and so this initiative is the public equity portfolio and corporate are a fixed income portfolio why we do this this is the only portion of portfolio we have currently educate to grandular data that allows us to conduct that type of on analysis our objective to expand our ability to have cash foot printing across the portfolio the market did not provide on the data necessary to do that today. the headline is good we're ahead of the 2025 13wir78 goal we've communicated around the carbon footprint of this portfolio on this slide the further right blue dot our carbon footprint sits today and the 2025 we are below that today, the picture behind that is a little bit more complicated so want to communicate that we made good process and particularly a lot of the decarbonization since 2017 which is the bottom line year has been a result of portfolio actions we're taken as well as the real cashtion of companies over and over is past year i think there's other factors are influenced this reduction if measured number. um, that is the factors we used to measure this this includes the revenue of

at 60-30-10 portfolio. on the next slide, i did want to spend a few minutes, talking about a little bit about top line performance. we present all the, the commissioners with a lot of details and facts and sometimes, i want to make sure that we're not losing the force of the trees and i want to talk about what is driving top line performance. and what, what i want to leave you with, i'm going to walk through the page, i can see that you're all walking through it, i want to demonstrate 2 points about our three-year performance. when year to year, there are wide swings in public markets like equity market. the leg affect of private markets will be more pronounced and that is going to impact our relative performance to the benchmark. like wise, because this plan has taken a very active approach investing particularly in a equity book when we face periods of head wings for themes that we're relating into, that will impact performance. so even though, we like to look over longer time periods when there is a numb

so if you look at our portfolio, in our portfolio, which generally holds 35 stocks, we have two dividendr dividends. i think that's more likely. i think there's always going to be a company to cherry pick like walgreen's, but the reality is, most companies are an -- even microsoft and apple, those are dividend growth. even those guys are raising their dividends. so i think you never bet against dividends, or dividend stocks. >> you told the producers, i violently disagree with this call. >> i do. you know, all these companies that have been hated, these sicksick sickly -- cyclical economic companies, these companies have been out earning, they've been generating cash balances, and they've been increasing and implementing dividends along the way. that's not going to change as the economy continues to grow. >>> up next, two big wne, inrs two big losers, we're trading them next. >>> we focus on verizon. jenny up 7% this week. that's the second best dow stock behind merck. you own that. matx is up 6%. it's a u.s. based shipping company. you want to talk about verizon for a quickie? >> verizo

the reason for this is that it has affected the investors' portfolios. it can be clearly seen , as expected, that the market has grown by 67% since the beginning of 1402 in the last year, but the capital portfolio. it seems that the investors are losing something like 20, 30 or even 40, that there is this support of shaabi, which may support certain shares of a certain industry. in general, in my opinion, the government agent as an external agent should not interfere in this field . the government can direct its energy towards other matters, towards transparency, towards building the confidence of investors, towards making the economy viable. it should be predictable and investors should have a logical and accurate assessment of their investments . i am totally against both funds. i am totally against supporting and exerting the influence of market manipulation in the market. my reason is the capital market because there are many influencing factors in it. it fluctuates and this fluctuation is a part of the market is inevitable, this fluctuation may even

with that portfolio, if there's truly a level playing field we have a strong portfolio and will do wellonathan: higher by 6% or 7%. activist shareholders you have the expense in 2015, 2017 again. are you concerned about investors losing patience with some of the bets on the trend and ultimately the face of that again or do you think they ever return announced with a better outlook will keep those people away? mary: again we have had to run the business well. last year we had some disappointments and i think that created some cause for concern as well as some challenges, we are addressing both of them. i think this will be a breakout year and we will demonstrate that. we have taken the steps necessary in the underlying technology and autonomous technology is strong grade we are revising a plan that will work closely with local, state and federal regulators as well as first responders. just let me say from an autonomous perspective the benefits of autonomous our safety. looking at saving lives. when you look at some of the latest statistics showing 90% of fatalities on the roads are cause

as you look at portfolios, what are you thinking?nep: in your question there are two key words, the one is hedge and the other is geopolitics. what i would normally do looking at portfolios to anticipate this, when you combine them, it is overwhelming and can really paralyze investors. you may end up doing nothing. when we have always been looking at in our portfolios is what is the overarching storyline, what is the macro events we are expecting for the year, and how can you assess your portfolios for more fragile areas? are we too exposed in the, dollar, a certain sector certain regions? then trying to balance it out. particularly for this year, you need to be ready to pay. that is why i say with the concept of hedge, you need to be ready to reduce some of your accepted cost and pay for a hedge. not just sitting on a diversified portfolio and assume. guy: you have actively hedge the risk. alix: the question is how. guess we have had on say diversification that i don't see how that ends up helping. 60/40 portfolio did well because t

this is a portfolio management decision. i'm going to perform just as well with meta, with microsoft, maybe not today. but that's not doing so great either today. it's also got more consumer exposure than i'm really interested in. i don't believe in the freight story. we've done a lot of work on freight, and freight, that has to be extremely reliable and the uber drivers are not the most reliable, number one. number two, you want to nope your partners on a day-to-day basis, not get a new partner. i think they'll probably exit freight rather than build a business there. >> i took a little bit of profit in the name, but i disagree with you. as it relates to the consumer, this is almost essential to the consumer both professionally and personally now. this is a company that has absolutely reversed an awful culture with the founder. this is a company that now has established itself in a position where you're talking about free cash flow generation, and i think the last thing a lot of people sometimes forget is if you are a portf

but i think if you want to have a well-rounded portfolio, you have to put some health care in that portfolio to. all right, old mad money, i'm gonna bring you interviews from some of the biggest names in health care from jp morgan's health care conference in san francisco, and i just finished up the -- what's it for that company? i'm getting the latest for companies. and the more reason the new ceo of the helm, i'm gonna get a inside look at his priorities in the company. and don't miss my suit up with rows, in the conference. so stick with cramer! ♪ ♪ ♪ >>> don't miss a second on mad money. follow jim on x at @jimcramer. send money to jim, or give us a call out 1-800-743-cnbc miss something? head to mad money that cnbc.com. cnbc.com. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hir

you and she were both responsible _ portfolio. you and she were both responsible for _ portfolio.h _ portfolio. you and she were both responsible for health including i responsible for health including public health? and for social care? that is correct. it! public health? and for social care? that is correct.— that is correct. i'd like to ask some questions _ that is correct. i'd like to ask some questions about - that is correct. i'd like to ask some questions about otherl some questions about other decision—making structures which existed within the scottish government during the course of the pandemic. some of these are things we have heard about, but we think you might have some insight into how they operated. we have heard some talk and you mention in your statement of a group or decision—making body called gold command. are you aware of what that group did? i command. are you aware of what that a-rou did? ., command. are you aware of what that group did?- i _ command. are you aware of what that group did? i am. i understand you attended that _ group did? i am. i understand

in theory becoming part of model portfolios will make bitcoin less volatile.will make it more useful as a tool of transaction because you have much better visibility on what it is going to be worried at the end of that transaction. in terms of how significant this moment could be, does it change the trajectory, doesn't change the age-old argument that bitcoin is not a commodity, it is the currency? >> the first thing you have to bear in mind is the currency guys lament the fact that it is hard to convince people that currency is an asset class. before we've even surpassed that hurdle, the world is in search for alternatives. those with the longevity, the legacy view, this crypto actually fit into this pocket? some will say yes, some will say no. what did the regulators say, either taking a view on this as a specific assay? but also from the central banks, look at what they've been producing in terms of central-bank or digital currencies. princi alternatives or dollar alternatives, that is the question. i don't think this will change the picture, especially for

your portfolio now is all about tech stocks. daily, weekly, monthly volatility, you can get those returns from your tech profile. >> i don't think people necessarily disc that might disagree, but they may quibble with the multiple that you just said that even though you are willing to pay a premium for it, are you willing to pay that big of a premium? >> seven years ago, every single person told us that tech valuations were bloated and too inflated, now we have multiples that are valued at more than $1 trillion. to me, it is not about the multiples, per se, it is about how big these companies are and how dominant. multiples alone do not tell the full story. dominance tells the story. amazon, apple, google, meta, they deserve the types of multiples they are getting good in my world, the private world, when you have a company that starts from zero and is $20 million in revenue the first year, then $100 million the year after that, that is going to add a much more significant multiple than a company going from $1 million, $2 millio

loan portfolios or commercial portfolios? as you prepare and get ready for this long expected a slowdown in the economy, you can see banks being more constrained and be more selective in their lending and going higher up. when you look at the senior loan officer survey, that is already occurring. even though we have seen somewhat of a slowdown in some categories, it is -- that has not yet slowed the economy very significantly. looking at things like the november consumption numbers and those continue to trend up pretty well on our real basis. the banks are not as influential this cycle as they have been in past cycles in terms of how fast the economy will continue to grow. i think it is more about the labor market cycle because it is wages that are pushing a lot of the consumption and retail sales and therefore the prices of a letter of the goods and in particular the services which is right now what is driving inflation. sonali: the perfect set up for cpi and the thirty-year auction, we are keeping a close eye on it. that is

the last point, think of these portfolio managers at big laces like fidelity and blackrock and they are all diversified macro funds, where they hold 1%, to present, 3% of these etf's? i think the answer is yes. i think this is the first etf with a fix to supply and bouts and lots of demand if not endless demand. >> you and i have talked about this before, if 1% to 3% is a wider swath of investors saying they are willing to commit to it in the bullish pundit and some bitcoin are correct on bitcoin are correct and the price continues to rise, and subsequently it has a larger stake in one's portfolio, what happens at that point in time? >> well, i will be very happy at that point in time, let me just point that out. [laughter] i think what happens is it trends to the market capitalization, so bitcoin right now at these lower prices probably a $700 billion market cap. gold is roughly $14 trillion market cap. let's say we are half right and bitcoin can get to a $7 trillion market cap. will that happen immediately? i don't think it will happen immediately, but will it happen by the end of the

high taxes can erode returns quickly, so you need a tax-optimized portfolio.t creative planning, our money managers and specialists work together to make sure your portfolio and wealth are managed in a tax-efficient manner. it's what you keep that really matters. why not give your wealth a second look? book your free meeting today at creativeplanning.com. creative planning -- a richer way to wealth. katie: we are keeping an eye on shares of paramount global after it received a buyout offer from media mogul byron allen. offering $28.58 each for voting shares of paramount, a 50% premium to recent trading levels. for more on the offer reported by bloomberg news, $14.3 billion bid. how would byron allen pay for this? >> that is the biggest question. it is good there is finally a formal offer on the table. we know numerous investors have been circling this asset for many months now but i think the biggest question for byron allen and that most investigators are grappling with is how are they going to pay for this? they are looking at an asset that has over $15 bill

most investors are sizing it in a way that is beneficial to the overall portfolio.y are not putting all of the money in bitcoin. the etfs make that straight forward and possible today. >> you mentioned people that think crypto and bitcoin is a risky bet. people at the s.e.c. is among those people not that longing ago. what changed to allow for the approval of the bitcoin etfs? >> the first filing for the bitcoin etf was ten years ago which is hard to imagine. we have been working on it six years. bitwise is a crypto specialist and has been in the space managing over $1 billion for clients for seven years now. i think the market is matured a long way. the s.e.c., over the years, wanted to know if there is regulated qualified cuts to sec securely hold these assets. there was concern of risk and manip manipulation. the order last night approving bitcoin etfs to be introduced to the market expresses they are comfortable with the elements. that is the watershed moment for investors to see that analysis from the s.e.c. >> in your mind, now you are able to buy a spot etf,

investor if appropriate. with market portfolio once i have arranged the portfolio, i will take the index. if the weight of my valuable shares is more, i will get more than the index. if the weight of highly traded shares and those shares that are strongly correlated with the market, their beta is strongly positive with the market and the breakeven is more than the market , i used a specialized term that they are affected by the market, which means that the performance of the market has a greater effect when the average market 100 d. in fact, the process should be clear somewhere . i completely agree with that part of your statement that the government sometimes harms the market with the decisions it takes , and neither the development fund nor the market stabilization fund can solve this issue. in those policies, we should pay more attention to the way they make decisions, the way they are communicated, and even the process of their implementation, and why should i, in fact, rate. for the refinery feed that i want to change , don't consider a breathing period for it and don't go up a lad

so i am an investor if it fits the market portfolio if i have set up a portfolio , i take the index if weight of the most valuable shares is more than the index, if the weight of the highly traded shares is, and those shares that are strongly correlated with the market, their beta is strongly positive with the market. every bit more than the market , i used the specialized term that they are affected by the market, which means that it affects the performance of the market more. yes, we have just selected 30 of them, so i think that our shareholders are under pressure now they are really making losses. yes, i accept this . it is one of our distorted duties to actually support and not let these losses increase, but as you said, we are not connected to the source of this support . i completely agree with the part of your statement that the government sometimes damages the market with the decisions it makes, and neither the development fund nor the market stabilization fund can solve this issue, and i think that there should be more in those policies. if we reconsider how they make decisio

apple is about half of the stock portfolio, a quarter of the market cap of berkshire. it helps but it's not going to help as much as maybe it should. outside of that, rest in peace charlie munger look what a great job on the succession plan and issues that people historically have been worried about, so much so that there was just this assumption if anything were to happen to e either of the two gentlemen, there would be hell to pay with the share price. that's not how it went this time, and i think people are getting more comfortable with the idea of this investment, this asset, this group of assets having a very, very long life even after the inevitable. >> let's get the headlines with silvana henao. >>> hey, scott as talks to broker a release deal for hostages in gaza have stalled, president biden is sending william burns to help. he will travel to meet with the qatari prime minister this weekend. >>> italian police said they uncovered a tax fraud ring involving $1.9 billion in false invoices that were laundered through chinese shadow banks police also said they als

how are you thinking about that in your portfolio of holdings?at a staple need or the fact that it's promoting wellness and paying up a little bit for that? does that fall into something closer to a luxury? >> we think the latter. it's a staple product and we think about trading multiples and valuations of the business, it will reflect that has more of a staple component to it and therefore there is a lot of stability. what we like with all of our consumer businesses is some level of differentiation. that level of competitive differentiation allows the company to be able to gain in market share. that's exactly what the honey pot has been able to create. this is a category that h has historically been pretty stagnant. a lot of legacy players were in it what we sow with honey pot is a business that had a totally different positioning and was coming up with innovation across a number of different categories and within the feminine care products company, there haven't been companies that have been given permission to play across categories within the

i will not confuse that with the underlying dynamics in our portfolio which is a strong portfolio todaynto what you think of the portfolio because of a flurry of m&a? chris: chris: not at all. alix: is it done for you? chris: business development will be how we think about capital allocation. we have been able to do it historically while returning capital to shareholders. we have returned over $30 billion over the last three years. we maintain a commitment to the dividend and has raised it 15 years in a row. we will continue to source innovation externally and add it to a robust pipeline internally. guy: are you interested, what do you think? a lot of noise in that space last year. it has -- obesity has been the big story for the health care sector. it is ok not to be in the space? chris: we are not in the glp1 or metabolix phase? we wore -- we are in four very attractive therapeutic areas. you have a large example of cardiovascular disease and we are growing our business. we are be accelerating in a very active area of neuroscience. these are important areas. above and beyond those ind

one testable he talked a lot are holding up 5% of their portfolio, i'm not advising this but i'm takingmation where you take it up to maybe 5%. jack: the big question with tesla is this a car company or a play on electric battery powered future. >> this is the bull and bear debate, the tesla bears are saying that's crazy 60 times earnings, evaluation on the car company, what is the deal. if you are a bull you are saying as part of the cars but it's about the charging station, the software, any other licensing on intellectual property or whatever else tesla can do. tesla is a volatile stock and one that people personal feelings on, is where you come out on that. jack: stronger-than-expected job growth and wages have investors concern that rates may stay higher for longer, brian lovett joins me next with top portfolio moves for 2024, stay right there. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone c

>> so, our team has done a portfolio wide review, national portfolio review to figure out which buildings we should keep that which buildings we should dispose of. i think that this is a huge first step, we announced last week already that 23 of those are going to be put up through the disposal process, just those 23 buildings. is a reduction of 3.5 million square feet of space, and a potential and cost avoidance, and again, this is and even talking about the value when we sell it of over $1 billion. so, we are eager to work with y'all to get this done. >> ordinary americans follow businesses and corporate america cannot afford to pay for space they barely use, let alone help the federal government pay for its unused space. so how quickly is gsa going to push agencies to consolidate office space, based on the study you just mentioned? >> well, we are working with agencies all the time as they are rethinking how much space they need. so, that is an important thing that the team does every day, and in the end, by the way, we don't force them to make a decision, they have to decide based on

you don't want that when you want diversification in your portfolio.lie: you can pick your poison. we have a preference for fixed income over equity. that said, within our fixed income portfolio, it is high quality because we want that yield, and we think interest rates over the long term will go down. on the equity side even though we are neutral, we have a preference for small caps. we prefer not to go long on high yield because spreads have compressed so much. we are going to take the risk on the equity side. there is a way to diversify in that. over time you learn it is not just about equity or fixed income. you have to add some alternatives in there, as well. alix: if you stay on the 60/40 for a moment, you look at bonds, if you pick smartly, it will be a safe haven. but then you look at the massive amount of dust fits -- deficits and the market seems complacent about that. if you go to safety, do you substitute another huge risk? leslie: the market is well known by now. we look at the supply as a passenger, not a driver. the driver will be growth

the gold in a portfolio is a diversifier as well.t may not see the same gains as other asset classes, but it will protect you if we have a bumpy landing. >> you are talking about diversification. equities, bonds, kmocommodities. you had a great article in "the times." one question was consumption and business confidence. we had the atlanta fed with the gdp now q4 forecast raised due to expectations for personal consumption to increase. does that paint how you want to diversify? >> when you say soft landing and chicago fed president austan goolsbee commented it has never happened in history. what we are talking about although it is possible, but not an easy thing to do, and to get to that soft landing, frank, the consumer is the most important part of it. it is the vast majority of what drives growth. it is a consumer not too hot or too cold. if the fed can't cut rates as much as discount it. that is a headwind for stocks. if the consumer slows down too fast, we have companies getting cautious and laying off workers and we see the une

sarat is a portfolio manager. this is real people's money invested in stocks and it doesn't matter how much you love the story, you don't want any one particular position to completely take over your portfolio because anything can happen at any time with individual stocks. so it's the prudent thing to do. i took some money off the table. at a certain point the situation is it's probably not as attractive as it was. i still think uber has tons of potential. everything sarat said is true and i agree to him. >> if you remember, i don't want to be like a victory lap here, we doubled up because the stock got killed in 2022. i was waiting for long term, it's portfolio management. >> amy, you trimmed nike. a huge run up into earnings, huge disappointment. why trim it now? >> we've been trimming for a while. we did take a big chunk out and it's probably on its way out of portfolio. the company is not executing. china is not coming back in the way i wanted it to. we think there are better consumer names out there. >> the r

and a third they might not have a portion of their portfolio in this.does for our customers is gives them an avenue to be able to do it in a way that they're more comfortable ith, an exchange traded product, in an etf format, something that is the most popular instruments in the world trading and investing in instruments in the world. so it gives them some comfort, and if they can do it in a very costic, efficient manner, which is exactly what they're looking for. and so from a behavioral stand point, here's what we saw. a third of the people that participated in buying one of these 11 new etfs, actually sold some equity. so they rebalanced their portfolio. 20% of these purchases or sales happened in a retirement account. we think that's quite interesting. finally, the other thing that was quite interesting was the grade scale one, was -- it was a net sell across robinhood, both in retirement and self-directed. and what those people did was rolled into one of the other ones, and i believe that was just a direct result of just trying to be more cost effi

we own it in four different portfolios, last year, midyear of 2022 we added it to our value portfolio and ran it up 200% we've long said the cash, content and consolidation, netflix will win they have the content. and i think that will continue and i think the broader theme of earnings consistency, this is really important because joe talked about '94, '95, '96 the only thing he got wrong the rally had nothing to do with technology it had everything to do with procter & gamble, coca-cola, ge, and greenspan's speech in 1997 of rational exuberance wasn't about the tech stocks. that's the correlation now everyone is doubting the big move the key thing going forward, you're going to start hearing more and more about growth outperforms not just buying the magnificent seven but companies with concernable earnings and, oh, by the way, netflix has them >> what do you think about this foray into live sports with the wwe and whether you think this is the next frontier for this company? >> oh, it is it is big time our analyst just raised the target to $638 today you saw with your own companies,

when i look at your portfolio, if the story of 2023 was the magnificent seven, you are closely alignedh those. one of them are -- is apple and you probably saw the news this morning on the supreme court decision to reject the apple appeal of the appeals court original decision. when you hold a stock like apple and you consider its services revenue, how do you think about the news story this morning and tombs of the attractiveness of that name? >> thank you so much for having me. apple has been a long time holding of jenison associates. we look at the business is one that is extraordinarily sticky. companies use apple products and consumers use apple products tend to have a difficult time switching over to other platforms as a result, the sustainability of the services is incredibly attractive. if you look on the hardware side part of the business, there is more competition and there is saturation and maturity in that business. what drives our investment decision is the sustainability of that services business. ed: the other big story of the morning is fed speak. it will probably be the

as for this year, many of our enterprises already have a successful portfolio of orders.me minister peter. pyotr aleksandrovich, hello, of course, it’s no secret that we send a huge amount of goods and products, including industrial production, to the market of our neighboring country, in this we will be able to add more this year, perhaps due to some positions, who are now in such high demand on the russian market? there is a successful, as they say, portfolio of orders from a number of enterprises in the industrial complex, which works very well. different types of equipment are being used and there is a problem associated with the production of high-speed gearboxes, gearboxes that are used for the production of trams, gearboxes that are used for passenger vehicles, this is the request we received to try to create these capacities in a short period of time in the republic of belarus, and to meet the needs of both the republic of belarus and the russian federation. one of the areas is, of course, aircraft manufacturing. we declare that we are ready to create and assemble

you think about a portfolio an upside risk and downside risk.oom for a sharp technical rebound in the china market largely because long only funds are so under waited and the valuation is what it is. however, the big question is, does that trend to a more sustainable uptick in the market? it is indeed very difficult, but being aggressively underweight at this point is a little risky if i can put it in those terms. haslinda: you talk about how your liking india. foreign funds have pulled money out of india in the last three weeks. some pointing out perhaps there is a rotation out of india into other north asian markets like korea and taiwan. are we a rotation? >> i think it would be careful about that in the sense that we see india as a structural story. of course on the valuation perspective, it is the exact opposite of china whereby the valuations are undeniably expensive. india we have to remember is an economy that will likely grow 6% plus. it is hard to find that level of growth could emerge anywhere in this world. maybe that is kind of the

and now alexander’s economic news, based on the results of last year, the mortgage portfolio of russiany the central bank. tell us what forecast they give for the current year? tatyana, growth will be less active, i will continue the topic. over the past year, the mortgage portfolio in russia increased by almost a third; according to the central bank, by january 1, the total debt exceeded 18 trillion rubles. growth was stimulated mainly by government support programs, which were not affected by the increase in the key rate. they account for about 60%. all issues. the total volume of mortgage issuance with state support under all programs doubled to 4.700 billion. in general, for last year, 2 million housing loans were issued, almost 8 trillion, which is one and a half times more than a year earlier. at the beginning of 2024, we expect balanced growth and improvement in mortgage lending standards, which assumes market growth will not be as strong as in 2023. among the main factors are changes in the conditions of preferential programs, including an increase in the down payment on a prefe

it will be incredibly cheap to build this into your portfolio. are they worried by these false starts? are they worried that it firms are dent that is further dents desire to get into the speculative asset class? sonali: there was less concern around the etf itself and sec approval and more concern around sec management processes. said it was not a happy. it was because of a compromised individual stealing a phone number associated with the account. it is interesting gary gensler himself used the word compromised rather than hacked. a lot of lawmakers here are attacking the sec as well. gary gensler, republican lawmakers in particular, are concerned about how the sec is managing the process. i would say coinbase's executives are online saying that they could be a part of the solution here. the sec and coinbase have been in their own disputes for the last couple months. so, the sec's ability to overseas crypto industry has certainly long been in question. now there are more eyes on that out after the sec snuffer last night. caroline: that rubbed s

the truth is, you can only own so many names in the portfolio. we have 33 names and a lot of mega cap names and stocks that have been great. we have been looking for an opportunity to buy them when they have cracked, when they come down, and there's a point, and i agree with josh, that we'll be able to add to create a position where we don't have one in one of these names, and we'll feel better about it than if we buy it here and that's a whatever percent, 50% chance we could buy it later. it says they are seeing demand and are not seeing any sign of a recession. we know that ai is a big part of it. the world needs chips for everything whether it's cars, whether it's tractors, all kinds of gaming devices, television sets, consumer products, nonconsumer products. and if they are saying we expect a very big year, that says something positive about the economy globally, not just u.s. maybe they're seeing something from china. maybe they're seeing strength the people talk about recession would be good to take a strong look at and, gosh, maybe we have

last year's mortgage portfolio. to the central bank, by january 1, the total debt exceeded 18 trillion rubles. growth was stimulated mainly by government support programs, which were not affected by the increase in the key rate. they account for about 60% of all issues. the total volume of mortgage issuance with state support under all programs doubled to 4.700 billion. in general, over the past year, 2 million housing loans were issued for almost . at the beginning of 2024, we expect balanced growth and improvement in mortgage lending standards, which assumes not such active market growth as in 2023, among the main factors is a change in the conditions of preferential programs, including an increase in the down payment on a preferential mortgage to 30 from 20%, tightening of premiums to coefficients from march 1, 2024 risk on loans c'. meanwhile , the consumer loan portfolio grew by more than 15.5% last year after weak results in 2022 and exceeded rub 13.5 trillion. the corporate segment added more than 20%, a reco

in the case of a recession that portfolio can yield around 10%. that can be a good diversifier if the soft landing scenario is not realized. if inflation persists above central bank's expectations, you want to have portfolios that have hedges for that scenario as well. the area we like as far as hedging for that scenario is inflation securities across the global market. in the u.s., in certain emerging markets, inflation protected securities can offer a hedge place -- a hedge in case inflation persists. haslinda: thank you for joining us. still led, the china stock selloff is looking to be taking a breather. indian equities bulls facing a test of nerves ahead of the national elections. more on that market outlook a little later on. haslinda: plus, alibaba shares get a boost as founder jack ma and the chairman snap up some $200 million worth. we have the details next. keep it here with us. this is bloomberg. ♪ get help reaching your goals with j.p. morgan wealth plan, a digital money coach in the chase mobile® app. use it to set and track your goal

the company's production portfolio includes eight brands, and its products are sold in 17 countries.ort countries now include germany, bulgaria, and israel. here. due to the fact that there have been difficulties recently regarding export supplies to some countries, we are able to increase shipments for export and thereby increasing everything every year. more points on the map we mark for ourselves a unique enterprise, including its eighty-year history. the plant was founded in september 1944, shortly after the liberation of lida from the nazi invaders. the production of food concentrates for the needs of the third belarusian front was organized here. we are proud that our company was once founded to help. to our front, yes, to our soldiers, for this purpose, we try to maintain stable quality so that our consumers returned specifically to our products. interesting fact: in the forties , dry jelly, blueberry and lingonberry jam and juices were produced here, and already in 1950 the plant supplied stores with soups, pearl barley with mushrooms, potato, cream soup, peas, porridge, tabl

one testable he talked a lot are holding up 5% of their portfolio, i'm not advising this but i'm takingormation where you take it up to maybe 5%. jack: the big question with tesla is this a car company or a play on electric battery powered future. >> this is the bull and bear debate, the tesla bears are saying that's crazy 60 times earnings, evaluation on the car company, what is the deal. if you are a bull you are saying as part of the cars but it's about the charging station, the software, any other licensing on intellectual property or whatever else tesla can do. tesla is a volatile stock and one that people personal feelings on, is where you come out on that. jack: stronger-than-expected job growth and wages have investors concer salonpas, makers of powerful pain relief patches for 89 years... believes in continuous improvement... like rounded corners that resist peeling, with an array of active ingredients... and sizes to relieve your pain. salonpas. it's good medicine. jack: investors are weighing seemingly strong jobs data out of the labor department friday and december the acade

how do you stress your portfolio? how do you think about what your outcomes are today?eople drawing their pensions today, 50 years from now. man group is 250 years old. we match the duration. our clients are not thinking about just returns for one year from now, but are trying to think about what they're planning for 30 years from now. we are not good at predicting. i am not good at predicting what the next year or five years will be. what we need to do is be flexible and be dynamic and to think about the impact of markets and changes. francine: are you worried about geopolitics or market functions? robyn: we've now changed geopolitics to geoeconomics and it is something of an impact point. as we think about what happened when russia invaded ukraine, and the impact on our fossil fuel pricing or you think about the worries and concerns around supply chains post-covid and the fact these buffers when you think about corporate real estate and the refinancing it is inevitable -- it is not a 30 year mortgage. these things are coming up for the next three, four, five years. th

in the last 10 months and 40 30% loss to the portfolio of investors, do you accept it? no , i said no, i have studied. we have studied. a stock that grows by 400% will not fall by 20%, and it will fall by 100%. a stock that grows by 90% will fall by 20%. stock the recipe that this is a point that i want to point out, if i want to increase or decrease the index, i have to be an investor , i don't have this money, i am an investor , i will choose 4 to 5 poisons with knowledge and awareness. knowledgeable. in my opinion, it also points to the experiences of other countries that are doing this. our capital market conditions, our economic conditions , our geographical conditions are different from many other countries in the world, and the capital market is also different. i said to the ostrich, take the load, he said that i am the chicken, he said to lay eggs i am a camel, it is not possible for us to compare with other countries where it is in our own interest. you are either comparing it to america and germany in a good state, or to borko and zimbabwe in a bad state. this

and that's ok, actually managing your portfolio for these different changing economic cycles or behaviors is what you are supposed to be doing. francine: doesn't change how you lead man group? robyn: it changes because of the way that we position the organization. we argan organization that is diverse, our capabilities are diverse. we have different engines doing different things. we have products in the macro space, products in equities. we have long only, we have long-sure. but what we are seeing his clients are interested in more customized solutions. in solutions that actually answer the problem they've got for the challenge they have rather than hearsay products, buy it or nothing else. so it changes in the way that you deliver an organization. it changes and the fact that the value you are driving towards is not just about here is a product, but here is a solution. francine: so what does that mean in what you're focusing your energy on? i know you want to be in the private credit space but hiring is also something that you need to think of carefully. >> what we have are highly talen

they have what they call an irre irreplaceable portfolio.y are just a fantastic company in a fantastic position beyond rates falling and helping them out. >> that is a company where pretty much everybody is a customer. give us a sense. when it comes to the story of reits, how much is the price action of the reits and the dividends? a lot of the reits pay substantial dividends. >> 100% total return vehicle. they should get a price lift like we saw in december. for me, it is the growth opportunity. this is not a stagnant portfolio. this is a very active company. they are targeting 20 warehouses into data centers. that is 15% to 20% more profitable. they see the growth opportunities and clean energy. they are one of the leading largest solar producers because they are already working on making the warehouses green and they are helping customers that have to navigate a very complex regulatory environment by looking into clean energy and understanding what their carbon footprint is. that is key in california. they have to be able to really have a

they are impactful to portfolios on a risk adjusted return basis.teresting moment in crypto this is a bit of a change in mainstream adoption. we are moving from an asset that didn't really need to be discussed regularly as part of the mainstream conversation about finance. i think that has shifted over the last couple of years in the advent of the products will essentially push us into a world where people need to have an opinion. >> speaking of opinion and the established financial system, i want to play sound from jamie dimon from davos i want to bounce this off you. i want to get your reaction. >> what do you think of the dozen big financial companies >> number one. i don't care please stop talking about this [ bleep ]. i don't know what he would say about block clschain and compan that do something. this is what makes the market. people have an opinions. this is the last time i'm stating my opinion >> ophelia, your reaction? it is obvious theword we plepleep bleeped out. it is clear. >> it is not for everybody it will not make sense for everyone