Timing, the pace, the safety of this economic reopening. Right i think that at this point, we know that the v is off the table. The struggle here is whether we have a ushaped recovery or whether we dont have a recovery and i keep coming back to there are two things that can happen you get a vaccine, and youll have a vee you dont get a vaccine and youll have an l and i think on days like today when you see the unemployed numbers, you say to yourself, without a vaccine, this is going to be a very, very long slog, just like what chairman powell said yesterday chairman powell is giving you the straight stuff and this number should not be a surprise to people who listened to him yesterday when you think about a vaccine this week, jim, we have heard promising comments from pfizer and j j today, the novartis ceo saying its likely a second half 2021 story. What do we believe i think its second half 2021 if at all. Its a very, very difficult virus. But you know, that may just mean when you look
Futures trading was halted yo ed overnight. If were down 7 , you halt for 15 minutes down 13 , you halt for another 15 minutes if down 20 , you halt the remainder of the day some people wonder how long we will be trading at the open. Yeah. Look, i think the problem is twofold no one thought oil was coming. Theres a very, very different approach by some to whats happening with the virus some people are saying not enough others are saying, listen, were making too much of it. Im in the distinct not enough camp i come back and i keep thinking about david tepper and what he said to me at the super bowl i dont know if we have that i think we do is the booth ready on that going back to midfebruary early february day before the super bowl i came back and have never been the same i know people have accused me of being fear mongering for weeks now. No, i think im realest mongering. Were trying to back into it, you have to try to figure it out. Ruined the environment of the setup right now. Whats
Call me nothing is business as usual anymore. We know that we have had a collapse of Epic Proportions thanks to the coronavirus, Oil Price War dow plunged another 2353 points today. I do not even feel like pressing the buttons. Oh, jesus. S p plummeting and nasdaq diving these are hideous. I get it these are scary times. Were afraid for our health and the health of our families we dont want to lose our jobs we dont want our nest eggs crushed. Ive give you a sixpart plan that could blunt the Financial Impact of the outbreak while allowing us to contain the virus, maybe save you some money. I know we can beat this thing, okay i know we can, but beating it most likely at this point means causing a recession. We know this is coming thats whats causing these stocks to go down. We should do everything we can to make it easier for the hardworking people of this country. But in the end, this is still mad money, not mad science or mad public fiscal policy that means what do we have to do we act
Caseshiller report, home prices up 3. 5 in april compared to one year ago, compared to 3. 7 gain in march all right. Lets bring in Carl Quintanilla. Yesterday or over the weekend, traveling to vietnam, you saw a bit of some of his teases and reports, but hes there in a place that, of course, carl, has become so central in the discussions of trade that we have on this desk every day with jim in terms of changing your supply chain, so curious to see what you have learned in the time youve been there in terms of how easy or difficult that actually is. Yeah. David, youre right. It is funny, you know, we talk about it at the desk all the time, and then you get here on the ground and see what is happening in real life because this is not something that companies address directly or specifically you and i know we have read the transcripts and the Conference Calls, they say were looking at it, were going to study it, reports that others may or may not be studying, expatriating supply chains ou
Closing down by 0. 4 the hang seng was off by 1. 1 . Then the shanghai was down by almost 0. 9 . In europe it looks like, again, a modest decline dax and the cac are relatively flat ftse down by 0. 2 . Italy and spain down by 0. 3 and 0. 4 if you check out the treasury market, you will see the tenyear right now looks to be yielding about 2. 019 . We do have breaking news on Warren Buffett he is denying reports of tensions between him and 3g capital and kraft heinz. Buffett said 3gs cofounder is a good friend and he plans to see lemann next month. He also plans to attend lemanns 80th Birthday Party in august. The report has been out about tensions between them. Buffett also expressed support for the ceo of kraft heinz reports of the tensions may have been sparked by kraft heinz underperformance. That stock down by 50 buffett says right now the biggest problem facing kraft heinz is that heinz overpaid when merging with kraft back in july of 2015 he said he paid too much and it will take