extended interview with stan druckenmiller at 8:00. i have another piece with stan a lot of stuff he is saying. new warning from stan druckenmiller. new op-ed. the fed shouldn't be in emergency mode after the emergency passed the distortion is fed induced of long-term interest rates for the economy. we heard from shelton that there is no price discovery when you control the yield. they also say there is big political pressure in the not too distant future that will require the fed to stop enabling fiscal and market excess we will talk to stan about this at 8:00. it has to do with the independence of the fed. enabling the fed to keep the trillion dollar programs the recovery we have seen since the pandemic lows in the stock market and in the job market we've got 70% of the job losses quicker than any recovery in post-world war ii. it has come back more than any and we're talking about 32 months before the fed is talking about hiking rates they normally would think about hiking rates probably right now given where we were in terms of the

know he said he doesn't even think it's going to make it to the 50th anniversary this august stan druckenmiller is quote very very short the dollar so there's one thing to say all the dollars fading away and it's going to be replaced by that for some very smart people they think it's actually on the within months i'm utterly collapsing how do you weigh in on that. i agree with alistair i think we're very very close. on easy so is the greatest economist and try a century came up with this term called a crack boom you know he saw the hyperinflation in austria after the 1st world war and typically you have 6 to 12 months when the currency collapses when sirin hyperinflationary crack up. and i think we probably have already started to crack a boom in most countries around the world today including the united states which is why everything is going sky high you know people exit in the currency it may take longer than 6 to 12 months because we have more regimentation and more controls and people today than there were in austria after the 1st world war so maybe it's going to be a 12 month or 24 months

when they shorted the pound and forced them out of the exchange rate mechanism he also said stan druckenmiller 5 years ago i said crypto was a solution in search of a problem well now the problem has been clearly identified as jerome powell and the rest of the world central bankers there's a lack of trust but you can trust kaiser for we've been telling you all this time you like he didn't see it 5 years ago we told you 5 years ago now he's saying yes stacy and max are right 5 years ago this no this is causing all the money printing is cause for 10 years and he said the problem with such a bank's yes we did hear yet so stand 2nd milers like oh finally i figured out you know had you been doing it we have been doing stand your performance would have been a 1000 times better you would be losing money like ray dally oh so back in the seventy's when we were talking about when this all began then we had paul volcker to who is the one that took interest rates up to make iggy pop head of the central bank he's the new call of ok he could be the new paul volcker look because it is the solution for all pr

when you look at the distractions, the fed, the standard and miller -- the stan druckenmiller exercise, will see class officers adapt to that -- will c-class officers adapt to that? tobias: if you have cheaper funding costs provided by central banks globally, companies are going to look at what are those conditions compared to their return on capital deployed, and they will make investments in working capital. so they are flexible. think about it from this perspective, just how remarkable the response has been from corporate america over the past year in facing the covid threats, not just to their employees' health, but also to the businesses' health. it is pretty remarkable. jonathan: are you still 3800 for year-end? tobias: i actually bumped that to 4000 on friday, driven by the very powerful earnings we have seen. we saw more than seven dollars better-than-expected results in the first quarter, so we took our expectation up, but we still think there's downside risk here. jonathan: is there a compositional shift as well? tobias: absolutely. we are more in the value perspective over t

we also have longtime donors like ray dalio and stan druckenmiller, special guests like cathie wood.also have a very special guest i can't tell you about, but everyone who has zoom fatigue, this one is worth dialing in for. it is an investment in you as an investor. just take the time out, dial-in 9:00 to 5:00. it is chock-full, very well curated, and we are really sensitive to people's time. we are going to give them the most for their money. guy: no hints as to who that person is? trying to break a little ground here. mary: it will be very worth your while. alix: a man. guy: we will leave it -- oh man. guy: we will leave it there. what do you think they will be talking about? the hot topic right now seems to be inflation or no inflation. what do you think the big theme this year is going to be? mary: first of all, dislocations have been happening more in the last year then for the past several years, and that is exciting for people who are active in the marketplace. the whole trade-off, as you all have been talking about and highlighting so well, is the great combination of loss of

it is clear that stan druck and miller is trite -- that stan -- that stan druckenmiller is trying towledge those. tom: i mean, those are the equations guys like bill dudley are using. others are just using blunt analysis. jonathan: i will be working my way through that during the commercial break. thank you, tom. crushed. the nasdaq down 209, down 0.9%. tom: i thought i was crushed. [laughter] jonathan: the producers do that during the commercial break. in the fx market, $1.2167. crude is lower, $61.21 on wti -- $64.21 on wti. this is bloomberg. ritika: president biden says russia has some responsibility to address that ransomware attack that crippled the giant fuel pipeline. the president stopped short of directly blaming the kremlin, but says it is evidence the hackers used -- the software they used they are in russia. colonial pipeline says it expects to substantially restore service by the weekend. the biden adminstration is ramping up its response to the global semiconductor shortage. commerce secretary gina raimondo plans a summit with companies impacted by this shortfall. that

in fact, i think stan druckenmiller really spoke to it overarching problem with tech starting this year is it's a crowded and stale long people piled into these names last year, because of the collapse of the economy and the pandemic now we have potential inflation building interest rates going up. you know, the white house did go after technology the economy, not everyone believes it, but looks like we're set for this by june and capital gains could go up. five of five of these is bad for the technology and growth area especially capital gains more than 70% or 80% capital gains just in the sector the other hand, epicenter trade wins on five of five of these. if only one or two of these eclipse, in fact, happens, epicenter stocks keep rallying, and tech weakens the move to the 200 day is probably the most reasonable thing to say, take a look to see if this bargains yes. 7% to the outside. >> right a step further, tom, and you talk about, citing a team if you get back to the level could look at a crash-up into cyclicals the thinking is what a new team of people who want, who say i want i

and stan druckenmiller -- taiwan didn't get enough time to talk about it but we've got taiwan semi tryingo please everyone please everyone means they have to please the people's republic of china the article in the "new york times" it was excellent about ev peoples republic of china wanted to beat us taiwan semi a stock that you should buy they could bottom. make enough chips. they have been able to expand the number of chips. >> they have they have been able to expand. >> yes they will give you 60% of the chips that the oil companies need, they will provide. so the auto company's going to come back. and i would buy gm and ford. >> we did get news yesterday out of ford about the lightning, the all electric f 150 i guess we're going to get a look at that on may 19th it was probably not a coincide that music took the opportunity to go on snl because the marketing wars are definitely going to heat up with some of these new product introductions. tesla today gets below 600 for the first time in, since early march. almost to the 200 day, jim which has not touched since march of last year. >> w

and you can't help but think stan druckenmiller talking about it and wondering what's going to help next. >> yeah. $16. $16.42 that is -- i remember 13 and $14. but you hear my reference to the '70s andrew's next story about the pipeline i mean, i don't think you guys remember, you're lucky you weren't around in the '70s if you are, you're old >> i do remember in the back of the station wagon waiting in line >> you needed odd and even license plates to get it >> exactly >> this is the deja vu i'm having the middle east, crime in new york -- crime in new york city the middle east. gas lines, inflation i mean, all of these things are happening again, the only thing we don't have are hostages iran. taxes going up we don't have high interest rates and the stock market looked good for now. it's just starting to look -- i don't know, i'm having this horrible deja vu from the '70s and there's no reagan on the horizon who is going to come in and fix all of these things, sorkin who do we have when this carter redux presidency is over, who do we have that's going to come in here and start a new bu

smart players like paul tudor jones, stan druckenmiller and dan loeb i think jpmorgan is right. portfolio and we're also tracking 1200 funds. with the soft conference we have at least 3 or 400,000 institutional investors we're surv surveying. i think jpmorgan is right in that topic. >> in terms of the bull case longer term for bitcoin, how much does it have to become a true store of value for institutions to get to the kinds of levels, the 100,000, 200,000, 3 -- some of the bigger numbers if you want to have remarkable returns on bitcoin at this point? how much -- how much do the big institution vs to come into this >> well, listen, we've had remarkable r remarkable returns without a lot of saturation. you have 2% of the world adopting bitcoin now look at the math if you go to 4 to 6%, i think those coins because of the scarcity of them and there's a large group of people, including ourselves, that are holding the coins or as they say hoddling those coins, you can see the exponential liftoff that we're predicting i said to joe earlier in the year, $100,000 price target for bitco

. >>> druckenmiller's duquesne took a position in citigroup it took a smaller stake in jpmorgan chase maybe they will start making more money if yields end higher based on some of stan'suquesne added to starbucks and expedia and took a $70 million in booking holdings. duquesne liquidated disney and carnival cruise line andrew. >> you can see what they're playing. that is interesting. >>> michael burry now revealed a short position against tesla a lot of folks have shorted tesla over the years and few made money doing it. burry was one of the first to recognize the profit from the subprime mortgage crisis he revealed his long puts more than 8,000 shares of tesla are worth $540 million it is a bet the shares will, of course, fall burry mentioned in a tweet that tesla's reliance on regulatory trem credits is a red flag. he has since deleted that tweet. a lot of people have long questioned the valuation of tesla. it has gone up and up and up i don't know i don't know, joe. >> i wonder what thestrike price is at the time end of quarter we know what month we're talking about. i wonder if they are in the money already or out of the money. interesting to know. he probably has