. >> in treasuries markets where you have a treasury portfolio coming inflation is 8.5, then you haveficant erosion of your portfolio. jack: they are convinced they won't see their social security retirement, chunk of working age americans i worry too. i these fears. it? that in a few minutes. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. as a business owner, your bottom line is always top of

yeah but that's exactly because in treasurys markets, of course, in particular when you have treasury portfolio at the moment , and inflation is 8.5 and 10 year rates are 3 30, then you have, of course, a significant erosion of your portfolio. thanks very much. tourists flock . thank you. millennials are convinced they won't see a dime of their social security retirement benefits. big chunk of working age americans are worried, too. are these fears legit? we're debunking the myths. when you can't watch listen. the latest news business and news headlines on sirius xm anytime anywhere news audio on sirius xm america is listening. meet him. tim was born to care and always give the best advice . like the time he offered a friend, some helpful tips the left and hit it nice and firm to help him make the shot a shot. i'm coming in. come today, truest where you can get the truest mobile app and just like tim, it gets personalized tips to keep your financial game sharp. i'm coming in hot. when you start with care, you get a different kind of bank. it was a highway. stretches across the 93 days of summer

yeah but that's exactly because in treasurys markets, of course, in particular when you have treasury portfoliolation is 8.5 and 10 year rates are 3 30, then you have, of course, a significant erosion of your portfolio. thanks very much towards since lock thank you. millennials are convinced they won't see a dime of their social security retirement benefits. big chunk of working age americans are worried, too. are these fears legit? we're debunking the my another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities. [ kimberly ] before clearchoice, my dental health was so bad i would be in a lot of pain. i was unable to eat. it was very hard. kimberly came to clearchoice with a bun

average 76 percent of our treasury portfolio was lent out so average 27 percent of the lendable securitys were out the make up of last year was a little unexpected with vast majority of our utilization occurring within our treasury portfolio. i will ask mike to comment about the trends we saw in 2022. again, referencing volatility in the market place with credit or public equity. lending volumes slowed down considerbly, and this will be a good thing for us, rising interest rates increased the reinvestment spreads. i'll pause if quou you can give brief comments 2 ing thes, decreased lending industry wide and comment on brief tournaments the impact of rising intrest rates will mean for sfers as alander of security? >> thank you for having me today. pleased to get to present to you. i was hoping the third year of our lending relationship i would doit in person but i will wait and buy the plane ticket the next year i suppose. to answer kirks question, a couple things. historically, security lending activities is driven by volatility and there is a few reasons for that. one of them is that inv

yields out there but you can pair it with the trade we start with we can talk about the treasury market, build portfolios to withstand some of that volatility the credit market is one of the most interesting places it's been in over a decade. we think investors concerned about equity markets, potentially they should look at some of these credit markets, putting some of these ideas together and building yourself kind of a portfolio that can weather the storm that's forthcoming from the fed over the next six to nine months. >> jeff, thanks for your thought. great to speak with you. >> great to see you. thank you. >>> we're following a number of developing stories in the energy space today. first up, nat gas and suspicious leaks in a pair of pipelines carrying russian gas pippa has that story. >> we're talking about the nord stream pipelines they have been hit by three different leaks at once raising suspicions of sabotage the swedish national seismic office said it detects two blasts they're certain were explosions rather than an earthquake this does not interrupt supplies right now, given that neither pip

this might be interesting to put in my investment portfolio and while treasury yields are also up, yourporate yield curve is not inverted, as treasuries are. so the corporate yield curve is a little more normal it's more upward-sloping and you can get a little more yield the further out you go but not too much so just take a look at apple's ten-year bond yields, for example. 4.4% there that's not much more than 4.3% for the five year. and that may cause a lot of investors to wonder, why should they buy a ten-year, when they can get roughly the same yield for a five-year. that's true for a grade bonds, but there are some notable differences. for example, macy's, i see 9% on their ten-year that's versus roughly 7% for their five-year. you have to take a lot more risk, but you can get more yield in junk bonds, the further out you go tyler? >> thank you very much, bob pisani up next, the dow and the s&p, both falling below their june lows today, but according to one strategist, the nasdaq is the weakest of the major averages and is poised to retest its 2020 lows, as rates continue to climb

the next quarter, that could put the outlook on those on the long term treasury yields, people looking for more insurance for portfolios, so we have already seen the change between two and 30 years is deeply inverted. that could get worse. we might head towards 100 basis point in version with the 30 year. if bonds find any stability, it will probably because equity markets get worse in the next few weeks. yvonne: we were talking to david about that yen intervention. it helped to slow the declines, but does not address which are talking about, these lighting interest rate differences between the u.s. and japan. how much lower can dollar-yen drift now? mark: in the short term, i think it will go further down. the timing was excellent. were coming towards the end of the third quarter. the market was long dollars for the did the day before. they also chose to intervene as dollar-yen was getting squeezed higher. if you notice what was happening during the press conference, dollar-you and when from 145 to 146, so that means a lot of fresh new dollar buyers who got hit very hard by the intervention, and they had to reverse co

say with the rising yields and the potential payoff, we are starting to see treasuries becoming more relevant to the portfoliong bond traders guarding for the risk that we are going to see, just that willingness for the fed to plunge the u.s. economy into recession with the downside just across every part of the curve. coming up next, we will get a preview of the other imminent central-bank decisions coming up next. this is bloomberg. ♪ >> this is daybreak asia. a check on markets, 30 minutes into the trading here for japan. a lot of the action at the start of trade and what we are seeing in the fx markets here. the korean won pushing above that peak 1400 level for the first time since 2009. a lot of concern going into the market about fx reserves and whether they have been inflated as the government and central bank tried to swap out. the decision is around $400 billion. the government commenting and saying could change the fx reserve as the fx market stabilizes and the account balance, that could be concerning. the bank of korea also coming out and saying they are monitoring the fed impact as a reaction the

can you run a portfolio of the treasury? tom: that is a really important point.this is bloomberg. ♪ lisa: keeping you up-to-date with news from around the world. i am lisa mateo with the "first word". hinting at the use of nuclear weapons. moving quickly to annex parts of ukraine occupied by russian forces. the fed expected to hike rates again. third meeting in a row, policymakers expected to raise interest rates by 75 basis points. that would bring rates to the highest levels since 2008. chair powell is likely to --. speaking in frankfurt, the ecb has taken major steps to cap inflation. she expects to raise interest rates further over the next several meetings. china says it has the patient's to bring taiwan over -- bring taiwan under its control. he says they realize the future is in unification. in taiwan, showing skeptical views for beijing. officer doug ramsey was arrested on charges after he bit a man's nose at a college game -- a college football game in arkansas. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 jou

portfolio, i agree. you know, buy the two year treasury but you could also buy corporate bonds that could get you a little bit higher than that as well but i would only put it in bonds if that is what you wanted do before i wouldn't do it to say, hey, i'm going to park it there and then come back when the market bottoms. we don't know when that is but i think putting that cash in there if you don't need it for two years, not a bad thing there are some good bonds out there that you can buy but don't think of it that i'll sell out of it trying to time the market >> and i know it is impossible to pick the low point in the market, but we're seeing really this has been a really bad month for stocks i think worst since march of 2020, which was of course memorable because of the pandemic at that time. where do you think we are in this selloff, are we in the sixth inning, seventh inning, what >> so i would look at it two ways when the fed said terminal value will be close to 4.5%, that was a signal that multiples have to come down. secondly, we are not even through started earnings season, so i think that that wi

treasuries. i think those offer a fair amount of value and help soften a portfolio and do a great job in bringing down volatility and the rolet will play in a broader portfolio, and then i would waive high-yield until we have a little more visibility in terms of how much downside we have in the overall economy. alix: along the same conversation the bank of america financial survey came out and it was super bearish with what the survey said. sentiment's depressed. you have 42% of global investors, european equities, underweight equities altogether. a huge amount is in cash, how do you take advantage of that and push against that but also do not fight the chip -- fight the tape? kara: this is a real-time view about how they are positioned and we have seen an impressive amount of buying as well. this kind of glass half-full side, a lot of the downside is the economy and higher rates. that does tell me that i think we can have some additional weakness in the bond and stock markets that i do not think we will see a tremendous amount of downside because people have a fair amount of cash because sentime

equities or things like corporate debt or treasurys, do they look appealing to you here as a place to hide out? >> oh, they are. we do managed balanced portfolioss well, to nancy's point, she made a great point, you can do it with a corporate ladder or etfs, buy a corporate ladder, one, two, three, four, five years, even on high yield market you can buy a one year bullet. cash is in trash right now. there are investments on the other side of your playbook. charles: this is one thing really starting to i think bug a lot of people. the market, there is always like the herd mentality, this is really the herd mentality. check this out, folks, stocks on s&p 500, 400 of these names that move in unison either all up or all down at the same time. almost every day! this is, you got to go way back to 1997 when it was this much of a herd mentality. the reason this is interesting to me, david, how do you find, i'm always looking for anomalies. market is up big, something is not. the when they all move in unison how do you find the anomalies? >> what i try to do when you have earnings backdrop challenged and economic backdrop, fed raising rates i look for c

portfolio and start selling securities. hard to sell mortgages today to sell treasuries.d funds target rate, market rates will go up. corporate bond rates, stock market multiples are going to go down. long run i always bet on the stock market, long run. neil: i am at the age that the long run is lunch on monday. give me a better forecast. >> i just had a birthday. it is not a small number. neil: i hear you. >> a very difficult period. this could have been -- i want to make this case, this could have been avoided. i say this, it could have been avoided. we were on the right track, authorized track, we will have major change in policy, stock market investors, people in business. neil: maybe not prepared. >> working folks who saw wages fall 3%, they are going to get heard and i see devilish i hate to see them get hurt. neil: putting the big picture together, larry kudlow is the best on this fine network. we should point out to larry's view, in and out of around of 3.9%, that tends to be a worrisome sign, we will have more on that after this. another busy day? of course - you

appreciation on a boring long-term treasury so we are not playing it only for the yield but for the upside potential that we think is going to be there and i set up to diversify a portfolio. we haven't seen upside like that in a long time. stuart: the market bottoms in the first half of next year, nothing wrong with a short-term treasury or long-term. good stuff, thanks. looking at the prompter here, going to cover the cruise lines, down to dance up the last few days. lauren: bookings are strong but not out of the picture. they supply europe with energy. oil is a big winner today because of the nuclear threat from putin, partial mobilization of the reservists there and cruise lines use a lot of fuel so we can tie this back to the panel russia is casting. stuart: and the parts are down. and the hotels. walmart. what is the story? lauren: they are hiring 40,000 seasonal workers but last year was 4 times that of those workers last year were permanent and full-time, it was 150,000 last year, this shows the downsizing corporate america has underwent with inflation being so high, stock is up because 40,000 workers is cheaper than 150,000. we one a beauty company that i can see

treasury exposure. if for anything just getting yield on your cash again is important and i think what we would tay going forward in broader fixed income portfolios is we've come off, you know, a yield of a little over zero going up to 4 with just within this year and so we see that the fixed income markets are structurally changing so even if you're not ready to get into credit you might consider there's important entry points because fixed income is structurally different now and will be for the foreseeable future, so you'll be getting a lot more yield in your total return you'll be getting diversification in your portfolio and with potentially upcoming downturn that's just something that hasn't been the case in the last ten years. >> just as it's difficult to tell equity investors to invest into a falling market, it has to be difficult to tell bond investors today that, hey, we're getting to a point where bonds are investable again after the kind of year that bond investors have had on a total return basis. their yields are up but their value of their bonds or bund fund shares have gone down. >> yeah, i think this year has been a painful year

going up, joining the conversation adviser investment portfolio manager adam johnson, assistant editorial page editor james freeman and secretary of treasury monica crowdly. thank you so much for being here. talking about the soul of america, the wallets of america are getting smaller, monica, your reaction to what we saw yesterday. >> completely typical of this administration. they simply don't care. while we have inflation raging, the market was tanking and we have this weakening economy across the board. the president through a party which you all paid for, we all paid for the party complete with james tailor delivering warm ball the american people and takes powder to delaware. this tells you exactly what the regime thinks of all of us. they don't care about economic pain and suffering. they have doubled down on economic policies, do not expect to change, expect the economic condition in the united states to get worse. maria: look, there's a lot of misinformation yesterday, he said he's cutting the deficit. in fact, committee says the biden administration has added nearly $5 trillion to the deficits over the next decade and, of course,

fed is paying more to keep that cash sitting idle than it's gaining off of its own portfolio, and i think the treasury -- that figures into it. >> judy, two questions one is to those who are skeptical of the fed, but say, look, whatever damage you think they're doing to the economy which, of course is on purpose the u.s. is still the strongest market in the world and people around the globe are putting their money here, if things are so bad why is that case? >> i think because we have the higher interest rate you're tracking money for the wrong reason central bankers are currently the biggest manipulators our federal reserve paying these rates is drawing the capital not necessarily because it sees the best opportunities, but it sees that it can also make money on the exchange rate and if american his are so aware how much cash from foreign-owned banks are being taken advantage of the difference then it's in our advantage since the citizens will be paying the interest rate on that cash >> so this isn't a story about the strength of the dollar or the strength of the u.s. this is a story that we are lite

treasury and you can pocket that yield. you can start to think about really building a portfolio on a fixed income so not only do we have anwe also are starting to have opportunities we haven't seen in a while, and this gets talked about a lot, but i really don't think people understand it or give it as much power as it should there are 15 years behind us of free money at virtually zero interest rates, and investors that have only experienced that kind of economy, which really has very few repercussions on either the macro or micro side, or professionals who might live through it. >> yeah. for sure there's -- it's definitely been a bit of a title shift, and expectations and conditions. look, the '90s tech bubble happened with yields at 5% and 6% and people managed to take rings. people have a different equation in their rheads right now for that all that means. thank you. >>> sam, one other point maybe worth making by the time the recession is here and now obvious adeclared stocks have often done the work to the down side how does that tend to top it >> absolutely right. the market tends to top out about seven months befor

the actions of the treasury earlier in the year drained a lot of liquidity out of the system the portfolio balance channel, which is the fed forcing investors into riskier assets, that's what the taper tantrum was all about. those two pieces were adequately priced what wasn't adequately priced was the level of five and ten-year real or noninflationary interest rates we've just had a shock in that part of the kucurve. ten-year real rates were about seven or eight basis points. they're now almost 90 basis points that real rate shock, and by the way, that's what triggered the corrections in '18 that's why we had an after shock to the mother of all taper tantrums it's likely complete now, i wouldn't totally -- >> barry, let me jump in a second the stock market is not going to fall 20% from here i think what you're saying >> i think that's highly unlikely that it would do so now, there is a scenario where it could happen, which would be the currency declines that we've seen in dollar yen and chinese yuan get really unruly were the fed to push too hard i think that's a low probability outcome. i

has taken them down already and combine them in a portfolio with other sectors that are more defensive characteristics and you can get 3.4% on treasuries right now on part of that mix. but saying this is a bear market is not really what josh means. he's just saying that there's downside potential but if you miss the top -- the top big names in terms of top percentage in change in the market, so that you wait for a bottom but then you never hit the days that it goes up 4% or 5% in a day, you can miss a lot of the upside of the equity markets. so nobody really wants to sit there and say, oh, this is it. bingo. this is the bottom you can't do that. as much as people can't pick the top. so i think having a portfolio that straddles sectors and types of stocks is appropriate in this market >> right so, joe, is tech the way is growth the way to play this market i'm wondering whatever happened to the queues, the queues by that you had been circling like a shark waiting for the moment to bounce and it never happened. why not? >> because i told you on overtime i like money more than alike being right, being able to come on cnbc and saying i told

portfolios fixed income is really paying money. now even even, you know, savings rates and treasury bills.y bills are trading about 4% right now, right? alright. so speaking of stocks, but the major industries right now, all trading down on the latest news, georgia chetty from morgan stanley and wallet creek. thank you for joining us this morning. appreciate it. thanks a lot coming up. we are excited to mark hispanic heritage month today by highlighting a delicious central american staple that has been declared the national dish of el salvador castaneda, not on the anchor desk. he is busy with an even better assignment. today he is working on making purposes and he's actually been doing it right here in the studio. core sells watches. relatives do this for decades, and now he is trying it for himself will get to check in on his life is busy. so, come to shell and get three things done at once. first, fill up with shell v-power nitro+ to help keep your engine running like new. nice! then save up with the fuel rewards program and never pay full price for gas again. oh wow! and, finally, snac

portfolios in the u. k. the crown state includes parks, shopping centers, offices, business and residential property. profits from the estate, which is an independent commercial business, got paid into the u. k. treasury, which in turn took 25 percent of the profits and paid them to the queen. the seas called the sovereign grant. privately, she received money from another estates, the duchy of lancaster, which has held entrust, the sovereign. it's worth an estimated $682000000.00. the queen started paying tax voluntarily on its income in 1992 in 2017. an investigation called the paradise papers found about $13000000.00 had been invested by the dutchy, legally offshore in the caribbean tax haven. she did nothing wrong. it wasn't illegal, but most people thought that all her investments, when in britain and they were in blue chip companies, and it did tanisha image of being whiter than why it looked as though she was acting like a city fund manager. it's unlikely we'll ever really know how wealthy the british creed was. the saw her wealth represented an outdated institution, that of monarchy for her support as though she was a valuable asset worth the coins and notes. she appeared on rory challenz, how

portfolios in the u. k. the crown estate includes park shopping centers, offices, business and residential property, profits from the estate, which is an independent commercial business, got paid into the u. k. treasury, which in turn took 25 percent of the profits and paid them to the queen. the seas called the sovereign grant. privately, she received money from another estates, the duchy of lancaster, which has held entrust, the sovereign. it's worth an estimated $682000000.00. the queen started paying tax voluntarily on its income in 1992 in 2017 and investigation called the paradise papers found about $13000000.00 had been invested by the duchy . legally offshore. in a caribbean tax haven, she did nothing wrong. it wasn't illegal, but most people for that all her investments when in britain and they were in blue chip companies. and it did tanisha image of being whiter than white. it looked as though she was acting like a city fund manager. it's unlikely we'll ever really know how wealthy the british queen was for some her wealth represented an outdated institution that of monarchy for her support as though she was a valuable asset worth the coins and notes. she appeared on lori helen's how to 0 a

portfolios in the u. k. the crown states includes park shopping centers, offices, business and residential property. profits from the estate, which is an independent commercial business, got paid into the u. k. treasury, which in turn took 25 percent of the profits, and paid them to the queen. the seas called the sovereign grant. privately, she received money from another estates, the duchy of lancaster, which is held entrust, the sovereign. it's worth an estimated $682000000.00. the queen started paying tax voluntarily on its income in 1992 in 2017 and investigation called the paradise papers found about $13000000.00 had been invested by the duchy . legally offshore. in a caribbean tax haven, she did nothing wrong. it wasn't illegal, but most people for that all her investments when in britain and they were in blue chip companies and it did tanisha image of being whiter than white. it looked as though she was acting like a city fund manager. it's unlikely will ever really know how wealthy the british queen was for some her wealth represented an outdated institution that of monarchy for her support as though she was a valuable asset worth the coins and notes she appeared on. well, the sultan grant co

a macro level >> yeah, but isn't your portfolio look like a google etf soon or alphabet >> no, because as it goes down, it becomes -- >> they own a lot of treasuriesht the i shares u.s. treasury etf which has short and longer term and i think that's a good way to express that >> coming up, some stocks just aren't worth the trouble the names you should be steering clear of their picks when "fast money" returns. back in two. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. (vo) at viking, we are proud to have been named the world's number one for both rivers and oceans t. rowe price. by travel and leisure, as well as condé nast traveler. but it is now time for us to work even harder, searching for meaningful experiences and new adventures for you to embark upon. they say when you reach the top, there's only one way to go. we say, that way is onwards.

defensive position or either looking at a lot of immediate pain in portfolios that you cannot turn back on. we have been adding u.s. treasuriesyield is some incredibly high, beautiful, inflation gusted level, but a sense of asset -- sensitive asset that is going to work for a period when the economy terms. we are heading for -- in the american economy, i think we will go well below the rates on that. the fed is signaling for 2023. tom: 90 days ago, we were thanks ting about corporate earnings. i think they did better than good. someone house october 14 -- has october 14 as the launch date. are we shocked again at eight resilient corporate america? steven: we probably should not be. look back at the third quarter, it is going to be a period of rising production and rising inventory. that is a problem for next year's profits, not this year's profits. financial markets and financial profits is telling us where we are heading for the coming year. we would expect a 10% decline in u.s. ups next year, a level short of the fed funds rate that they are guiding us to within, trying to maximize the impact from the notion they might pivo

portfolio has been unmitigated disaster. we have the strong dollar. all the money is coming here, people are buying up our treasurys. the rest of the world also has to grapple with this you also wrote somewhere, you said only nimble traders should even try to play this game, this sort of powell pivot. powell, when we talk pivot right now, if he hints maybe even going less on the next rate hike, that might be enough for this market to try to take off. >> it might be because we've already got 74 basis points, another 3/4 of a percentage point six days before the election. in that november meeting. you've got already one baked into the cake for 2023 at this point. by the way 50 basis points right before christmas which is his nemesis. we remember that 2018 christmas eve bloodbath in the stock market. the question is, is he going to push on through until he sees the whites of the eyes of that 2% inflation target that he says he is going -- i'm going to keep going? we'll have lots of quotes after today he says he will do it until the job is done. charles: i got less than a minute. do you think he will stick to the script

treasuries, high-quality credit, even high-quality high-yield in the 8.5%-9% range. the portfolio the first time in years, specifically in u.s.-fixed income, we think that is something that investors are already thinking about for the next year. and there is no near term in sight. these valuations the reasonable to us. lisa: they look reasonable compared, perhaps to a year ago. some people are suggesting they could be. are you in the camp that says we have seen peak yields on 10 year but we are close to it, even as we do see some of the highs in the cycle? >> i don't know if we have seen the peak, but we are close. we are in the camp that inflation is going to decelerate, growth is going to decelerate. i think is really important to keep in mind the magnitude of the financial condition tightening that the fed has engineered in just six months. they are going to raise rates by another 75 most likely, and that is a six-month period, 600 basis point annualized. this is not an insignificant move. this is a meaningful move and it takes time. it takes time for policy adjustments. it is

can treasurys, now short duration bonds, short duration investment grades and you get a return and you can feel comfortable about it. i think bonds are going to play an important part of the portfolios it can ever happen but nothing stays the same forever. that is what is going to happen. bonds for futures to help the retirees. charles: something has to help them, right? the 60/40 portfolio has been decimated. people owning 30-year bonds thinking they were retire they have a huge awakening. i got a tell you a lot of people stopped me in the street this weekend and they are very, very afraid. it is about trading this market. they worry how they will live out the golden years. jim, what do you say to the people when they ask you this question? >> well, okay. this is a hard time to answer that question when the 60 portfolio has been crushed like you said. what really should be happening there should be a rebalancing every year. when i was talking to people before, when you rebalance, when yields are zero you don't buy long end rates at zero. so hopefully people were keeping more in cash. that is how -- right now there is really no way to do it other than to hold on and just relax and w

portfolios in the u. k. the crown estate includes park shopping centers, offices, business and residential property, profits from the estate, which is an independent commercial business, got paid into the u. k. treasury, which in turn took 25 percent of the profits and paid them to the queen. this is called the sovereign grant. privately she received money from another estates, the dodgy of lancaster, which has held entrust, the sovereign. it's worth an estimated $682000000.00. the queen started paying tax voluntarily on its income in 1992 in 2017 and investigation called the paradise papers found about $13000000.00 had been invested by the duchy . legally offshore. in a caribbean tax haven, she did nothing wrong. it wasn't illegal, but most people for that all her investments when in britain and they were in blue chip companies and it did tanisha image of being whiter than white. it looked as though she was acting like a city fund manager. it's unlikely we'll ever really know how wealthy the british queen was for some her wealth represented an outdated institution that of monarchy for her support as though she was a valuable asset worth the coins and notes she appeared on. well, the sultan grant cos

treasuries where yields are stable. at least we are going back to a negative correlation in the price for equities and fixed income that makes a lot of the portfoliotable. tom: bnp paribas is thinking about this. on twitter, saying we have been doing the math like we do not have gravity in physics. we are getting the gravity back. does that clear out the zombie companies, the zombie banks, the zombie manufacturing shops and the others? daniel: what makes it difficult to assess and the implications for the consequences of the pandemic. we saw from the lockdowns that the response of government was like nothing we have ever seen before and we are starting to see hints of that with the energy crisis. government starting to do much much more, but what that will do for companies, that is an open question. if they were doing this, where is that money coming from? we will have to look at government debt levels. jonathan: we start to treat g10 countries, is that what you're are trying to say but not saying ? are you getting closer to saying that? daniel: we are already seeing it idioms. current account deficits in ems are driving the deficit. it will be a

playing portfolio smart is the key thing to do right now to mitigate that risk. stu: tell me again why i'm so wrong if i buy a two year treasuryit to maturity, take my 3.5% interest with a small tax break. what am i doing wrong? >> stuart, that's a really excellent strategy for a good chunk of your money. six, nine months ago i might have said, well, there's some other things we can do right now. i like that strategy but i think there's some other places that you can go as well that are almost as safe as your beloved treasuries are right now. stu: like what? >> well, i like southern company. you and i talked about that one in may. when it was down about $74 and now up to about $79 and we've made about 8% on it on growth. we've also made the same amount, about three and a half% in yield so there are still some places where the rest of the market goes crazy and doesn't like it and utilities people will flock into them because they're known as safe havens and they continue to churn out cash flow. stu: all right, we'll check out the southern company and its 3+% dividend yield. we'll ring that opening bell to start trading this thu