we will get back to our conversation about the hedge fund filing and hedge funds in short-sellers. wall street bets for them. greg swenson, he will be joining us. this is bloomberg. ♪ romaine: today's triple take is focused on the latest filings, and hedge funds and how they operate. you remember a year or so ago, it was like anyone who is short in the stock, you had to make that disclosure. all of this unwatched masses on the internet, betting that wall street bets would go after these guys and try to bid up the stock. caroline: and it really worried short investors. use up people exit the market, deciding they would not have short funds. what is interesting is that actually, take away that furor, all of the media attention in january, there are mainly shortage companies. they dropped. some 3000 companies, the most hated stocks, they dropped 14% to the end of last month. so shorter stocks tend to underperform. taylor: maybe you do it and you are a bit more quiet about what you are doing. let's not get quiet with greg swenson, co-portfolio manager for the grisly short fund and a co

are they enough of a hedge? lot of people talking about simply getting into cash and that is the best place to be. as you say, a lot of uncertainty , potentially creating opportunity. we operate in a difficult environment. are we in a position where we should up cash? meera: we hedge on the market with gold. in terms of moving to cash, it is a challenging trait to make when you think about how high inflation is and how you are losing purchasing power. there are many areas of the market that should be well supported given the backdrop of strong global growth overall. strong consumers earnings. you don't want to broadly reposition so much be too worried about hedging too much. the uncertainty is not great at the same time we have to keep and eye and fundamentals that will be supportive of markets in the long run. kailey: you talked about a strong consumer, strong growth underlying macro. are you worried that if the fed front lows rate hikes like bullard would like to do that it would choke off and cause problems i

when you are a feared, you hedge. what is the demand now, the appetite to hedge? mandy: interestingly, to start the year, we have not actually seen significant increase in demand in hedges. that is interesting because obviously we have a 10% pullback in the s&p in january, and volatility really underperformed on that selloff because of this lack of hedges. part of that reason is because we think of the catalyst driving that correction. it was fear of higher rates. that is a really well anticipated catalyst. it is not really an unknown or an uncertain, unexpected risk. what we are seeing over the past couple of days is more demand for hedges on the back of the russia and ukraine news and also on the back of speculation that the fed may be hiking inter-meeting. i think that has driven a lot more volatility in recent days. tom: what is the exposure on the hedges and the entire market? what is the depths of leverage out there? mandy: i think for a lot of institutional investors, they have deleverage to quite a bit -- they have deleveraged quite a bit. the most pronoun

kailey: where else is it still cheap to hedge?: across the board, volatility has gone up, so one cheap way to hedge if you don't buy outright options. the interesting thing about european equities is downside options have become very expensive. but we are seeing is, let's say you buy options at a rate of 10% , which is probably the pain you would get if things get worse, not more than that. so that is how you are cheapening the hedge, by selling out of the money options. the other indicator we like is buying u.s. options on the oil etf, or oil in general. there's a similar dynamic that the winning options are becoming much more expensive. tom: what are the other options around hedging for these inflationary shocks we are seeing across the system? maneesh: as you know, of course you can get very local and look at things like natural gas products in europe itself, but as far as the center of things, that is the one that is most compelling. another is coal, but that is not as clean a hedge as oil is. kailey: given the uncertainties o

throwing in a hedge?viewing mark spitznagel tomorrow he is a long guy who does the risk scenarios using options and everything else what are you seeing in the options market right now >> we are seeing a fair amount of hedging whether hedging in the broader index like the iwm and the s&p 500 in particular, brian when i say hedging, you and i know that means they're buying puts they are not hoping the market goes down, but they are using the puts defensively i would not besurprised if the conference you are attending that they are saying that. there are a lot of people seeking that kind of protection right now. boy, that's a lot like when the weather man says there is a hurricane coming and you waited until the last minute to buy insurance. >> you don't need a weather man to know which way the wind blows. not right now. jon najarian, we do appreciate it obviously, folks, the fed reserve has a meeting today. they meet on mondays to talk about the discount rate. markets are jumping. could we get an emergency

that is why the price of these hedges are going up.not selling off the currency as you would expect. that is because of russia's fx reserves. we might see interventions from the central bank to stop the currency depreciating weekly, and that is why we are scratching our heads. manus: there has been a huge swap of dollars into yuan. i'm focusing on the wrong train, people are saying to me. the great fx swap has left and that has already left. this shows you how old i have gotten, you want a euro-yen two week general put. is there is something different from the normal put? take an old man through a digital put? jordan: it is a bit more exotic than a normal put. if you are below that strike, you will pay out 100%. the payoff is more aggressive, close to zero for quite some time. as you get close to a strike, it accelerates to reaching the max payout. it is a good hedge because if you have a risk off event, you have a quick move in the market, and the digital will go from cheap, close to zero, and that is why we have that hedge. let's tal

we've always been very active in the hedge market. that gives us some time to cope with the higher field. gives us time to manage capacity, make sure we have airfares. a lot of our competition going into this is very on edge. american carriers don't have edging. domestic carriers are probably in the same boat. hopefully, the crisis can be resolved quickly and doesn't last for months or years. haslinda: at what level are you hedged? what level will you be concerned that? >> as i said, we are fairly well hedged until the end of june. we are not giving details on what the exact hedges are but they are effective. happy and increasing for a while. that continues on a declining wedge. rishaad: quickly here. does the closure of ukrainian airspace may commit -- a material difference to you? >> no it doesn't. our only flights that get impacted are the u.k. flights that we fly from dublin. we have plenty of flight paths by ukraine. there's a passover china and russia. if china closes down because of sanctions, there's a flight path through cent

allianz books a 4.2 billion dollar charge from its hedge fund implosion.eak to the ceo this hour. warm welcome to the show. breaking news from edf. they have a 2.5 billion euro rights issue. so that is on top of 3 billion euros of additional disposal. we have a rights issue raising capital, a 3 billion euro disposal program. they do not give an abbott. -- ebitda forecast. prices have gone through the roof and edf say you're going to get a boost to the full year ebitda on pricing improvement. you will get paper. you will get stock rather than cash. that is what a script dividend is for 2022 and 2023. the topline earnings growth at the company for the full year was up 11% at just over 18 billion euros. there has been a big boost on the ebola -- ebitda. ok, if you want to understand what is going on with risk, sergei lavrov and antony blinken are proposed to meet next week. you see this reappraisal of where we are. you have gold coming off its eight-month high. dollar is up, yen is down, s&p futures recover from a good battering yesterday. the president talke

coming up, the money manager whose hedge fund soared in january. this is bloomberg. ♪ ♪ ritika: let's check in on the bloomberg first word news. russia has announced that some of the troops involved in drills have started returning to their bases. the military exercises raised concerns about a possible attack on ukraine. still, nato says it has yet to see evidence of a pull back from the ukrainian border. the criminal has denied it is planning an attack. demonstrators against vaccine mandates halted traffic at major border crossings in western canada. some doubt tuesday -- some doubt tuesday -- some vowed to stay. commercial traffic to the u.s. was blocked by semi trailers and farm equipment. -- urged global powers to reach a compromise. iran's foreign minister warned the u.s. and other western powers to show their true intentions by removing sanctions on iran's economy. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. k

lichte of stocks appearing most often of fundamental hedge funds.hedge und ownership during the quarter was -- tesla. shannon, love your take on this. tesla a lightning rod amid the hedge fund so-called smart community. a lot sat on the side looirps and watched tesla stocks soar. now kind of joining the party. what does that say about sentiment surrounding tesla, do you think? >> i think one of the things to think about is as we look at hedge fund holdings, i think funny to look at this, these files over the last ten years or so and see how mainstream some of these selections have become. i think in the case of tesla having been added to the index and reflecting now what is a long-term disruption innovation play, i think that it will continue to be something that creates a lot of polarizing opinions amongst investors, but reality is, there is an opportunity here, if it makes sense, in your portfolio to add tesla as a valuation seems to be supported from a long-term perspective, if you believe the battery technology and the innovation around that is

what about the thoughts on 0 hedge concealing the identity of its contributors? cuz they have fake names. don't they like nave, dave and a portfolio arm or is it because there's a risk of reporting? because some might say it's a bit suspicious that these people don't want to report with the confidence of what they're saying under their own names. well, i'm, yeah, i mean, i mean 0 hedge as a, as a very lively provocative web site, right? of center. i it's, i published some interesting stuff and published some really bad stuff so you know, so i glance at it occasionally. so as i find some, some of the, the articles there are really interesting and revealing. and other times they're just, you know, just move on really rapidly because it doesn't interest me. but you know this, that they have a right to you soon names that they want. they're not, they're not trying to not hiding the truth and clearly are pseudonyms. everybody knows the tyler durden that their, their, their main sit with them is obviously just that it's based on a character from a movie called white gl

fund clients, but the hedge funds themselves are harder to regulate.nd we will point out nobody has been accused of any wrongdoing. i think about this from a structure point of view. i was talking to joe saluzzi and he pointed out something i did not realize, which is that some big banks on multiple dark pools. morgan stanley is one of them. operating at least three dark pools. there has been a long-standing rule that you can't trade more than 5% of a stock volume without quoting it. a lot of banks have been trading for .9% on each of the dark pools that operate -- dark pools they operate -- 4.9% on each of the dark pools they operate. sonali: there is a very large scope of things here. talking about the block trading issue is not even talking about the shortselling issue that they are also looking at separately. at the end of the day, this is a lot of questions being asked of the sell side and the buy side. if you talk to sources as well, it is not as though there aren't market functions that are very important that have been created through block tra

tell me, are you hedging? at what levels are you hedging at?hedged. of course, it is something we will look at for the future. the fact is also that this ramp up in a few will prices in the recent past, we don't what does we don't know what the ultimate level would be over the next couple of years. but if you look at it over the past two years, it has been very significant. we don't know if it will fall. it is beyond our control. we do know that at this point, we are not hedged and it is something we are looking at. rishaad: thank you for joining us, vistara chief executive vinod kannan joining us exclusively. india's biggest ever initial public offering, the indian exchanges nsc and bsc have approved the flotation of the life insurance company there in india, lic. just coming through. there were looking for a 5% sale of the company. that is the position of lic. with that in mind, we had markets in move by kick off the session about three minutes ago. let's look at the state of play and whether the regional trend is being followed to the upside

they act as a natural hedge, with people looking for ways to hedge volatility.t filters into their earnings. as well as focusing on the u.s. consumers still benefiting, albeit less so, but benefits from the high stimulus payments. shery-anh: jeff, it was good having you on. from thornburg investment management with his views of the market. you can get around up of information to get your day going in daybreak. you can customize your settings only get the news on industries and assets you care about. this is bloomberg. ♪ >> we are counting down to the start of trade in tokyo and seoul. in japan we watch for fourth-quarter gdp numbers coming in in half an hour. consensus forecast is a return to growth in quarter on quarter data. there'll be an appearance in parliament the top of the next hour. we will watch for comments on yield curve control. kioxia and investor bank capital plans ipo instead of a sale to a foreign buyer. investors will also be monitoring earnings from asahi, toyo tire and others. in south korea the ruling democratic party will continue on the ex

, assets, given that they could act as a hedge, not to mention talk about cryptocurrencies, about hedgingssures? rajeev: i think that now, the situation we are in now and the reaction you mentioned from mr. bullard is really what is the fed going to react. you look at the difference between -- it shows that all the long-term investors are quite sanguine. they think the fed is going to manage this. the 10 year has gone up a little bit, really very little, around 2.5%. i think there is no reason to really hedge against inflation, because the fed is doing it for us. they are tightening actively. if they want, i would look for hedges and see if commodities are one of them. haidi: great to have you with us. rasheed demello with gama asset management. >> president biden says inflation is creating real stress for american families, but there are signs price pressures are easing, and he is optimistic about the economy. biden issued the statement after the u.s. cpi rose to a four decade hi, reflecting broad increases in costs for food, electricity, and housing. inflation has become a political hea

hedge funds seem to come and go.ometimes they are hot, sometimes they are cold, sometimes they go out of business. you have been in business for almost half a century and you have $150 billion. what if you been able to do that nobody else has been able to do? ray: what we were able to do is able to structure portfolios in a way that were better in terms of the returns, risks, and correlations of our investors. so, to give you an idea, in other words, you can balance things in a way. i could take different alphas, different debts in different markets, and i could carry that and put that in a front called pure alpha. then i could take different asset classes and put that in a fund called pure beta. and then we could engineer it for the customer's risk levels. you want it at 12% of volatility, 18% vol? then whatever benchmark they wanted, we could put the alpha on top of so they could say i want the s&p 500 plus a 6% vol. i know it all sounds complicated but we could design and structure things to their liking that woul

for me, it's a decent hedge. thanks for agreeing with me. >> what is your most important chart, karen >> i'm not really a chartist it's more pieces of information that you make a line through which is cpi to me, cpi, it's inflation, it is the thing that will just absolutely tie the fed's hands on how aggressive they have to be they have to do something regardless of even if it is somewhat transitory and comes back down, they have committed to this path, they have to go down it. if it starts to really get well beyond seven, which is a crazy number, i can't believe we are talking about that, they have to be more aggressive we agree, today was more fed focused. it wasn't ukraine. cpi comes in hot that's going to be bad in the short term. >> for me, let's just say it's right with the fed i mentioned the top of the show the three things i'm looking for. i want concrete examples of that things i can point to that's priced in. i look at the number of rate hikes that the fed -- that's priced in by the market. we are pric

what acts is that hedge?: it is really important to remember there are different types of inflation, so a hedge to inflation is usually a companies in of assets to protect you from whatever type of inflation hits. commodities is probably the most underutilized. if you look at a broad basket of commodities, you are looking at assets that are going to do well as the economy grows and inflation pressures are strong. you have good growth exposure and very strong inflation exposure, and there are real inputs that we need in order to make the things that we want. i really like metals. i also really like carbon credits because these are areas that are not only exposed to all of the cyclical strains, but we have this big secular issue which is we need to deal with climate change. there's a lot of political consensus around the world that we need to do that. any acceleration in our desire to do with climate change, we've got to build a lot of physical info structure that is going to be made of metals, and the supply t

looks like swiss is on the move as the hedge of choice. investors are quite literally on tenterhooks about the ukraine situation. the president spooked them with a video message. take a listen. >> we are told february 16 will be the day of the invasion. we will make it a day of national unity. a relevant decree has been signed. we will put out national flags and we will show our unity to the entire world. manus: his office later said it was sarcasm and it was more about the rest of the world predicting the date of an attack by russia. sarcasm costs. how quickly did they roll this backend what is the significance of the zelensky joke? dani: i know president zelensky of course has taken a lot of heat today being told this is not the time for irony or sarcasm, but actually, if you look at the video, particularly in ukraine, this was a video that was filmed in which a lot gets lost in translation. what he is saying is we have been terrorized for weeks. we are being told the invasion is happening wednesday. i'm telling the ukrainian people this

they have already said, fast money is very much hedged.you probably saw yesterday was the tail end of this people who are unhedged, unprepared, more retail than institutional. dani: the second order effects that markets will have to grapple with, that is what saed talked to us about as well, is what happens with inflation? what happens to this economy when you see natural gas prices moving more than two standard deviations? it is this inflationary picture and how central banks cope with it is what we will have to deal with. manus: still a slight sense of hedging going on. the bond market dropping 15 basis point yesterday. it managed to rally itself back up, leaning into the risk of a 50 basis point hike coming through from waller. brent above $101. "daybreak: europe110 is possible -- $110 is possible. commodities are now at on all-time high as president biden imposes sanctions on russia, with western nations warning that ukraine's capital of kyiv could fall. henry meyer is for us in moscow. henry, how close are russian troops to moscow? th

i think it is easier to hedge interest rate risk than it is to hedge credit risk. us, longer-term data solidly trading in the mid to hundreds on a hedge basis makes sense. on the high-yield side, some of it makes sense with oil where it is right now. some of the other names we are looking at, we are a little bit more concerned about egypt in the near term because clearly it is impacted from a global risk off trade. the good thing about this region with oil as high as it is is the liquidity, which will obviously ease the refinancing pressures on some of the corporate stunts the region. yousef: we are at $100 a barrel, and it seemed a year ago that was quite a stratospheric projection. now places are coming out talking about 100 $20, $130 a barrel. >> i think if we get that kind of spike and that kind of volatility, then sort of that stagflation threat really becomes real again because i think that's going to be pretty gross and negative for global economies, and i think inflation obviously is still going to be around, particularly if you have the ukraine crisis, whi

so they just sat there and waiting for you to come and you had to go over the hedge road and cling to the sides of them and and now what we are our standard way of fighting was that we would have the artillery fire for 15 minutes to an hour on positions over there but the germans again were dug into the hedge rows and so it was hard to get to them and then hopefully we'd get the p-47s which we called our infantry air force to come in and die bomb and with their 500 pound. bombs and strafe with their 50 color machine guns and soon as that lifted why we would would then we would push off. and but then as soon as that lifted the germans would come out of their holes still, you know. waiting for you. and and then when you actually got to the fortifications then they had radios connected with each other. he's back a chris back with with israel. and then they also had a back door. where they could swing out their their troops and come around and to your side and hit you from the side without your your knowing it. and that was that was really tough matter of fact the very first day. we got o

what do investors do from here and is it time to shift the focus from inflation to growth plus hedge funds making some major stock moves in the market. we'll debate them. our investment committee, steve weiss, sarat, and jon najarian and the major averages snapping a three-day losing streak despite more data on rising inflation. russian troops are pulling back from ukraine's border returning back to bases. close to session highs and the nasdaq up by 2%. s&p 500 up by 1.5 and the dow posting a 1.3% gain and it's a broad-based rally and everything is doing well in the session the 10-year note is at 2.03% steve weiss, what do you make of this market? >> well, you know what we could have taken three days off and come back today and we would have been in the same place. >> sorry, weiss, i've got to interrupt. we have some breaking news involving boeing that we want to get to phil lebeau is standing by with it phil >> melissa, this involves the 787 dreamliner remember, boeing has been working with the faa to get the faa to approve the inspection process so boeing can resume the process of

that is the inflation hedge. people started to talk about bit cone as a hedge as well.have not so far seen this move into gold. temperatures have reported so far on this earnings season, on the gold side it has been quite strong. that is definitely an area people are looking at. we expect -- a bit of a mixed message but some company where is they have some of the broader commodity exposure, not just gold but also may be copper which is good pricing at the moment and aluminum. the commodity prices doing quite well so far. tom: the rotation out of u.s. equities into global equities may just be getting started. do you agree with that view? >> i think people have been worried about the evaluation side in terms of u.s. and europe certainly hasn't rebounded as much post covid. at the same time, the u.s. is far ahead when it comes to some of these other reopening traisd. actually in the near term the u.s. remains quite a good place to be but maybe long-term we will start to see that the big question mark is with china remaining with their zero covid policy europe has forexcuse

inflation is going to get worse and people look for hedges, and gold is going to be one of the hedgesng anything right now bitcoin is actually saving peoples lives people are fleeing war torn ukraine and actually leaving to go to poland and taking gold absolutely not, and even if they did get to the border, people are absolutely corrupt if they get to the border authorities say sorry can i have one of those gold bars and they let you in so you don't want to be smuggling up with bitcoin, nobody knows you own bitcoin that's the fundamental value, right now you can flee lockdowns, you can flee vaccine mandates whatever it is your government is throwing at you, you can flee that with the keys in your hand. nobody needs to know what you own and i certainly will not be fleeing any kind of dangerous government with gold billion bars. charles: peter? >> the vast majority of people who are buying bitcoin are not buying it for that reason. they are buying bitcoin because they think the price is going to go up and when they stop thinking the price is going to go up they are going to sell, and wh

we'll ask an xpert for under the radar ways to hedge your portfolio against geopolitical tensions >>e're in the "closing bell" market zone. today, we have jason snipe from odyssey capital advisers and erin browne here to discuss. let's kick things off with the broader market stocks staging a massive comeback this afternoon. near session highs the dow briefly goes positive. the nasdaq was down 3.5% at the session low. i was struck by something that pimco's libby cantrell wrote earlier in the week. that is that the idea of u.s. ground troops was once thought to be impossible some argue still is, but we have been moving directionally towards that what implications would that have for the market? >> i think the market today and the rally that we saw, particularly into the close this afternoon, was largely in response to the fact that the measures announced by biden and the administration and the u.s. allies were not as draconian as the market feared. i think that's why you saw the market rally a little bit into the close. i think from here, you know, i really think that the market is goi

>> i think you hit upon it, when i talked to whether there are mutual shop funds or hedge funds.going to be the source of near-term volatility but over the long run, the fundamentals will win out. so i am not seeing an obsession on these i will tell you that's not the case with folks who are engaged in energy markets or those expose years because, obviously, it's a bit more impactful there in terms of broad-based earnings or economy, we saw recently, these numbers, these pmi numbers came out super strong. we will see slightly stronger inflation prints to certify oil prices i don't think the long-term story is any different >> nancy, although a lot has been priced in a lot are drawing comparisons to the recent action in '17 when you had a fed tight noon a slowdown some say that would imply an s&p handled sometime in march. these an lalogs don't always wo. >> i think the market has to keep in mind they haven't done anything they are tapering, still buying bonds. qv is still going on we haven't started the quantity taiftative tightening -- quantitative tightening. chairman powell is

tell our viewers this morning what you think the most liquid hedges will be.onica: we remain on the safe haven, last week there was a move toward equity optionality and this is where we have been concentrating our hedges, having in mind that in any case, our exposure was neutral. the size of hedging was required -- required was proportional. in particular -- as well as gold. manus: monica, thank you for rolling with the punches. my guest this morning reacting to the news flow. president biden calls this mood and -- movement by putin a special military operation that's having global ramifications. we are still tracking the headlines and kyiv is 380 kilometers from russia's border. this is bloomberg. ♪ manus: this is "daybreak: europe." the biggest news for the conflict will be in europe. you're looking at a pre-defining of risk, into havens. the ruble implodes at a record level. let's dive into the commodity complex. brent crude up by 5.3%. were seeing calls for $110, $115, and wheat exploding in the futures market. a real risk off move into treasuries. more li

hedge against inflation.adn't had inflation in the last ten years, so investors didn't really need to look at commodities, but that's starting to change. there are two other things that are interesting that commodities provide in the portfolio a hedge against geopolitical risk you have russia, ukraine tensions, what you see happen, stocks go down like friday, s&p fell 2%. today in europe, european stocks are weak what do you see? commodities like gold and oil rally. the won key term, they have positive ability to go up with geopolitical risk. stocks have negative you want to own those in a diversified portfolio. the last thing, commodities give you a net positive carry to own it the way the futures are rolling, you're getting paid on commodities. that's different from the last ten years. i look at tickers like pdbc, bci, these are all broader based commodity tips >> much more on the etf flow down, where the money is going, coming up on etf edge. and we pick up inflation story, reopening, picking up steam. tom

it is acting as an inflation hedge.ive rally when it comes to silver platinum, futures as well at the moment under a little bit of pressure. >> china renewing its campaign to keep commodity markets in check as the government tries to prevent raw material prices from overheating. let's bring bloomberg oil editor andrew james. why have iron ore prices been surging and what are chinese authorities doing with the rally? >> a bit of context on iron ore. it is down a lot the second half of last year. prices started picking up from mid-november. that is mainly due to monetary easing by china, infrastructure spending pledges, and a bit of a relaxation on targets, environmental targets, to curb oil production. authorities are concerned prices are too high. officials on wednesday talk about price disclosures. prices dropped wednesday. they went up again today. many ways, iron ore kind of symbolizes or highlights the balancing act that china has got here. on the one hand, it wants to stimulate a slowing economy. on the other hand,

we see the general increase in volatility, it is tough to know as investors know where to go and hedge. at the moment, traditional hedge is government bonds and you have to believe the situation is going to change the central bank reaction with a big rally to offset with inflationary impact we discussed, you have to see that to growth and lead the way before central banks change tack a lot of this is a more regional conflict which leaves us in a difficult place. we would be holding a fair degree of cash to help dampen volatility >> oliver blackbourne, thank you for your view this morning of the rapidly developing situation. >>> still to come, europe's leaders condemn russia and get set for more coordinated action. we'll bring you those details next >>> bringing you latest news from poland. the president douda has called for halting military operations in ukraine we continue to monitor the responses in western nations to the aggression from russia in ukraine. we will bring you the latest. >>> and german chancellor olof scholz called it a blatant violation of international law he urged t

but are there other ways to pay and grab hedge?a: we had up until recently, mostly, inflation that was benign. it was the kind of inflation that normally, everything responds very nicely too, everything is a real asset. if you are worried about that kind of inflation, inflation that is driven by amount, you are ok and that is not a big deal. if, on the other hand, you start getting inflation that is typical of a stagflationary scenario, where it is higher costs pushing down economic activity, that is no longer a good hedge against that. we don't think we are there yet. we will have to wait and steve. -- wait and see. at ts lombard, we follow the russia story very closely. we think that eventually, this issue will be resolved. as i said, it is still a geopolitical risk scenario. so for the time being, we think investors are not really ready to give up their chance yet, but we think they will be better served, staying away from development markets and speaking with emerging markets. not russia at the moment, but other countries that

isn't that supposed to be a hedge? ask perianne boring on how digital assets could help transition to a more global and inclusive economy. and as more organizations transition to going green, canada's ccp investments . jon: let's get a quick check on what is happening with the major averages. we have seen the u.s. market stooping to their lowest levels. tsx tractor stay in the green. you have sectors like energy and materials, financials that were managing relatively well. but they have started to pull back. the bigger story in stocks is that continued weakness we have seen in technology and reaction to the inflation data. in percentage terms, the nasdaq 100 having a rougher day than the s&p 500. let's get into the for what it's worth segment. we've been talking about the inflation story. annual inflation moving to a four-decade high. at the top of the hour, we have some video of grocery stores. prices for food have been skyhigh. we have heard the story throughout earnings season, as we look at the performance versus e

but he says the worst culprit is the hedge fund, alden global capital, which bought "the mercury" innce sold the paper's building and slashed newsroom staff by about 70%, severe even by the standards of the newspaper sector that has seen an astounding 57% job loss since 2008. in 2017, after another round of layoffs, brandt says he felt angry, and wanted answers and accountability, so he paid a visit to the hamptons summer home of heath freeman, the 41-year-old president of alden global capital, and knocked on the door. what'd you want to say to him? >> brandt: what i settled on is, "what value do you place on local news?" and i'm not talking about money" what value do you place on it?" >> wertheim: brandt recalls that a woman let him in; behind her, he caught a glimpse of freeman, who walked away. you never got to ask him that question. >> brandt: i did not. >> wertheim: this secretive hedge fund, their website shows this single photo, started building its print empire over the last decade and now owns more than 200 newspapers, making it the country's second largest newspaper owner b

you sit in the hedge fund world.e me through your thinking of where the principal risk will be viewed >> -- will be. >> the front is where your risk will be. it is subject to headlines and things like the iran deal. ukraine/russia. where you really want to be, if you want to be long this market, is the back end, where the funds are. right now we are seeing a lot of people encounter spreads. and kind of piled into that back end. manus: russell hardy spoke about 2011, 2012 as being a period of time when we saw oil at $110. on this run, the piling in at the back end you're talking about, where do you see oil getting to above $100 and what timeframe? >> i definitely think we could see above $100. i think we could possibly even see $120. by this summer, when we really see demand increase. because we just don't have that amount of oil -- nobody can produce that amount of oil right now. we have a problem with spare capacity with opec, spare capacity with russia, and in the united states, producers -- they are spending as mu

we are concerned as a geo political hedge.us: everybody who comes on the show nose i love the fact. the two to three month spread is the tightest since you were in 1990. i won't ask you where you were. i was at university. sir, thank you for your time. coming up on the show, challenges for the chip industry. we'll hear from cal sinjer. that's here on bloomberg. . ♪ >> covid caused everybody to step back a bit in the buildout and the supply chain and it increased a radical reduce in demand so you have demand scale up radically. we're in a position that there's a meaningful shortage. it's going to be a couple of years until that's fully resolved. >> that was the intel c.e.o. pat gelsinger. and you can watch more of the interview in europe andle east. that's that there. let me show you what's going on with the global market app. we have the reaction to the risk of russia and ukraine and then there were reports on the press that across twitter about an escalation in the eastern ukraine separatists saying that they had received mor

is that hedging process accelerating or decelerating?how much further or not we have to go in this process. karim: i would break the commodity space into two areas. the first is looking at the energy side of things. within the first bucket we have seen a pickup inflows and energy exposures, which is to be expected given the move we have seen in the oil price, and energy producers have lagged relative to oil prices when they could continue to pick up from there. on the precious metals side, bold atps have started to pick up some demand. it is very nascent, it is very early to call whether that has trends to continue. what is interesting is goal producers, called equities, which have so far lagged. once we started to see the first move in gold, we could start to see that translated to the gold equity sector. kailey: when we are talking about what we are hedging from inflation is when we are looking for. what about geopolitical risk? how do you view that? karim: a geopolitical risk we are seeing in markets does present some challenges in th

how hedge funds are positioned in the market. as we head to break, still deeply in the red. the dow down 2.2% and the s&p 500 losing 1.5% and the nasdaq is back in the red down 0.6% halftime is back in two. if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. as a business owner, your bottom line that's decision tech. is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable nationwide network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ ♪ ♪ ♪ ♪ ♪ >>> welcome back i'm rahel solomon and here is our cnbc news update at this hour moments ago britain announced sweepi

i think putin i has got to hedge a little bit here. unity, seeing the hurt to his own ee conme, so far he's hill military installations, command and control. he's been quite careful not to hit civilian population in ukraine. when body bags start going back to russia, it is dramatically different. >> thank you for your insights this morning we'll talk to you again soon >> thank you so much >> sharp intraday moving our julia boorstin has some of the biggest movers in tech julia? >> well, john, bucking the overall downward trend, the best performer in the s&p live nation the stock up more than 6% after the company reported better than expected revenue in the fourth quarter and shared a bullish outlook for the year saying they did expect 2022 to set records movie stocks are higher after i maximum reported better than expected results up 2%, while sen i mark is up 1% they have been selling off by discovery, fewer streaming subscribers than analyst expected that stock down 6% its footprint in eastern europe than its media rivals impacted by

something very difficult to hedge.me of the hedges are going on already, being long commodities. particularly and escalation of the ukraine crisis. looking for other assets like the japanese yen, one hedge to trade particularly at this point. shery: whether it is oil or grains, really leading to inflationary concerns and perhaps concern over what is happening with food prices and we continue to see those soaring. do we need to hedge social unrest risk and how would you do that? >> i think it is one of the risks we should monitor. we should not forget we have had similar episodes over the last 10 years. particularly in the emerging markets. particularly with the ukraine crisis, this is a clear risk. russia produces 20% of wheat and we are starting to see some impact in the emerging markets as food prices are going up. the easiest way to hedges commodities, a broad index which combines agriculture and of course energy. that would be the easiest way. the other way would be to be cautious with the emerging markets exposed

they may have looked to tip-off hedge funds of large sales favoring key clients some act as liquidity providers to wall street firms. >>> and peloton is laying off and bringing in new management in all parts of the operations, including supply chain new ceo barry mccarthy is not lki looking to sell the company. this is making peloton more attractive to possible suitors they laid off 2,800 people and one-year free membership the instructors we all love are still there. >> the headlines keep on coming. kristina partsinevelos, thank you very much. talk to you later. >>> when we come back, how far warn buffett continues to earn the oracle of omaha and a perfectly timed buy by berkshire. >>> and why they are drawing up plans without the world of oil h helima croft is with us in the busy hour of "worldwide exchange." ♪ ♪ what do you think healthier looks like? ♪ ♪ with a little help from cvs... ...you can support your nutrition, sleep, immune system, energy...even skin. and before you know it, healthier can look a lot like...you. ♪ ♪ cvs. healthier happens together. here's a direct question

a hedge a consequence and a failure of the it's good we have that. there are a lot of folks in the audience will have a different view than the one i've described that is how we see it, how we sought from the bush administration. >> to quickly follow up, executive branch agencies and administrations know it's intense and can basically feel this agreement at times you sense from that process there were different perspectives whether it was early consensus about. >> within the bush administration it was early consensus, it had been an issue in the run-up to the campaign and president bush, fence candidate bush made clear addressing treaty something that needed to be done and he was committed to moving forward with ballistic missile defense republican view that would require getting out of the treaty so within the administration there wasn't a lot of disagreement. that drew out of debate the country had been having 20 to 30 years and it was not that the issue was not debated in the two sides of the argument were not clear but the bush administration cam