with hedges. how proper spending can help you reap more of what you sow. >> plus, grab your phones and tweet us your questions. if it's nice, we will answer it on air when "options action" returns. d thinkorswim trading™ is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim trading™ from td ameritrade. ♪ ♪ ♪ ♪ ♪ >>> welcome back j&j splitting. cats and dogs. does it feel frothy? maybe not. that's why you should step outside and do a little gardening around the hedges. mike >> this is something we talk about maybe once a quarter i think it's important to understand you can use options as a mek anything for hedging your portfolio what do we want to think about when you are hedging it is a form on your portfolio if you spend a premium and lose that premium, chances are

with hedges. how proper spending can help you reap more of what you sow. >> plus, grab your phones and tweet us your questions. if it's nice, we will answer it on air when "options action" returns. trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim trading™ is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim trading™ from td ameritrade. we're carvana, the company because we take trading as seriously as you do. who invented car vending machines and buying a car 100% online. now we've created a brand-new way for you to sell your car. whether it's a year old or a few years old. we wanna buy your car. so go to carvana and enter your license plate answer a few

what are the things we want to think about when we're hedging first of all, when you're hedging, it isurance. you spend premium to mitigate down side risk here's the thing, if you spend that premium and lose that premium, chances are things are generally good you don't need to collect on insurance. suggest whatever you are insuring is doing well the other thing is, you want to hedge when you can, not when you are forced to do so. so you don't try to buy insurance on your house after a fire has started, you want to buy insurance when everything is good finally, you want to balance your risk tolerance with the expense of hedging i was looking out to january at the 380, 350 put spread. when i was looking at that earlier, you would spend a little over $5 in premium to buy that spread which is 1.25 of the qqq. nasdaq is up 26% year to date. if you analyze that, 1.25%, if you analyze, that would be about 6% in terms of premium spend so you can imagine that if every quarter you were spending about that much in a market that's moving up as strongly as this is, you would have created a drag of

but we associate hedge funds with risk—taking, with financial instruments.necessarily associate it with the steady—as—she—goes notion of a sovereign wealth fund. yeah, i think it's more about having the right attitude towards risk. it's not necessary taking risk as being conscious about what risk is. so during the time i ran ako capital, we were running with a lot lower risk than the actual market risk. when you were appointed, it stirred a storm of controversy inside norway — not least because you were seen as a candidate who hadn't officially been put before the norwegian public. there was a list of names in the shortlist, yours was on it and then, miraculously, it was announced that you get the job. why was it handled that way? well, in a way, you have to probably ask the central bank how and why it was handled that way. the reason why there was controversy was because it's a very importantjob and it's a job that all norwegians have a conscious relationship to. the other thing was, of course, i was a completely unknown entity. nobody knew about me. not le

some of the world's most well-regarded macro hedge funds -- hedge funds.ost seems to be tied to wild fluctuations in yield curves across the globe. central bankers are starting to react to persistently elevated inflation. the firm halted some trading. let's bring in our opinion columnists for more. we are coming off a great conversation about how some of these are more technical than fundamental in nature. is that what is causing some of this? >> i would say the reason they are technical in nature is because these big names are out of their positions. they are some of the best rate traders by far in the world. you look at some of these hedge funds. their head of rates at places like goldman sachs. they leave and join these hedge funds. you look at the u.k. and the way they price for the bank of england. as well as australia. they're no longer defending their yield curve down there. some real big losses. caroline: from a historical perspective, we are seeing this. what it used to be like in the 1980's and 1990's. what is so wrong with the way these hedge fu

we have been banging the drum for a while saying it has been so cheap to hedge, does anyone want to hedge? the answer has been no, and i always feel like people need to see a shoe drop before they think about it. of course, when that happens, your hedging is probably going to cross that psychological barrier, but that is when people are going to start looking at it. kailey: if i am looking to hedge where it is still more cheap, where do i do it? amy: one secret of finance people love to use ida beam, as qs -- use iw m as qs, but if you look at the sb community should cdf, is a -- the s&p communications etf, it has your netflix, facebook, twitter, and it could be an interesting one because that implied volatility level is very inexpensive on a relative basis compared to q's, but just as much of a tale hedge. tom: very quickly, what do the bears get wrong? amy: there's a case to be made that when a tail looks cheap, you have to own it because if you are in a world where you think about things from the bang for the buck, i thing that is what bears get wrong. they ask why is it that cheap, an

on hedging we are about 50% hedged for the second half of this year. our hedges are rolling off. 50% hedged in 2022 and we told all of our investors we will not do anymore hedging. with the continentals investor and by the end of 22 need to we will be down to -- by the end of 2022 we will be down to zero debt. the best way not to hedges to have the best balance sheet in the industry. no more hedging. i think will have a tight market over the next several years. alix: does that mean we will see triple digit oil prices? is that what you are baking in? scott: i think oil will be in the $80 to $100 range. oil is chill -- oil is still cheap compared to natural gas. opec has done a great job balancing supply demand. on the supply side there is not any extra, supply and demand is coming back to pre-pandemic. there about 3 million barrels a day, less supply than there was two years ago. 2 million of u.s. shale, one million around the world. they would get into a tight market over the next five years. alix: let's have one more about the nerdy stuff, that has to do with cost. you mentioned

guy: are they not hedging?nvestors not hedging because it is expensive to hedge, or because they are not that concerned? amy: it is a great question, and actually come of the relative extensiveness of hedging right now is not that high. it is going to sound a little strange, but part of what is contributing to this bizarre dynamic we are seeing in options right now is continued retail call buying in names like tesla, amazon, gme. if you look to bloomberg's memb, these are really heavyweights in the iwm or qqq. it ends up leading into the etf globals. you see this over demand for calls and the puts as relatively less expensive, so it is a little bit of both. alix: so where do you want to be buying? amy: i think the risk right now, obviously as rates rise, there is still a period where equities continue to outperform. i think the risk is actually the pacing. if the fed has somehow screwed up and the pacing is off, then you can see these sharp swings in volatility. we always thing about the world in terms of tales

hard asset, inflation hedge, or hedge against turmoil if you would like but also a new technology >>s a good debate. but i think we just ended it it's over now. noelle, we solved the problems on a 5:30 on a friday. >> it rose 100 million percent ipso fact toe. >>> which companies and stocks will actually win. evercourt james west is here we'll hear from him next (swords clashing) -had enough? -no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. everything you've seen me do was made possible by what you don't see. cause when you're not looking, i go to work. ♪♪ strength isn't a given. it's grown. it's earned and tested. ♪♪ we all have the strength to see what's possible. it's up to us to unlock it. tonal. be your strongest. ♪ (vo) reflect on the past, celebrate the future. it's up to us to unlock it. season's greetings from audi. >>> welcome back the build back better bill moving through congress has $550 billion allocated towards clean energy, technology and investme

large hedge funds realized you were going to take this stock up so they decided to crush the hedge funds and it worked. now in the case of avis, rental car company, they earned nearly twice what wall street was looking for. in the case of bed, bath they announced a joint venture between bye-bye baby and kroger. bed, bath also celebrated its buy back dramatically. i bring up these two because they are fantastic illustrations of how the mechanics of money management can impact individual stocks and about the change for this environment hedge fund managers often have a huge disadvantage in a bull market like this many of them have no choice but to run what is a balanced book, balanced book. meaning long positions and short positions, what they own and what they sell against should be even basically the clients use them in the hedge fund. in other words, there are tons of hedge funds that have to short stocks it's in their charter so to speak. even the fabulous bull market they need to find something to bet against. they're always looking for targets shorting the uneven bed, bath & beyond ag

dani: you mentioned volatility and the liquidity, and with hedge funds having difficult he, what does participation look like? are people not willing to step into the volatile market question mark -- into the volatile market? kristine: you have your primary dealers, and investors who have to be invested in one way or another in the most important bond market in the world. in terms of participation, they are there but they are seeing more challenging conditions. we are heading into year end so that is a challenging time for a lot of funds, because they are closing their books and trying to take stock of going into next year. this is contributing to the interesting time where volatility is high, liquidity is doing not so well, and making things more tricky. tom: how should investors think about the geopolitics? we have a warning about a possible invasion of ukraine by russia. on the upside you have this potential meeting between president she and president biden next week. kristine: investors are infamously terrible at pricing geopolitical risk. they will want to keep an eye on the deve

he's a hedge fund manager. so hedge funds, c i o, once you say a $150.00 trillion dollars a few top, james, it honestly doesn't seem so big, says she at 1st said her statement said a 100 to a 150 trillion her following paragraph. this is how you shift the overton window. these programs are exciting, she said. but as big as the public sector effort is across all our countries, the 100 trillion dollar plus price tag to address climate change globally is far bigger. and you see the cost already appeared rather smaller. so 1st she said 100150 trillion. then the next sentence, the next paragraph, she shifted to a 100 trillion plus. so this is how you train the overton window. this is how you shift it to where you want it to go. right, well i mean this, the numbers that makes sense because remember, 5 or 6 years ago there was a g 20 meeting where it was speculated that the cost of rolling up all the central bank, bad debt to the i, m f. would be about 100 trillion and the leader of russia at the time was making that

i have learned so much about hedge funds i must admit i wasn't sure what a hedge fund was. so i would like to open with you explaining what you did every day because a lot of us thank you went on to theou trading floor yelling and screaming buy and sell that you are doing great. so tell us what your work consisted of and why did you love working in hedge funds? >> thank you. and in the image from what you are seeing. >> but it doesn't have to be. and that is research investment. >> the men to become a large hedge fund. and then there iset a lot of detective work. [inaudible] >> but then talk about the more liberal hedge funds which by the way. [inaudible] >> but negotiating but then to structure. >> so talking about band narratives that we are also familiar with with wall street money let's talk about risk. men are presumed riskier. and that good investors do not relish risk for the sake of it. and with that entrepreneurship and culture? >> but for the sake of just that this is fantastic people. but then so yes. and those that are more prone to taking risks but those that w

i use arc as a hedge on the portfolio buzzecause she owns t high growth stocks and it's great to have and it was very kind of kathy to put together that etf i have a lot of respect for cathie she's a great investor and built a great business and what gets you assets and what gets you elected is hyperbole and a long-term view, and i think that's a world that can happen and a world of pain and a world of enjoyment between now and five years and ten years it's too early in my view to stake major claims to those highfliers that she has in or portfolio, similarly, i think it's too early to call the death of anything in the s&p but that fits her narrative and i look for opportunities in the stocks, because there's growth that you can find at a discount of the market why wouldn't i go there where there's risk and similar upside. keep in mind, stocks that have low multiples have gone up 100, 140% whereas the ark portfolio this year after a phenomenal year last year is down on the year so it doesn't mean that you have to own nap proves it, these high-valued stocks. >> just one point here i kno

and i can't hedge all of it with puts but i do hedge.wo-thirds hedged on it now with puts, but again, the stock would have to have a major move for me to make any money on those. so i will suffer a loss if they go down and i do short-term puts, also >> that's why we give all the detail we can. appreciate it. i know our viewers appreciate that, too. all right, joe, bank of america. okay i know it's a weiss stock and he's had this one fora long time, but so have others pete owns bac. joe, you own bac downgraded to underperform a sell >> no. >> at baird. target stays at 42 >> no. >> well, they did. i'm telling you, yes, they did >> no. okay i'll tell you what here's the target. the target is above the december 2006 all-time high of 55.08. that's exactly where this is going. this company has $25.5 billion of excess capital. that's 7% of its entire market cap. hasn't even benefitted from loan growth net interest is going to be double digits for the next two years. i disagree see you at 55. >> pete, real quick. >> well, i would agree with joe.

because we were at 12 year lows at the pandemic and then we shot up from there if investors want to hedge gain from their portfolio what should they do. >> we have companies like pioneer national resources and conoco phillips and the past they were known for spending haphazardly. nothing like a dry spell to bring some religion so now they are returning more cash to shareholders another option is the utility with national gas that makes it up play. jack: we talk about stocks but apparently the cool kids are trading options and that includes you. >> yes it does. he got my series i did my first options trade a few weeks ago and apparently i was part of a surge in activity in november rivaling that we saw in january. people are trading options like lottery tickets. half of the options trade our call options a less than two weeks tesla and popular entire demand the outcome is not that good so investors should tread carefully definitely. jack: any cases you think retail investors are to be in the options market quick. >> if you read any finance book you hear about farmers hedging wheat prices s

when they buy calls, what are the marketmakers doing they have to buy the stock to hedge.ys going to be some of that impact much you are going to see if a crowd of people start buying the stock or buying call options, it will probably propel the stock higher, but for the benefit of investors who do that and may not be able to hedge other means, at least they are defining their risk. when you have this hugely explosive movement going on, options premiums themselves can also get out of whack. if you bought the november 300 puts on tuesday at the close, even though the stock is substantially lower now at 297 where it closed versus the 345 where it closed on value, the puts went up because the options reaction were violent. i think people are inclined to speculate using options and defining their trade is key. i am not making a judgment whether or not people should use this as an input or whether these are good ways to trade if you are making money doing it, you are doing something right. >> do not forget to check out my new digital documentary. you can check it out at cnbc's

i don't think hedges are that expensive here. tom: this is absolutely critical, and it is an indication that is not cathartic. you are not getting the emotion indicated by expensive hedges where you go, i can take part. lisa: how do you bet against a market that some would call caps on -- call teflon-like in terms of rallying? how much hinges on the idea that there is still liquidity in the market, and even if they become a little more hawkish, if they start to taper their bond purchases, you still have negative real yields of around -1% on the 10 year yield in the united states? how much is this driving everything, regardless of fundamentals, regardless of what story you tell in the comic cycle? -- the economic cycle? anna: these purchases are massive. this is the most monetary liquidity we have had in quite some time, and don't forget, we have had a lot of fiscal stimulus down the pipeline as well. in that kind of environment, it is helping people and giving up that flexibility to spend and to move markets around. i think as th

it is no longer serving as any kind of hedge that it may have early in the pandemic.ut going down the better part of 8%, trading right around $54,000. guy: let's talk about what is going on when it comes to covid. we had delta. it has been brutal. now we have this new variant that has entered europe with one confirmed case in belgium. that person traveling in from egypt. the european commission president ursula von der leyen saying now is the time to respond. >> the european commission has today proposed member states to activate the emergency brake on travel from countries in southern africa and other countries affected to limit the spread of the new variant. all air travel to these countries should be suspended. i have spoken about the situation today with scientists and vaccine manufacturers. they fully support such precautionary measures. guy: that was ursula von der leyen and speaking a little earlier on. we are joined by sam fazeli of bloomberg intelligence and scott rudin stein, eurasia group senior public advisor. scott, let me start with you. has the horse bo

he's a hedge fund manager. so hedge funds, c i o, once you say a $150.00 trillion dollars a few times, it honestly doesn't seem so big. says she at 1st said her statement said a 100 to a 150 trillion her following paragraph. this is how you shift the overton window. these programs are exciting, she said. but as big as the public sector effort is across all our countries, the 100 trillion dollar plus price tag to address climate change globally is far bigger. and you see the cost already appeared rather smaller. so 1st she said 100150 trillion. then the next sentence, the next paragraph, she shifted to a 100 trillion plus. so this is how you train the overton window. this is how you shift it to where you want it to go. right, well i mean this, the numbers that makes sense because remember, 5 or 6 years ago there was a g 20 meeting where it was speculated that the cost of rolling up all the central bank, bad debt to the i, m f. would be about 100 trillion and the leader of russia at the time was making that state

the best hedge is to own stocks.gainst inflation. because we've not seen much inflation the last decade or two that is coming home to roost a little bit but when you look at the stock market not only do you have this inflation push but you also have earnings far above consensus in the biggest companies the drop major indices are hitting the cover off the ball. i don't think it is likely to change in the next 6 to 18 months. stuart: you are right about hitting the cover off the ball. we've gone straight up. my problem is using stocks as an inflation hedge, sooner or later the federal reserve has to get a handle on inflation and when it does that the market will probably sell off quite dramatically. that's my problem with putting money into stocks with inflation hedge. how the response of that? >> the fed is behind the 8 ball on inflation. they thought likely the situations like the port of la would be solved. they are not. the driving of inflation you can have tremendous fiscal stimulus, to medicine of monetary stimul

>> i was at the hedge fund bank of america, they make those things so seductive.i know you like bank of america, have you heard of yappy, that's the turkish bank of america. >> i would like you to get to comment on dollar tree they beat by a penny they guide below >> it's time for an activist to get in there and change things see, they get the bad number, the activist has ammo and so the stock goes higher, right >> it's true and you're close to that activist, right? >> no, i'm not close no >> that activist correctly family dollar, they bought this chain. family dollar has a bad reputation versus the dollar tree why not rename they've never done that. my dollar tree is spectacular. you could eat off the floor. you may not necessarily want to do that. i happen to think that the dollar tree management should have been given a little bit of chance they've not even -- >> activision and blizzard is going up in the event by an blizzard. >> they did announce a workplace responsibility committee that will oversee -- >> wait a second, what is that the soviet-style -- >> i'm

if powell sticks with his plan, how can investors hedge against inflation right now?et's bring in the president and ceo of hinon and walsh asset management kevin, i will start with you are you concerned about persistent inflation and what is your advice for positioning around it? >> you think that cpi rose 6.2% in the month of october on an annual basis, the highest annual rate of growth in 31 years plus, americans are now paying more at the pump than they have since october of 2014. so inflation isn't going away. however, the fed does have a tnt program in place to help control inflation, promote full employment, and also grow the economy back from the depths of covid-19 that relates to taper, narrowing and tightening they've started the tapering process, and we believe they will start toaccelerate that tapering process such that we may ultimately see some tightening during the second half of next year with one, and perhaps now two 25 basis points interest rate hikes. >> jeff, do you have a similar view are you concerned they're behind the curve? >> you know, we are

last week, many hedge funds were positioned the wrong way. so much money so quickly that they hit risk limits and the trading had to be halted. at exodus point, they lost about $400 million last month. you see this as hitting risk limits and having to be stopped, it's a bit of a extraordinary risk management move. you don't want that to happen to you if you are trading at a hedge fund. shery: who are the biggest losers? >> one lost 11% last month. alpha dine is another big one that lost 6.5% last month. they are down 17% for the year. for them, it could be the first down year since they started trading in 2006. we have seen significant numbers largely on the surprising moves of the bond market. haidi: we are expecting more volatility going into year end. are they well-positioned to try to deal with that? >> it's hard to say. we don't get clarity into how their position in the current moment. we do get a sense if funds had reacted and adjusted their positioning from last week when most of the funds were positioned for a steepening of the yield

so it's not a hedge against markets by any means. when we talk about inflation, we're talking about the c p, which is a basket meant to reflect purchases made by the average consumer such as food energy, other services. and over the last 2 month, prices for these items have risen drastically with energy rising 30 percent, which means that the average consumer is going to experience inflation and an erosion of buying power because wages are paid in dollars. and that dollar will be buy a lot less of that basket than 2 months ago. so that's what bitcoin now comes in because over the last 2 months, actually the last decade, one big quiet well by you more of that basket them before. because big point is not tied to any one currency and it is truly borderless. so in times of high inflation, one must take more risk to offset the decline, an existing asset value. so 3 percent dividend yield that may normally supplement income in retirement, but if inflation is 6 percent is just simply not good enough anymore. so that doesn't mean big coin is

so it is not a great hedge for a higher equity waiting.o cash probably represents a much better way of hedging against an increased exposure to risk assets like equities and other risk assets and real assets as well, like commodities , where we have been structurally positive. guy: let me make it to europe. have been talking about it. i've got a chart here, the stoxx 600. we got through 490 a little earlier on. you can see that europe, european equities have been moving up. they have underperformed broadly but we have seen in the united states. we are only really starting to play catch-up. that is the context. i think you are expecting further gains next year as well. the key question i think is this one here, which is a fantastic chart at the moment. the european discount to u.s. stocks is at a record. we are at a 30% discount on a forward pe basis. we have been traditionally 20, 25, throughout my entire career i thing we have been in a situation where that discount existed, but we are now at 30%. what does that tell you about the story f

calls they have delta that shows how much they should move you want to hedge that risk.ney in volatility moves not necessarily movement of the stock back and forth so they want to hedge that risk as much as possible. the $2,000 call is something so far out of the money, the market makers hedging that, there has to be something on the other side of the stock which is most likely not retail. retail traders are trading options more than they have. they're also participating in education more than they have, which is important part of that. but one thing i would also say is what are retail traders great at that's managing limited capital. as you know, having been in the business when you're trading as a professional, you don't often think about the amount of capital you have to trade with retail traders have to keep that in mind all the time because theirs are so limited. when they go into some of these they go in because yes, you look at tesla, trading over $1,200, about $1,220, well, most people if they want to buy 100 shares or a round lot can't afford to do that because

a lot of traders are hedged with a lot of stuff. stock market is up. they're hedged with stocks.last week. millennium capital management, big hedge fund suffer some losses. steve cohen at point 72 suffered some los angeles. there is bunch of other ones. what is clear the era of easy money is basically coming to a possible end and hedge funds were caught flat-footed. can you imagine if jerome powell did, what people are saying raised rates to squeeze out all excess liquidity, allowing amc to trade like it is apple and amazon? that is what we have going on in the market. we have massive speculation. hedge funds are trading off of it. when you end the speculation, whenever it happens it will be nasty. just a little taper, we get that. we get massive losses. that will be pretty interesting. i'm interested to see what happens tomorrow. does powell go through with it? if you notice biden did not give a big show of support for powell. liz: he said we're still deciding and we will let you know. >> that doesn't mean he will not appoint him. my point is that he wants a taper while the whol

a missed opportunity for hedge funds. the short shakeout that's a culprit.hat rise in retail activity that would make them go less inclined in general. for those who still felt compelled to go short. this did create a few winners for them including beyond meat and workhorse group which both slumped. you can see beyond down about 6% workhorse down almost 12%. hedge funds lifted their exposure many of those still unprofitable and feeling the brunt this week. comparing this shortage of shorts people get up set with beavers for building a dam in places are we perhaps seeing a beaver effect in short-sellers? for those who take place earlier this year. has lead to the other sidelines when it comes to short sellers because they don't want to become victim to this. people say how history doesn't repeat itself. is that a sign people are either too bullish about the market increasing exposure to those stocks about 10 times ebita or is it a sign there is this other dynamic going on with retail that really says nothing about what is going on with regard to the market as

looking ahead, they say, it is an inflation hedge but goes down at a risinginflation conditions whats? carter, what do you make of coin based and bitcoin in general here for our viewer? >> coin base general i would be long you can buy the jams for around 31 and sell at 17. stock goes up 10%. 75% gain in the options position i think you want to be long here >> carter, final call. what's yours >> transports for trade to nowhere. >> generac a bounce >> mike? >> i like call spread risk reversals and generac. take advantage of the elevated options premium. >> guy >> i think tlt goes lower, yields go higher >> that does it for us "options action. we're off next friday, but we will be back necessary 3rd "mad money" starts now - [narrator] the following is a paid presentation for the premium mattress topper by dormeo, one of the fastest-growing sleep companies in the world. what's captured these people's attention? - wow! - oh my god. - wow. - that's it? - wow, i'm impressed. - oh, i never would have thought, never expected that. - it feels like it's a brand new mattress. - yeah. - [narrator

do you think we have enough inflation that bitcoin passed the test, that it is a great hedge againstestion. some people say that bitcoin is too volatile to be an inflation hedge but on the other side of things companies like microstrategy, tesla, say they're explicitly adding bitcoin treasury reserve asset because it's a good inflation hedge. we all can agree unwise to hold your money in cash right now because that powder will disappear over time but a lot of people are looking to cryptocurrency, in particular bitcoin as part of a diversified portfolio. that is very smart. although day-to-day fluke -- fluctuations may be big with bitcoin i think long term it will hold value as an asset i personally agree it's a good inflation hedge. charles: and outrain inflation. a major court on the cusp of a case that could actually reveal the identity of bitcoin's creator. how would that impact the investment proposition if it would impact it at all. >> i don't think this impacts it at all this is crazy case to watch. bitcoin is decentralized system. it doesn't need leaders to operate. whoever cr

that's the point you're making is that crypto is now the inflation hedge over gold. gold can still rise, but it's not going to rise to the degree that it once did in the past when there was no competition in quotes yeah you're not getting near the same lift and sure you have various times of the year in india and elsewhere where gold is bought in big amounts and nonetheless, it is not bought more than that supply versus demand that bryn was just speaking to it's basically the supply out there is meeting the demand. so you're not seeing that kind of price appreciation that you would if each of these investors would put th$3 trillion into wo. >> josh, you're buying more solana. >> i am. i am adding to solana and polka dot. i have too much bitcoin and ethereum relative to some of the smaller protocols that seem to be much more useful, solana's process is much faster than ethereum which becomes very important on open sea and various platforms and that will ultimately start accepting a lot more than ethereum, and i think when you think about things like the graph and polk

looking ahead, they say, it is an inflation hedge but goes down at a rising inflation conditions whats? carter, what do you make of coin based and bitcoin in general here for our viewer? >> coin base general i would be long you can buy the jams for around 31 and sell at 17. stock goes up 10%. 75% gain in the options position i think you want to be long here >> carter, final call. what's yours >> transports for trade to nowhere. >> generac a bounce >> mike? >> i like call spread risk reversals and generac. take advantage of the elevated options premium. >> guy >> i think tlt goes lower, yields go higher >> that does it for us "options action. we're off next friday, but we will be back necessary 3rd "mad money" starts now >> announcer: this is a paid advertisement for csn. >> you know, many times, i've been out here with a new coin release, and i have asked for a drum roll. and in all honesty, in the past, it's really just been nothing but hyperbole. but this time, i really would like a drum roll. i don't think i'm gonna get one, but i really think i should have one. this is, i think, t

clearly, you have energy hedges rolling over next year.ne thing people are discussing is wage inflation. tech holdings -- having to pay more to attract talent and retain talent. it is a cost that will come through in income statements pretty strongly in the next 12 months. tom: which companies are most immune to that wage inflation where headcount is not as much of an issue? marcus: there are two aspects. inflation generally -- companies that do not have a huge raw material prospect and tech fits into that. and you have other companies that need human capital and that does involve tech. companies are able to pass through these inflationary pressures to their customers and that is something we have been analyzing in greater detail than usual making sure the companies are able to benefit from this inflationary environment. dani: does the potential for further shutdowns especially in places like asia, change the calculation at all? marcus: for many people it does. i think there was a greater complacency in markets around covid in recent month

when they buy calls, what are the marketmakers doing they have to buy the stock to hedge.ys going to be some of that impact and you're going on to see that obviously if a crowd of people start buying the stock or buying options on the call, it will probably propel the stock higher but for the benefit of investors who do that and may not be able to hedge other means, at least they are defining their risk. that's the positive to it. an interesting thing, also, of course, when you have this hugely explosive moment going on, options premiums themselves can get out of whack as well if you bought the november 300 puts on tuesday at the close, in avis, even though the stock is substantially lower now at about 297 where it closed versus the 345 where it closed on tuesday, those puts haven't gone up in value that's simply because the options markets were also reacting very violently to the violent moves in the share price, too, and some of that has come back in i think that if people are inclined to speculate and using options and defining their risk is key i am not making a judgme

where you hedge? -- where do you hedge, is bitcoin the new hedge? manus: bitcoin.ed so maybe that apparent inflation hedge is a misnomer. oil is on a bid. it crashed back 11% on friday so you are seeing brent up by 3.73%. no call for renegotiating -- renegotiation of terms. no intervention. jordan said he was surprised by that. at the magical 105 level. s&p futures up .7%. what do you want to belong off ? -- be long off? it is a lot more aggressive in terms of mobility. shutdowns and border closures. let's get up to speed with the first word headlines this monday morning. the world health organization is working with researchers to better understand the new coronavirus variant after health experts inside africa said it appeared to cause only mild symptoms. w.h.o. says no information yet to suggest omicron symptoms differ from those caused by other variants. early data suggests american shoppers returned to stores on black friday, remaining well below pre-pandemic levels. according to samsung attacks -- sensormatics, they trailed. we are up almost 50%. the estimate

shery: i was going to turn to hedge fund traders.ty in the bond markets and it was a nightmare scenario for them. some firms have seen enough. they have each routed traders after hitting maximum loss levels. asian finance reporter nabila ahmed joins us. several hedge funds have been caught in the crossfire's. what do we know? >> this is a battle between inflation and rates. a lot of the worlds hedge funds have been betting that the inflation and consumer prices post-pandemic would be temporary and that would mean central banks would not be in a hurry to raise rates. but that view was upended last week. we sought turmoil in the bond markets, central banks from the bank of england making hawkish commentary. we saw australia and canada toa9 short, leading to significant losses. haidi: when we go from here and what we see is the biggest impact? >> the biggest firms that were hit were exodus, they were down 2% for the month also -- but still up 3% for the year. bluecrest and others having to grounded traders which is an extra in a move. t

what you tell investors is the best hedge in this kind of environment?ficult to hedge a portfolio against a tail risk which would be a very bad outcome. so what you have to do i think with the portfolio is you say i'm sticking with my call convictions. if i think there's opportunities in the market that have overshot, then i look to add to that, but also be disciplined in where you have low conviction trades within your portfolio. you take the opportunity to start reducing your exposure there, and that is some than we have been doing going into what we thought was going to be quite a volatile year end because of these major central-bank meetings we have in december. but you can't hedge away from the extreme tail risks right now in terms of markets. lisa: david riley a bluebay asset management, thank you so much for coming on the show when we should be talking about shopping an incredibly strong data, but instead we are talking about a new variation. we are getting word from u.s. officials on not necessarily on travel just yet. kailey: dr. anthony fauci,

it promotes the wearing of the veil is a part of someone's identity dots in promoting the hedge. absolutely. yeah, that's the opposite of the values that france defense. i do toss could. if i is when women take their they'll of that, they become free. no. the other way around. remembering that women are free to wear that he job is one thing to say that freedom is in the he job is another, it's promoting it. is this the role of the council of europe? luther says his big down to kill a sion. lucy is an attorney in paris on a specialist in middle eastern studies under independent journalist luc revise. welcome to both. good evening gentlemen. luc. first, i'm fissile. how would you interpret that slogan? what? what did it mean to you and you heard it? freedom is in her job and do you agree with it? i don't at all. i mean women, mostly women are allowed in, in the open, in public places in europe. weather in netherlands, belgium, germany, france, of course, italy, and other places to where that the hess car fine. but to promote it, this is completely crazy from, from public services.