. >> i was discussing it with northern trust chief investment strategist jim mcdonald.ray to have you with us. what will bring those -- really see those retail investors come to the rescue again, or is this justified given all the rallies to all-time highs this year already? jim: a couple thoughts. the first is, the institutional buyer has been the flip of the retail buyer. one of the reasons bonds have rallied is that institutional investors have rebound out of equities, which dachshund to fixed income. it is justified on a short-term basis. there has not been 10% to nearly 56 weeks. if you look at the issue of the delta variant and covid, it is the short-term concern. toward the end of the year, most western economies are going to have immunity in the 75%-80% range. intermediate is longer-term problem. >> does that mean rotation back to those stretched valuation growth stocks right now is unjustified? this chart on bloomberg showing that rotation and how value has started to underperform. >> it is completely understandable. whenever you see the yield curve flattening,

mitch mcdonald came out and said get vaccinated. jim justice being proactive, saying we really need to do in. a lot of republican leaders, i don't know what the governor of missouri, what note he's been striking on this but a t lot of republican leaders pushing it to the side or using this idea of like standing up to big government as a way of being essentially like anti-pro vaccine. clair. >> yeah. our governors have really been a problem. we never had any kind of mask mandate that was real. he continues to not even encourage people to get the vaccine. i will give roy blunt credit. he was out today and said the vaccine's safe, i took it the first day i could, my family took it the first day they could. he's a lonely voice. we have a hot primary for a senate seat next year and they're all trying to outside-trump each other and the governor is leading the parade, even though he's not running. he had the nerve to actually blame management for a lack of ventilators being ready at this dramatic shift in the environment in southwest missouri

i'm carl quintanilla with jim cr cramer, david faber. a apple, alpha, mcdonald's, pfizer, we've got the ceos of boeing, amc and starbucks this hour we're going to get to all of that ahead of the fed decision a global chip shortage, how that might impact future operations, jim, along with this notion from cook that covid recovery at least globally is going to be an uneven path. >> i think that to not say that would be irresponsible when the cdc has made me feel like -- this n95, i'm not going to fool around with anything else because the cdc aso what's he spe supposed to do as far as the chip shortage, not all fabs are equal there will be some fabs that don't want to lose apple's business in the same way that skyworks su isn't suddenly going to say apple you're out i'm not as bearish on the chip shortage guys are working around the clock to be able to create the full-featured chip it's no longer the dumb chip it's full featured david, i think that when you listen to amd, lisa su. >> who we'll have on shortly. >> exactly there are just -- >> your second favorite lis

i'm carl quintanilla with jim cr cramer, david faber. a apple, alpha, mcdonald's

mcdonald's and yum brands as potentially winners. and the delta variant snag, sometimes i wish they would get in on all three. kevin in new jersey. kevin. >> jim, i have stated in the last conference call, this company has produced double digit revenue gains with the popular brands of beer and hard seltzer, and sees a new dawn arriving with cannabis infused beverages. ceo bill newland sees exponential growth in the business and wants to pour billions into improving its brewery infrastructure but many disagree saying the surplus could be used for buy backs or dividends. with new pandemic fears looming and some formidable competitors out there, is constellation brands buy, sell or hold >> we had the disapoinpointing number from sam. i like it. the chart suggests that the stocks of starbucks, mcdonald's and yum brands have more room to run. i have to tell you something, i agree, especially if the delta variant puts the great reopening on hold. much more "mad money," many people think of investing as an art. master works, creates the first platform for buying and selling shares in iconic works of arts i'm talking with the ceo of the private compan