Executives just moments ago. The leaders from Multinational Companies like adidas, see mens, necessarily si mens and many more right there in davos. America, he said, is the land of opportunity, and his America First vision, he says, includes global cooperation. So the president did arrive at the World Economic forum very early this morning saying the message hes hoping to send is of great prosperity and great peace. Hes already called his visit a success after seeing, quote, tremendous investment in the american economy. Weve posted our own countdown camera in davos. Bane capitals chair telling us what the vibe is like there. Very different with this first president ial visit since bill clinton. And how the worlds elite view his America First policy and his own business. Plus, they call him Vladimir Putins banker, vtb Bank Chairman and president andre costen answering the questions head on, did he try to help President Trump build trump tower moscow, and is he a kgb spy at one point in his life . Yes, weve got to be the only network asking that question. On wall street, the dow and s p 500 had been didty with giddy with earnings season, but you see the reversal now. The dow, which had been up 206 points, is now up only 60. The s p down 4. Pretty much session lows. And the nasdaq lower by 18. Were less than an hour to the closing bell. Suddenly everythings moving, so youve got to stay with us. Lets start the countdown. Liz and weve got this breaking news. Departing American ExpressCeo Ken Chenault is joining airbnbs board of directors. This is the First Addition to the board since the Vacation Rental company was founded back in 2008. There i am with ken back this may talking to him at the Warren Buffett an yule shareholder annual Shareholder Meeting for berkshire hathaway. Chenault on that actually, no, he is not, he has certainly run the company that Warren Buffett9 has a huge stake in, amex. Also on facebooks board, so hes getting a lot of sort of a new career bump by joining boards of companies. Now, despite the markets dollar dive that i just told you about, the dollar had dough, and hen it has now then it has now reversed. Wall street is looking right now at big losses at least when you compare them to how high we had seen these indexes. The s p 500 now down 3. It had been up 11. The nasdaq had been up 43, and weve got now its down 15. So pretty wild swings on this news that President Trump inen an interview just said that everyone should be quiet about the dollar, dont talk about it. Leave it alone, in essence. We need a stronger dollar, its better for the country, right . You may not have heard of knee well, but you use sharpies, of course, crock pot, yankee candles, today it is struggling with investors, its down right now nearly 22 . The very bottom of the s p 500 after the Consumer Products giant said times are tough, and its exploring options for several of its businesses. And struggling to boost sales, a move that could slash the Customer Base by half. Home depot employees, they can now invest in whatever they want, forget newell, the Company Giving as much as 1,000 to its hourly workers as part of the tax reform bump that the company itself has gotten, joining the ranks of 251 corporations saying that theyre using the new tax benefits to invest in their workers and give back to their workers. Therenot doing too much for the stock, right now one of the worst performers, its down about threequarters of a point, but the stocks been on a really significant run over the past several months. Let me get to davos. A bumpy ride for the dollar at this hour. President trump and his administration, look, you could call this damage control. See these red arrows . Remember at this time yesterday they were all up meaning every single currency on our board was stronger against the dollar because treasury secretary Steven Mnuchin had said yesterday that he thought and heres the exact quote that rattled the currency markets. He said, obviously, a weaker dollar is good for us as it relates to trade and opportunities. Folks, Trump Administration started taking heat from all sides the minute that got out. The wall street Journal Editorial Board did not stay silent, today saying, quote what a spectacle. The man whose signature is on the greenback, that would be mnuchin, tells the world he wants it value to be lower so the u. S. Can beggar its neighbors on trade. The wall street journal oped went on to suggest the white house ought to examine the history of strong and weak dollar presidencies, specifically pointing out under president jimmy carters control, the weak dollar. We saw a complete collapse in the dollar. So now President Trump making these comments, and we should continue to show whats going on with the dollar. Blake, youre there in davos, switzerland. We saw a very quick reversal in stocks as soon as this happened. They went down, dollar went up. Reporter and the president is here in ta vote, liz, obviously, to sell the economic success story, really, that he and the administration see so far in the first year plus of his administration. We just saw a little bit of it a little while ago as the president is dining right now with really a whos who of Business Leaders from all across europe. The leaders, just to give you a few names here, of adidas, bayer, volvo and nestle. Here was President Trump just a little while ago. I just want to say that theres been a lot of warmth, a lot of respect for our country and a lot of money, billions and billions of dollars, coming into u. S. And people are very happy with what weve done not only on the tax bill, but also cutting of regulations. And i think also being a cheerleader for our country. You know, if youre not a cheerleader for your company or your country, no matter what happens, its not going to work. Reporter you mentioned the dollar, and what Steve Mnuchin said yesterday when he got here to davos before President Trump had landed. Well, steve was on this, the treasury secretary was on this very set earlier this morning with maria bartiromo. He was asked about that, and mnuchin said he is simply acknowledging the reality. My comment was just stating the fact which, in the short term, a lower dollar is helpful to our trade imbalance, okay . And has certain benefits. So it was really a statement of fact. Reporter really a statement of fact, he says. In an interview a little while ago, liz, the president said he ultimately wants to see a strong dollar. Liz . Liz blake, thank you very much. And i dont know if you can see this, i know you probably have a monitor there, but look at the intraday of the tow or the nasdaq or the s p the dow. They all pretty much mimic themselves because we had gone from highs, and then suddenly the reversal on this news about the president trying to do i guess a little bit of a public tongue lashing. But you can see how we started to dive just after about 2 15 in this interview where he said nobody should be talking about the dollar. Zip it about the dollar. [laughter] there are a whole bunch of reasons why. You dont want to hurt your citizens of the country by weakening the currency they need to be strong to buy things. All right. Right now its actually just after 9 p. M. In davos, switzerland. President trump has just finished his private dinner. Heres video on the screen. There were a whole bunch of international Business Leaders. This after making his rounds on the first day at the World Economic forum. As business and World Leaders scramble to get in front of the president , i asked the cochairman of bain capital, big private equity outfit, what the atmospheres like, how is it different now that President Trump is there . Hes the first president since bill clinton to visit the World Economic forum. Here is steve. There has been quite a buzz. I actually just saw President Trump come in to the davos hall, the congress center, as you know, and a lot of excitement about that. He has a delegation of seven or eight top officials, and i think thats good because theyre having meetings with World Leaders and talking about trade and economics, and i think more end engagement is better than less. Liz absolutely. Before he even arrived though, he sent up a warning flare by slapping tariffs on things like imported washing machines and solar panels. The message he would say being America First. When it comes to trade deals, how do you as a businessman perceive that perspective . Well, i actually think they softened that approach here. Gary cohn has been addressing folks in the World Economic forum and talking about the fact that, you know, were free we want free trade, but we have to have fair trade. I think those tariffs have not caused a major shock here, and i think theres lots and lots of issues like Global Warming and the global economies in general, strength of the dollar thats dominating the news here. Liz talk about that. You have used the strength of the bain dollars to buy and sell all kinds of operations, take them private, then clean them up. Youre wearing qanta goose. You bought canada goose a couple of years ago. Thats been a huge play. Tell us what the global atmosphere for what you want to do and bringing in money by making those transactions is really looking like. Valuations are high, and what we do at bain Capital Private equity, we have a long history of going in, as you know, and working with founders or buying two companies at once, really trying to transform companies. And that model has worked very, very well through 30 years, and the main issue we focus on is making sure were not trying to make our investment returns on a higher multiple than we paid coming in because the multiples that we are paying coming in now are at the high end. So weve got to bank on really improving the company, improving exports, doing acquisitions, all the kind of things that are in our kind of blueprint playbook and stick to our strengths and be disciplined. Liz this America First tariff move, had it been in place for chinese toy imports which we know has hurt toys r us at least in part, if they were in place, would toys r us, in which bain has a stake, be closing 182 stores or would be alive and thriving . You know, again, i dont know if those tariffs would have meant anything because there was a lot of disruption over the internet and also disruption from the fact that walmart which is a key competitor was using toys as a loss leader. Liz okay. And thats history from a long time ago, and i think its very hard to compare what would have happened in a different scenario. But in general, bain capital and i think the world believes in free trade. It has to be fair trade. And i think the Trump Administration and gary cohn is really talking about, you know, combining free trade with fair trade and making sure the agreements are fair for all sides. Liz fair for all sides. No fairness when it comes to the set isics. Its really unbalanced set ins. Theyre number one, youre part owner of the celtics which is incredible. Number one in the atlantic division. They just snapped a fourgame, i guess, losing streak last night against the clippers. What do you see for your team here . Well, were very excited about the team. Its really exceeded all of our expectations. Its a very young team, and as you know, five minute into the season gordon hayward, a fantastic player and great person, broke his leg, and that was really i was there. Tough to watch. But its incredible to see how these young men have rallied around gordon and the team and had a fantastic record so far. Were looking forward to every game in the playoffs and seeing them grow and develop, and i think they have a bright future. So everyone in bostons excited, the patriots in the super bowl, its a very good time to be from boston. Liz yes. Rub it in. All the new yorkers here are completely annoyed. [laughter] steven, good to see you. Are you going to get to meet with the president , do you think, or be at any International Dinners . Yes. Theres a small reception tonight, and i think the president and his team will be there, and ill be interested to see what he has to say and how hes reacting to being in at the World Economic forum. E think its great because he does have a large delegation, because more engagement is helpful to the world and america. Well look forward to seeing him tonight. And as always, im the warmest man in davos. The canada goose jacket theres a big storm coming in here, its very windy, and those that dont have those jackets are really cold out here. Liz yeah, but theyre 1,000 richer because those jackets cost 1,000. Canada goose. Thank you to steven. By the way, heres whos not invite to the trump dinner anyone russian. Hes known as Vladimir Putins banker. His bank rumored to have lent money to build a trump tower in moscow, and now he may be the next target, he himself, of u. S. Sanctions. Coming up from davos, i ask vtb Bank Chairman and president andre kostin pointblank whats the real story there and which americans are meeting with him in switzerland, because theyre not all giving him the cold shoulder. Take a look at the dow, its up 58 points, folks. That is record. In fact, any gain is a record. The s p, not so much. It had been earlier but has reversed and lost its gains. Closing bell ringing in 46 minutes. A Legendary Invest e or now saying socalled fomo on the stock markets bull party is driving stocks to lifetime highs day after day. Is that fear of missing out now making savvy investors like you guys out there do dumb things with your money . Our traders are ready to tell you next in the floor show. Dont go away. Im a small business, but i have big dreams, and big plans. So how can i make the efforts of 8 employees, feel like 50 . How can i share new plans virtually . How can i download an efile . Virtual tours . Zipfile . Really big files . In seconds, not minutes. Just like that. Like everything. The answer is simple. Ill do what ive always done, dream more, dream faster, and above all, now, ill dream gig. Now more businesses, in more places, can afford to dream gig. Comcast, building americas largest gigspeed network. Can afford to dream gig. snap achoo snap achoo achoo snap snap achoo achoo feel a cold coming on . Zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45 . Shorten your cold with a snap, with zicam. Liz so first the employees get to is see memos from their Billionaire Hedge Fund managers, and then they sometimes give it out to the public. Well, we just got one. Hedge fund legend and founder of Oak Tree Capital howard marks has a memo that was sort of yearend, beginning of 2018 where he says this guys a billionaire unrealistic investors are jumping in head first into the markets because theyre afraid to miss out on the rally. He adds that searching for returns in these skyhigh markets makes them desperate, and we we all know desperation often breeds bad decisions. To the floor show. Look, sarge, the dow is jumping 87 points, it jumped a couple of days this week. Still, people are fearful of missing out, and they havent if they got in even late. So whats the problem here that you see . You know, i, i think there has been a fear of missing out for quite some time. I think the market gets to a point where it has to go sideways, the questions im seeing i have a large exposure because of the articles i write and emails i send the questions have to do more with protection. Theres less of a fear of missing out right now. I think with more of how am i going to protect this january. I already have this year to date gain i never imagined, myself included, how do we lop off the risk associated with the last four or five days of the month as the pension funds, we all know, will be forced to sell stocks going into january 31st . So there is going to be a sell event before the end of the month. Liz scott, what about this worry that people are going to start making panicked, frantic decisions, borrowing too much on margin calls and then weve got bubbles that are starting to burst . Do you worry about that . Absolutely. And, you know, im seeing people make decisions both based on fomo to get into the market but also panicked decisions getting out of the market. So people that would make an investment whether its in the s p, in the futures market, stocks, whatever it is, what im seeing right now is earlier exits from their positions than typically would be. Also based on the fear not just of missing out, you know, to the upside, but that fear also to the downside. So im not seeing so much of the protection buying in vix options or anything like that, but what i am seeing is kind of panicked Decision Making getting on the out. Exiting positions then getting back in [laughter] but its really i seriously havent seen this in my 25plus years of trading. Liz that always makes me nervous. Guys, im so sorry oh, no. Ive got more [laughter] liz okay, go. Really, really fast. No, its not about buying protection. Thats what im trying to say, its about lowering your cost basis. Its selling protection. Its jackin