what did ray dalio tell erik schatzker?not want to hold on until he died, he is in his 70's now, 20 years older than can griffin's example at said adele where the you have the transition plan further down the road perhaps and then you also have another was strong language at the top of the story here. really saying ray no longer has the final word and that is really the big change here. so day one in this transition plan, the team is coming also, strong, highlighting who the players are, the question is what happens on the road. this is the first big major succession we've seen. this is almost a 50-year-old term. think about that for a second, what to they look like in the next 50 years? alix: to that point, we see private equity try to do this and not have a good time of the. how can this be different? sonali: what's interesting about that, equity is an hold longer equity term strategy. if you are hedge fund, you are going through tough times every single year potential he. you're trying to scrape you that year. i think it

for a preview, we are joined by erik schatzker. this china u.s. rival permeating everywhere.have more growing worries about potential conflict in taiwan as well. >> at a time when everyone's interest is focused on inflation, monetary policy, and the strong dollar, i think it's really important to draw attention to this technological cold war that is taking place between the united states and china. i don't think we can describe it in any terms other than that after the steps of the biden administration took last friday to further curtail exports of vance technology to china. -- advanced technology to china. what hangs in the violence is the future of taiwan and how bad would it be if china were to impose an economic located around taiwan such that taiwanese exports of technology wouldn't find their way to the rest of the world? i spoke a couple of days ago to a portfolio manager at the macro hedge fund founded and run by paul tudor jones and she put into per -- perspective. >> if something were to happen to taiwan so they would be fully compromised, the economic impact would

erik schatzker has been digging into the details. of the story that you have been sharing today kyle is not only how important the process was to ray dalio -- shows not only how important the process was to ray dalio, maybe you can walk us through this process? >> back in 2010 when he decided it was time to put a succession plan in motion are bridgewater, he thought optimistically, naively, maybe it would take a couple of years. it turned out to take 12 years and bridgewater cycled through seven soul are ceos in the process. settling on the current two co-ceos near par deya and mark bertolini. you know some of the names along the wayside, david mccormick, john rubinstein, eileen murray, who came from morgan stanley and spent quite a while as a co-ceo in bridgewater. greg jensen who is a co-cio. it was hard and it was much harder than ray expected. this is the final and irreversible step in his succession plan. he is handing over voting were told -- voting control to the firm's founder and as he calls himself cio mentor. jon: the timi

ark investment's cathie wood is speaking to erik schatzker. erik: i just gave you the conventional reasons for why what happened happened. from your perspective, what happened? cathie: a sea of greed taking off her high inflation stocks. what is happening now, we saw a dry run of it before covid. before covid, as we realized what a problem we had on our hands, the globe had, the markets were down, in one months time, 25%. we were down 46%. from those lows as you said from april 2021, 350%. since then, to keep the perspective, down 75% at our low inmate. we are probably testing it today as we speak. we shall see. one of the things that has happened, during risk off periods, we see a rush back into indexes. a lot of the market has gone past this. when we move into risk off, this idea of career risk, business risk surfaces in discussions. there is a movement back to benchmark stocks. we don't own the big benchmark stocks. only one of our stocks has made it into the benchmarks, and that is tesla. believe it or not tesla has held up better than our

erik schatzker joins us. this has been a really long time coming. eric: they've been trying to pave the way for succession of the firm he founded. now he's finally letting go. things are in place. bridgewater has co-ceo's. he has reached the place where he is satisfied that he can entrust the firms future to this new leadership, give up his voting rights, which i have to add is an awfully big deal and begin the next chapter of his life. guy: what does this mean for bridgewater? how does this change the direction going forward. it's been a long time coming. lay out what bridgewater is going to look like going forward. eric: that is such an important question. one of the coat ceos put it to me, they no longer have the final word. that is the biggest indication of changes to come. as somebody who previously held 95% of the voting rights, it was his decision, whether they had an operating committee or board or co-ceos. the coat ceo and one of his told me the firm is likely to invest more heavily in talent acquisition and technology. that is something of

here is what co-owner tom bowie said after erik schatzker supported the idea. >> people want to know, a hard no? >> i never say a hard no. but it is not something we are not talking about it all. francine: we are back with jonathan goldstein, the ceo of cain international and the co-owner of chelsea football club. what will this club become? jonathan: we as a group are thrilled and i am so proud to be involved with the chelsea football club. together, they have let a new consortium that continues to work daily to ensure that chelsea is a winning environment. they have hedged a strong platform but we are looking to build upon that. francine: originally you weren't a fan. jonathan: i am a huge lover of soccer, a huge lover of all and this is an opportunity that comes around once in a lifetime. i am hugely excited to depart with some of the data of the adventure and the challenge of ensuring that one of the great clubs in the world maximizes its potential, and that is what we are here to do. we are here to ensure that chelsea maximizes its potential and continue the tradition that the pr