the war allowed israel to make difficult decisions to return hostages. i think we are at an appropriate point. they were comments from israel cats who said they were optimistic when it came to the prospects of a cease-fire. this is a major change from as recently as last week when we heard comments that israel thought there was a gap between israel and hamas about a possible cease-fire. one thing to keep in mind is what we are hearing some optimistic comments from is really officials, a senior official of hamas tells bloomberg there are no talks scheduled, that there is no imminent cease fire ahead. there has been no progress. hamas has been recognized by the u.s. and eu as a terrorist station. lizzy: that denial pushing up the oil price again. meanwhile, looks like an invasion is going ahead thoug

bruce einhorn, thank you.ll continue to track how that conflict in the middle east is moving oil markets. rice said energy will share their outlook in the next hour. kkr and hsbc selling an optimistic note on china even as the global investors withdraw billions. more on where they are seeing opportunities, next. this is bloomberg. ♪ paul: china's invest ability was a key topic as financial executives gathered for bloomberg's new voices hong kong launch event. kkr and hsbc asset management was sounding and optimistic note on china. >> first of all, the context is that the global fund allocation to china hit a 25 year low. the room for further sales is significantly reduced. and then i think the concerns of investors where we talk to you, primarily relating to geopolitical events like u.s. elections, the week property market in china, the long-term growth of china and all that. at the same time, the elevation to the global markets and asian markets versus china also explaining why they were underweight for so lo

wednesday, april 3rd, david einhorn is going to be with us exclusively.the sohn conference in new york city, an event that's near and dear for all of us, raises money for childhood cancer and david einhorn has been a longtime supporter of that cause and of this event and he'll sit down with us and have an interview about that. we can't wait for that. shannon young is a partner. >> wynn resort. down too long. >> stephanie link? >> slb. >> see what the market does. s&p is negative as is the dow. take you into the final hour. "the exchange" is now. >>> welcome to "the exchange." i'm jon fortt. here's what's ahead. the ten year up after the fed's key inflation reach and the prices mo prices moderated, but spending remained resilient and manufacturing increased for the first time in 16 months. our economy sees three rate cuts still on the table this year and she's going to make her case ahead of friday's jobs report. manufacturing in china also extending, breaking five straight months of contraction. is it bl

when we come back, we have david einhorn. (traffic noises) (♪♪) the road to opportunity.often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. at corient, wealth management begins and ends with you. we believe the more personal the solution, the more powerful the result. we never lose focus on the life you want to build. it's time for wealth solutions as sophisticated as you are. it's time for corient. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. >>> welcome back to "the halftime report. i'm kate rogers with your news update >>> president biden signs a bill that could see tiktok banned in the u.s., his re-e

>> i can't remember the year einhorn -- >> i was looking that up right now. >> at least five. he loaded up and it didn't work. >> i was looking that up. >> if it was a while ago and he actually did -- it was more than five. he did a couple of mea culpas on this. i miscalculated this or that. >>> disney was weird. it turned down after the news came out. that was the rumor. disney did defeat nelson peltz. the contested proxy battle. they voted the slate of nominees and rejected peltz's bid for two seats on the board. david faber has an exclusive interview with bob iger at 9:00 a.m. we will talk to jessica about this. she thinks this is great. they thinks he will be bob iger unshackled. he has a full backing of everybody and he's now going from repairing disney and what happened after he left to a growth phase. video games -- >> tougher issue to go back to the slate. cost cutting was the easy part of the move. bob iger has the chops. he has done this before. >> we'll see. >> reason why the stock dropped or not moved higher is in nelson was there, there would be short-term moves.

let's bring in bruce einhorn for the details. what is speaker johnson's plan to get this aid package past? how likely is it? what's the resistance he's facing? >> well, this has been several months in the works. the senate passed a package of $95 billion in aid to ukraine, taiwan, israel back in february. since then, the house hasn't done anything. we now know that speaker johnson is planning several votes that would be this weekend that would divide the senates package into different votes. there would be one foot for ukraine eight. there would be one for israel. there would be one for taiwan. the thinking is that by splitting it up like this, speaker johnson can get them all through. the ukraine aid by having one vote on that. you would get more democrats even though he would lose republicans who are opposed to it. with the israel vote, he would get more republicans. he would lose democrats who want to impose conditions on aid to israel. the taiwan one would sail through without opposition from either side. there's pretty bipar

we'll hear from green-light capital founder david einhorn at 2:00 2:15 p.m. >>> let's get a check ones. the dow is implied lower by 55. the s&p down by about 9, and the nasdaq off by 50. >>> our own jim cramer is telling investors not to worry. he made those comments last night on "mad money." >> don't forget the company was over bought. it was overbought this evening. the movement might not be over. bottom line, all you can do is patiently hunker down and wait for lower prices. somehow, i think we'll get them. >>> from one philly guy to another, let's bring in jay woods from freedom capital markets. you heard jim's comments. he's not the only one out there saying it. he's saying, yes, things can be intact from medium to longer term but still have volatility. the problem is, jay, we haven't seen it since like november, really, so is this something to be scared of? >> i have to echo jim's sentiments. we've come up with back-to-back gains. we're coming into april. we've been up 16 of the last 18 aprils. yes, things are a little overdone. the 10-year brock at 3 pnlts 5%. it's looking go

david einhorn sat down with our team at the conference.l going to play that for you and i want your take. >> the s&p is making highs, right? we're in a favorable economic environment, yet where is the ipo market? why aren't companies able to come public? the reason is, companies used to do these things called road shows. they would come to these managers and say hi, i'm the mid-cap manager of the such and such fund. would you like to buy my new stock? if that person isn't there or they don't have any new money, there's no one to buy that stock. so you have a closed ipo market, even in the face of really, really favorable market conditions. >> that was the perspective i haven't heard that often, because i usually sit in san francisco and talk to founders, many of whom believe there's a stigma around going public, that you can't build for the longer term as well as you can if you're private. what do you think of his comments and whether the ipo market is going to open up or not? >> look, the reality is, there aren't that many good grif compa

i would be interested in what data david einhorn is looking at. i'm not seeing that. i do think it's a downside, it always has been in earlier periods of higher inflation moderating to lower inflation. that's not a surprise and it may prove as mr. cohen said, hard. really hard. to get to 2% and i think it's possible it just isn't achievable over the medium- term. my own expectation is pretty much in line with the latest market expectations. i think as of earlier today there was a 56% chance based on markets of the first cut taking place in june and still a base case of three cuts. i think that's as logical a scenario as any. i paid a lot of attention to chairman powell's own comments and as steve said, he clearly wants to cut and he essentially brushed off the latest data as not changing their basic framework and so, absent negative data could happen tomorrow morning with job support but absent negative data that is seen as continuing and by negative i mean stronger than expected on growth, jobs, and inflation, i think that is still the most logical expectation, but i

fund manager new york mets owner steve cohen will be live on squawk box at 8:15 followed by david einhorn us from the conference right here on "power lunch" at 2:15 p.m. >>> still ahead a real estate reality check. conventional wisdom says home prices should be easing and yet they're not. we'll do a deep dive on the latest data including how much the average monthly payment has grown in just the past year. we'll be right back. (bobby) my store and my design business? we're exploding. but my old internet, was not letting me run the show. so, we switched to verizon business internet. they have business grade internet, nationwide. (vo) make the switch. it's your business. it's your verizon. ♪ >>> this spring housing market is coming in hot, making it harder not just for new buyers but for move-up buyers to afford a home. diana olick joins us with very stunning numbers on what it takes to get in really puts it in perspective how much it's changed. >> yeah, deirdre. home prices in february were 5.5% higher than february of last year, according to core alogic. while that annual comparison is sh

halftime" will be live from new york, and before i sit down exclusively with green light capital david einhornes at 2:15 exclusively. so i hope you'll join me. more immediately, join me on "closing bell" today at 3:00 eastern. excited about that. bryn, find trade. >> yuranium. it's the cleanest energy. china and saudi is all in. after a strong 2023, it's set up to have a strong 2024. >> josh brown? >> ieo, the breakout is real. all of these stocks are set up for higher highs. >> oil is running again. farmer jim? >> on that note, transocean got that plus $500,000 a day brig contract. >> all right, thank you. sarat? >> same agenda there. slb. love the oil services play. >> all right. i'll see you on "closing bell." "the exchange" is now. ♪ ♪ >>> scott, thank you. and welcome to "the exchange." i'm deidre bosa in for kelly evans. here is what is ahead today. stocks are under pressure, as yields, gold and oil hit highs, with the action, the story and the trades to make against this backdrop. plus, the fed getting ready to speak this hour, as the market is coming to terms with fewer rate cuts. one

manager david einhorn and a few others staring at the pot a bit. they're saying at the start of rate hikes, gdp 4. and start was 3.2%. unemployment stayed the same and 3-point #%, 3.8% and corporate profits are climbing bill time from 3 trail to $3.4 trillion and the stock market. 4300 on s&p and hit as high as 5200 and down to 5,000. what's there to not like? say okay, if you want to break it down, this is more macro. give a little granular with it. this one you have to understand. there's $13 trillion in short term interest varying assets in the country, ask there's $ 5 trillion in consumer debt excluding mortgages. why not? of course mortgages ain't a big deal. nevertheless go with this, so you've got $13 trillion, $ 5 trillion, your net gain for u.s. households is $4 billion. we're in the money, boys and girls. of course, the problem is where is that $400 billion going? who's getting the money and g oing for that and going in and out of third and they're all around and they own everything and coming into this year. boomers and a silent generati

david einhorn from the sohn conference. we're very excited about that. >>> up next, your earnings set-up. retailer pvh reporting at the top of the hour. that stock's seen sizable gains over the last year. big question now, can that reth ctinue? we will discuss that and much more when we take you inside the market zone next. st. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. encore energy, america's clean energy company, now in production in south texas. energizing america with reliable and affordable uranium for nuclear energy fuel from our environmentally friendly extraction process. encore energy. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the pr

small cheap, it's not huge, $6 billion company, but that speaks to a market, that speaks to david einhornaid a lot of the functions are broken. >>> coming up, that dream house is looking more and more like just that, a dream. how much housing payments have skyrocketed over the past year, and whether there's any relief in sight for would be home buyers. >>> but first, president biden holding a phone call with china's president xi jinping. the headlines out of that conversation, and what to expect in secretary yellen's trip to the mainland. when "fast money" returns. >>> missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. (sirens) [due at target in 5!] copy that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments, we're 30 seconds out. need the next level network. [north corridor, hurry!] -coming through! -or 3, let's go. the network more businesses choose. transplant received. at&t

. >> david einhorn was on air last week, he made a good point is that really the rise of index fundseone who runs a firm like yours, charles schwab, what you think about that. >> for the average investor indexing makes sense just because of the amount of -- you know, just the amount of kind of study that has to go into finding stocks, but i will say this, we provide an incredible amount of education and opportunity for our investors to do that study, whether it's through what we do with schwab coaching, those are webcasts that we do on a daily basis, now does it skew the values, i think what might skew it to a certain extent is the market cap and the big names at this point represent 25% of the s&p 500, that might skew it. but i think for the average investor indexing still makes sense. >> do you think it's changed the dynamic, though, meaning there's not the true price discovery even these individual investors buying and selling it's in such small proportion it doesn't make a difference? >> yeah, no. i get that point. but what, you know, from what we see, we still look at the equity