i'm just going to start a hedge fund? bill: yes. had started investing in business school with a classmate. actually, i went to harvard with a plan so i could someday be an investor, and there were no courses on investing in harvard but there were courses on finance and accounting and competitive strategy with michael porter. that was the backdrop for my education on investing. i said i would open a brokerage account. i made a little money in my real estate commissions, and this would be another year of if i lose it all, it's another year of harvard business school. if i earn something from it, maybe it's a career. and i kind of fell in love with investing. it is something you can figure out whether you are good at or not in a couple-year period of time. david: so you started pershing square then? bill: i started with a firm called gotham partners with a friend called david berkowitz from business school. and, yes, we had no experience. what was interesting is none of the people who knew me in high school -- parents, my friends had

david: did you say to your parents, i want to be a hedge fund investor? bill: no.avid: what did you tell them you wanted to be? bill: i want to be a businessman, is probably what i told them. at age 10 or something. i always had entrepreneurial jobs and things like that. david: did you have a paper route or something like that? bill: sure. my dad did not believe in allowances. he said if you want to make money, you have to work. he offered me job opportunities initially. one early one was digging a 50-foot-long sort of ditch to deal with runoff water. he offered to pay me one dollar an hour. it was a good lesson that i did not want to get paid per hour. the next time he offered me a project, i said let me price the project. it does not matter how quickly i get it done. i would not call them entrepreneurial, but they earned me some spending money. in terms of early life job experiences, one of the most valuable ones was when i was a harvard student. there was something called the let's go travel guide, something students wrote about budget travel. and a friend of mi

bill: that is when i started my hedge fund. yes.ad started investing in business school with a classmate . i went to harvard with a plan and i was going to learn about investing so i could be an investor. there were no courses on investing, but there were courses on financing and accounting. that was the backdrop for my education. i will open a brokerage account. i made some money in my real estate commissions and this will be another year of college fighters at all, it is another year of business. i kind of fell in love with investing. david: you started pershing square after that bill: bill:? -- after that? bill: yes. i started it with a friend of mine from business school. none of the people knew me in high school. parents and stuff did not have interest because they knew me since i was a kid. others could see in us some potential. david: you transform that into pershing square later? bill: gotham was a decade. we did public equity and private company -- equity. we had a challenging period that led to a decision to wind up gotham

1% of the total volume that market maker had to hedge. that all cross all strikes, market makers are not just huging one particular strike, what we find is that yesterday, throughout the selloff, for most of the afternoon, market makers were actually net long gamma, which is just a technical term that tells you they were long options and they were hedging in the opposite direction of the market move. so, as the market was selling off, market makers were buying futures to hedge their option position. so, if anything, they were the stabilizing force in yesterday's selloff. not the destabilizing force. >> mandy, this is lori. whenever things in the options market end up going a little bit haywire, the question that comes to me is, how much is retail driving this? is this like what we saw in the pandemic? i'm curious if you're thinking about yesterday or just in general with the zero day options, what's your view on that? >> yeah, that's a great question. so, zero day options, we do see a fair amount of retail activity, so, our estimate is 40

but gold tends to be a good inflation hedge. 0ver tends to be a good inflation hedge. value of gold tends to move up in line with markets. but bitcoin isjust move up in line with markets. but bitcoin is just about pretending that it bitcoin is just about pretending thatitis bitcoin is just about pretending that it is an exchange. you cannot walk in and use bitcoin easily to do anything. it is so volatile you cannot really use it as a hedge. as you said, the number of scandals we have seen this yearjust makes it pretty much an investable for anyone serious about creating long—term value. they might be worth a0 today, it could be worth 20 tomorrow, who knows. what is behind this value going up so significantly. it is what is behind this value going up so significantly.— so significantly. it is because of this fear is _ so significantly. it is because of this fear is that _ so significantly. it is because of this fear is that nations, - this fear is that nations, particularly the us, and also in europe and the uk, now have such large debt balances, where they have been bo

what settled in different regions of the world, because of the american hedge, moaning, and american influence, because of aggressive policies towards the region has the law as an advanced progressive party that wants to change the existing balance of power, wants to pull the us out of this region of the slots and the existence of israel. this is a principle position related to concept that has blocked and numerous social strata in the air up and as long as the world may, i believe in o u d. therefore, we are not satisfied with the current balance of power in american hedge, monique, and the 100 miles of west, with regard to our country and has the, has an interest in changing this balance of power in what way it has to do with the circumstances either with the people of this region, the forces of this resistance movement to this region, i do not accept the continuation of the balance of power imposed on us until at least and imposed on us by the us. it is necessary to destroy this balance of power . so it is necessary to create a new vision for this region and the entire world to be

kailey: upon the subject of hedge funds, news yesterday came when a group of trade groups for hedge funds including the managed funds association filed suit regarding rules the sec passed earlier this fall related to shortselling and related securities lending. i know you cannot comment on a specific lawsuit. when you think about them collectively, the idea that wall street seems to be taking every rule you pass and taking it specifically to the fifth circuit court of appeals, how does that make you feel and maybe change how you are thinking? chair gensler: it is part of democracy. they have their rights to do that. i feel confident in the work the team has put together and the commission reviewed that went out to public comment. i would note these are two rules to promote greater transparency in our market. as mandated by congress after the financial crisis of 2008. congress mandated securities lending and separately around shortselling in the markets. that is what we did based upon public feedback. i'm very confident in the team's work. kailey: more broadly beyond those rules when you l

with that we live under colonialism and colonial hedge. and mony, the whole region lives under the shadow of what is known as a city. because my codes the shadow of the treaty, the divided the error countries contrary to the relations establishment between error countries and blog with paths. so what, what version between eric states that we know that syria is in crisis today, whether or not this treaty has strangled the world instead of yours back? many error peoples have been fragmented toilet through a palestinian refugees and syrian refugees, rocky refugees. what settled in different regions of the world, because of the american hedge, moaning, and american influence as because of aggressive policies towards the region has the law as an advanced progressive party that wants to change the existing balance of power, wants to pull the us out of this region that the wants and the existence of israel . this is a principle position related to concept that has bought a numerous social strata in the air up and as long as the world may, i belie

to liberate this region from any hedge remote in any occupation hezbollah as a resistance movement. and this party will consistently realize its vision. i continue it's time to finish by any challenges and circumstances is there. 7 anything that you would like to add to summarize or whether you have a very important message that you would like to share. my benefit, i don't know what i expect a big change and the public opinion of the west, which looks at the power steering problem from the point of view of the interest of the west and israel in the region of the maybe the misery and suffering that the people of palestine are going through, it will be a process to another history of a freshman of the people of palestine. so portion of the people of the whole region subjected to the plundering of their national wellness occupation through lands and political hedge. and mony over them by the west, that realities must change and the western view of these previously must change on the western position. photo and visual and popular must also change. that was shift . so that we'll see than

with that we live under colonialism and colonial hedge. and mony, the whole region lives under the shadow of what is known as a city. because my codes the shadow of the treaty the to find that the error countries contrary to the relations established between error countries blog, what path. so what, what version between eric states that we know that syria is in crisis today whether or not this treaty has strangled the or world and said years back, many era people have been fragmented through a palestinian refugees, syrian refugees are rocky. refugees. what settled in different regions of the world, because of the american hedge moaning, and american influence is because of aggressive policies towards the region has the law as an advanced progressive party that wants to change the existing balance of power, wants to pull the us out of this region that the see wants it and the existence of israel in a month. this is a principal position related to concept that has blocked and numerous social strata in the air up and as long as the world may,

rule have an impact on the cost of that hedging and potentially even the provision of that hedging, and as you say, it permeates many different parts of our economy and society. it is not just for the most sophisticated players. sen. lummis: i want anyone who is interested in responding to this question to take it. one of the things my staff observed is that one of the most poorly thought out parts of basel three is how public listings are used as a proxy for counterparty risk in derivatives. counterparty credit risks in derivatives. so it looks like this will harm at a minimum nearly 70 million households who invest in mutual funds. i would like to know if you agree with my staff's concern and how we might address that. this is for anyone who wishes to take it. yes, sir? -- yes, sir? >> is a crude measure of risk does not take into effect at some of the biggest and most complicated companies in america are public. it is just putting in one basket saying that by definition if you are not public, and if you look at the trends come fewer and fewer companies are public these days. that

i'm talking about the herd mentality among hedge funds.eanwhile folks, the consumer we're finding out more and more about the consumer every day. the overarching news is that consumer remains resolved, resilient. the case the fact of the matter is. it is starting to change obviously. listen there was so many extenuating circumstances to that strength. we talked a million times on the show, excess savings. you had to talk about it, right? $2.1 trillion. now somewhere around here $400 billion. at this rate it could be gone by end of this year, certainly some point next year. another thing i wanted to look at credit card delinquencies, i'm sorry, credit card spending. you can see credit card spending is very high. this is kind of worrisome, the speed is starting to drop off, starting to trail off very rapidly. here is one more chart i would like to share with you. the rise of buy now pay later. this is, this is really gimmicky stuff, right? a lot of young folks are using this. i think it is a serious trap for people. you can buy things, walk

this is the playbook that all the hedge funds use. and even though these hedge funds can often be hey like herd animals, well abuse who often by themselves the same stocks of the same time, they operate this way because their playbook works. the reason for that has to do with another piece of wall street gibberish, lexicon, you absolutely must know that if you're going to get pick stocks by yourself. it's called price to earnings multiple. or piece e multiple. or just the multiple, the referred to the same thing and it's the cornerstone of how we value stocks. when you hear -- overvalued or undervalued, they almost always talking about the price range -- when you hear someone say that pepsi is more expensive than coke, they don't mean that cooks cheap as its trip trading in the 50s as pepsi is -- to make any kind of apples to apples comparison, you take a step back. see when you buy a stop, your actually buying -- paying for a small piece of a company's future earning streams. that stock is. to value stop, you have to look at where it

but it also acts as a calamity hedge.t does very well whenever geopolitical risks escalate and that's obviously what we're seeing overseas right now. when you look at gold and actually look at hedge fund positioning in gold right now, it's actually very light. so there's plenty of room for hedge funds to get involved in gold and in doing so drive the price even higher. now, when we take a look at the stock market on the other hand and we look at what's happened so far this year, yes, maria, so far this year the magnificent seven has carried the load. i think 68% of the year's returns in the s&p 500 could be attributed to the magnificent seven. now, roughly six weeks ago, maria, i sat next to you and told you at that point in time the magnificent seven accounted for over 100% of the year's -- of the year-to-date returns at that point, six weeks ago. so what actually happened in the month of november is that the market broadened out. the rally broadened out. you started to see the average stock actually start to outperform

a ceo veteran hedge fund manager. >> veteran hedge fund manager but he is being forced to wind that downson it's being attended and they have not led to any concrete steps. talk about what he is seeing. the approach has not been rewarded and investors are not being too cautious. there is an expectation we're going to see cuts over the course of next year, the bond moves that could test the narrative. we have the jobs report, inflation report in the fed meeting. they could take things too far, they are saying that the data has ratified market moves and we are seeing the crypto prices. >> they are topping the 40,000 level for the first time since may of 2022. it's not just the expectation about the fed and what the u.s. would allow for the bitcoin etf to whether the crackdown we saw. bloomberg spoke with the governor on the sidelines of cup 28. >> [indiscernible] once this is addressed and it stays. >> between growth and inflation, what is the concern? >> looking at the outlook and growth. we believe [indiscernible] >> what about the comments? he says the country should return to the dolla

let's talk some hedge funds.aiting to have this conversation, because what a weird year. alana is so click into this universe. it is stunning is you have seen this massive melt up in markets, and hedge funds across the energy have not kept up. bloomberg's paul-hedge index is only up 1.8% in the multi-straps, which are supposed to be the kings of the castle, are up less than 3% on the year. what is going on? ilana: let me unpack those numbers. first off, the hedge fund index is a blend of everything, so we need to go strategy by strategy to pull out what the themes are. long-short equities, which had a tough 2021 and 2021 and 2022 finally had performance. i am pleased to say something positive, which i have not been able to do for the last couple of years. those funds, which are a big percentage of the hedge fund universe, directional tiger cubs and similar, are up as much as 20%, 30%, even 40%. the issue of air which is, even though they are up that much, they still have for the most part an enormous high waterma

kriti: what is the hedge here?the last two or three years, the inflation hedge was a basket of commodities and that did the trick. what turns that on its head? >> in a disinflationary environment, bonds will be your best bet. what we are watching now is that there is been a significant increase in cash. the money market assets now are sitting at $5.8 trillion. if we continue to see this environment where we have the disinflation celebration, that something that clearly has been great for bonds, it's good for stocks for now and it has caused the dollar to weaken which has created this global liquidity relief valve has been a key factor that has helped his risk on rally. think about all the cash on the sidelines. stocks and bonds are starting to be more competitive with that's we think that the area where portfolios can act as a drag if this cross asset performance dynamic continues to play out. alix: it's not a straight line. plastic and steel prices are rising and they are sticky and you have energy prices dropping

also hedge funds, hedge funds, this is the blue line here.edge funds have a long way to go, right? remember they had huge record breaking short positions f they start to cover that, we're talking between that and money market funds trillions of dollars of dry powder heading into 2024. that is good news in potentially moving this market t comes down to what the backdrop is, what the economic backdrop is. you have several scenarios. recovery, mid-cycle, late cycle, recession this is the performance of equal weight because listen, everyone is talking about the top seven. it has been more than seven names but obviously those seven have dominated. a lot of investors, folks on wall street look for equal weight, distribution of the buying. obviously that happens much more, more often and much better when we're in economic recovery although it remains to be seen if that will be the case at all. we brought one of the best on the street to help us kick it off. joining me, citi global wealth chief economist, steven whiting. i don't know if you have any

you mentioned it's a hedge on deere. we have a deere bull here, jim lebenthal.t do you think about this idea of waste management being a hedge? >> i'm not sure i see it. i can see it as standing alone on its own merits, by the way, kevin, just a side note, is that a dog barking in the background? an insider tip, if you're pitching a stock, you don't want to hear a dog barking. >> not this time. usually there is a dog in the office but not today. speaking of which, like you, jim, i own caterpillar and deere right now. i'm leaning into it. i think if we're talking about something less cyclical, waste is something we always have to deal with regardless of what's happening in the economy. >> speaking of, i want to get some of the other moves, you bought more caterpillar. i want to talk about your other one, i bm. more your kind of wheelhouse, 4% dividend. why buy ibm right now? >> i know stephanie likes it as well but we're looking at a stock that plays a 4% plus dividend, a forward multiple of 17. they broke out of the trading range they've been in. it was behind t

sonali: is fixed income purely a hedge or an investment? aadil: mainly a hedge.the portfolio in volatile times, but the equity portion of the portfolio is what we are focusing on for growth. vonnie: anything else in the u.s.? there is a lot of opportunity potentially out there. aadil: we think global markets should do well with opportunity in specific areas. we like companies that have international exposure. we spoke about mcdonald's. another company is caterpillar. when we cut rates and there is economic demand expansion, there will be more construction projects. that means that a company like caterpillar, world's largest construction appointment manufacturer, will benefit. that has a great dividend history. for the past 30 years, year-over-year, they have increased their dividend and have an international presence. that is a stock that we also like. to answer your question, focusing on good-quality companies that give you international exposure is what we like. vonnie: you are looking at financials as well. if all of these stocks on your watchlist, are you wai

>> if you look at hedge fund positioning, tech stocks are multiyear lows but because hedge funds wereosition so wrong going into this you're in the big rally on tech not just what happened with ai and nvidia but there was a number of us cutting efforts when you think of meta so there is a margin component story to the growth stocks. hedge funds in his last quarter are looking now at their position around the 99 percentile to how highly positioned they are with technology stocks. because they were wrongly position, they change course into going next year. how much legs could potentially happen? there is a lot of debate especially when you have unloved corners of the markets like banks and small caps which have taken off and how much that will continue to go on. not just this year but relative to the s&p 500, though small caps is the worst three year stretch since the late 1990's. guy: i hear what your saying and i look at the market reaction to the data which was largely expected, better than anticipated. what i'm seeing is a market that looks like it's sell the fact. we've had some gr

it's a hated name by mutual and hedge funds. hedge funds are shorting this. >> j snrvegs >> amd. i should probably sell, but i'm not. >> up 8%. that does it for us. see you on "closing bell." "the exchange" is now. ♪ ♪ >> thank you very much, scott. and welcome to "the exchange." i'm kelly evans. here's what's ahead. bond yields have dropped sharply in recent weeks, but our guest says not so fast. he thinks the ten-year is headed back over 5% next year and is in the no lending camp on the economy. we'll debate. >>> airline stocks rebounding today, but it's been a disappointing few months for many of them. yet one supplier is hitting its highest levels of the year. that ceo joins us. >>> there are two housing stocks our analyst says are especially well positioned into the new year, and he's got the names and how much upside he sees ahead. before that, let's start with the markets. dom chu has the momentum and what do you you make of it all? >> it's been in certain parts of the market, specifically within technology stocks. that's the reason why you have the nasdaq composite, the l

regarding these well endowed elite universities that is they are permitted by law to run tax-free hedge funds with en endowment one hand and recipients of massive volumes of federal spending on the other, a hat tip to "new york post," combine end endowment short of 100 billion, which capital gains from stock sales or interest on bonds is taxed at, 0. that is right, zero. ordinary run of the bill well to do people, they have to pay a top rate of 37%. or long-term capital gains for individuals of a top rated 15%. corporate tax rate is 21%. and dividend income at 37%. but for harvard, and other big shot schools, their tax rate is zero. and for all income combined, these schools have a top tax rate of 1.4%. on top of that, just harvard alone the beside 2.5 billion in varitiry tack free investment, they -- virtually tack free investment they receive 676 million from federal government grands and 349 million from state governments and 1.3 from tuition, that include federal loans like pel grants, government subsidies and tax breaks at ivy leagues schools or more heavily subsidized than student

no one wants to hedge the s&p. they want meta and nvidia to carry us through. that is not the case in the russell. that is at the center of the volatility and people are expecting more fireworks there. there has been divergence compared to the broader market. russell up 3% yesterday and trading lower. that is at the enter center of market action. that's where people are placing their bets. >> all about the fed. gunjan, thank you very much. >> thanks, dom. >>> coming up on the show, we have more on "worldwide exchange," including the one word that investors have to know today, but first the commercial real estate debate rolls on after a market-moving call from carson block. we'll speak with one ceo who is on the other side of that carson block short on certain parts of commercial real estate. >>> more on oil. a sharp move lower and why energy has been unscathed in the selloff. >>> and later on, nikki haley is facing heat in the republican presidential debate. we will breakdown the details. ve busy hour when "worldwide exchange" returns after this commercial brea

you talked to, you know, the 5 trillion hedge fund and mutual hedge fund managers who represent roughly did you find? >> there was a couple things that were interesting. one is the whole debate takes place around the big seven stocks. the hedge funds have tended to be overweight these mag negative santsz seven as they have come to call them, so that's sort of one big observation. the second is a huge continued concentration, the top ten positions, comprise roughly 70% of the long positions of the typical hedge fund. that's persistent across all the funds. that's been rising, david, over time, and that's another area, some risk in terms of performance, that these stocks, major stocks, continue to be the leading holders. on the other hand mutual funds tend to be under weight these positions that's led to a notable under performance relative to the benchmarks, core managers, growth managers, only about 20%, 25% of them are actually beating the benchmark and that's largely been an issue around the positioning around these -- >> that is not pretty when you have only 31% of large mutual funds

private meant venture capital, hedge funds, private equity.t just means less liquid. >> is that not inherently a risk? liquidity? >> liquidity is a risk to everyone but to differing degrees. if you are a retirement planner, you know your liquidity requirements for the next 10 years. if you can get paid for illiquid ity, why not? how many individuals need their money on tuesday? they should get paid for illiquidity. we are seeing that in performance data. active management has failed to be the index 85% of the time for 20 years and i think it's going to get harder not easier to be to the index as more and more of the market is indexed. very little money is left to actually make up what needs to be done in active management. >> what is the single operational distinction between -- and your apollo? what is the idea you can give us of them versus you? >> i will give you drexel, lehman brothers, bear stearns, svb, first republic. the financial institutions tend to die of one or two causes. heart attack or cancer. heart attack is funding risk. they

we propose d a system for evaluating threats and placing hedged bets. as the threat grew closer as the evidence grew stronger, you increase the hedge. that wasn't done in israel. unfortunately, it wasn't den in the case offen 9/11. it wasn't a failure of imagination it was a failure of management. >> in the case of 9/11 and the commission as i referenced, page one after the executive summary said it was a failure of imagination. uh-uh don't know you can say it was a failure of imagination because the 40-page report was very real. it wasn't something that defied logic. they had data that suggested this might happen. >> yeah, they did. and we did too. specifically, the attacks that occurred, a large catastrophic terrorist attack in the united states was spg that we anticipated. the failure of imagination in the book we looked at why this we found a couple biases. we found several biases. two that are particularly relevant in the case are the warning was outlandish. two, this is the most important, it was warning of something that had never happened before

that is where hedge funds are stepping in and trying to make money.o the underlying bond will converge around the time the contract expires. it is not incredibly lucrative on a trade by trade basis. you are not making a lot. how do you make it successful? you by a -- buy a ton of leverage, sometimes 50 times of leverage. they go to banks, borrow money, put up collateral. sometimes with zero margin, just paying the fee for the borrowing, and making money off this. it becomes a lucrative trade. what happens when it goes wrong? we saw it when the pandemic exacerbated volatility in the treasury market. that can open you up to risks and that is the big concern. is he leverage these individuals are using posing some risk in the market? guy: what are you leaders going to do about it? sridhar: they are proposing rules, especially for the treasury futures market, where they are trying to put in place some clearing house mechanisms that could force hedge funds to put up more collateral to perform these transactions. what that could do is perhaps reduce these --

then you also the fourth hedge fund value acted there, a lot of discord in the house of mouse, this isdisney, last year on the show i said the first go we go the distance maybe it was a little wrong but he wants another bite at the apple. jack: i want to diagram next time to explain that. disney is heavily into sports two monday night football games going on simultaneously these days but a lot of other action mark cuban selling the team, break that down. >> about going on mark cuban sold his majority stake in the mavericks but still retains operation and control if you need a diagram i needed diagram for that part of the reasons for selling is economics of the media business is not there he is looking to get more revenue from real estate, sports betting as well that is one that we have going on but we also have sherry brad stone possibly selling her stake in paramount some reports suggesting that, reducing the economics of the tv business are not there, if you look at what happened the past summer were charter communications lost 100,000 cable subscribers when it took off espn and othe

the bottom line, they are overbought because of these hedge funds. they take advantage of it and make a lot of money. >> thank you, charles. as we kick off the final hour of trade. on the s&p 500 is down a tiny fraction. the blue chips are down 72 points. nasdaq has a 42 points at the moment. you would think stocks would be higher considering the odds of an interest rate cut are actually looking solid. look at the fed funds futures for march of next year. they show a 55.7% probability the federal reserve will shave a quarter of one% from the fed's interest rate which 5. 5%. that is because the fed's effort to wrestle inflation into submission just got a little help. the labor department released the so-called job openings and labor turnover in october, fell to a two year low, 8.7 million job openings, that's below the 9.3 million expected here and if you look at the fed who has been fretting that a site labor market might hinder inflation dropping back to its 2% target, looks like the labor market is loosening a bit. 10 year treasury yield spasmed in

i would focus on those but i would hedge my risks to some extent.hat introduces the hedge from our perspective in portfolios because they can react to that. volatility trades, options strategies we can generate some income to stabilize your portfolio returns or private assets to look through some of the volatility. alix: you think the fed will be forced to frontload a little bit because of the elections? willem: no, i don't think so. you had bill dudley here i think on the set earlier on. he was talking about it. i agree the fed will probably want to take -- to have its policy determined by the fundamentals rather than politics, what you would expect from a central bank. guy: what still looks cheap? what looks good value? is it all in the states? do you just by the states, holding those, don't worry about it? are there other portions of the world where value exists and you get a bigger bang for your buck? the dollar is -- where are there other opportunities? willem: i think the core is investment grade and u.s. quality stocks. on top of that, it lit

been an everything rally is because, as you point out, everyone got into this market and, yes, it is hedge funds that have added to positions. is it systemic investors? and then you look around at the retail sentiment. the aaii bears, they're basically nonexistent. to the lows of july 2021 levels. everybody did get in near term and that means a very different setup than for november, that means digestion and, look, i agree with joe the fed meeting is pivotal but the risk is binary. will the dots be? they called only the rate cuts. near term the risk is lower. there's trillions and what people are realizing is the market tends to move higher six months ahead of the rate cut. we are going to pretrade that. >> jason, citi suggests the positive sentiment might be short-lived. they like quality growth but how do you think we're set up for the end of the year? granted we're only talking three weeks. let's start there. it's skewed by what happened in november. it was a dramatic pull forward. >> no doubt about that. i would say, without a doubt, we had this magnificent move in november and i think

i have had some legendary partners in an amazing hedge fund. i made a lot of money, perhaps too much money and maybe i was being a pig. i had no idea what he was talking about. i was just grateful i caught a major gain. not long after we had a vicious selloff. i gave back everything i made and then some. that's when i enshrined the bulls make money, bears make money, pigs get slaughtered thesis as one of my own roles. it is so deeply ingrained that i have a barnyard full of sand affect buttons to tell the whole story. the bowl, the bear, the pig. just to be clear the same idea applies to people aggressively on the short side. we have had some major declines over the years but other than the.com bust in 2000, most stocks bounce back pretty darn quickly. even in the meltdown in 2021 you had to turn positive because if you push your luck by staying too long you got sent to the slaughterhouse. so the questions. how do you know when you yourself are being a pig? allegedly there's no such thing as stupid questions. only stupid answers. you don't need

here, "i'm going to hedge there."omebody is not trained in understanding _ the scientific process, they are completely . confused with that. drew weissman, i know that you and your family have done a lot to try to persuade people to take the covid—i9 vaccine. your wife, a psychologist, mary ellen weissman, and your daughter allison, actually offered to be guinea pigs for the vaccine. actually, just before you answer that, can we just see if they're in the audience? i think they are in the audience. and maybe you'd like to stand and we can say hello to you. good. did they become guinea pigs for the covid—i9 vaccine? they were early entrants into the covid—i9 phase—three vaccine trials. one of the tools my wife would use is she would go with friends to church services, to community meetings, and they would say to her, "well, we heard the vaccine "gives you cancer," or it makes you sterile or does a variety of things. and she would look at them and just bluntly say, "do you think my husband would have his daughters and h

here, "i'm going to hedge there."ding the scientific process, they are completely . confused with that. drew weissman, i know that you and your family have done a lot to try to persuade people to take the covid—19 vaccine. your wife, a psychologist, mary ellen weissman, and your daughter allison actually offered to be guinea pigs for the vaccine. actually, just before you answer that, can we just see if they're in the audience? i think they are in the audience. and maybe you'd like to stand and we can say hello to you. good. did they become guinea pigs for the covid—19 vaccine? they were early entrants into the covid—19 phase—three vaccine trials. one of the tools my wife would use is she would go with friends to church services, to community meetings, and they would say to her, "well, we heard "the vaccine gives you cancer or it makes you sterile" or does a variety of things. and she would look at them and just bluntly say, "do you think my husband would have his daughters "and his wife take a vaccine that's going to