oaktree is not a macro investor. investment decisions are not directed by macro forecasting because it is so tough to get it right. i think buying good assets at attractive prices for the long-term is still the best tool in any investment scenario. erik: to take the other point of view, if not a point of view, a possibility. if the fed loses control and has to check up interest rates, that has implications for certainly fixed-rate instruments. howard: it has implications for the prices of fixed-rate investing. if you buy a 5% bond, you put out $100, you get 5% interest a year. interest rates go up, the price of the bond falls to 75. if you are right about the creditworthiness of the issuer, you get your money back at the end. $100 back. when you are a credit investor, as we are, used to be called fixed income, you should not care that much about prices going up or down. returns in our area -- we have the great luxury that returns our contractual. the borrower takes your money, promises you interest in the money back.

madelaine joan -- madelaine jone s of oaktree capital joining us.fizer says we may return to normal shortly after two years of dealing with the pandemic. dr. anthony felt he is a little more cautious. too soon to say whether the pandemic is shifting to the endemic phase. we will discuss all of this next with dr. sarah pitt from the university of brighton. that is next. this is bloomberg. ♪ dr. fauci: is an open question as to whether or not omicron will be the vaccination everyone is hoping for because you have such a great deal of variability with new variants emerging. guy: dr. anthony fauci speaking earlier today at the world economic forum online conference. let's talk more about what is happening here. sam fazeli a bloomberg intelligence is joining us. there is a very live debate at the moment as to whether or not we are heading into the endemic phase. dr. waller was saying we will get back to normal very soon. dr. fauci sounds quite cautious. if we are going to get back to normality, will that normality include shot after shot? there are many

legal advice after oaktree c is a large land plot in hong kong.nd the ones to avoid in the year of the tiger. the index for 2022. shery: we are seeing a japanese markets coming online with nikkei down, lower by materials and financials. we have the nikkei rebounding, so in contraction territory come up about 11% since september. the japanese yen holding level. retail sales numbers out of japan earlier, both are missing expectations and come in below what analysts had expected. the 10 year yield holding the same level since february of last year. we saw the gains after that, paul, south korea closed on the new year holiday. paul: let us look at how we are pretty in australia. -- how we are trading in australia. new zealand is in positive territory by a point 06%. -- .06%. this is an unofficial inflation or read, popping up against the top of the pig of australia's -- top and of australia's target end. we are expecting some commentary around the future of the bond buying program and also the future part of rate increases. what the market is expectin

from what we heard last week in the financial times said this plot of land was seized by oaktree capitals a 2.2 one million square foot plot of land undeveloped at this point. it was seen as a palace of versailles like project. now they are saying it was used as security for a financing transaction worth $520 million, the developer over the weekend trying to assure the market this weekend and play down this issue. they say this project is not going to impact the financial position of evergrande or operations or the debt restructuring process but this move is seen as one of the most significant actions yet taken by any international player in this ongoing evergrande crisis. just last week evergrande on a call with creditors asking them to refrain from taking hostile enforcement actions to recover their debt. potentially a new development, evergrande saying they are seeking legal advice to protect the rights of this project and they are in active talks with lenders right now. shery: what is february looking like in terms of bond payments. >> it is not as bad as january, but there are conce

coming up, howard marks, oaktree capital cochairman. that is at 1:00 in new york, 6:00 in london.loomberg. guy: the story of the date, stocks down, yields higher, oil prices higher. we came into the beginning of the year with the treasury trading around 1.5, we are now in the mid 1.8, 1.845 is where we are trading right now. the near bus ali -- vineer bhasali joining us now. let's start and talk about where we are. we have drawn very quickly from the start of the year, 1.5% to 1.8% on the u.s. 10 year. can we continue this pace and how much higher do you think we go? vineer: a great question. i was on your show a few months ago and yields were rising that and then they fell quite drastically. we have started the major move in i think what you have to pay attention to israel yields. real yields are going up significantly, still -65 basis points on the tenure and -125 on the five-year. globally it is already. in the 30 year sector -- globally it is all red. in the 30 year sector i think there's a lot of room to go. guy: the german bunds yield is getting closer and closer to zero. do

grounds of what used to be this thousand plus person pool and it is now just grasp surrounded by oaktree's. -- it is now just grass surrounded by oak trees. they never rebuilt the pool. that haunting image of what used to be a public good closed because of racism connected some dots for me where i was then able to date into lots of empirical research, there are 100 pages of footnotes in this book. lots of research to show this is the story, this slide that has been taught by self-serving's elite -- this lie that has been taught by self-serving elites to many white americans that if you have to share a public good with people that are worse than you, then it is better not to have that public good at all. it is better to have it be a private cost rather than a public good. it is drained pool politics, the story of how we went from a thriving middle-class economy with strong government support for things like retirement security and high wages and research and element and infrastructure to one of the most unequal societies in the world. racism played this uncredited role in this rising antigo

now also hearing the reporting that oaktree is seizing land in hong kong in lieu of a missed loan. creditors losing patience and trying to advocate for their rights. shery: with sovereign dollar bonds recovering from january lows, will it further give confidence to the company? >> i think probably this alone isn't going to see that bump we saw. we saw the stocks $.10 on the dollar. about $.16 on the dollar. progress in the restructuring. even quite a few months of silence. i don't think that is going to happen this time. it will be very brief. particularly offshore, much more clarity. a lot of this has already been reported in the media. so there wasn't much actual context. i do think there is greater intervention. in hearing this impatience should help. shery: rebecca wilkins, our china editor with the latest on evergrande and issues surrounding the property sector in china. this heading towards the industrial profit numbers. coming up next, samsung profit misses on increased spending. a special bonus. the details ahead. this is bloomberg. ♪ every day in business brings something

what i want to know is do you want -- does oaktree want jay powell to use this opportunity with inflationng us in the face to pick the everything bubble, or maybe it did? >> i -- i don't think the fed should try managing asset prices. but it should try to create a new environment conducive to the economy doing its thing. but i also believe other than the extremes of overstimulation and hyperinflation or recession, i mean the fed should be relatively passive. that is why called for naturally occurring interest rates. interest rate have been artificially low, they were made to get out of the pandemic that served its purpose. the economy has been very strong. the demand related to that strength has continued to contribute to the inflation we have. interest rates have to rise. the economy has to be rushed into it. we are seeing that. more interest rates sooner than had previously led people to believe. all of this will cool off the economy to some extent. rishaad: howard marks. let's check in with the business flash headlines. kicking things off with goldman sachs. shares struck the most in 1

it is reported that oaktree's are looking to seize land off the back of the loan that has been defaultedwe can expect to see more pushback from either the ad hoc committee or from these big offshore individual creditors while we wait these sort of six months for some kind of initial plan. paul: -- shery: what sort of precedent when for other developers if this goes through, who are in trouble as well? rebecca: that is an interesting question. on the one hand, we see authorities intimately involved trying to accelerate the situation and crucially managing the fallout from that, and that is positive. ultimately all investors want to know how the rules of the game are going to be changed. there is a big uptick in defaults that caused another record year last year. however, evergrande is quite unique. it is very rare in china to see restructuring of this kind of complexity. it is very unusual to see the state so intimately involved in a restructuring. typically they would be more independently managed. when we look at other kinds of restructurings, particularly the record's plate of defaults

do you want, does oaktree want jay powell to use this opportunity with inflation staring us in the faceo prickly everything bubble? >> i don't think the fed should try to manage that. i also believe that other than the extremes of overstimulation and hyperinflation or recession, i think the fed should be relatively passive. interest rates have been artificially low. they got us out of the pandemic. a lockdown of the economy. the economy has been very strong. the demand related to that strength is contributing to the inflation they have. i think interest rates have to rise. the economy has to be less stimulated. we are seeing that. more interest rate increases sooner than previously people have been legibly. -- led to believe. >> that was harold mark speaking to bloomberg. we are watching scott morrison here speaking on the omicron and coronavirus prices. we are now actually watching the treasurer speaking there. we heard earlier from the prime minister. he says the death rate has been among the lowest in the world. there has been an implosion of cases. this is largely in new south wales