guggenheim saying bitcoin should be worth 400,000.ad: let's take a look at what is going on in the time market. -- the thailand market. the 30 level against its american counterpart. this has been a huge headache for the central bank. authorities looking at ways they can stop this appreciation of the currency. nifty opening flat as we await the start of the trading day. 10 year yields steady. the moment bonds at -- going to have a little bit of volatility as we get operation twist taking place in short while with 100 billion worth of rupees. talking about the bond buying purchase program, the fed sending a clear signal that it leaves no doubt it will keep on providing monetary stimulus until the economy no longer needs it. kathleen hays is here with more. the fed is going to keep on buying bonds until it is closer to its employment, which is crucial and inflation goals. optimism fromme jay powell. kathleen: as juliette mentioned, needsraders -- if the fed to do more, all it can do is do more on the bond of purchase front. they expecte

i have the interview that tom keene and scarlet fu did yesterday with scott minerd of guggenheim.t sent shockwaves across market participants. it was 10,000, then i went to 20,000, now it is 23,000, and in between those levels, scott minerd of guggenheim says he think that will go to 400,000. i think he was talking about possible scarcity and fed policies, that these will not stop people printing money. baning up, the ecb lifts its on dividends. this is bloomberg. ♪ francine: breaking news out of france. the french president, emmanuel macron has coronavirus. he has tested positive for covid-19. i imagine like many leaders, they get tested periodically if not daily or at least weekly. this is in the context of infections rising in france. it was only two days ago that the lockdown was lifted, but mr. macron decided restaurants and bars would be closed and france during the christmas period. -- closed in france during the christmas period. we heard that the french president, emmanuel macron, has tested positive for covid-19. i imagine in the next 15 to 20 minutes, we will exactly fi

well, peggy guggenheim discovers her.er son gets peggy guggenheim to her studio at her house. she paints in her living room. she then offers janet a show, and janet english isn't that good, but peggy guggenheim, who has a gallery, is mesmerized by her work. so she has a show in new york city. you will never believe who comes to her show but jackson pollack. this is one of my lincoln's based on her style of drip painting. here's the to painting side by side. janet sobel's painting in 1945. jackson pollack's first official drip painting is 1947. he never gives her any credit. she becomes ill and actually moves away to become -- to retirement, but she does these beautiful. if you look her up, she does beautiful splatter paintings. he never really mentions her or gives her any sort of credit as an influence. i don't want to take anything away, again, from jackson pollack. i don't think he invented the splatter painting, i think janet sobel invented the splatter painting, but he certainly borrowed it and applied it beautifully

guggenheim calling the stock the best idea for 2021 in the sector of giving it a $165 price target, au would think more of a rally. anyway they are saying nike is embarking on its next era of history which will be digitally led. guggenheim says athleisure will remain favorable in an area where nike is the leader and they expect the company's new product innovation to remain robust the stock is up 135% from its lows this year. >>> and on the industrial side, let's take a look at caterpillar. baird getting bullish on the name calling it its top idea for 2021 and hiking its price target to the 220 from 206 so that's about a 20% real they are saying demand in the key markets is set to rebound. among them for construction equipment. baird sees retail demand also accelerating against easy prior year comparisons and history shows dealers have the 10% restocking cat is up more than 106% from its 5 it-week low. still ahead, $15 billion has been designated for independent concert venues in the newest round of still lumpts we'll get an update from the ceo of count basie center for the arts right

guggenheim scott minerd thinks it still has a long way to go.tually climbed to about $400,000, but the rally is polarizing opinions. some think it could lead to a meltdown similar to the one we saw three years ago. texas is accusing google of reaching an illegal deal with facebook, conspiring to maintain a chokehold over the lucrative digital advertising market. 10 states have filed a lawsuit which targets google's central role in the buying and selling of display ads across the web. google says the suit is meritless. china's starbucks rival is paying a fine to settle u.s. allegations it misstated its revenue. the company will hand over $180 itlion to resolve the claims intended to give investors a false impression of rapid growth. the sec says it fabricated more than $300 million in sales. luckin neither admits or denies allegations. nissan plans to ship its new electric vehicles to europe from japan. it will not be producing them in the u.k., however, as the prospect of a no deal brexit is throwing the future of the company's sunderland plant

she is a former guggenheim she is a former guggenheim she is doing today by veena devol. her writing has been published in the la times she is currently working on a book today they are discussing "after the gig" based on a decade of meticulous research. i will leave you with this quote. the team has done something extraordinary. they have let them understand what the sharing economy really feels like to its participants. in addition they provide a workable plan for how to fulfill the promise of a gig work. i will redefine the field. the virtual stage is now yours. >> thank you so much for having me. i'm deeply honored to be in the conversation with you. you heard julie's introduction. but what is not articulated is that she is really not a book bulky myth in this particular field thinking about the sharing or gig economy but also about work more broadly. and she has been a central public intellectual and an incredible scholar for people across disciplines and thinking about the problems with the work for a very long time. i think any one of your students or young mentees

one of the biggest is guggenheim, and they had been putting through the desire to be able to buy cryptome of their funds. earlier they came out with an eye watering, eye-popping viewpoint of where crypto is going. made thesten >> we decision to start allocating towards bitcoin when bitcoin was a $10,000. it's a little more challenging with the current price closer to $20,000. amazing over a very short period of time how big of a run-up we had. but having said that, our fundamental work shows that bitcoin should be worth about $400,000. caroline: $400,000. we had to call him up to make sure he was meaning it. yeah, talk to us about that figure. how quickly do we get there? seth: the way we are thinking about it, and my involvement in bitcoin started in 2012 and coinfund was founded in 2015. the way we are thinking about it is if you look at the pattern recognition of bitcoin's ouf -- 50,000 to cycles, $1 $250,000 looks like the base case. my background is in equities. when tesla stepped up from the $25 to $35 range to $350, then it consolidated for a while, i think we can pull forward th

the institutions are coming in today your scene a whole different level, micro strategy we sell guggenheim be a $400,000 right now in tim draper's price prediction of 250k by 2022, all those things are happening, it's going to be a roller coaster, and craziness compared to normal markets, people are here, the institutions are here and what's happening at the salt conference that you were at last year or 2019, it is happening, at that conference everyone was saying that there's reports coming on the institutions should put a small percentage of their funds into bitcoin and now it's actually happened. liz: you guys were ahead of this, you also going to bitcoin, are you or tim taking some money off the table because i'm sure you're in the money. >> i am a huge fan and i believe in 250k prediction and i hope the guggenheim prediction comes true even sooner. for me it's all about accumulating in us as a business were investing in the companies and infrastructure behind it so i see this is just the beginning. liz: let's talk about that you incubate block chain startups, this is the digital ledge

made itself known as the patrons of museums such as the movie the guggenheim but without anyone making the connection between their fortune and their company michael barrett intends to make this truth. do you think they knew what they were doing sure they knew what they were doing. then you're exactly what i would and they pleaded guilty to crimes and for all didn't lead with and knowingly crossing the north of the oxycontin that's resulted in the one thing for sure that they were my. i mean billions of dollars and they didn't hear. in 2007 the company pleaded guilty to the federal accusations of misleading marketing and false advertising condemned they paid over $635000000.00 in penalties and continue to sell opioids. the sack clothes would never have been able to market this product without authorization the f.d.a. has to control and regulate every single drug put on the market it authorized the use of oxycontin as a painkiller without a problem. some of the same f.d.a. officials involved in regulating the drug. would wind up leaving f.d.a. and taking higher paying jobs for purdue ph

we have the likes of guggenheim saying, $400,000. >> it has been very interesting.you had many firms that came out with statements. bloomberg, 50,000 for next year. , 120 thousand dollar projection. from of personal perspective, when i look at the price of bitcoin, it is more noise. what i like is how many more institutional investors are coming in. we had some of the large banks. plans public. this is very important. players, theyated need to be able to trade with regulated counterparties. elementsrics, those are the entry. they are probably more important factors than just the price of bitcoin. theave to look at some of fundamental drivers with the entry of institutional investors. have speculators who are the ones currently rewarded. wouldn't you prefer to see not just bitcoin but a cryptocurrency that would be used as a means of payment as opposed to a speculative asset? >> from that perspective, it is one of the biggest developments i am watching. the rise of stable coins. when we talk about being useful to everyday people, this is a great example. cross-border

black rock lows a big people get into the space and then guggenheim also said now that they're starting to buy big client so turkey has no cure for a gold craze that leaves.

it also the pioneer works also recently named a guggenheim fellow so welcome. >> we are very close offices so let's jump right in with a couple of questions. your book title black survival guide. it sounds like a winter camping survival guide. it is an optimistic title. what do your readers expect to learn about black holes? >> the idea was to have a set of explanation that simultaneously was a field guide. i wanted to mention for you are learning the properties of the book and the survival guide basically was written by the astronaut and then to warn people how to survive a black call. >> what are the key warnings to be aware of to venture out? >> some are very simple but the simple and if you are just standing on the basketball you know it is curved but if you're standing on the spirit of the earth you hardly notice. you can suffer from the illusion that is flat. graduate is your notice as a black you called for a little while and then you get into a description of the things i could happened to the body you want to remind and that is a little bit daunting. so turned to brian. until the

black rock lows a big people get into the space and guggenheim also said now that they're starting to buy between so turkey has no cure for a gold craze that leaves the lira vulnerable turkey is trying to stabilize their currency which has been not plunging over the past few years and part of the problem is that while foreign investors are piling in and driving up then they are higher than had fallen domestic savers business people and stuff like that they're piling into gold because they're very familiar with gold they have a 3000 strong history year history with gold so that is kind of destabilized saying their local currency right well this is the game that central banks play with fear money and the gold market so the demand for gold is always there to some degree and the gold bullion banks on the central banks they play around with interest rates and they owe is get that 3 or 4 percent move up in gold which they then scalp on an almost daily basis they come in and they dump huge sort shelves or should say short sells into the gold market and they scout the market continuously that

black rock lows a big people get into the space and then guggenheim also said now that they're startingto buy big client so turkey has no cure for a gold craze that leaves the lira vulnerable turkey is trying to stabilize their currency which has been plunging over the past few years and part of the problem is that while foreign investors are piling in and driving up that layer higher than it had fallen domestic savers businesspeople and stuff like that they're piling into gold because they're very familiar with gold they have a 3000 strong history year history with gold so that is kind of destabilize saying their local currency right well this is the game the central banks play with fear money and the gold market so the demand for gold is always there to some degree and the gold bullion banks on the central banks they play around with interest rates and they owe as get that.

guggenheim as reserve the right to invest 10% of its macro fund into bitcoin.arted buying it and how much is this decision tied to the fed's extraordinary policy? >> to answer the second question, clearly bitcoin and our interest in bitcoin is tied to fed policy, and the rampant money printing going on. fund, weof our mutual are not yet [indiscernible] with the sec. we are still waiting. we made the decision to start allocating toward bitcoin went bitcoin was at 10,000. it is a little more challenging with the correct price closer to 20,000. amazing over a very short period of time how much of a big run up we had. having said that, our fundamental work shows bitcoin sould be worth $400,000, even if we had the ability to do so today, we are going to monitor the market and see how trading goes, valuation. c.i.o..he guggenheim it bitcoin to catch another milestone and what has been a busy rally this year indicating forecasts scoffed at months ago. we have been tracking this story. now that we have got above $20,000, what is the next hurdle or milestone you were wa

guggenheim has reserved the right to invest in bitcoin.guys started buying yet, and how much is this decision tied to the fed's extraordinary policy? bitcoin and our interest in bitcoin is tied to fed policy, and the rampant money printing that is going on. weterms of our mutual fund, are not yet -- with the ftc. we are still waiting. of course we made the decision to start allocating toward atcoin, when bitcoin was $10,000. it is a little more challenging with the current price closer to 20,000. -- closer to $20,000. that, ourd fundamental work shows that bitcoin should be worth about $400,000. even if we had the ability to do so today, we are going to monitor the market and see how trading goes. ultimately we will look to buy it. tom: how do we get from where we are now to $400,000? is it just based on scarcity? scott: right, it is based on scarcity and relative valuation of things like gold as a percentage of gdp. bitcoin has a lot of the attributes of gold, and at the same time has an unusual value in terms of transaction. some fedt mi

got minor from guggenheim global, thrilled he can join us.is bloomberg, good morning. ♪ >> we are enabling banks to pay within a certain threshold. within a guardrail. and there will be change with respect to what we are up to today. it is important to opening. we should be fully supporting the supervisory board. we should recognize that we are moving slowly back to normal. although we are not there yet. with a reallyria interesting nuance about compensation given good trading returns to banks in europe. jonathan tice will translate for us. he is a senior banks analyst at bloomberg intelligence and encyclopedic on the battle of eu banking. will they cut bonuses or reduce bonuses because a regulator says so? jonathan: good morning. clearly the fact that the regulator also sent out a letter to the ceos about pay prove they are reminding banks they are under scrutiny. but when asked the question, i don't think that they will necessarily count out to the extent the ecb would like. they will be a little disappointed, the quantum of the cap. morgan

, the guardian, recipient of fellowships from the british council, the fulbright program at the guggenheim foundation. laila lalami is a creative writing professor at the university of california at riverside and she was in los angeles where she's joining us so thank you again, such a privilege to talk about your book which was really moving and we are going to start with the opening. when you became a us citizen, this is a sweltering day in the year 2000 and you talk about 3000 people packed into the fairgrounds complex and you got your american passport which you call your powerful artifact. what did that american passport symbol lies to you? >> guest: that is an excellent question to start with because it gets to the heart of how things can be interpreted in the moment and how they can be tempered in 20 years later in the middle of the pandemic. receiving the passports is tangible proof of us citizenship since i don't have a birth certificate. a naturalized citizen, the passport is your proof of citizenship, you don't walk around, you're not supposed to carry your naturalization certifi

why, because it is going mainstream, think of guggenheim partners. going to 400,000, right. guggenheim, allocating 10% of their five billion dollar fund to buy bitcoin. one other spending a billion. stuart: it is different but reminds me some of those dot-coms in 1999. susan: what about 2017, remind you of frenzy, boom bust in bitcoin three years ago? stuart: people saying it is going to $400,000. that is the kind of sky-high valuation. susan: there is no alternative. where are you going to go, cash? stuart: i'm not questioning it. people saying it will go to $400,000 a coin it makes you think. susan: how about this time is different? that is what they say about bitcoin. stuart: that is what they always say. let's get back to politics with the big fight in the senate. senator ron johnson unloaded on his colleague during a hearing on election fraud. ash, what was the senator so fired up about? ashley: how about russian disinformation. a senate homeland security committee hearing this was broke out into a heated exchange between chairman ron johnson, t

and on friday, you saw guggenheim partners filed to reserve the right to invest in bitcoin.hey are not doing it yet but they are thinking about it clearly. that will hopefully open the floodgates to a broader audience than the crypto believers who have been there all along. emily: there has been some controversial developments out of coinbase, one of the biggest companies in this space tied to social justice issues. can you remind us why this this controversy and where things stand right now? katie: this is a hot topic in the crypto world. coinbase is one of the biggest exchanges out there. one of the most valuable crypto startups arguably. current coinbase employees and former employees on and off the record saying that they committed discriminatory behavior against people of color, including talking down to them in meetings or getting passed over for promotions. the space in general has a front history when it comes to hiring and retaining black talent. coinbase's numbers, 3% of coinbase's workforce is black, which is less than half the average in the industry. those numbe

last week we spoke to scott minerd, guggenheim's global cio and he said that that global value has ato go. scott: we made the decision to start allocating towards get -- towards bitcoin when it was at 10,000. it is more challenging with the current price closer to 20,000. amazing, over a very short period of time a big run-up we have had. but, having said that, our fundamental work shows that coin should be worth -- bitcoin should be worth $400,000. , iley: joining me is antoni whatto ask your reaction, was your reaction to that? $400,000 is a far cry from where we are now. we climbed with such velocity, where do you think that that goes ins in -- bitcoin the near to medium term? antoni: not too far away. ultimately, the price level par withng bitcoin on the march cap of gold. since bitcoin is a better version of gold, that is realistic. i made a prediction that bitcoin will have an intermediary stop at $50,000 and i think that is where we are headed right now. guy: scott minerd is an institutional name, and i am wondering if this year was a shift in the way that people approach bitc

we will hear from guggenheim, mobile chief investment officer at 2:00 p.m. in new york.loomberg. guy: in the last couple of minutes we are getting news out of boeing, the company saying it is scrapping its 2021 pay raises for most employees, and there might be three more years until full recovery. dave calhoun basically saying that except for executives and unionized workers, there is going to be a share issuance designed to try and keep people on board through this process, and to compensate for that pay cut that we are likely to see where the pay stabilization. the stock in march was down to 95, so it is already coming up a long way and it will not back up to the highs that it was before the crisis, but you wonder how much of the upside has already come through into the pricing. alix: if they are looking at a three-year recovery, it is a 3 -- is a three-year recovery priced into the stock? is that up 56% through tuesday and the end of october. i do not know, and you can have a situation where earnings are better, especially on a year on year basis, but does it justify

that's the vehicle that guggenheim is using.etting more mainstream. >> when you say big hitters are moving it off the exchange into other secure places, how do you do that. >> you put it on a hard drive -- it depends fidelity is one of the companies that does custody. they will hold it for you. you can put it on a hard drive, though and put it under your mattress taking it off the exchange they say is safer. >> don't lose that thumb drive, maybe. >> it happens. people lose their codes and their passwords all the time. >>> the dow is holding onto a 162-point gain we are above 30,000 by 46 points and possibly headed for a record close. boeing has been a driver of the dow's outperformance today and its recent rally it is up 50% in the past month can it keep throughing high? that's next on "power lunch" with the stock up almost 7%. stay with us i felt like... ...i was just fighting an uphill battle in my career. so when i heard about the applied digital skills courses, i'm thinking i can become more marketable. you don't need to be

which may be coming into mainstream, we have seen it from paypal, from square, recently we saw guggenheimey were doing $500 million allocation in one of the new funds toward cryptocurrencies. so there has been a big adoption of bitcoin, and i think you may see a little bit of rotation, though you really just can't compare the gold to bitcoin, what they really stand for. alix: real quick, like 30 seconds, do you like copper with higher yields? scott: copper has been a great play on reopening, especially out of asia. that is why we are seeing copper trade pretty close to the highs it has been since january 2017. you may see people buying copper and selling gold. that plays well, and these higher yields certainly help that out. guy: always appreciate your time. thank you for joining us, scott bauer prosper trading academy. coming up, we speak to biontech on the vaccine approved for use in the u.k. today. this is bloomberg. ♪ [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excel

recipient of a guggenheim fellowship in nonfiction is a frequent contributor to the new york times . a collection of his photography, new york resort was published by. she has created the screenplay for an screen adaptation of insomniac city is a coeditor in new york. i'll hand it over, thank you. >> hi billy. >> hello roz, everyone. welcome. >> hi everybody. great to see you, billy. very excited about this and we're here to talk about your upcoming book. certainly do and i guess i want to start by asking you when you first realize that this wasn't just another news story about some virus but it wasactually something that was going to change the way we all live ? >> i think probably toward the very end of february, beginning of march as i read about it in asia and europe and just felt like it was almost like a soon only approaching our shores and sure enough by the firstweek of march , it had the us. >> i'm actually surprised in the way because it's actually great. i think for me, i was very nacve. there was so many stories that i hear all on the news about a virus here, a disease th

since march we've had paul tutor jones and stanley bruken miller and rick reeder and guggenheim and skybridge, microstrategy, we've had square, we've had an avalanche of billion dollar entities coming into this space. they're not here to speculate on r leverage with an uncorrelated asset. they're here because they want the world's best safe haven investment grade treasury reserve asset. as the institutions buy big coin, its volatility changes and the characteristics of the asset class are maturing >> i would -- i just want to come back and poke a little bit at the safe haven thought there because it's not very long ago that this was an asset that went up to $20,000 and then back down at $3,000. and if you were looking for it to be a store of value, that would be a store of unvalue. so, you make the argument that because a lot of people are coming into it, the dynamics of the marketplace have changed, that it's not going to be prone to those kinds of dramatic selloffs am i understanding you correctly? >> look, it's totally different investors. it's institutions, major corporations, there's no

guardian, she is a recipient of fellowships from the british council, the fulbright program, and the guggenheim foundation. laila is a creative writing professor at the university of california at riverside. and she lives in los angeles where she is joining us. so laila, thank you again. it is such a privilege to be here and talk about your book which was really moving. and we're going to start with the opening because when you became a u.s. citizen, this is a sweltering day in the year 2000. you talk about 3000 people packed into this fairgrounds type complex. and then soon after you got your american passport which you called your powerful artifacts. what did that american passport symbolize you? >> guest: a. [laughter] i think that is an excellent question to start with because it gets the heart of how things can be interpreted in the moment and interpreted 20 years later in the middle of a pandemic. time we've seen the passport service tangible proof of u.s. citizenship because i don't have obviously a birth certificate. naturally citizen the passport is essentially your proof of citizenshi

that's opened the flood gates for institutional money to start pouring in this week scott minor from guggenheim partners said bitcoin could soar to $400,000 can bitcoin live up to the hype? joining me is the co-founder and ceo of pasco, the cryptocurrency partner for paypal it's great to have you listen, let's say i'm somebody whose pension fund has now 1% allocation to bitcoin. should i be comfortable with that >> i think having a small allocation of bitcoin is something everybody should have. at the same time, it's really a call option. the plan in only gold is you want a value the point of having bitcoin is it could become gold we don't know if that's going to happen it's possible it might not on the other hand it's been around 12 years. it's lived through a lot of turmoil, a lot of tests. it's the best example of digital gold what we've seen through covid is people's lives are more and more digital. they are online. they need to have a digital store value. just as importantly, everyone has seen what's going on with the federal reserve balance sheet and people are looking for ways in which t

the targets coming out including a call from guggenheim's scott maynard, that bitcoin should be worthit has come a long way since the founding of the bitcoin foundation in 2012 t was to restore the reputation after several scandals. my next guest brock pierson, the chairman of the bitcoin foundation. some say bitcoin has gone parabolic. others say you ain't seen nothing yet. what is it about this move, numbers like 400,000 from bitcoin? >> well, bitcoin will possibly be worth $400,000 or more, maybe a million dollars or it will be worth zero. it's a binary outcome. either bitcoin succeeds and it fulfills the purpose or role it is intended to play in the world or it doesn't. so that is what people are betting on and in times like this of financial uncertainty where people are concerned about the state of the world's financial markets, clearly things like the stock market is benefiting, commodities are benefiting and things like bitcoin and cryptocurrencies are as well. charles: yeah, but, listen, you're in the foundation, the bitcoin foundation. it had a big runup before. it came back

guggenheim going on a shopping spree, boosting its target on kohl's, levi's, pvh and cape space home-based on high hopes for retail recovery in 2021 as pent-up demand gets unleashed post-covid vaccine rollout. as you can see, all those stocks in particular are higher. look at kohl's which can use that boost, about 3.5%. >>> well, speaking of shopping, from your favorite mall staples to one of the most polarizing gifts for the holiday season, the gift card. some people love them. my parents love them. some hate them. our next guest has turned them into a billion dollar business and if you hate your unused cards sitting in your dresser drawer, he will give you cold, hard cash for them. in a fox business exclusive, we welcome in raise ceo. jay, great to have you here. >> great to be here. happy new year. cheryl: how's business? >> business has been, you know, it's been an interesting year with covid. the category has completely changed. we saw that continue into the holidays but we came up very strong. consumer demand was definitely where we thought it would be. we're really pleased. cheryl:

you've got guggenheim's scott maynard saying it should be worth $400,000.e heard numbers even higher than that. so when you start talking down here, yeah, it's a heck of a move, but many people think this is just the very, very beginning of something much bigger. >> i definitely agree with that. we are just at the beginning and something that i tell my employees and customers all the time is that until you can get into an uber or you are checking out at your grocery store and the person you are interacting with knows what crypto is and owns a little bit of it, we are still in the very very early stages of this technology and i think it's a great time to start getting interested in the asset class and start using companies like coin base to get your first entry point into bitcoin. charles: so your company is offering interest-bearing accounts that hold crypto. how does that work? >> so one of our most exciting products is the fact that you can connect your bank account to blockfi and give us cash and start earning 8.6% on cash. that's not using bitcoin yet.

she also been named a guggenheim fellow pre-congratulations on that jana. you're coming to us from your office at the college? >> yes and bryan and i have very close offices also. i am here under quarantine on my empty campus by myself. [laughter] >> welcome. glad for both of you to join us. were going to jump right of the couple of questions. janet minister with you. your book title, blackhole survival guide. sounds like a winter camping survival guide. you just pack the right gear and it's going to be fine. it is an optimistic title. so without spoiling anything, what do your readers expect to learn about black hull and the survival guide? >> the idea was to have an explanation of black hull that was simultaneously kind of a field guide. i wanted to imagine you are exploring black hull we were learning the properties of blackhole. the survival guide is basically written by the astronaut who goes on this insane pilgrimage to try to explore and study blackhole and sends back narrative to warn people about how to best survive a blackhole. >> you can imagine

thanks, wolf, are you a news analyst or a tour guide at the guggenheim "there's a lot of red and alsoight on a wall." so last night did not start well for democrats, but we should have expected that we were told for weeks that's what would happen, but because of mail ballots there would be a red-to-blue shift, that republicans would look good early and then democrats would gain overnight and yet we couldn't heed our own advice it's like walking into a casino telling yourself you're going to play one game of craps and then an hour later you're trying to sell your watch to a parking valet for ten more chips this exact same thing happened in 2018 when democrats ultimately beat republicans by a record margin and won a huge majority remember how that night started? democrats lost races in florida, and this is how everyone reacted. >> when you look at what's going on here tonight, this is not a blue wave. >> this is not a blue wave >> it is not a blue wave >> it's nothing like a blue wave or a tidal wave. >> it's not a blue wave. >> so we haven't seen the blue wave >> there is not a blue wa