. >> welcome >> thank you very much >> a rare interview today with stan druckenmiller we're going to get his take on bitcoin and his favorite stocks right now. >>> a large order for tesla. pepsi making a big bet we'll tell you what's behind that move. >>> and health care. one of the best performing sectors today as talk of consolidation permeates the space. we'll debate whether these are a good buy into early end and maybe beyond. >> but let's start with today's rally. joining our exchange today is jim kahn, sarge gilfoy, and rick santelli at the cme. rick, i'm going to start with you if i may ahead of the fed meeting tomorrow we've got a bit of a stealth rally in the pound -- the pound. the dollar over the last week or so including a little bit today how many rate hikes over the next 13 months are priced in >> you know, i don't know that much of the dollar activity that we're seeing today is necessarily predicated on what investors think about 2018 whether it's two, three, some are saying four. i really think it's more of a function of the u.s. market kind of bucking the trends of e

but, you know, the problem is it's always people like stan druckenmiller who made their fortune off the carried interest >> it gives them more credibility. >> it does i believe there's a lot of things until the tax plan including keeping the carried interest that hopefully do not set us up for, you know, pitch forks and burning torches a year or two from now. >> thank you for your responses. send it over "fast money" begins right now. "fast money" starts right now. >>> live from the nasdaq market site overlooking new york city's times square tonight on "fast," bitcoin futures on the cboe taking the market by storm this week as wall street gets ready for it to come to the next exchange. the cme on sunday. just moments ago, td ameritrade announced they will allow bitcoin futures on monday. the future is kelly will tell y everything you need to know. we've got something bigger in store for next week. meantime track how much money you're making by the minute with the bitcoin bug via coinbase right now on your screen >>> the other big story this week, disney closing its deal to buy parts of

. >>> later today, don't miss kelly evans' interview with stan druckenmiller at 3:00 p.m.n "closing bell. >>> france's unibail-rodamco has struck a deal to buy shopping mall owner westfield for 15$15. billion. this would be the biggest ever takeover of an australian company. the news came after the asian markets closed today westfield owns 35 shopping centers in the u.s. and the uk >>> boeing is raising its quarterly dividend by 20%. the company is launching a new $18 billion stock buyback program. boeing says the moves are not in response to the republican tax plan which would cut the corporate tax rate from 35% to 20%. boeing up 1.4% glaxosmithkline says it has generated promising data from the study of a potential treatment of multiple myeloma. it is encouraged by the response rate in patients and is ramping up development of the drug >>> we continue to follow the developing story out of southern california crews are desperately working to contain a string of massive wildfires. officials say the thomas fire, the largest in the area, has burned more than 231,000 acres of

. >> all right i'll just remind everybody, we talked to stan druckenmiller in the week earlier, still of amazon and said they're under under-earning, could be making vastly more money -- >> that's always been the story. >> it has always been the story and why the performance has been good even snow tthough the valuation -- >> it is the one stock that over the last 20 years has not obeyed any valuation rules. >> well, maybe cash flow valuation rules. >> those are -- that's what many -- >> that's important, too. >> many regard as the real underlying valuation rules. >> anyhow, shares of h&m were plunging today hitting eight-year lows. the company's shift to digital and e-commerce is apparently failing to improve sales h&m reported weaker than expe expected fourth-quarter earnings st stock down 13% in european trade. usually we talk about the retailer is down because amazon is eating its lunch. the other thing about h&m, they compare it to the owner of zara and other companies which it had a little bit of a stutter step, let's call it, in it this quarter but still looks much stronger tha

stan druckenmiller told me it takes the same amount of energy to do one bitcoin mining transaction asrilling nine hesn is uny.ol ith could it be an under the radar way to play bitcoin? we're going to discuss that right after this let's get started. show of hands. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. i thwell wait. what did you meetthink about her? it's definitely a new idea, but there's no business track record. well, have you seen her work? no. is it good? good? at cognizant, we're helping today's leading banks make better lending decisions with new sources of data- so, multiply that by her followers, speaking engagements, work experience... credit history. that more accurately assess a business' chances of success. this is a good investment. she

. >> moving on, guess what, chinese internet stock hedge fund legend stan druckenmiller told kelly evans that he loves >> i really like tencent and i like the position. they're in payments, they've got their own version of netflix, they've got their own version of cloud. wechad is probably the best platform on the entire planet for all of it. and then they have a gaming business >> tencent shares up more than 100% this year but are off 10% from recent highs. tim, are you in this >> i've been in this for a long time think of the things stan talked about. number one in gaming, they're very big in china in terms of payments that probably trades at about six times peg. you think of their ad revenue, the monetization, effectively what they're doing in terms of the video and subscription growth the volatility in the stock has had people concerned, it trades in the pink sheets here very liquid, very liquid. we normally don't talk about those names. you're not messing around in an illiquid stock it's gone from 55 down to 45, rallied back up to 50. this is a very real company. to me i think the g

. >> welcome >> thank you very much >> a rare interview today with stan druckenmiller we're going toin and his favorite stocks right now. >>> a large order for tesla. pepsi making a big bet we'll tell you what's behind that move. >>> and health care. one of the best performing sectors today as talk of consolidatio

i think stan druckenmiller made that point if you're earning it on your clients' capital, it's a fee if you're earning a return on your capital on your part of the partnership or fund, then that's a capital gain that's just clear. and i think anybody that looks at the tax code? a reasonable way would say that. so why this was kept in analytically i'm scratching my head because it doesn't really -- he's not getting any extra votes from the private equity or venture community on this and seems politically to be really bad optics. >> let me ask you just as we're looking back on the year as well, one of the other things that mr. druckenmiller mentioned, this has not been a great year for him, despite his portfolio having some solve the best-per fo best-performing names in the market what kind of year has it been for you especially and a bull market that you typically think for a short seller would make it quite difficult? low are you positioning for 2018 >> we have three pools, short only, market neutral, and our basically 190-90, which is 100% net long but has short component in it. mar

during my interview with stan druckenmiller of duquesne last week, he said the main cause behind theond yield is the fed, itself. listen >> for me to say, oh, the fed's making a mistake, the economy i going to slow down because of the yield curve, the only thing i know that's happening with the yield curve is somebody's picking up the phone and buying -- and buying bonds from investors then they're picking up the phone and buying bonds. >> fed and other central banks stop intervening, you think those long-term interest rates are going back up to something much more, quote/unquote, normal >> i think that's a strong possibility. >> what do you guys think? mike >> i mean, you can't deny that everybody who's a player in the bond market is, you know, as a buyer, is part of why yields won't go higher on the long end but i also will tell you in the last cycle, no central banks were buying treasuries and we had what was greenspan's conundrum. why isn't the long end going up? i also remember very distinctly people saying they'll never get the fund funds rate up to where they expect, around 4%

in, bitcoin will probably go down with the rest of the stuff >> that was legendary investor stan druckenmiller not own any crypto currencies. next guest is crypto regulation might help the boom instead of hurting it catherine hahn, the first digital coordinator to the department of justice. she held significant roles in several high profile crypto currency investigations and will be teaching the first digital currency courses at stanford business school this spring. also a board member at coin base, the largest crypto currency exchange. good morning to you. >> is there a way to regulate bitcoin in a way that it's not -- one of the biggest issues is the ability for people effective will i to steal keys and there to be no real record although we all think about this ledger as being one of the great records of the world >> shire the treasury department's financial crimes enforcement network made that clear as early as 2013, and large exchanges like coin base and others have been operating under those regulations since that time. it's already regulated in that way. >> regulateed in that way except

get for guaranteed wages into -- >> let me -- that's not -- >> it's been fairly explained by stan druckenmillerbetting other people's money and letting them run the risk on it >> that's not true that's why the tax authorities -- when i hear people say that -- >> so they have no idea what they're talking about? >> all i know is what we do and what the other firms in my business do. >> i apologize, but i think you're confusing the issue maybe you're not yourself, but definitely fort audience it's this. yes, just so we're 100% clear. nobody is objecting to you getting the capital gains rate on the money that you invest in these businesses on your own >> what if the fee is -- >> we're talking about the fee -- we're talking about effectively the fee which is the carried interest that you are taking separately. zhoo that is not a guaranteed fee, and it's not without risk again -- >> it's not your money that's at risk >> no, it is >> if it is your money, then you shouldn't pay -- >> that's why -- >> if you put in $100, you are also -- what you are saying is i'm putting in $100, and then i'm getting ad