let's talk more ray dalio.rview i had with him which you can see only on "squawk," ray dalio shared his views on the economy, gold, qe3 and much more. dalio is a harvard business school graduate and still connected with the school. given the state of jobs and competitiveness in the u.s. i asked him about the school's latest project in keeping america great. >> i think it's fantastic. the work that they're doing in terms of looking at these issues, and converting a lot of conjecture into statistical analysis, so that you could understand what matters how much, is a very important topic. i think that what needs to be done more is an understanding of how that competitiveness effects future growth, in other words, to what extent is it an indicator of future growth. we've done a lot of work along those lines, and we've had conversations with harvard business law. i think that that can be used as actual policy indicators. in other words, imagine that you now have these indicators, and that show if you change this thi

>>> hedge fund titan ray dalio warning of social unrest. is he right? we'll discuss an debate the risk for your money. >>> the apple insanity officially begins as the iphone hits stores. >>> a housing analyst who made one of the best calls of the year back in december. hear what he is recommending now, mandy. >>> happy friday, everybody. modest gains for stocks today and two longs streaks for the dow likely to continue, continuing to post its ninth straight friday gain. it would also be the ninth straight year that the dow has advanced on september's quadruple witching day. the s&p 500 is standing alone and not in a good way. despite advancing, it is still the only one of the major averages still lower for the week. >>> the nasdaq composite having its best day of the week today. a bit earlier it hit its highest intraday level in nearly 12 years. those are some of the stats we are watching. >>> well, today's show is brought to you, in part, by the letter, "a." "a" is for apple. all the apple fanatics finally have their dayals the iphone 5 phone hits the

the bulls are thrilled today because of comments from big time hedge fund manager ray dalio saying own gold. it is almost a modern day gold rush. >>> it is a big day for apple, it is a big day for apple users, it is a big day for apple's stock. the iphone 5 was released and customers are crowding those apple stores all over the world. >>> also today, we focus on cyber terrorism, why many intelligence officials are saying watch out -- iran may be hacking your bank account. that story straight ahead. >>> but first, to simon in for tyler today at the nyse. >> it is certainly a big day for many people in the gold market as the head of hedge fund giant bridge water associates tells cnbc, "i think gold should be a portion of everyone's portfolio to some degree because it diversifies the portfolio. it is the alternative money. we have a situation now, he continues, where we have too much debt and too much debt leads to printing money. gold's clearly moving on those comments. sharon epperson has the very latest trade heading into the weekend. >> the momentum and the trading action here on the

hedge fund legend ray dalio on cnbc today talking about everything from the fed's latest move to stimulatemy, to why every american should own gold. you know what? before we finish reading the story, an awful lot of applause here in a moment. it is 2012 national pow-mia day, and i know people will hear the applause and want to know why it's happening, but that is why you'll be seeing. there's service men and women on the floor today as we remember our p.o.w.s and m.i.a.s around the world. >> walking up to ringt bell. >> so muand so much applause he the nysc. >> saying how ray dalio was on cnbc talking about the fed's move to stimulate the economy to why everyone should own some gold. >> you know, he also gave a dire warning about another potential downturn in the global economy and how history says with the nations already so stretched fiscally that could shape the political landscape around the world in a very scary way. >> when people get at each other's throat, the rich and the poor, and the left and the right and so on, and have you a basic breakdown, that becomes very threatening. for

ray dalio. >> thanks, melissa. i did sit down with ray dalio.goals, he is not necessarily bullish, but thinks about it as the ultimate insurance policy. take a listen. >> i think gold should be a part of everybody's portfolio to some degree because it diversifies the portfolio. it is the alternative money. we have a situation now where when you have too much debt, too much debt let's to the printing of money to make it easier to service. so all of those things mean that some portion should be in gold. >> warren buffett won't touch gold. >> okay. yep. >> you think he's wrong? clearly you must. >> i think he's making a big mistake, yeah. gold is like cash. it's an alternative version of cash. so all the long-term, it's not the best investment. over long-term, it's a little bit better than cash over long-term. >> ray dalio thinks there's smooth sailing ahead for the most part when it comes to the market, but he believes there is this tail risk and it's that tail risk that has to do with inflation and what's going on in europe but has them thinking

. >>> tomorrow a rare interview with ray dalio. >> were you surprised last week when he announced?r of bridgewater associates weighs in on the economy, quantitative easing and a lot more, it's an interview you can only see on "squawk box," starting tomorrow at 6:00 a.m. eastern. >>> there it is, the question, what is working for the world's biggest short seller? jim chanos will tell us what he's long on right now, and also want to talk perhaps more importantly still about what you're short on because that's also working for you in a big way and technology is something you've been short in a big way including hewlett-packard, talking about meg whitman earlier in the broadcast. >> we have some longs offsetting those as well in our hedge fund. we've been talking about the concept of global value traps for the last better part of a year, which is areas where investors continue to hope that basically a broken business plan will somehow be righted by the fact the stock is cheap. these have not been working for most investors. they've been great shorts and one area that we think is just g