they are a beneficiary of the trend we don't label companies esg companies and non-esg companies. we really focus on working with companies to improve on esg. even just this morning our co-ceo and i spoke to the top 150 leaders of the company we really like, a dental company, that's committed to being best if class on esg. the more we're in front of management teams and understanding their strategies for success and building esg not only into their compliance and operations but strategy and culture, that's what we're driving towards and think it will ultimately enhance over the long term. >> i apologize for jumping in a couple of times. i hate to do that. i know you understand. thank you very much. >> thanks for having us, thank you. >> you're welcome. >>> coming up on this special report, the esg revolution, we'll break down the es in esg from hydrogen to electric, what are the energy plays you want to be invested in >>> plus, the controversial ways companies can call themselves environmentally friendly l okt rpatgrn ee washing next keep us working remotely, is the same company w

what is the esg case? many investors are concerned about esg on many levels.e travel, and is it different when you think of billionaires going into space for tourism? is that different from other investment opportunities in space? will: absolutely different. the fact is what richard branson slide illustrates is a new era in access to space. it is not about space tourism but space access, regular rising it, turning it from experimental flight every time you fly a shuttle. when you get regularization, you get lower costs, lower environmental impact, and as a result, the opportunity to put technology using ai and robots. we can build and industrialize space and for example, this program at the moment uses a huge amount of energy. if that overtakes human transportation on the planet, that elegy can go into space using the cheaper launch systems being developed at the moment. as a result of that, we can do things we have never done before. we now have artificial intelligence, we can do more. all of these things in space are not going to damage the atmosphere. anna:

with at least 30 esg data providers around the world, the ratings used for esg indexes are almost comecicallyere's barely an agreement on what it means one ratings firm's opinion is of no guidance at all in guessing what another's will be but some argue esg scores bring returns. s&p analyzed etfs and mutual funds with more than $250 million in assets under management it found that from march 5, 2020, the day the w.h.o. declared covid-19 a pandemic, to march 5, 2021, 19 of those funds performed better than the s&p 500. the big question is, does esg change the practices of companies? a study published in may by the european corporate government institute shows it's unclear the authors found increased esg investment in companies did not lead the recipients of those funds to reduce pollution, improve work place safety or increase racial diversity on their boards so a direct change or not, the mind-set of an entire generation of investors is no doubt changing >> kristina, one of the other questions people have first and foremost about funds is the cost in other words, when people are buying access

regardless of the motives, how important are activist investors to the esg movemt?ng, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪ visit tdameritrade.com/learn hey, it's good to see you. the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. cisco. the bridge to possible. >>> welcome back stocks rebounding from monday's sell-off a similar trend for oil. to pippa stevens at the commodities desk >>> oil is basically ending the week right where it started. the market moving beyond opec's announcement to boost output, and the price action suggests traders believe fears ov

every bond we own has an esg rating. every stock we own in our portfolio has esg rating. to make sure we are fulfilling our fiduciary duty to clients in considering those risks and to offer products that allow our clients to express how they want to invest in esg. if we do not start without foundation of a true integration into your investment process, then you are on a marketing campaign. that is the thing to look for. erik: i want to thank you for spending time with me and the rest of us at bloomberg television and radio. david hunt is the ceo of pgim. tom: erik schatzker there with an important interview. a successful story in asset management. we will drive forward. nasdaq green again. schatzker lifted the market. lisa: single-handed. the action in the bond market telling after that empire manufacturing data coming out. the hottest on record. fascinating. tom: john is off the set so you and i can talk about bitcoin. a little fragile. bitcoin under birdy 2000 -- bitcoin under 32,000. lisa: did you see yesterday that the founder of doge coin slammed all crypto assets, s

and i think there's important and growing momentum around esg investing. so there is a push on not just financial gain but also the governance impacts of doing business. that's exciting. but i would agree very much with lady may, there needs to be more action here. at the moment we have a lot of talk. we don't have any agreed upon, established set of standards to guide the process. and that's especially true in relation to social issues. we see issues are consistently prioritized above environmental ones and company disclosures. so if you look at they will, you'll see a lot about the environment, governance, and you will see very, very little about the social. so no doubt investment can be leveraged to combat forced labor, to put social considerations and labor considerations front and center, and investors do have this incredibly rare power to look at supply chain and address the practices that force labor skebly often through outsourcing, risky form of subcontracting. when it come to meaningful action, we're not seeing enough clear direction yet from inv

and, you know, that does not go to discussion of what esg means.t is primarily a way for wall street investment banks and companies to make themselves look green by offering green funds and esg funds and building that culture as a revenue stream. there is not a great definition for what that actually means as of now because we are still evolving. host: we will try to get some of our callers in here, let's start with david, calling from massachusetts. david, good morning. caller: good morning, sir. thank you for having me on. it is north acton, massachusetts. i did not hear -- staff writer there. are you with me? host: keep going, david. caller: i do not know if she has a degree as an economist, as a finance major, as an engineer, or science, i do not know what. she is all over the waterfront. let me go from -- to a larger example. in this time, we have woke select persons who want to have electric charging stations in the town. many people did not want to do, but it happened. they told us at the same time that they would not use any of our tax doll

to see investors join the stakeholders for more humane supply chain, better social responsibility, esg, etc.. and there is a lot of attention highlighting the key role that investors play as the new top of supply chain as investment patterns have changed and investors have taken on a very important role in owning and influencing the practices of business actors and i think there is really important and growing them until around esg investing, so this push to focus not just on financial gain but also on the environmental, social, and governance aspect of doing business. that is exciting but i would agree with lady made that there needs to be more action here. at the moment, we have a lot of talk about we do not have any agreed-upon established a set of standards to guide the process, and that is especially true in relation to social issues. we see that environmental governance issues are increasingly prioritized above other disclosures. you will see a lot about the environment and you will see very little about the social. no doubt, investment can be leveraged to combat forced labor and

mark: you mentioned esg is a large part of this and it is a very competitive space.you convince clients that you are covering that theme better than all your competitors? claire: in terms of esg and sustainability, that has long been part of the heritage of dws, not something new to us. we have been looking at responsible and sustainable investing for over a decade, but we look at that not just through our products we but how we operate as a corporate -- our product suite, but how we operate as a corporate and how we have our stewardship response buildings as well. -- responsibilities as well. we need to demonstrate we are offering across all those categories. product innovation is front and center, so we have an esg default approach, which means the product innovations and the new products we bring to market will best -- will be esg first and foremost, and we are listening to what types of themes, what types of products our clients want to be offered and listed so we are addressing digitalization and climate. those products or what we continue to offer, and we see a

who's responsible for building esg into your investments?n for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> we are back. final trades in a moment lee cooperman with us tomorrow we'll have all of your market action covered those two joining me we look forward to the conversation we'll have then all right. friday was nasty andtoday look and feels worse. leave us with words of wisdom. a final trade or whatever you have to say to the viewers >> i think the nastiness is overdone my final trade is financials fundment tales are strong. the yield move is overdone when it comes back it'll be a nice tail wind and nibble on financials. >> great having you on the program. >> raetzon i like it this is by those at 2.5% dividend >> morgan stanley. what i said before. >> okay,

esg -- they invest in esg because they think it comes with concessionary returns, even though philosophicallyagree with it. it has really changed in the sense of whether it is consumer preferences. we will see more investors invest because it aligns with their values and it is also likely where we will see outsized returns. it continues to be an area in public markets and private markets these investors are focused on. sonali: what is the approach they are taking to crypto? the wealthy individuals have a similar wanderlust as a day trader when it comes to these digital assets. meena: i would say the interest is absolutely there. you see bitcoin going parabolic, it definitely has investors asking a lot of questions. there is, the survey suggests roughly 50% invested in crypto assets and another 45% looking at it. those 15 percent invested arguing it as potentially an inflation hedge given the fixed number of points that are out there and asymmetric potential risk reward. the 45% investors, their main concern is store value. retail winds or headlines, esg are generally main concerns. the real q

what jumps out to me is market perfo performance, but pent-up demand and esg. seen them spinning off assets to unlock value it is different this time around it is a fight for survival to remake companies so they are fit for the next decade. >> the fight for survival. i think also the identification of the opportunity every single panel that i chair in the last 18 months or so has turned into the panel about esg. regardless of whether it is about private equity or ipo market every single panel eventually becomes about esg. obviously we are hoping that the conference will still take place at the end areof the year in the uk it is the case that companies have to reorient with a view to that changing. not just the changing regulations, but the market expectation and customer expectation as well. it is a risk, but an opportunity. >> john, can i ask about big s tech we have u.s. congress going after faang stocks could we see those particular names look offshore for be out of the market all together as they do with regulatory hurdles? >> that's a good point you make.

esg is responsible investing. who's responsible for building esg into your investments?rmance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. woo! you are busy... working, parenting, problem solving. at new chapter vitamins we've been busy too... innovating, sourcing organic ingredients, testing them and fermenting. fermenting? yeah like kombucha or yogurt. and we formulate everything so your body can really truly absorb the natural goodness. that's what we do, so you can do you. new chapter wellness, well done. i'm evie's best camper badge. but even i'm not as memorable as eating turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. (vo) nobody dreams in conventional thinking. it didn't get us to the moon. it

what everyone wants to know is, can we increase our esg standards to be the best in the world?fossil fuel to the market but can be get to a net zero scenario? i cannot speak on behalf of the world but i can speak on behalf of canadians to let you know that you have a very committed oil and gas producer that wants to get to net zero. i believe, today, is on the way to having the highest esg standards and some of the lowest carbon intensity in the world. amanda: i have to ask you real quick, your acquisition is facing scrutiny from the competition bureau. do you expect asset sales to be a part of the equation to get the deal done? rene: they have 12 months to review it, we closed the transaction. there are a lot of efficiencies, and that is where the competition bureau needs time to sort out the efficiencies. we don't see anything material in terms of having to divest our assets that overlap, or any of the other business units. we will work cooperatively with them and continue to ensure we can bring those efficiencies to our customers. amanda: thank you so much. great to have you

a whole sort of proliferation around areas such as environmental, social, and governance questions, esgich , according to j.p. morgan, now represents trillions of dollars under asset management. everything from climate change, racial and gender justice, concerns about worker advocacy, data privacy, voter rights, gun control -- i mean, it has really opened up a wide sort of array of issues, notwithstanding the fact that board members are not elected. but at the same time, i think the last year has reminded us that we do not only have a strategic role thinking about how companies will evolve over time, we have to block and tackle in the here and now to be able to adapt to, in a more tactical way, to when things go awry, whether it is a pandemic or financial crisis. i will not belabor the point, but i did publish an article in the harvard business review around march or april of 2020 in which i basically talk about how, as a board member, we were initially incredibly concerned about operations. are people safe? are people able to log into computers? do they have access to health care? we t

esg is responsible investing. who's responsible for building esg into your investments?ce. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you. >>> all right. we'll get to final trades in just a moment. a reminder you're going to hear from fed chair jay powell at 2:00, news conference coming after that 4:00 p.m., facebook reports its earnings pete, give me a little walkup to faceb

a stellar year as the energy sector outperforms we'll speak exclusively about today's earnings, the esg movement and the return of buy backs. >>> and should china be considered a separate asset class from the rest of the world? a look at what's at stake. >>> we begin with today's markets. kristina partsinevelos with those numbers. >> thank you we got equities across the board, but we are heading toward small declines for the week. but for the month, we're seeing strong gains s&p 500 will have six straight months of gains if it hits that gain, which is more of a buy the dip trend across the board we also have energy. we'll bring that up just in terms of sectors energy a little bit weaker as well because of earnings that came out but i want to move on to talk about why there's a few reasons for this selloff first you got amazon's latest earnings that have tech investors jittery. throw in renewed weakness in china shares and the cdc warning that the delta variant is as contagious as chickenpox. and you've got talk about peak domestic and global economic growth and then finally some end of

-- is esg? cole: i don't think it is esg on its face.nible] i'm trying to understand where the mathematics at up -- mathematics add up between his conversations. alix: stick with us. we are going to turn two results next. you also on the j.p. morgan plus bank of america. citi is dropping to their session lows. it has been kind of an outlier, up by 2% or 3% earlier. we will break it down more. this is bloomberg. ♪ ritika: this is "bloomberg markets." coming up raytheon technologie'' chairman. this is bloomberg. ♪ let's check in on the bloomberg first word news. the european union is unveiling a climate change plan to phase out fossil fuels. it would have an impact on every corner of the economy, from how people heat their homes to the cars they drive. every industry would be forced to cut 55% from 1990 levels and combustion engine cars would be limited. -- is fighting an outbreak of the delta strain of the coronavirus. stay-at-home orders for sydney will remain until at least july 30. the city has already been isolated for three weeks. se

they are not as vocal about esg as they used to be.e will be looking at is how much they have invested in their esg indexes and this is a once a year chance to see exactly where they are putting their money. this time last year, in march 2020, they had $50 billion invested in esg and we will be looking to see how much that has risen in stem. -- since then. shery: could we see any other surprises? anna: they tend not to like surprises. they are not that kind of organization. they will be asked questions by the press again. this is one of the few opportunities we have to get the executives out in front of the media and ask them what is going on. one of the things we will be asked about is there position on chinese sovereign debt, so the one that runs the benchmark for foreign bonds, they will be adding chinese debt as you know, towards the end of the year from october, but of the bit of an issue in japan and it has not signaled what its position is going to be. i will be looking to see what they have to say on that front. shery: keep us

they are putting their money into esg. they show this once a year opportunity.w how much they have invested and almost doubled to 10 trillion from the previous year. at the same time, they are investing not for the sake of investing but because they expect it to contribute to their returns. >> after that record performance, what's next? >> we don't get that much information. we will have, and about a month, they will be giving their update for the last quarter. that will be the april to june quarter. that comes out in just over a month. we will get another look at their figures. of course, markets in japan were much less active than they had been in the year we were just talking about. we expect see a much more subdued quarter when they report and all that in early august. -- in early august. >> when it comes to investment and -- when it comes to investment, what kind of proportion will be going forward? >> the gpf investments are split up 25% each in domestic bonds and equities. the fund is obliged. it's portfolio allocation is displayed up there on the screen

we'll focus the entire hour on esg investing and facts and foibles. report the esg revolution >> very much looking forward to that >>> elon musk, jack dorsey and kathy wood speaking at a conference for the crypto council. ab cmes ing strongomnt out dogecoin more on that next. hey, it's good to see you. the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. cisco. the bridge to possible. millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community. i got you. for the love of people. for the love of community. for the love of progress. citi. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential.

it's an esg factor we look at it under a governance factor for our esg analysis.say that, if you have a weaker governance, weaker risk management in place there are certain elements across the different sectors where we'll pick that up in a rating we've had issuers that have attacks that were already at a weaker rating owing to a weaker management score kind of factoring in some of that weakness in the governance around these risk management issues and so while you might not necessarily see it called out cyber specific but where you see us assessing risk management and governance is where we're incorporating the cyber security into our analysis. something else morning for management teams to be thinking about as they think about their credit worthiness. a fascinating conversation thank you, trififfany tribbitt. >>> we'll take you live to miami next plus, further ahead, why inflation could prompt the largest social security cost of living adjustment in decades we're talking 6% stay with us icy hot. ice works fast. heat makes it last. feel the power of contrast ther

. >> a lot of people see the kinds of companies, the esg funds, and say they're not that different and are thought of as dirty companies that buy clean power credits to offset whatever they're doing. they come with higher fees than people in the etf world, the passive index options might be used to. what's the fee structure here? >> this is 75 basis point fee structure and you're getting the transparency, the tax efficiency and the ease of trading of an etf and the 75 basis points is in the range of where a lot of these active etfs are being priced because we're offering something very differentiated for market cap weight. taking a step back because we talked about providers, world is changing rapidly and clients that have a lot of the market cap are missing out on a lot of the trends and equity markets. so this is one etf we brought to the market today we've managed equity for over six years. we managed $20 million we think u.s. clients need more options for future portfolio and this is one of them. we think the fee is quite well priced for the type of innovation and exposure this wil

esg is responsible investing. who's responsible for building esg into your investments?ies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> it's time for a cnbc news update with rahel solomon. >>> here is what's happening this hour. elon musk in a delaware court defending the purchase of solar panel maker solar city a shareholder lawsuit blaming musk and others for a deal full of conflicts of interest that never delivered the profits he promised musk testified he had nothing to gain since he owned shares of both companies musk also objected to the questions by the opposing lawyer saying i think you're a bad human being. >>> protests in communist cuba as thousands take to the streets railing against food shortages, power outages and rising covid cases. cuba's president blaming america calling the u.s. embargo the politics of asphyxiation president biden says the demonstra

esg is responsible investing. who's responsible for building esg into your investments?outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> tonight the battle over voting rights. lawmakers facing arrests as the president enters the fight >>> plus covid fright. the scam robbing millions of americans. >>> live overlooking new york city's times square, this is the big show, "fast money. i'm dom chu in for melissa tonight. next to me, karen finerman tonight on the show we are breaking down the banks. goldman sachs and jp morgan both falling today. you can see after reporting their results, there is another big slate of bank earnings coming your way tomorrow morning. we have your setupcoming kcominh show

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esg is responsible investing. pure protein.im, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> amazon moving lower. the company beat on eps but missed on revenue. joining us to break down the numbers is ed lee from "new york times," and tom forte, from d.a. davidson good to see you both tom, it looks like you were at about $116 billion for the forecast for the second quarter, revenues came in a few billion light of that? where did they miss? >> i'd like to hear on the call to what extent this is a rye flex of supply-chain related issues, things of that nature. did they see consumers lead into travel and lean out the profitability is obviously very good, so what are our thoughts at a high level. you would have though the where pr

esg is responsible investing. who's responsible for building esg into your investments?the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> square moving a bit higher after ceo jack dorsey made a surprise announcement. kate rooney has the details. >> jack dorsey is building a new business dedicated to crypto, specifically decentral icedecen finance, also known as de-fi dorsey naming the new and building this in the spirit of the bit counsel. speaking of bitcoin, robinhood and coinbase are going head to head in the trading business it seems like robinhood had a step up. robinhood sauce about 1.6 million new app installs in april. and coinbase did not off dogecoin trading in april. back in january, though, robinhood user on that app for an average of one hour per week. that fell

a whole sort of proliferation around areas such as environmental, social, and governance questions, esg, which, according to j.p. morgan, now represents trillions of dollars under asset management. everything from climate change, racial and gender justice, concerns about worker advocacy, data privacy, voter rights, gun control -- i mean, it has really opened up a wide sort of array of issues, notwithstanding the fact that board members are not elected. but at the same time, i think the last year has reminded us that we do not only have a strategic role thinking about how companies will evolve over time, we have to block and tackle in the here and now to be able to adapt to, in a more tactical way, to when things go awry, whether it is a pandemic or financial crisis. i will not belabor the point, but i did publish an article in the harvard business review around march or april of 2020 in which i basically talk about how, as a board member, we were initially incredibly concerned about operations. are people safe? are people able to log into computers? do they have access to health care? w

esg into your inv? at pgim, the pursuit is on for outperformance.nvestors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. what's on the horizon? the answers lie beyond the roads we know. we recognize that energy demand is growing, and the world needs lower carbon solutions to keep up. at chevron, we're working to find new ways forward, like through our venture capital group. backing technologies like electric vehicle charging, carbon capture and even nuclear fusion. we may not know just what lies ahead, but it's only human... to search for it. ♪ ♪ ♪ ♪ with a bit more thoug

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shery: what is the big plan when it comes to diversity in asia and other esg efforts?older, we hold a lot of private companies within a very active shareholder -- exercising our voting rights. back in 2017, we had implemented gender diversity practice. we started that in canada. that year, we voted down 45 companies listed in canada that did not have any female board of directors. next year, 21 companies, half of those companies, brought in female board members. in 2019, they expanded the voting practice globally including the asia-pacific. in 2020, voted against 323 companies where they did not have any female board of directors, and then out of those companies, more than 90% are based in asia so that really shows that we have made some progress but there is a long way to go in this region when it comes to women on boards. haidi: it was that last statistic that really jumped out at me. 90% of those 300 plus companies were here in asia. what is it about the region where we are seeing less progress? what more aggressive action can be taken? to their need to be penalties

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hobby air block was talking about a two-part can structural constraint in that on the one hand you have esg concerns limiting the amount of exploration dollars that can be spent. on the other hand, investors one dividends, they want payouts to increase. do you see that affecting opec as much as we see it in the publicly traded western oil majors? ellen: i do not see that as affecting opec that much, because most of the opec can decide how much they want to spend in it. there are some opec producers that have contracts with ioc's. that may be somewhat effective, but for big producers like saudi arabia, the uae, iraq, they are unaffected by this esg issue. iraq to some extent because they have tried to contract with some of the ioc's. but they are really i think concerned in a larger sense and also they have been hit too. saudi arabia curbed the amount of capex it spent in order to pay bills and fulfill its dividend commitments. it is not as if they are unaffected by the lack of investment. matt: what kind of discipline are we seeing out from opec-plus? ellen: discipline from opec-plus is pre

who's responsible for building esg into your investments?is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. ♪ ♪ ♪ cisco. the bridge to possible. experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity sales event. get 1.9% apr financing on the 2021 rx 350. experience amazing. >>> welcome back to "squawk on the street." we're going it get a chick on markets. 142 points just earlier crossing above 35k. the s&p is 43, 85 is your level there. the nasdaq slightly higher and major averages is in general and joining us now are vmo, global asset management and j.p. morgan asset management's asset strategist given the sharp pullback we did see monday, and given the fact we've not only reversed the losses, but we're

you also say that this esg overdose is also a huge risk.r the next couple of years when it comes to oil. >> well, it's really, maria, a confluence of powerful forces coming together. so the biden administration has their agenda and they believe in this green meadow that's out in the future so they passed a number of executive orders that have suppressed exploration, that have really terrified many investors in the space over the last like decade. those investors haven't come back and the esgs, it's kind of a woke movement on wall street. it's very woke. and nobody's doing the mathmatics. it's really matt -- when it comes to the economy coming out of covid and u.s. oil production is down 15% from 2020 levels and that is the same thing with natural gas prices, natural gas production is down 20% so you've got higher natural gas prices, higher oil prices, that feeds into higher coal because coal competes with those and the whole thing is just a recipe for much higher inflation, unintended consequences and it's once again, it's the hand of gover

and, you know, that does not go to discussion of what esg means. primarily a way for wall street investment banks and companies to make themselves look green by offering green funds and esg funds and building that culture as a revenue stream. there is not a great definition for what that actually means as of now because we are still evolving. host: we will try to get some of our callers in here, let's start with david, calling from massachusetts. david, good morning. caller: good morning, sir. thank you for having me on. it is north acton, massachusetts. i did not hear -- staff writer there. are you with me? host: keep going, david. caller: i do not know if she has a degree as an economist, as a finance major, as an engineer, or science, i do not know what. she is all over the waterfront. let me go from -- to a larger example. in this time, we have woke select persons who want to have electric charging stations in the town. many people did not want to do, but it happened. they told us at the same time that they would not use any of our tax dollars

as you note, there are other dynamics at play with early transition and esg it seems investors do notedit for the prices futures prices are closer to $60. the sucurve is not steep valuation is not in line with the stock price. people are looking out three-to-five years. >> if you look at the u.s. oil majors two of them. exxonmobil and chevron versus the european players you mentioned here is there a sense which is the better value trade and option? do you stick with the u.s. producers or go with bp or royal dutch or others like that? >> right i cover u.s. majors. we do a lot of work together and i think i would acknowledge the european majors are cheaper than the u.s. majors. they have under performed and shown signs of returning shares to shareholders. there is room for both if you look at exxon and chevron, they not expensive. the european majors have cheaper than the u.s. majors that is market differentials. >> phil, the dividend story has been key through the last few decades for oil and gas companies. is the dividend story and growth story in tact for exxon and chevron? i know th

think back to esg, think back to insurance companies. it is amazing.eople can invest in it now. with respect to froth, ipo's -- this is another way of doing an ipo. the ipo markets are frothy, the stock market is going to be frothy. when they are more ordinary -- : the spac market[indiscernible] taylor: we want to get more to the specifics of the satellogic deal. you mentioned how fast they are. does that mean regulators have not been able to keep up? howard: no, i think what happens is in an ipo you fire your documents and you have to go through a nine-month process before you can go public. with a spachoward: no, i think s is in, it is already public. you can put out your information directly to the investors and investors can decide if they like the company you want. you're bringing your company out and everybody can take a look at satellogic, take a look at the business, and decided they didn't want to invest, they could have their $10 back. that is amazing for spac. spac investors get the option to take a look. i think satellogic is amazing, so at

esg is responsible investing. on the 2021 rx 350. responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community. i got you. for the love of people. for the love of community. for the love of progress. citi. >>> all right, time now for the mad dash with cramer as we head to the opening bell. what are we looking at >> i'm looking at union pacific, and it's just an excellent quarter. now,

we've had warnings from al gore about a number of esg claims he things have been exaggerated.hat is your assessment? >> it's an important issue. and we need to be very careful about that. and i think this is the next area regulators will look into. what is happening now is the e.u. will come with their taxonomy and this is something that all the market participants need to be careful about so that when it is green, it really is green because we don't want to see greenwashing. we want to see transformation and we want to be part of it and we think the long-term sustainable is also long-term profitability. that's where we want to be. anna: and how ready is this what bank loan book for scrutiny on where you do and don't lend to? because we may be looking at a green asset ratio. is your carbon footprint to be green enough? what is your assessment? >> well, we're looking into that and it's quite difficult to measure how much carbon dioxide does the people you lend out sort of give out in the end. but as you know when i met you, three months ago, i talked about we took decisions tha

sonali: your deal is interesting because of the esg element and also the cross-border aspect.a you would have a spac in the u.s. and merge with a company abroad. take us behind that process in terms of what you are looking for and how you got to this company? victoria: i think you touched on the spac market in general it has been crowded. we wanted to go in the areas we can add a lot of value in the back end. we are backed by a phenomenal partner. they operate in the geographies where swvl is today and where swvl is going. they are going into europe and latin america. for us i believe the world is global and opportunities that was outside of the u.s. much more attractive. i believe the growth will be outside of the u.s. for the next couple of years. very attractive from that standpoint. as far as cross-border deals, a lot of people have just got into it. we are fundamentally focused investors. we make sure every single aspect of this company checked out and all of the elements we were looking forward there. it does not concern me or worry about doing something outside the u.s.

and esg is something that we, we take near and dear to our hearts.oduced our first impact report last year, we're following that up with one that's going to come out in the next couple of weeks. so we're really, really excited about a what we're doing on that front, and you're going to hear more on that. liz: okay. please let us know first. we're covering in that. chris metz of vista outdoor. coming right back, robinhood still down about 5%. ♪ ♪ the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq with voltaren arthritis pain gel my husband's got his moves back. like you an alternative to pain pills voltaren is the first full prescription strength gel for powerful arthritis pain relief... voltaren the joy of movement only 6% of us retail businesses have a black owner. that needs to change. so, i did something. i created a black business accelerator at amazon. and now we have a progra

dan, it's great to have you back is it just a coincidence these are anti-esg trades? >> i think it's a little bit of a coincidence right now because i think what we're looking at is you're looking at companies that are undervalued, that have strong earnings momentum and ones that are going to generate a high yield while you wait. if you look at phillips that you alluded to, phillips is at a point where the stock is down about 20% and yet overall demand for energy is only down about 10% from pre-pandemic levels so, you have a stock that is clearly undervalued. about 66% of their revenue is coming from upstream, refining and storage. they're at a level right now they're trading at about a 12 pe and it has a 4.4% yield. so, to me it's a way to play on the energy side. it's certainly one of the most undervalued names that you have in the energy complex and yet you have a significant amount of upside with a lot of certainty it's undervalued and you get 5% while you wait i think it's a good sound value. and along with that same yield trade, if you will, as this market poten

esg finance. really, trying to obtain more people that can really get into sustainable finance.ike hsbc, icbc, trying to hire those experts but the pool of candidates is small. haidi: and we know this is on the -- everyone from china to indonesia really stepping up when it comes to these environmental, social, as well as just probably more esg related governance measures, right? be it to combat climate change, domestic pollution, or address issues of inequality, particularly post-covid. we are seeing some of these big financial institutions looking to hire more talent. if you have specialist knowledge in this area, that really sets you up well. it is very interesting that we are starting to see this shift. shery: in japan, those candidates could be earning twice what other analysts would be earning. and this focus on esg growing given the focus on inequality, on disparities during the coronavirus pandemic as well. haidi: we have seen that on wall street as well, right? these political a listers that have this policy knowledge to be getting these very highly specialized and somet

the bigger issue of esg will also show up as a cost, hit some bottom lines.t: absolutely, the supply chain, how that is affecting sales, margins, inflation, comes out in the macro as well. joining us for more is waddell & associates chief investment strategist, david waddell. what are you looking for in terms of what companies present us next week? david: i think the earnings will be absolutely astounding. going into the first quarter, analysts expected them to grow 25% and they grew 50%. now they expect 63% earnings growth. guidance going into the quarter has been at a record level. i think what will be interesting is more the corporate, that are forward-looking relative to the delta virus, offshore and onshore, relative to those supply shortages. i would rather have an issue where we have a supply shortage that a demand shortage. i would imagine those supplies issues will be resolved. corporations are extremely healthy, there is a co liquidity out there supporting anything they want to do, now at even lower interest rates. this whole experience around covid