the industry morphed into basically mostly long on the hedge fund side. think that there is always a market for insurance, as i have said. remember that good fundamental short decisions allow you to be more long. that has always been the point. they allow you to finance your longs. for us, it was passive. we bought the indexes that had our short portfolio. by the way, bloomberg has a wonderful short index. it is in the terminal, the goldman sachs most shorted index. it is rebalance monthly. if you look at that since the gamestop episode where everybody has basically said shortselling is dead, the risks are too high, then you simply shorted that index, but the s&p or related passive index, rebalance monthly -- that return has been spectacular. so there is still alpha on the short side. it is just nobody thinks it is there anymore. romaine: that is more on an index level. jim: that index is of individual stocks, the most shorted stocks. it is a representative portfolio of very dicey companies we will short. romaine: what is the risk out there? we have writt

hedge funds, the smearts guys in the room buying more than they bought since 2001. then consider this, retail investors, they're pumping tons of cash, records amount of cash. you see that blue rhine? that he's nasdaq 1000, that's where all the -- 100, that's where all the hot stocks are. the hedge funds buying as much as they've ever bought and retail buying as much as they've ever bought. according to morgan stanley, the favorite names among these retail investors, you may have if guessed it, nvidia. palantir, broadcom, micro strategies, these are names that are making huge amounts of money. and this crypts a conundrum for the sophisticated investor, right, that still sort of holds on to this belief that retail is the dumb money. they've been buying these stocks from the beginning of the rally. expect reaction in technology names, let's face it, it's been absolutely remarkable. obviously, all of that volume is not just retame investors. -- retail investors. i saw a headline that shocked me, south korea's national pension fund, $720 billion pension fund, overweight

this is the playbook that all the hedge funds use. and even though these hedge funds can often behave like herd animals, wildebeests who often buy and sell the same stocks at 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 that you absolutely must know if you're going to pick stocks by yourself. it's called the price to earnings multiple or p e multiple or just the multiple. they all refer to the same thing, and it's the cornerstone of how we value stocks. in fact, when you hear talking heads pontificate about how some stock has become overvalued or undervalued, they're almost always really talking about the price to earnings multiple. when you hear someone say that pepsi is more expensive than coke, okay, they don't mean that coke's cheap because it's trading in the 50s while pepsi is trading in the triple digits. no, the share price tells you nothing about a stock's valuation vis a vis another stock. to make any kind of apples to app

no hedge or mutual fund is going to buy or sell them all at once. sooner or later, though, we do reach a new equilibrium. so let me give you the mad money version of the efficient markets hypothesis. call it the kind of sort of efficient markets corollary when there's a widely held consensus view about something, anything, be it positive or negative, you have to assume that view is already being discounted by the stock market. so when everyone's feeling euphoric about the strong job market, that's probably baked into stock prices already, when everybody's worried about a temporary fed mandated slowdown is probably baked in when investors are hunkering down in fear of bad earnings season, don't expect the stocks to get slammed with disappointing numbers. people are already anticipating a disappointment. in short, when all the talking heads and journalists and media friendly money managers are telling you to be afraid of the same thing, that might be the one thing you don't actually need to be worried about. let everybody else worry for you. from the

first, some states let you use a 529 as a hedge way to hedge against tuition inflation.n credits at today's prices and then use them in the future. that's not what i'm talking about, though, especially not in a world where major national politicians are talking about making tuition free public universities. no, i want you to use a 529 savings plan. again, these are run by states, but generally speaking, a 529 doesn't let you manage your own portfolio. you have to pick between a mix of different mutual funds. just like with many 401 plans, this is not my favorite way to do things. i prefer you to have control over your assets, but 529 have so much going for them that i'm willing to swallow this one flaw. remember, when you can only choose between funds, go for a low cost fund that mirrors the market like an s&p 500 index fund. so what are the rules for a 529 plan? let's say you've just had your first child. congratulations. if you can afford it, you should start a 529 with your kids as the beneficiary right then and there. that's what i did. well, maybe wait a couple of d

what is. >> an inflation hedge. >> bitcoin is an inflation hedge. bitcoin is risk on. gold is risk off. so if you want to play gold you got. >> to play with the leverage. >> bet the miners. you said it 2 to 3 times leverage. we're not there yet. more room in the miners to run. so if you believe gold's going higher then then the miners are going to. >> get you going to get you the leverage. >> and they have that operating. leverage that we've seen, but. >> we haven't seen the. historic leverage that we often do. >> sure. there's been an operating company that you don't have in the commodity, and that's exactly right. but in the event of a market drawdown, the gold miners will go down typically just as much as the s&p, whereas gold will hold up in all 20% plus declines in the history. >> of the market. >> gold has outperformed. >> every single time. >> but the nice thing sorry. yeah. the nice thing about the miners is, is that and i think what's somewhat sustainable about this relative outperformance, because they really have underperformed the move in gold. and typicall

. >> is a big weekend for guacamole one restaurant changes hedging the avocado but can't control cilantrove than white. in where ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management [ car engine revving ] take your business from launch to legendary with shopify. sell more with the world's best converting checkout. turn analytics into opportunities so you can scale further faster. take your business to a whole new level. switch to shopify. start your free trial today. jack: it is super bowl weekend we should let viewers know our choice of red is not a call for the chiefs we will be neutral on that but while we're talking super bowl chipotle is hedging avocado but. >> they were talking in the earnings saying only half of the avocados come from mexico so they don't need to be that concerned about tariffs. i don't know how true i believe the statement to be most restaurants a

. >> is a big weekend for guacamole one restaurant changes hedging the avocado but can't control cilantrove than white. in jack: it is super bowl weekend we should let viewers know our choice of red is not a call for the chiefs we will be neutral on that but while we're talking super bowl chipotle is hedging avocado but. >> they were talking in the earnings saying only half of the avocados come from mexico so they don't need to be that concerned about tariffs. i don't know how true i believe the statement to be most restaurants and consumers should be very concerned about any tariffs on mexico particularly when it comes to food prices. really about a quarter of all u.s. imports come from mexico and a lot of the veggies, fruits and nuts are directly from mexico. when we talk about guacamole, cilantro might come from california but we cannot produce enough, where does that come from mexico, limes, mexico certainly onions, jalapenos, and optics and to basically come from mexico this will be an issue with one thing that is not the only issue when we come to food prices right now. >> you did a

. >> is a big weekend for guacamole one restaurant changes hedging the avocado but can't control cilantrore expensive than white. in in a pair of investment ideas that you don't want to miss. stay right there. ♪ i have type 2 diabetes, but i manage it well. ♪ ♪ it's a little pill with a big story to tell. ♪ ♪ i take once-daily jardiance... ♪ ♪ ...at each day's start. ♪ ♪ as time went on, it was easy to see. ♪ ♪ i'm lowering my a1c! ♪ and for adults with type 2 diabetes... ...and known heart disease, jardiance can lower the risk of cardiovascular death, too. serious side effects include increased ketones in blood or urine, which can be fatal. stop jardiance and call your doctor right away if you have nausea, vomiting, stomach pain, tiredness, trouble breathing, or increased ketones. jardiance may cause dehydration that can suddenly worsen kidney function and make you feel dizzy, lightheaded, or weak upon standing. genital yeast infections in men and women, urinary tract infections, low blood sugar, or a rare, life threatening bacterial infection between and around the anus and genitals can

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in one place and can't find it -- the european union, after nafta went into effect, went to their hedge funneled or pass -- fund or passed a tax law for hedge funds and billionaires that any income they derived outside of the european union would not be taxed. so they started coming to the united states and interviewing our companies up i.e. an hugheser busch and a few others. i had a -- host: we have to leave it there. we will get a response. guest: i appreciate your call. two quick issues the caller brought up. the budget process. this is a big issue that you will be covering the next nine months. the question arises whether the president has the authority -- there was something every president from george washington to richard in this case be had the impoundment power. say congress appropriated $100 million for a program the president says we can spend $80 million. prior to richard nixon had that authority. i believe just like ament e.o. of a company if you allocate $10 million to build a plant and it cost $8 million you don't spend the whole $10 million. so you i believe the supreme

well, you're still wearing the suspenders very well, the hedge cross here we go. the most and boats. so one more push. there you go. come get me time. i never have dreamed that i'd be back in germany. i've been on this doing so well. good a new model wiser than the item. noise. usually when you as old people about their lives, you don't get much by way of response new bill coffee. the past, the fruit, but he's lived enough life for 10 people of us plus alice and they all the things he went through done for the fascinated me from the very start. well, i think it's more of what i 1st, i didn't know how to talk to him about his terrible experiences assigned to slim. is he always bit timid about what you was on the bus and what he said, ask anything like upfront one of those non it's a when he started talking, my john was on the floor who to to be such har, insects and all sorts of things. i list movies. news has been off for knowledge, even at 98 years old. i can't understand how people could be like that thing, guns or springs in the whole of these trees. you know,

these are hedge funds out of new york and big banks and they literally own millions of american homes. what do they do? they take them out of the housing. it's no longer a house you can buy and live in and turn them into rental properties and. they're not going to get caught when the market goes because they're billionaires, you know, whereas the average person got caught in 2008. so now we've got this real crisis here. other countries deal with that crisis some very specific ways. most, most other countries, canada just did this recently with asian investors. i mean, we've got something like 13 or 14 million empty houses in america now and just short of a million homeless people. those numbers should not be like that, you know? and what's is people in foreign countries, you know, from chinese billionaires to european to big, big hedge funds and corporations literally all over the world are buying u.s. housing stock. and, you know, just on it as investments or turning it rental properties. and it's explain to the cost of housing, particularly over the last ten years and thus produced

about the more liquid end of the spectrum, you can talk about hedge funds.ely liquid places in private credit. there's even some relatively liquid places in infrastructure going all the way out on the spectrum. >> to private. >> equity. >> longer duration, private credit, etc. >> what's your favorite area of alts? if you had to pick one, do you have one right now? >> no, i don't. >> i really look at things from a bottom up perspective. we're trying to find. >> more esoteric strategies and. >> really, i mean. >> the topic. >> of the day you've been talking about is what's going on with tariffs. >> and. >> what's it. >> going. >> to mean. >> for inflation. and there's so much. >> uncertainty out there. and so what we're trying to do is. >> we're trying to find those strategies that are going to be insulated from the from that uncertainty. playing more in niche segments of the market. >> i mean, and you think, well, i guess i would say theoretically, yes. but if i'm going to be investing in private equity, for example, coming into this year, there's so much opt

it has largely survived thanks to lobbying from private equity and hedge funds, but the 2017 tax cutsucrative for these fund managers. it extended the time the firms had to hold the assets from one year to three years. now, how much would it raise? well, the cbo estimates about 1.4 billion a year would be added if you reduced or eliminated that loophole. mckinsey says it's about 1.2 billion a year. so that's about a 10th of the price of trump's plan that he also mentioned yesterday to exempt tips from income tax. and it's still going to face a big fight. the american investment council, they represent private equity saying, quote, we encourage the trump administration and congress to keep this sound tax policy in place that supports jobs, workers and small business and local communities. so, frank, going to be a big fight over this. but given that they have to find some payfors for this $4.4 trillion tax extension, this could be the time that this finally ends. >> so, robert, you mentioned the biden administration had talked about this as well as well. so you're saying it seems like i

today before the city is due to host a major at security conference in the easiest way of who is the hedge fund. we have very, very high safety standards. as far as the protection of the unix security conference is concerned for at the point 5000 officers to make meaning safer and marketing. the participants in the meetings that are taking place are to be protected here. and the participants of the munich security conference will be protected. that's why we have so many officers on duty in the mind. so there is no such thing as 100 percent protection. as we've seen again today, or james space has more from munich. i'm at the scene of this horrific attack in the center of munich. let me show you what we think happens if you look up the road at the end of the road. that is the central railway station in munich. there was a protest by one of the main trade unions in germany marching up from the railway station along this road. we think about 1500 people, a politically charged time in this country with elections. just 10 days away, police were scolding the protests up the road, but by pro behi

because hedge funds are buying up single-family housing across america, and because we haven't invested enough in creating starter homes, incentivizing the building of starter homes. you know, in the budget committee we had a proposal that said make it easier to put legislation forward that would discourage hedge funds from buying up single-family housing. they've been hard at it since 2009, when all those hundreds of thousands, millions of homes went into foreclosure because of bank deregulation creating a massive national fiasco. every democrat said yes, make it easier to take on the issue of home ownership, and every republican said no. i don't like that this is a partisan outcome. i would love to see us partner to help out american families, partner across the aisle for families. but we have an administration that is all about the rich and making them richer, and is all about slashing the programs families depend on. we have yet another threat to fam families, and that threat is the concentration of authoritarian power in the white house in a way we haven't seen in our entire histor

one of the great hedge fund managers of our time, lee cooperman.as the research director at goldman, and he put on investing clinics almost daily. but you know who i learned most from? my customers, chiefly wealthy individuals from all walks of life. at goldman, i learned something that to this day can't be understood by so many professionals in this business. individuals can and do beat the market quite regularly. i have what's known as non-discretionary accounts, meaning that i wasn't allowed to invest anyone else's money with my own ideas unless i could win them over to make the purchase. remember, i was on commission and made money only with the buys or sells i could convince people to act on. that's where i learned how important it was to talk over a story with an individual, and be able to articulate it in a way that made sense to them. can you do that to someone when you're picking a stock? you had to know your stuff. i often ask my clients questions about whether they knew enough about the stocks that they wanted to buy. i wanted them to be

allow up to go to the boss that you will respond to, to the 3 people, but will owners had hedge and once you know fully, all that us without any helping hands, it not since the days of the soviet union. and now russia coming openly. i mean, the only super power that is open the switch, you know, africa when it's roll elyse, what going to help. ready it's it, you know, it sounds like music talk is sergio of ralph mentioned that out for k is a quote, natural ally for most so how much is about spence reciprocated across the continent? a really my so look and it's, it's interesting but it didn't say she's sort of a lie because they need to be like, you're, you, you went to in on purely to the soviet eh, either missions. but the shows that with nature of meaning cost. russia is a country that respects the sort of need to other countries and it, it is shifting its own funds, lot it to defend his phone. so that entity it can do with us. we can find things, you know, voice also, but i need a rush. i can only be a little ally because we're all fighting for multiple well, the way there will be equ

president's tariffs have fired up volatility in the currency trading market, leaving banks and hedge scrambling to re-get -- rebuild teams, something our reporter has been watching closely and alice joints me now. good morning. >> good morning. talk us through how the tariff announcements are impacting currency announcement. you have been in the weeds of these moves. >> it is a good time to be an fx trader. there's a lot of focus on fx markets given they tend to be the first to react to geopolitical news and we have seen the dollar reacting stronger. we have seen intraday moves in the canadian dollar and mexican peso so there has been more volatility and it is stacking up to be a busier time in terms of trading volumes and how hedge funds have been increasing their exposure in hope of some sizable moves and banks look to boost staffing. >> how does it compare with the return of carry trades in recent years, the blowup in the yen? >> you are right. interested comeback as central banks hiked rates aggressively after the pandemic. the industry had a tough time during that period because

first up is bp, the big hedge fund elliott management.tedly kelly taking a stake in bp, the british oil and energy company that has gotten bp a little bit higher today. eight bucks. but even with today's move, that stock has been, well, underperforming its competitors. its market cap is now only about half of, say, shell's. and rbc says that elliott management could be trying to break up bp. >> thus, the trend lately between ge, honeywell and the others. a lot of people have been kind of raising this point about its underperformance and say it kind of asking what it should do, should it be a takeover target, should it try to be acquisitive? can you kind of put this in the broader context, like we a lot of us here as we think? well, i remember when they went to beyond petroleum and they kind of backpedaled from that. and what happened that they have remained in such an uncompetitive position relative to competitors. >> okay, first thing, bp, by the way, i reached out to have reached back out to me. reach out to me. let's let's get murray a

fully hedged, so we don't see. >> an impact there. >> ecb governing. >> council member robert holtzman. >> tells cnbc. >> u.s. tariffs against europe will move both inflation and growth. >> in the wrong. >> direction. but rules out accelerating. >> the pace of rate cuts in response. >> this would not be a good decision because our job. is to. deal with inflation of this. >> growth and. >> the result. >> of it. >> reducing the interest rate in. >> order to. >> initiate a higher. >> growth is not. >> the. >> way how. >> we should work. >> us president donald trump orders government agencies to work with elon musk's department for. government efficiency on. >> cutbacks. >> as musk hits. >> back. >> at. critics of the. >> project. >> the people voted for major government reform, and that's what people are going to get. they're going to get what they voted for. >> and softbank. >> posts a third quarter loss of nearly $2.5. >> billion. >> massively underperforming expectations as valuations. >> at its vision fund slide. >> a very good. >> morning to you and welcome to the program. >> let's k

gold isn't an inflation hedge. it's an instability hedge.ot of instability around the world. and people. think that in america they're concerned about it. but if you live in argentina or lebanon or any of the countries that are under risk, bitcoin is taking on a new a new role. so we have about 1 to 3% of 200 billion in assets. so about 6. >> billion in. >> assets in digital currencies and regular gold. because i do i do a speech, i talk for about a half an hour. and then i take questions about a half an hour. and a lot of the questions this year were about bitcoin. they were about gold. they were about debts and deficits. i would say it's interesting that the data, the 79% number doesn't belie there is an underlying nervousness. and i think it's, by the way, warranted. and if, if, if you start and build a company from scratch, as a lot of your members have, there's a natural level of nervousness, right? one of the best business books i've ever read is called only the paranoid survive by andy grove, who founded the then great intel, then gre

so there is a, you know, a hedging purpose there for bonds. but at the same time, you know, there's inflation risk and there's this debt concern risk that will push up the term premium. so i guess, you know, it is very hard to say, but i. presume we're going to be in. a trading range for now. and if we hit about 5% again, that could put downside pressure on equities. >> and a hedging. we're seeing the hedging risk showing up in gold as well hitting new highs. what about in europe. do you see that there's more opportunity for rate cuts in europe than what might be factored in in the united states? >> yeah, i think absolutely. well, i'm sitting in the uk and we just got a rate cut last week, and i believe that uk data is likely to see. further weakness. and, you know, the bank would have to focus more on supporting growth versus worrying about inflation. i think, you know, the base case is gradual rate cuts about one one cut per quarter. but there is certainly potential for, you know, faster rate cuts if the data gets worse. and i think for euro

he hedged. listen. >> maybe russia will give up a lot. maybe they won't. >> why the hedge? why can't he say what they should? >> right, right. so this came after a week in which, uh, president trump obviously, he'd had this major call with putin as well. and, you know, just that call in itself also was seismic, not just because it ended sort of a western diplomatic isolation of putin, but also it prompted this question of, wait, will zelenskyy be cut out of ongoing negotiations? the leader of the country that was invaded. will he be cut out? now, the president followed up today. trump did and said zelenskyy. zelenskyy will be at the table after zelenskyy called that out. but there has been this question of, well, look, you know, you have this transactional approach to foreign policy. you've recently said that you want critical earth minerals as well. in ukraine, if aid was is going to continue, you want it to be secured. well, those are demands on ukraine, which was invaded. but the question was rooted in why are we not seeing equal demands on the part of russia? not that p

and they have remained the hedge on in that direction. if there is any industries in caring here in uganda, in tongues and the in is on the incentive in nigeria, you're find them they have on or the dividends ultimately go back. if not all but the lion's share of this dividends leave on the continent. it is for that reason indeed that african countries are going to see the danger of that trajectory . met internet was an identity in 1980 on when the lead us and met in nicholas nigeria as they came up with the legless polano rocks. and in the legless plan of action, the african countries said that this situation as it is and now is not february, but for the continent of africa, we are not trading among so so we have people from outside of the continent. why investing in technology is that we do not understand that is not trying to solve the technology. the legless plan of action, of course, did not achieve very much and is off the front of option that we have come up with off because the end of $10.00 to $6.00, the 3 of 192-2015. this situa

plus, hedge. >> fund billionaire david tepper. >> taking his. >> buy everything. >> in china to a. >> whole. >> new level. >> we'll have the details of his moves and ask. >> if the traders, if there's still time. >> to follow his lead. and later. >> another record breaking day for gold. could a potential move by the treasury be part of today's move higher? super micro super rebound ahead of earnings and a strong day for energy as an activist jumps into the oil patch. i'm melissa lee coming to you live from studio b at the nasdaq. on the desk tonight tim seymour, karen finerman, dan nathan and guy adami. we start off with two dow components today, signaling they might be hitting the ceiling on prices they can charge consumers. mcdonald's seeing its worst u.s. sales decline since the pandemic, saying in its earnings release it's seeing a drop in the average check size. and the wall street journal reporting that a disney world vacation is out of reach for many american families. u.s. theme park operating income dropped 5% in the latest quarter, with attendance dropping 2% as high prices

as a hedge. if we look at where the market is priced for year over year inflation for next july, it's only about 2.6%, 2.7. so it's not particularly high. but if we do get that full on trade war, global trade war, that's probably a lot higher. and equities probably aren't going to do so great in that scenario. so you know, shorter, shorter end break even cpi swaps offer a very good hedge to that risk right now. >> all right gentlemen thanks mike pond michael landsberg we appreciate it today. and still to come, how worried should tesla investors be. the shares are near their lowest level in three months. but dan ives says worries about musk being distracted by doge or whatever are overdone. he expects to see another trillion dollars in market cap, and for tesla to get tariff carve outs in china. plus, president trump sending treasury secretary besson to sit down with ukrainian president zelenskyy, while the defense secretary, pete hegseth, meets with nato. all of this amid rumors of a possible tru

it has largely survived thanks to lobbying from private equity and hedge funds.ts did make it slightly less lucrative. it extended the time that firms have to hold the assets from one year to three years. now, the cbo estimates that closing this loophole would raise about 1.4 billion a year. that's right, 1.4 billion a year. so not much money. mckinsey saying it's about 1.2 billion a year. that is about one tenth of the price of trump's plan to exempt tips from income tax. so it's not going to be much of an offset. it's still going to face a big fight. the american investment council, which represents private equity, saying, quote, we encourage the trump administration and congress to keep this sound tax policy in place. it supports jobs, workers, small business and local communities. so, kelly, we've seen this before. president trump and president biden both saying early on in their terms that they would kill this. it has not happened. perhaps this time is the time because they do need some offsets for extending these $4 trillion in tax cuts back to you. >> yeah

but it's a bit of a hedge. >> and you. >> see that because.lso what they're. >> doing is that they're selling bonds, right. if they were so worried about the macro and growth environment, you would see purchases of gold and bond rising at the same time. >> but the fact. >> that they're buying gold and selling bonds is specifically what we've noted. we've noted that they're selling corporate bonds. it tells you that there's a bit of a of an inflation hedge happening here. so not massive concern from retail crowds, but definitely as they're buying, they're continuing to buy the momentum stories in the i trade their hedging their. >> book a bit. >> especially ahead. >> of today's. >> inflation print. >> all right. really interesting. one other other area that we talked to you about was the quantum trade. the last time you were here. we have not spoken. about it since then, i don't think i think that trade is kind of cooled off. i'm just looking at the charts. it seemed like it was also impacted, at least to some extent, by deep sea. i'm looking a

greater protectionism, less predictability and to engage less countries in with less countries in hedgingtechnology and excellent system everybody technology and excellent to system everybody technology and excellent to system so rybody technology and excellent to system so the >dy technology and excellent to system so the us gets wants to access, so the us gets a big break the beginning a big break at the beginning but of this drags on for a w -w5 then yes, w then yes, you w then yes, you right time, then yes, you are right folks will be looking for other options. folks will be looking for other 0 tions. ., ., ~ folks will be looking for other 0 tions. ., . ~ ., options. scott, thank you for our options. scott, thank you for your perspectives _ options. scott, thank you for your perspectives today. - donald trump defended tech giant elon musk�*s efforts to lead the department of government efficiency — of what he described as a waste of government spending and abuse of tax payer dollars. doge has faced intense scrutiny over its level of influence over the government — along with its agen

of inflation and allows us to participate in some of the hedging against the failed policies that areught us. david: thank you very much, lauren you're looking at movers let's start with lift. >> both of them soaring to the tune of 18%, lift will launch a powered robo taxi autonomous vehicle to the office soon as 2026 starting in texas up 4% and reports earnings tomorrow night. rumble is a video platform, 67 million monthly users and youtube and the white house just launched the rumble account part of trump being the first social media president, the stock is down 2.5% michael saylor over the weekend it's called strategy, that the biggest corporate holder of bitcoin and they do not know what the to discuss, the market based on the gains for gamestop is assuming they had to talk about the bitcoin. david: thank you very much, still had donald trump explaining his reasoning as china's retaliatory tariffs are scheduled to go into effect today. >> wheel $36 trillion, that's because we let the nations take it vantage of us. i'm not going to do that were let that happen. >> more from the pre

wildfires threatened to topple california struggling insurance market democrats in sacramento are hedgingas companies foot the bill. on medicare? living with diabetes? progress is having your coffee like you like it. the freestyle libre 3 plus sensor is covered by medicare for more people managing diabetes with insulin. this is progress. ask your doctor today. ♪ at ameriprise financial, we know our clients are so much more than clients. they're go-getters and game-changers, legacy-leavers and visionaries, healers and confidants. the goals that matter most to you matter most to us. helping you achieve them is what we do best. with personal financial advice from an advisor you can trust, and goal-based investing and solutions. it's no wonder we have a 4.9 out of 5 client satisfaction rating. ameriprise financial. advice worth talking about. ♪ believe it or not baby... at university of phoenix... you... you... you... you could earn your... master's... for under than 11 thousand! 11... yes! 11! master's degree for under 11k in less than a year. some things are too obvious to be a coincidence.

caroline: "a real time messages from hedge fund telemetry, for example, really questioning the marketapitalization here. talked about why it is vindicated. its unique offering. but tell us about your price point, because it is where the price is currently for the stock would you upgrade it? gil: we prefer other companies that have similar growth trajectories and similar ramps, specifically in this case snowflake and data dog will also ride the ai wave in their own way, and they are trading at a fraction of the multiple. if palantir is trading at 70 times revenue and 170 times cash flow, snowflake and data dog are trading more like 15 times revenue and 50 times cash flow, which are much more palatable valuations. that is why those are our buy writings in the sector. caroline: gil luria, it is great to catch up with you. let's check on earnings. paypal, the price is sliding. the processing business is disappointing for many. off by 9%, but did rally hard over the course of 2024. from san francisco, this is "bloomberg technology." ♪ so, what are you thinking? i'm thinking... (speaking to

why are people buying gold so much it is typically a hedge when you're expecting things could turn uglyre to buy tangible items like gold gold is up seven weeks in a row as investors are watching president trump's tariff plans and hedging their bets, your thoughts on gold. >> you said the word is tariffs and what that might mean for the geopolitical relationship around the world and some of the historical friends and what that might mean for inflation it's an uncertainty play the stock market is near record high and gold is reaching record highs, that is a nervous play we just haven't had any volatility it's been going straight up with nothing else to do whether we worry and honestly their downside risks ahead in the next number of months that might make you worried. what's the saying stocks climb a wall of worry what are the things you're worried about the future you see what's going on with the yields of the federal reserve is in no rush to cut rates, governor michelle bowman says she wants more progress on inflation before cutting rates further the yield on the ten year up five basis

put your hat on as treasury secretary analyst working for your hedge fund. how do you see the economy? >> bret, it's exactly what i said during the campaign. and, again, it's exactly what president trump said he was going to do reprivatize. government spending from the biden administration. biggest we have ever seen when we are not in a recession and not in a war, blown out the budget deficit. and we have got to bring this down and, you could see that the animal spirits are coming back, small business confidence had one of the biggest leaps had ever had november 5th up until now. consumer confidence is strong, stock market strong. and we have got to bring down the government spending and bring the private sector back in. so we are got fewer government jobs. more private sector jobs. >> you have proposed fiscal goal of deficits at 3% of g.d.p. when would you like to hit that targeted considering you are doing some big things? you are trying to make the 2017 tax cuts permanent. you are doing a lot of big things that require a lot of money. look, we didn't get

for a long time retail's, a lot of folks talk about it, this is hedge funds. and this is buying into technology. we can see a huge spike just on individual stocks. individual stock names. >> yep. charlie: is it cliche, or when we say it's a stock picker's market, is it really factual if you want to seriously outperform? >> 100%. listen, you can go passive and try to buy everything, and you'll just go aa long with the crowd. if you really want to outperform, doing your homework, look for the opportunities is going to create the understood. charles: all right, a.i. beyond picks and shovels, you've got an interesting play. you say accenture has an a.i. play brewing. >> they're spending inordinate if amounts of money on generative a.i., $1.2 billion new bookings as a result. they've raised their dividend, they've got a buyback coming on. this is stock was an underperformer in 2024. it started in january up 10%. it's pulled back a little bit, but i think this one is kind of a back door into that that a. a i. conversation. charles: by the way, i love that you found

gold could be a hedge in some ways to them off any rising price increases that we may see.anges are you making in your investment strategy based on what's happening with the tariffs? >> yeah. it's harder the find value, right? if you look across the pond, we talk about london, europe has gotten beat up because investors are concerned about tariffs really affecting prices over there. but i look at the valuation gap, the stocks 50 is up 8% in january comparing that to 3% from the s&p 500, so europe is currently outperforming the u.s., and it's trading at 14 times forward compared to 22 times for the u.s. so i think investors should look to europe with. a maim like taxer adyey is a payment processer out of netherlands, love that. david: david nicholas, thank you so much for that. and the opening bell has rung. we do have some green on the screen. it's not all red. the premarket activity was down not particularly bad, wasn't a selloff, certainly, but the dow is down right now 120 points as you can see, we still have growing number though minority of green stocks on the dow 30.

vance and defense secretary pete hedge fund, a hedge seth made their debut on the world stage last weekugh the nato alliance by delivering trump's america first message in person. france apparently heard it loud and clear, announcing that an emergency summit of european countries will meet in paris tomorrow to discuss the continent's security. all this coming as trump confirms that he and russian president vladimir putin will meet in person to discuss the end of the war in ukraine. trump was just asked what he thinks putin wants. listen to this. >> i think he wants to stop fighting. i see that we spoke long and hard. steve witkoff was with him for a very extended period, like about three hours. i think he wants to stop fighting. >> lauren. it remains to be seen what role ukraine or its allies will play in those peace talks. but when it comes to foreign affairs, does any of what you're seeing surprise you, or is this just trump delivering on what he promised? >> i mean, i guess i am surprised, i wish i wasn't, because i think we did get the indication that a lot of this stuff was going t

when you look at that backdrop of a slightly more shaky economy, it will have to take, hedge its betsng back towardsthe 2% so we are likely to see that target. so we are likely to see that cut in a few minutes' time and i w whalf an eye ww w w whalf an eye on w w whalf an eye on that w we learn at wwwwww wwewwww learnatthwe w we learn at the same because we will learn at the same time, this is a market sensitive announcement, we don't get any it comes out at clock w then we learn exactly how many and then. we learn. exactly how hearty of the feel this the wa to no, there ma be some is the way to go, there may be some disagree and say we should be w thewre there are some cautious because there are some floating for example, issues floating around, for example, those budget measures, the rise in national contributions and changes to business rates, which some are warning could prices w-m -i!im prices up and other things see prices going up and other things take into account, including what to take into account, including what on the other side of atla nticww atlanticww president atla nt

. >> if you look at the way the region is looking in 2025, minus israel, there is a lot more hedgingy call the pro-american region. states in the persian gulf, chief among some saudi arabia and the uae, both have somewhat politically or at the surface level inched towards tehran. while they have not been hit decisively by the proxies of the islamic republic since october 7, it is part of their larger security strategy, akin to a knife in the back and a handshake in the front. a knife is the proxy in the missile and drone threat, which they leveled against the saudi's and iranians. the handshake is the deconfliction agreements and the normalization agreements. chiefly saudi arabia. in 2015 when president obama was seeking and signing the new deal, the council states were the front line of pressure. now they seem to be the frontline of moderation and live because they have their own domestic concerns when it comes to saudi arabia normalization and vision 2030. you don't want a regional war distracting from that. >> what more can we expect from the trumpet of mr. risch in part two in te

. >> exposure of hedge. >> funds very high up to a five year high in in the semiconductors. >> i mean, you've scaled your position up in taiwan semi right to be your largest position of anything. is that right. >> it's been one of our largest. >> yes for. for a lot of the year. >> so we yeah we do. >> trade around and we, we look at that. company and say. >> you know. >> if you. >> look at the. >> sma, which is a great way to play what i think are the best semiconductor. >> companies in. >> the industry, you've got nvidia and tsmc as the two largest components of that etf. >> you see nvidia is. >> gone, you know. dropped from 40 to 30 times earnings. this is 25%. >> below its. >> five year average. you look at tsmc. >> they grew. >> earnings 36% last year. and you're. >> you're buying it for 23. times next. >> year's earnings which is an expected growth of 30%. i think they'll do better than that. they're the number one maker of advanced logic semiconductors in the world, and you can buy it for 23 times earnings. sign me up for that. >> what have you been doing with your apple positio

daniel morris, chief market strategist at bnp paribas asset management, activist hedge fund elliott haseportedly built a large stake in bp. that's according to multiple sources reporting that it will push the british oil giant to make transformative changes to boost performance and buoy its share price, which lags behind rivals such as exxon and shell. the size of the stake is unknown, and elliott and bp have declined to comment. now earnings are set to continue. another busy week across europe. we've got oil giant bp reporting tomorrow. will be interesting to see whether they do comment on reports of elliott stake. we've also got results from unicredit and caring. and then on wednesday we'll hear from tech investment giant softbank and brewer heineken. thursday will bring us results from barclays, siemens and commerzbank following last week's job report. attention now turns to the week ahead with the closely watched cpi print on wednesday. we will also get fed chair jerome powell's testimony in the capital on tuesday and wednesday. thursday will then bring january's ppi reading alongsi

that is based on the structural hedge that the large banks have in place to kind of really manage the transition to through through this interest rate cycle, both up and down. >> what can we glean about. >> the health of. the uk consumer, the uk household, from the bank results we've had so far this quarter? >> i think, you know, there's clearly a different story in what we're seeing in terms of the bank numbers from that, the story we're hearing on the general economy, asset risk remains exceptionally low for uk banks and natwest. i think we're reporting nine basis points of credit of cost of risk today, which is exceptionally low both, you know, within the uk but also amongst european and global peers. and this is this has been sustained. so the prospect for deterioration in in lending quality is really not there. we expect that to remain kind of muted despite kind of maybe some pressures coming through from things like the increased tax on, on payrolls on uk small businesses. >> simon, the other piece of the natwest story this morning that has investors attention is the story from

strategically do canadians need to think about alternative routes to the east coast or west coast as a hedgeon the u.s.? mr. wilkinson: i will say it was a shock. the original free-trade agreement signed between canada and the u.s. was signed in 1988. the auto packed that insured the free flow of products in the auto sector, back to the 1960's. we have looked too deep in the integration over the course of the past decades because it was so obvious that we were both extracting mutual benefit from the trade that existed. that is not just in energy and minerals. when all of a sudden canada is treated more like an adversary then a partner, it did shake every canadian. you saw that in some of the patriotic expressions that came out in the aftermath of the decision to impose tariffs. canadians don't tend to wear their patriotism on their sleeves. we are less patriotic overtly than americans. but you saw it strongly in canada. i think we need to hopefully walk back from the brink and find pathways where we can work together. i think in canada this has caused some reflection on perhaps in some areas

hedge funds are quietly selling all of their tech stocks at the fastest rate we've seen since 2016. is mark chaikin. during my 50 years on wall street, i helped build three indexes for the nasdaq. that means i know how to recognize these signals from the tech market, and exactly what they mean for you and your money. i explain everything in my new free market briefing, including the truth about what's going on with nvidia today and the specific stock i recommend you buy instead. simply visit the website below to get the details 100% free. >> i love rise mushroom coffee and not just. >> because i look. >> good drinking it. >> hello there! >> the all day energy i get is. good too, and it's easy on the stomach, but mostly. >> it's. >> because i look. >> good drinking it. >> you found it then? >> of course i did. >> good boy. >> welcome back to the exchange. >> i'm bertha. coombs with your. cnbc news update. president trump says palestinians would not be allowed to. return to. >> gaza under his. >> plan for us ownership of the territory. >> according to. >> a clip released today of an i