when they see the draw down because they have the hedge in place now we're seeing the hedges be liftedbuying more upside so the opposite is true, you're going into a market with decreasing hedges. so we see a draw down now, there's less hedges in if place and there may be that scramble to place the hedges later on, which could cause an interesting volatile environment into the future >> really important ainterestin look inside. amy, i don't know about our viewers but i learned a lot in that segment, always a great day. thank you for coming on, amy appreciate it. >> thank you >>> folks we talk about it all the time on this program market structure how the options market do impact the broader equity markets as well it's the butterfly effect. it's too early, i need another cup of coffee. i'm going to make it we'll see you tomorrow "worldwide exchange" with our weekly insider buying segment as ha a ve great day "squawk box" is next >>> good morning, fed chair jay powell adding fuel to the market rebound. we'll show you what he said that helped stocks break a four day losing streak, at leas

tom: act two hedging back -- b ack to hedging, a million years ago, you guys know the pacific realm with the french heritage, how do you hedge em? through currency, through stability, or are you hedging a soup of greek letters? mark: you've have spoke with my good friend george, so there are a variety of ways, currencies have historically been the most efficient and the cleanest way to hedge these exposures. there are also some indices that you can use to deploy and commodities. many em economies are commodity driven, and so for example you have seen the natural gas go through the roof and you have seen iron or fall. you can have specific hedges on those commodities that can help protect your exposures. jonathan: enjoy your weekend. it is the road to wednesday, september 22. tom: let's talk about that, maybe they will pull a davos? this is a roadshow. jonathan: let's go to switzerland. let's bring lisa this time. lisa will experience the two very different experiences that you and i have. lisa: did not hear about someone slipping on ice, and there was a bar -- [laughter] lisa: moving for

at this point, the market is well hedged for that.eaning we continue to get headlines that the delta variant is worsening or tapering is on schedule. the market is already prepared for that. what they have not positioned for is a better-than-expected outcome if taper gets rolled more than a couple months down the road, or it turns out we have actually pete in terms of -- peaked in terms of delta variant. if you are going to gear for upside, when you think about it on a payout basis, trades like that are very attractive if you believe there is a path forward for any upside sale. >> i am curious what the treasury market is telling you when hedging in the equities market options is happening because we are not getting the traditional hedging that treasury would otherwise provide. are you seeing that? >> i know what you mean. i think that is part of it. the way that it gets played out in the options market is less from owning protection as it is from selling volatility. we have gotten to the point, and this has been true for a while, yiel

>>> hedge funds ramping up the stake in the private market. our leslie picker has a look at how the strategy is paying off leslie >> i want to show you this massive divergence in performance and you'll see why hedge fund managers are moving in bigger and bigger ways in the private market buyout, private equity and venture capital, generating annualized return last year around 14%, twice the performance of hedge funds that wasn't the case a decade ago when performance was nearly identical, and you can see, it has widened over time. the market has shifted making the private investments more attractive companies are raising more capital. and higher valuations, before going public and that means by the time they do an ipo, often times their highest phase of growth has passed, and despite the active ipo markets, there are about 50% fewer public companies thatten there were two decades ago, leading to a shrinking opportunity set for public investors like hedge funds, so they like tiger global and c-1 and co-2 and dragon air, have all been putting bi

the idea that macro hedge funds as an asset class are up 6.8% this year but equity hedge funds are upthis year makes you wonder where investors will choose to put money because they are thinking long-term but yearly performance is tilting away from a lot of macro funds. alix: is that the bottom of it or is this also still there is no alternative, hence you are going to see more pension funds, hence even more equity funds, which reinforces the cycle? sonali: in theory if you are seeing other macro performers not do well and you are doing well this is the time to step up, talk to your investors, and show them your numbers. there is an opportunity if you are outperforming in a space that is not doing well, but this has been since 2005 for bridgewater, so one year is never going to make it or break it for a hedge fund. sometimes it does come up but performance over that big of a span of time is where questions start. guy: we heard the norwegians recently with wealth funds. how has the allocation changed? sonali: it is a great question because equities are doing so well. we had that commen

. >> what do you predict the hedge cost will be, forward? for our audience, this is a huge concern. >> i think it comes from the feedback from markets. we almost had a year without a 5% drawdown. we are about three quarters of the way down. we have not seen a bunch of 1% moves in a long time. it comes down to day-to-day swaying. i would also say that it tends to be more of a reflection. it has been very costly. it tells you how expensive out of money options are. because those have been so expensive, what they are hedged for is more of a localized drawdown. nothing like the 20% that mike wilson is talking about. tom: on monday, we are kurtosis free. lisa: are we going to see 4% to 5%? the idea of the expectation for a shallow drawdown. what is the tipping point? when do you take a step back? >> all of the things that we worry about, whether an external factor like china or delta, there are so many things on our list. if you look at q2 earnings, not only were they strong, but profits were high. the chief vulnerability is a decline in earnings

scott: we didn't hedge feel before. we don't hedge fuel and most airlines don't hedge fuel.olatility leads to the option premiums being so high you need fuel prices to go up 30% year out just to break even. every airline around the world that hedges fuel over time you loses money. you can't beat the house long-term. you may win for one or two years, but long-term you lose money. our natural hedge is to demand. when you see fuel prices go up it is because demand is strong. when demand is weak, fuel prices go down. we have a more natural hedge to the revenue line. alix: the elephant in the room, business travel. i still have not gotten on a plane, no business travel booked. if that does not return in 2022, what do you look like in terms of earnings? scott: i think business travel is going to come back. we need to get out and travel. i have been traveling a lot. i didn't even realize how much i missed it. i took it for granted. business travel is about human relationships. nothing about human relationships have changed. zoom is great for some things, i think it is going to repl

it was really done with the money that was earned from the hedge and now i just hedged at a lower basismathematical actual certainty where it can done. it is using combination of the derivatives options that are right related directly to that asset class. charles: you know, a lot of investors, individuals are using more and more options and those kind of strategies. hey, i got 30 seconds. you talked about silver in the past. i think you like it longer term but it feels like silver, gold, pun intended they have lost their shine against bitcoin and crypto, what do you think? >> i think you're right here, charles. listen, the full disclosure i'm short gold and silver on the board or in the futures market, okay? however i am always a buyer of physical metals. i think the big thing that everybody has to remember, whether they are you know, buying gold and silver or want to buy cryptocurrency, only invest the money that you can afford to be down or lose because if you invest more or use leverage what will happen, you will have to sell it, you will be forced out at a price you will not want to

responsibility that you don't hedge in a cap market.said, where do you stop? the world is going to glasgow, and momentum is shifting. with this crisis and this real crisis, companies going under, consumers under pressure, do you think it will move the pace of our energy mix in the united kingdom faster toward renewable? one third is renewable, 15% is nuclear and we import. will it accelerate the transformation? jim: i hope it will, the transformation in electricity has already accelerated in the last 5-7 years, the figures you quoted a result of that. the renewable share will increase more and the nuclear share, it will fall but recover a bit because we are constructing new. but gas is still around half of our electricity a lot of the time. that does need to go further. hopefully it will focus minds on things like upgrading our poor buildings in the u.k., including homes, which are often poorly insulated, and one reason why people worry about the price of gas, because if you are bidding a lot of money to heat your home in winter, that w

they mostly described it as a hedge against inflation. a very sentiment driven market and sentiment certainly turned around quickly in the spring. in may and june, bitcoin retreated back below that $40,000 level and regulation came back into focus regulators in china clamped down on cryptocurrency companies there and shut down some of the mining operators that was right around when they unveiled their own central bank digital currency and some of the steep bitcoin losses over the past year have been caused by leverage from traders. especially out of asia i'm told that often accelerated some of the bitcoin losses and some of the exchanges have since reduced the amount of leverage from as high as 100 to one to closer to 20 to one. but still, leslie, plenty of skeptics out there that a lot of headwinds and certainty heading into last months of the year back to you. >> leverage and volatility seems to go hand in hand in many areas. so it crypto inevitable. and our next guest have embraced cryptocurrency dan doll joins us now. thank you for be

. ♪ ♪ >>> hedge funds have been underperforming private equity so they changed their motto to if youhem leslie picker following the money tells us more. hey. >> hey, scott. convergence is the industry lingo here, the merging of hedge friends with venture capital style of investing hedge funds such as tiger one and others have invested more than $150 billion into startups this year, already surpassing last year's record it has marked a huge shift in the venture capital landscape which all of a sudden is seeing a rush of capital from a different type of investor, one which is willing to do fuels faster an at higher investment and not interested in board seats. startups really like that. why are hedge funds all of a sudden attracted to this market in the first place they're chasing returns. you can see here, private market strategies generating annualized returns last year around 14%, twice the performance of hedge funds. that wasn't the case a decade ago when performance was nearly identical. past performance is not indicative of returns. number one, whether these deals have enough dil

gold is often spoken about as an inflation hedge. i do not think that is wrong but you have to look at long horizons. measured in decades, well beyond the investment horizon of most fund managers. if you think about the near term, there are probably better hedges against inflation of the equity market. rather than own any asset that does not produce cash flow, we would rather hedge some of the near term upside of inflation with stocks that have pricing power in the material sector, industrial sector, consumer sector. companies that can raise prices as input costs rise. jon: a good final point. fantastic two-year points on your portfolio right now. russ koesterich, blacktrock portfolio manager. that is fascinating on the gold point, if you want inflation protection, find it in the equity market and not gold. tom: it has been timeless and it is 47% of s&p 500 turn come dividend reinvestment whatever that number is. that is the one you memorize. lisa, can we stop the show and talk about maximum commitment? lisa: please, go ahead. tom: w

amy: i think part of it is because the market is well hedged. we are very well-positioned to the downside. i will give you one stat i think really puts it into context. if you just sold one of these 10% money put options on the s&p in october, you could buy the equivalent 60 times the upside. just to provide some history on that metric, back in july that was at 15 times. what that is telling you is the market is ready for the market going down. oftentimes when that happens, the reverse is not true. the market is not ready for the market going up. that brings you to to a potential path if something good does happen to scrambling to get that leverage on the others had. lisa: you've got pushback on the dave matthews point, based on some of the people who read your notes. we can discuss that in detail. amy: i learned that the hard way. [laughter] lisa: exactly. there is a question of how many people are looking at inflation, how many people are looking at margin pressures. one thing i thought was fascinating is the options market is not pressing in

matthew: i think you should look at gold as a potential hedge.hen inflation gets a head of steam, sometimes interest rates rise with a leg to inflation. secondly, if you have inflation located in one currency in particular, currencies tend to go down. the other thing i would say is if you look at what happened in the 1970's, when inflation took off, risk assets were hurt pretty badly, and long duration bonds were hurt pretty badly. but you can't print gold. so gold preserved its value in real terms. in fact, it went up in real terms during period -- during that period. tom: you buy gold to own gold, i get that. you've got a much better return as well. now you've got it going, saying -- got going, -- got it going -- got bitcoin, enthusiasts saying it is it on her native to gold --is an alternative to gold. matthew: i would say that bitcoin is being valued fairly richly as an option. it has a market cap of nearly $1 trillion. so we see it out there existing, but gold has coexisted with treasuries. it can coexist with bitcoin. ovens and microwaves e

to hedge.r essential story, surging energy prices in europe causing chaos, turning attention to renewables. wind speeds in europe below average this year, leading to a greater reliance on natural gas. that together with a global supply crunch has pushed gas prices even higher. a record in the u.k. yesterday. as a result, coal power plants are coming back online. some of our guests have weighed in on the crisis. >> i think it is a little bit high for the days and weeks to come. >> what we are seeing in europe right now is wind and solar a great but if the sun is not shining and the wind is not blowing, people still need electricity. >> basically you've got low gas coming into the u.k., we've got very low wind. >> most of these factors are in the short-term, how the winter conditions will be viewed -- will be. >> not only economic considerations but it will affect the ability to provide gas for heating, and in a cold winter when you have to russian gas for heating, does not just about geopolitica

and you world without any dominant hedge him. and i knew well to feel opperation equal, but i feel that will not belonging to a human community. they deal with a shared dest destiny, though most people are really sent. it is a multi polar clergy centric world on the law for which we yearn for a while when the most not for which we are issuing what a rallying cry with bull people of the world of the food, with the peoples of the south and in level 3, especially in the non aligned movement, dr. another, the rena, sort of the south south doctrine of our doctrine, our vision but obviously sort of commitment and said, i could look that up for you if you need to, you might already thought that by so many countries have strongly supported venezuela. bought offer on that as it has the correct political trouble with the circumstances of the past few years. the little that i go, the not troll boy will have either a severe dozens of countries represented here. a film at the united nations say they have provided support, i thought opperation

you definitely need the inflation hedges.hah said it best, commodities are historically 100% bar none your inflation hedge in the portfolio. charles: meantime, gary, bond yields are not up today, they are down. they are down late last week. they're near key support points. what is the narrative? you remember the argument when bond yields got really low the market sold off. what is the story there? is there a certain sweet spot they have to be in. >> i think bond yields are coming down because the economy is slowing down. consumer confidence coming down. the delta variant and probably mr. powell bying the living you know what out of them with printed money in order to keep rates down. if rates ever do spike higher that is a big problem for our budget deficits and debt and the mortgage business which has been on fire because of how low rates are. so i think a combination of all that and, a couple things on the inflation front. i'm surprised that gold isn't at 10,000 right now. i'm surprised commodities are not double from here

i have to switch my hedges.t is my inner emotional bond narrative speaking rather than anything else but it is about hedging. there is a confluence of issues coming to play in a re-price. >> looks, anytime there is a spike in yields, we have to talk about hedging. we have to get wonky but i would just pointed to the fact that this rally or rather this rise in yields is also happening globally so that might manage the attractiveness of u.s. paper as well. manus: i go back to robin brooks 's tweet where she talks about a fast taper. he is in a much smarter camp, i would say and has seen a few tapirs in his time. equities are not sure what to do. commodity markets are ripping it up. brent up over $80 as we go into the opec world outlook. morgan stanley want to get more defensive on the equity story. do not get caught up in last week's strong rebound. you have five year paper above 1%. 10 year paper at 150. where does that become a problem? these energy markets are perhaps the tailwagging the bond dislocation dog. n

dollar strength story for him, it is the hedge for the team at ubs. tom: i will go with the hedge thing because everyone has been complacent. i looked at the equity chart today, and it screams complacency over the last number of months. have we been tested in the last couple of weeks, which makes hedges advantageous? not in equities, but to get out the hedge and opportunities in the dollar market. jonathan: a lot of people have been caught very wrongfooted in this affects market -- this affects market. -- this fx market. lisa: the idea of higher u.s. yields is going to be choppy. it is not going to come with uniform improvement in the global economy. that is i think what we are seeing right now. that is why there seems to be this preeminence of the greenback at a time when people are still doubling down on the cyclicals. jonathan: just a brilliant lineup through the next hour to get you up to speed on what is happening in the fx market. jordan rochester of nomura, then geoff yu of bny mellon. coming up in the next 60 minutes or so. in about 10 minutes

what are the hedges right now? i mean, is it still just group gold is where you're looking right now. yeah, it looks, i mean, his circle is risk off. assets are really the dollar gold and treasury's, interestingly enough, about today's movement with the sell off treasure yields did not draw aggressively and gold, even though all of them was not positive in a huge, huge way. so yeah, those historically are your places to allocate campus to as we've clearly seen, it's not because it's not corporate currencies. these are all larger. the same levered play on reflection. gold benefited treasury back there. but again, the, the magnitude which they've out performed today, again, confirmed this idea the, this is probably not quote unquote it in terms of put some potential real risk markets. well, we're definitely going to keep an eye on it. we know it's going to be a crazy week this week and probably for the foreseeable future. michael guy, thank you so much for coming on. we hope to have you again soon. portfolio manager

actually sided with the banks, encouraged foreclosures to clean up, the books, gave them money to hedge funds, and private equity firms who then bought the, the distressed assets to make money. so it is the way that the 2008 crisis has played an important role increasing wealth inequality, united states, and other countries that have been afflicted by the crisis. ah, it doesn't totally work as a statement yet. let me give you a snapshot of the new world of housing while i do so i urge you to reflect on the images behind me. just like that. like i can remember how we did it with the homelessness report. but i remember when i was re reading my statement, i did have that if a pin dropped, we would have heard it in the room. and that's what i need because they don't have the time they're on their blackberries and not paying attention to their i phones, i suppose now, you know, i mean homelessness is a bit different to, you know, we are seeing images of people and part of the problem is that when you're describing the stuff, it's supposed to be shocking. it's all cranes and buildings and gla

equities or it's the perfect hedge in that sense?tion, if that is to continue? >> so, it's not that it's -- you know, again, the dollar rising is a de facto form of tightening financial conditions now, fortunately, most things are going the other way. we're still in a period where financial conditions are ridiculously easy. i think that's one of the factors that ultimately support stocks but as you think about the dollar, part of the question is how is it moving versus risky assets and what has been happening for really the last six months is the dollar's been moving with a negative correlation to stocks something we used to see from bonds, not as much these days. and we think about what are the hedges in our portfolio? it's not rates nearly as much. it certainly isn't gold. the dollar's actually fulfilling that purpose, which is why we've been raising that allocation as one of the few reliable hedges that are left. >> what are you guys doing in china, russ? black rock was so bullish in china for a while, and we've had this big blowu

we are hedged for this coming winter. — we are hedged for this coming winter. in _ we are hedged for _ winter, in fact for most of next year. there should be no risk to their— year. there should be no risk to their energy supplies.— year. there should be no risk to their energy supplies. thank you for “oinint us. and we'll find out how this story and many others are covered in tomorrow's front pages at 10:30pm and 11:30pm this evening in the papers. our guestsjoining me tonight are former welsh labour adviser and broadcasterjo kiernan, and former conservative adviser mo hussein. the united states has announced it will relax its travel ban for much of the world — including the uk, the eu and china — provided travellers coming from those countries are fully vaccinated against coronavirus. the change comes into effect in november, 20 months after restrictions were brought in. here's white house press secretaryjen psaki. we'll be putting in place strict protocols to prevent the spread of covid—i9 from passengers flying internationally into the united states by requiring that adult foreig

you can think about the hedging policies. if you start now it is too late.me point these will run out. these are the set of pretty unappealing options unless you are basf and have your own oil and gas fields. guy: thank you very much indeed. benedikt kammel joining us from berlin on the impact of the higher gas prices. the big question, will this be something we have to live with for a while? what kind of winter will we have? speculation flying around at the moment that the lights will go out in the u.k. we do not appear to be there yet? will we get there? how close to the edge our week? demott no one -- dermot nolan joining us. we are try to figure out whether this would be a short-term blip, whether we can manage it, then we will stabilize: or whether this is something we will have to live with throughout this winter in europe. dermot: it is likely to last in terms of higher prices for some time. it will depend on demand in the winter and prices are likely to stay reasonably high, not as high as last few days but prices will stay high for much of the winte

it's our we move eastern, the reason us hedge him. some dangerous is the lag, the sovereignty of other countries. the exceptionalism that america uses in its international war planning is one of the greatest threats to the populations of different nations. if nato, what is founded shareholders in the united states and elsewhere in large companies would lose millions and millions. business businesses. good. and that is the reality of what we're facing, which is faster than the ah, the taliban celebrates taking to full control of afghan. it's done, after declaring they defeated the residence of the resistance, but anti taliban fighters played, they still hold. the eastern pantry, providence, convicted rapist and suspects of tara was led to discovered among asylum seekers elected to germany from afghanistan. the trailer introduces a new bill that allows authorities to access into that accounts and hack devices. anyone under investigation.

you want to look for those companies that don't have significant hedges on. >> or hedges coming off. >> devin is the company that i think has the best growth and best capital discipline. that's rick monkrief who's regarded as the two people who have the best handle on how to make the most money for shareholders, which was not in the cards for many years. >> we are getting some support for microsoft, 11% div hike, the general trend on buybacks, jim, is that they are coming back fairly significantly. >> it's interesting that i had akesha aurora from palo alto. he's more focused on buybacks than acquisitions. i was hacked pretty badly, and i believe i was hacked because i brought in a tv, a smart tv. there was nothing else that changed in my life, and boom, they have a device called the okio, which now is good for home office i'm going to get as soon as i can it detects whether you've been hacked at home it's been a very bad hack for me i can't find where i breached other than the smart tv. i used a password that was equivalent of jim cramer i'm not that stupid. >> i hear you. the two d

annualized returns last year around 14% that's twice the performance of hedge funds.ative of future returns and given that hedge fund managers are writing very quick checks, some are wondering whether they have enough different intelligence and discipline terms valuation. >> yeah. i was going to say just the fact that you do have so much more demand for the company that's are out there. i would imagine it is really putting some upward pressure on valuations >> yeah. that's right the challenge is not supply of capital right now. it is the supply of companies. so this competition, it was already pretty fierce just with traditional investors. maybe a couple of what they call tourist investors, the lingo for investors that they don't think will stick around and they're new to the game. given all the capital, they're really hiring and upping their head count in terms of people who specialize on this stuff it really does seem like a pretty permanent trend of course, that will follow what happens with valuation and that will happen with what happens with some of the macro as

i'm here harborside with the big yachts and hedge fund players and investors. we do see is the rebound. what i want to go to is the emotion of the last 18 hours and you look at aj at barclays and he says this is china's lehman moment and barklay says no. jon: not even close the words out of barclays. how any times have we heard this through the morning, it is not lehman? kailey: a lot of confidence on the part of analysts and strategists that china will not let ever grand collapse entirely. that is coupled with the rating downgrade again from s&p overnight saying a default is all too probable and they do not expect china to directly step in and help of a grand. there's -- help ever grand. jon: you have to acknowledge the economic impact is a big one. that is what were going to talk about. i'm not sure choosing mostly stream benchmark is a useful one to discuss whether we should be worried or not. clearly there will be economic impact in china and some people arguing -- most people arguing we already see it. tom: maybe it is a global interdependency coming off o

lucy: it is an obvious place to hedge the china risk. is certainly provides potential value. it is a cyclical market like europe. and we know there are a handful of companies in japan and they will be focusing on better governance. there is potential. it is an interesting place to look. the issues that have held it back relative to other markets are still there which are the fact that there are still lower standards of governance than elsewhere in the world. it is a proving trend but the issues are still there. manus: lucy, stay with us. lucy macdonald, jp morgan will stay with tom and myself. >> england is to abandon plans for a vaccine passport. it was expected to come into place by the end of the month following a similar system in scotland. israel is preparing to ensure it has sufficient supply in case a fourth round of covid shots is needed. it started a booster shot campaign in august. north korea said it successfully testfired a new type of long-range cruise missile over the weekend. the missile hits targets 1500 kilometers from the launch site. just wait, north korea

these hedge funds are completely not accountable, and we're just adding more more to them. totally, the stabilize the global economy. you need to protect yourself and get inform. watch because you were listed on what it says in the middle. so i guess the, the person who did the work assumes, but it's something you would prevent them with a cool that's all the sudden there was for it was for what fin the but the only the feel we use for the like you with one to the computer and i think some of them went to west point with luck with them. so this was coming from the meanest kind of the same. i was giving you a logo slate to bring me as a senior on one of we'll schedule school with some coaches to to but are one why do you think that us them i mean on i, we still live the welcome back. the question of when and how the us government plan through regulate the world of crypto was a major topic on capitol hill. this week has securities and exchange commission chairman gary gansler, testified before the senate banking committee. the fcc is under pressure to introduce some kind of r

and the reason us hedge emily is dangerous is the last, the sovereignty of other countries. the exceptionalism that america uses in its international war planning is one of the greatest threats to the populations of different nations. if nato, what is founded shareholders in the united states and elsewhere in large companies would lose millions and millions or is business and business is good and that is the reality of what we're facing, which is faster. the the news the me welcome back to the guys report i'm as the guys are time now to turn to miss shad log of miss talk dot com miss. welcome back. it's a pleasure to be back around the guys or show it's been a while, so it's good to do good to see you and stacy, you know, we've been following you of course, as always and need to pick your brain on some things. there. stock markets and property markets are all time highs. shipping rates have gone parabolic shortages are everywhere, driven in part due to record demand, but also a shortage of workers. what's going on then you get the word. it's travis, story, max. now the quest

you're not between forward hedging for your fixed customers. and you know how that risk of shorter term and market market. practically, you have to pay focus and we take a balanced approach where you know and make sure because most we can guarantee the price on the customers with those bad because the free to leave at a moment's notice. so would be, you know, if you could, as opposed to, you know, part of angie 6 months or given fantasy cortisol amongst notice, what do you think some of the companies are to blame for public relations problems? i mean, we have one in for children in poverty and the moaning about a price caps or the poorest in this country can have energy, may not be the best strategy part of the cop call. to be sure, i don't think it just come on to increase in price. got the solution. you know, that's why we are called me for the helps and help try and regulate the price is trying support for support for interest spice during this time. you know, the last thing we want and any interest by, wanted to increase the price of people

and what you expected to hedge with given you don't have the french government resources and billions of dollars worth of bonds hug. usually. i mean, you want, you had john, bitcoin, what, what, what you, the company had john, and do you think you're going to go bust? yes. so, you know, small supplies out there, you know, without the log on, cheat the big stakes or people back by lock investment stands with billions of pounds. you're in between forward hedging for your customers and how about risk of shorter term and market market price. if you have to pay for it and we take a balanced approach where you know and make sure, because ms. we can guarantee the price on the customers with us back because the $3.00 to leave and moments notice, so would be included as opposed to, you know, part of angie 6 months or you could just leave amongst notice. but do you think some of the companies are to blame for public relations problems? i mean, we have one in for children in poverty and the moaning about a price caps of the poorest in this country can have energy, may not be the best strategy fo

. >> one reason is more big names and hedge funds are getting invested in them hedge funds focused on cryptocurrencies gain 24% in august and have returned 145%. yeah, you heard me right according to eureka hedge the latest big name to dip its toe into the water is steve cohen. the mets' owner is investing in a crypto trading firm. maybe it will help him get some better players and bridgewater's ray dalio is making a big bet telling cnbc today he is holding some bitcoin. >> i think it's worth considering all the alternatives to cash and to some of the financial assets, and so bitcoin is a possibility i have a certain amount of money in bitcoin >> that's the story on all of these cryptos, kelly there is a lot to cover today. >> the government is trying to close a loophole robert frank has that story. some are calling the eethereum killer >> reporter: the cryptocurrency that's linked to the block chain network up a and it did hit some technical snags this week. the network saw more than 12 hours of down time tweeted the network was overloaded they said they had to restart it this was a

these hedge funds are completely not accountable, and we're just adding more more to them. totally, the stabilize the global economy. you need to protect yourself and get inform wildcard when i was shot the wrong. when all 3, just don't the rules yet to fill out the thing because the kid an engagement was betrayal. when so many find themselves well, did we choose to look for common ground in the many countries in the western world are grappling with such issues as illegal immigration in energy insecurity. unremarkable if there is always a single root cause, a party to blame. and that is russia also. iran stepped out on the world stage in a big way ending its isolation. ah, the social democrats declared victory as election results and the nation is federal ballot. see the center part, the finish ahead of angular macro speaking. you put yourself to a person like the never mediators finally expressed in certain things and see i.

these hedge funds are completely not accountable. and we're just adding more more to them. totally the stabilizer global economy. you need to protect yourself and get inform wildcard. oh ok. we need to look at the law. oh boy. yeah. which was yeah. the little girl made it because i don't want the cars the way you got me. sure. it's under which way it's not normal court is peace and she can listen. can you know and leave to the the, this ours headline story, the dutch court rule, the police come continue selecting people for extra identity checks of the border on the basis of the roughness to take. we put the issue up for debate, codification by racism. i don't know the figures that i suppose they are similar like in belgium, 6 out of prison or illegal immigrants. offenses also and hundreds of health workers in from sort of fixing prosecution over rump and fraud in the countries coven health system.

these hedge funds are completely not accountable, and we're just adding more more to them. totally the stabilize it global economy. you need to protect yourself and get inform. watch. mm mm mm. i hello and welcome to the slow divided administration. still in some training, the youth withdrawal from garrison as a soft american allies adjusted on seeing it as a total failure. one of them is india. we are having inductors, billions of dollars in afghanistan, economy, and much diplomatic capital in supporting its secular forces. now have to do with the taliban, have new jelly loss the game or just simply need to change tag. well, did it got that? i'm now joined by brockman chil, any professor of strategic studies at the center for policy research in your dowdy professor. chil, any great talk to thank you very much for finding the time you for having me. now i've heard some prominent indian being crazy, including india, the former foreign secretary of all the balls, and we had to show it just a couple of months ago characterize the current situation in afghanistan as the worst o

tom: what are you buying to hedge? randeep: a diversified firm hedges itself.reopening traits have come up again. delta fears have caused concerns around that. rolls-royce has started to come back. long-haul travel with the u.s. reopening. the market is rationalizing and there's a huge opportunity in terms of where valuations are. a few more things reopen and it is likely to become positive. francine: thank you so much for joining us. coming up, china's considers raising power prices to help ease the growth supply. we will have plenty more. this is bloomberg. ♪ francine: welcome back. we are holding on to gains across the board. there was a little bit of concern that selloff would translate into asia and europe. for the moment, europe is holding strong. look out for technology stocks. a little pressure there because of valuations. let's take a look at what's on the move this morning. this goes back to what we've been talking about about the chip supply crunch. this is one of the biggest things we have been talking about. raising its sales guidance for coming ye

how are you hedging?sure you have hedges on with the volatility and let's rotate out of the hedges as a growth picture starts to become clear for the rest of the market. tom: if you take the equity discussion on drawdowns and go over the bonds, what you do when its price down, yields up. jonathan: show me a dip and i will buy it. there has been a big dip in one place. that is china. i wonder how china is influencing your thinking. the data, big miss on the nonmanufacturing pmi. the companies, i'm thinking about ever grant, how is that impacting shaping your thinking in your approach to this market more broadly? noelle: diversification is everything. over the long term the baker growth picture is a recovery. it is going to get a little bit choppy. make sure you are diversifying amongst em. that is the main story we are playing in em. jonathan: stripping out china, a little bit of a struggle in em. bonds over last month and the last year, it has been difficult. lisa: also if you take a look at the potential

never mind wall street when you have chinese hedge funds willing to shell out that much.w much one company that manages about $800 billion, a top chinese hedge fund is offering to labor coming out of college in fields of artificial intelligence and computer science. they are responding to the same kind of stiff competition for the right kind of candidate. these are people with a world of opportunities open to them. popular course over the years has been moving to top universities, then to wall street or silicon valley. but now a lot of those people because of pan democrat rick staying home in china, giving local funds an opportunity to get them in the door and then hopefully keep them there but they have to fight off the likes of china's own tech companies, or the thriving startup scene, to which a lot of these people are now headed. tom: all right, thank you. following u.s. exit from afghanistan, nato's secretary general said the alliance remains committed toed acing anyone at risk in leaving the country and has the capability of conducting long-range strikes against ter

view from that perspective and perhaps a currency negative view if investors continue to hedge their u.s. positions more so all of those factors add to the dollar short appeal. tom: yields seem to be range bound. does that continue given the changing views on the taper now that that has been pushed back may be to november, maybe to december in terms of the announcement? where do you see yields going? tim: slow-growing higher into year end. u.s. fixed income for once for me is pretty boring for the next few months. i suspect you will see leakage higher as normalization continues and the point i think is that this is a taper delay, not a taper denied. you will get some sort of announcement, whether it is november or december. i don't really have a clear view on that, but the u.s. economy will remains relatively robust. delta delaying the reopening and continued renormalization, but again, not denying it i don't so as a consequence, i see yields leaking a little bit higher over the course of this year. manus: you have written this 6:30 headline. the taper delayed, not denied. you have a

integrate in montenegro in bosnia herzegovina because they want to use them for states and national hedge money. i believe that in western bolcom 6 in order to have lasting peace and sustainable stability and security, we need all over the 6 countries to have more or less symmetry sort of a balance or reciprocity of minority ice. because as the process of minority rights will help us all to combat the nationalistic and chauvinistic hedge. one is which have been characteristic for the balkans, especially in the last century and half. therefore, a rule of law against corruption and oligarchs. then democrat ization against autocracies, facing of the path, against war, criminals in power and the rest, the process of minority rights are the 4 elements which will help not only crossover and serbia and the relation of these 2. but all these 6 countries, whenever they request from serbian citizens to me as prime minister, i very carefully listen and address them and change situation for the better. i want to respect the rights of the serbian citizens just as with respect to of the old billions as